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ALI launches P1.9 billion Batangas township
Property giant Ayala Land Inc. is making a bet on yet another leisure destination, a 62-hectare mixed-use estate in Batangas, with an initial budget of P1.9 billion to develop the area......»»
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......»»
The Israel-Hamas military balance
Israel has one of the best-resourced militaries in the world, heavily supported by Washington. In Hamas, it faces a highly trained armed group with powerful regional allies. With both sides poised for an Israeli ground offensive in the wake of the deadly attack on Israel by Hamas on 7 October, here is an overview of their military resources. Israel The Israel Defense Forces number 169,500, of which 126,000 are army, according to Britain's International Institute for Strategic Studies (IISS). On top of that, it has 400,000 reservists, of which 360,000 have been mobilized since the Hamas attack. Israel also has some of the most technologically advanced defenses in the world, including the "Iron Dome" anti-missile system. IISS says it has around 1,300 tanks and other armored vehicles, 345 fighter jets, and a vast arsenal of artillery, drones, and state-of-the-art submarines. Though not a declared nuclear state, Israel's nuclear weapons cache is an open secret and the Arms Control Association puts its number of warheads at 90. US ally Washington provides $3.8 billion per year to Israel in military aid under a 10-year agreement running until 2028. Defense Secretary Lloyd Austin said Sunday that he had activated deployment of a Terminal High Altitude Area Defense battery and additional Patriot battalions "throughout the region". He added that he had put "an additional number of forces on prepare-to-deploy orders ... to increase their readiness and ability to quickly respond as required." Washington had already delivered increased munitions to Israel and deployed two aircraft carriers to the eastern Mediterranean -- the USS Gerald Ford, the world's largest warship, and the USS Eisenhower -- to deter not just Hamas but also its allies Iran and the Lebanese Islamist movement Hezbollah. The US military on Tuesday ordered 2,000 personnel to prepare for deployment to the Middle East as a show of force. Hamas Hamas has a diverse arsenal built up over many years. Its armed forces, called the Ezzedine Al-Qassam Brigades, numbers 15,000 men according to IISS, though it notes that Arab media have put the figure at 40,000. They have heavy weapons obtained from across the Middle East -- particularly Iran, Syria, and Libya -- and have also sourced handguns and assault rifles from China and other regions. It also has a variety of locally made, improvised explosives and Western sources say enough drones, mines, anti-tank guided missiles, grenade launchers, and mortar shells to hold out for a long period, though precise figures are unavailable. The majority of its rockets are also locally manufactured and technologically rudimentary. Hezbollah There have already been exchanges across the border between Israel and Lebanon, where the Iran-backed Hezbollah is based. "Hezbollah can tie up IDF resources without having to fully commit to the fight, instead relying on occasional rocket or missile strikes to prevent the Israelis from growing complacent and forcing the IDF to commit manpower and materiel along the northern border," said the Soufan Center, a US think tank. In 2021, the group claimed to have 100,000 fighters. The Institute for National Security Studies, an Israeli think tank, says the number is half that. "Most Hezbollah militants are not full-time fighters but rather engage in militant activity as and when required by the group's commanders," according to Elliot Chapman of the British defense analysis firm Janes. Hezbollah mobilized 40,000 men at the outbreak of Syria's civil war, he noted. INSS says the group's arsenal counts 150,000 to 200,000 rockets and missiles, including "hundreds" of precision rockets. "Strategically, Hezbollah's rocket arsenal is the group's most significant capability for fighting Israel," Chapman said. Iran Since its Islamic revolution in 1979, Iran has made support for Palestinians one of the pillars of its ideology. Foreign Minister Hossein Amir-Abdollahian warned Sunday that "The region is like a powderkeg ... I warn the United States and its proxy (Israel) that if they do not immediately stop the crime against humanity and genocide in Gaza, anything is possible at any moment and the region will go out of control". Western analysts minimize the threat of Iran becoming directly involved and point rather to its support from Hamas, Hezbollah, and Huthi rebels in Yemen -- a so-called "axis of resistance" of Israel's enemies. Raz Zimmt, of INSS, said Iran currently had "no interest in Hezbollah engaging in an all-out war" that might threaten such a key "strategic asset". But he added that Tehran's hand could be forced by "an Israeli ground invasion, and especially Israeli military success, which will threaten the very survival of Hamas and/or its ability to maintain effective control over the Gaza Strip". The post The Israel-Hamas military balance appeared first on Daily Tribune......»»
Infrastructure crisis
Without infrastructure — including “info-structure” — there can be no development. And without development support, many developing countries will be starved of the infrastructure they desperately need. Infrastructure is the foundation of everyday life for people and economies. From drinking water and basic sanitation, to electricity, connectivity and Internet access. From public services like schools and hospitals, to modern roads, bridges, tunnels, harbors and railways that keep people and goods moving. And yet, billions in the developing world lack access to these basic systems. This infrastructure crisis comes as people are facing a cauldron of challenges across our efforts to advance peace, sustainable development and human rights. This includes soaring costs of living, rising inequalities and the existential threat of climate breakdown. Meanwhile, progress on the Sustainable Development Goals and the Paris Agreement is slipping into reverse. We must find and fund ways to generate economic growth, create decent jobs, transform energy systems and advance sustainable solutions for the 21st century. Infrastructure is a crucial pathway. We can and must turn the infrastructure emergency into the infrastructure opportunity. The Belt and Road demonstrates that we have a historic opportunity to build modern, green cities, communities and transportation and power systems that place resilience and sustainability at the heart. That deliver services and decent jobs for people in a sustainable manner. And I see the Belt and Road Initiative’s potential to make valuable contributions in two key areas of action. First — by advancing economic sustainability in developing countries. Many developing countries are confronting dramatic financial challenges, drowning in debt and without fiscal space to implement the sustainable development goals. It is time to make the global financial architecture truly global and fit for the 21st century. At last month’s SDG Summit, world leaders endorsed a commitment to reforming the global financial architecture to make it reflect the world economy of today, not the one of 1945. Leaders also agreed that we can take actions right now to promote effective debt relief mechanisms — including by ensuring that countries are not locked into unsustainable debt — and channeling emergency financial support toward those countries that need it most. And leaders also supported an SDG Stimulus of $500 billion per year. Now, in this context, a dramatic context for the developing countries, the relevance of the Belt and Road Initiative is undeniable. It has included nearly $1 trillion in cumulative investments across more than 3,000 projects around the world. The second key area for action is by advancing environmental sustainability. The Belt and Road Initiative recognizes that infrastructure for infrastructure’s sake is not enough. The Belt and Road is an important instrument to make key investments a reality, driven by clear domestic demand, and in line with international best practices. Investments that enable resilience and adaptation across national and local planning. Investments that can help keep our 1.5-degree global warming limit within reach. And investments that don’t leave countries with stranded assets and the polluted dead ends of the past. Many developing countries are confronting dramatic financial challenges, drowning in debt and without fiscal space to implement the sustainable development goals. It is time to make the global financial architecture truly global and fit for the 21st century. I recognize the efforts of the Green Silk Road initiative to anchor investments in sustainable solutions — an area in which the UN is poised to support. But developing countries will need massive support for a fair, equitable and just energy transition towards renewables while providing affordable electricity to all. We all agree that development cannot come at the expense of the air we breathe, the water we drink or the biodiversity that defines our planet’s health. *** Excerpts from the UN Secretary General’s remarks at the 3rd Belt and Road Forum for International Cooperation, 18 October 2023. The post Infrastructure crisis appeared first on Daily Tribune......»»
Primelectric to invest P2 billion in CENECO
Primelectric, a sister company of Enrique Razon-led MORE Power, is readying its investments to beef up services and achieve full electrification in the franchise area of Central Negros Electric Cooperative Inc. under their planned joint venture......»»
Maynilad activates P1-B reservoir expansion
West Zone concessionaire Maynilad Water Services Inc. has mobilized P1.07 billion to augment the storage capacity of its main reservoir in Quezon City to address water supply constraints. Maynilad has 39 reservoirs across its franchise area, but the Bagbag Reservoir, which can store up to 200 million liters of treated water produced by its La Mesa Treatment Plants 1 and 2, serves as its primary reservoir. It serves around four million customers in Quezon City, Caloocan, Malabon, Navotas, Manila, Makati, Pasay, and parts of Parañaque and Cavite — representing approximately 58 percent of Maynilad’s total customer base. Maynilad said over the weekend that the expansion of Bagbag Reservoir involves the construction of a new chamber in this underground reservoir, which will add another 100 million liters to its storage capacity. Likewise, the water company said other enhancement works on the facility, including a 1,800mm-diameter inlet and outlet pipeline installation, new tank construction, and pump upgrade to improve its operating capacity. “Water demand has been increasing over the years due to population growth in urban areas. By increasing our water-storage capacity, we can address water availability issues, especially during hours of peak demand when consumption can sometimes exceed our water reserves,” said Maynilad President and CEO Ramoncito Fernandez. Based on the latest timeline provided by the company, the project is scheduled to be completed by 2027. Maynilad is the concessionaire of the Metropolitan Waterworks and Sewerage System for the West Zone of the Greater Manila Area composed of certain areas in the cities of Manila, Quezon City, Makati, Caloocan, Pasay, Parañaque, Las Piñas, Muntinlupa, Valenzuela, Navotas and Malabon. It also operates in the cities of Cavite, Bacoor, and Imus, and the towns of Kawit, Noveleta, and Rosario. The post Maynilad activates P1-B reservoir expansion appeared first on Daily Tribune......»»
NEA wants Primelectric deal to aid consumers
The National Electrification Administration or NEA has asked Primelectric Holdings, Inc., a unit of MORE Electric and Power Corp., to ensure that its joint venture agreement or JVA with Central Negros Electric Cooperative, Inc. or CENECO will uphold consumers' interest. "I hope we can address the concerns of the opposition. We must also consider them. Regarding the participation of the Member-Consumer-Owners, it has been concluded during the plebiscite so we will put this into motion with all the required legal objectivity,” NEA Administrator Antonio Almeda said on Monday. Last week, Almeda met with Primelectric and CENECO officials to address the opposition concerns to improve the JVA of the involved parties. Primelectric and CENECO presented their joint venture to the NEA board to discuss service improvements for consumers. “This venture seeks to magnify the electric industry in Central Negros by not just streamlining the internal and external operations of concerned parties but also rehabilitating and modernizing the distribution system, which is deemed crucial in providing quality service to our consumers,” Primelectric President Roel Castro said during the hearing. For his part, CENECO acting general manager Atty. Arnel Lapore also supported the critical role the JVA plays in the area, adding that it “strongly” supports the NEA’s objective to achieve efficient service for all consumers. “I’m one with NEA in facilitating the service for the benefit of our consumers. That’s why I strongly support and cooperate through this JVA to ensure we deliver quality operations internally and externally. Rest assured that we duly consider all the suggestions raised by Admin Almeda during the hearing,” Lapore said. Primelectric has already conveyed that it is ready to pour in investments to modernize the system of CENECO. Castro highlighted that the target P2.1 billion initial investment in the capex of its operations will bankroll cutting-edge and top-of-the-line systems for a better consumer experience. Castro also emphasized that the JVA will help achieve the 100 percent total electrification target in the franchise area by 2028 “in alignment” with the present administration’s agenda of achieving sustainable and inclusive economic growth. “We need to rehabilitate the system because if you don’t put in the additional P2 billion investment or even bigger, you will be inheriting a distribution system that is just the same as now that is inefficient. That’s why we have to put (the investment) in P2.1 billion to start rehabilitating and improving the system,” he said. Primelectric and CENECO signed the JVA last 3 June purposely to improve the electricity services in Central Negros. The proposal received support from local leaders, the business sector, and consumer groups. No less than Bacolod City Mayor Albee Benitez described the partnership as “a White Knight that would save our consumers from the looming disaster.” The post NEA wants Primelectric deal to aid consumers appeared first on Daily Tribune......»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»
CdO biz group seeks capital via tax perks
The Cagayan de Oro Chamber of Commerce and the City Government have enticed various stakeholders to ramp up investments in the city. During the Cagayan de Oro Investment Forum on Thursday, George Sio Goking, city councilor and representative of CdO Mayor Rolando Uy, said the province now is very business-friendly, adhering to the mandates of the Ease of Doing Business Act. “We are the first in Mindanao to be commended by the Anti-Red Tape Authority. Also, the business climate in Cagayan de Oro is conducive to investments as we provide enough incentives to our investors. The government is open to the needs of our investors,” he said in an interview. Good business prospects exist in Cagayan de Oro City, according to Goking. Growth industries Among the growth sectors are the business process outsourcing and IT-BPM sector. “We have enough land there to transform into industrial firms. CDO has 60 hectares of land ready for development through private-public partnerships. To date, the City Government of Cagayan de Oro is offering investment opportunities such as the P4.5 billion Waste-to-Energy Project, a priority urban infrastructure project under the Sustainable Urban Infrastructure Development for Metro Cagayan de Oro; the Commercial Land and Lease at The New City, which already begun with the P25 billion 20,000-unit mid-rise housing project of the Department of the Human Settlements and Urban Development; and P4 billion worth Development, Construction and Operation of the Cagayan de Oro City Sewerage project. Meanwhile, private company Gedah Holdings, Inc. has also poured in a P27 billion project for the Development of Paraiso Hill, a 39-hectare master planned and mixed-use estate that is part of the East-Uptown Urban Development Area. Another private firm, Philippine Aerial Ropeway and Cable Transit Corporation has also placed P8.8 billion worth of investments in the development, construction and operation of the Cagayan de Oro Aerial Mass Transit System. The post CdO biz group seeks capital via tax perks appeared first on Daily Tribune......»»
Half of finance work could be AI by 2030
Dear Editor, The G.M.A. Integrated News unveiling of A.I. sportscasters Maia and Marco last 24 September captivated many people during the start of the National Collegiate Athletic Association or NCAA Season 99. This groundbreaking introduction sparked intense discussions on social media about Artificial Intelligence’s potential implications on journalism’s future. People expressed a mix of excitement and apprehension, highlighting the need for further exploration and understanding of AI’s role in shaping the field of journalism. As Artificial Intelligence advances at an unprecedented rate, it is not only in journalism where AI can automate work. According to McKinsey, by 2030, approximately half of the finance work could be automated. This automation will bring opportunities and challenges, as AI can streamline processes and improve efficiency. The finance areas that have already started to be automated are the banking and financial institutions, risk assessments, credit scoring, customer service, and market sentiment analysis. In banking and financial institutions, an AI called KAI-GPT can auto-detect risks, generate insights, and make financially literate recommendations. Launched on 31 May 2023, KAI-GPT is the world’s first banking-specific large language model designed to address the industry’s unique accuracy, transparency, trustworthiness, and customization needs. The KAI-GPT provides a human-like, financially literate response. Westpac, Australia’s first bank and oldest company serving more than 12 million customers, is in the process of implementing KAI. Meanwhile, in risk assessment, the tool DataRobot AI can simulate potential fraud scenarios and detect credit risks, fraud risks, and market volatility. Using predictive and generative DataRobot AI improves the technical ecosystem in Financial Services. Sanlam, Africa’s largest non-banking financial institution, uses DataRobot AI, resulting in more streamlined and transparent solutions, driving critical business value levers such as sales and client retention. In the finance area of credit scoring, the Personetics and AIO Logic can detect risk, determine rates, and structure customer loans. Personetics serves over 140 banks and financial institutions across 30 global markets, reaching 135 million banking customers. United Overseas Bank, a Singapore-based Banking and Financial Services organization with 24346 employees and revenues of $9790000.00 billion, uses Personetics. AIO Logic is well known as an AI for Automated Payment Management, Automated Balance Management, Automated Accounting, Complex Structures, Automated Invoicing, Automated Reporting and Analytics. These two credit scoring AI can also assess customers’ creditworthiness and set credit limits. In customer service, robo-advisors, chatbots, and virtual assistants provide a conversational system fit for financial planning assistance. Robo-advisors offer financial advice and limited human interaction, which appeal to Generation Z, who have virtual interactions with advisors and are increasing interest in novel assets like cryptocurrency. The AI is now also in market sentiment analysis, and Bloomberg G.P.T. shows how to automatically analyze news, articles, social media and other classified textual data. Launched on 30 March 2023, Bloomberg GPT is a significant language model with 50 billion parameters trained explicitly on a wide range of financial data. It can perform market sentiment analysis and even help manage investment portfolios. These advancements in AI technology have the potential to significantly streamline and automate many tasks in the finance industry, reducing the need for human intervention. The applications of generative AI in Finance will be widely seen in regulatory compliance and reporting, financial forecasting, portfolio optimization, anti-money laundering and algorithmic trading. However, it is essential to note that while AI can enhance efficiency and accuracy, it is not a substitute for human expertise and judgment. Human oversight and decision-making will still be crucial in navigating complex financial landscapes and ensuring AI technologies’ ethical and responsible use. Still, job displacement in finance may occur, and the need to upskill the workforce is now paramount. Arnel Lopez Cadeliña arnelcadelina@gmail.com The post Half of finance work could be AI by 2030 appeared first on Daily Tribune......»»
‘They put a price on everything’: extortion hits Mexican economy
Plots of land lie empty among lime and banana plantations in one of Mexico's most violent regions -- abandoned by their owners due to widespread extortion squeezing Latin America's second-largest economy. As in many other agricultural zones around the country, criminal gangs in the western state of Michoacan have become a major market force, driving up costs and hurting not just farmers but also consumers. Take limes, for example: despite a national increase in production, and a slowing of overall consumer price inflation, the cost of the citrus fruit rose by more than 50 percent in the past year, according to the Agricultural Market Consulting Group (GCMA), a consulting firm. The impact is huge in a country where limes are a vital ingredient in many dishes. "The prices are through the roof!" said Gabriela Jacobo, a 53-year-old housewife who now only buys a few limes a week. The threat from organized crime is such that trucks transporting limes now have police escorts, AFP reporters saw during a visit to the region. The fallout has even been felt in Mexico City, where drug and gang violence is often seen as a faraway problem and the ability to source food from all around the country eases supply problems. The price of limes in the capital doubled, reaching almost $4.5 per kilo ($2 per pound) in August. "It's not because of a supply issue," but because of extortion, said GCMA analyst Juan Carlos Anaya. Turf wars Michoacan, which covers an area as big as Costa Rica, is riven by bloody turf wars between rival gangs such as the Jalisco New Generation Cartel, Los Viagras, and La Familia Michoacana. As well as fighting over drug smuggling routes, they also compete to make money through extortion. Payment is taken in the form of a charge of 11 US cents to package each kilo of limes, a farmer told AFP, speaking on condition of anonymity due to fear of reprisal. It may not sound like much, but the region can produce about 900 tons of fruit every day. In the past, "the criminals had their fights but they left us to work. Now they don't even leave us to work,'" the farmer said. Tomato, banana, and mango producers, as well as transporters and distributors, must also pay the gangs, he said. "They put a price on everything," he added. Extortion and theft cost companies in Mexico about 120 billion pesos ($6.8 billion) a year, equivalent to 0.67 percent of the country's annual economic output, according to official figures. In the southern state of Chiapas, extortion and violence have caused food shortages in communities bordering Guatemala. "There's no electricity. There's no food. There's no water. There's no gas," a resident told AFP. The region is gripped by a turf war between the Jalisco New Generation and Sinaloa cartels that has led to dozens of business closures and forced locals to buy supplies in Guatemala, at higher cost. Even the ingredients for tortillas -- a Mexican staple -- are being purchased across the border. Cities such as Chilpancingo, the capital of southern Guerrero state, also saw widespread closures of chicken shops in the past after farmers and merchants who allegedly refused to pay extortion were murdered. 'Deep trouble' Avocado growers have also fallen prey to the battle for control of Michoacan's agricultural riches. Last year the United States briefly suspended avocado imports from the state after a US inspector checking export shipments before the Super Bowl received phone threats. To confront crime, lime producers like Hipolito Mora founded self-defense groups in 2013 that were themselves later accused of links to criminals. After vehemently denouncing drug traffickers, Mora was shot dead in June in Michoacan. "We're in deep trouble with the cartels," said his brother Guadalupe Mora, who was being watched over by several bodyguards. "They charge us a fee for everything -- basic foods, soft drinks, beers, chicken. Everything's very expensive because of them," he said. State prosecutor Rodrigo Gonzalez urged people to come forward to report such crimes. "We're committed to fighting these people, identifying them, arresting them, and bringing them to court," he said. But many fear they will suffer the same fate as Mora if they speak up. Despite the risks, the farmer said that he had no intention to leave his land. "Lots of people depend on us and our work, to provide for their families," he said. The post ‘They put a price on everything’: extortion hits Mexican economy 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......»»
DTI pushes for AI research hub; P300-M for consumer protection programs
The Department of Trade and Industry is pushing for the establishment of the Center for Artificial Intelligence Research, however, it remains "unfunded” under the proposed 2024 National Expenditures Program. During the hearing of Senate Committee on Finance’s Subcommittee “M” on DTI’s proposed P7.909 billion budget for the fiscal year 2024 on Tuesday, Trade Secretary Alfredo Pascual emphasized the idea would help the country's Micro, Small, and Medium Enterprises to effectively adopt “artificial intelligence in their business operations. “This is a research [and development] center. The model is the AStar of Singapore…It’s industry-oriented, it's not academic research. It’s a way to help MSMEs to adopt AI in their operations,” Pascual said, citing that large companies in the country “can take of themselves” to implement AI solutions in their businesses. “But this SMES would need assistance and this is the center that could do that plus the continuing research in the impact of AI on employment which jobs will be affected,” he said. The issue of AI ethics will also be addressed through CAIR, he added. “We are working this out, actually with some business groups that can donate…In fact, we have been offered already a place,” the DTI chief said. Pascual explained that the CAIR has been included in the DTI’s plan for revitalizing Philippine industries under the Philippine Development Plan. Meanwhile, DTI’s Competitiveness and Innovation Group, Undersecretary Rafaelita Aldaba said the agency has been requesting funds, amounting to P200 million, for the CAIR since two years ago. Aldana did not give further details as to why the Department of Budget and Management disapproved their requests. Stressing the importance of the AI program, Senate President Pro Tempore Loren Legarda lamented there must be a reason why the CAIR did not get a budget. Legarda asked Aldaba to further provide details on CAIR as the latter noted the DTI doesn’t have enough space in their existing building, “It’s a physical center and its goal is for us to become an AI center of excellence in the region in the near future. It’s going to house our data scientists, researchers, engineers who will be conducting AI [research and development] to support the needs of the industries, including MSMEs, start-ups, large companies, and multi-nationals,” Aldaba said. The CAIR is also eyed to provide capacity building and training and workshops on AI, she added “so that new products and services could come out from the idea. However, Legarda said DTI should not wait for the physical CAIR to be set up before it starts building the capacity of Filipinos concerning AI, adding that developing a physical infrastructure may take at least two years. “And knowing government, that’s so slow. That means all the resources on AI will not ensue until the structure is done,” Legarda lamented. “What I’m saying is that while the infrastructure is not yet set up, we should continue with AI capacity buildings and research.” Senator Mark Villar, who presided over the budget hearing, backed Legarda’s position, noting that DTI should ensure that AI benefits the country. “Other countries are very concerned also about what AI might mean for the labor industry and what the implications are. I think it’s important that we learn how we can leverage it to help our industries,” he said. On the other hand, Pascual appealed to the Senate for an additional P300 million in funding to strengthen the DTI’s consumer protection programs. “We want to reorganize our consumer protection activity by centralizing it because you cannot expect a junior person running after hoarders or profiteers in an area where there are a lot of people of influence that are operating in the region,” he said. “So the plan that we have done, this planning, after the budget submission, is to centralize the consumer protection activity in the head office and have a quick response task force,” said Pascual. “That would require a funding of P300 million to strengthen our consumer protection activities," he added. Villar supported the DTI’s plan citing its significance amid the ongoing inflation being experienced in the country “It is very relevant that the DTI takes a stronger role in monitoring these hoarders and manipulators,” he said. DTI Assistant Secretary Jean Pacheco said the P300 million would fund an inter-DTI strike team to increase their enforcement activities, consumer education and advocacy, complaints handling, and procurement of equipment for the certification and testing of vapes, among others. At least P130 million of the total request will be utilized for the procurement of equipment for DTI’s certification and testing of vape products, which is in line with their implementation of the law regulating e-cigarettes. The post DTI pushes for AI research hub; P300-M for consumer protection programs appeared first on Daily Tribune......»»
Sovereign interest
The Philippines is earning plaudits for the Marcos administration’s tough balancing act of asserting its territorial claim on the West Philippine Sea while preventing the tense situation with China from escalating. President Ferdinand “Bongbong” Marcos Jr. has made it his policy to improve relations with the United States that were strained under the last administration, while continuing to engage with China but recognizing the need to respect each country’s position. Sydney-based think tank Lowy Institute cited recent moves by the country that showed it will not back down from China’s assertiveness, but neither will it take actions to provoke its anger. “While Beijing attempts to tighten its grip on the region with a new ten-dash line, a multi-billion dollar military modernization drive is underway in the Philippines,” a Lowy report said. It said many analysts believe that Manila’s pronouncements about confrontation are “gestures” rather than real attempts to challenge China. An open conflict would have tremendous geopolitical and economic costs for the Philippines. “Beijing remains Manila’s top trade partner and import supplier,” Lowy said. It cited instances in which the Philippines stepped back from adding fuel to the fire. “The Philippines’ decision to skip last month’s joint military exercise with the United States, Australia and Japan in the South China Sea is seen as a way of avoiding conflict with China,” it noted. It said that Defense Secretary Gilbert Teodoro had refused to cooperate with Taiwan on security issues, which has been viewed as the country’s continued adherence to the One-China policy. “Despite his harsh remarks on Beijing, some Chinese international relations experts are optimistic about the appointment of Teodoro Locsin as Manila’s Special Envoy to China as he has not only favored cooperation with Beijing but has been critical of the West,” it added. Lowy said Locsin’s appointment is read as Manila’s attempt to stabilize ties with Beijing, adding that “others are disappointed with the choice.” This recognition from independent observers indicates the Marcos administration is skillfully threading a thin line to show it is insisting on its sovereign stake while pushing back against Beijing. Manila’s resupply mission to the BRP Sierra Madre landing craft, for instance, which is considered the eye of the storm in the current friction, has been a pure play by Philippine forces. Manila’s supply and coast guard ships are constantly in a game of tag with huge Chinese Coast Guard vessels which try to frustrate the provision of supplies to the platoon of Marines guarding the outpost. Last month, China’s coast guard water-cannoned a Navy supply boat. Beijing’s Ministry of Foreign Affairs justified this as “safeguarding our sovereignty in accordance with law” and criticized Manila for “ignoring China’s goodwill and sincerity.” China then demanded the Philippines remove the beached Sierra Madre. Lowy reported that “Manila has further aggravated Beijing by describing the danger of conflict in the Taiwan Strait as a ‘major security concern,’ in its newly published National Security Policy.” It quoted various state mouthpieces in China as having criticized former Philippine President Rodrigo Duterte’s condemnation of the ten-dash line and his claim that Manila “wouldn’t resist a fight” for its maritime rights. China has always referred to the Duterte period as when an ideal engagement had existed with the Philippines. Duterte initially exerted efforts to win the trust of the Chinese but had always indicated to President Xi Jinping that he would have to raise at some point the decision of the Permanent Court of Arbitration that favored the Philippines. China continues to follow its playbook that the Philippines is being manipulated by the US to take bold actions in the West Philippine Sea conflict. Beijing glosses over the fact that when the late President Noynoy Aquino bungled the handling of the 2012 faceoff with China, it was the US that abandoned the Philippines as it did nothing to stop the reclamation of features in the disputed area. Similarly, China has advocated dialogue but, thus far, nothing has come of it, even after the Philippines gave way to its wishes over the past six and more years. The post Sovereign interest appeared first on Daily Tribune......»»
Berong rehab ahead of sked
Berong Nickel Corp. or BNC of the Consunji Family’s DMCI Mining Corp., is bullish to complete the rehabilitation of Berong mine ahead of schedule amid an aggressive implementation of restoration activities. The Berong final rehabilitation program covers 109 hectares of surface mine, 209 hectares of silt control structures, and 25 hectares of stockpile area. It will be be conducted over six years starting in June. After rehabilitation, the disturbed areas could be used for eco-tourism, agro-forestry, and inland fish farming by the Department of Environment and Natural Resources, local government units, and host communities. In a stock report on Thursday, BMC, through DMCI Holdings Inc., disclosed that it completed 88 percent of its annual land preparation target within just six months. 30 hectares rehabilitated This means that the company has successfully rehabilitated over 30 hectares of the Berong mine — almost near the 34-hectare target set for the year. Land preparation, a critical component of the mine rehabilitation process, includes slope benching and soil matting to avoid landslides, promote vegetation growth, and create a more hospitable environment for returning wildlife. “We are fully committed to addressing our impacts on the environment and to our host communities. In our first year, we were able to exceed many of our rehabilitation targets,” BNC president Tulsi Das Reyes said in the report. “The progress we have made in such a short time is a testament to our team’s hard work and dedication,” he added. Erosion control accelerated Additionally, BNC disclosed that it also accelerated its erosion control and soil stabilization efforts by installing 672 coconuts — nearly six times its annual target of 116. The company said that it also laid down 1,721 meters of geo-textiles, significantly enhancing the ecological stability of the areas under rehabilitation. As part of the final mine rehabilitation of Berong, BNC topped its seedling production and transplantation targets for the year. The company produced 214,052 seedlings, 152 percent higher than its 85,000 target. From this, it was able to plant 81,709 during the first semester, which is already 96 percent of its annual target of 85,000 seedlings. The Berong mine opened in October 2006 and was fully depleted by December 2021. Aside from generating 1,634 direct and indirect jobs, the mining operations yielded 10.3 million wet metric tons of nickel ore and P2.6 billion worth of mining duties, royalties and taxes. The post Berong rehab ahead of sked appeared first on Daily Tribune......»»
PEZA anticipates more Chinese investments in PH
Philippine Economic Zone Authority Director General Tereso O. Panga said more Chinese companies are choosing the Philippines as their next investment destination for their operations, at the completion of the 20th China-ASEAN Expo last 19 September. “With our robust economic performance and aggressive investment strategy, we are bullish in attracting more Chinese investments to the country especially in our ecozones, which can provide the best business ecosystem for our investors,” said Panga. During the Philippine Investment Forum in China, Philippine Ambassador to China Jaime A. FlorCruz highlighted that Chinese investors have expressed positive and increased interest in locating in the Philippines. He reported that the state visit of President Ferdinand R. Marcos Jr. secured over $22 billion in strategic investment commitments. FlorCruz also stated that “In the past 6 months since I took this role as Ambassador, I have met many Chinese executives actively seeking investment opportunities across numerous industries in the Philippines. Many are now poised to invest in the Philippines.” After the forum, two big Chinese companies met with Philippine officials to discuss business opportunities. One company, a leading global provider of smart devices, seeks to expand its presence in the Philippines, especially in the area of consumer electronics. Another company, one of the five largest power generation groups in China, aims to bring in renewable energy projects to the country. PEZA seeks to attract investments from high-tech industries and emerging technologies in industrial manufacturing transport, technology media and telecommunications, health and life sciences, agro-processing, renewable energy development and green ores. To date, a total of 164 Chinese companies/projects are registered at PEZA, generating P25.822 billion investments (as of May 2023) and creating 16,221 direct jobs (as of March 2023). On the sidelines of the CAEXPO, Panga represented the Philippines during the Roundtable Meeting on Investment Cooperation with the theme: “China-ASEAN Cooperation in Green Low-Carbon and Digital Economy”. He noted, “The China-ASEAN Cooperation in Green Low-Carbon and Digital Economy represents a vital step toward sustainable development, environmental conservation and economic growth, not just for the participating nations but for the entire world.” The PEZA Chief also laid out some of the initiatives of PEZA and the national government to contribute to attaining the Sustainable Development Goals. These projects include the integration of SDGs to the Philippine Development Plan (PDP) 2023-2028 and PEZA’s participation in the Global Reporting Initiative. PEZA is strengthening its ecozone development initiatives as part of the medium-term strategies under the PDP 2023-2028. Panga explained that on top of the conventional ecozones, PEZA is venturing into new frontiers in ecozone development to cater to new industries and to promote emerging global eco-industrial park models in the Philippines. “We intend to transform our ecozones and our registered export enterprises to be more sustainable, resilient and innovative and thereby make them competitive in the local and global value chain,” he said. So far, PEZA manages 422 economic zones nationwide which host 4,352 locator companies engaged in various industries including export manufacturing and IT-BPO. Considered as one of the largest expositions in China, the CAEXPO is an international economic and trade event co-sponsored by the central governments of China and the ASEAN countries. It is one of the key projects that form part of the Philippine-China Development Plan and is a major promotional platform that supports the country’s ASEAN-China Free Trade Agreement. PEZA is the lone investment promotion agency partner of the Department of Trade and Industry export promotion arm Center for International Trade Expositions and Missions for the CAEXPO participation. Following this event, PEZA joined the Special Envoy to China for the Philippine Investors’ Roadshow in Beijing, China on 26-30 September 2023. The post PEZA anticipates more Chinese investments in PH appeared first on Daily Tribune......»»
Bersamin: ‘Phl can live without China’
Executive Secretary Justice Lucas Bersamin on Thursday said that the Philippines can live without China and that it should avoid overdependence on its Asian neighbor despite the two countries' strong economic ties. In a recent interview with journalist Ka Tunying, he asked Bersamin whether the Philippines is dependent on China. He responded that the question has many aspects and that he is not in a position to speak about it because he is too close to President Ferdinand Marcos Jr. However, Bersamin did say that the Philippines is dealing with the issue of its relationship with China diplomatically. He also said that it is still possible for the Philippines to go with China but that the country should not be too dependent on its Asian neighbor. "We are dealing with (several) issues diplomatically. It is still possible for us to go with China, but about the economic viability of our relations or the economic dimensions if we were to go against China. You know, we can't say that we are dependent on China," Bersamin said. "China might be our trading partner or supplier, or it gives us some products that we may need, but we should not be too dependent on China. I don't think China will even want us to be dependent because China knows that we have a multilateral approach," Bersamin added. Bersamin's statement comes when the Philippines is facing increasing pressure from China in the South China Sea. China has been militarizing islands and reefs in the disputed waters despite a 2016 ruling by the Permanent Court of Arbitration that invalidated its claims. When asked if he thinks China needs the Philippines more than the Philippines needs China, Bersamin said that the Philippines has exclusive rights to the fisheries and natural resources in that area. "Perhaps China is acting this way because they know that in the eyes of other countries, we are the ones who should be recognized as having the exclusive right to own these fisheries and natural resources in that area," Bersamin said. "That's probably why China is acting like that. But beyond that, we do not want to have a conflict with China. We do not want to provoke a conflict with China because we can coexist with China." Ka Tunying, meanwhile, said that more countries are siding with the Philippines in the West Philippine Sea dispute because the current administration is being more transparent about what China is doing. "The biggest news today regarding China's aggression is that more countries are siding with us because this administration is becoming transparent about what China is doing in the WPS (West Philippine Sea). Did you notice that during the previous administration, they intentionally did not report what China was doing because we didn't want to upset China back then?" Ka Tunying asked Bersamin. Bersamin said that he was not paying much attention to the issue during the previous administration. Still, he said that he wants to avoid comparing the two administrations' foreign policy directions. "I don't want to compare," he said. "We leave that to the Presidents to make those decisions, the directions that they take," he added. Despite the dispute, the Philippines and China have maintained close economic ties. Latest data from the Philippine Statistics Authority showed that China has become the Philippines' primary trade partner, representing a significant portion of the nation's exports and serving as the leading provider of imported products. As of May, exports reached a total of $6.44 billion, with China carrying out 16.6 percent of total exports during the month. Import costs, meanwhile continued to surpass export receipts, hitting $10.84 billion during the month. China was also the country's biggest source of imported goods, supplying 24 percent of the country's total imports. The post Bersamin: ‘Phl can live without China’ appeared first on Daily Tribune......»»
NPA rebels better off joining military reserve force—Zubiri
Senate President Juan Miguel Zubiri on Wednesday raised a suggestion that members of the New People Army’s are better off joining military reserve forces to support their pro-people advocacies. “My appeal to the left, to the opponents of the government from the left. We are all Filipinos here. Isa lang namana ng hanay natin. We all wanted ang mabuhay ng mapayapa at mabigyan ng pagkakatapon ang ating mga kababayan na mabuhay ng disente through education through livelihood we are all in the same end games,” Zubiri said during the deliberation of the Senate Committee on Finance on the 2024 proposed P229.9-billion budget of the Department of National Defense and its attached agencies, . Zubiri lamented that overthrowing the government through political ideologies has been long gone. “Yung mga nagnanais na masira ang ating bansa through political means through ideological means—wala na yan sa ibang parte ng mundo wala na yan (Those who want to destroy our country through political means through ideological means—it does not exist anymore in other parts of the world),” he said. Zubiri said, “These rebellions have already failed and they decided to come together and move forward with the political solution.” “Mas maganda na sumama na lang sila sa atin para mawala yung korapsyon para mawala yung kagutuman at kahirapan (It’s better that they join us to eliminate corruption to get rid of the hunger and poverty) he added. Zubiri urged NPA members to become military reserve forces. “Imbes na mamaril pa ng kapwa Pilipino, mas maganda mag volunteer na lang sila sumama na lang sila sa reserve force, doon sila ideploy sa Pag-asa Island. Samahan nila ang mga mangingisda natin doon. Mas maganda po ‘yun (Instead of shooting your fellow Filipinos, its better that they would volunteer to join us and become part of our reserve force. They can be deployed in Pag-asa Island. They should accompany our fishermen there. It will be better),” he said. Pag-asa Island, also known as Thitu Island, is 37.2 hectares of rock located in the Spratly Islands and is the largest of the Philippine-administered islands. It lies about 500 kilometers west of Puerto Princesa, Palawan. Amid the ongoing tensions in the Philippine territorial waters, Senator Ronald “Bato” Dela Rosa said NPA members should instead join the Reserve Officers' Training Corps to help defend the country against external threats. “Sana mag-ROTC na lang sila para makatulong (Hopefully, they will join ROTC so they can help),” said Dela Rosa. On the other hand, Zubiri urged the Armed Forces of the Philippines to take note of the consequences of insurgency-free declaration in various NPA-infiltrated areas. “May mga recidivist pa rin. Yung mga diehard, hindi mawawala iyon. Kaya minsan, hindi maganda na ina-announce niyo na NPA-free yung probinsya kasi pag ina-announce niyo gumagawa sila ng hakbang, maski nagaling sa labas papasok dooon nanggugulo para lang ipakita na mali ang mga annoucements so we have to be careful (There are still recidivists. Those diehards won't go away. So sometimes, it's not good that you announce that the province is NPA-free because when you announce it, they take steps—even though people from the outside come in there causing trouble just to show that you announcements are wrong, so we have to be careful.),” Zubiri said. Brawner explained that the declaration of insurgency-free is intended to help the previously NPA-infiltrated areas to attract investment opportunities “after being deprived for long decades due to the security threats posed by rebels.” “We need to declare first the area insurgency-free so that the investors will also come in. They’ll feel secure coming into that provinces or regions,” he said. Brawner confirmed Zubiri’s remarks that leftists are messing up with the declaration of insurgency-free areas. “Nangyayari po iyon. Totoo po iyon Mr. Senate President na once we declared an area insurgency-free, ang ginagawa ng makakaliwa is that from the outside nag-iinfiltrate sila (That happens. That's true Mr. Senate President that once we declared an area insurgency-free, what the leftists are doing is that from the outside they are infiltrating in that area),” he said, citing one recent incident in Bicol region where a group of NPA rebels attacked a military detachment to sow fear in the communities. The success of the Barangay Development Program within identified conflict-affected areas and geographically- isolated and disadvantaged areas, resulted in the "demolition" of rebels is one of the military's parameters in the declaration of insurgency-free. Brawner noted the huge contributions of the BDP in addressing the root causes of insurgency. He said the government’s BDP allows basic services more accessible to the communities previously infiltrated by the NPA rebels, including farm-to-market roads, and education facilities, among others. The post NPA rebels better off joining military reserve force—Zubiri appeared first on Daily Tribune......»»
EDC funneling P60B for geothermal push
Energy Development Corp., or EDC, the renewable energy subsidiary of Lopez-led First Gen Corp., is investing roughly P60 billion over the next three years to drill 40 new wells to sustain existing operations and stabilize its geothermal capacity. Speaking to reporters at the sidelines of the Net-Zero Carbon Alliance or NZCA Conference on Monday, EDC vice chairman and CEO Francis Giles B. Puno said the planned drilling will be done across the Visayas and Mindanao areas. “A lot of it will be in Leyte and also in the Mt. Apo area — all of that will help to sustain EDC’s operations. Geothermal plants are a 24-hour baseload source of renewable energy. Having said that, over the next three years, we’re in a campaign to make sure that it’s sustainable; we need to make sure that we can continue to extract sustainable steam from the ground,” Puno told reporters. Puno said EDC will bankroll the capital-extensive plan through internally generated funds, which will be done in phases. Of the total P60 billion required budget, half will be allocated for drilling operations, while the other half will be used to finish the steam extraction. Net-zero pact EDC is at the forefront of ushering in a consortium of Philippine enterprises to achieve carbon neutrality by 2050. The EDC’s NZCA Conference on Monday, for instance, discussed challenges and opportunities for local corporations on a net-zero journey, including solutions for hard-to-abate sectors. According to a report released by a group in June, nearly half of the world’s 2,000 biggest publicly listed companies have committed to a net-zero strategy. However, the report highlighted that a number of these companies fail to account for emissions generated by their supply chains or depend on unreliable methods to offset their carbon production. EDC is First Gen’s fully renewable energy subsidiary that has over 1,480 MW total installed capacity — accounting for 20 percent of the country’s total installed renewable energy capacity. Its 1,185.40-MW geothermal portfolio accounts for 62 percent of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world. The post EDC funneling P60B for geothermal push appeared first on Daily Tribune......»»
FLI debt papers get top PhilRatings grade
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings. FLI’s proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI’s outstanding bonds, totaling P35.4 billion. Proceeds from the issuance will be used for capital expenditures and debt refinancing. “We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability,” Tristan Las Marias, FLI president and chief executive officer, said. PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade. Outlook stable PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year. A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took “into account the following key considerations: FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage” for the outlook. For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal. FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental. The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind. For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024. These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI’s nationwide retail GLA to 300,000 square meters. The post FLI debt papers get top PhilRatings grade appeared first on Daily Tribune......»»