We are sorry, the requested page does not exist
PBCom eyes P2 billion from new bond issue
The Philippine Bank of Communications is looking to raise at least P2 billion, with an option to oversubscribe, from the first tranche of its new peso bond program......»»
Skin-saving tandem
Salicylic acid is a known medicated topical solution that treats and prevents acne and other skin conditions. It penetrates deep inside the skin pores, peels off thick skin, reduces inflammation and exfoliates the skin. Tea tree oil, on the other hand, is one of nature’s most powerfully purifying ingredients noted for reducing skin blemishes and keeping acne at bay. Together, salicylic acid and tea tree oil create an extremely potent combination that fights off acne and targets post-acne dark spots and stubborn blemishes. The Body Shop has recently reformulated its bestselling Tea Tree line of skin care by adding the efficacy of salicylic acid. “We updated our number one skin care range of Tea Tree to help manage people with unpredictable skin care days,” says Emily Sia-Koa, The Body Shop assistant vice president for marketing. “This formula with added salicylic acid is more powerful than ever. The result is skin that feels purified, light and a visible reduction in blemishes.” Dr. Mara Evangelista-Huber, internationally certified dermapathologist, says tea tree oil works well with inflamed pimples. Adult female acne is usually big, returns on the same spot and tends to leave deep marks. [gallery columns="2" size="large" ids="190029,190030"] “Salicylic acid or beta-hydroxy acid (BHA) is a chemical exfoliant,” explains Evangelista-Huber. “All of our cells are connected to each other and a chemical exfoliant breaks that bond to easily shed off the skin. So, all hydroxy acids exfoliate the skin. Salicylic acid is not only an exfoliant but it also controls excessive oil and inflammation. It is the same as tea tree in the sense that they are anti-inflammatory. They complement each other. They exfoliate dark pigmentation of the skin.” She also adds that salicylic acid is one of the safest chemical exfoliants there is because it doesn’t go too deep into the skin, but it’s the only thing that can go inside the hair follicle that unclogs bacteria-causing acne. “The four main causes of acne include clogged pores, excessive oil production, inflammation and bacteria,” says Evangelista-Huber. “Tea tree is anti-bacterial and anti-inflammation. Salicylic acid also does those two things but, in addition, it unclogs the pores and controls the oil. So, they really work together. They target all four causes. Since salicylic acid is an exfoliant, it also lightens the dark spots.” Reformulated skin care line The Body Shop reformulated line of Tea Tree with salicylic acid includes Skin Clearing Facial Wash (cleans and controls excess oil), Skin Clearing Toner (removes lingering makeup and impurities), Daily Solution (leaves skin feeling purified and looking healthy), Skin Clearing Hydrator (hydrates skin) and Rapid Action Gel (visibly reduces blemishes). Sia-Koa says The Body Shop sources the naturally powerful tea tree plant from the foothills of Mount Kenya, where it is carefully hand-harvested by expert farmers and steam-distilled within 12 hours of harvesting to deliver the highest-quality oil. “Every individual has different skin care needs and concern,” Sia-Koa says. “So, the skin care each and every individual use depends on what your skin is telling you. From the brands perspective, we always advise our customers to do the basic -- cleanser, tone, treat and moisturize, and not to forget to apply sunscreen wherever you go. Listen to your skin and let it breathe once in a while. Take off your makeup before you sleep. Double cleanse, if needed, to ensure you take out the makeup and dirt in your face effectively.” The post Skin-saving tandem appeared first on Daily Tribune......»»
DITO passed 4th technical audit
DITO Telecommunity, a China-backed company that broke the industry duopoly of Globe and PLDT, has passed its fourth government-mandated technical audit that measures its compliance with network coverage and internet speed commitments. In a letter sent to DITO Telecommunity chief administrative officer Adel Tamano, the National Telecommunications Commission or NTC confirmed that it passed its fourth yearly technical audit. The independent audit is part of the conditions outlined in the Certificate of Public Convenience and Necessity or CPCN given to the company. The Independent Auditor’s Report of Factual Findings from the Conduct of Specified Procedures — Year 4 Committed Levels of Service dated 29 August submitted by R.G. Manabat & Co. to the NTC stated that DITO surpassed its target. As part of the issuance of its CPCN in July 2019, DITO Telecommunity needs to record 70.01 percent network reach with a minimum speed of 55 Mbps in the third year of its commitment period. Notably, the audit showed that DITO now covers 80.65 percent of national population coverage. Affordable Internet fulfilled Its minimum average broadband speed or MABS, meanwhile, clocked in at 74.97 Mbps for 4G and 639.32 Mbps for 5G for all sites with a combined MABS of 357.14 Mbps. “Despite all the challenges that we have faced, we continue to achieve our commitments to government and the Filipino people, to provide affordable world-class service and to serve the underserved. This is in support of the Marcos administration’s drive towards digitalization and Nation-building,” Tamano said. If DITO fails to fulfill its commitments on time, the government forfeits, in its favor, the P25.7 billion performance bond that DITO paid before construction activities. DITO has promised to cover 84 percent of the Philippines and offer a minimum average speed of at least 55 Mbps by the end of its commitment. DITO recently conveyed that unresolved interconnection issues with its rivals have been affecting its subscriber base expansion as well as its development of new products for users. The PCC affirmed DITO’s complaints last year over the alleged anti-competitive behavior of its rivals regarding their interconnection deals. PCC said it found “reasonable grounds to open a preliminary inquiry into the complaints filed by Dito Telecommunity against Globe Telecom and Smart Communications.” Under Executive Order 59 issued by late President Fidel V. Ramos in 1993, interconnection is a mandated and important component of the telco industry as it allows interoperability and exchange of calls, SMS, and other information from one network to another. The post DITO passed 4th technical audit appeared first on Daily Tribune......»»
Economy humming under PBBM — AMRO
Despite the challenges of spiraling prices resulting to a 5.3 percent inflation in August from the 4.7 percent recorded in the previous month, economic experts maintained that the economy is on strong footing under the charge of President Ferdinand “Bongbong” Marcos Jr. Growth was supported by resilient domestic demand with a strong recovery in the labor market despite weaker external demand, according to the ASEAN+3 Macroeconomic Research Office, or AMRO. AMRO held its Annual Consultation Visit to the Philippines from 29 August to 8 September. According to the report, the economy maintained its robust momentum in the first half following a multi-decade high growth rate of 7.6 percent in 2022. It added that notwithstanding a widening current account deficit, the external position remains sound with sufficient international reserve buffer and low external debt. Despite some moderation in 2023, inflation remained high, at a level above the 2 percent to 4 percent target, driven by buoyant demand, the report indicated. Favorable outlook “Economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” AMRO group head and principal economist Runchana Pongsaparn said. “Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending.” Headline inflation is projected to moderate to 5.5 percent in 2023 from 5.8 percent in 2022, and slow further to 3.8 percent in 2024. Despite some moderation, inflationary pressure will likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wages and expectations of persistently high inflation. Favorable indicators Other positive factors cited in the report include: On the external front, a widening current account deficit was partly offset by net capital inflows; External debt remained low and international reserve buffer was adequate; The banking sector has improved profitability, ample liquidity, and sufficient capital buffer; and Fiscal position continues to improve in 2023, attributed to robust revenue collection and moderate spending. Scar effects linger AMRO, however, warned that the outlook is clouded by risk factors and challenges. In the short term, the economy could be adversely affected by high inflation, especially due to local supply shocks in the food sector, the report added. An economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also pose risks. The long-term growth potential is largely affected by the scarring effects of the pandemic, the pace of infrastructure development, geopolitical risks, and the economic losses from natural disasters, which are being exacerbated by climate change. The Bangko Sentral ng Pilipinas, or BSP, tightened monetary policy aggressively to address rising inflation. Policy interest rate was raised by a cumulative 425 basis points, or bps, between May 2022 and March 2023. The 2024 budget aims to continue to reduce the budget shortfall, guided by the medium-term fiscal framework. Complementary tacks Tightened monetary policy and contractionary fiscal stance is an appropriate policy mix amid a positive output gap and persistent inflationary pressure. The “all-of-government approach” against inflation is welcomed as it addresses the supply side problems. Macroprudential tools can be used actively to address potential financial stability issues. The report added in the medium to long term, budget policy should balance between restoring fiscal buffer and supporting sustainable growth and development. Based on the report, fiscal consolidation is supported by strong commitment and well-defined targets and measures, anchored by fiscal rules and discipline. On the financial system side, close coordination between regulators is crucial in identifying, monitoring and mitigating financial stability risks. Meanwhile, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, and continue to expand financial inclusion, to enhance the system’s resilience to shocks and promote market activities. To do list The report said a comprehensive strategy is warranted to bolster the medium- to long-term economic growth potential. Overcoming the scarring effects of the pandemic mandates a sustained focus on upgrading and upskilling the workforce to embrace a more technology-driven economy, it added. Implementation of policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development, the report added. Furthermore, the government can enhance the country’s competitiveness through infrastructure investment, digitalization, and developing a green economy. The post Economy humming under PBBM — AMRO appeared first on Daily Tribune......»»
Senate approves bill on school-based mental health program
The Senate on Monday approved on the third and final reading a bill institutionalizing the promotion of mental health and well-being in basic education. The Senate Bill 2200 or the Basic Education Mental Health and Well-Being Promotion Act, was approved with 22 affirmatives, zero negative votes, and zero abstentions during the chamber’s plenary session. Senator Sherwin Gatchalian, chairperson of the chamber’s committee on basic education, said the school-based mental health program will cover out-of-school children in special cases that include learners with disabilities or conditions, indigenous peoples, children in conflict with the law, learners in emergency situations, and other marginalized sectors. SB 220 mandates the Department of Education to establish and maintain care centers in every public basic education institution. “Care Centers will be mandated to equip learners with skills and information for prevention, identification, and proper response and referral for their own and others’ mental health needs,” said Gatchalian, who also sponsored and authored the bill. Gatchalian said the bill also provides for the creation of the new plantilla positions of Mental Health Associates I to V, and Mental Health Specialists I to V “to address the need for sufficient personnel” running the School-Based Mental Health Program. The bill also seeks the conversion of existing plantilla positions of Guidance Counselors and Psychologists in the DepEd to Mental Health Specialists, he added. There were only 1,192 filled positions for both guidance counselors and coordinators within the DepEd as of July 2022. For School Year 2023-2024, the DepEd said that more than 26 million learners are enrolled, with 404 learners from public schools having died due to suicide for School Year 2021-2022. In a manifestation, Senator Risa Hontiveros said the newly approved bill would further strengthen Republic Act 11036 or the Mental Health Act. Hontiveros said accelerating the mainstreaming of a school-based mental health program would contribute not only to ensuring the physical but also the psychological safety of the learning environment. “I do hope that our education authorities will be up to the challenge of institutionalizing and sustaining mental health programs in our schools,” she said. The post Senate approves bill on school-based mental health program appeared first on Daily Tribune......»»
Trump arrested in Georgia racketeering case
Former US president Donald Trump was arrested at a Georgia jail on Thursday on racketeering and conspiracy charges for trying to overturn the 2020 election results in the southern state. During a brief session lasting less than 30 minutes, the 77-year-old Trump was booked on 13 charges at Atlanta's Fulton County Jail, according to records published by the sheriff's office. Trump's height was listed by the jail as six foot three inches (1.9 meters), his weight as 215 pounds (97 kilograms) and his hair color as "Blond or Strawberry." Other defendants in the racketeering case who have surrendered to the Georgia authorities in recent days have had a mugshot taken. The billionaire has been criminally indicted four times since April, setting the stage for a year of unprecedented drama as he tries to juggle multiple court appearances and another White House campaign. In posts on his Truth Social platform shortly before leaving his New Jersey golf club for the flight to Atlanta, Trump said he was being arrested for "having the audacity to challenge a RIGGED & STOLLEN (sic) ELECTION." "This is yet another SAD DAY IN AMERICA!" he added. Trump was able to dodge having a mugshot taken during his previous arrests this year: in New York on charges of paying hush money to a porn star, in Florida for mishandling top secret government documents, and in Washington on charges of conspiring to upend his 2020 election loss to Democrat Joe Biden. But Fulton County Sheriff Pat Labat said standard procedure in Georgia is to take a defendant's photograph before they are released on bond -- set at $200,000 in Trump's case. The arrest comes one day after Trump spurned a televised debate in Milwaukee, Wisconsin, featuring eight of his rivals for the 2024 Republican presidential nomination -- all of whom lag well behind him in the polls. He still stole the spotlight, though, with all but two of the candidates saying they would support him as the party's nominee even if he were a convicted felon. During a pre-recorded interview with former Fox News talk show host Tucker Carlson -- which aired on social media at the same time as the debate -- Trump dismissed the criminal cases filed against him as "nonsense." Trump said the Justice Department had been "weaponized" under Biden to hamstring his White House bid. Court dates in election race A tight security perimeter was set up for Trump's booking at the Fulton County Jail, which is under investigation for a slew of inmate deaths and deplorable conditions. Fani Willis, the Fulton County district attorney who filed the sweeping racketeering case, had set a deadline of noon (1600 GMT) on Friday for Trump and the other 18 defendants to surrender. Trump and 11 others have turned themselves in so far. Former White House chief of staff Mark Meadows surrendered on Thursday and was released on $100,000 bond. Former New York mayor Rudy Giuliani, who served as Trump's personal lawyer when he was in the White House and vigorously pushed the false claims that Trump had won the 2020 election, was booked and released on Wednesday. John Eastman, a conservative lawyer who is accused of drawing up a scheme to submit a false slate of Trump electors to Congress from Georgia instead of the legitimate Biden ones, has also been booked and released. A few dozen supporters of the former Republican president gathered outside the jail, including Sharon Anderson who spent the night in her car. "I think this is a political persecution and now that's turned into a political prosecution," Anderson told AFP. Trump is the first US president in history to face criminal charges. His various trials, if they take place next year, may coincide with the Republican presidential primary season, which begins in January, and the campaign for the November 2024 White House election. Special counsel Jack Smith has proposed a January 2024 start date for Trump's trial on charges of conspiring to overturn the last election with a lie-fueled campaign that culminated in the January 6, 2021 attack on the US Capitol by his supporters. Trump's attorneys have countered with a suggested start date well after the election -- April 2026. Willis, the Georgia district attorney, initially proposed that the racketeering case begin in March next year, the same month Trump is scheduled to go on trial in New York on charges of paying hush money to porn star Stormy Daniels. On Thursday, after one of the defendants asked for a speedy trial, she proposed that it begin for all 19 in October of this year, a move met with an immediate objection from Trump's lawyers. The Florida case, in which Trump is accused of taking secret government documents as he left the White House and refusing to return them, is scheduled to begin in May. The post Trump arrested in Georgia racketeering case appeared first on Daily Tribune......»»
Phl mulls Islamic bond issue
The Marcos administration unveiled plans to issue its first Islamic bond or sukuk, in the third quarter of this year to raise additional funds for its economic recovery initiatives, Finance Secretary Benjamin Diokno said. On the sidelines of the Philippine Economic Briefing in Toronto, Canada, on Thursday morning (Eastern Time), Diokno told reporters that the country eyes raising $1 billion through sukuk. National Treasurer Rosalia de Leon, for her part, said the Philippines wants to “penetrate” the Middle East market for Islamic bond issuance. However, she said that the Philippine banks still need a mandate for the transaction. De Leon added that the transaction, which could include two parts with durations of five years and 10 years, respectively, may occur later this year, depending on market conditions. “We are looking at 10 years, but we are also being advised that the sweet spot would be five years,” De Leon said. “We are working on the structure of the notes,” De Leon added. For context, Fitch Ratings said in a report earlier this week that the volume of sukuk bonds grew by 10 percent during the first 12 months ending 30 June and even exceeded $800 billion. Fitch Ratings added that the Islamic bonds could pick up in the last quarter of the year. Earlier this month, Diokno said that apart from the Islamic bonds, the government eyes selling US dollar denominated bonds to retail investors to raise $2 billion. In his speech before the PEB, Diokno expressed optimism that the country would reach its target gross domestic product growth rate of six to seven percent this year. He explained that the Philippines is among Asia’s “fastest-growing economies,” beating growth expectations in the first quarter. Gross domestic product in the three months through March rose 6.4 percent from a year earlier. Diokno added that the World Bank and International Monetary Fund recently upgraded the growth outlook on the Philippines to six percent for 2023 against the backdrop of slower growth in developed markets globally. He added that the Philippines also maintained investor-grade credit ratings. Fitch Ratings has revised its outlook on the Philippines’ BBB rating from negative to stable due to the country’s growth outlook and some macroeconomic policy framework. However, Diokno said inflation remains a concern for the country’s economic managers as the Philippines’ inflation eased for the fifth consecutive month in June 2023. The latest data showed that the country’s inflation rate hit 5.4 percent, down from 6.1 percent in May. “This slowdown in inflation suggests that the government’s inflation mitigating measures are gaining ground,” Diokno said. “In terms of policy, the Philippine government is continuously harmonizing efforts to ensure a timely analysis of the demand and supply of key commodities,” Diokno added. The post Phl mulls Islamic bond issue appeared first on Daily Tribune......»»
Phl eyeing to raise $1-B in Islamic bonds to fund budget deficit — Diokno
The Philippines plans to issue its first Islamic bond, or sukuk, in the third quarter of this year to fund its budget deficit, Finance Secretary Benjamin Diokno said. On the sidelines of the Philippine Economic Briefing (PEB) in Toronto on Thursday morning (Eastern Time), Diokno told reporters that the country eyes raising $1 billion in Islamic bonds. Treasurer Rosalia de Leon, for her part, said the Philippines wants to "penetrate" the Middle East market. However, she said that the Philippine banks still need to have a mandate for the transaction. De Leon mentioned that the transaction, which could include two parts with durations of 5 years and 10 years, respectively, may occur later this year, depending on market conditions. “We are looking at 10 years, but we are also being advised that the sweet spot would be five years,” de Leon said. "We are working on the structure of the notes," de Leon added. For context, Fitch Ratings said in a report earlier this week that the volume of suksuk bonds grew by 10 percent during the first 12 months ending 30 June and even exceeded $800 billion. Fitch Ratings added that the Islamic bonds could pick up in the last quarter of the year. Apart from the Islamic transaction, Diokno said earlier this month in his weekly talk to reporters that the government eyes selling US Dollar denominated bonds to retail investors raising $2 billion. Meanwhile, Diokno expressed his optimism in his speech during the PEB that the country will reach its target gross domestic product (GDP) growth of six to seven percent this year. He explained that the Philippines is among Asia's "fastest-growing economies," beating growth expectations in the first quarter. Gross domestic product in the three months through March rose 6.4 percent from a year earlier. Diokno added that both the World Bank and International Monetary Fund both upgraded the growth outlook on the Philippines just recently to 6 percent for 2023 against the backdrop of slower growth in developed markets globally. He added that the Philippines also maintained investor-grade credit ratings. For context, Fitch Ratings revised its outlook on the Philippines' BBB rating from negative to stable due to country's growth outlook and some macroeconomic policy framework. However, Diokno said inflation remains a concern for the country's economic managers as the Philippines' inflation eased for the fifth consecutive month in June 2023. The latest data showed that the country's inflation rate hit 5.4 percent, down from 6.1 percent in May. "This slowdown in inflation suggests that the government's inflation mitigating measures are gaining ground," Diokno said. "In terms of policy, the Philippine Government is continuously harmonizing efforts to ensure a timely analysis of the demand and supply of key commodities," Diokno added. The post Phl eyeing to raise $1-B in Islamic bonds to fund budget deficit — Diokno appeared first on Daily Tribune......»»
Drought scuppers salmon fishing season in California
Gazing out at San Francisco harbor from her wooden fishing boat, Sarah Bates looks glum. In happier times, she would head out to sea every morning. But for much of this year, she has remained hopelessly docked, due to a ban on salmon fishing as a result of California's drought. "Salmon is my main fishery and it's 90 per cent of my income," says the 46-year-old. In force since April along the entire coast of the Golden State, and parts of neighboring Oregon, the moratorium will last until the end of the salmon fishing season in September. It was brought in as the number of salmon expected to return to the region's rivers has plummeted close to historic lows. The decades-long drought gripping the American West, aggravated by climate change, has seen the levels of California's rivers drop, and their waters grow warmer. With many dams already constructed on these waterways, these inhospitable conditions mean salmon are struggling to swim upstream to reproduce, and their offspring often die before reaching the ocean. The ban is a significant blow to California, where salmon fishing generates $1.4 billion per year, and supports 23,000 jobs, according to the Golden State Salmon Association. On the San Francisco harbor front, several restaurants have been forced to import salmon from further afield, including Canada, in order to keep the popular fish on their menus. "Salmon is king... that's what people want," says Craig Hanson, a 60-year-old chartered boat operator specializing in sport fishing. "They're also a very spectacular fish to catch... the salmon is going to fight you to the end." 'Marine heat waves' In summers past, Hanson would take his boat out every day. This season, the sailor weighs anchor only four times a week He blames a lack of enthusiasm among customers for fishing halibut or striped bass. Despite the loss of income, Hanson approves of the ban if it helps the future of the industry, and is optimistic that salmon can rebound soon thanks to recent months of heavy rain and snow. Yet many fishermen fear another ban next year. "The Chinook salmon that are fished here in California typically have a three- or four-year life cycle," explains Nate Mantua, a scientist with the National Oceanic and Atmospheric Administration (NOAA). "So when things happen to them in freshwater, as eggs or juveniles, we see it impacting the fishery two or three years later." The decline in salmon numbers has been precipitous for at least a decade. Low river water levels -- which authorities have tried to work around, by trucking baby salmon down to the ocean -- are only part of the problem. Between 2014 and 2016, the Pacific reached temperatures never before seen off the west coast of North America. "Marine heat waves" created "really poor growth and survival conditions for salmon", says Mantua. Deprived of cold ocean currents that bring essential nutrients, the fish fell prey to other hungry species. "It's not just a California problem. It's really the entire Pacific, except for a few exceptions," such as certain Alaskan species, he adds. 'Climate shocks' But in California, "our fish were already predisposed to being vulnerable to any kind of climate shocks," says Mantua. This is because the state -- with a giant 40-million population, and a sprawling agricultural sector essential for feeding the United States -- has relentlessly developed its rivers, in order to support its cities and farms. Due to countless dams and canals, salmon have lost 80 percent of the habitats in which they can spawn. Water management, and the priority afforded to farmers in central California, is now a major source of grievance for fishermen. In San Francisco, many are calling for water to be re-diverted into rivers, rather than supplying producers of water-intensive crops like almonds, pistachios and walnuts -- which are often grown for export. "When it comes down to it, water is more important for the fish than it is for nuts," says Ben Zeiger, a 23-year-old deckhand working on a local sport-fishing boat. Salmon fishers are waiting to receive financial compensation from federal authorities for this year's fishing ban. But their priority is efforts to improve salmon habitats. Along northern California's Klamath River, a giant project has just begun to demolish four hydroelectric dams, potentially reopening 400 miles of river for migratory fish. "If we don't fix the water policy, we're going to be here again" in future drought years, says Bates, back on the wharf. "Climate change is happening. And it's happening faster than I think any of us expected." The post Drought scuppers salmon fishing season in California appeared first on Daily Tribune......»»
US approves lab-grown chicken for sale
The United States has granted its first ever approvals to two companies to sell chicken grown directly from animal cells, becoming only the second country to allow lab-grown meat to be offered to consumers. The US Department of Agriculture (USDA) approved food safety systems at facilities of Upside Foods and Good Meat, a spokesperson for the agency told AFP Wednesday, with the companies adding the products would be available soon at select restaurants. Both Upside Foods and Good Meat were cleared on safety grounds by the Food and Drug Administration in November, and the USDA last week reviewed and approved their product labels to ensure they were not misleading. "This approval will fundamentally change how meat makes it to our table," said Uma Valeti, CEO and founder of Upside Foods, in a statement. "It's a giant step forward towards a more sustainable future -- one that preserves choice and life." Josh Tetrick, CEO of Good Meat, the cell-cultured food division of Eat Just, added its "cultivated meat" was now "approved to sell to consumers in the world's largest economy." Producing the meat in large, high-quality volumes is expensive. But, following approval, Upside processed its first order, placed by three-Michelin-star Chef Dominique Crenn's restaurant Bar Crenn in San Francisco. Good Meat, meanwhile, started production of its first batch that will be sold to celebrity chef and philanthropist Jose Andres. Andres will sell the product at a yet-to-be-revealed restaurant in the capital Washington. Several start-ups are aiming to produce the so-called lab-grown meat, which would allow humans to consume animal protein without the associated environmental harms of farming or animal suffering. The products differ from plant-based substitutes such as soy burgers that mimic the texture and flavor of meat but do not contain any animal protein. Eat Just was the first to receive authorization to make artificial meat, in Singapore in 2020. While succeeding in the general lab-meat market has proven complicated, some companies have set their sights on pet food, whose consumers are less picky. Bond Pet Foods, a Colorado start-up, is creating animal protein from a microbial fermentation process to feed dogs. - Eco-friendly? Perhaps not - Lab-grown meat involves first harvesting cells from a living animal or a fertilized egg, to establish a cell bank that can be kept for decades in deep freeze. They are then cultivated in steel tanks where they are fed nutrients similar to what animals would eat. After several weeks, the result product is "harvested" from the tank and molded into shapes, such as chicken filet or satay. While lab-grown meat has been billed as an environmentally friendly alternative, researchers from the University of California, Davis pushed back against this assumption in a study out last month, which hasn't yet been peer reviewed. They found cultivated meat's environmental impact is likely to be "orders of magnitude" higher -- at least in the case of beef, based on production methods. This is because of the energy required and greenhouse gasses emitted across all stages of production. One of the most significant factors is the use of "purified growth media" or the ingredients used to help animal cells multiply, in methods similar to those used by biotechnology firms to make pharmaceuticals. "If companies are having to purify growth media to pharmaceutical levels, it uses more resources, which then increases global warming potential," said lead author Derrick Risner. A widely reported 2022 survey of 2,000 US adults by the nonprofit Farm Forward found two-thirds said they would eat cultivated-meat products. ia/bgs © Agence France-Presse The post US approves lab-grown chicken for sale appeared first on Daily Tribune......»»
SEC approves Ayala Land’s P50-B bond sales program
The Securities and Exchange Commission gave the go-ahead to Ayala Land Inc.’s shelf registration that covered up to P50 billion in bonds......»»
PAGCOR cancels accreditation of offshore gaming services provider
The Philippine Amusement and Gaming Corporation has cancelled the accreditation of offshore gaming customer relations service provider CGC Technologies Inc. The cancellation of CGC’s accreditation came barely a week after PAGCOR issued a stern warning to its offshore gaming licensees and its accredited service providers who are involved in illegal activities. Investigations confirm that CGC, an accredited service provider operating under offshore gaming licensee Oriental Game Limited, was involved in criminal activities, thus warranting the cancellation of its accreditation. It was also found that CGC violated some of the conditions attached to its accreditation. Alongside the cancellation order is the “forfeiture of CGC’s Performance Bond effective immediately.” Likewise, PAGCOR imposed a fine of $350,000 to its offshore gaming licensee Oriental Game Limited “for its failure to ensure the legitimate conduct of CGC’s business.” PAGCOR Chairman and CEO Alejandro Tengco again reminded all offshore gaming licensees and service providers to abide by the Philippine laws to avoid severe consequences. He also noted that those with cancelled accreditations and licenses must immediately cease their operations. “Continued operations despite the cancellation of their accreditation or licenses shall be considered illegal. Immediate action will be taken against those who are engaging in such.” “PAGCOR strongly advocates responsible gaming to curb all forms of social ills being linked to gaming. This is the reason why we continue to forge close partnership with other government agencies. Through proper regulation and cooperation with our law enforcement agencies, we will continue to ensure that revenues from regulated gaming will be used for more worthy causes, especially nation-building,” Tengco added. Prior to the cancellation of its accreditation, CGC was issued a suspension order after being subjected to an inter-agency search operation on 4 May 2023. The company was embroiled in various allegations including credit card fraud, serious illegal detention, and human trafficking activities. During the inter-agency special operation, CGC was found to be operating six buildings inside the Sun Valley Business Hub in Mabalacat, Pampanga, but only two were accredited by PAGCOR. Personnel working in the hub are of mixed nationalities including Indonesians, Vietnamese, Nepalese, Bhutanese and Chinese. The post PAGCOR cancels accreditation of offshore gaming services provider appeared first on Daily Tribune......»»
BDO Insure for pet dogs and cats
Filipinos are known for their love of pet dogs and cats. They regularly spend time and resources to keep them groomed, healthy, and happy. So to help the Pinoy fur parents protect their beloved, BDO Insure, a wholly-owned subsidiary of BDO Unibank, offers affordable and customizable pet dog and cat insurance plans. “We understand that pets are important members of the family, and we want to help pet owners provide them with the best possible care,” said Ma. Theresa L. Tan, General Manager of BDO Insure. “With BDO Insure’s Pet Dog and Cat Insurance, fur parents can register their fur babies online and customize the coverage to match their pets’ and own lifestyle.” For as low as P560, pet owners can insure their pets against accidental injuries, including bone fractures, poisoning, or burns. Clients can choose their desired plan based on their budget. Insurance coverage ranges from P15,000 to P30,000 per accident (up to five incidents) under Plans A to D. In addition to the basic coverage, the Pet Dog and Cat Insurance offers add-on benefits such as pet medical reimbursement for covered illnesses, like arthritis, renal disease, hip dysplasia, pet acute dental conditions, pet accidental death or essential euthanasia, insured pet owner's liability to other persons due to pet's actions, pet international travel emergency medical treatment, and Petnap. Pet dogs and cats aged three months to six years of age are qualified. They must be owned for companionship, not for commercial use (racing, breeding, and law enforcement). To apply, pet owners must provide their pet's immunization/vaccination record book/pet book, vet clinic, vet's name and license number, and photos. “We share a bond with our dogs and cats like no other as they bring us love and joy into our lives. With pet insurance, we can show our love to our beloved pets by giving them the protection they need,” added Tan. BDO Insure is committed to providing affordable and customizable Pet Dog and Cat Insurance options that fit the pet's and pet owner's lifestyle. For more information on BDO Pet Dog and Cat Insurance, visit their website at www.bdo.com.ph/bdoinsure/pet. BDO Insure is a registered trademark of BDO Insurance Brokers, Inc., an insurance broker licensed and supervised by the Insurance Commission of the Philippines. Clients can email at bdo-insure@bdo.com.ph or call at +63 (2) 8838-2364 or 1800-10-8382364 (Domestic Toll-free; available Mondays to Fridays, except holidays from 8 a.m.-6 p.m.). The post BDO Insure for pet dogs and cats appeared first on Daily Tribune......»»
Jekyll and Hyde
The government’s chief lawyer tried to bring to the attention of the Court of Appeals, or CA, the perplexing or even disturbing situation where two of its divisions issued conflicting resolutions on two identical cases. Brought before the CA were the opposition of two San Miguel Corp. arms for its South Premiere Power Corp. or SPPC and San Miguel Energy Corp. or SMEC to the Energy Regulatory Commission’s junking of petitions to suspend power supply agreements with Meralco. Both have straight-pricing PSAs that restrict pass-through of costs to monthly bills that SMC said tied up its generating companies to mounting losses from, in the case of SMEC, higher costs of coal and, in the case of SPPC, the supply restrictions due to the depleted Malampaya natural gas field. Solicitor General Menardo Guevarra, in his partial motion for reconsideration ad cautelam, cited that while the CA’s 16th Division has been circumspect, the CA’s Thirteenth Division has “exhibited apparent prejudgment.” To put things in context, the 16th Division denied SMEC’s petition for a temporary restraining order on ERC but the 13th Division issued both TRO and writ of preliminary injunction or WPI in favor of SPPC. Guevarra’s motion indicated that injunctive relief is issued to preserve the status quo and not to impose new conditions. He quoted the 16th Division that ruled “the status quo, in this case, is maintaining the Contract Price as stated in the Power Supply Agreement.” The court then discussed the rationale for denying SMEC’s prayer for the issuance of TRO and/or WPI. “To emphasize, the writ of injunction, if granted, will not serve its purpose, since it will have the effect, not of maintaining the contract price, but of setting aside the assailed order itself, thereby rendering the main case, the petition for certiorari, moot,” the 16h Division said. The WPI will also give the petitioner unrestricted power to terminate, at its own will, the Power Supply Agreement to the detriment of the public consumers, according to the ruling. Contrary to what SMC has been pointing out that it had no intention of canceling its contract with Meralco and that what it sought is a temporary relief, Guevarra said immediately after SPPC posted the bond required for the TRO that the 13th Division granted, it went on to “unilaterally, in clear violation of the exhaustion and prior recourse remedies in the PSA, cease the supply of electricity to private respondent Meralco. “No less than the parent firm, SMC, announced the immediate cessation of the PSA (between SPPC and MERALCO) on its website on 7 December 2022,” he added. The press statement titled “ERC rejection of ‘least cost’ option forces SMC to cease supplying power to Meralco under Ilijan PSA” sought to place the blame on the regulator for the turn of events. The sudden withdrawal of the Ilijan plant from the supply of electricity forced Meralco to seek alternative sources more expensive — the Wholesale Electricity Spot Market and emergency PSAs. Despite the conflicting decisions, the CA still granted SMC’s petition to consolidate both cases under the 13th Division which acted favorably to the company. The act of moving for consolidation of the two cases came “only after SPPC obtained a favorable ruling from the Honorable Court’s 13th Division is a mere afterthought and a circumvention of the proscription on forum shopping,” Guevarra stressed. He explained that “forum shopping is not only limited to instances where identical reliefs founded on the same facts and/or subject matter are sought from different fora and/or tribunal.” Cited as a precedent was a Supreme Court decision “that forum shopping exists when two purportedly different actions were filed with the Court of Appeals and assigned to two different divisions, thereof.” SMC came out as a clear winner in the CA’s moves despite the regulator’s ruling on the simple and basic premise that parties to a contract should honor its terms. The indefinite WPI implies that the court became vested with the omnipotence to break commitments under a contract that is sacred in the business world lest investor confidence is lost. The post Jekyll and Hyde appeared first on Daily Tribune......»»
SEC approves CPG’s P3 billion bond issue
Antonio-led Century Properties Group has been given permission to sell P3 billion in fixed rate retail bonds......»»
SEC approves San Miguel, Aboitiz s bond programs
The Securities and Exchange Commission said Friday it approved the planned borrowing programs of two listed conglomerates: San Miguel Corp. and Aboitiz Equity Ventures Inc......»»
COVID-19’s impact on banks manageable – BSP report
The banking system remains on “solid footing” in terms of assets, loans, deposits, profitability, capital and liquidity buffers despite the COVID-19 health crisis, a report from the Bangko Sentral ng Pilipinas (BSP) said. “The impact of the pandemic on the overall condition and performance of the banking system, which remains the core of the domestic financial system, has been manageable,” according to the BSP’s second semester report on the Philippine financial system. The total assets of the banking system account for 81.9 percent of the financial system’s total resources. MB file photo. The banks remained resilient during the worst of the lockdown period because of the “timely, time-bound and crucial” regulatory relief measures that BSP granted to them during the most severe quarantine months of March until June. These relief measures “helped address the adverse repercussions of the pandemic.” One of these reprieves was the suspension of the submission of some bank reports while most of the country was on enhanced community quarantine (ECQ) restrictions. Banks have had to adjust operations and deal with the slowdown in economic activities that affected their borrowers’ capacity to pay. Based on a set of financial soundness indicators (FSI) to assess banks’ health and soundness, it noted that the banking system is “stable and resilient despite global uncertainties related to the extent and path of COVID-19 menace.” But, the BSP said that the FSI analysis also implies that “consequent risks from lending should be monitored especially in the event of excessive uncertainties that could place additional pressures on the banking system in the short and medium run.” As of the report timeline, banks surveyed have yet to determine the total impact of the grace periods under the Bayanihan law but generally, based on the BSP’s comprehensive baseline survey conducted in April, banks have proactive control measures that will ensure the continued delivery of financial services to the general public and also to protect their personnel, said the BSP. Banks’ business continuity plans, and previous efforts at digitalization, also helped them to respond quickly to conditions brought about by the ECQ. Despite the economy in recession due to the pandemic, the banking system’s total assets reached P18.6 trillion as of end-June, 98.8 percent of the GDP. The end-June tally was 7.9 percent higher year-on-year but was slower than the 9.8 percent growth recorded in June 2019 and the 8.4 percent growth as of end-December 2019. Assets continue to grow because of the expansion of funds that went to lending activities while funding came from deposits, bond issuances and capital infusion. In the meantime, the report said banks’ profitability or net income fell by 22.5 percent to P86.5 billion as of end-June 2020 because of higher provisioning requirements. This was a reversal of the 27.7 percent growth in earnings same time in 2019. “Provisions on credit losses for loans and financial assets significantly increased, weighing heavily on bank profitability. Other income sources are expected to slow down due to lower volume of transactions, waiver of inter-branch and interbank fees as well as the temporary grace period moratorium on the imposition of bank fees, penalties and charges under the Bayanihan Act,” said the BSP. Based on the BSP survey, banks have measures to cushion the adverse impact of the pandemic on profitability such as banks’ plans to impose cost-cutting measures that includes deferred capital spending and freeze hiring of non-critical positions. The BSP said banks have also intensified loan collection activities and its loan monitoring. They have also become more prudent in loan releases, reduced the cost of funds and at the same time boosted marketing campaigns for new loans and deposits. “Across banking groups, (the big banks) also intend to reduce their exposures to vulnerable sectors and to increase ancillary or fee-based business while thrift banks and rural/cooperative banks plan to fast track digitization initiatives to reduce operating expenses,” said the BSP......»»
SEC approves local Del Monte’s P7.5-B bond offer
The Securities and Exchange Commission (SEC) has approved the public offering by Del Monte Philippines Inc. (DMPI) of fixed-rate bonds worth up to P7.5 billion. The Commission En Banc resolved to render effective the company’s registration statement for up to P5 billion worth of bonds, with an oversubscription option of up to P2.5 billion, subject to the company’s compliance with certain remaining requirements. DMPI will issue the bonds at face value, consisting of series A bonds due 2023 and series B bonds due 2025. They will be listed and traded on the Philippine Dealing & Exchange Corporation. The company expects to net P7.39 billion from the offer, assuming the oversubscription option is fully exercised. Proceeds from the offer will be used to repay the company’s existing debt, which are short-term and unsecured in nature. The fixed-rate bonds were assigned a PRS Aaa rating by the Philippine Rating Service Corporation. BDO Capital & Investment Corporation, China Bank Capital Corporation, First Metro Investment Corporation, and RCBC Capital Corporation were tapped as joint issue managers, joint lead underwriters, and joint bookrunners for the offer......»»
ADB: Sentiment lifts East Asian bonds
The improving global investment sentiment and financial conditions provided a much-needed lift for local currency bond markets in emerging East Asia, despite risks from the coronavirus disease (COVID-19) pandemic, the latest issue of the Asian Development Bank’s (ADB) Asia Bond Monitor says. “Governments in the region have been agile in dealing with the impact of […] The post ADB: Sentiment lifts East Asian bonds appeared first on Daily Tribune......»»
EU approves huge bailout of German airline Lufthansa
The EU's top competition authority approved the massive bailout of Lufthansa by the German government on Thursday, saving one of the world's biggest airlines from bankruptcy, but under conditions......»»