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Peso underperformance likely to continue – MUFG
The Philippine peso may continue to underperform against the dollar this quarter amid the country’s wide current account deficit and expensive foreign exchange valuations, Tokyo-based MUFG Bank said......»»
‘Palestinian children should be killed’
No, that heartless advice did not come from a mentally deranged man or an ordinary man on the street. It came from a top Filipino diplomat who has worn many hats in government. He is in fact a lawyer, journalist, former Secretary of Foreign Affairs, Ambassador to the United Nations, Press Secretary, Congressman, and presently Philippine Ambassador to the Court of St. James’s (United Kingdom) and concurrently Special Envoy to China for special concerns. In my book, those bona fides could easily qualify him as a revered Filipino statesman — but for his indiscretion, uncouth words, and disrespect for the feelings of others. I refer, dear readers, to Teodoro Lopez Locsin Jr. I have to emphasize the descriptive word “Jr.” because, from accounts I have read, he is far different from his namesake, Teodoro Locsin Sr., who fought the Japanese and the dictatorial regime of Ferdinand Marcos Sr., a fearless publisher of the news magazine Philippines Free Press for which he was imprisoned during the Marcos martial law regime. Did the “apple fall far from the tree?” In his Twitter account, Locsin Jr. said: “That’s why Palestinian children should be killed: they might grow up to become as gullible as innocent Palestinians letting Hamas launch rockets at Israel ...They are Muslims...” In the diplomatic community, we call that a faux pas. Perhaps realizing the callousness of his gaffe, he immediately deleted the tweet with the following lame expression of mea culpa: “I immediately deleted my sarcastic response to a tweet as I realized it could be misconstrued ...My apologies to those who did misconstrue my sentiments and did, in fact, get triggered...” That statement did not wash away the disastrous effect of his slip. If one reads between the lines, they were subtle words to camouflage the booboo, not a real entreaty for clemency. His admission of his mistake, though, may work to mitigate the imprudence. Remarkably, the Department of Foreign Affairs, anticipating its far-reaching negative effect, disassociated itself from the statement, saying it was made in Locsin’s “personal capacity.” I wanted to distance this column from the ensuing uproar. But being the de facto medium for Filipino Muslims’ concerns and sentiments on political and social issues, it cannot default from its moral responsibility. I was afraid that repeating the obnoxious remark might gain traction — and psychologists warn about the “repetition-induced truth effect.” I did not want to dignify it. After all, he had shown remorse and apologized for the impropriety of his words, and, as a sage says, “There is no need to beat a dead horse.” But the storm of controversy has spread like wildfire in Morolandia that I have to add my voice of indignation. Silence amid the din of protest is a sin. I have not seen in a long time such a display of revulsion and rage from the Moros, reminiscent of the time foreign invaders came to their shores and, for 300 years, the Moros dug in, resisted, and repelled the hegemonistic colonization campaign. Muslim netizens promptly denounced the statement as xenophobic, insensitive, and unbecoming of a diplomat. Their protest and outcry reverberated from the halls of the Houses of Congress, the Regional Parliament of the Bangsamoro Autonomous Region in Muslim Mindanao to the cramped temporary shanties of the Marawi war evacuees and the shores of the Sulu seas. For a single moment in their lives, the tribes of Morolandia set aside their tribal identities. They spoke in one thunderous voice, calling for a sanction for what they perceived was the misconduct of a diplomat who, to preserve his honor, must perform a Japanese seppuku or self-sacrifice by resigning from his post. Articulating the collective position of the Deputies of the BARMM interim Regional Parliament, Speaker Pangalian Balindong issued a public statement rich in a poignant message condemning the “insensitive and irresponsible social media post ...for its Islamophobic, racist, and anti-Semitic undertones.” (To be continued) amb_mac_lanto@yahoo.com The post ‘Palestinian children should be killed’ appeared first on Daily Tribune......»»
Bankman-Fried to testify at his US crypto trial
Sam Bankman-Fried, founder of the collapsed cryptocurrency exchange FTX, plans to make another high-stakes gamble and testify in his defense on Thursday at his criminal fraud trial. Bankman-Fried's decision to take the stand comes after three weeks of devastating testimony for the 31-year-old known as SBF, who has been accused of stealing billions of dollars from clients. His lawyer, Mark Cohen, told Judge Lewis Kaplan he expected Bankman-Fried's testimony to last for four or five hours. He is expected to begin around 2:00 p.m. (1800 GMT). Prosecutors were wrapping up their case on Thursday and handing it over to the defense, which said it plans to call four witnesses, including Bankman-Fried. Bankman-Fried, once one of the most respected figures in crypto, has been charged with seven counts of fraud, embezzlement, and criminal conspiracy. If convicted, he could face a de facto life sentence of more than 100 years in prison. The Massachusetts Institute of Technology graduate had, in just a few years, turned his FTX platform into the world's second-biggest crypto exchange -- making him a tech-world billionaire wunderkind. But his empire began to crumble last November when a news report pointed to unhealthy ties between FTX and Alameda Research, Bankman-Fried's personally owned trading company. Amid growing revelations, major investors pulled their money out of FTX, sinking it swiftly into bankruptcy. Some $8.7 billion was still unaccounted for after the dust settled, according to the receiver appointed to manage the liquidation. Bankman-Fried has denied taking other people's money, blaming former colleagues for the situation. But key witnesses in recent weeks, all former FTX or Alameda employees, refuted his account. Supported by internal documents compiled by the prosecution, they said he was behind the breaches and did not lose sight of the financial situation of FTX and Alameda. Ex-girlfriend offers evidence Among those taking the stand was Caroline Ellison, Bankman-Fried's former business partner and girlfriend. She offered conclusive evidence against him and delivered details on his management, saying he was involved in all major decisions. Ellison, a Stanford University mathematics graduate, was appointed by Bankman-Fried in 2021 to head Alameda, whose activities were largely financed by money from customers of FTX without their knowledge. She has pleaded guilty to fraud charges and agreed to cooperate with the prosecution, as have two other close associates of Bankman-Fried. Bankman-Fried's decision to testify in his defense is unusual in a country where criminal defendants generally decline to do so because they have to face cross-examination and run the risk of incriminating themselves. Hollywood producer Harvey Weinstein, comedian Bill Cosby, singer R. Kelly, and drug trafficker Joaquin "El Chapo" Guzman were among high-profile defendants who declined to testify at their recent trials. A Cornell University study of hundreds of trials published in 2009 found that 77 percent of defendants who chose to testify were convicted while 72 percent of those who declined to take the stand were found guilty. The post Bankman-Fried to testify at his US crypto trial appeared first on Daily Tribune......»»
Beware of terror’s seduction
Major league media spanning the world have fallen prey to the sweet seduction of the ratings game to forget about disseminating the truth, which is what journalism is all about. Terrorist forces have proven themselves adept in the art of deception that it lured the eminent The New York Times, or NYT, with its lies. Among the most prominent American newspapers, NYT, to its credit, issued an unprecedented “editorial note” admitting that a story it ran on the bombing of a Gaza hospital “left readers with an ‘incorrect impression,’” saying that its staff should have been more careful in the initial presentation of information and in explaining what could be verified. NYT had prominently and repeatedly featured Hamas’s claim that an Israeli airstrike caused last week’s blast at Gaza City’s al-Ahli Baptist Hospital. The note it issued on Monday acknowledged that its coverage should have been more journalistically rigorous. The Hamas-run health ministry in Gaza immediately blamed the 17 October explosion on an Israeli airstrike amid the war that erupted when the Palestinian terror group killed over 1,400 people in Israel in its assault on 7 October. Hamas provided no evidence to back up its false claim or for its claim that hundreds had been killed, but international media, including the NYT, swallowed the claims hook, line, and sinker. Shortly after, Israel produced evidence showing the explosion was caused by a failed rocket launch from Gaza by the Palestinian Islamic Jihad terror group, an assessment endorsed by the United States, which has said it has data that supports this. NYT admitted that its initial reports “relied too heavily on claims by Hamas and did not make clear that those claims could not immediately be verified. The report left readers with an incorrect impression about what was known and how credible the account was.” In Britain, the BBC and other media outlets were also criticized by government lawmakers for rushing to report the Hamas version of events. Prime Minister Rishi Sunak told the House of Commons last week, “We don’t treat what comes out of the Kremlin as the gospel truth; we should not do the same with Hamas.” In the war coverage, it must be clear there is no moral equivalence between Israel, a legitimate democracy, and Hamas, a terrorist organization that employs lies as a weapon. Media reports often frame both sides as being equivalent and engaged in a tit-for-tat. Hamas is the de facto ruler of the Gaza Strip, but major democracies consider it a terror organization. Israel, as a free and democratic sovereign state, does everything to minimize civilian casualties, while Hamas is an Iran-backed terrorist group that openly seeks the destruction of Israel and actively hunts Israeli civilians to murder or abduct. It deliberately fires projectiles into civilian areas to kill as many Israelis as possible. Israel’s military specifically targets Hamas infrastructure, such as rocket launchers and production facilities, terrorist headquarters, terror tunnels, weapons warehouses, and senior terror leaders. Israel employs a tactic known as “roof knocking,” which warns civilians to evacuate a building through text messages and phone calls before targeting it for destruction. In contrast, the American Jewish Committee said Hamas deliberately puts Palestinian civilians in harm’s way. Hamas fires rockets and stores weapons in civilian areas, including around homes, schools, offices, mosques and hospitals. Hamas staged a large-scale incursion into southern Israel on 7 October during the Jewish holiday of Simchat Torah, where over 600 Israelis were murdered. Often, the conflict with Hamas and other terrorist groups, such as the Palestinian Islamic Jihad, is framed as a dispute between Israelis and Palestinians. Any coverage of Hamas and the Palestinian Islamic Jihad must mention that both terror groups are armed, trained, and financially supported by Iran. While its origins are with the Muslim Brotherhood, Hamas has been funded, armed, and trained by the Iranian Revolutionary Guard Corps since the early 1990s. Equating Israel with Hamas would provide legitimacy to the use of terror tactics, which most nations have vowed never to consider as a subject of negotiation. The post Beware of terror’s seduction appeared first on Daily Tribune......»»
Wind projects need upgrades
Before finally pushing for the full-on development of offshore wind or OSW power, local energy companies need to initiate upskilling for workers to keep up with global standards. Thus, the Department of Energy or DoE, in partnership with the United States Agency for International Development or USAID, said it will launch a series of workshops for workers to improve their skills. The DoE said baseline mapping of local competencies will help craft the correct route to sustain the proficiency required in a growing portfolio of emerging alternative energy sources. “(There is a) thrust to right-skill and upskill Filipino workers to remain competitive and relevant in the global shift to alternative energy development and technological advances,” Energy Secretary Raphael Lotilla said on Wednesday. “Most importantly, we will conduct a competency mapping of skills in offshore wind energy, as well as reaffirm or update our skills for mature and emerging technologies such as hydro, biomass, solar, and floating solar,” Lotilla added. Indigenous best option The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. Despite the vast supply available nationwide, the OSW roadmap revealed the tedious permitting process and grid assets availability as areas that need immediate resolution. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay and Guimaras Strait. The post Wind projects need upgrades appeared first on Daily Tribune......»»
DoE identifies offshore RE sites
The Department of Energy or DoE has identified nine potential renewable energy, or RE, sites to establish offshore wind ports that can serve as offloading terminals for a more seamless and efficient establishment of offshore wind or OSW facilities in the country. Speaking to reporters at the sidelines of an energy forum hosted by the Nordic Chamber of Commerce of the Philippines on Tuesday, Energy Assistant Secretary Mylene Capongcol said these ports will be developed to become staging areas housing the foundation, turbines, blades, and other materials that will be used in building the OSW structures. Capongcol cited Ilocos Norte, Batangas, Bacolod, Mindoro and Cagayan Valley as among the initial locations where the planned ports will be assembled. The Asian Development Bank will assist in evaluating these sites. “These are just initial identification and these nine ports are based on the project developments. They are initially identified to support and advance project constructions in these areas,” she said. To further uncover the country’s OSW potential, the DoE said “suitably sized and strategically located ports are essential for the storage, assembly, construction and operation of OSW farms.” Potential private sector partner Recently, the state-run Philippine National Oil Company disclosed that it is looking for a potential partner from the private sector to convert its 19-hectare Batangas port into an OSW Power Integration Port. It also tapped the University of the Philippines National Engineering Center to “help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month.” The DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. Based on the Philippines OSW Roadmap launched in 2022, the country has about 178 gigawatts or GW of OSW potential. OSW contracts awarded To date, the DoE has awarded a total of 79 OSW Contracts with a total potential capacity of 61.931 GW, spread mainly North of Luzon, West of Metro Manila, North and South of Mindoro, Panay, and Guimaras Strait. These, according to Capongcol, are all under the development stage, which includes preliminary wind data gathering, application for endorsements, and request for System Impact Studies. Despite the vast supply available nationwide, the OSW roadmap showed that the tedious permitting process as well as grid assets availability should be resolved. As such, the DoE vowed to enhance the policies on the OSW development, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The post DoE identifies offshore RE sites appeared first on Daily Tribune......»»
Batangas offshore wind port eyed
As part of its drive to become a strategic power industry player, state-run Philippine National Oil Company or PNOC targets to convert its 19-hectare Batangas port into an Offshore Wind or OSW Power Integration Port. At a recent budget hearing of the Senate sub-finance committee last week, PNOC president Oliver Butalid said the company is currently looking for a potential partner from the private sector to complete the proposed venture. "We are exploring going into a joint venture with a port developer, and we are discussing now with the Public-Private Partnership Center. This is going to be a dedicated integration port for OSW. I think it is responding to the need rather than perceived to be changing direction," Butalid said. He noted that PNOC has also tapped the University of the Philippines National Engineering Center to "help us because the decision not to award the contract for the commercial port expansion and shift to an offshore integration port was only last month." Meanwhile, Senator Sherwin Gatchalia, vice-chairman of the Senate Committee on Energy, said that PNOC should ensure that the project would be feasible to justify using taxpayers' money for the undertaking. "I respect your corporate decision, but then I will be looking at what you have achieved after one year (because I )am accountable to our constituents on the money that is being spent on all these projects," the senator said. PNOC's proposed corporate budget for 2024 stands at P1.96 billion, 86 percent higher than this year's allocation, and 60 percent of which will be earmarked for the port project. Last year, PNOC remitted close to P1.7 billion pesos in dividends and about P1.2 billion in taxes to the government. Since 2010, the company has remitted a total of P21.12 billion to the national coffers. For PNOC, significantly investing in the Batangas facility will bankroll its conversion into becoming a dedicated OSW integration port from being just a general commercial port. The Department of Energy or DoE has been pushing for the development of OSW to ramp up local indigenous supply amid growing demand. As such, it vowed to enhance the policies on the development of offshore wind, taking into account the streamlining and stricter timeframe outlined in the Energy Virtual One-Stop Shop law on the processing and issuance of licenses and permits by the concerned national and local government entities. The Philippines OSW Roadmap launched last year showcases the country's potential OSW resources estimated at 178 GW. As of 22 June, the DOE has awarded 66 OSW Contracts with a total potential capacity of 53.85 gigawatts — enough to supply the country's future electricity demand. The post Batangas offshore wind port eyed appeared first on Daily Tribune......»»
Merchandise exports to remain subdued
Philippine merchandise exports will stay subdued amid weaker economic prospects for major export markets, including the United States, Japan and the People’s Republic of China, according to a report by the Asian Development Bank. The Asian Development Outlook September 2023 also sees the current account deficit narrowing from 2022, supported by the strength in service exports and steady growth in remittances from overseas workers. The ADB report said net exports weighed on the Philippine gross domestic product (GDP) growth in the first half of 2023, as merchandise exports declined by 8 percent in real terms on weak external demand while merchandise imports also fell though to a lesser extent by 2.4 percent. Decline in merchandise exports It attributed the decline in merchandise imports partly to the subdued demand for raw materials and components for export-oriented manufacturing, as well as the slowdown in domestic demand. “Strong services exports (14.8 percent higher in H1 2023), driven by tourism and business process outsourcing partly cushioned the merchandise trade deficit,” it said. The report said services largely fueled the growth in GDP with broad expansion across major subsectors. Transport, accommodations and restaurants sustained double-digit growth on buoyant tourism. Growth in retail trade, accounting for nearly a fourth of total services, remained buoyant at 6.6 percent as well as in finance (6.9 percent) and professional and business services (7.2 percent), it added. Demand slowdown The ADB report said a slowdown in global demand is holding back exports in developing Asia’s economies, particularly for electronics and semiconductors. “Sales of semiconductors continue to decline, but the decline appears to be bottoming out. With the slowdown in global demand, semiconductor sales fell sharply in late 2022 and the trend has largely continued this year,” it said. The report cited the World Semiconductor Trade Statistics expecting a 10.3-percent contraction in global sales for this year, deeper than the 4.1 percent expected earlier this year, with the steeper-than-expected downturn in this market. However, the uptick in the growth of global semiconductor sales averaged over three months suggests the downturn started to bottom out in June, it added. The post Merchandise exports to remain subdued appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business 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......»»
‘All Star’ Smash Mouth frontman Steve Harwell dies at 56
Steve Harwell, the former lead vocalist of the American rock band Smash Mouth, has passed away at age 56. His manager, Robert Hayes, announced in a statement that Harwell died “peacefully and comfortably” at his home in Boise, Idaho, surrounded by his family and friends. He died of acute liver failure on 4 September. A day before his death, it was announced that Harwell was receiving hospice care for final-stage chronic liver failure and only had a few days to live. Harwell’s musical career began when he played in a rap group called F.O.S (Freedom of Speech). Later on, Smash Mouth was formed along with drummer Kevin Coleman, whom he met in 1990, guitarist Greg Camp and bassist Paul De Lisle. Rock music While largely performing rock music during their earlier years, record labels saw the group’s potential after a demo of their song “Nervous in the Alley” was played at a local radio station. After signing with Interscope Records, they released their debut album, Fush Yu Mang, in 1997. A ska, reggae, pup-punk album that includes their first major hit, “Walkin’ on the Sun,” which has a distinctive, psychedelic soul and soul-funk music style. Their sophomore album, Astro Lounge, became a global success and one of their most critically acclaimed albums. It included the band’s biggest single, “All Star,” which was frequently featured in films like Inspector Gadget (1999), Mystery Men (1999), Digimon: The Movie (200), Rat Race (2001) and Shrek (2001). “All Star” also earned its first Grammy nomination for Best Pop Performance by a Duo or Group with Vocals. The Grammy-nominated rock band released five more studio albums in the following years: Smash Mouth (2001), Get the Picture? (2003), The Gift of Rock (2005), Summer Girl (2006) and Magic (2012). Amid his band’s skyrocketing popularity, Harwell’s son, Presley, died in 2001 from acute lymphocytic leukemia. His son was only six months old. Health issues The former rock singer had been battling numerous health issues. In 2013, he was diagnosed with cardiomyopathy, a heart condition that can lead to heart failure; and acute Wernicke encephalopathy, a neurological disease that impairs speech, memory and muscle coordination. The “All Star” singer also struggled with alcoholism throughout his adult life. Harwell announced his retirement from the band in 2021 over ongoing physical and mental health issues. With the band’s iconic ‘90s legacy and Harwell’s unique music influence, the rock singer lived a “100-percent full-throttle life. Burning brightly across the universe before burning out,” said Hayes. Smash Mouth’s official Instagram account paid tribute to Harwell: “Steve Harwell was a true American Original. A larger-than-life character who shot up into the sky like a Roman candle. Steve should be remembered for his unwavering focus and impassioned determination to reach the heights of pop stardom.” The post ‘All Star’ Smash Mouth frontman Steve Harwell dies at 56 appeared first on Daily Tribune......»»
Bank lending declines, consumer loans rise
Bank lending of universal and commercial banks posted slower expansion amid higher money supply in the country, data from Bangko Sentral ng Pilipinas showed on Thursday. Preliminary data showed that domestic liquidity (M3) grew by 5.9 percent year-on-year to about P16.4 trillion in June 2023 from 6.6 percent in May, driven by the sustained expansion in bank lending to non-financial private corporations and households. On a month-on-month seasonally-adjusted basis, M3 increased by about 0.2 percent. Domestic claims rose by 10.1 percent year-on-year in June from 11.4 percent in the previous month. Claims in the private sector grew by 7.9 percent in June from 9.3 percent in May. Net claims on the central government also expanded by 17.2 percent in June from 18.3 percent in May, owing mainly to the borrowings by the National Government. Net foreign assets in peso terms fell by 2.8 percent year-on-year in June following a 2.7-percent expansion in May. The BSP's NFA position declined by 0.6 percent in June after increasing by 4.2 percent in the previous month. Meanwhile, the NFA of banks declined on account of higher bills payable. "Looking ahead, the BSP will continue to ensure that domestic liquidity conditions remain in line with the BSP's price and financial stability objectives," BSP said. Meanwhile, U/KBs' outstanding loans, excluding those placed in the central bank's reverse repurchase facility, grew at a slower rate of 7.8 percent year-on-year in June from 9.4 percent in May due to a continued rise in lending to key sectors. On a month-on-month seasonally-adjusted basis, outstanding universal and commercial bank loans, net of RRPs, increased by 0.6 percent. Outstanding loans to residents, net of RRPs, also increased at a softer pace of 7.9 percent from 9.3 percent in May. Outstanding loans for production activities went up by 6.3 in June, following a 7.9-percent expansion in the previous month due to a continued rise in lending in electricity, gas, steam and airconditioning supply (11.8 percent); wholesale and retail trade, and repair of motor vehicles and motorcycles (9.7 percent); real estate activities (3.8 percent); financial and insurance activities (7.7 percent); and information and communication (11.2 percent). Likewise, outstanding loans to non-residents went up by 4.8 percent in June from 13.2 percent in the previous month. Meanwhile, consumer loans to residents rose at a slightly faster rate of 23.7 percent in June from 22.7 percent in May given the increase in credit card and motor vehicle loans. "The slowdown in credit activity reflects the impact of monetary policy tightening which continues to work its way through the economy," BSP said. "Looking ahead, the BSP remains prepared to ensure that domestic liquidity and lending dynamics are in line with its price and financial stability objectives," BSP added. The post Bank lending declines, consumer loans rise appeared first on Daily Tribune......»»
GCash keeps fee’s subsidy
Financial super application GCash will continue to subsidize the convenience fee for cash-ins to provide a financial cushion to users amid the rising cost of goods. At a recent media briefing of the Globe Group, GCash president and CEO Martha Sazon said that while users are still charged a fee for cash-ins, it is still “much lower” than the P25 that other financial institutions usually charge for cash transfers because of the subsidy. “The P5 convenience fee is only 1/5 of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest in upgrading our infrastructure and reinforcing security services,” Sazon said. “This also ensures that our operations will remain seamless for all customers,” Sazon said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” she added. More cash-in options Later this year, GCash is set to charge a cash-in or convenience fee of P5 for every cash-in via linked BPI and UnionBank accounts. Cash-ins via linked bank accounts are one way to add funds to a GCash account. Over-the-counter cash-in is also available through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others. Meanwhile, GCash has waived fees for QRPH transactions for merchants until the end of the year, giving micro-entrepreneurs extra earnings while using convenient cashless transactions. Other payment platforms charge up to 2 percent for QR-based or card payments. GCash also continues to offer micro-merchants access to a wallet with a limit of up to P500,000 monthly. GCash also waives the 1.5 percent transaction fee for up to P100,000 in gross sales. The post GCash keeps fee’s subsidy appeared first on Daily Tribune......»»
Meralco bumps up RE source shift
The Manila Electric Company or Meralco has secured 1,880 megawatts or MW of renewable energy capacity — surpassing its initial target of 1,500 MW under the Renewable Portfolio Standards or RPS policy. The company reiterated over the weekend that increasing a portion of its supply portfolio from renewable energy is an integral part of its long-term sustainability strategy. “We will continue to elevate and evolve our sustainability initiatives as we implement our long-term sustainability strategy that involves the adoption of next-generation clean technologies and deep decarbonization efforts as we aspire to be coal-free by 2050,” Meralco first vice president and chief sustainability officer Raymond Ravelo said. Through Meralco’s strategic sourcing initiatives, renewable energy is expected to account for 22 percent of the distribution utility’s supply portfolio by 2030, and 18 percent of Meralco’s retail electricity supplier, MPower, by 2025. This will eventually allow the company to reduce its total carbon emissions by 15 percent vis-à-vis its projected baseline 2030 emissions, in line with its energy transition commitment. 35 percent RE by 2030 Under the RPS Policy, electricity suppliers are mandated to source a portion of their requirements from RE given the government’s goal to increase the share of clean energy in the country’s energy mix to 35 percent by 2030 and 50 percent by 2040. Currently, the RPS requirement is set at +2.52 percent per annum. Amid an aggressive sustainability drive, Meralco PowerGen Corp. or MGen, the power generation arm of Manila Electric Co. or Meralco, recently announced that it earmarked P18 billion to accelerate its renewable energy expansion. The investment will bankroll the development of over 2 gigawatts or GW of gross RE capacity from solar and wind power — targeted to be delivered by the end of the decade or by 2030. The allotted budget will also help MGen and its renewable energy unit MGen Renewable Energy or MGreen augment its RE capacity to 1,500 MW as it will fund investments in larger green energy projects, including those with battery energy storage systems. The post Meralco bumps up RE source shift appeared first on Daily Tribune......»»
DA admits rice supply tight
Ever the optimist, President Ferdinand Marcos Jr. assured the public on Tuesday the country has enough rice buffer stocks amid the agricultural damage wrought by typhoon “Egay” in Northern Luzon. In a short video message, Mr. Marcos said he had met with Department of Agriculture officials after “Egay” hit Northern Luzon and caused about P1.94 billion worth of damage to agriculture. He said he discussed the effects of the typhoon on rice production and how to ensure there will be enough rice stocks. “As of now, it appears that the supply is okay,” Marcos said. The President made the assurance after the National Food Authority, or NFA, said its buffer stock of rice was good only for two days and that it has to import 1.3 million metric tons to replenish this. In a Malacañang press briefing, DA Undersecretary Mercedita Sombilla revealed the government has received applications to import, and the sanitary and phytosanitary import certificates were being processed. “I think we really need the help of the private sector in situations like this,” Sombilla said. “Their support is crucial in a situation like this.” The DA said it was also looking at ways to boost the NFA’s buffer stock through contract-growing, among other measures, like asking rice cooperatives and farmers to sell all that they produce to the NFA. The government’s decision to import rice comes amid concerns about the tight rice supply. The Rice Tariffication Law mandates a nine-day buffer stock, but the NFA’s current inventory is seven days short of that. The DA was apparently caught unaware by the NFA pronouncement. “I will have to talk, to discuss (with the NFA) how they are coming up with that two days (of buffer stock). But, of course, their stocks really are very low,” Sombilla said. “I’m not sure if the two-day buffer stock is applicable nationwide,” she added, pointing out that the NFA’s stock “is intended for emergencies.” Also on Tuesday, the DA warned unscrupulous traders not to jack up rice prices on account of the weather disturbances. “This July, we were hit by typhoons. Based on our price monitoring, the prices of rice and vegetables went up, especially our imported rice,” said DA Deputy spokesperson Rex Estoperez. He said they had monitored price increases of P1.50 to P2 per kilo of rice following the recent typhoons. “Some traders are only after profits. We are asking them to keep prices reasonable. In our monitoring, rice prices had increased by P1.50 to P2 per kilo,” he added. Estoperez urged the public to stop buying more rice than they need. “If we panic, that will put more pressure on supply and prices,” he said. Local traders, on the other hand, blamed the rising prices of rice imported from Vietnam, Thailand and India for the increase in local retail prices. “Private traders are scaling down their imports because of rising international prices while holding on to their stocks and waiting for local prices to go up further,” said Raul Montemayor of the Federation of Free Farmers. Likewise, July and August are lean rice harvest months, he said. “If imports do not come in as needed in the coming months, we could have very tight supplies before harvests start in late September and peak in October and November. The typhoons could further delay harvests since farmers will have to replant,” Montemayor explained. He said the NFA can only stabilize the price of rice if it has enough inventory, but it has a low buffer stock because it failed to buy rice from local farmers due to the low prices it offered. The DA had previously said there was enough rice to cover year-round requirements despite the effects of the typhoons. ‘Importing again’ Noting the NFA pronouncement, the President said the government has already looked at rice sources, whether local or foreign, to purchase the Filipinos’ staple grain. “We have already made a schedule on where we will source our production, where we will make local purchases and, if necessary, we will proceed with importing again, Marcos said. “It’s good that in our discussion, we observed that our rice imports are decreasing. However, in emergencies like this, we need to assess whether there is still a need for rice importation,” he said. The DA will send 111,873 bags of rice seeds, 14,426 bags of corn seeds, and 2,582 kilos of different vegetable seeds to areas hit by Egay to increase local production and support. The post DA admits rice supply tight appeared first on Daily Tribune......»»
AMRO predicts PHL GDP will grow 6.5% in 2024
The ASEAN+3 Macroeconomic Research Office (AMRO) on Tuesday maintained its growth and inflation forecasts for the Philippines in 2023 as the country's inflation sharply declined amid reliance on consumer spending to churn growth. In a press conference, AMRO maintained their forecast that the Philippine gross domestic product (GDP) will grow by 6.2 percent in 2023 and 6.5 percent in 2024. AMRO also expects consumer prices in the Philippines to have an average of 5.9 percent in 2023, before falling sharply to 3.8 percent in 2024. AMRO’s chief economist Dr. Hoe Ee Khor explained that the optimism about the Philippine economy stems from the structure of the economy. “Because of the structure of the economy, the other economies are dependent on manufacturing, whereas the Philippines is a service-driven economy,” the AMRO's chief economist said. He added that the Philippine economy is largely driven by consumer spending. For context, the economy grew as mobility restrictions were loosened, which allowed people to spend more money in the third quarter of 2022. Remittances from overseas Filipinos also contributed to consumer spending and household incomes. Data from Bangko Sentral ng Pilipinas showed that remittances accounted for 8.9 percent of the country's GDP in 2021. BSP has raised its benchmark interest rate by 425 basis points since May 2022 in an effort to curb inflation. However, the BSP has acknowledged that the high prices are largely due to supply chain disruptions, both domestically and internationally. Meanwhile, AMRO expects the ASEAN region to grow by 4.5 percent in 2023, slightly slower than their previous projection of 4.9 percent. However, AMRO is still bullish on the region's prospects, and they believe that the economy will turn a corner towards the end of the year. “Downside risks have receded slightly primarily on account of better-than-expected improvement in the global economy,” they added. The post AMRO predicts PHL GDP will grow 6.5% in 2024 appeared first on Daily Tribune......»»
Gadon takes oath of office amid disbarment controversy
President Ferdinand Marcos on Tuesday remained confident that Presidential Adviser on Poverty Alleviation Larry Gadon would contribute to addressing poverty in the country amid disbarment controversy. The Chief Executive said this on social media as Gadon took his oath of office before Marcos in Malacañang on Monday, 10 July, underscoring that the appointment of the said Presidential Adviser is among the steps his administration is taking to address poverty. "Our steps are continuous to end poverty in the country. Part of this is our appointment of Mr. Larry Gadon as Presidential Adviser for Poverty Alleviation," Marcos said on his Twitter account. "We are confident that (Gadon's) experience and skills will help identify the needs of our countrymen," Marcos added. Marcos appointed Gadon as a presidential adviser to help combat poverty and improve the lives of the most vulnerable sectors of society. However, the Supreme Court disbarred Gadon a few days after his appointment over making profane remarks against journalist Raissa Robles. Malacañang said last month that Gadon's work as an adviser will not be affected by his status. In a statement, Executive Secretary Lucas Bersamin said Gadon will stay in his new role to address the urgent matters in Marcos’ anti-poverty program. “The President believes he will do a good job,” Bersamin said. The post Gadon takes oath of office amid disbarment controversy appeared first on Daily Tribune......»»
Senate tackles airlines’ booking glitches, offloading mess
Growing complaints from various passengers against budget carrier, Cebu Pacific’s overbooking, offloading, and booking glitches have reached the Senate inquiry on Wednesday. This came after Senate committee chairperson, Senator Nancy Binay, filed Senate Resolution No. 575 pushing for an investigation on the customers’ complaints against Cebu Pacific due to recent flight cancellations. During the hearing, Binay said her office was able to compile at least 3,000 complaints from the passengers, which have been aired through social media platforms. “We have since seen it fit to invite our other airlines to this hearing because these problems, it seemed, have only grown in number. Our passengers face inconveniences on multiple fronts on account of flight delays, cancelations, offloading, and overbooking,” Binay stressed. Overseas worker, James Bartolome, said he has yet to receive his refund from Cebu Pacific after his flight going to Qatar was canceled. After knowing that his original flight was canceled, Bartolome opted to book another airline as the budget carrier won’t be able to give him an earlier flight. Senator JV Ejercito said the airport and airline operations will provide the “first and last impressions” to the tourists and potential investors entering the country. “We need to systematize this for our tourism and business climate,” he said, sharing that he was not even spared from experiencing flight delays. Binay emphasized the need to identify problems and immediately craft strategies to prevent similar complaints in the future. Senator Christopher “Bong” Go said that Cebu Pacific and other similar airline companies should acknowledge the impacts of flight cancellations and other airline mess. “Incidents like these could discourage tourists so this hearing should serve as a platform to air the grievances of the frustrated and helpless passengers,” Go said, citing that these may affect the country’s tourism industry and the economy. “Remember that we are still reviving from the effects of the COVID-19 pandemic,” he added. Go said the airlines must immediately act and rectify these issues by imposing proper mechanisms for compensating affected passengers—which includes food provisions during flight cancellation and alternative flight schedules. During the hearing, several Cebu Pacific passengers also complained about apparent website errors that resulted in them being charged multiple times for transactions yet it appeared to be unsuccessful. Cebu Pacific chief marketing and customer experience officer, Candice Iyog, explained that there is a part of the flow where if a passenger clicks proceed, it commits the changes even before the passenger pays. “We recognize that and we are taking that feedback as well,” Iyog said. The Cebu Pacific, she added, is already working on “a fix or an enhancement” to the interface of the website, which will likely be ready at the end of this month. “Depending on when it's ready, we're looking at possibly, end of July that we will be able to implement this change in the user experience,” she said. Senator Risa Hontiveros lamented that in several instances when passengers’ original flights were canceled, Cebu Pacific offered flight rebooking and passengers were immediately made to pay before they could confirm their purchase of travel tickets. Citing a passenger’s experience, the airline’s website technical issue made them pay a bill of P16,000-worth of add-ons after availing of Cebu Pacific’s free rebooking option, following the cancellation of flights. Iyog said they recently reminded their customer service agents to allow passengers to get back to their original flight or to remove add-ons that were “accidentally added.” “We don’t want to cancel flights for our passengers. It’s bad business and we don’t want to disrupt our passengers—that’s why we give options,” Iyog noted. Tougher passengers’ rights Meanwhile, Senator Grace Poe slammed the budget carrier for lacking customer service agents directly responding to these complaints. Poe called on for a tougher policy on air passengers' rights to address the cancellations and delays in flights by local airlines besetting travelers. "This pressing public service issue calls for urgent effective solutions as it involves not only the air passengers' rights but also the overall impact on the country's tourism and economy,” she added. While overbooking is a globally accepted practice, Poe said "systematic delays and cancellations are not." Also, Hontiveros pressed that the government agencies should step in to prevent more passengers from being disrupted in their travels due to canceled, rescheduled, and delayed flights in Cebu Pacific and other airline companies. “These kinds of inconveniences disrupt the travel experiences also of tourists, and as the chair said, could negatively affect the tourism sector,” she added. Aside from the reported overbooking, offloading, booking, and flight cancellations, Senator Raffy Tulfo said that adding extra flights daily amid lacking proper airplane maintenance can be called “abuses of the airline companies.” He lamented that it could pose danger and compromise the safety of all airline passengers, “There were safety issues surrounding the uploading, overbooking, and flight cancellations of airlines. If these airlines don’t care about fulfilling their obligations to provide air transport for their passengers, I will not be surprised that they are cutting corners when it comes to safety as well,” Tulfo pressed on. Tulfo said extra flights can also cause fatigue in pilots and flight attendants. For his part, Senator Ronald “Bato” Dela Rosa wants the Civil Aeronautics Board to become proactive in resolving the massive airline mess in the country. Dela Rosa asked CAB if it is amenable to institutionalize the Air Passenger Bill of Rights in order to protect the public from erring airline companies. "What is your position? Do you agree with the proposal to create a law that will institutionalize the Air Passenger Bill of Rights?" asked Dela Rosa. In response, CAB Executive Director Carmelo Arcilla, said they have been very supportive of the proposal. “But it seems it is not among the priorities of Congress,” he said. Dela Rosa said he is mulling to proposed the bill in the Senate “not to discourage the airline industry but to protect the public interest. The post Senate tackles airlines’ booking glitches, offloading mess appeared first on Daily Tribune......»»
Senegal government websites hit by cyberattack
A cyberattack purportedly claimed by the Anonymous hacking group took down dozens of government websites in Senegal, where tensions are simmering nine months before a presidential election, officials said on Saturday. The @MysteriousTeamO account, claiming to belong to the hacker group Anonymous, said on social media that it had targeted websites run by the presidency and those using the domain of the government, including the defense ministry and the health ministry. It also claimed to have affected the site of the national airline Air Senegal. Most of the affected sites were back online by mid-afternoon on Saturday, but access to some remained intermittent. Global internet monitor NetBlocks told AFP that the attack started at around midnight on Friday and had affected "dozens of government websites, networks, and online services". "There do appear to be intermittent restorations in service, however, these have not been sustained and the attack is ongoing," NetBlocks added. The @MysteriousTeamO account said the attack was in "solidarity" with Senegalese citizens and their right to freely choose their president. Government spokesman Abdou Karim Fofana acknowledged the attack, which he described as a distributed denial-of-service attack, designed to overwhelm the target with a flood of internet traffic, preventing the system from functioning normally. The relevant department said its teams were working to return to normal "as soon as possible," he said in a statement. The attack comes amid a tense political climate in the West African country. The opposition has denounced what it says is a growing crackdown by the government of President Macky Sall. Uncertainty over whether he will run for a controversial third term, as well as the rape trial of opposition leader Ousmane Sonko, has fuelled tensions in the relatively stable nation. Sonko has refused to appear in court, claiming the authorities are plotting to keep him out of the presidential race. Having previously withdrawn to the south of the country during the trial, on Friday Sonko began a high-risk return to the capital Dakar, intending to draw out supporters along the way with a so-called "caravan of freedom". Local media reported clashes between Sonko's supporters and security forces on Friday surrounding his arrival at Kolda in the south -- still a long way from Dakar. Sonko's party said on Saturday that a 37-year-old father had died in the clashes, blaming the authorities. AFP was unable to confirm that the man died during the clashes. The post Senegal government websites hit by cyberattack appeared first on Daily Tribune......»»
Jason Hernandez releases new single specifically for Moira dela Torre
Jason Marvin Hernandez once again made headlines after confirming that his newly released single entitled "Ikaw Pa Rin" is really dedicated to his estranged wife Moira Dela Torre. In the music video of his new song, the singer-songwriter included actual clips taken during their wedding ceremony. This concluded the series of photos that Hernandez's previously shared on his social media account prior to releasing the song's video. This confession received mixed reactions from fans but amid this new controversy, Hernandez firmly admitted that he desperately wants Dela Torre back in his life. The post Jason Hernandez releases new single specifically for Moira dela Torre appeared first on Daily Tribune......»»