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Aimag postponed for 5th time
The Asian Indoor and Martial Arts Games (Aimag), originally scheduled to be hosted by Thailand, has been postponed for the fifth time. The decision to move the event to another date was made due to its close proximity to the 2023 Paris Summer Olympic Games, which are set to take place from July 26 to August 11 next year. The Aimag was already postponed twice due to the pandemic and was initially rescheduled for November this year. However, political uncertainty in Thailand forced the host country to push the event to February 2024. The Olympic Council of Asia (OCA) president, Raja Randhir Sing, stated that all 45 member countries agreed to the decision, as everyone in the continent is busy preparing for the Olympic Games. The new date for the Aimag will be announced after the Olympiad. The president of the Philippine Olympic Committee, Abraham “Bambol” Tolentino, supported the postponement, emphasizing that Filipino athletes are currently focused on the Olympiad and participating in various Olympic qualifying competitions. The Aimag, held every four years, features around 50 sports disciplines, including nine Olympic events and 297 medal events. Some of the sports contested include aquatics, archery, athletics, badminton, basketball,.....»»
Steven Tan named Winshang’s International Influential Person in Shopping Centers
SM Supermalls president Steven Tan was recognized as one of Winshang’s Golden Censer Prize winners for being “The International Influential Person of the Year 2023 in Shopping Centers” at the 2023 China (International) Shopping Center Summit in Shanghai on 24 August. The Golden Censer Prize is a large-scale professional recognition of China’s commercial real estate and famous brands initiated by Winshang, in collaboration with mainstream industrial media, based on field research, data analysis, and media surveys among others. Tan, who assumed the role of president of SM Supermalls in 2020, has been a key figure in the growth and innovation of the mall chain in the Philippines and China. Retail legacy As President, he oversees mall operations in both countries, carrying forward SM’s 65-year legacy of retail innovation and outstanding customer service. Under his leadership, SM Supermalls withstood the challenges of the pandemic and rebounded as the economy slowly opened up amid the global health crisis. With the guidance of the Sy family, Tan made sure that SM responded with an agile, innovative, and proactive approach to cater to the needs of all stakeholders, from employees and tenants to shoppers. Mall’s strategies The mall’s strategies — adapting the tenancy mix, creating novel reasons to attract visitors to malls, targeting new customer segments through innovative marketing, and developing omnichannel services — enabled them to gain the trust and loyalty of modern shoppers during the pandemic. Because of this, SM managed to recover and exceed pre-pandemic revenues and income by 2023. In line with its latest expansion program, SM continues to open new malls in China and the Philippines. This brings the total number of shopping centers, locally and internationally, under Tan’s stewardship to 93, featuring a cumulative construction area of over 10.8 million square meters and a daily foot traffic of more than 4.2 million. The latest SM malls to open are SM City Yangzhou last 28 September 2023 (left) and SM City Sto. Tomas, Batangas last 27 October 2023 (right). The latest malls to open were SM City Yangzhou last 28 September 2023 and SM City Sto. Tomas, Batangas last 27 October 2023. Numerous accolades Tan’s exceptional efforts were also honored by various international organizations over the years. He received numerous accolades including the 2021 Asia’s Most Influential by Tatler Asia, the 2022 Asia Pacific Women’s Empowerment Principles Awards Leadership Commitment by United Nations Women, and the Global Filipino Executive of the Year at the Asian Chief Executive Officer Awards just to name a few. His dedication and visionary leadership continue to shape the landscape of shopping centers and commercial real estate, not just in Asia but across the globe. The post Steven Tan named Winshang’s International Influential Person in Shopping Centers appeared first on Daily Tribune......»»
SM’s Steven Tan named Winshang’s 2023 International Influential Person in Shopping Centers
SM Supermalls president Steven Tan was recognized as one of Winshang’s Golden Censer Prize winners for being "The International Influential Person of the Year 2023 in Shopping Centers" at the 2023 China (International) Shopping Center Summit in Shanghai on 24 August 2023. The Golden Censer Prize is a large-scale professional recognition of China's commercial real estate and famous brands initiated by Winshang, in collaboration with mainstream industrial media, based on field research, data analysis and media surveys, among others. Tan, who assumed the role of President of SM Supermalls in 2020, has been a key figure in the growth and innovation of the mall chain in the Philippines and China. As president, he oversees mall operations in both countries, carrying forward SM's 65-year legacy of retail innovation and outstanding customer service. SM Mall of Asia Complex Under his leadership, SM Supermalls withstood the challenges of the pandemic and rebounded as the economy slowly opened up amid the global health crisis. With the guidance of the Sy family, Tan made sure that SM responded with an agile, innovative and proactive approach to cater to the needs of all stakeholders, from employees and tenants to shoppers. SM City Yangzhou SM City Sto. Tomas The mall’s strategies -- adapting the tenancy mix, creating novel reasons to attract visitors to malls, targeting new customer segments through innovative marketing and developing omnichannel services -- enabled them to gain the trust and loyalty of modern shoppers during the pandemic. Because of this, SM managed to recover and exceed pre-pandemic revenues and income by 2023. In line with their latest expansion program, SM continues to open new malls in China and the Philippines. This brings the total number of shopping centers, locally and internationally, under Tan's stewardship to 93, featuring a cumulative construction area of over 10.8 million square meters and a daily foot traffic of more than 4.2 million. The latest malls to open were SM City Yangzhou last 28 September 2023 and SM City Sto Tomas, Batangas last 27 October 2023. Tan’s exceptional efforts were also honored by various international organizations over the years. He received numerous accolades including the 2021 Asia's Most Influential by Tatler Asia, the 2022 Asia Pacific Women's Empowerment Principles Awards Leadership Commitment by United Nations Women, and the Global Filipino Executive of the Year at the Asian Chief Executive Officer Awards, just to name a few. His dedication and visionary leadership continue to shape the landscape of shopping centers and commercial real estate, not just in Asia but also across the globe. Steven Tan receives the 2023 PeopleAsia People of the Year Award. Tan shared the Winshang Golden Censer Prize with his two co-awardees, namely Powerlong Real Estate Holding’s Co-president Chen Deli, and SCE Commercial Management Holdings' chairman of the board Huang Lun. SM Supermalls is a subsidiary of SM Prime Holdings Inc., with 85 malls in the Philippines and 8 in China. The post SM’s Steven Tan named Winshang’s 2023 International Influential Person in Shopping Centers appeared first on Daily Tribune......»»
Seoul, Tokyo, US condemn North Korea’s supply of arms to Russia
South Korea, Japan and the United States "strongly condemn" North Korea supplying arms to Moscow, the allies said in a joint statement Thursday, adding that "several" such deliveries have been made by Pyongyang. Russia and North Korea, historic allies, are both under a raft of global sanctions -- Moscow for its invasion of Ukraine, and Pyongyang for its testing of nuclear weapons. The countries' leaders, Kim Jong Un and Vladimir Putin, in September held a high profile summit in Russia's far east, fanning Western fears Pyongyang might provide Moscow with weapons for its war in Ukraine. Washington and its key East Asian security allies, Seoul and Tokyo, said they "strongly condemn the provision of military equipment and munitions by the Democratic People's Republic of Korea (DPRK) to the Russian Federation for use against the government and people of Ukraine". "Such weapons deliveries, several of which we now confirm have been completed, will significantly increase the human toll of Russia's war of aggression." During his visit to Russia in September, Kim declared bilateral ties with Moscow were his country's "number one priority". Washington and experts have said Pyongyang was seeking a range of military assistance in return, such as satellite technology and upgrading its Soviet-era military equipment. The nuclear-armed North has failed twice this year in its bid to put a military spy satellite into orbit. The Thursday joint statement also claimed Pyongyang was "seeking military assistance to advance its own military capabilities" in "return for its support to Russia." "We emphasise that arms transfers to or from the DPRK ... would violate multiple UN Security Council resolutions," the statement said. "Russia itself voted for the UN Security Council resolutions that contain these restrictions," it said, adding the allies were "deeply concerned" about the "potential for any transfer of nuclear- or ballistic missile-related technology" to the North. In August, Tokyo, Seoul and Washington's leaders met for a summit at Camp David, agreeing to a multi-year plan of regular joint exercises and to share real-time data on North Korea. Pyongyang's leader Kim has described the burgeoning defence alliance as "the worst actual threat" facing his isolated country. The post Seoul, Tokyo, US condemn North Korea’s supply of arms to Russia appeared first on Daily Tribune......»»
Myanmar nationals ask Philippines to probe alleged war crimes
Five Myanmar nationals asked the Philippines on Wednesday to investigate alleged war crimes committed by 10 serving or former members of Myanmar's military against the mainly Christian Chin minority. Filipino lawyers representing the Myanmar nationals told reporters they lodged the "landmark" criminal complaint against junta chief Min Aung Hlaing and nine others at the Department of Justice in Manila. They asked prosecutors to open an investigation into alleged war crimes under a Philippine law penalising "crimes against international humanitarian law, genocide, and other crimes against humanity". The five Myanmar nationals are from western Chin state, but now live in Australia, Britain, Canada and India. They were at the justice department in Manila. "This is a landmark suit because this is the very first time that such a case is being brought before the Philippines," Romel Bagares, one of the lawyers, told reporters. Justice Secretary Crispin Remulla said his department would "evaluate" the complaint, which he described as "very novel". "If this is sufficient in form and substance, that's the time when we will require the respondents to answer these complaints," Remulla told reporters. Among the accused is Chin Chief Minister Vung Suan Thang, who is a former military officer. The others are serving members of the military. The complaint alleged that members of Myanmar's military killed a pastor and two church elders in Thantlang town, Chin, in September 2021. It also accused the 10 of "intentionally" directing attacks on churches and the burning of hundreds of houses in the same town between August 2021 and June 2022. They also allegedly blocked relief supplies from reaching people in Chin state in the aftermath of Cyclone Mocha in May. 'Truly historic day' Philippine law allows for the prosecution of war crimes committed elsewhere. One of the stipulations of the law is that the accused must be present in the Philippines. According to Gilbert Andres, another Filipino lawyer representing the Myanmar nationals, if the Philippine justice department were to decide to mount a case against the 10 accused, it could issue subpoenas to Myanmar's Central Authority or go through diplomatic channels. The toppling of Aung San Suu Kyi's civilian government in a 2021 coup sparked a huge backlash and the military junta is now battling opponents across swaths of Myanmar. Some of the bloodiest fighting has been happening in Christian-majority areas, including in Chin state. "This is a truly historic day," Salai Ling, one of the five complainants and also of the Chin Human Rights Organization, told reporters in Manila. "We are really hoping that with the solidarity and support from the Filipino people and people in the ASEAN region, that we will be able to get some form of justice for the atrocities that our people suffered." Myanmar and the Philippines belong to the Association of Southeast Asian Nations (ASEAN). The regional bloc's efforts to defuse the Myanmar crisis have been fruitless so far. The Philippines is now the subject of an international human rights probe, with the Hague-based International Criminal Court investigating "possible crimes against humanity" during former president Rodrigo Duterte's deadly drugs crackdown. In July, President Ferdinand Marcos said the Philippines was "done talking with the ICC" but would continue to question the tribunal's jurisdiction. The post Myanmar nationals ask Philippines to probe alleged war crimes appeared first on Daily Tribune......»»
Lenovo treats Phl as top Southeast Asian market
Even if neighboring countries in the Southeast Asian region are advantageous in terms of being technology savvy, the Philippines remains an integral market according to an official of Lenovo, a Chinese multinational technology company specializing in designing, manufacturing, and marketing consumer electronics, personal computers, software, business solutions, and related services. “We see strong demand for the Philippines, the only question is how the consumers get the technology. The pandemic has even made the demand for the Philippines surge because of the digital transformation, unlike pre-pandemic where everyone is scrambling. Right now, because of the transformation, growth is very evident. In other words, investments, including Lenovo technologies are still in demand in the market,” according to Giancarlo Nogales from the Infrastructure Solutions Services Sales of Lenovo Philippines at the sidelines of the VST ECS CXO Tech Summit at the Dusit Thani in Mactan Cebu. “In terms of devices, the Philippines is actually doing well,” he added. Last August, the company said that over the next three years, Lenovo is committing a further $1 billion in investment for artificial intelligence that will focus on providing AI devices, AI-ready, and AI-optimized computing infrastructure, and embedded AI-generated content into the intelligent solutions of vertical industries to help customers improve their productivity. Lenovo in September 2023 has unveiled new cutting-edge tech tools and essentials tailored to empower the dynamic, evolving needs of today’s business end-users. It said that the new monitor, software, and accessories are not only designed to boost the capabilities of today’s remote and hybrid workforces but also to address significant challenges faced by businesses as they digitize operations across departments. “Lenovo research shows that managing a remote workforce and global teams remain central tasks for CIOs.1. That is why the new offerings integrate impressive processing power, immersive 3D, and advanced security to create a unified, human-centered experience,” the company said. Further, Nogales added that sales for Lenovo in the Philippines will continue to soar as the country has a bigger population which connotes demand compared to other nations in SE Asia. What Lenovo can count on with the Philippines is the demand for laptops and tablets that are now being used by students, educators, workers, and even the government. “Actually, we have an ongoing engagement with the government sector. I was at an event with the DICT (Department of Information and Communications) and we had discussions with the Department of Education as well, but we still understand what they are looking for. Of course, with DepEd, it’s a big agency, and what I can say is we are working with them across whatever we can offer—cloud technologies, among others,” he told the DAILY TRIBUNE. Nogales said he sees an ongoing digital transformation within organizations and will continue over the coming years. Digital transformation is an ongoing journey Meanwhile, VST ECS president and CEO Jimmy Go stressed that in the ever-evolving world of technology, organizations are charting a course - through a landscape that has seen profound advancement in recent years. “It's important to understand that digital transformation is not a one-time event but an ongoing journey. Every day, we bear witness to the unveiling of new digital technologies. In this dynamic environment, the lines between the physical and digital worlds are blurring, creating a phenomenon known as phygital convergence," he said. He said organizations nowadays stand at the threshold of a remarkable technological revolution. “Generative AI is the talk of the town with Chat GPT and other AI, offering organizations the power to intelligently automate customer experiences and streamline internal operations. The implications of this technology are far-reaching. Microsoft is launching CoPilot and most software applications are incorporating AI in their applications. Gartner predicts that by 2030, a staggering 80 percent of people will interact with smart robots daily, and in just two years, these smart robots will become workforce partners for 90 percent of global companies,” he said. Further, Go stressed that AI and machine learning, once a novel concept, have become integral to the products and services offered by major companies. “A mere decade ago, we were learning to communicate with machines. Today, machines understand and adapt to our language, erasing the boundaries between humans and technology. While AI is currently the headline in the tech world, we must not lose sight of the critical need to modernize our IT infrastructure,” he stated. For organizations to embrace technology, he said it’s a pivotal step in allowing organizations to embrace the latest technology trends, including Multi Clouds, Quantum computing, Data explosion, RPA, Generative AI, and more. “Investments in Connectivity solutions, Digital Infrastructure, Cloud technologies, Cybersecurity, Big data, Storage, Automation, and Collaboration tools remain vital to prepare for the ever-evolving Tech landscape. In the Israel-Hamas and Ukraine-Russia wars, Technology plays a very important and critical role in their war strategies. Computers, AI, Starlink, and drones are heavily used in their strategies,” he said. The post Lenovo treats Phl as top Southeast Asian market appeared first on Daily Tribune......»»
PEZA chief understands investors’ dilemma
The director general of the Philippine Economic Zone Authority said he understands the clamor of investors with regard to tax perks and incentives, which is why it’s only right that the government has finally decided to amend the implementing rules and regulations of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act. During discussions at the Rotary Club of Manila membership meeting last 5 October 2023, a member of the Club who is an investor in various sectors locally said the current policies of the government in terms of tax perks were unpredictable because of the “tug of war” between the investment promotion agencies, that is, PEZA and the Board of Investments, which are both under the watch of the Department of Trade and Industry, and the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. Last among five countries He said that explains why the Philippines is the last among five countries considered by investors as investment destinations in Southeast Asia, with investments now being dominated by Vietnam, followed by Singapore, Malaysia and Cambodia. The Rotarian said in terms of exports, the Philippines is also a laggard compared to the performance of the country’s Southeast Asian counterparts. Total Philippine exports dropped to $6.1 billion in July 2023, from $6.7 billion in the previous month. In comparison, Vietnam in August 2023 enjoyed $32.8 billion in exports. Most attractive destination Vietnam is now considered Southeast Asia’s most attractive destination for foreign investors because of its favorable business environment, steady economic growth, improved infrastructure and pro-foreign investment policy changes. According to Standard Chartered Bank, Vietnam’s advantages to being the top tourist destination are in terms of labor, global trade integration, supply chains, political stability, and potential resources, with the government committed to promoting trade and sustainable growth. Unclear policies Another issue that was being questioned by some investors, according to the Rotarian, is the realization of the Fourth Industrial Revolution which also doesn’t have clear policies for renewable energy, data centers, information technology and artificial intelligence. “We have yet to see concrete policy formulation and a roadmap to that effect, compared to the recent pronouncement of US President Joe Biden that Vietnam is positioned as the future chipmaker. The United States is currently legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. Regarding this, PEZA’s Panga admitted that there were indeed ‘differences’ in terms of policies among government agencies, particularly the DTI and the FIRB. Still, Panga sought the support of the oldest and first Rotary Club in Asia where it concerns PEZA’s job to further attract foreign direct investments into the country. Panga emphasized that a whole government, industry, and society approach is needed to improve and lessen the cost of doing business. Eco-zoning push “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” he added. Last August 2023, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the CREATE Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands investors’ dilemma appeared first on Daily Tribune......»»
PEZA chief understands Rotarian investors’ dilemma
The director general of the Philippine Economic Zone Authority said he understands the clamor of investors with regard to tax perks and incentives, which is why it’s only right that the government has finally decided to amend the implementing rules and regulations of Republic Act No. 11534 or the Corporate Recovery and Tax Incentives for Enterprises Act. During discussions at the Rotary Club of Manila Membership Meeting on Thursday, a Rotarian who has invested in the country said the current policies of the government in terms of tax perks remain unpredictable because of the ‘tug of war’ between the investment promotion agencies, namely PEZA and the Board of Investments, which are all under the watch of the Department of Trade and Industry, with the Fiscal Incentives Review Board, chaired by Finance Secretary Benjamin Diokno. He said that the reason why the Philippines is the last among the top five countries considered as top investment countries in Southeast Asia, which is now being dominated by Vietnam, followed by Singapore, Malaysia, and Cambodia. He said in terms of exports, the Philippines is also a laggard compared to the performance of Southeast Asian counterparts. The Philippines' total exports plummeted to $6.1 billion in July 2023, compared with $6.7 billion in the previous month. Its tough competitor, Vietnam, this August 2023 is enjoying $32.8 billion in exports. Vietnam is now considered Southeast Asia’s most attractive destination for foreign investors because of its favorable business environment, steady economic growth, improved infrastructure, and policy changes. According to Standard Chartered, Vietnam’s advantages to being the top tourist destination are in terms of labor, global trade integration, supply chains, political stability, and potential resources, with the government committed to promoting trade and sustainable growth. Unclear policies Another issue that was being questioned by some investors, according to the Rotarian, is the realization of the Fourth Industrial Revolution which doesn’t have clear policies for renewable energy, data centers, information technology, and artificial intelligence. “We have yet to see concrete policy formulation and roadmap to that effect. Compared to the recent pronouncement of US President Joe Biden Vietnam will be positioned as the future chipmaker, and the US is now legislating measures to dispense funds for that purpose. There seems to be a disconnect,” the investor said. With this, PEZA’s Panga admitted that there are indeed ‘differences’ with government agencies, particularly the DTI and the FIRB, but also sought the support of the club in PEZA’s job to further attract foreign direct investments into the country. Panga further emphasized that a whole government, industry, and society approach is needed to improve the ease and lessen the cost of doing business. "Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will continue to push for eco-zoning the Philippines towards inclusive and sustainable development," he added. Last August, Finance Secretary Diokno and Trade and Industry Secretary Pascual approved the amendment to the IRR of the Act that will resolve the value-added tax issues raised by transitory registered business enterprises. The post PEZA chief understands Rotarian investors’ dilemma appeared first on Daily Tribune......»»
Asian markets fall on rate fears as bond yields rise
Asian markets fell across the board Wednesday following Wall Street's lead after robust US employment data and rising Treasury yields exacerbated fears that interest rates will be higher for longer. The labor report, known as JOLTS, showed a surprise increase in the number of job openings to 9.6 million, a sign of continued tightness in the market and fuelling worries of a further rate hike by the Federal Reserve before year's end. The report comes ahead of Friday's highly anticipated September US employment report. Following the JOLTS report, 10-year US Treasury note yields climbed to levels last seen in 2007. Treasury bond yields are seen as a proxy for US interest rates and are closely watched. All three major US indices closed in the red, falling by more than one percent. "Stock market investors were sent reeling after US job openings unexpectedly rebounded in August, adding to concerns that the Federal Reserve could hike rates in November but unquestionably maintain elevated borrowing costs for an extended duration," said SPI Asset Management's Stephen Innes. Tokyo and Seoul, which resumed trade after a long holiday weekend, led the Asian selloff Wednesday, both falling around two percent, while Hong Kong, Taipei, Jakarta, Singapore, Sydney, and Wellington were all sharply lower in a sea of red. Markets in mainland China were closed for a week-long holiday. "It is difficult (for investors) to move towards bargain-hunting as yields in US Treasury notes keep climbing," analyst Shutaro Yasuda of Tokai Tokyo Research Institute said. On forex markets the yen was trading at 149.28 to the dollar after hitting 150.16 in London on Tuesday, its weakest level in a year. Japan's top finance officials declined to comment Wednesday on whether Tokyo had intervened to support the yen after it had breached the psychological 150 level. In recent months, the yen has plummeted against the dollar in part because of the widening gap in interest rates set by the Bank of Japan and the US Federal Reserve. The post Asian markets fall on rate fears as bond yields rise appeared first on Daily Tribune......»»
Bong Go bats for health budget increase
In a Committee on Finance hearing on Thursday, 28 September, Senator Christopher "Bong" Go called for an increase in the proposed 2024 budget for the Department of Health in order to ensure proper implementation of the recently enacted Regional Specialty Centers Act, as well as the establishment of more Super Health Centers, and continuing operations of Malasakit Centers nationwide — all aimed at bringing medical services closer to Filipinos in need. Go highlighted the importance of Republic Act No. 11959, known as the Regional Specialty Centers Act. He principally sponsored and is one of the authors of the measure, which was signed into law by President Ferdinand “Bongbong” Marcos Jr. on 24 August. "Masaya po ako na priority din ito ni Pangulong Bongbong Marcos," he said, noting that the act garnered a unanimous 24-0 vote in the Senate. "Lahat ay sumuporta dito dahil na-explain natin ng mabuti na makakatulong talaga ito sa mga kababayan nating mahihirap," he elaborated. This legislation aims to decentralize specialized medical services, making them accessible across all regions. "Nabanggit ko parati na tulad yung mga taga-Zamboanga ay pwede na po sila… may paglalagyan na doon ng Heart Center," he said, emphasizing the hardship people from remote areas face when seeking specialized healthcare in Manila. "Alam naman natin napakahirap pong pumunta dito sa Maynila. Wala silang pamasahe — ‘yung mga pasyente," he continued. On the budgetary front, Go stressed the need for adequate funding to establish the specialty centers under the law. He pointed out that while a more substantial fund is expected for 2025, thanks to other sources such as the Asian Development Bank (ADB) support, the budget for next year must be made sufficient to ensure proper initial implementation of the law. On the other hand, Go continues to advocate for more Super Health Centers which are designed to focus on primary care, consultation, and early detection, further strengthening the healthcare sector in the country, especially in grassroots communities. Free consultations would be handled by municipal health offices, local government units, and the Philippine Health Insurance Corporation (PhilHealth) through its Konsulta program. ”Ito pong Super Health Centers makaka-complement po ito sa programa ng PhilHealth, sa Konsulta package ninyo," he said. Services offered in Super Health Centers include database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation centers, and telemedicine. The senator also addressed the need for a comprehensive assessment to ensure there are no personnel shortages and that the Super Health Centers operate effectively. "Tama yung sinabi ni Senator Loren (Legarda) kanina, importante po ay ma-assess nang mabuti para masiguro na hindi magiging... magkakaroon ng kakulangan sa personnel, baka hindi po kayanin ng LGUs," he cautioned. Finally, Go also emphasized the vital role of Malasakit Centers in providing medical financial aid to indigent patients all over the country. "Marami sa mga mahihirap nating kababayan ang umaasa po sa tulong ng gobyerno kapag sila ay na-oospital," he said, urging for the centers' continued efficient operation to benefit the nation's impoverished citizens. Malasakit Centers bring together representatives from the Department of Social Welfare and Development, DOH, PhilHealth, and Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. Go is the principal author and sponsor of RA 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. As of now, 159 Malasakit Centers are operational across the country, poised to assist with patients' medical expenses. The most recent center was inaugurated at Bislig District Hospital in Bislig City, Surigao del Sur, an event Go attended on 15 September. The DOH reported that the Malasakit Center program has already provided assistance to more than seven million Filipinos so far. The post Bong Go bats for health budget increase appeared first on Daily Tribune......»»
Online scam movie ‘tarnishes’ Myanmar’s image
A Chinese blockbuster movie about trafficked online scammers has angered Myanmar’s junta for allegedly portraying the Southeast Asia country in bad light. “The storylines are related to Myanmar,” the junta’s consul-general in southwest China’s Nanning told government officials in Guangxi region, China earlier this week, according to state newspaper the Global New Light of Myanmar. The Chinese thriller “No More Bets” tells the story of a computer programmer who is trafficked to an unnamed Southeast Asian country and forced to work as an online scammer for a syndicate. The movie does not mention Myanmar by name but its setting resembles the country’s lawless northern reaches, where Beijing says its citizens are regularly lured or trafficked and forced to work scamming their compatriots online. Despite only being released in August, “No More Bets” has become the third-most-popular film in China this year, raking in 3.8 billion yuan ($521 million) and super-charging online discussion about the dangers of visiting Southeast Asia. The month before the film’s release, China told Myanmar’s junta to “root out” online scam centers in its lawless borderlands that target Chinese citizens. The film has not been shown in Myanmar cinemas. WITH AFP The post Online scam movie ‘tarnishes’ Myanmar’s image appeared first on Daily Tribune......»»
Vietnam economy grows 5.3% in third quarter
Vietnam's economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on course to miss an ambitious year-end target. Loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact, the General Statistics Office said. But analysts warn it will be an uphill battle for the clothing, shoes and electronics manufacturing hub to reach a year-end target of 6.5 percent expansion for 2023. "Vietnam would only reach a year-end economic growth of between 4.5 percent and 4.7 percent, much lower than the government's set target," Rong Viet Stocks Company chief economist Tran Thi Ha My told AFP. "Growth for the fourth quarter is expected to be at around six percent... largely thanks to improved industrial production and exports." According to GSO, a slump in demand hit the country's exports. One of Vietnam's largest shoemakers for brands such as Nike, Adidas and Reebok announced in August it would cut jobs for the third time this year. Vietnam earned nearly $260 billion in the first nine months from exports. The communist state has long been a success story among Asian economies and in 2022, its economy grew eight percent. The Asian Development Bank predicts 5.8 percent growth for Vietnam's year-end figure, "mainly due to weak external demand". "Weak external environment, including from a subdued recovery in the People's Republic of China, has hampered export-led manufacturing, thus shrinking industrial production in Vietnam," the bank’s Vietnam country director Shantanu Chakraborty said this week. "The economy remains resilient, and recovery is expected to pick up in the near term, driven by strong domestic consumption, which is supported by moderate inflation, an acceleration of public investment and improved trade activities." The GSO reported that 776,000 more laborers in Vietnam have found jobs since the beginning of the year, compared with the same period last year. Average monthly income was around $288, nearly seven percent higher, GSO said. The post Vietnam economy grows 5.3% in third quarter appeared first on Daily Tribune......»»
SMC power unit investors warned
“Thread cautiously” on San Miguel Power Global Holdings Corp., or SMPGH, an international think tank advised investors after assessing the prospects of the energy unit of the Asian conglomerate. The Detroit-based Institute for Energy Economics and Financial Analysis, or IEEFA, issued the call for caution due to SMPGH’s piling debts in contrast to its earnings. In a review of the dominant power producer, IEEFA said the company’s elevated net debt-to-earnings and potential difficulties meeting financial obligations “create additional risk of devaluation, particularly in the long term.” Likewise, SMPGH investors were cautioned about its mounting challenges in securing favorable funding terms due to its high fossil fuel exposure and high non-call risk for its sizable US dollar-denominated perpetual securities. IEEFA said the backing of parent San Miguel Corporation, one of the most diversified Asian multinationals, offers only “some comfort.” It said SMC’s own elevated debt and “business uncertainties will be critical to monitor” when assessing financial risks to SMGPH. Thus, due to its ongoing fossil fuel expansion, the company needs more strategic options to address financial risks in the near to medium term. However, IEEFA expressed the belief that an immediate material pivot toward low-cost domestic renewable energy represents the best hedge against exposure to imported fossil fuels, prices of which remain on an upswing. A compilation of the financial performance of the SMC units last year showed that only SMGPH tallied a huge loss. By the numbers Food unit San Miguel Food and Beverage Inc. reported a P34.6 billion or 10 percent gain; beer unit San Miguel Brewery Inc., a P31.75 billion profit, up eight percent; SMC Infrastructure a P14.24 billion net income, 110 percent higher; San Miguel Foods, P9.218-billion profit, up nine percent; Petron Corp., P6.697-billion, a nine percent increase; Ginebra San Miguel, P4.547 profit, a nine percent growth; San Miguel Packaging Group, 42 percent growth at P1.648-billion, and SMGPH, P3.134 billion or an 80 percent loss. SMGPH controls 4,719 megawatts or MW of operational power capacity, making it the largest power generation company in the Philippines by installed capacity. As of April 2022, the company owned 21 percent of installed capacity nationally and 28 percent of the Luzon grid, the largest of the three Philippine grids. However, SMC announced a 2050 net-zero target at its annual general meeting in June 2023. IEEFA said, “implementation details are sparse.” SMGPH’s existing generation portfolio is dominated by fossil fuel power plants, which comprise 87 percent of its operational capacity. Hydropower accounts for 12 percent. As of August 2023, the company does not have equity interests in wind or solar assets, IEEFA pointed out. “Without a change in strategy away from dependence on volatile fossil fuels, the company may increasingly find itself locked into financial instability,” according to IEEFA’s study. Fitch Ratings research unit CreditSights issued a similar report last year, saying the rising interest and debt payments of SMGPH may affect the company’s key projects. “Given the worsening financial profile of SMC Global Power, any concerns over its hypothetical default raise fears of triggering a cross-default on SMC,” the report said. The highly leveraged operation of the Asian conglomerate was also a concern raised by Bloomberg Intelligence, which indicated that it may impair the parent’s ability to rescue its subsidiaries in a financial fix. The post SMC power unit investors warned appeared first on Daily Tribune......»»
BSP maintains policy rate at 6.25%
The Bangko Sentral ng Pilipinas maintained its policy rate at 6.25 percent on Thursday to control the rise in inflation due to the looming higher food and transportation costs. Consequently, BSP retained interest rates on the overnight deposit and lending facilities at 5.75 percent and 6.75 percent, respectively. BSP said overall inflation might accelerate to 5.8 percent this year, up from its previous estimate of 5.6 percent and official level of 5.3 percent in August. The central bank also adjusted its inflation forecast upward to 3.5 percent from 3.3 percent for next year, while it kept initial projection of 3.4 percent for 2025. “The upward adjustments in the 2023 and 2024 projections reflect the spillovers from weather disturbances, rising global crude oil prices, and the recent depreciation of the peso” BSP Governor Eli Remolona Jr. said. He said drought from El Niño might reduce agricultural supply which would force businesses to increase food prices to sustain their operations and fulfill customer orders. The weather bureau said El Niño might persist until the first quarter next year. Food as a major inflation growth driver comprises over 30 percent of all the items in the consumer price index. Rice prices recently rose to P60 per kilo, forcing the government to impose price caps for regular and well-milled rice. “No fireworks were seen from the BSP with the central bank simply maintaining its current policy stance. The BSP opted for another “hawkish hold” by keeping policy rates at 6.25 percent while maintaining readiness to hike should data conditions warrant further tightening,” according to Nicholas Mapa, ING senior economist for the Philippines. High global oil prices Remolona added transportation fares and electricity charges will also likely increase as the commodities’ providers aim to recoup losses from higher global oil prices. These have increased by 15 percent over 11 weeks and amid the persisting war between oil exporting countries Russia and Ukraine. With its previous rate hikes of up to 425 basis points post-pandemic, BSP said consumption of certain goods and services has tempered, resulting in lower inflation rates in recent months from a peak of 8.7 percent in January. “At the same time, the BSP Monetary Board noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit,” Remolona said. BSP said inflation would decelerate to government target of 2 percent to 4 percent in the last quarter of this year as long as supply issues do not surface. However, Remolona said the central bank’s Monetary Board is ready to increase its policy rate when supply shocks occur, especially of rice. To prevent rice supply issues, Remolona said the board supports the reduction of 35 percent tariff on rice imported from the members of the Association of Southeast Asian Nations. The Department of Finance suggests lowering the tariff to 0 percent to 10 percent depending on local rice production data. “The Monetary Board also reiterated the need for non-monetary interventions, including the temporary reduction of import tariffs with calibrated volumes and timely arrival of import commodities,” he said. The post BSP maintains policy rate at 6.25% appeared first on Daily Tribune......»»
‘HAMILTON’ MAKES ROUSING ASIAN PREMIERE IN MANILA
An exhilarated first audience welcomed the Tony, Grammy, Olivier and Pulitzer Prize-winning musical Hamilton at The Theatre at Solaire in Manila on Sunday, 17 September, ahead of the official opening night on Thursday, 21 September. “Good things come to those who wait, and I know Hamilton’s Filipino fans have been waiting patiently for this moment to arrive,” said Michael Cassel, producer of Hamilton’s international tour. “The Manila audiences responded with such warmth, enthusiasm and generosity — we couldn’t be more thrilled and we are ecstatic to bring the revolution to Asia for the very first time.” Hamilton’s first ever international tour continues at The Theatre at Solaire until November with no further extensions. It will then make its Middle East premiere at Etihad Arena in Abu Dhabi in January 2024. More cities are expected to be announced in coming months. [caption id="attachment_185938" align="aligncenter" width="525"] Jason Arrow as Alexander Hamilton in the Australian Production. | PHOTOGRAPH COURTESY OF DANIEL BUOD[/caption] Tickets to the Manila and Abu Dhabi seasons are available now at hamiltonmusical.com/international-tour. Hamilton premiered on Broadway in August 2015 to wide critical and audience acclaim. The show has won Tony, Grammy and Olivier Awards and the Pulitzer Prize for Drama. Featuring a score that blends hip-hop, jazz, R&B and Broadway, Hamilton has taken the story of American founding father Alexander Hamilton and created a revolutionary moment in theatre — a musical that has had a profound impact on culture, politics and education. With book, music and lyrics by Lin-Manuel Miranda, direction by Thomas Kail, choreography by Andy Blankenbuehler and musical supervision and orchestrations by Alex Lacamoire, Hamilton is based on Ron Chernow’s acclaimed biography. [caption id="attachment_185941" align="aligncenter" width="525"] Benet Monteiro as Alexander Hamilton in the German production. | PHOTOGRAPH COURTESY OF HAMILTON[/caption] The Hamilton creative team previously collaborated on the 2008 Tony Award-winning Best Musical In the Heights. Scenic design is by David Korins, costume design by Paul Tazewell, lighting design by Howell Binkley, sound design by Nevin Steinberg and hair and wig design by Charles G. LaPointe. The international tour of Hamilton is produced by Jeffrey Seller, Sander Jacobs, Jill Furman, The Public Theater and Michael Cassel. The Manila season is presented by Michael Cassel Group and GMG Productions. For news and updates, fans can visit hamiltonmusical.com/international-tour, instagram.com/hamiltoninternationaltour or www.facebook.com/hamiltonintltour. The post ‘HAMILTON’ MAKES ROUSING ASIAN PREMIERE IN MANILA appeared first on Daily Tribune......»»
Indonesia rice imports spike as Jakarta shores up stocks
Indonesia recorded a large increase in rice imports in the first eight months this year compared to the same period last year, the statistics agency said Friday, as Southeast Asia's biggest economy seeks to boost stocks of its staple commodity. Global rice prices rose to a 15-year high last week after top producer India's decision in July to ban exports of non-basmati rice, citing several factors including soaring domestic prices and "extreme climatic conditions". Indonesia imported 1.59 million tons of rice from January to August this year, Statistics Indonesia head Amalia Adininggar Widyasanti said, while more than 429,000 tons of rice were imported for the whole of 2022. "Rice imports from January and August 2023 experienced quite a high increase compared to the same period last year," Widyasanti told reporters, without disclosing the import figure for the same period last year. Most rice imports came from Southeast Asian neighbors, with Thailand sending 802,000 tons and Vietnam exporting 674,000 tons of the commodity over the period. The government had set an import quota of 2.3 million tons of rice this year to maintain price stability because of expected disruption to rice production caused by the El Nino weather pattern. But the rice imports were complicated by import restriction measures taken by other countries including India, President Joko Widodo said on Friday. "We want to strengthen our strategic reserve of rice, but even importing it is difficult, unlike in the past," he said in a speech. On Thursday, Widodo ordered state-owned logistics company Bulog to release its reserve stocks to the market in order to bring down rice prices. The nationwide rice price averaged 14,490 rupiah ($0.94) as of Friday, an increase of around 16 percent compared to the same period last year, according to data from the National Food Agency. The post Indonesia rice imports spike as Jakarta shores up stocks appeared first on Daily Tribune......»»
Philippines’ Marcos opposes ‘militia vessels’ in South China Sea
Philippine President Ferdinand Marcos told leaders at a summit in Indonesia on Thursday to oppose the use of "coast guard and maritime militia vessels" in the South China Sea, where Manila has a territorial dispute with Beijing. Philippine ships have been harassed several times in recent months by Chinese vessels in the disputed waterway, an important trade route where other Southeast Asian countries such as Malaysia, Vietnam and Indonesia also have claims. Marcos told the 18-nation East Asia Summit, which was attended by China, that Manila was concerned about the installation of military facilities on reclaimed features such as outcrops and reefs, as well as violations of international law. "We are concerned over consistent actions that are in violation of obligations under international law," Marcos said, according to a transcript of his remarks released by the presidential palace. "We must oppose the dangerous use of coast guard and maritime militia vessels in the South China Sea." He did not mention any country by name at the summit, which was attended by Chinese Premier Li Qiang and US Vice President Kamala Harris. Chinese coast guard vessels fired water cannon on August 5 at a Filipino ship on a mission to resupply marines stationed at a World War II-era ship on Second Thomas Shoal. Another resupply mission to the shoal was also harassed later that month. China defended its actions in the area as "professional". The Philippines deliberately grounded the ship to stake its claims on the shoal in the disputed sea, which China claims almost in its entirety. China, which has built military facilities on reclaimed territory, has urged the Philippines to remove the ship. It has also used boats, which Manila described as "militia vessels", to enforce its claims against smaller neighbors. Marcos said countries must not allow tensions in the South China Sea to escalate further and urged "all parties to exercise self-restraint and refrain from unilateral" actions that would increase tensions and risk miscalculations. China released a new map ahead of Association of Southeast Asian Nations meetings in Jakarta this week in which its maritime claims overlapped with those of other countries. The map sparked strong protests from Malaysia, the Philippines and Vietnam. mba/jfx/pbt © Agence France-Presse The post Philippines’ Marcos opposes ‘militia vessels’ in South China Sea appeared first on Daily Tribune......»»
Phl will push cooperation with Chn but also uphold UNCLOS—PBBM
JAKARTA, Indonesia – President Ferdinand Marcos Jr. told Chinese Premier Li Qiang that the Philippines will "continue to push for cooperation with China and work toward more partnerships and collaboration" after bringing up "coercive activities" in the South China Sea. The two Asian leaders met on the sidelines of the Association of Southeast Asian Nations (ASEAN) and China Summit earlier this week, where Marcos Jr. underscored the need for an international law-based code of conduct in the South China Sea. During the ASEAN Summit in Jakarta, Marcos Jr. raised concerns about "hegemonic ambitions" in the South China Sea. He urged other Southeast Asian leaders to find "practical" ways to protect the bloc's interests in the strategic waterway. "The President said that the Philippines will continue to push for cooperation with China and work towards more partnerships and collaboration," the statement from the Presidential Communications Office (PCO) read. "He earlier said that he is pleased with the latest developments in the negotiations for a Code of Conduct (COC) in the South China Sea and that the Philippines will assert its rights in accordance with international law," it added. During the 26th ASEAN-China Summit, Marcos said that the Philippines still believes that the 1982 UN Convention on the Law of the Sea (UNCLOS) and the rule of law should be used to settle maritime conflicts. Before the ASEAN-China Summit, Marcos called out "misleading stories that frame the disputes in the SCS only through the lens of strategic competition between two powerful countries." Marcos last talked to a high-level Chinese official at the ASEAN Summit with China. This happened a few days after Beijing's new 10-dash line and a few weeks after the water cannon incident in the West Philippine Sea, which made things worse between the Philippines and China. In August, Marcos said that the Philippines sent a note verbale to Chinese Ambassador Huang Xilian after the latest incident in Ayungin Shoal, where the Chinese Coast Guard (CCG) allegedly used water cannons and harmful actions against Philippine vessels. The CCG said it had taken "necessary controls" against Philippine boats that had "illegally" entered its waters. Several countries, led by the U.S., Australia, Japan, and Canada, came out in support of Manila and criticized China's actions. This is the latest in a series of events this year where Philippine ships have been harassed by Chinese ships. Li, on the other hand, said on Wednesday that Beijing's "good neighborly friendship" with ASEAN countries has grown. “We have been committed to mutual assistance and our good neighborly friendship has become stronger… We seek common ground while setting aside differences, properly handle disagreements through dialogues and consultations and consistently deepen practical cooperation in the traditional and non-traditional security views,” the Chinese official said at the ASEAN-China Summit The post Phl will push cooperation with Chn but also uphold UNCLOS—PBBM appeared first on Daily Tribune......»»
CoC reveries
An aversion to table the West Philippine Sea conflict and speeding up the progress of the Code of Conduct, or CoC, between the Association of Southeast Asian Nations, or ASEAN, and China is very evident in the ongoing Summit in Indonesia. The maritime conflict is not even on the official agenda and will be tackled only through optional bilateral meetings on the sidelines of the yearly assembly, which is all under the wishes of China. ASEAN, thus, is pushing itself into irrelevance by acceding to the wishes of China and its cohorts in the regional bloc like Cambodia. Despite its existence as an Economic Community since its inception, with full integration envisioned in 2025, much of its aspirations, including being a cohesive body to advance the interests of its members, remain a pipe dream. The CoC would have been a stellar achievement, but it was described as a moving goal post for more than two decades. In the ongoing ASEAN meeting, all that host Indonesia was able to commit to was a three-year deadline to finalize a CoC. Another set of guidelines is, thus, expected after the Jakarta assembly instead of a pact that will bind all the claimants in the maritime conflict. The guidelines, moreover, will have to be endorsed by regional leaders during the ASEAN-China Summit that is scheduled later. The Philippines is not confident about a substantial progress in the CoC despite its being the most urgent matter to maintain stability in the region. An official of the Department of Foreign Affairs said the outcome of talks on the long-delayed CoC will be limited “to mere reporting of past discussions.” “At most, there will be a report on what happened during the last meeting in the Philippines of the joint working group on the CoC,” which hardly equates to progress. During the third round of CoC talks in Manila from 22 to 24 August, discussions were stuck on the contentious issues of whether or not the CoC would be “legally binding.” China has historically resisted a legally binding CoC, the reason for the existence of the non-binding 2002 Declaration on the Conduct of Parties in the South China Sea, or DoC. In 2019, Foreign Minister Wang Yi indicated his optimism that a CoC would be completed within three years, or by 2022. It is now 2023. He also announced that China supported a CoC that had “binding force” and was “an upgraded and strengthened version” of the DoC. The discussions then came to a head due to the different perspectives among those at the negotiating table, which are the same obstacles blocking the resolution of the maritime rift. China has refused to recognize the Permanent Court of Arbitration award that the Philippines and other claimant countries use as a basis for their position in the DoC negotiations. In not recognizing the arbitral ruling and insisting on its historical basis for the territorial claims, China and ASEAN are not on the same page in the negotiations, meaning that hopes for an agreement are futile. Like what happened in the local context when the Communist Party of the Philippines sued for negotiations with the government and used it to consolidate its forces, China uses the CoC discussions as a delaying tactic to fortify its position. Its recent release of the 10-dash line, which was a rewriting of its territorial boundaries again based on historical data, proves China is not about to change its position. According to reports on the Summit, China will only support a legally binding code when its historical version prevails. Another term that China wants included in the negotiations is barring countries outside the region from interfering. It also wants economic activities at sea, including oil and gas development, “to be conducted in cooperation with companies from countries outside the region.” China also wants the CoC signatories not to “hold joint military exercises with countries from outside the region, unless the parties concerned are notified beforehand and express no objection.” The untenable conditions appear designed to prevent the CoC from ever coming into being. The post CoC reveries appeared first on Daily Tribune......»»
NoKor missile launches alarming — BBM
JAKARTA, Indonesia — President Ferdinand Marcos Jr. on Wednesday expressed grave concern over the recent surge of intercontinental ballistic missile launches conducted by the Democratic People’s Republic of Korea or DPRK. During his intervention at the 24th Association of Southeast Asian Nations-Republic of Korea Summit on Wednesday, Marcos underscored the need for the DPRK to fully comply with all UN Security Council resolutions. North Korea, often referred to as DPRK and NoKor, carried out what it called the second military reconnaissance satellite launch from the Sohae Satellite Launching Station last 24 August. Several reports said the launch was unsuccessful due to an in-flight error. The launch came after a prior satellite launch attempt on 31 May. Based on official reports, the nation is planning to carry out a third satellite launch in October. “We (...) affirm our support for the principles embodied in the RoK’s audacious initiative that aims to achieve a denuclearized DPRK, an essential component for sustainable peace and prosperity in the Korean Peninsula, in Northeast Asia, and the world,” Marcos said. The RoK may be better known as South Korea. Marcos also appreciated the RoK’s continued support in upholding the United Nations Convention on the Law of the Sea as a key pillar of the rules-based international order. “We share concerns on the militarization of reclaimed features, the dangerous use of coast guard and maritime militia vessels, and other coercive activities,” he said. “We are equally alarmed by illegal, unreported, and unregulated fishing which are being detected.” Marcos also welcomed the implementation of the Korea-ASEAN Solidarity Initiative, which will further deepen ASEAN and RoK’s collaboration on common political, economic, social and cultural concerns. “In particular, we welcome the enhancing policy dialogue on maritime affairs with the RoK under the initiative to contribute to the overall enhancement of ASEAN-RoK comprehensive security cooperation,” he said. Marcos also thanked the RoK for its valuable assistance in addressing the recent oil spill in Mindoro and for its contributions to emergency humanitarian assistance for the damage caused by the recent typhoons. The post NoKor missile launches alarming — BBM appeared first on Daily Tribune......»»