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BPI to sell its entire 15% GoTyme Bank stake back to the Gokongweis
Zobel Family banking unit BPI disclosed that its board of directors has approved the sale of BPI’s stake in GoTyme Bank to a subsidiary of JG Summit and a company called Giga Investment Holdings Pte. Ltd. at a price of P1.20/share......»»
8990 Holdings expands buyback limit to P7-B of stock
8990 Holdings disclosed that its board of directors voted to “expand” a P2 billion stock buyback program that was originally established back in 2019, which was then suspended during the pandemic to conserve cash......»»
PAL stops elderly Fil-Am with COPD from flying sans oxygen tank
MANILA, Philippines — Flag carrier Philippine Airlines stopped an elderly Filipino-American woman from flying back to the United States due to her medical condition, a US media report said. Jovita Domingo, 86, was not allowed to board a PAL flight despite showing a doctor’s certificatioon saying she was “fit to travel by air” and that.....»»
Diokno’s back, but Bangko Sentral ‘not sure’ if Ralph Recto will sit in its powerful Monetary Board
'There’s an appointed secretary of finance but me personally, I’m not sure if the secretary of finance will sit as a member of the Monetary Board,' says BSP Deputy Governor Eduardo Bobier.....»»
Tropa complete Last 8 cast
TNT caught the last bus to the PBA Commissioner’s Cup quarterfinals with RR Pogoy finally back on board......»»
Microsoft to take non-voting, observer position on OpenAI’s board
Microsoft will take a non-voting, observer position on OpenAI’s board, CEO Sam Altman said in his first official missive after taking back the reins of the company on Wednesday. The observer position means Microsoft’s representative can attend OpenAI’s board meetings and access confidential information, but it does not have voting rights on matters including electing.....»»
Michelle Marquez-Dee returns home
After her controversial stint at the recently-concluded Miss Universe pageant, Miss Philippines-Universe Michelle Marquez Dee has flown back home. Dee was met by adoring fans both inside and outside the Ninoy Aquino International Airport (NAIA) Terminal 1 when she arrived at around 7:02 p.m. on board a Philippine Airlines flight PR113 from Los Angeles, USA […].....»»
‘It’s Showtime’ back on air after 12-day suspension
“It’s Showtime” hosts were in high spirits as they made their comeback after serving the show’s 12-day suspension imposed by the Movie and Television Review and Classification Board (MTRCB). The noontime show opened with lively performances from Vice Ganda, Anne Curtis, Karylle, Kim Chiu, Ogie Alcasid, Jhong Hilario, Ryan Bang, Amy Perez, Jackie Gonzaga, Teddy.....»»
4 World Travel Awards titles eyed
The country’s best destinations are vying for four major awards at the prestigious World Travel Awards 2023, considered the Oscars of the travel industry.The Department of Tourism on Wednesday said the Philippines earned four nominations including its back-to-back titles as the World’s Leading Beach Destination, World’s Leading Dive Destination, and World’s Leading Island Destination.The DoT is also vying for the World’s Leading Tourist Board title.“The Philippines’ track record of excellence in the travel and tourism industry continues to earn its reputation as aworld-class destination. The nation’s nomination in four distinct categories underscores its commitment to providing travelers with unparalleled experiences,” the DoT statement said.Tourism Secretary Christina Garcia Frasco said that such nominations further recognizes the Philippines as an in-demand destination both for local and international travelers to this day. Growing global interest for Phl“We welcome these nominations that show growing global interest and love for the Philippines. With the natural beauty of our beaches, dive sites, and islands, the wealth of history, heritage, and culture, and the festivals, flavors, and adventures across our diverse regions, every tourist’s journey guarantees a lifetime of memories. Tourism employs over 5.35 million Filipinos who display such care and hospitality for our tourists that make the Philippine experience truly unforgettable,” she said.Established in 1993, the London-based WTA acknowledges excellence in the travel and tourism industry in three tiers: country, regional, and world awards across different categories. The post 4 World Travel Awards titles eyed appeared first on Daily Tribune......»»
59 OFWs seek Lebanon exit
At least 59 Filipinos in Lebanon have expressed a desire to be repatriated amid the escalating tension between Israel and Iran-backed Hezbollah, the Philippine Embassy in Lebanon said Monday. Hezbollah is another Islamist militant group that controls the southern part of Lebanon. It has launched rockets into the northern part of Israel, which has fired back. “On Sunday morning, when we held our meeting with Filipino community leaders, we received 59 applications,” Philippine Ambassador to Lebanon Raymond Balatbat said in a television interview. This developed as the Philippine government, through the Department of Foreign Affairs, placed Lebanon under Alert Level 3, or voluntary repatriation. According to the DFA, there are an estimated 17,500 Filipinos in Lebanon, 67 of them residing on its southern border. Balatbat said only three of the 67 Filipinos on the southern border have asked to be repatriated. Since the surprise attack by the Palestinian Sunni-Islamic extremist group Hamas on Israel on 7 October, which left 1,400 Israelis dead, scores of foreigners have also been killed, including four Filipinos. Meanwhile, a total of 24 overseas Filipino workers, comprising the third batch of repatriates from Israel, arrived Monday afternoon at Ninoy Aquino International Airport Terminal 3. The repatriates — 21 women and three men — came from Israel via Abu Dhabi on board Etihad Airways flight EY424. Migrant Workers Officer-in-Charge Hans Leo Cacdac assured all the repatriates of support from the government to ease their displacement and facilitate their reintegration. Two Filipinos shared on Monday their traumatizing experience during the attack of Hamas in Israel. Tersita Malapo, 35, of Baao, Camarines Sur, a caregiver for eight years, said she and other Filipinos were about to go to church when they heard a siren. “On Saturday morning, we were about to go to church in Jerusalem because we go to church every day off. Suddenly, we heard a siren. After a while, there was news that rockets were being launched from Palestine. We were so shocked,” Malapo said. She said that because of the bombings a loud noise like the banging of a door made her nervous. “That feeling that you always hear something, your feeling of nervousness is increasing. When a door slams, you think something has exploded. In Israel, there is an explosion anytime of the day. It explodes even without a siren. When there’s a bombing, our house and bomb shelter vibrates,” she said. Gerald Caniban, 35, of Iloilo City, a caregiver for five years, said he was asleep when he heard the sirens. “It was an overwhelming experience. I was in Tel Aviv that morning. I was sleeping with my girlfriend when we heard the alert on my phone. It was Saturday, our day-off. After a few minutes, we heard sirens all over Tel Aviv,” Caniban said. He said he did not have peace of mind and described the situation as a terrible nightmare. The post 59 OFWs seek Lebanon exit appeared first on Daily Tribune......»»
A positive difference
“The best way to find yourself is to lose yourself in the service of others,” Mahatma Gandhi once said. Marian Wright Edelman states, “Service is the rent we pay for being. It is the very purpose of life, and not something you do in your spare time.” Two memorable statements capture the essence of Attorney Kelvin Lester Lee, hailed by Dean Antonio La Viña of Ateneo School of Government as “one of the finest and most visionary individuals to have emerged from Ateneo Law School.” It’s no surprise that Atty. Lee became a Commissioner at the Securities and Exchange Commission in 2019. While his position may be formidable, those who have met him in person can attest to his kind-hearted nature and willingness to devote his time generously. When expressing his views, he displays a remarkable level of candor, always taking the time to carefully consider his words before speaking. Aside from his sense of humor, Lee possesses a remarkable ability to engage in meaningful conversations. When he speaks, he has a way of looking directly into your eyes, underscoring the significance of his words. Even in intense situations, he maintains a calm demeanor and is known to offer a comforting smile, lightening the atmosphere. In his role as Commissioner at the SEC, Atty. Lee assumes the responsibility of overseeing various crucial departments and divisions. These include the markets and securities regulation department, the information and communications technology department, the PhiliFintech innovation office dedicated to Philippine financial technology, and the international affairs and protocol division. Moreover, he holds authority over capital markets, sustainable finance, Fintech and information technology, and international affairs, ensuring their effective management and implementation. While the enormity of those tasks might induce vertigo in most individuals, Atty. Lee remains unfazed. “It is perhaps the best job I have ever had,” he admitted. “I enjoy making a positive change in the sector I am handling. I enjoy pushing innovations and encouraging improvements in the financial sector and capital markets.” With great responsibility, Lee adopts a heightened level of caution. Recognizing the potential impact of his words, he expressed the need to exercise carefulness in his public statements, as any statement he makes can influence the stock market. This awareness underscores his commitment to acting with prudence and considering the far-reaching implications of his words. Let’s delve into the life of Lee, who began his journey in the humble city of Davao, his birthplace. He embarked on his educational path at the Ateneo de Davao University for his grade school education, followed by his enrollment at Davao Central High School, then called Davao Chinese High School. After completing his schooling in Davao, he ventured to Beijing, China, where he pursued studies in the Chinese language and gained work experience with a foreign company. However, after two years, he returned to the Philippines and enrolled in Ateneo de Manila University to pursue a law degree. This journey showcases his diverse experiences and the foundation of his educational and cultural background. “The Ateneo de Manila entrance exam was the only one I could take that year when I came back from China,” he said, adding that he never dreamed of becoming a lawyer. “I just wanted to give it a try. And found I was a surprisingly good fit for it.” As a lawyer, he has five ideal lawyers. Only one is a foreigner: Sir Thomas Moore, an English lawyer, social philosopher, author, and statesman whom Roman Catholics venerated as Saint Thomas More. “He stood by his faith and principles,” he said. Fresh from hurdling the Bar exam, he worked at the Siguion-Reyna Montecillo and Ongsiako law firm, where he learned the importance of being enterprising and putting in a diligent effort to succeed. However, despite his professional growth, he decided to quit and return to his hometown of Davao, placing the deeply rooted value on family and prioritizing personal and familial responsibilities above career pursuits. As a father to two daughters, Atty. Lee expressed that fatherhood has had a profound impact on him, bringing about significant changes. He considers it one of the greatest blessings he could ever receive. According to him, the love that his children show him is genuine and unmatched. He believes that the love of young children is unparalleled. Experiencing this level of love is indescribable, knowing someone loves you unconditionally. This extraordinary bond makes fatherhood one of the most precious and fulfilling aspects of his life. “The love your kids show you is real,” he said. “You will never be as loved as you are by your young children. There is no feeling quite like it to know that someone loves you as much as that. That’s what makes it one of the best things.” Working in government “It is an honor to serve. Very few people get an opportunity to help the country and serve the president and the people,” said Lee, who is a former assistant secretary at the Office of the Executive Secretary in Malacañang, where he was also designated to sit on the Board of the Subic Bay Metropolitan Authority. Atty. Lee’s dedication to public service earned him well-deserved recognition in his field. In March this year, he received two international accolades for his role in driving the advancement of financial technology in the Philippine business sector, highlighting his visionary thinking and influential impact solidifying his reputation as a trailblazer in the field. In the 10th annual Asia-Pacific Stevie Awards, Lee was bestowed the Gold Stevie award for his outstanding contributions as a Thought Leader of the Year. These awards celebrate workplace innovation across all 29 countries in the Asia-Pacific region. From a vast pool of over 800 regional nominations, winners were selected in various categories, including the Award for Excellence in Innovation in Products & Services, the Award for Innovative Management, and the Award for Innovation in Corporate Websites, among others. “It feels great. It’s always wonderful to be recognized for all the hard work and changes you pursue at a government agency. And I was quite surprised to get the Gold Stevie Award, the highest level of the award for thought leadership. I feel so honored!” In the next decade, Atty. Lee, now 44, envisions continuing his career in law, possibly incorporating elements of technology, and hopes to stay actively involved in government work and make a significant impact by fostering meaningful transformation. “Working in government can be quite fulfilling. I encourage young lawyers and professionals to enter the arena and work in government to try and make a positive difference.” The post A positive difference appeared first on Daily Tribune......»»
EEI ‘hold’ tipped with robust infra
Listed infrastructure multinational EEI Corpo. posted a net loss of -P701.12 million in the second quarter, primarily due to losses from its equity in associates and joint ventures, primarily its unit Al Rushaid Construction Co. Ltd., or ARCC. Consolidated revenues rose by 25 percent from a year ago to P7.85 billion, but its gross profit shrank by 21 percent year-on-year to P515 million due to delays in materials, effects of bad weather, and license approvals. Brokerage house and research firm Regina Capital Development Corp., or RCDC, said the growth in EEI’s topline was mainly driven by improving construction contracts. “The company’s unworked portion of existing contracts is at P47.4 billion but expects a robust inflow of projects. The Build, Better, More Infrastructure Program is expected to boost construction services demand,” RCDC said. It added that the construction sector experienced growth in gross fixed capital formation in 2021 and 2022, an indication of potential recovery despite the economic challenges. However, the sector’s growth in the second quarter was below average, which RCDC said revealed economic risks. The price index, which has been on a downtrend since October 2022, could be a potential growth source. BBM’s main growth driver The BBM program, which will continue to stimulate domestic construction demand, will also benefit the sector. “Given the challenges posed by the slowed growth in gross capital formation for construction, as well as the impact of losses from equity in associates and joint ventures on EEI’s earnings, we are reducing our target to P5.30 per share, down from P7.50. This adjustment reflects the cautious outlook for the construction sector and the need for EEI to address its associated losses while also acknowledging potential future opportunities such as the government’s BBM infrastructure program. Hence, we are placing a “hold” recommendation on EEI. RCDC cited the updates on the company that merited its recommendation. EEI has continued with its reorganization. In a report to the stock market back in September 2023, its board approved the divestment of the company’s 60 percent interest in its subsidiary, BiotechJP Corp., a company engaged in the manufacture of food and therapeutic food products, as it focuses on its core business which is construction. Real estate brand Filigree tapped EEI Corp. for the general construction works of its newest project, Two Botanika, in Alabang, Muntinlupa. EEI’s unit, EEI Power Corp. is set to develop an electronic vehicle charging system through a new corporation after partnering with a cloud solution and service provider. EEI Power said it would have a 40 percent stake in the new corporation that it would establish together with SysNet Integrators Inc. The post EEI ‘hold’ tipped with robust infra appeared first on Daily Tribune......»»
‘It’s Showtime’ hosts nagpaalam muna sa madlang people: ‘We’ll be right back!’
PANSAMANTALA nang namaalam ang mga host ng noontime show na “It’s Showtime.” Ito ay bago nilang tuparin ang 12-days suspension na iniutos ng Movie and Television Review and Classification Board (MTRCB) na magsisimula na ngayong October 14 hanggang October 27. Pagkatapos ng segment na “Tawag ng Tanghalan” nitong October 13, nagsama-sama sa stage sina Vhong Navarro, Anne Curtis, Jhong Hilario, Karylle, Ogie Alcasid, Ion Perez, Amy Perez, Ryan Bang, Teddy Corpuz, Jugs Jugueta at Cianne Dominguez upang magbigay ng mensahe sa kanilang madlang pipol. Kapansin-pansin naman na nawala si Vice Ganda sa closing spiel ng mga host, pero naroon siya sa ilang segment ng show. Baka Bet Mo: Vice Ganda: ‘Bagay si Barbie sa It’s Showtime, I love her vibe!’ “Abangan niyo po bukas ang ‘It’s Your Lucky Day,’” sey ni Vhong matapos pasalamatan ang viewers. Dagdag pa niya, “Kami naman po, sa aming pagbabalik sa Oct. 28, magsama-sama tayong muli para sa ‘Mini Ms. U’ the cutest finale.” “Madlang people, we’ll be right back! Mami-miss namin kayo pero mabilis lang ‘yan,” patuloy ni Vhong. Aniya pa, “Kaya magkikita-kita tayo ulit.” Pagkatapos niyan ay biglang nagsayawan ang mga host sa kanta ni Ogie na “Dito sa Puso Ko,” habang ang iba ay nagsasabi ng, “We love you, madlang people! We’ll miss you! See you in two weeks!” Matatandaang una nang nagpataw ang MTRCB ng 12-day suspension sa “It’s Showtime” matapos makatanggap ng ahensya ng mga reklamo ukol sa noontime show, partikular na ang naging kontrobersyal na pagkain nina Vice Ganda at Ion Perez ng icing na diumano’y sa pamamagitan ng malaswang pamamaraan sa harap ng mga batang kasama sa segment na “Isip Bata.” Naghain ng Motion for Reconsideration ang Kapamilya noontime program ngunit hindi ito pinagbigyan ng MTRCB. Habang suspendido ang show, ang papalitan diyan ay ang game variety show na “It’s Your Lucky Day” na hosted by Luis Manzano at ang mga makakasama niya riyan ay sina Robi Domingo, Melai Cantiveros, Jennica Garcia, Andrea Brillantes, Kyle Echarri, Francine Diaz at Seth Fedelin. Related Chika: Michelle Madrigal iwas muna sa social media, focus muna sa sarili at maayos na mental health Kuya Kim, Joross, Kakai kumampi kay Michael V sa isyu ng content creator: ‘Amen brother! It’s not about views, it’s about value’.....»»
Taiwan singers won’t let curtain fall on Hakka opera
Dressed in a robe fringed with beaded tassels, traditional Taiwanese opera singer Jen Chieh-li applies the final touches to her heavily painted face as she prepares to take the stage. The 34-year-old is a member of Jing Sheng Opera, one of a handful of troupes in Taiwan still staging traditional dramas in the Hakka language -- a dialect that is not widely spoken on the island because of its dwindling ethnic population. Taiwan's traditional Hakka opera, usually performed at religious festivals, dates back to the late Qing Dynasty and was brought to the island by migrants from mainland China. Even as its popularity dwindles, Jen, who has trained at a drama school since the age of 12, said she would not give up the fading art. "I could find a regular job but it would be a waste of all the time and effort I have devoted to studying and performing Hakka opera," she told AFP. That sweltering night in northern Taoyuan county, Jen was performing "Legend of the White Snake", a famous Chinese folk tale about a romance between a man and a serpent spirit. Around 100 people, mostly elderly, sat on plastic stools to watch the show on a makeshift stage outside a temple in a reflection of Hakka opera's struggle to capture the attention of a shrinking audience. "It is a niche performance art as many people don't even understand the language," said Chiang Yu-ling, who founded the Jing Sheng Opera with her husband 19 years ago. There are only eight Hakka troupes in Taiwan that can keep regular staff, albeit with financial support from the government and private sponsors, according to Chiang. She is counting on new blood, such as Jen, who is studying for a master's degree in performance art, to help bring in more and younger audiences. "My husband and I are in our 50s and we have limited ideas. We hope to get more young people on board... to make Hakka opera more different," Chiang told AFP. 'People are nostalgic' Hakka shares similarities with Peking opera, the most dominant form of traditional Chinese opera that has UNESCO heritage recognition, but language is one of the main reasons for its flagging popularity. In Taiwan, where Mandarin is widely spoken, Hakka people make up less than 20 percent of its 23 million population, and even those within the community are no longer fluent in the dialect. "My father's generation speak mostly Mandarin already and I speak very little Hakka," said Louis Lo, 30, who was accompanying his elderly relatives to the show. "The opera doesn't appeal to young people due to the language barrier," he told AFP. To attract more fans, Jing Sheng's troupe has incorporated modern elements into traditional performances. One example is their update of a Chinese folk drama involving a dragon princess and her human lover, which now includes street dance sequences, fire acts, and acrobatics. "We are getting the audiences to know Hakka opera through more innovative performances and hopefully they would also want to watch the traditional ones," Jen said. Despite their dwindling audience numbers, fellow performer Shih Yu-tsen, 31, said the art form "definitely won't vanish". "There may be fewer Hakka operas but people are nostalgic," she told AFP. "They will recall the past all of a sudden and they will want to watch it." Besides, Jen said, a show ticket costs as little as $200 Taiwan dollars ($6.30) with student discounts. "We often say it just takes the same amount of money to buy a Starbucks to support traditional art, to keep it alive," she said. The post Taiwan singers won’t let curtain fall on Hakka opera appeared first on Daily Tribune......»»
Free ride at Edsa Bus Carousel back next month
Land Transportation Franchising and Regulatory Board Chairman Teofilo Guadiz III on Monday happily announced that Libreng Sakay (free ride) for Edsa Bus Carousel and jeepneys will return this November until the end of 2023. At a press conference in Quezon City where jeepney associations are supposed to air their grievances over the government subsidy, Guadiz said the free ride program for jeepneys and buses will return on 1 November. Guadiz said this was after the joint circular for releasing the P1.3 billion fund for the service contracting program had been approved. The particular vehicles offering free rides will ply across the National Capital Region, and not just along Edsa. "This month we will release the budget. We will bring back Libreng Sakay. We will start with Metro Manila. It will include jeepneys," he said. "Iyong P1.3 billion tapos na po iyong joint memorandum circular. Ibaba na po ang pera. Alam mo ang hinahabol namin doon November-December para maagang pamaskong handog ng LTFRB," he added. The fund he explained is intended to pay the service contracting program. “Kung dati po, hanggang sa mga bus sa Edsa Carousel, ngayon pati mga jeepneys," the LTFRB Chair said. The post Free ride at Edsa Bus Carousel back next month appeared first on Daily Tribune......»»
Most Pinoys back hiring unlicensed graduates as nursing aides
A small majority of Filipinos support the hiring of nursing graduates who have not passed the board examinations as nursing aides or assistants in hospitals, a recent survey conducted by the OCTA Research group found......»»
Musk’s X strips headlines from news links
Elon Musk's social media platform X has stripped headlines from news articles shared by users, in a move likely to further worsen relations with media groups. The tycoon has long railed against the "legacy media" and claims X, formerly Twitter, is a better source of information. However, he said the latest change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text. Musk took over Twitter last year in a $44 billion deal and has since renamed it X, sacked thousands of staff and drawn criticism for allowing banned conspiracy theorists and extremists back on the platform, sending advertisers fleeing. He has also banned -- and reinstated -- various journalists with mainstream outlets including the Washington Post and CNN, as well as appearing to delay posts from accounts including the New York Times. "I almost never read legacy news anymore," Musk posted on Tuesday. "What's the point of reading 1,000 words about something that was already posted on X several days ago?" Souring relations Some media groups have stopped posting to X altogether because of the rise in hate speech and the behavior of Musk. AFP and other French news outlets launched a legal case in early August accusing X of copyright breaches. When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics." The changes appear to have been introduced gradually this week. Instead of seeing a headline along with a picture, users now see only a picture with a small watermark. The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the latest in a long line of dumb changes on this platform." Some users have already commented that it is now difficult to distinguish between news and other kinds of information, which is likely to raise questions about the trustworthiness of the site. In September, the European Commission said X had a higher ratio of misinformation and disinformation than any other social media. The souring relationship between media and tech companies is not limited to X. Both Google and Meta have pushed back against laws forcing them to pay media companies to show stories. The changes are having a real-world effect, with Axios news site reporting on Tuesday that referrals to media websites from X and Meta's Facebook had collapsed in the past three years. Ads 'decimated' Musk said in July the platform had lost roughly half its advertising revenue, though a month earlier he had claimed that almost all advertisers had returned and that 90 percent of bots had been removed. According to a Media Matters report released Wednesday, most of the top 100 advertisers at Twitter in the weeks prior to Musk's takeover are spending dramatically less at the platform. "Media Matters found that the company's ad revenue is still decimated," the report stated. Since Musk purchased the company, it has earned 42 percent less ad revenue than before his tenure, according to Media Matters. Market tracker Insider Intelligence estimates that X's share of the worldwide digital ad market has fallen nearly 28 percent to about a half a percent in the past year. Musk has suggested charging all users of X, which would be the biggest shake-up since he took over the site, but experts say he might struggle to get most users on board. The post Musk’s X strips headlines from news links appeared first on Daily Tribune......»»
External headwinds
The price shocks besetting Filipinos, now the main preoccupation of President Ferdinand “Bongbong” Marcos Jr., is a global phenomenon rippling down to the nation. Greatly affected are rice prices that had surged with the government hoping to tame them through price caps of P41 per kilo of regular-milled and P45 for well-milled grains. In its latest review of the domestic fiscal situation, an International Monetary Fund team said that while the economy has emerged from the pandemic strongly, it now faces “a confluence of global shocks.” Growth moderated from 7.6 percent in 2022 to 4.3 percent in the second quarter of 2023, which IMF attributed “to a weak global economy and tightened policy settings.” The IMF, thus, recognized that the weak state of the global economy has had a strong impact on the country and that the response through the tightening of the money supply by the Bangko Sentral ng Pilipinas resulted in a growth slowdown. An acceleration in public spending and an improvement in exports is expected to lift the gross domestic product by year’s end to 5.3 percent in 2023 and 6 percent in 2024. The risks associated with the slowdown in the economy all originated beyond the Philippines. The IMF review said the main downside risks to the outlook include the persistently high global and domestic inflation that could necessitate a further tightening of monetary policy. This abrupt global slowdown may further weaken goods and services exports, intensifying geo-political tensions and depreciation pressures stemming from capital outflows under volatile market conditions. Recent surveys showed that rising inflation has been the major culprit for the weakening of the public ratings of President Marcos and other high officials. Consider the resolute actions taken to arrest the price upsurge, particularly the calculated measures to place a ceiling on retail costs while the National Food Authority intervenes to keep farmgate prices high. Another budding concern should be the weakening in foreign direct investments, or FDI, which needs to be reflective of the high confidence level of investors, according to Trade Secretary Fred Pascual. Pascual cited the capital being plowed back and the rising cost of business projects listed with the Board of Investments and other investment promotion agencies, which would mean optimism in long-term prospects. He said FDI numbers reflect investors’ decisions well before the funds were released that go into the BSP records. The past practices of market manipulators with political agendas were to hit the equities and foreign exchange markets while influencing the flow of investments. Keeping these economic indicators weak makes it easy for opportunists to paint the perception of a looming economic crisis where there is none. For instance, during the shortened term of President Joseph Estrada, the peso depreciation that caused a dip in the stock market and a supposed capital flight were thoroughly exploited to show mismanagement of government that resulted in his eventual downfall. The recent association of high prices and the plunge in the survey ratings of Marcos and other officials raises suspicions of another black operation, which had been heard since the new leadership assumed office. It is not farfetched that the playbook of EDSA 1 and 2 is underway to undermine the Marcos administration. Another element that should be considered is the growing insecurity of China amid the strengthened relations between the Philippines and the United States. Considering its economic clout, China can manipulate situations that may pave the way for political conditions to favor its interests. The accurate picture is that most of the problems confronting Marcos are outside his control since they emanate from beyond the border. The post External headwinds appeared first on Daily Tribune......»»
Man on a mission
He has been to hell and back since entering the country’s premier military school, the Philippine Military Academy, where he graduated magna cum laude in 1982, to seeing action as a police officer, and lately to waltzing into the ring of fire by entering politics. Much has been written about the exploits of former police general Benjamin “Benjie” Magalong, Baguio City Mayor, since 2019, with the positive usually outweighing the negative. Love him, hate him, but believe me, Magalong is no lone ranger. He can sustain the hard yards of fighting criminality and corruption that one wonders where he gets all the energy and focus in addressing the challenges that come his way. Last month, Magalong and a few local chief executives launched “Mayors for Good Governance,” a campaign for responsible leadership and anti-corruption in local governments. They signed A2, a manifesto committing local executives to transparency and the rule of law. The movement has already received support from more than 150 city and municipal mayors nationwide, a testament to how much rests on his stewardship. Corruption is like a “communicable” disease that can easily transmit the evils that go with it from the lowest strata to the highest echelon of society. It has many forms and strains — from petty graft to large-scale kickbacks — and affects people from all walks of life, generations, and races. People get used to it until it becomes a way of life, and in the process, they lose their independence of thought because their eyes are shut. Pope Francis described it best: “Some people behave in relation to corruption as they would with drugs. They think they can take it and leave it as they please. They start with something minor: a kickback here, a bribe there. And between this and that, they gradually lose their freedom.” Fighting corruption is like fighting drugs; it is never one-sided. There are hits and misses along the way. Anything is fair game when you put a face into a noble cause. I was a field operative of the Philippine Drug Enforcement Agency assigned in Region 8 when Magalong was director of PDEA’s Special Enforcement Service, which was responsible for dismantling numerous drug laboratories and causing the dismissal of several police scalawags. Magalong is one straight arrow. He never compromises his name when it comes to fighting drugs and crime. However, he is also a caring leader who always looks after his men like he would his children. He never tolerates shenanigans but lavishes praise and support for a well-done job. That’s why it did not come as a surprise when he was made chairman of the Mamasapano Board of Inquiry in 2015, which investigated the carnage of 44 Special Action Forces in Maguindanao. I have seen firsthand Magalong’s sincerity when it comes to public service. A public servant who goes beyond his comfort zone to give timely and proper assistance to the public, Magalong has the integrity and bravery to stand by his ideals to the detriment of his career because he wants the country to succeed. Like Magalong, I also had my share of fighting the tentacles of corruption in PDEA and later at the Bureau of Customs, once touted as the most corrupt government agency, during my seven-month stint as a commissioner despite the brickbats and the Sword of Damocles hanging above me. It was a lonely battle indeed, especially since I came to the bureau all alone. Tormentors coming from opposite directions were having a field day — from the not-so-harmless Marites (Mare, ano ang latest?) and Mariposa (Mare, post mo na) to greedy politicians and industry shenanigans. I have no moral qualms regarding Magalong’s mission — to take the arduous and lifelong task of making a difference in people’s lives, especially the poor, who are most hurt by corruption. Taking the high road is never easy, and I am sure that knowing Magalong, he could surmount all the hurdles, including the legal ones, that come in the end. The post Man on a mission appeared first on Daily Tribune......»»
Metrobank gets global recognitions for exceptional performance
Built on trust, Metropolitan Bank & Trust Co. has been recognized as the Strongest Bank in the Philippines by The Asian Banker for the third straight year and the Best Domestic Bank in the country by Asiamoney. This attests to the Bank’s strength and reliability in putting its clients in good hands. The Bank gained these prestigious international recognitions from The Asian Banker and Asiamoney for its consistent strong financial performance across the board. In the first half of 2023, Metrobank maintained a strong 34 percent growth in net income of P20.9 billion, fueled by the Bank’s expanding assets, enhanced margins, and robust fee income growth while sustaining a stable asset quality. One of the World’s Best Companies On top of these awards, the Bank was also listed by TIME Magazine and Statista as one of the World’s Best Companies. The “World’s Best Companies” is a comprehensive list that ranks top performing companies across the globe based on employee satisfaction, revenue growth, and sustainability. “We’re honored to receive these back-to-back recognitions, especially as we celebrate the Bank’s 61st anniversary. At Metrobank, we always strive for excellence — whether it be in addressing our clients’ needs, achieving exceptional financial performance across our business, or contributing to nation-building. These awards are testaments to the steadfast commitment and relentless drive of each Metrobanker to keep Filipinos in good hands,” said Metrobank president Fabian Dee. Reliable partner through Filipinos’ financial journey For decades, Metrobank served as a reliable partner for Filipinos throughout their life journey — providing them financial services and guidance that are tailor-fit to their needs, even as they now navigate a modern and digital world. But before offering them a product or a service, every Metrobanker ensures that their clients fully and clearly understand the financial products and services they will avail of. The Bank’s mission to enable Filipinos throughout their financial journey goes beyond simply offering relevant solutions. Despite its financial success, the Bank’s priority and advocacy is to educate Filipinos first as they step into their financial journey. This is to make sure that every client makes a fully-informed financial decision and know how to protect themselves against fraud. This is made evident through Metrobank’s sustained financial education efforts — designed to equip Filipinos with reliable financial advice, fit for every life stage. In 2022, Metrobank introduced a comprehensive personal finance e-book developed to help Filipinos to become financially resilient. Meanwhile, the Bank’s Earnest app aims to simplify investing, through bite-sized lesson cards and easy-to-understand articles that cover basic investing concepts. For more advanced investors, there is Wealth Insights, an online portal that contains publicly accessible market-moving news and insights, as well as exclusive premium content that includes bespoke articles which dive deep into timely and actionable investment ideas. Meanwhile, Metrobank provides its clients with regular reminders and guidance to protect themselves against fraudulent transactions via SMS, emails, and social media posts. Today, Filipinos can easily start their financial journey by going to Metrobank’s hundreds of branches nationwide or digitally via the Earnest app. Those aiming to further grow their funds through investments can do so with Metrobank’s Online Time Deposit, which offers an interest rate of up to 4.5 percent, or through Metrobank’s wide-range of unit investment trust funds (UITF). With its commitment to give customers a safe, simple and secure experience on the NEW Metrobank app, the Bank recently introduced its interoperable QR feature, which allows on-the- go clients to enjoy more convenient fund transfers to and from other banks and e-wallets. Meanwhile, clients who are ready for a life upgrade - be it a new car or their dream home, can avail of Metrobank’s home and car loan offers with affordable rates and flexible payment terms. Growth partner for businesses Metrobank’s services transcends from customers to enterprises. When Metrobank was founded in 1962, it was primarily built to be a bank for businesses. Over six decades later, the Bank continues to stay true to its roots by offering a full suite of best-in-class financial solutions designed to serve enterprises of all sizes — from SMEs to large corporations based here and abroad. The post Metrobank gets global recognitions for exceptional performance appeared first on Daily Tribune......»»