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Equities edge higher as inflation moderates
Global stocks mostly edged up on Monday as investors remained optimistic that interest rates will not go higher and China made moves to boost lackluster growth. Wall Street stocks finished a choppy session modestly higher, as investors traded cautiously ahead of key economic and earnings releases later in the week. European stock markets were boosted by data showing the economy grew in the second quarter and inflation slowed in July, raising hopes the European Central Bank will be able to hold off from hiking interest rates. Asian equities closed with gains, tracing a pre-weekend bump on Wall Street and bolstered by new pledges from China of measures to stimulate its stuttering economy. In the eurozone, official figures on Monday showed the economy grew 0.3 percent in the second quarter, while inflation eased to 5.3 percent in July from 5.5 percent the previous month. That could support expectations for a pause in ECB rate hikes after its chief Christine Lagarde said Sunday "we are reaching our goal" of inflation at around two percent. "We do expect a much lower reading in inflation by the end of the year," said Bert Colijn, a senior economist at ING. Inflation remains much higher in the UK, at nearly eight percent, putting the Bank of England on course to raise interest rates once more on Thursday. In China, the world's second-largest economy, the government announced fresh measures to boost consumption days after unveiling some initiatives for light industry. The move comes as spending by China's vast number of consumers remains subdued even after the lifting of strict Covid containment measures late last year. A fresh round of figures showed the country's manufacturing activity continued to shrink in July, albeit at a slightly slower pace than last month. Hopes for a government drive to kickstart the economy have provided much-needed support to markets over the past week, even as some observers warn the large-scale measures seen in the past were unlikely. Oil prices kept rising. "Fears that Saudi Arabia will go further and extend their production cuts into September is seeing demand return at the same time as the US economy looks to be faring better than expected," said analyst Michael Hewson at CMC Markets. In currency markets, the yen continued its retreat against the dollar as the Bank of Japan announced a move to buy government bonds. This was seen as a message to the market that the central bank was committed to keeping the long-term interest rate in check. The bank slightly increased the flexibility of its super-easy monetary policy last week, but it was seen as a small enough change not to disrupt the market. The post Equities edge higher as inflation moderates appeared first on Daily Tribune......»»
DAR-Central Visayas partner with BJMP, NNC to help farmers
The Department of Agrarian Reform on Tuesday said it recently forged a memorandum of understanding with the Bureau of Jail Management and Penology and the National Nutrition Council in Central Visayas region to help the farmers market their agricultural products. DAR Regional Director Leomides Villareal said this undertaking would boost livelihood activities and generate more income for the agrarian reform beneficiaries in the area. “This MoU ensures a steady market for the ARBs with institutional buyers. Our ARBs would supply their farm products to the persons deprived of liberty in BJMP, and to the Tutok Kainan Supplementation Program of the NNC,” he said. The partnership is implemented under the Partnership Against Hunger and Poverty program, a government initiative aiming to mitigate hunger, ensure food nutrition security and establish sustainable agriculture. Villareal noted that with the project, the ARBs would be able to supply the dietary requirements of the BJMP and help the NNC prevent stunting among children up to 23 months old. He added that this activity is in consonance with the directive of President Ferdinand Marcos Jr., through the leadership of DAR Secretary Conrado Estrella III, to help improve the lives of the farmers nationwide. BJMP was represented by Jail Chief Superintendent Neil Avisado and Dr. Parolita Mission for the NNC. The post DAR-Central Visayas partner with BJMP, NNC to help farmers appeared first on Daily Tribune......»»
Controversial MIF already with the Office of the President
The controversial measure seeking to create a Maharlika Investment Fund was already transmitted to the Office of the President, Malacañang confirmed on Wednesday. The Palace made the confirmation through Communications Secretary Cheloy Garafil after the office of Senate President Juan Miguel Zubiri said on Tuesday that House Speaker Martin Romualdez signed the final version of the MIF bill. Zubiri's office added that the MIF bill was transmitted to the OP yesterday through the Presidential Legislative Liaison Office. "Maharlika bill received yesterday by Office of the Deputy Executive Secretary for Legal Affairs," said Garafil in a Viber message to reporters on Wednesday. The bill now solely requires Marcos' endorsement and signature to be enacted as a law. However, Garafil said there is no announced date yet for Marcos to sign the Maharlika bill. To recall, President Ferdinand Marcos Jr. mentioned last month that he would "immediately sign" the bill once he received it. But the Chief Executive said he would still need to review the changes made in the Congress' approved version of the proposed sovereign fund, which he said should be independent of the government to become successful. In an interview following the 85th anniversary of the Securities and Exchange Commission last month, Marcos underscored that the MIF would be "independent" from the government once established through law. "Even I proposed to the House was to remove the president as part of the board, to remove Central Bank chairman, to remove the Department of Finance because it has to operate as an independent fund, well managed professionally," Marcos said. The MIF bill introduces a sovereign wealth fund that aims to invest in various assets such as foreign currencies, fixed-income instruments, domestic and international corporate bonds, commercial real estate, and infrastructure projects. This initiative is intended to boost economic development. The bill calls for the creation of the Maharlika Investment Corporation (MIC), which will serve as the exclusive entity responsible for mobilizing and utilizing the MIF for investment transactions, with the goal of generating optimal returns on investments (ROIs). According to the proposed legislation, the MIF will not utilize the funds of the Social Security System (SSS), Government Service Insurance System (GSIS), Philippine Health Insurance Corporation (PhilHealth), or Home Development Mutual Fund (HDMF). The post Controversial MIF already with the Office of the President appeared first on Daily Tribune......»»
US first quarter GDP growth revised sharply up to 2%
US economic growth came in at two percent in the first quarter this year, the Commerce Department said Thursday, making a significant upward revision to earlier estimates partly on stronger-than-expected consumer spending. While GDP growth in the world's biggest economy has still cooled from 2.6 percent in the final three months of 2022, the latest first-quarter figure is markedly higher than the annual rate of 1.1 percent initially estimated. "The updated estimates primarily reflected upward revisions to exports and consumer spending," said the Commerce Department in its report. Analysts had expected a lower annual rate of 1.3 percent, according to Briefing.com. The Commerce Department added Thursday that the shift upwards was partly offset by downward revisions in other areas, such as non-residential fixed investment. Consumption has provided a boost to the US economy, giving it a strong start in 2023 even as banking sector turmoil and higher interest rates weighed on the outlook. This was in spite of 10 consecutive rate hikes by the US central bank over the past year or so -- to ease demand and rein in stubborn inflation -- before pausing at its most recent meeting. "The US economy is currently displaying genuine signs of resilience," said Gregory Daco, chief economist at EY-Parthenon in a note. "This is leading many to rightly question whether the long-forecast recession is truly inevitable," he added. Instead, another possibility is a "soft landing of the economy" where inflation falls to a two percent pace without a recession, he said. Risks remain But analysts flag risks on the horizon, with High-Frequency Economics chief US economist Rubeela Farooqi noting that the lagged effects of the Federal Reserve's rate hikes will slow the economy. There are also risks from "a further tightening in credit conditions, which will have an impact on business hiring and investment decisions," she said in a note. But a strong household sector supported by job growth could help the US economy avoid a contraction, Farooqi added. In a separate report released on Thursday, initial jobless claims slipped in the week ending June 24. Continued claims came down from a recent peak as well. Initial claims dropped by 26,000 to 239,000, according to Labor Department figures, a level lower than analysts had predicted. "The data are a reminder that labor markets are still quite tight," said Nancy Vanden Houten, lead US economist at Oxford Economics. This raises the risk that the Fed lifts interest rates again next month, she added. The post US first quarter GDP growth revised sharply up to 2% appeared first on Daily Tribune......»»
Pakistan Int’l Container Terminal, SeaLead launch Pakistan-Australia direct service
Pakistan International Container Terminal Limited, International Container Terminal Services, Inc.'s subsidiary operating at the Port of Karachi, has partnered with Singaporean shipping line SeaLead to establish a direct service between Pakistan and Australia. Calling regional ports across Malaysia, Australia and Pakistan, the newly launched ASI service enables easy and efficient connection between markets in South Asia and Australia. With the arrival of the service at the Port of Karachi, PICT looks to strengthen trade patronage with global customers and cater to growing trade demands. The ASI service will substantially benefit importers and exporters through the faster and more cost-efficient route that provides direct access to Asian and Australian ports, and eventually allow new businesses and growth areas to emerge within the associated economies. “We look to provide unmatched supply chain solutions to local and global trade stakeholders. Through our partnership with SeaLead, customers in both Pakistani and Australian markets will benefit through direct port linkages that enable economies to grow,” said Khurram Aziz Khan, PICT chief executive officer, “PICT will remain resilient in its efforts to make this collaboration a successful venture for all stakeholders,” he added. The ASI service, which handles both shipper-owned and carrier-owned containers, is also expected to provide PICT’s trade allies a competitive edge within the industry. With Pakistan as a commercial hub connecting several geographical regions, the PICT-SeaLead partnership will boost the country’s foreign trade through the enhanced and efficient access to and from Australian markets. Operating Berths 6 to 9 at the East Wharf of the Karachi Port, Pakistan International Container Terminal is the preferred terminal for the Indian subcontinent trade routes. The common-use terminal offers excellent connections to Central Asia, Afghanistan and the Western China hinterlands. Headquartered and established in 1988 in Manila, Philippines, International Container Terminal Services, Inc. is in the business of port development, management and operations. ICTSI’s portfolio of terminals and projects are located in developed and emerging market economies in the Asia Pacific, the Americas, and Europe, the Middle East and Africa. Independent with no shipping or consignee-related interests, ICTSI works and transacts transparently with all stakeholders of the supply chain. ICTSI continues to receive global acclaim for its public-private partnerships, which are focused on sustainable development, and supported by corporate social responsibility initiatives. (www.ictsi.com) The post Pakistan Int’l Container Terminal, SeaLead launch Pakistan-Australia direct service appeared first on Daily Tribune......»»
No state pension funds in MIF
President Ferdinand Marcos Jr. on Wednesday assured the public the national government will not use state pension funds Social Security System and Government Service Insurance System as “seed funds” to finance the proposed Maharlika Investment Fund. The Chief Executive made the assurance in an interview with reporters at the 86th-anniversary celebration of GSIS, hours after the Senate passed Senate Bill 2020 creating the MIF. The Senate approved the controversial sovereign fund bill, voting 19-1-1 at around 2:30 in the morning of Wednesday following 12 hours of deliberations. Marcos explained, however, that the pension funds themselves could invest in the proposed sovereign wealth fund if they believe it is a “good investment.” “We will not use it as a seed fund. However, if a pension fund decides the Maharlika Fund is a good investment, it’s up to them if they want to invest in it, not only pension funds but corporations,” Marcos said. “Those funds, that’s all they do, they grow their money so they have something to give,” Marcos added. Marcos said this is what GSIS has been doing. He said GSIS makes sure that “they are very solid (and) that they are very stable” so that they could give out all the payments (to its members). “We have to differentiate those two things,” he added. In a separate interview, GSIS president Jose Arnulfo “Wick” Veloso said they would abide by the lawmakers’ decision regarding the MIF. “I don’t have any idea about what other discussions are happening about those things. We will only do one thing, whatever the decision of the lawmakers is because they listen to our people, whatever they want, that’s what we will follow,” Veloso told reporters. “So we are just guided by the direction that is given to us,” he added. Unanimous approval During Tuesday’s plenary session which ran until early Wednesday, senators unanimously approved the fund measure shortly after it was approved on second reading. A total of 19 senators voted in favor of the passage of the Maharlika bill, while only one senator voted against it and one abstained. Senate Deputy Minority Leader Risa Hontiveros objected to the measure while Senator Nancy Binay abstained from voting. Senators Aquilino Pimentel III and Imee Marcos, who also opposed the measure, were not present. During the period of individual amendments, senators introduced several changes to the proposed Maharlika Investment Fund, including a ban on government financial institutions such as the SSS, GSIS, Philippine Health Insurance Corporation, OWWA Fund, Philippine Veterans Affairs Pension Fund, Office Pension Fund, and other government social welfare entities investing in the sovereign wealth fund. The amendment, which was introduced by Senator Raffy Tulfo, was accepted by Senator Mark Villar, the principal author, and sponsor of the measure. With the approval of the measure in the Upper Chamber, the Maharlika bill is now closer to enrollment for the President’s signature. Senate President Juan Miguel Zubiri designated Senators Villar, Pia Cayetano, Ronald “Bato” dela Rosa, Francis Tolentino and Senate Minority Leader Aquilino “Koko” Pimentel III as the Senate contingent to the bicameral conference committee. Contingents from both the House of Representatives and Senate are to convene at 11 a.m. today to reconcile the disagreeing provisions in their respective versions of the Maharlika bill. Economic team lauds Senate Meanwhile, Marcos’ economic team lauded the Senate for passing the Maharlika Investment Fund. “The economic team commends Senate President Miguel Zubiri and Senator Mark Villar for their thorough deliberation and prioritization of the proposed Maharlika Investment Fund Act,” Finance Secretary Benjamin Diokno said. “The Senate leadership pulled out all the stops to ensure that the bill we bring to the President reflects the administration’s objective of creating a profitable and secure investment fund,” he added. The bill’s speedy approval was backed by Diokno, Executive Secretary Lucas Bersamin, Budget Secretary Amenah Pangandaman, Socioeconomic Planning Secretary Arsenio Balisacan and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, who were all present during the prolonged Senate session. Budget Secretary Pangandaman, for her part, said the Senate’s version of the MIF has “multiple” safeguards against potential misuse. “This is a great stride towards our long-term progress and will boost our efforts for economic growth,” Pangandaman said. “This includes multiple safeguards — we have an audit committee, there’s an advisory board, and there’s a congressional oversight committee. It adheres to the internationally known Santiago principles, there’s the (Commission on Audit), and it has (a) procurement law, so I think we have enough safeguards,” she added. She highlighted potential financial resources from the Land Bank of the Philippines, the Development Bank of the Philippines, the Philippine Amusement and Gaming Corporation, central bank dividends, and income from privatization. @tribunephl_tiz @tribunephl_jom The post No state pension funds in MIF appeared first on Daily Tribune......»»
Marcos assures SSS, GSIS funds won’t be used as MIF seed fund
President Ferdinand Marcos Jr. on Wednesday assured the public that the national government would not use state pension funds Social Security System and Government Service Insurance System as "seed fund" to finance the proposed Maharlika Investment Fund. The Chief Executive said this in an interview with reporters after he attended the 86th-anniversary celebration of GSIS, hours after the Senate passed Senate Bill No. 2020 creating the MIF. The Senate approved the controversial sovereign fund bill, voting 19-1-1 at around 12:30 in the morning following 12 hours of deliberations. However, Marcos explained that the pension funds themselves could invest in the proposed sovereign wealth fund if they believe it is a "good investment." "We will not use it as a seed fund. However, if a pension fund decides the Maharlika Fund is a good investment, it's up to them if they want to invest in it, not only pension funds but corporations," Marcos said. "Those funds - that's all they do, they grow their money so they have something to give," Marcos added. Marcos said this is what GSIS have been doing. He said GSIS is making sure that "they are very solid (and) that they are very stable" so that they would give out all the payments. "We have to differentiate those two things," he added. In a separate media interview, GSIS President Jose Arnulfo “Wick” Veloso said that they would only abide with the lawmakers' decision regarding the MIF. "I don't have any idea about what other discussions are happening about those things. We will only do one thing, whatever the decision of the lawmakers is because they listen to our people, whatever they want, that's what we will follow," Veloso told the reporters. "So we are just guided by the direction that is given to us,” he added. Economic team lauds Senate for passing MIF bill Meanwhile, Marcos' economic team lauded the Senate for passing the Maharlika Investment Fund. "The economic team commends Senate President Senator (Juan Miguel) Migz Zubiri and Senator Mark Villar for their thorough deliberation and prioritization of the proposed Maharlika Investment Fund Act," Finance Secretary Benjamin Diokno said. "The Senate leadership has pulled out all the stops to ensure that the bill we bring to the President reflects the administration's objective of creating a profitable and secure investment fund," he added. The bill's speedy approval was backed by Executive Secretary Lucas Bersamin, Finance Secretary Diokno, Budget Secretary Amenah Pangandaman, Socioeconomic Planning Secretary Arsenio Balisacan, and Bangko Sentral ng Pilipinas Governor Felipe M. Medalla, who were all present and seated during the prolonged session. Budget Secretary Amenah Pangandaman, for her part, said the Senate's version of the MIF has "multiple" safeguards against potential misuse. "This is a great stride towards our long-term progress and will boost our efforts for economic growth," Pangandaman said. "This includes multiple safeguards— we have an audit committee, there's an advisory board, and there's a congressional oversight committee. It adheres to the internationally-known Santiago principles, there's (Commission on Audit), and it has (a) procurement law, so I think we have enough safeguards," Pangandaman added. Pangandaman additionally highlighted the Landbank of the Philippines, the Development Bank of the Philippines, income from privatization, funds from the Philippine Amusement and Gaming Corporation, and dividends obtained from the central bank as potential financial resources. The post Marcos assures SSS, GSIS funds won’t be used as MIF seed fund appeared first on Daily Tribune......»»
CEB bolsters routes via Clark reboot
Pioneer budget airline Cebu Pacific or CEB restarted last 21 April 2023 its Clark hub by relaunching flights and increasing frequencies from Clark International Airport to strengthen connectivity for its passengers from north and central Luzon. CEB recently flew its inaugural flights from Clark to Bacolod, Boracay, Davao and Bangkok. The airline previously announced that it would operate a combined 15 destinations from its Clark hub. The relaunch allows Cebu Pacific to add 10,000 seats per month and lower fares for both domestic and international flights by 30 percent compared to the pre-pandemic average. It will also boost the airline’s network from its Clark hub and reestablish the alternate gateway’s significance for local and international travelers. 3 birds for Clark To support the expansion, CEB is set to take delivery of three additional aircraft which will be based in Clark. These are on top of the 10 new Airbus NEO aircraft that will be delivered in 2023 to expand the airline’s fleet. “The launch of our Clark flights was a fulfillment of Cebu Pacific’s mission to help make air travel more accessible and affordable for travelers in north and central Luzon. This expansion will give the traveling public more opportunities to explore the Philippines and the rest of the world,” Xander Lao, Cebu Pacific president and chief commercial officer said. Noel Manankil, president and chief Executive Officer of Luzon International Premier Airport Development, the private consortium that manages Clark International Airport, reiterated its support to CEB’s initiatives to grow its network and capacity from the station. “Clark International Airport and Cebu Pacific are working closely with each other to ensure a seamless experience for travelers. Our brand-new terminal is ready to welcome Cebu Pacific passengers traveling to and from the best domestic and international destinations and serve as the window to the Philippines for visitors coming from different parts of the world,” Manankil added. The Department of Tourism lauded CEB’s efforts in helping spur travel to Clark and the rest of the Philippines. The post CEB bolsters routes via Clark reboot appeared first on Daily Tribune......»»
Thailand Moves a Step Closer to Welcoming Back Foreign Tourists
Thailand will start issuing special visas to foreign tourists starting October, easing a more than five-month-old ban on visitors to revive the nation’s ailing tourism-reliant economy. Prime Minister Prayuth Chan-Ocha’s cabinet approved a proposal to issue visas to tourists planning to stay between 90 and 280 days in Thailand, according to government spokeswoman Traisuree Taisaranakul. The tourists will undergo a mandatory 14-day state quarantine on arrival at partner hotels or hospitals and follow health and safety regulations, she said. The government expects about 1,200 visitors to avail themselves of these visas each month, generating about 1.2 billion baht ($38.5 million) in revenue. The easing of border restrictions may boost the nation’s pandemic-battered tourism industry and cushion the blow to an economy projected to contract 8.5% this year. The news of cabinet approval for special visas triggered a rally among hotel and travel operators in Bangkok. A measure of Thai tourism and leisure stocks jumped 4.5%, the biggest gainer among the Stock Exchange of Thailand’s 28 industry groups. It was also the index’s largest increase since May 26. While Hotel operators Erawan Group Pcl and Central Plaza Hotel Pcl surged more than 8%, Minor International Pcl advanced 5.5%. Thailand’s tourism and hospitality sectors are counting on the return of international visitors, who contributed to two-thirds of tourism income before the pandemic, to reverse the slump in businesses and save millions of jobs. A government campaign to boost travel by locals through hotel and air travel concessions has failed to make up for the slump in earnings, but the move to allow foreigners in small batches will still be a relief to the industry. “There will not be a huge economic impact from this as it still can’t compensate for the revenue lost, but it will help,” Somprawin Manprasert, chief economist at Bank of Ayudhya Pcl said. “This plan still targets a higher-spending group of foreign visitors which will not benefit tourism industry operators that have lower to mid-price points, who will still suffer.” The move to relax curbs on foreign tourists also follows Thailand’s relative success in containing the coronavirus outbreak. The nation went without a local transmission for 100 days before the virus-free run was ended early this month. Though Thailand was the first country outside China to report the deadly virus, its cumulative cases stand at 3,480 with most patients already discharged from hospitals. The reopening to foreign tourists may be risky, but it is a manageable risk worth taking, Bank of Thailand’s Senior Director Don Nakornthab wrote in an article on the central bank’s website. The country may be headed for a second straight year of contraction in 2021 if it continued to restrict foreign visitor arrivals, Don wrote......»»
15 Daulah Islamiyah, BIFF surrender in Central Mindanao
15 Daulah Islamiyah, BIFF surrender in Central Mindanao.....»»
Pentagon chief reaffirms support after latest China aggression in WPS
Austin emphasized US support for the Philippines in defending its sovereign rights and jurisdiction in a phone call with Defense Secretary Gilberto Teodoro on Wednesday. .....»»
Ministry helping improve BARMM’s business climate names 10 new officials
The Bangsamoro chief minister has filled out ten regional positions in one of the ministries under him to boost its operation as requested by business blocs enticing foreign investors to venture into viable businesses in the region......»»
PSA-7: Report to us if PhilSys ID not accepted
CEBU CITY, Philippines — The Philippine Statistics Authority in Central Visayas (PSA-7) urged Philippine Identification System (PhilSys) ID holders to report to the agency if some entities do not accept their IDs. PSA-7 chief administrative officer of Edwina Carriaga told CDN Digital in a phone interview that the agency is urging PhilSys ID (National ID).....»»
PDEA-7: No marijuana-flavored vapes in Central Visayas
CEBU CITY, Philippines – No marijuana-flavored vapes have been monitored so far in Central Visayas, the Philippine Drug Enforcement Agency in the region, said. This was according to Intelligence Agent IlI Jonar V. Cuayzon, chief of the Intelligence and Investigation Section of PDEA Regional Office 7. Cuayzon, however, said that they are not discounting the.....»»
PhilSys ID registration now open for kids under 4 years old
CEBU CITY, Philippines — Children up to four years old can now sign up for their Philippine Identification System (PhilSys) ID, according to an official from the Philippine Statistics Authority in Central Visayas (PSA-7). Edwina Carriaga, the chief administrative officer of PSA-7, told CDN Digital that parents don’t need to bring their children to the registration.....»»
Philippines mining sector eyes growth with govt s plans
The move, according to Environment chief Ma. Antonia Yulo-Loyzaga, is part of a larger initiative to boost the industry in the face of the global shift towards green energy......»»
LTO probes alleged road rage incident in Subic
LTO chief Vigor Mendoza II said he had directed the agency’s Central Luzon office to issue a show cause order to the registered owner of a Toyota Fortuner that hit a car driven by a male senior citizen. .....»»
China urges Philippines not to play with fire on Taiwan question
The Chinese Foreign Ministry on Thursday urged the Philippines not to "play with fire" on the Taiwan question. According to reports, the Philippines' defense chief has ordered the military to boost the number of troops and structures on the Batanes islands which are less than 200 km from China's Taiwan region. In response at a daily press briefing, Wang Wenbin, a spokesperson for the Chinese Foreign Minis.....»»
China urges Philippines not to play with fire on Taiwan question
The Chinese Foreign Ministry on Thursday urged the Philippines not to "play with fire" on the Taiwan question. According to reports, the Philippines' defense chief has ordered the military to boost the number of troops and structures on the Batanes islands which are less than 200 km from China's Taiwan region. In response at a daily press briefing, Wang Wenbin, a spokesperson for the Chinese Foreign Minis.....»»
BSP chief: GDP grew at faster pace in Q4
Philippine economic growth picked up further in the final quarter of last year despite the aggressive rate hikes delivered by the central bank, Bangko Sentral ng Pilipinas Governor Eli Remolona Jr. said......»»