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Speaking up for survivors of human trafficking: Victoria Nyanjura s story
The UN Trust Fund for Victims of Human Trafficking (UNVTF) provides humanitarian, legal and financial aid to victims of trafficking in persons through the awarding of grants to civil society organizations. Victoria Nyanjura was recently elected as Chair of the UNVTF and is the first-ever survivor of human traffi.....»»
Geopolitical tensions could hit global economy: US Fed
The US Federal Reserve warned Friday that the recent attack on Israel and the ongoing Ukraine conflict could cause harm to the world economy and boost global inflation. Israel has been conducting extensive air strikes on the Gaza Strip since October 7, when more than 1,400 people, mostly civilians, were killed by Hamas militants during an armed attack on the south of the country. Israel's retaliatory bombing campaign has left more than 4,100 people dead, many of them also civilians, according to the Hamas-run health authorities in Gaza. Ongoing exchanges of fire with Hezbollah militants along Israel's northern border with Lebanon have raised fears that the conflict could spread to other countries in the region. "The attack on Israel, in conjunction with Russia's ongoing war against Ukraine, has ratcheted up geopolitical tensions," the Fed said in its semi-annual report on financial stability. "Escalation of these conflicts or a worsening in other geopolitical tensions could reduce economic activity and boost inflation worldwide," it added. Mitigating banking stress In its report, the Fed also said that policy interventions earlier this year in light of the rapid collapse of Silicon Valley Bank (SVB) had "played a key role in mitigating the stresses in the banking system that emerged in March." SVB failed following a bank run by investors concerned by its exposure to interest rate risk in light of the Fed's aggressive campaign of rate hikes. A number of other US banks collapsed in the turmoil that followed, which also led to the merger, under pressure, of the Swiss banking giant Credit Suisse with regional rival UBS. "Since March, volatility has abated and deposit outflows have largely stabilized," for affected banks, the Fed said. "But these banks nonetheless continued to face challenges navigating changes in depositor behavior, higher funding costs, and reduced market values for investment securities," it added. The post Geopolitical tensions could hit global economy: US Fed appeared first on Daily Tribune......»»
The importance of cyber security
Cyberattacks are on the rise! In the past, we associated this terrifying incident with online banks and payment platforms. However, even government websites, not known as financial institutions, from which money may be stolen, or unauthorized payments are also targets. Last Sunday, 15 October, the website of the House of Representatives was vandalized before noon by a group calling itself “3MUSKETEERZ.” A face with a mocking meme with the phrases “You’ve been hacked” and “Have a nice day” appeared on the website. Below the face was the message, “Happy April Fullz Kahit October palang (even if it’s still)! Fix your website.” A few minutes later, the website went down and became inaccessible. Shortly after, the House of Representatives issued a statement assuring the public that the House had already taken action and coordinated with the government agencies concerned to deal with the matter. “While we work to restore the website fully, we ask for patience and understanding. We are committed to ensure the security and integrity of our digital platforms, and we will implement additional measures to prevent such incidents in the future,” the statement said. Relatedly, also recall that on 22 September, a system of the Philippine Health Insurance Corporation was similarly attacked, preventing access for a week. Reports stated the data breach affected employees’ workstations, application servers, and users’ data, including names, addresses, dates of birth, gender, phone numbers and PhilHealth identification numbers. On 31 August, the Department of Science and Technology’s OneExpert portal was also subjected to a cyberattack. In a statement on 13 October, the DoST assured the general public that the virtual assault compromised no personal data. In all the above instances, whether personal data or sensitive information were stolen, it causes alarm to us Filipinos. The call to government agencies and ordinary Filipinos to be vigilant and careful with our online information and accounts has become louder than ever. The same holds true for institutions and businesses, which, by the nature of their activities, are entrusted with and tasked to safeguard large amounts of personal information and are responsible for keeping this trust by whatever means appropriate. I now want to stress the importance of cyber security not just for individuals and juridical entities but for the entire nation holistically. Protection against cyber threats: In today’s digital age, cyber threats like hacking, data breaches, and identity theft are becoming more prevalent. Implementing robust cyber security measures helps protect us from these threats. Safeguarding sensitive information: Cyber security also helps protect sensitive information such as personal data, financial details and intellectual property. This is crucial for maintaining privacy and preventing unauthorized access or misuse of information. Maintaining trust, reputation, and credibility: Cyber security is essential for building trust with customers, clients, and partners. Organizations can maintain a positive reputation and avoid potential legal and financial consequences by committing to protecting their data and privacy. Compliance with regulations: Many industries have specific regulations and standards regarding data protection and privacy. Compliance with these regulations is not only important for avoiding penalties but also for ensuring ethical practices and responsible handling of data. Business continuity: Cyber attacks can disrupt operations, leading to financial losses, reputational damage, and even business closure. Implementing effective cyber security measures helps minimize these risks and ensures business continuity. Finally, I want to end by being deliberately redundant in stating that cyber security is crucial for protecting individuals, organizations, and society from the growing threat landscape in the digital world. Cyber attackers are on the prowl; we must be alert to the possibility of attack, ready even now to implement measures to effectively counter-act or prevent the same. The post The importance of cyber security appeared first on Daily Tribune......»»
Hong Kong flooded by heaviest rainfall in 140 years
Hong Kong was flooded by the heaviest rainfall in nearly 140 years on Friday, leaving the city's streets and some subway stations under water and forcing its schools to close. Just across the border, authorities in China's tech hub Shenzhen recorded the heaviest rains since records began in 1952. Climate change has increased the intensity of tropical storms, experts say, with more rain and stronger gusts leading to flash floods and coastal damage. The heavy rains in Hong Kong started on Thursday and in the hour leading up to midnight, the city's weather observatory recorded hourly rainfall of 158.1 millimeters at its headquarters, the highest since records began in 1884. On Friday afternoon, the Hospital Authority said at least 110 people were hospitalized due to injuries, with four in serious condition. A man was found unconscious off the shore of western Hong Kong Island and declared dead at the hospital, though authorities were still investigating if the death was flood-related. The city's highest rainstorm warning level, "black", was hoisted for a record-breaking 16 hours before being lowered at 3:40 pm Friday, with rainfall mostly easing by late afternoon. "It's absolutely shocking," said Jacky, 52, who lives in the Wong Tai Sin district with his elderly parents. "I don't remember floods ever being this bad in our district." "The bottom floor of the mall is completely flooded, the water level is higher than the storefronts... it's turned our day into chaos," he added. Authorities issued flash flood warnings, with emergency services conducting rescue operations in parts of the territory. "Residents living in close proximity to rivers should stay alert to weather conditions and should consider evacuation" if their homes are flooded, the observatory said. It also warned of potential landslips, telling motorists to "keep away from steep slopes or retaining walls". Hong Kong's stock exchange cancelled all trading sessions on Friday. 'Once in a century' Hong Kong Chief Secretary Eric Chan described the deluge as "a once-in-a-century heavy rainstorm", adding that extreme conditions would continue until midnight local time (1600 GMT). "It's like putting four bathtubs of water into one bathtub... it will spill," Chan said at a press conference, when asked if the government had done enough to prevent flooding. The Hong Kong Observatory said it recorded more than 600 millimeters of rainfall at its headquarters over 24 hours -- roughly a quarter of the city's annual average. Earlier in the day, taxis struggled through flooded roads as commuters attempted to make their way to work, with some cars stranded in the deluge. "It felt like the whole neighborhood was isolated by the floodwater. One of the underground car parks is totally under water," Olivia Lam, who lives on the eastern side of Hong Kong Island, told AFP. "The water was almost waist-deep outside my building, and that's not the worst (case) in the neighborhood." An AFP reporter saw boulders and mud from a landslide block off a two-lane road in the Shau Kei Wan district, with mud also spilling over into a nearby basketball court. Residents of a public housing block just 30 meters from the landslide lined up with buckets to collect fresh water after the building's supply was disrupted. Roads were also flooded on the island of Lantau, where rivers swelled over their banks. Southern China was hit the previous weekend by two typhoons in quick succession -- Saola and Haikui -- though Hong Kong avoided a feared direct hit. Tens of millions of people in the densely populated coastal areas of southern China had sheltered indoors ahead of those storms. Hong Kong's weather observatory said the latest torrential rain was brought by the "trough of low pressure associated with (the) remnant of Haikui". Authorities suspended schools and cargo clearance services on the city's border with Shenzhen were paused. The border disruption came hours after Hong Kong authorities announced that Shenzhen was preparing to discharge water from its reservoir, which they said could lead to flooding in northern parts of the city. Hong Kong's subway operator said there was a service disruption on one of its lines after a station in the Wong Tai Sin district was flooded. A handful of other stations were also affected by the rain. Footage posted on social media showed a subway train not stopping at Wong Tai Sin station, which had floodwater on its platform. The flooding could cost Hong Kong at least $100 million, according to a Bloomberg Intelligence estimate, compared to $470 million in damage when the city was hit by typhoon Mangkhut in 2018. The post Hong Kong flooded by heaviest rainfall in 140 years appeared first on Daily Tribune......»»
DHSUD hits ground running on Pasig River rehab
The Department of Human Settlements and Urban Development has hit the ground running after being tapped as head of the Inter-Agency Council for the Pasig River Urban Development by virtue of President Ferdinand R. Marcos Jr.’s Executive Order 35. DHSUD Secretary Jose Rizalino Acuzar, along with key DHSUD officials, has started inspecting key areas along the Pasig River and laid out plans on how to implement the President’s order. Initially, Acuzar checked on the portions of the historical river in Manila, particularly at the back of the Central Post Office, which is being eyed as pilot area for mixed-use development and tourism spot, and Parola Compound for the affected informal settler families. “We already have plans, and we will soon present it to the Office of the President and before the council for approval,” Acuzar said. The DHSUD chief has already met with MMDA Chairman Romando Artes, vice chair of the IAC-PRUD, to discuss the council’s initial steps to put the order’s provisions into actionable strategies for the member-agencies. Under EO35, the secretaries of DPWH, DENR, DILG, DOT, DoTr, DOF, DBM; the chairperson of the National Historical Commission of the Philippines, general manager of the Philippine Ports Authority, commandant of the Philippine Coast Guard, the general manager of the Laguna Lake Development Authority and the chief executive officer of the Tourism Infrastructure and Enterprise Zone Authority were named as council members. The National Housing Authority will serve as the secretariat. The IAC-PRUD was tasked primarily to “facilitate and ensure the full rehabilitation of the banks along the Pasig River water system and nearby water systems in order to provide alternative transportation, propel economic opportunities, and boost tourism activities.” The council was directed to formulate a Pasig River Urban Development Plan which shall serve as the blueprint for the full rehabilitation of the river to realize its full potential for mixed-use development, transportation, recreation, tourism and sustainable human settlement, taking into consideration its historic and cultural value. It was also ordered to “study, prepare and implement a comprehensive shelter plan for massive relocation of informal settler families and other unauthorized or unlawful occupants along the Pasig River banks, including identification of suitable relocation sites; strategies for economic and social integration for ISFs, and long-term solutions to address ongoing migration into the Pasig River banks." The EO also authorizes the IAC-PRUD to “accept grants, contributions, donations, endowments, bequests or gifts in cash or in kind from local and foreign sources in support of the formulation and implementation of the Pasig River Urban Development Plan, subject to existing laws, rules and regulations. To monitor the progress of the rehabilitation, EO35 tasked the IAC-PRUD to submit to the Office of the President, through the Office of the Executive Secretary, a quarterly status report. The post DHSUD hits ground running on Pasig River rehab appeared first on Daily Tribune......»»
At least 11 killed, 13 missing in Beijing rainstorms
At least 11 people were killed and 13 were missing after heavy rains lashed Beijing, state media said Tuesday, in downpours that have submerged roads and deluged neighborhoods with mud. Storm Doksuri, a former super typhoon, swept northwards over China after hitting southern Fujian province on Friday, following its battering of the Philippines. Heavy rains began pummeling the capital and surrounding areas on Saturday, with nearly the average rainfall for the entire month of July dumped on Beijing in just 40 hours. Swaths of suburban Beijing remain badly hit by the rains -- some of the city's heaviest in years. On the banks of the Beijing river, one of the worst affected areas, AFP reporters saw muddy debris strewn across the road. One man told AFP he had not seen flooding this bad since July 2012, when 79 people were killed and tens of thousands evacuated. "This time it's much bigger than that," he said, declining to give his name. "It's a natural disaster, there's nothing you can do," a 20-year-old man surnamed Qi waiting for a taxi with his grandmother outside a hospital told AFP. "(We) still have to work hard and rebuild." On Tuesday, state broadcaster CCTV reported that the rains had killed at least 11 people, two of whom were workers "killed on duty during rescue and relief". Thirteen people were missing, but another 14 had been found safe, the broadcaster said. President Xi Jinping on Tuesday called for "every effort" to rescue those "lost or trapped" by the rains. More than 100,000 people deemed at risk across the city have been evacuated, according to state-owned Global Times newspaper. Authorities have allocated 110 million yuan ($15.4 million) for disaster relief work in Beijing and surrounding provinces, CCTV said. 'Endure what we can' On Tuesday, around a dozen emergency vehicles, including trucks with water tanks and bulldozers, were spotted on the road between Shijingshan and Mentougou districts. Parts of the road were still closed off and workers in bright orange raincoats were using shovels to clear it. Florist Wang Yongkun, 62, had piled sandbags around the door of his shop, but the floor inside was still coated in mud. He said in 15 years working there he had never experienced anything like the last few days. "We started cleaning up in the afternoon yesterday... and woke up again at seven today to continue," he said. "You just have to deal with it... We will endure what we can." Around 150,000 households in Mentougou were without running water, the local Communist Party newspaper Beijing Daily said, with 45 water tankers dispatched to offer emergency supplies. Cars swept away Further south in Fangshan district, the Dashi River had overflowed, with trees along the riverbank partially submerged, and some sections of the road cordoned off. Roads were caked in mud, foliage and various debris, including an upturned armchair. AFP reporters saw collapsed bridges at two locations, with locals saying the damage had happened during the rains. Earlier social media videos tagged in Fangshan had shown multiple cars being swept along roads turned into fast-flowing streams. Live images from broadcaster CCTV on Tuesday morning showed a row of buses half submerged in floodwater. In the parking lot of a high-rise apartment complex, cars were piled on top of each other, alarms still sounding, while people lined up with buckets and other containers to collect fresh water. Chaotic scenes Local media on Monday published footage of chaotic scenes aboard high-speed rail trains stranded on tracks for as long as 30 hours, with passengers complaining that they had run out of food and water. Authorities "must properly relocate affected people, work quickly to repair damaged transportation, communication, and electricity infrastructure, and restore the order of normal production and life as soon as possible", Xi said on Tuesday. The capital activated a flood control reservoir on Monday for the first time since it was built in 1998, the Beijing Daily said. Parts of neighboring Hebei province remain under red alert for rainstorms, with authorities warning of potential flash floods and landslides. In Handan, Hebei province, rescuers lifted by crane reached a man trapped on his car in floodwaters, lifting him to safety before the car was flipped and washed away by the current. China has been experiencing extreme weather and posting record temperatures this summer, events that scientists say are being exacerbated by climate change. The country is already preparing for the arrival of another typhoon -- Khanun, the sixth such storm of the year -- as it nears China's east coast. The post At least 11 killed, 13 missing in Beijing rainstorms appeared first on Daily Tribune......»»
Quick AI response as small biz magnet
Digital banking powered by artificial intelligence or AI is increasingly becoming the norm. How fast and flexible industry players can maximize benefits from this technology to provide credit to most small businesses is the edge, Edwin Bautista, president and CEO of Union Bank of the Philippines, told the Daily Tribune. [caption id="attachment_164549" align="aligncenter" width="585"] Edwin R. Bautista, president and CEO, UnionBank of the Philippines[/caption] “All we know is AI will disrupt industries, so the earlier you try to figure out how to adopt it, the better. Now, the question is, how many financial institutions are prepared to make that bet of lending using alternative data sources using AI?” Bautista said. UBP’s digital banking arm UnionDigital Bank is shifting gears to provide small businesses with accessible loans using AI. It collects data from the Internet and humans and organizes them into qualitative and quantitative categories to generate text, images, audio and videos. Many small business owners usually need financial statements on paper, as they sell products and services primarily online through social media, such as Facebook, Instagram and TikTok. However, Bautista said their financial capabilities could be traced and analyzed even without the formal documents required by traditional banks, such as income tax returns, financial statements, and trading partners profiles. He stressed AI does not discriminate. “When you look at the smaller businesses, they appear as an underground economy, so they cannot produce those kinds of documents. AI will help us because what it does is it puts together different information about that particular business or person and flow of sales so it can give a prediction on whether the small business owner will pay you back or not.” This technology is critical to lenders, including informal lenders, as micro, small and medium enterprises comprise 99 percent of all businesses in the country and drive most of its economic activities. Global market researcher McKinsey & Company said Philippine-based lenders can boost their growth by tapping the country’s bankable population, which is expected to expand by 30 percent to 85 million by 2030, along with owners of small and medium enterprises. “The Philippines has an estimated 15 million informal entrepreneurs and self-employed workers. Meanwhile, retail lending is heavily concentrated in a narrow band of wealthy households,” the researcher said. McKinsey reported a few domestic digital banks had gained traction, with three digital banks, including UnionDigital, growing a total market value by $3 billion. In contrast, traditional banks only saw a $2.2 billion growth between January 2021 and January 2023. However, McKinsey stressed digital banks in the Philippines have been limiting their services to mobile payments. “While competition in digital financial services intensifies, dominant players have yet to emerge outside the mobile-payments subsector. Six digital banks have recently launched operations in the Philippines, but none lend at scale.” Unlike informal lenders, Bautista said digital banks can reach more borrowers as AI learns about all people with access to the Internet and produces sound data correlations. “The theory is that if you have many friends and are grounded in a particular community, chances are you will not just run away from your debt. The minute borrowers go outside their community. It’s challenging for informal lenders because they already do not know the people they are lending to.” With the developments in AI, Bautista said UBP is redesigning its brick-and-mortar banks by tapping digital technologies and its UnionDigital to exchange market insights, systems, and people skills to boost mutual growth. “We think we can be the number one Consumer Bank in the Philippines in the next three years. Why? Because Our growth path is based on broadening the base on which we can learn to adapt. You can only do that if you’ve transformed your front, middle, and back office accordingly.” Bautista said this means the ever-changing skills development of people of both banks. While AI has been demonized by some of the labor force and business owners worldwide, saying it will replace traditional jobs and employees, Bautista said the future remains uncertain. Still, it can also highlight innately human jobs. “AI may rather have pluses and minuses. You will be affected negatively, but you will also have a positive impact if new jobs are generated.” Bautista said proof of this is the human eye, intuition, and brain need to verify whether AI-generated data matches customers’ changing preferences and needs. “So today, I can know instantly what my customer sentiments are. If my back-end operations take me six months, what good is knowing today if I can act on it? And the only way I can act is I have people with the ability to modify their things and a back end that allows me to change my products and features near real-time.” The post Quick AI response as small biz magnet appeared first on Daily Tribune......»»
ARTA’s backtrack not in rules — PPA
Anti-Red Tape Authority Secretary Ernesto Perez’s re-evaluation of the Philippine Port Authority’s container monitoring and tracking system is not provided for under ARTA rules and is thus not valid. The ARTA retreat has no bearing as its Good Practice RIS (regulatory impact statements) rating of 36 on a scale of 40 in the program last February stays, according to PPA General Manager Jay Santiago. “ARTA has not retracted its positive rating of the Trusted Operator Program-Container Registry and Monitoring System or TOP-CRMS recalled its regulatory impact statement rating,” Santiago stressed. “I don’t know what the purpose of that ARTA memo or its value or its effect on the previously issued Good Practice RIS rating was,” Santiago said in a text message. According to the PPA chief, his office submitted all the required documents to ARTA, “sometimes twice,” and even consulted all the stakeholders in the shipping and logistics sectors, including those opposed to the scheme, before ARTA granted the Good Practice RIS. “The situation has not changed, so we do not understand what happened,” Santiago said. In a statement, ARTA defended its re-evaluation of the TOP-CRMS “upon the request of various stakeholders to be affected by the proposed regulation.” Perez said, “Our re-evaluation was diligent, and it stands as our final recommendation unless either party provides relevant additional documents,” adding that the re-evaluation was impartial and not influenced by external factors. While ARTA’s memorandum did not approve the TOP-CRMS program, it conceded the implementation remains within the mandate of the PPA. DoTr wants shift to CLA Transportation Secretary Jaime Bautista has directed shipping lines to stop collecting container deposits from brokers or reimburse the amount within two weeks. Bautista also ordered them to subscribe to a foreign firm’s Container Ledger Account or CLA. In a letter to Joseph Collantes, operations manager of RCL Feeder Pte. Ltd., and Jesus Sedano, owner’s representative of the firm, obtained by Daily Tribune, Bautista ordered the company to avail of other ways instead to collect container deposits. The alternatives include “discontinuing the container deposit practice or continuing to collect container deposits contingent upon the ability to refund it within 14 days and subscribe to container deposit from Container Ledger Account subscribers or other providers that offer equivalent services.” “The delays in refunding container deposits and unreturned deposits in the millions of pesos continue to burden and create financial difficulties for many importers that have become an industry problem. This matter has been raised by various stakeholders in the transport and logistics services sector for government intervention,” Bautista’s letter read. Earlier in July, Danny Sta. Maria, an independent broker for various imports, such as yarn and other raw materials for the clothing industry, said international shipping lines make it hard for them to collect their container deposits. “In my case, my deposits have been stagnant in their hands for four months. Each deposit for a 40-foot container is P15,000. I rented 50 containers, so the total cost is P750,000. Imagine the money sleeping with them? I could have used the money for my business,” Sta. Maria told reporters. He said that on following up on reimbursements, the shipping lines kept telling him his requests were still pending, unsigned by signatories, or the refund requests were too voluminous to transact. He said the money collected by the shipping lines lay dormant in banks while earning interest. “I pity those small importers and brokers that have been victimized by these shipping lines,” Sta. Maria said. Sta. Maria lambasted the shipping lines for holding onto their money which, he said, was illogical and unacceptable @tribunephl_raf. The post ARTA’s backtrack not in rules — PPA appeared first on Daily Tribune......»»
DA targets sufficient rice harvest
The Department of Agriculture on Friday said it is targeting to plant one million hectares of rice this year to achieve rice self-sufficiency anchored on its Masagana Rice Industry Development Program. Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian disclosed that the target areas are in irrigated areas in both national and communal systems of the National Irrigation Administration. He added that if they are able to achieve their target, they will not need to worry about the country’s rice supply next year. “If we are able to do this, we don’t need to worry about our rice supply next year and if sustained, we can reach our President’s self-sufficiency goal of 97.5 percent,” Sebastian said. However, Sebastian said that in order to achieve their target, there must be a strong working convergence of all DA agencies, regional field offices and their rice focal persons, the NIA, Bureau of Soils, the Philippine Rice Research Institute, Philippine Center for Post Harvest and Mechanization, the Cooperatives Development Authority, the National Food Authority, the Department of Agrarian Reform, the Department of the Interior and Local Governments and its attached local government units, Agriculture Credit Policy Council and Philippine Crop Insurance Corp. and state banks — the Development Bank of the Philippines and Land Bank of the Philippines. He added that the different stakeholders must design location-specific interventions based on the agriculture science and data, which must be communicated in simple terms to the municipal agriculture officers who in turn would advise the farmers the best practices to optimize yields even in areas to be affected by the coming El Niño. The PhilRice, on the other hand, presented the El Niño risk maps for validation by the regional executive directors of the DA and the different attached agencies and rice industry stakeholders. The post DA targets sufficient rice harvest appeared first on Daily Tribune......»»
Marcos’ anti-drug focus must improve
Senator Ronald “Bato” dela Rosa hopes President Ferdinand “Bongbong” Marcos Jr. will put more focus on the drug problem during the remainder of his term. “Just a little attention. I hope the drug situation will be taken care of,” Dela Rosa said shortly before Marcos delivered his second State of the Nation Address. “It is different if the Chief Executive himself will pay attention to the drug problem,” he stressed. In his SoNA, Marcos said the battle against illegal drugs will continue after the government launched the “Buhay Ingatan, Droga’y Ayawan” or BIDA program and will put up 102 Balay Silangan Reformation Centers nationwide. “The campaign against illegal drugs continues — but it has taken on a new face. It is now geared towards community-based treatment, rehabilitation, education, and reintegration, to curb drug dependence among our affected citizenry,” the President said. Marcos said the government will be relentless in the fight against drug syndicates by “shutting down their illegal activities and dismantling their network of operations.” “Unscrupulous law enforcers and others involved in the highly nefarious drug trade have been exposed. I will be accepting their resignations,” he said. The President vowed to install individuals of unquestionable integrity who will be effective and trustworthy in the task of eliminating the drug problem, which he described as a “dreaded and corrosive social curse.” “We cannot tolerate corruption or incompetence in government,” he added. Meanwhile, Dela Rosa believes Marcos will continue to support the push to revive the Reserve Officers Training Corps. “He already mentioned the ROTC [program] during his first SoNA. The ROTC bill is still pending, but I will continue pushing for it,” Dela Rosa said. Wowing ‘em all Vice President and Education Secretary Sara Duterte wore a traditional Maguindanaon dress for the annual event. Her SoNA outfit was a Bangala paired with trousers and a flowing inaul or malong. It featured gold accessories that symbolize the wealth and abundance of Mindanao’s natural resources. The inaul is a Maguindanao fabric intricately handwoven using cotton and silk. It is a treasured cultural gem that profoundly reflects the pride, bravery, heritage, and history of the people of Maguindanao. During the first SoNA, Duterte wore a traditional Bagobo Tagabawa dress. She thanked Gov. Bai Mariam Mangudadatu of Maguindanao del Sur and Jearson Demavivas for their creative input that inspired her to wear a Maguindanaon traditional dress. Cotabato City-based designer Israel Ellah Ungkakay designed the dress. Ungkakay has been promoting the culture and tradition of the Moro people of Mindanao through his designs for 16 years after finishing college at the University of Southern Mindanao. He was recently recognized for his contributions to the promotion of Mindanao by the local government of Cotabato City. Travel sector highlighted Tourism Secretary Christina Garcia Frasco rated exceptional the President’s address as he highlighted the crucial role that tourism plays as a reliable pillar of economic growth, providing livelihood to more than 5 million Filipinos. “The President’s ‘whole-of-nation’ approach to development we take as an affirmation of his administration’s thrust towards strengthened tourism governance between and among all stakeholders of the tourism industry,” she said. “As an industry that banks and thrives on the scale of infrastructure development, we are elated to know the President’s continuing commitment to connect all prospective sites of economic development,” she added. Marcos said the stress on tourism will spur the sector’s development countrywide, and consequently, create more livelihood opportunities for Filipinos. The post Marcos’ anti-drug focus must improve appeared first on Daily Tribune......»»
Navigating reputation crisis
Trust from customers is the lifeblood of any company or brand. In the modern age, bad service stories could spread through social media and become a nightmare. However, this can be prevented or reversed using the communication system appropriate to the public audience and company team. Paolo Alba, country lead and regional business director of PRecious Communications, said the best solution for companies is to continuously update staff on business challenges or issues before they worsen into crises. “When it’s an issue, normally, we can still control this. In a crisis, we usually stop operations and then do damage control with the media. You now have more people starting to engage and giving their own opinions.” Public relations firms like his which also serve business clients in other parts of Southeast Asia, help companies how to plan and carry out crisis control, which involves identifying the possible problems they can encounter and crafting the steps to limit the consequences. “It’s always good to admit when there’s something to happen. I’m a firm believer that the truth always reveals itself. We should identify who’s at fault to take the next steps to remedy the problem.” After these, Alba said companies can have a ready, pre-approved, or “push-button solution when they come to the problem scenario.” Sometimes problems become more severe, and Alba said companies should remain on top of it throughout their existence. “The best solution there is always to trust what’s happening on the ground. You only know exactly how to react once you know the facts that are happening. We have to make sure. After the initial break-in business operations, we can control the narrative.” Alba said investigating the problem enables companies to ascertain whether it needs internal or external damage control. He frequently said the company must only review its policies or negotiate with its departments to resolve the problem. “It’s typical that a crisis stems from issues within a particular business group. In this case, there’s little to worry about regarding the recovery of the overall business or a comprehensive recovery plan. The staff needs to update stakeholders on the company’s decisions.” Alba said companies can do this by posting announcements or clarifications on their websites. Usually, he added the simple but not-so-obvious solution is to talk with the customers themselves, a significant lesson he learned from handling a range of companies, including digital banks, and is anchored from the Filipino value of malasakit or compassion. “I realized the solution is simply to go door to door to the affected families and sincerely let them know that we will care for their loved ones. Sometimes we get too concerned about how to move without a strategy when sometimes a simple solution is to speak to your stakeholders directly.” When the problem has escalated into an apparent crisis, Alba said the company must reach the biggest audience possible and lay out its plan through a press conference or social media. He said what matters is the company is present where its stakeholders are. “It doesn’t mean the company should project a beautiful image to the media, but it reinforces that it is taking the matter seriously. And it is doing something about the problem.” To genuinely reassure the customers, the company should deliver what it has promised and update them through the media and its workers through internal meetings about the efforts to resolve the problem. “It greatly affects your reputation because, without follow-through actions, you would not be seen as a credible institution. If you solve it and properly update everyone along the way, you’ll have a solid reputation and recover successfully.” He said it also helps to learn from the mistakes and successes of other companies in tweaking strategies for better crisis control. “We try to learn from those and put it into a playbook.” The post Navigating reputation crisis appeared first on Daily Tribune......»»
Rioting costs France damages worth over 1B euros
Days of violent protests in France cost more than one billion euros in damage to businesses ransacked by rioters. The government had by Tuesday counted attacks on 10 shopping malls, 200 supermarkets, 60 sporting goods shops, almost 440 tobacconists and 370 bank branches since 27 June. Geoffroy Roux de Bezieux, head of employers’ organization Medef, said in an interview with the Parisien daily on Monday that the figure excludes cost to tourism. President Emmanuel Macron suggested Tuesday that the “peak” of rioting “has passed” but Abdelhamid Faddeoui, head of Aetos Private Security based near Paris, said “everyone is afraid that this is just a false calm” and “most of my clients are keeping up a high level of security.” Joseph Guret, whose tobacco shop outside Paris was gutted, complained that he has nothing left. The 30-year-old shop owner said his tobacconist in Neuilly-sur-Marne was attacked by 10 people on Thursday night who “took everything they could” and then “burned everything.” With some shop owners talking about going out of business in the wake of attacks, Economy Minister Bruno Le Maire has vowed government aid and pushed insurers and banks to help out. “When your shop has been totally burned down, when your whole life’s work is turned to ash, the state has to be there by your side,” he said Tuesday, promising “case-by-case cancellations of tax and social charges for the worst-affected shopkeepers.” France Assureurs president Florence Lustman told broadcaster Franceinfo that 5,800 claims had reached insurers, worth “at least 280 million euros” — significantly higher than France’s three-week riots in 2005, which totalled 204 million. Daniel Baal, general manager of cooperative bank Credit Mutuel Alliance Federale, said his firm would offer affected businesses holidays from loan payments or short-term overdrafts to get through the toughest times. The rioting, sparked by the killing of 17-year-old Nahel during a police traffic stop in a Paris suburb on 27 July, saw the interior ministry deploy 45,000 officers overnight backed by light armored vehicles and crack police units to quell the violence. WITH AFP The post Rioting costs France damages worth over 1B euros appeared first on Daily Tribune......»»
Economy to grow by almost 6 percent
The Philippine economy is expected to grow slightly below 6 percent in the second quarter of 2023, First Metro Investment Corp. and the University of Asia and the Pacific Capital Markets Research said on Friday. In an emailed commentary, FMIC and UA&P said the economy will be supported by the decline in headline inflation to 6.1 percent by May, the rebound in government spending, and the P70.0-B income tax cut. However, they said the global economic slowdown is expected to weigh on exports, which could lead to a slightly weaker peso. "The peso will likely remain slightly weak, but the plunge in imports due to the slump in crude oil and other commodity prices should result in a less negative trade deficit for (the second quarter) GDP growth which we think will slightly trail 6 percent," the economists said. On the fixed income front, the economists said they expect yields to fall by 25 bps by mid-H2 as inflation loses further steam and breaks through 4 percent by the fourth quarter. "With BSP's pause in its rate hiking cycle, taking the cue from the Fed's taking a break after 13 consecutive rate increases, and BSP's lowering of reserve requirements by as much as 250 bps for universal/commercial banks would provide more liquidity to banks and likely pull down long bonds initially," FMIC and UA&P wrote. On the equities front, the economists said the PSEi posted a -2.2% MoM loss to end May at 6,477.36. They noted that Dow Jones Industrial Average and Financial Times Stock Exchange Group 100 also slumped by -3.5 percent and -8.3 percent, respectively, in May, which could have affected the negative performance of the PSEi in the same month. "Only the Holdings sector turned in a positive performance as it posted a +1.3% MoM gain in May. Meanwhile, five sectors landed in negative territory. The Financial sector ranked last in the sectoral race with its -5.5% loss in May," FMIC and UA&P said. However, the economists said they expect the PSEi to breach 6,700 even with their moderately fast projection of GDP expansion. "Nonetheless, the upcoming release of Q2 GDP data should bear heavy importance on PSEi's direction in the following months. Still, we expect PSEi to breach 6,700 even with our moderately fast projection of GDP expansion," the economists said. The post Economy to grow by almost 6 percent appeared first on Daily Tribune......»»
Heavy rain triggers evacuation warnings in Japan
Hundreds of thousands of residents in Japan were urged to evacuate on Friday as tropical storm Mawar brought heavy rain and caused several rivers to overflow. The eye of the storm, which has weakened from a typhoon, was 170 kilometers (105 miles) east of the country's southern Amami island by the afternoon. A non-compulsory evacuation order was issued to more than 410,000 people in Toyota in central Aichi region, as well as in other parts of western and central Japan. The highest evacuation alert -- which urges residents to immediately secure safety -- was issued to some 130,000 people in Toyohashi, also in Aichi, according to public broadcaster NHK. Western Wakayama region saw several rivers burst their banks, and NHK footage showed a brown-colored river in a Wakayama town covering railway tracks. "We urge residents (in the affected areas) to be extremely vigilant against landslides, flooding and rising and overflowing rivers," top government spokesman Hirokazu Matsuno told reporters. "Extremely heavy rainfall with thunderstorms are expected over a wide area from western to eastern Japan over the next three days" due to the storm, he added. Shinkansen bullet trains were suspended between Tokyo and Osaka, according to Japan Railway. NHK said more than 200 flights were cancelled in the afternoon. Scientists say climate change is intensifying the risk of heavy rain in Japan and elsewhere, because a warmer atmosphere holds more water. Strong rain in 2021 triggered a devastating landslide in the central resort town of Atami that killed 27 people. And in 2018, floods and landslides killed more than 200 people in western Japan during the country's annual rainy season. Earlier this week, Mawar -- then a typhoon -- passed just north of the Pacific island of Guam, uprooting trees and leaving tens of thousands of homes temporarily without power. The post Heavy rain triggers evacuation warnings in Japan appeared first on Daily Tribune......»»
BSP chief cautions public when making digital transactions
CEBU — Bangko Sentral ng Pilipinas Governor Felipe Medalla on Wednesday urged the public to remain vigilant and exercise caution while conducting digital transactions. The central bank chief made the call after around P37 million worth of money from several GCash users experienced unauthorized account deductions and was transferred to two accounts in different domestic banks. “For some reasons, the account holders were convinced to give their OTP despite warnings to never share an OTP,” he told reporters in an interview. Phishing occurs when account holders willingly share the necessary information for a digital transaction, whereas hacking involves unauthorized access to personal data. Medalla mentioned that it is reassuring to learn that the recent case was not a result of hacking, but emphasized that it would be ideal if such incidents did not occur at all. "It's just that there are really people who are skilled at deceiving... So that's what I see happening here, that scammers also exploit your own greed. They give you a high return initially when your investment is still small, but once you've put in a large amount, they run away,” Medalla said. Medalla also provided an update on the investigation into the said GCash incident, saying all affected users have been reimbursed for their losses. “Well, the news is that all the lost funds in GCash have been reimbursed... It turns out that in this particular case, it was really phishing. For some reason, people were convinced to give out their OTP despite all the warnings never to share an OTP,” Medalla said, adding that GCash acted quickly to solve the issue. When asked for clarification about the reimbursement process, Governor Medalla said, "GCash already returned all the stolen money.” “By the way, in this case, if we’re able to trace the owners of the two accounts, there is a possibility that they are the criminals. If they allowed their accounts to be used by other persons they are still liable,” Medalla added. The post BSP chief cautions public when making digital transactions appeared first on Daily Tribune......»»
Five dead, Grand Prix postponed after flooding in northern Italy
Five people died and thousands were evacuated from their homes after heavy rains caused devastation across Italy's northern Emilia Romagna region, while this weekend's Imola Grand Prix was cancelled, officials said Wednesday. "The city is on its knees, devastated and in pain," said Gian Luca Zattini, the mayor of Forli, a city near Bologna where three people died. "It's the end of the world." Two of the bodies in Forli were recovered by divers on Wednesday morning, as part of a huge rescue effort involving emergency services and the armed forces. "Overall in Forli there were three victims, one in Cesena and one in Cesenatico,", which could be a German man previously reported missing, a local authority official told AFP. Emilia Romagna, which is one of Italy's richest regions, had already been hit by heavy rain just a fortnight ago, causing floods that left two dead. This time, around 50 centimeters (20 inches) of rain fell within 36 hours in Forli, Cesena and Ravenna -- around half the normal annual rainfall, a situation "with few precedents", Civil Protection Minister Nello Musumeci said. "It is still a very critical situation," he told reporters, adding that while the rain was still falling, it was expected to lighten during the day. The flooding caused the cancellation of the Formula One Emilia Romagna Grand Prix, which had been due to take place in Imola on Sunday. Organizers said they could not guarantee the safety of fans, teams and staff. "It would not be right to put further pressure on the local authorities and emergency services at this difficult time," they said. 'We're scared' Rescue workers had worked through the night to save children, the elderly and the disabled from the rising waters. "We're scared, this time we're scared," said Simona Matassoni, the owner of the Hotel Savio in Cesena, which has so far escaped flooding. "I was born here, I've seen lots of full rivers, but never anything like this," she told AFP by telephone, adding that it was still raining. "At the moment we're crossing our fingers... but another flood is expected, so who knows (what will happen)." Musumeci said an estimated 4,000 people had been evacuated from their homes, while around 50,000 people were without electricity. All the rivers in the region had broken their banks between Tuesday and Wednesday, and 24 local authorities reported flooding. The civil protection agency urged "maximum caution", as mayors warned people to stay on high ground. In Forli, an AFP photographer saw people in a state of shock late Tuesday, fleeing through floodwaters in the dark in their bare feet. Images showed streets transformed into rivers, and firemen moving people to safety in rubber dinghies. Meloni pledges support Elsewhere, muddy waters rushed at great speed under the arches of the covered walkways in Bologna, while locals in Cesena swam down a road to rescue a three-year-old child. "We absolutely must not lower our guard," Cesena mayor Enzo Lattuca said on Facebook. Residents "must not under any account go into basements or cellars", and should "stay out of ground floors if possible", he said. Italian Prime Minister Giorgia Meloni, on her way to the G7 summit in Japan, tweeted her support for those affected and said the government was "ready to intervene with the necessary aid". Much of northern Italy suffered a drought last winter, on top of a record lack of rain last summer that ruined harvests. However, spring has been wetter and colder than normal across the country. The post Five dead, Grand Prix postponed after flooding in northern Italy appeared first on Daily Tribune......»»
Floods kill over 170 people in east DR Congo
More than 170 people have died after heavy rains and flooding in eastern DR Congo's South Kivu province, officials said Friday, after torrential downpours killed dozens in neighbouring Rwanda. South Kivu governor Theo Ngwabije said dozens of people were unaccounted for in the Kalehe region, west of Lake Kivu and near the Rwandan border, where the floods also washed away hundreds of homes. "We have about 176 people dead," he said while visiting the affected area. "This toll is provisional," he said. "We also have about 100 people missing." Archimede Karhebwa, the assistant administrator of Kalehe, had earlier told AFP that about 100 people had died, according to a provisional toll. A day of national mourning will be observed on Monday with flags lowered to half-mast "in memory of the lost compatriots", the government announced on Friday evening. Several villages in Kalehe were submerged when rivers burst their banks after heavy rains, he said. Karhebwa said the floods carried away hundreds of houses and also "surprised vendors and their clients in the markets". Innocent Mupenda, a civil society figure from the region, said a downpour started on Thursday afternoon, before the "river carried away villagers". His mother and 11 children died in the flood, Mupenda said. Vital Muhini, an elected official from Kalehe, also told a local radio station that the floods had been "devastating human and material damage". He put the number of deaths at around 150. AFP was unable to independently confirm the death toll, with reported figures varying. A member of a rescue team deployed on Friday afternoon, who declined to be named, said "the search is continuing in the rubble". Eastern Congo's deadly flooding follows the death of at least 127 people this week after downpours in neighbouring Rwanda, which lies on the other side of Lake Kivu. Karhebwa, Kalehe's assistant administrator, said that the rivers have burst their banks and caused disastrous flooding on four previous occasions. The area had been studied and people living by the river requested to leave, he explained. Deforestation in the area and climate change have contributed to the flooding problem, according to Karhebwa. "We are sending out an SOS to people of goodwill and for urgent humanitarian aid," he said. Heavy downpours during rainy seasons in central Africa regularly lead to flooding and landslides. But experts say extreme weather events in Africa are happening with increased frequency and intensity due to climate change. Last month, a landslide provoked by torrential downpours killed around 20 people in North Kivu, a province that neighbours South Kivu. The Democratic Republic of Congo, a vast nation the size of continental western Europe, is one of the poorest countries in the world, riddled by corruption and conflict in its east. The post Floods kill over 170 people in east DR Congo appeared first on Daily Tribune......»»
Merger risks coco tillers‘ interest
The proposed merger of state financial institutions Development Bank of the Philippines and the Land Bank of the Philippines may place in peril the welfare of coconut farmers since “it will dilute the mandate of the LandBank to assist coco levy beneficiaries,” Senator Risa Hontiveros said on 18 April. It will make it even more difficult for the beneficiaries to access support from the fund, she added. In Senate Resolution 570, Hontiveros emphasized that the merger “raises concerns on the potential risks and benefits it may bring to the economy, the stability of the financial system, and various stakeholders, including the employees of both institutions.” On 28 March, Finance Secretary Benjamin Diokno announced that the government was contemplating a merger with LandBank as the surviving entity. This would also create the largest banking institution in the country, with a total of more than P4.179 trillion in assets. If the merger pushes through, according to Hontiveros, the welfare and livelihood of thousands of employees of both institutions may be at risk. Labor terms violated Resolution 570 also underscored the concerns raised by The Land Bank of the Philippines Employees Association and the DBP Employees’ Union that the LBP and the DBP will violate terms of their respective Collective Negotiations Agreements by failing to consult the merger with the unions. “As the two banks merge operations, it is possible that certain jobs will be eliminated or reduced in size. It will negatively affect employee morale and job satisfaction. Changes in leadership, organizational structure, and company culture can create anxiety. Employees should not carry the burden of job uncertainty and financial hardship that will result from this merger,” Hontiveros said. Likewise, Hontiveros urged Malacañang not to rush the proposed merger and instead devote more time to analyze it extensively, consult with key stakeholders, and resolve not just the legal issues, but all the operational and personal issues voiced out by the employees and the small coconut farmers. Hontiveros earlier warned that the merger would result in a financial entity “too big to fail” as the 2008 global financial crisis proved that large banks are riskier and tend to introduce more systemic risk into the financial system. “There is a need for the government to proceed cautiously and prudently vis-à-vis the contemplated merger, as well as clarify all legal issues involved, for the purpose of ensuring that this does not prejudice the country’s economy, the stability of the financial system, and the welfare of affected employees and depositors,” the resolution stated. The post Merger risks coco tillers‘ interest appeared first on Daily Tribune......»»
Risky exposure (1)
In a review of banks’ exposure in energy projects, undertaken by the environmental think-tank Center for Energy, Ecology and Development, conglomerate San Miguel Corporation’s energy arm SMC Global Power Corp., which maintains a host of power plants, including those using coal as fuel, received prominent space. In the discussion, the dilemma that banks face was brought to light amid their financial exposure to SMCGP that may be affected by the maneuvers of SMC and its subsidiaries to, ironically, turn around the unfavorable state of the group. It said that apart from issues of supply, local fossil fuel companies are also feeling the impact of volatile fuel prices. SMCGP, the report said, suffered P15 billion in losses in 2022 due to the rising prices of fossil fuel. In May 2022, two of SMCGP’s subsidiaries filed motions for price adjustment before the Energy Regulatory Commission due to the rising fuel costs that they claimed they could no longer bear and wanted to pass on to consumers. The motions, according to the report, have since been denied, and SMC has brought the matter up to the Court of Appeals. Following the ERC denial of the price adjustment petitions, a Bloomberg intelligence report was released finding that SMCGP risks a funding shortfall as high as $1 billion by next June. The same intelligence report also projected that SMCGP’s current coal exposure might make refinancing more difficult and more costly, as investors increasingly shun coal-fired power plants as a result of the international effort to remove polluting fossil fuel as an energy source. Last year also saw SMC withdrawing the ECC applications for the three proposed fossil gas projects in the Visayas, including a liquefied natural gas project in Negros Occidental that had originally targeted a 2022 commissioning date. Despite its already large fossil fuel portfolio, the report said SMCGP issued Series K Bonds due in 2025, Series L. Bonds due in 2028, and Series M. Bonds due in 2032 with a principal amount of P30 billion and an oversubscription option of up to P10 billion in July 2022. Part of the proceeds of these bonds are allocated for SMCGP subsidiary-owned fossil fuel projects, including the Mariveles Power Generation Corporation’s four 150 megawatt or MW circulating fluidized bed coal-fired power plant in Mariveles, Bataan and Excellent Energy Resources Inc.’s 1.3 gigawatt or GW combined-cycle LNG power plant in Barangays Ilijan and Dela Paz Proper, Batangas. Recently, however, Manila Electric Co. or Meralco announced the termination of its power supply agreements with two subsidiaries of SMCGP, Excellent Energy Resources Inc. and Masinloc Power Partners Co. Ltd. The same power supply agreements would have secured revenue for the two SMCGP power plants to be financed by these bonds. Since the contracts were terminated, these subsidiaries would have to go through the competitive selection process again, where it will be up against fossil fuel and renewable energy or RE generation projects. According to the CEED report, the banks that purchased bonds had essentially exposed themselves and their shareholders, to whom they have a fiduciary responsibility, to fossil fuel projects “at risk of stranding.” “Changing policy, economic, geopolitical, and energy landscapes in the country and around the world demand that banks and financial institutions pay closer attention to and take the necessary action to mitigate these risks and protect their shareholders.” The report indicated that important developments show the tide turning in renewable energy’s or RE’s favor locally. According to the DoE, the Green Energy auction program will hold its second round of bids in June this year. The country will auction off rights to build 3,600 megawatts or MW of new capacity to be installed in 2024, 3,600 MW in 2025, and 4,400 MW in 2026. In all, this will result in an additional 11,600 megawatts of RE on top of the 2,000 MW auctioned off last year, an unprecedented scale of development for renewables in the country. (To be continued) The post Risky exposure (1) appeared first on Daily Tribune......»»
Philippine banks not affected by SVB demise’
The biggest bank failure in the US since the 2008 global financial crisis has no substantial or material impact on the Philippine banking sector, according to the Bangko Sentral ng Pilipinas (BSP) and the Bankers Association of the Philippines......»»