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Government sets P585 billion borrowings in Q2
The government is set to borrow P585 billion from the domestic market in the second quarter amid hopes of more favorable interest rates here and abroad......»»
Old habits die hard
In a 2018 article, I wrote about how I spent most of my weeknights playing video games and streaming random TV series, reality shows and movies......»»
Government cuts borrowings to P203 billion in January
The Marcos administration slashed its borrowings by 45 percent to P203 billion at the onset of the new year in the absence of new global bond offerings.......»»
PSALM expects P100 billion from CBK privatization
The Power Sector Assets and Liabilities Management Corp. (PSALM) is expected to generate as much as P100 billon from the privatization of the 796.46-megawatt (MW) Caliraya-Botocan-Kalayaan (CBK) hydroelectric power plant complex in Laguna, bolstering the cash position of the cash-strapped state firm......»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Shell Pilipinas profit tumbles to P1.2 billion in 2023
The earnings of Shell Pilipinas Corp. plunged by 70.7 percent to P1.2 billion in 2023 from P4.1 billion in 2022 on the back of declining global fuel prices and elevated interest rates......»»
Top 10 e-commerce sites in the Philippines 2019 - ASEAN UP
With a dynamic economy and a large population proficient with digital technologies, the Philippines is a fast-growing market for e-commerce in Southeast Asia. Several websites and digital applications are already fighting for market share, with global, regional and national players. The growing connectivity of the Philippines, rapidly overcoming the countrys infrastructure difficulties, enable more and Continue reading &q.....»»
Xinhua world economic news summary at 0900 GMT, March 18
BEIJING -- Global new energy passenger car sales are predicted to exceed 39 million units by 2030, said a report obtained during the China EV100 Forum 2024 concluded Sunday in Beijing. That will mark a penetration rate of almost 50 percent, rising from the nearly 20 percent in 2023 with the sales of over 13 million units, according to the report issued by China EV100, a new energy vehicle (NEV) industry think ta.....»»
PSE has until 2025 to spend money it raised in 2018
The PSE disclosed that its board of directors voted to approve an extension of the timeline for its disbursement of the P2.8 billion in net proceeds that it raised through a 2018 stock rights offering......»»
NEWSBRIEFS | 1 February 2024
Panguil Bay Bridge completed by June 2024 CAGAYAN DE ORO CITY (MindaNews / 1 February)—The final span of the Panguil Bay Bridge would be connected by June this year, completing the project that started in November 2018, according to the Northern Mindanao director of the National Economic Development Authority, Mylah Faye Aurora Cariño. The P7.135-billion […].....»»
MMFF 2023 is now highest-grossing edition of all time
The 49th Metro Manila Film Festival is officially the highest-grossing edition of all time, having surpassed the box-office earnings of the 2018 edition at P1.069 billion as of Jan. 7......»»
10 entry sa MMFF 2023 kumita na ng P1.069-B, winasak ang record noong 2018
WINASAK ng Metro Manila Film Festival 2023 ang record ng pinakamalaking kinita ng taunang filmfest na naitala noong 2018. Umabot na sa P1.069 billion ang gross sales ng 10 official entry sa ika-49 edition ng MMFF na tumakbo mula December 25, 2023 hanggang January 7, 2024. Nalagpasan na nito ang kinita ng walong pelikulang kalahok.....»»
Cliffhanger
One of the challenges of operating a convenience store is theft by shoplifters. In the United States alone, the losses of small city retail stores were estimated at over $94 billion in 2021, Bloomberg reported. Washington State recorded the highest retail store losses from theft in the country, according to the National Retail Federation. Local stores have installed security cameras, motion sensors, and inventory control systems to help prevent shoplifting, an NRF survey showed. It remains to be seen if such high-tech security measures work, but location and size are definitely effective in discouraging shoplifters for one remote convenience store in China. The tiny wooden store at the Shiniuzhai Scenic Area in the Chinese province of Hunan is only two square meters. Opened in 2018, the store recently trended online after a popular military blogger with 889,400 followers posted on the popular Chinese social network Weibo a photo with the caption: “The most inconvenient convenience store,” CNN reported. Few customers are served by the store but not because of its limited offerings. It just so happens to be located along a route less traveled called via ferrata. The pathway for climbers consists of steel bars driven into the mountainside to serve as steps and metal anchors for fastening climbing ropes. In any case, the store is convenient for adventurers summiting the mountain, as they can get a water refill or buy a beverage for hydration while perched on the side of a vertical cliff. At the same time, the store looks inconvenient for its sole attendant as it hangs halfway to the top of the cliff, 120 meters from the ground, with its floor supported only by steel brackets bolted to the cliffside. Moreover, restocking requires the storekeeper to pull up supplies from the ground with a rope, according to Oddity Central. To others, inconvenient is an understatement for the store hanging from a cliff. Scary should be a more accurate description......»»
LTO innovates responses to backlogs
The Land Transportation Office, or LTO, now under the leadership of Atty. Vigor Mendoza II, has committed to implementing innovative solutions to immediately address the piles of problems “inherited” from the previous leaderships. Mendoza, whom Transportation Secretary Jaime J. Bautista tasked to help the agency improve its current state, expressed confidence that he could turn the LTO around and make it more efficient and effective. He said this aligns with the Marcos administration’s marching orders to digitalize and bring government services closer to the people seamlessly. Mendoza has already begun to execute some changes, such as streamlining the driver’s license application process, implementing a new online vehicle registration system, and reducing the number of fixers at LTO offices, among others. Speaking in a recent interview on DAILY TRIBUNE’s Straight Talk, Mendoza disclosed that his agency is studying cost-effective ways to produce license plates. Presently, the LTO has a manufacturing plant with eight machines working to produce license plates, but as recently directed by Bautista, the agency is looking at outsourcing them instead of producing them. “We make the plates ourselves, although we are studying if maybe it is high time to review whether the LTO should produce or outsource the plates. I told Secretary Bautista that in terms of efficiency, it might be less costly and faster if we outsource it,” Mendoza said. “We are thoroughly studying those options to weigh which will be less costly to the government. Thus, finally, we could resolve all the backlogs,” he added. Million plates a month Mendoza added that the agency’s plate-making plant could produce a million monthly plates to replace all the backlogs — from the old green plates to the new white ones. He said before the end of November, the license plate backlog will hopefully be fully addressed. With production in full swing, a motorist with a newly acquired four-wheel vehicle can claim his license plates within 10 days. In the meantime, new motorcycle owners can now get their plates immediately. This significantly improved from the previous year when motorists took years to get their plates. To recall, in March, ex-LTO chief Jay Art Tugade issued a memo suspending the production of license plates due to a shortage of materials. Online portal needs full utilization Mendoza said the LTO is also working on finally utilizing the Land Transportation Management System, or LTMS, a P3.14-billion portal created to address Filipinos’ motoring concerns. He lamented that the underutilization of the online portal, which he described as just one of the many inherited problems of the agency, was a misuse of government funds. “The system design is incomplete, and you know that as much as possible, we want to be fully digital as instructed by the President. We want motorists to be able to apply for a license and register their vehicles through that platform,” Mendoza said. “We supposedly have all the facilities. There will be no need to go to LTO offices as it will also address the issues of fixers. However, we cannot do all these until we fully resolve the website’s functionalities,” he said, adding that the LTO would need the developers to provide them with some missing source and application codes. The LTMS was jointly developed by German technology firm Dermalog and its local partners, Holy Family Printing Corp., Microgenesis, and Verzontal Builders Inc. The project went through competitive bidding in May 2018. The LTO’s online portal is a one-stop shop that will integrate all LTO services in a single contactless database system and digital platform. “We are waiting for their reply. I have been open since my first day in office, and I’ve been very open to them. There is a problem, let us talk about it. However, they have not replied to my letters on the source code and application code issue. We have to protect the government’s interest, and the government’s interest is to get the source and application codes so we can do the enhancements ourselves,” Mendoza said. According to the new LTO chief, hiring another third-party team to resolve the LTMS issues might cost the government at least another billion pesos. Mendoza asked why the government does not just find another software developer, saying: “We already paid for the contract.” “If we do it, maybe they will spend another billion just to complete everything, so the government will save a lot if we do it ourselves. We have DICT with us, and LTO is also hiring technical people for us to be able to do it ourselves. So, we can do it, we don’t need foreigners to teach us.” The post LTO innovates responses to backlogs appeared first on Daily Tribune......»»
Govt. to boost agri, fishery sectors
President Ferdinand Marcos Jr. on Wednesday underscored the need to address the systemic issues plaguing Philippine agriculture for years due to the longstanding neglect of this sector. During his speech at the 70th anniversary of the Federation of Free Farmers (FFF) in Quezon City, Marcos Jr said the welfare of farmers and fisherfolk has been forgotten for decades, dating back to the inception of agricultural reform during his father and namesake's tenure. "We have a significant amount of work ahead of us because we need to fix the entire agricultural system that has been neglected for a long time, perhaps since the start of agricultural reform, during (the late President Ferdinand Marcos Sr.'s) time," Marcos Jr. said. "Now, many changes have occurred, the world has changed, and it has revolved several times. Therefore, we need to examine the needs of our farmers and fishermen to improve their lives because we often hear that we need to increase our yield, improve our harvest, and our productivity," he added. The latest data from the Philippine Statistics Authority showed that agricultural production in the country decreased by 1.3 percent during the year's second quarter. The figures unveiled by the PSA showed that the production value in agriculture and fisheries, calculated at constant 2018 prices, totaled P427.69 billion, a decline from the P433.10 billion recorded during the same period the previous year. Minimum wages for agricultural laborers in the Philippines vary by region, ranging from P306 in the Bangsamoro Autonomous Region in Muslim Mindanao to P573 in the National Capital Region. These wage rates, determined by tripartite boards, differ based on the specific region. “But let's not forget that the livelihood of our farmers and fishermen should also be taken care of and improved because that is our goal for all our farmers and fishermen,” Marcos said. Marcos emphasized the pressing need for his administration to boost the agricultural sector, with more than P92 billion set aside for upcoming agri-fisheries projects next year. Additionally, the Department of Agriculture has allotted P4.73 billion to improve large-scale agriculture and fishery mechanization and modernization, aiming to decrease post-harvest losses and cost-effectively enhance farmers' yields. However, the President underlined the enormity of the task ahead and called upon the public for their support and collaboration. "So, this is a massive task. That's why we need your help because the government alone cannot do all of this. We need your diligence, we need your advice because you are the ones facing the problems in agriculture that we are going through now,” Marcos said. “Rest assured, your government is here to do everything in its power to assist our farmers in producing a bountiful harvest, catching enough fish for our fellow citizens, and selling these products at prices affordable to our people,” Marcos added. The post Govt. to boost agri, fishery sectors appeared first on Daily Tribune......»»
Saavedra to appeal dismissal of cases vs Tomas, ex-city officials over Kawit Island deal
CEBU CITY, Philippines – Businessman and whistleblower Crisologo Saavedra is not yet giving up on the criminal and administrative complaints that he filed against former Cebu City Mayor Tomas Osmena and his City Council on the controversial P18 billion Kawit Island deal. Saavedra said he will be filing a petition to ask the Office of the Ombudsman-Visayas to reconsider its earlier decision to dismiss the criminal and administrative complaint that he filed. “I’ll file an MR (motion for reconsideration),” said Saavedra in an interview with CDN Digital. In 2018, Saavedra filed criminal and administrative complaints over the controversial P18 billion Kawit Island deal. The project paved the way for Gokongwei-owned Universal Hotel and Resorts Inc. (UHRI) to establish an integrated casino and resort in the South Road Properties (SRP). But acting Assistant Ombudsman for the Visayas Jane Aguilar, in a 21-page decision promulgated January 27, junked the criminal and administrative cases for ‘lack of substantial evidence’. A copy of the decision was furnished to the media on Oct. 20. Osmeña’s co-respondents in the case were then Councilors Margarita Osmeña, Dave Tumulak, Sisinio Andales, Alvin Arcilla, Eugenio Gabuya Jr., Gerry Guardo, Joy Augustus Young, Mary Ann delos Santos and Franklyn Ong who approved the ordinance that allowed the Gokongwei-owned company to establish an integrated casino and resort in Kawit Island, SRP and UHRI executives Frederick Go, Lance Gokongwei, James Go, Robina Gokongwei-Pe and Patrick Henry Go. Saavedra insisted that Ombudsman-Visayas should look into the technicalities of how the city government awarded the P18-billion project in 2018. He mentioned City Ordinance No. 2154 as his basis, saying that members of the private sector, when entering into joint venture agreements with the government, must meet the “technical and financial qualifications” prescribed by law. “The private participants should have technical and financial capability. I never questioned the financial capability… It is the track record of the corporation, not of the individual offices,” Saavedra added. The Camp of Osmeña has since welcomed the decision of the Ombudsman. ALSO READ: Ombudsman upgrades Saavedra complaint against Tomas Osmeña, 9 others over Kawit Island deal.....»»
Trio wins physics Nobel for illuminating electrons
France's Pierre Agostini, Hungarian-Austrian Ferenc Krausz, and Franco-Swede Anne L'Huillier won the Nobel prize in physics on Tuesday for research using ultra-quick light flashes that enable the study of electrons inside atoms and molecules. Their technique employs pulses measured in attoseconds, a unit so short that there are as many in one second as there have been seconds since the universe's birth over 13 billion years ago, the jury said. The laureates' research has made it possible to examine moves or changes so rapidly that they were previously impossible to follow, with potential applications in both electronics and medical diagnostics. The Royal Swedish Academy of Sciences likened the process to how the flapping wings of a hummingbird turn into a blur for the human eye but can be slowed and examined using high-speed photography. "We can now open the door to the world of electrons. Attosecond physics gives us the opportunity to understand mechanisms that are governed by electrons," Eva Olsson, chair of the Nobel Committee for Physics, said in a statement. 'Not so many women' In 1987, L'Huillier "discovered that many different overtones of light arose when she transmitted infrared laser light through a noble gas," the Nobel Committee noted, adding that her exploration of the phenomenon laid "the ground for subsequent breakthroughs". In the early 2000s, Agostini and Krausz worked on how to isolate light pulses that lasted only a few hundred attoseconds. Agostini is a professor at Ohio State University in the United States, while Krausz is a director at the Max Planck Institute in Germany. "It was just atomic physics interacting with lasers," Agostini said of his early work, in an interview released by his university. "We were not really aware it would go that far, but a lot of people were interested both in the method and the result." L'Huillier, only the fifth woman to be awarded the Physics Prize since 1901, is a professor at Lund University in Sweden. She told reporters she was in the middle of teaching a class when she received the call from the Academy, making it "difficult" to finish the class, to whom she did not reveal the news. "I am very touched ... There are not so many women that get this prize so it's very, very special," she said. Before L'Huillier, Marie Curie (1903), Maria Goeppert Mayer (1963), Donna Strickland (2018), and Andrea Ghez (2020) were the only women to have won the award. Speaking later at a press conference, she encouraged young women interested in science to "go for it" and said it was possible to combine a research career with an "ordinary life, with a family and children." French President Emmanuel Macron congratulated the trio. "What a source of pride for our nation!" Macron said in a post to X, formerly known as Twitter. L'Huillier and Krausz had been seen as contenders for the honor, having been awarded the prestigious Wolf Prize last year together with Canadian physicist Paul Corkum. Fellow Hungarian However, Krausz said he had not been expecting a call. "I was not sure whether I was dreaming or whether it was reality," he told the Nobel Foundation in an interview. The physics award is the second Nobel of the season after the Medicine Prize on Monday, awarded to messenger RNA researchers Katalin Kariko and Drew Weissman for their groundbreaking technology that paved the way for mRNA COVID-19 vaccines. Krausz said he had actually been listening to an interview with Kariko when he received the call, adding he was especially impressed with her determination as she toiled away at her research despite struggling to achieve recognition and secure funding for it. "That's what I would like to convey to future generations," Krausz said. The Physics Prize will be followed by the Chemistry Prize on Wednesday, with the highly watched Literature and Peace Prizes to be announced on Thursday and Friday. The Economics Prize -- created in 1968 and the only Nobel not included in the 1895 will of Swedish inventor and philanthropist Alfred Nobel, which founded the awards -- closes out the 2023 Nobel season on Monday. The post Trio wins physics Nobel for illuminating electrons appeared first on Daily Tribune......»»
Uy resort units chart recovery
Subsidiaries of Davao businessmen Dennis Uy resort developer PH Resorts Group Holdings Inc. said it has restructured its indebtedness with China Banking Corp., or Chinabank. The debts were streamlined through the execution of agreements for the sale, leaseback, with option to buyback certain land and improvements of its subsidiaries. The restructuring covers the property of the subsidiaries in Lapu-Lapu City, Mactan, Cebu, with an area of approximately 12.5 hectares, plus improvements. The consideration for the investment and resulting percentage of ownership are still subject to final negotiations by the Parties, which are expected to be completed within 60 days, based on the MoU. P3.1-B bridge loan The restructuring also allows the subsidiaries to repay the P3.1-billion bridge loan facility extended by Chinabank in 2018, while, at the same time, grants them continued possession and use over the property to finish the construction and development of the Emerald Bay Project. In addition, the option to buy back of the restructuring allows the subsidiaries or its nominees to reacquire the properties. Lapulapu Leisure Inc. and Lapulapu Land Corp., the two units of Resorts Group Holdings also signed a memorandum of understanding with Cebu-based property developer AppleOne Properties Inc. The MoU establishes broad parameters whereby AppleOne can make an investment in the subsidiaries, with the intention of obtaining most of the equity interest in the subsidiaries, or an asset purchase of the land and improvements of the Emerald Bay Project. The post Uy resort units chart recovery appeared first on Daily Tribune......»»
Trio wins physics Nobel for illuminating electrons
France's Pierre Agostini, Hungarian-Austrian Ferenc Krausz and Franco-Swede Anne L'Huillier won the Nobel prize in physics on Tuesday for research using ultra quick light flashes that enable the study of electrons inside atoms and molecules. Their technique employs pulses measured in attoseconds, a unit so short that there are as many in one second as there have been seconds since the universe's birth over 13 billion years ago, the jury said. The laureates' research has made it possible to examine moves or changes so rapid that they were previously impossible to follow, with potential applications in both electronics and medical diagnostics. The Royal Swedish Academy of Sciences likened the process to how the flapping wings of a humming bird turn into a blur for the human eye, but can be slowed and examined using high-speed photography. "We can now open the door to the world of electrons. Attosecond physics gives us the opportunity to understand mechanisms that are governed by electrons," Eva Olsson, chair of the Nobel Committee for Physics, said in a statement. 'Not so many women' In 1987, L'Huillier "discovered that many different overtones of light arose when she transmitted infrared laser light through a noble gas," the Nobel Committee noted, adding that she has continued to explore this phenomenon, "laying the ground for subsequent breakthroughs". In the early 2000s, Agostini and Krausz worked on experiments that made it possible to isolate light pulses that lasted only a few hundred attoseconds. Agostini is a professor at Ohio State University in the United States, while Krausz is a director at the Max Planck Institute in Germany. L'Huillier, only the fifth woman to be awarded the Physics Prize since 1901, is a professor at Lund University in Sweden. L'Huillier told reporters she was in the middle of teaching a class when she received the call from the Academy, making it "difficult" to finish the class, to whom she told nothing. "I am very touched ... There are not so many women that get this prize so it's very, very special," she said. Before L'Huillier, Marie Curie (1903), Maria Goeppert Mayer (1963), Donna Strickland (2018) and Andrea Ghez (2020) are the only women to have won the award. Speaking later at a press conference, she encouraged young women interested in a career in science to "go for it". The laureate, who is married and has two sons, stressed it was possible to combine a research career with an "ordinary life, with a family and children." French President Emmanuel Macron congratulated the trio, noting that "two of our brilliant French researchers" had been honoured. "What a source of pride for our nation!" Macron said in a post to X, formerly known as Twitter. L'Huillier and Krausz had been seen as contenders for the honour, having been awarded the prestigious Wolf Prize last year together with Canadian physicist Paul Corkum. Fellow Hungarian However, Krausz said he had not been expecting a call. "I was not sure whether I was dreaming or whether it was reality," he told the Nobel Foundation in an interview. Speaking at a press conference a few hours later, he said: "There are signs that it could be reality". The physics award is the second Nobel of the season after the Medicine Prize on Monday, awarded to messenger RNA researchers Katalin Kariko, a Hungarian like Krausz, and Drew Weissman for their groundbreaking technology that paved the way for mRNA Covid-19 vaccines. Krausz said he had actually been listening to an interview with his compatriot when he received the call, adding he was especially impressed with Kariko's determination as she toiled away at her research despite struggling to achieve recognition and even secure funding for it. "That's the most important lesson for me, that's what I would like to convey to future generations, that if you believe in something and are convinced it's the right thing to do ... the important thing is to keep believing in it," Krausz said. The Physics Prize will be followed by the Chemistry Prize on Wednesday, with the highly watched Literature and Peace Prizes to be announced on Thursday and Friday. The Economics Prize -- created in 1968 and the only Nobel not included in the 1895 will of Swedish inventor and philanthropist Alfred Nobel, which founded the awards -- closes out the 2023 Nobel season on Monday. The post Trio wins physics Nobel for illuminating electrons appeared first on Daily Tribune......»»
CA junks telco’s frequency plea, mandamus case vs. NTC
The Court of Appeals junked the petition for mandamus filed by NOW Telecom Company Inc. against the National Telecommunications Commission or NTC over the company's provisional authority or PA application to operate a cellular mobile telephone service within specific frequency ranges. In a 16-page decision, the appellate court's Special Ninth Division said "the court is powerless" to grant NOW Telecom's plea, especially since the company failed to show a clear legal right to the frequencies it sought. The CA said the decision, penned by Associate Justice Tita Marilyn B. Payoyo-Villordon and concurred in by Associate Justices Myra V. Garcia-Fernandez and Walter S. Ong, followed a careful examination of the case. The case began from NOW Telecom's request for NTC's automatic approval issued by the Anti-Red Tape Authority or ARTA. NOW Telecom had filed a petition for mandamus under Rule 65 of the Revised Rules of Court to compel the NTC and former Commissioner Gamaliel Asis Cordoba to stick to ARTA's resolution and OAA both dated 1 March 2021. These ARTA documents stated that NOW Telecom's application for a PA to operate in the frequency range 1970 Mhz-1980 Mhz paired with 2160 Mhz to 2170 Mhz and 3.6 GHz to 3.8 GHz frequency ranges was automatically approved by operation of law. It followed Republic Act 11032, otherwise known as the Ease of Doing Business and Efficient Government Service Delivery Act of 2018. However, an ARTA resolution dated 17 June 2022 reversed the previous decisions and formally recommended NOW Telecom's application for frequency assignment to the NTC. NOW Telecom's mandamus petition was notably based on its claim for the rights to specific frequency ranges, alleging that the NTC had unjustly neglected its duty to assign them. Yet, court records showed that as early as December 2005, NTC already found NOW Telecom to be non-compliant and was disqualified from the assignment of 3G frequency bands due to unpaid supervision and regulation fees or SRF and spectrum user fees or SUF amounting to P2.6 billion. NOW Telecom has a pending petition filed before the Supreme Court for this penalty imposed by the NTC. NOW Telecom received its PA in January 2006, but it was not specific to 3G and under the condition of paying its outstanding SRF and SUF obligations. In December 2017, NOW Telecom was designated the 20MHz contiguous bandwidth, 3520 to 3540 MHz, under the 3.5 GHz on the same condition that it resolved its outstanding SUF and SRF fines. NOW Telecom's Provisional Authority was extended until September 2020, but the NTC reiterated that the company failed to fulfill the conditions regarding SUF and SRF. Despite the issues hounding the company, NOW Corp. CEO Mel Velarde said he hopes the "Marcos administration" will aid the immediate settlement of its cases as a way of maintaining a "level playing field." _ The post CA junks telco’s frequency plea, mandamus case vs. NTC appeared first on Daily Tribune......»»