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Philippines digital economy to hit $24 billion this year – report
The Philippines’ overall digital economy is expected to hit $24 billion this year and $35 billion in 2025, making it one of the fastest growing in Southeast Asia, according to a new report released by Google......»»
Alternergy rechannels IPO money for wind projects
Due to the massive potentials of wind energy as a viable power source, listed renewable energy firm Alternergy Holdings Corp. is reallocating the proceeds of its initial public offering or IPO to provide additional financial support to two of its wind projects. The company informed the Philippine Stock Exchange on Friday that its Board of Directors approved the plan to expedite the development of the projects. Alternergy said the Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy, will receive increased funding from its maiden offering. Specific development timeline “Tanay and Alabat Wind Power Projects are following a specific development timeline under GEA 2. Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025 and thus, the reallocation of the IPO proceeds,” Alternergy chairperson Vicente Pérez Jr. said. “The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added. The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects. Despite the changes, the company assured that pre-development activities for these projects would continue despite the lower budget. “Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed,” Pérez said. “We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” he added. Three leading investment banks tapped Alternergy announced last Monday it has tapped three leading investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise P12-billion project finance structure for the Tanay and Alabat Wind Power Projects. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy rechannels IPO money for wind projects appeared first on Daily Tribune......»»
Alternergy raising P12B for 2 wind power projects
Renewable power pioneer Alternergy Holdings Corp. is raising P12 billion to bankroll the construction of two wind power projects that would ramp up the local supply of renewable energy as mandated by the government. In a stock exchange disclosure on Monday, Alternergy said BPI Capital, RCBC Capital and SB Capital will assist the company in finalizing the terms and structure of the debt financing for the two projects — Tanay Wind Power Project in Rizal and the Alabat Wind Power Project in Quezon. The Tanay and Alabat Wind Projects have a capacity of up to 164 MW and are expected to be completed by 2025. Winners of DoE’s GEA-2 These projects won the Department of Energy or DoE’s second round of the Green Energy Auction Program or GEA-2 last July. Under the GEA-2, winning bidders must make their committed capacities available. The DoE conducts GEA yearly to fast-track the government’s plan of integrating 35 percent renewable energy in the energy mix by 2030 and 50 percent by 2040. Alternergy president Gerry Magbanua said the company and its partner banks will aim for financial closing before the year ends. Largest project financing deal “The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program,” Magbanua said. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 megawatts or MW of additional wind, offshore wind, solar, and run-of-river hydro projects. The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy raising P12B for 2 wind power projects appeared first on Daily Tribune......»»
Each shrinking his carbon
Recently, residents in Metro Manila woke up to an overcast, foggy morning sky. Conjectures attributed it to another impending eruption of Taal Volcano, like it did in 2020. Phivolcs clarified that the smog that covered Metro Manila was not caused by the volcano; it was rather pollution trapped in the lower levels of the atmosphere. It was a surprise to many because, while traffic congestion has been worsening after the pandemic and Manila was identified as one of the most congested cities in Asia, it rarely brought to the public’s attention that the air pollution it causes is so serious. During the pandemic, people noticed that, due to the lockdown implemented in most countries, air quality improved and we were seeing clearer skies, but the situation changed rapidly as almost everything was “back to normal”. Countries are doing their bit to mitigate air pollution and slow global warming. The European Union set a goal to cut carbon emissions by at least 55 percent and source 45 percent of its energy from renewable sources by 2030. Starting today, EU’s carbon border adjustment mechanism, a carbon tariff on carbon-intensive products, will enter its trial phase. The transition phase of CBAM, from October 2023 to December 2025, will require exporters to submit emissions reports to importing partners. From January 2026, CBAM will be implemented and initially apply to imports in the emissions-intensive sectors deemed at greater risk of carbon leakage: cement, electricity, fertilizers, iron and steel, aluminum and hydrogen. From 2026, EU importers will start paying a financial adjustment by surrendering the amount of CBAM certificates that correspond to the emissions embedded in their imports. The EU Emissions Trading System’s free emission allowances are to be replaced by the CBAM gradually from 2026 to 2034. Thus, CBAM, the CO2 border tax, will be fully phased in at the start of 2034, when free carbon certificates are eliminated. In the Philippines, electric vehicle adoption was given a boost by Executive Order No. 12 issued in January, which reduced the tariffs on certain EVs to zero for five years, effectively lowering vehicle prices and encouraging people to purchase EVs. The EO covers EV segments such as cars, buses, vans, trucks, kick scooters, self-balancing cycles, bicycles and pocket motorcycles with auxiliary motors not exceeding 250 watts and with a maximum speed of 25 kilometers per hour. Nonetheless, electric motorcycles were excluded from the EO, and are still subject to a 30-percent tariff. In Taiwan, to encourage people to stop buying fuel vehicles by 2040 and achieve the target of net zero carbon emissions by 2050, people who buy new electric motorcycles enjoy a subsidy from the government varies from NT$5,100 to 7,000, equals to 8,990 to P12,340, depending on the model purchased until the end of 2026. If the battery cores, negative electrode materials, electrolyte and copper foil used in the electric motorcycles are all domestically produced, each vehicle will receive an additional subsidy of NT$3,000. Until the end of 2024, people who replace their more than 10-year-old car with an electric car will get a NT$15,000 to 18,000 subsidy in Taiwan. While Singapore and Taiwan launched their first carbon exchange platform Climate Impact X and Taiwan Carbon Solution Exchange in 2021 and August 2023, respectively, Indonesia also started its carbon trading market on 26 September. President Joko Widodo attended the launch, saying the exchange could create a new sustainable economy, estimating it has the potential to be worth at least Rp3,000 trillion ($194 billion). “This will be a new sustainable economic opportunity as the world is heading toward the green economy,” he said. The post Each shrinking his carbon appeared first on Daily Tribune......»»
Managers: Phl remains on track
Despite the lackluster 4.3 percent in the second quarter, growth this year is expected to reach the target range of 6 percent to 7 percent gross domestic product expansion, according to Finance Secretary Benjamin Diokno. “To do this, we will expedite the implementation of government programs and projects, to provide fiscal stimulus to increase the productive capacity of the public and private sectors and address the adverse recent impacts of typhoons.” Diokno added. Economic managers gathered in Fort Ilocandia in Laoag City to hold the Post-State of the Nation Economic Briefing that discussed the country’s economic situation and plans on 14 August. Diokno said in 2022, GDP increased 7.6 percent from 5.7 a year ago and a 9.5 percent contraction in 2020. Diokno said the economic team is determined to pick up government expenditure in the third and fourth quarters. Revenue collections remain robust from January to June as these totaled P1.9 trillion up 7.7 percent or P132.6 billion year-on-year which is also higher than the mid-year program by 2.7 percent. Hence, Diokno said they have already pipelined 194 infrastructure flagship projects worth P8.3 trillion of which 132 are located in Luzon that will address irrigation, water supply, flood management, agriculture, digital connectivity, physical connectivity, health, and power and energy. Diokno also highlighted some of the projects like the Laoag International Airport Development Project, the EDSA Greenways, the TPLEX Expressway Expansion Project, the Laguna Lakeshore Road Network Project, the Ilocos Norte-Sur-Abra Irrigation Project, and the Naga Airport Development Project. “The Philippines is determined to be a world leader in the race to net zero and the Ilocos Region will be a strategic partner in this mission. Dubbed to be the renewable energy capital of South East Asia, Ilocos Norte is emerging to be a promising player in the clean energy arena. Being home to the first and largest wind farms in the country,” Diokno stressed. In his address, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr., said from a peak of 8.7 percent in January, headline inflation slowed to 4.7 percent in July due to improving domestic food supply conditions and lower global oil prices. However, he also admitted that core inflation remains high at 6.7 percent although it has already started to decline due to the monetary tightening. The BSP has responded to inflation by aggressively raising its policy rate, as of today, the BSP has raised policy rates by 425 basis points. Prices reined in “The good news is that inflation expectations are still well anchored. The markets continue to believe that we will hit our target range by 2024 and stay there in 2025,” Remolona said. Budget Secretary Amenah Pangandaman also gave an update on the use pf the budget for 2023. Pangandaman said at the end of July, the total amount of the national budget that has been released already is around 93 percent. “And we expect all our government agencies including all the cabinet members present here, to spend your budget so we can help grow the economy,” Pangandaman said. While for next year, the government budget will amount to 5.768 trillion and it is 21.7 percent of the GDP it has already been submitted to Congress last August 2 and the budget is expected to be passed earlier than expected. The National Economic Development Authority said it wanted to lower the poverty level to single digit. For Socioeconomic Planning Undersecretary Carlos Bernardo Abad Santos, the government has effective regional development plans. In the Ilocos Regional Development Plan from 2023-2028, the NEDA expects the Ilocos region to have a 7 percent to 7.5 percent growth while lowering the poverty incidence by 7.3 percent. ‘Build, Better, More’ under BBM;s watch Public Works Secretary Manuel Bonoan said the “Build, Better, More” program of President Ferdinand “Bongbong” Marcos Jr. is very much aligned with the medium-term development plan for 2023 to 2028 and is consistent with the 8-point economic agenda of the president. Bonoan said that from July 2022 to May 2023, the DPWH has built, maintained, rehabilitated, widened, and upgraded 4,082 kilometer of roads, 497 bridges, built 2,103 flood control projects, 55 evacuation centers, 216 kms farm to market roads, 8 kilometers of farm to mill roads, 138 kilometers tourism roads, 18 kilometers of roads to seaports, railway stations, and airports, 4,038 classrooms, and 6,002 rainwater collector system. “Because of climate change, we have to address and be building and developing resilient and sustainable communities in the 18 major river basins in the country,” Bonoan said. Some of the major projects that the department would like to continue are converting the Daang Maharlika which is actually now Asian Highway 26 which starts in Laoag City and will go around Cagayan Valley and has extended all the way to Zamboanga City. Bonoan says that they want to convert this backbone of the national highway into seamless travel. “In other words, there should be no major stops along the way, along this Maharlika highway,” Bonoan said. Bonoan said they’re going to build 12 major bridges, and the first bridge is the Cavite-Bataan Interlink bridge with a span of more than 32 km. Should it be completed, this will be the second-longest bay bridge in the world. The department also plans to start the Luzon Spine Expressway which will run from Laoag City to Bicol, Bonoan says that this will be 1,073 kms more. As for Transportation Secretary Jaime Bautista, major Department of Transportation projects like the New Manila International Airport in Bulacan, Metro Manila Subway, EDSA Greenway Projects, EDSA Busway, MRT-3 Rehabilitation, LRT-1 Cavite, LRT-2 West Extension, MRT-7, and the modernization and capacity expansion of the Ninoy Aquino International Airport are proceeding. For the Department of Information and Communications Technology Ivan John Uy, there is already a cybersecurity plan for 2023 to 2028 which is a consolidated output of all the stakeholders in designing which includes the best practices all over the world. “We’ve ramped up in our cybercrime detection, we are busting cybercrime syndicates all over the country especially those that are dealing with scammers,” Uy said. Uy said agency is also enhancing cybersecurity status by designing courses to upgrade cybersecurity professionals. He admits that worldwide, there is a 3 million job vacancies on cyber security. DICT said by the end of the year, the department will have Two Terabits of capacity from Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Tarlac, Nueva Ecija, Bulacan all the way to Manila and we should expect very good Internet connectivity by the start of next year especially on the Luzon area. These structures also open opportunities to data centers and BPOs along the places mentioned which produces employment. DICT expects that foreign investment opportunities and interest in those areas will boom. The post Managers: Phl remains on track appeared first on Daily Tribune......»»
Marcos eyes stronger ties with South Korea
President Ferdinand Marcos on Monday said his administration has put in place the necessary policies in its initial year in office that will help the transformation of the Philippine economy. The Chief Executive said this as South Korean Ambassador-designate Lee Sang-Hwa presented his credentials to Marcos in Malacanang. During the ceremony, Marcos expressed hope in the post-pandemic world, with strong partnerships and alliances with countries like South Korea, "I think we can always look forward to a better future and stronger alliance." He also mentioned regional developments such as the Association of Southeast Asian Nations taking a more dominant role in security and defense. "It is the first time that we will have joint exercises with the ASEAN member nations. And slowly I think that this is starting to stabilize the security and defense situation in our region," he noted. Lee, for his part, noted that "there is a comprehensive regional strategy (as) ASEAN takes a centerstage and the Philippines strategic importance has heightened significantly." "So we look forward to elevating our relationship formally to (a) strategic partnership at an appropriate time including many, many areas security and defense cooperation, trade and investment, and people-to-people exchanges," the South Korean ambassador added. Total PH-South Korean trade reached $15.44 billion in 2022, ranking South Korea as the Philippines' 4th largest trading partner. In the same period, exports were valued at $3.13 billion (seventh largest export destination), and imports were valued at $12.31 billion (fourth largest import source). Regarding defense, the Philippines' key procurement projects from South Korea include two 2,600-ton multi-million frigates, 12 units of FA-50 aircraft for the Philippine Air Force and a Pohang-class corvette for the Philippine Navy. In addition, the defense department signed last year a P30-billion contract with Hyundai Heavy Industries for the purchase of six offshore patrol vessels for the Philippine Navy, with the first delivery in 2025 Meanwhile, Lee told Marcos that South Korean President Yoon Suk Yeol looks forward to visiting the Philippines this year or early next year as the two countries mark the 75th anniversary of their relationship. The President said he looks forward to meeting the South Korean leader during the November Asia-Pacific Economic Cooperation Summit. "Of course, there are many other conferences and I hope that maybe in November when we go to the United States for the APEC because I'm sure your President will attend, maybe we'll have a chance to at least meet and have a bilateral meeting," the President said. "But after that, I think both sides now will be able to plan better. It's been a busy year because we just finished our first year of this administration. So slowly, slowly, we are beginning to find ways to adjust our schedules to all these very important events that we are going through," he added. The post Marcos eyes stronger ties with South Korea appeared first on Daily Tribune......»»
Alternergy starts P1.6-B renewable energy project in Oceania
Renewable power pioneer Alternergy Holdings Corp. officially commenced the operations of its first solar photovoltaic and battery energy storage system or BESS project abroad on Friday, 2 June. Together with its subsidiary Solar Pacific Energy Corporation, Alternergy inaugurated the roughly P1.62-billion Solar PV and BESS project in the Republic of Palau — the largest of its kind in the West Pacific region. The project has a capacity of 15.3 megawatts of solar PV and 12.9 MW per hour BESS. “This is a proud day for Alternergy as a Philippine-based company successfully inaugurating our very first renewable power project abroad,” Alternergy chairman Vicente S. Pérez Jr. said. “We are even more proud that our project is inaugurated as the Republic of Palau marks its three decades of independence as a sovereign nation. Our Solar PV + BESS project is Palau’s path to energy independence,” he added. Perez likewise noted that the project will help the Republic of Palau achieve its goal of a 45-percent share of renewable energy in its power generation by 2025. It will also provide 23,000 MWh of clean and renewable power and cut more than 10,000 tons of carbon emissions every year. According to Solar Pacific and Alternergy director Mike Lichtenfeld, the project has attracted strong interest from other Pacific Island nations to ramp up clean energy investments. “The Pacific Island nations are most vulnerable to climate change. Renewable energy will play a key role to help address this,” he said. Locally, Alternergy invested P20 billion for the next three to five years to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar, and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy starts P1.6-B renewable energy project in Oceania appeared first on Daily Tribune......»»
Globe data center readies PHL as regional technology hub
With the flood of data across the globe from the ever-growing demands of a thriving digital landscape, data has become the new gold. The more data you have, the more gold you will get, according to Ivan Uy, the Secretary of the Department of Information and Communications Technology. At the launch of the ST Telemedia Global Data Centres (Philippines), a joint venture between Globe, Ayala Corporation, and Singapore-based ST Telemedia Global Data Centres, Uy underscored the significance of harnessing the potential of data centers to catapult the Philippines’ hypergrowth and position the country as regional hub for information technology and digital innovations. “The Philippines is in a good position to take the front seat in the digital space,” Uy said, “we have the talent, the skillset, and the right motivation. Digitalization is one of the primary thrusts of the Marcos administration.” He added, “Traditional areas like Singapore and Japan are getting crowded. So the Philippines is an open field where they can see almost unlimited growth not just because of the untouched potential of our land but even our human resources.” Carlo Malana, STT GDC Philippines president, added the Philippines benefited from the geopolitical tensions in Europe and parts of the Indo-Pacific being at the heart of the ASEAN region. “Singapore has no available land and there is tension in the Taiwan Straits. But the Philippines has real estate space and power requirements to host data centers,” Malana said. The new data center campus, STT Fairview, will comprise over 83,000 square meters of gross floor area across four buildings. Once fully built, it offers a development potential of 124 megawatts of IT load capacity. It is strategically positioned within Quezon City with access to nearby substations and critical telecommunications, transportation links, and logistics, business, and industrial hubs. This data center is expected to store and manage various digital data of customers of nearly all types of businesses now operating in the digital age. Connected Filipinos with faster internet and high-technology smartphones, people now consume as much as they share data — texts, photos, audio, and videos online. According to a 2021 report by social media management firms Hootsuite and We Are Social, Filipinos have been the heaviest internet users in Southeast Asia and the world, surfing the web for an average of 10 hours each day, longer than that of Colombia, Thailand, and Indonesia. “Data is the fuel that will drive everything we do, from social to e-commerce. Data centers are growing at a phenomenal pace in the region. Still, the Philippines will be the center of growth in Southeast Asia,” Bruno Lopez, president and CEO of ST Telemedia Global Data Centres-International, said. In addition, Uy said the Philippines has the labor force, land area, and regulations to build the country as an efficient data center location. Uy said the government had launched programs to upskill Filipinos in data management, tapping the youth’s higher interest and knowledge absorption in technology. “Other countries’ aging population cannot cope with the future demand.” Half of the Philippine population is aged 25, while that of Japan is 48. Level of expertise Manala added, “There’s a different level required for running a critical facility. For example, a mechanic fixing your car and the other a Formula One are different mechanics.” For data protection and cybersecurity regulations, Uy said authorities would strictly implement data privacy laws and anti-cybercrime measures. “The DICT will provide companies guidelines for compliance and training to build their capacities. We will put these as our priorities for reliable data interoperability.” With these critical elements for operating an efficient data center, Lopez believes there will be at least 28,000 jobs for Filipinos and $5 billion more in national income for every 20-megawatt data center. “Data now is the new gold, and the data center is your vault. The bigger the data center, the more gold you have,” Manala explained. In the next three years, Lopez said there could be ten other data center providers in the Philippines as the digitalization of activities is accelerated by hyper scalers, which are companies engaged in various businesses like e-commerce, entertainment, and research. “I’ve worked with Microsoft, Amazon, and Google. Before, each of them wanted just five megawatts. With data centers and mobile applications growing phenomenally, 124 megawatts is a drop in the bucket.” Aside from a significant land area, hyper scalers are looking for high power capacity to run their data-centric computers 24/7. Uy said the demand for more data centers and the interest in electric vehicles or EVs would rise. “I’m also initiating programs to retool our mechanics to become EV mechanics because our automobile industry will have a profound transformation in the next ten years because computers will power these EVs.” Located along Regalado Avenue in West Fairview, Quezon City, the data center’s first phase is expected to rise in 2025, while the rest in eight years or less. “We’ll scale the growth of the rest of the facility as the demand comes in. As the customers come in, we’re prepared to give them a strategic highway for their development and growth in their countries,” Manala said. The post Globe data center readies PHL as regional technology hub appeared first on Daily Tribune......»»
ADB to tap $14 billion food security fund for assistance to Philippines program
The Asian Development Bank is looking to provide assistance to the Philippines under the $14-billion fund being allocated to help address the food crisis in Asia and the Pacific for this year until 2025......»»
ADB pledges USD 14 billion for food security in Asia and Pacific by 2025
Manila [Philippines], September 28 (ANI): The Asian Development Bank (ADB) has announced it plans to provide at least USD 14 billion over 2022-2025 as support to ease a "worsening food crisis" in Asia and the Pacific. It aims to improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss. Nearly 1.1 billion people in the region lack healthy diets due to poverty.....»»
East Asia Super League partners with FIBA to launch champions-league style joust
East Asia Super League's worst-kept secret is finally out. In an official announcement this week, EASL has partnered with FIBA to launch a champions-league style tournament featuring the top club teams in the East Asian region. The 10-year agreement will kick off with the first tournament in October 2021, one month after the scheduled FIBA Asia Champions Cup. Next year, EASL will gather eight top teams from China (CBA), Japan (B.League), South Korea (KBL), and the Philippines (PBA) to play in a tournament under a home-and-away format. Following preliminary play, the competition will conclude in February 2022 with a Final Four to determine one regional champion. The same format will be used for the 2022-2023 edition and EASL has plans to expand the tournament to 16 teams by 2023. "The recognition of the East Asia Super League is based on a shown commitment to developing basketball in the region, and is in line with FIBA’s club competition strategy that is to shape international club competitions,” said FIBA Secretary General Andreas Zagklis. "EASL has demonstrated a great operational capability to organize a high-level competition for top clubs, and a strong commitment to elevate the sport of basketball in East Asia within the FIBA regulatory framework for leagues,” said FIBA Executive Director Asia Hagop Khajirian. EASL has staged tournaments featuring East Asian Club teams in the past. The Super 8 tournament, which require all-local lineups, was played in Macau in 2017 and 2018 with Japan's Chiba Jets and China's Guangzhou Long Lions named as champions. EASL's premier tournament, The Terrific 12, allows teams to play with up to two imports. It was also played in Macau starting in 2018. Japan's Ryukyu Golden Kings won the first Terrific 12 title in 2018. Last year, China's Lioaning Flying Leopards, with Lance Stephenson at the lead, captured the championship, beating PBA flagships TNT KaTropa and the San Miguel Beermen along the way. "EASL is thrilled to receive FIBA’s support for the launch of our league. With top teams from the Greater China region, Japan, Korea, and the Philippines, we are confident it will become one of the top professional basketball competitions in the world by 2025," CEO Matt Beyer said. "We also look forward to aligning with FIBA’s vision to strengthen domestic clubs and league competition in East Asia with a potential fan base of over 2 billion people, which will contribute to FIBA’s global club championship ambitions," Beyer added. — Follow this writer on Twitter, @paullintag8.....»»
Comelec: 3 million overseas voters eyed in 2025 polls
With internet voting, the Commission on Elections is looking to have up to three million Filipinos abroad participate in the May 2025 midterm elections......»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
Insurance penetration rate slips further to 1.6 percent
The insurance industry saw its net income rise to P48 billion last year, but its contribution to the overall economy slipped further for the second straight year to only 1.6 percent......»»
Agoda Unveils Asia’s Top 9 Nature Destinations
To mark the launch of Eco Deals 2024, Agoda’s flagship US$1 million partnership with the World Wide Fund for Nature (WWF), the digital travel platform has compiled a list of some of Asia’s favored nature destinations across Asia, based on searches made on Agoda in January 2024. Enric Casals, Vice President of Southeast Asia, Agoda, […].....»»
Over $1 billion investment to Philippines from US, says Raimondo
MANILA, The Philippines: During an official visit to Manila, U.S. Commerce Secretary Gina Raimondo has said that U.S. companies have announced investments totaling more than US$1 billion in the Philippines.In a first of its kind for the Philippines, Raimondo headed a two-day trade and investment mission that included executives from 22 companies, such as United Airlines, Alphabet's Google, Visa, KKR Asia Pacific.....»»
SMC to start Bulacan airport development in 2025
Diversified conglomerate San Miguel Corp. (SMC) targets to start airport development works at its P740-billion international gateway project in Bulacan next year......»»
Vietnam s GDP to reach nearly 470 bln USD in 2024: IMF
HANOI, March 14 (Xinhua) -- Vietnam's gross domestic product (GDP) is forecast to reach about 469.7 billion U.S. dollars by the end of 2024, ranking the fifth in Southeast Asia, Vietnam News reported Thursday, citing the International Monetary Fund (IMF). Indonesia, Thailand, Singapore and the Philippines have taken the leading positions in the forecast. According to IMF, Vietnam's GDP was estimated to ha.....»»
Xinhua Asia-Pacific news summary at 1600 GMT, March 11
SEOUL -- South Korea's export fell in double digits in the first 10 days of March due to fewer business days, customs office data showed Monday. Export came to 13.54 billion U.S. dollars in the 10 days, down 13.4 percent compared to the same period of last year, according to Korea Customs Service. (South Korea-Exports) - - - - VIENTIANE -- Participants in the 30th ASEAN Economic Ministers' Retreat.....»»