We are sorry, the requested page does not exist
Philippine president signs 103 bln USD national budget for 2024
MANILA, Dec. 20 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Wednesday signed into law the 5.768 trillion pesos (roughly 103 billion U.S. dollars) 2024 national budget, which aims to make the economy future-proof and sustainable while supporting its medium-term fiscal consolidation agenda. The 2024 General Appropriations Act "details our battle plan in fighting poverty and combatting illiteracy.....»»
Philippine president signs 103 bln USD national budget for 2024
MANILA, Dec. 20 (Xinhua) -- Philippine President Ferdinand Romualdez Marcos on Wednesday signed into law the 5.768 trillion pesos (roughly 103 billion U.S. dollars) 2024 national budget, which aims to make the economy future-proof and sustainable while supporting its medium-term fiscal consolidation agenda. The 2024 General Appropriations Act "details our battle plan in fighting poverty and combatting illiteracy.....»»
ADB to program 10 bln USD in climate finance for Philippines
MANILA, Dec. 4 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will program 10 billion U.S. dollars in climate finance for the Philippines between 2024 and 2029. The decision was announced by ADB President Masatsugu Asakawa at a high-level dialogue on financing coalitions at the United Nations' annual climate conference held in Dubai in the United Arab Emirates. "The battle against climate.....»»
ADB to program 10 bln USD in climate finance for Philippines
MANILA, Dec. 4 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will program 10 billion U.S. dollars in climate finance for the Philippines between 2024 and 2029. The decision was announced by ADB President Masatsugu Asakawa at a high-level dialogue on financing coalitions at the United Nations' annual climate conference held in Dubai in the United Arab Emirates. "The battle against climate.....»»
‘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......»»
Vietnam economy grows 5.3% in third quarter
Vietnam's economy grew 5.3 percent on-year in the third quarter, official data showed Friday, though experts warned it was on course to miss an ambitious year-end target. Loan interest rate reductions, an extension of tax payments and increased public investment had a positive impact, the General Statistics Office said. But analysts warn it will be an uphill battle for the clothing, shoes and electronics manufacturing hub to reach a year-end target of 6.5 percent expansion for 2023. "Vietnam would only reach a year-end economic growth of between 4.5 percent and 4.7 percent, much lower than the government's set target," Rong Viet Stocks Company chief economist Tran Thi Ha My told AFP. "Growth for the fourth quarter is expected to be at around six percent... largely thanks to improved industrial production and exports." According to GSO, a slump in demand hit the country's exports. One of Vietnam's largest shoemakers for brands such as Nike, Adidas and Reebok announced in August it would cut jobs for the third time this year. Vietnam earned nearly $260 billion in the first nine months from exports. The communist state has long been a success story among Asian economies and in 2022, its economy grew eight percent. The Asian Development Bank predicts 5.8 percent growth for Vietnam's year-end figure, "mainly due to weak external demand". "Weak external environment, including from a subdued recovery in the People's Republic of China, has hampered export-led manufacturing, thus shrinking industrial production in Vietnam," the bank’s Vietnam country director Shantanu Chakraborty said this week. "The economy remains resilient, and recovery is expected to pick up in the near term, driven by strong domestic consumption, which is supported by moderate inflation, an acceleration of public investment and improved trade activities." The GSO reported that 776,000 more laborers in Vietnam have found jobs since the beginning of the year, compared with the same period last year. Average monthly income was around $288, nearly seven percent higher, GSO said. The post Vietnam economy grows 5.3% in third quarter appeared first on Daily Tribune......»»
South Korea stages first military parade in a decade
South Korea staged its first military parade in a decade on Tuesday, showcasing its advanced arsenal in the face of plummeting ties with nuclear-armed North Korea. Pyongyang regularly puts on huge military parades but such events in Seoul are traditionally arranged every five years to mark South Korea's Armed Forces Day. The last parade was in 2013. Five years later, then-president Moon Jae-in chose to hold a celebratory ceremony instead of a military event, in line with his conciliatory approach to North Korea. Around 4,000 troops marched through central Seoul on a rain-soaked afternoon, cheered by umbrella-bearing crowds who waved South Korean flags. They were accompanied by 170 pieces of military equipment, including air and sea drones, tanks and missiles. The number of troops and pieces of equipment taking part were revised down by officials from those originally planned. A flight display by South Korean warplanes, including US-made F-35 stealth fighters, was also cancelled because of the poor weather. South Korean President Yoon Suk Yeol watched the parade from a platform, applauding troops as they marched past. "To demonstrate the strong foundation" of Seoul's alliance with Washington, around 300 US military personnel also participated in the parade. Yoon, who was elected last year, has pulled South Korea closer to the United States and the longstanding allies have ramped up defense cooperation, including large-scale drills, to counter growing threats from North Korea. During an Armed Forces Day ceremony earlier at an air base south of Seoul, Yoon hailed the expansion of US-South Korea defense ties. "If North Korea uses nuclear weapons, its regime will be brought to an end by an overwhelming response from the ROK-US alliance," he said at the base, repeating a warning the partners have issued in the past. 'Visually provocative gesture' North Korea has conducted a series of weapons tests this year despite international sanctions, including the launch of intercontinental ballistic missiles. Pyongyang has held three military parades this year alone, showing off a wide range of equipment including its largest Hwasong-17 ICBMs. The parade in Seoul "is a not-so-subtle and visually provocative gesture on the part of the South Korean government of telling (North Korean leader) Kim Jong Un that Seoul will not be backing down or looking for ways to reconcile", LMI Consulting's Soo Kim, a former CIA analyst, told AFP. South Korea is a major weapons exporter but a longstanding domestic policy prohibits it from selling arms to countries in active conflict -- such as Ukraine. South Korea has thus resisted calls to supply weapons directly to Kyiv, despite condemning the Russian invasion. However, any deal in which North Korea sells arms to Russia for use in the conflict could force South Korea to review its position on Ukraine, experts say. South Korea secured defense export deals worth $17.3 billion last year, including a $12.7 billion agreement with Poland -- a NATO member and key Ukraine ally -- for K9 Howitzers, K2 battle tanks and more. The post South Korea stages first military parade in a decade appeared first on Daily Tribune......»»
Zelensky in Canada to shore up support
After getting military support from United States President Joe Biden, Ukraine leader Volodymyr Zelensky turns to Canada for more assistance in the war against Russia. Zelensky is scheduled for a Friday meeting with Canadian Prime Minister Justin Trudeau, who said that “Canada remains unwavering in our support to the people of Ukraine” ahead of the Ukrainian leader’s arrival in Ottawa on Thursday. Zelensky will also address Canada’s parliament before he and Trudeau head to Toronto for meetings with business leaders and members of the Ukrainian-Canadian community, the Canadian government said. Canada is home to the world’s second-largest Ukrainian diaspora after Russia, with about 1.36 million people of Ukrainian origin living there, according to government data. Canada’s $8.9 billion in aid to Ukraine has included more than $1.8 billion in military aid, including Leopard 2 tanks, air defense and artillery systems, anti-tank weapons, drones and other equipment. It has also trained more than 36,000 Ukrainian soldiers. Earlier, Biden said the first US M1 Abrams tanks will arrive in Ukraine “next week,” boosting Kyiv’s forces as they battle Russian troops in a slow-moving counteroffensive. WITH AFP The post Zelensky in Canada to shore up support appeared first on Daily Tribune......»»
Ukraine battles Russia in legal front
Ukraine was in the offensive against Russia on Tuesday in both battle and legal fronts claiming its forces broke enemy defense lines and telling the International Court of Justice that Moscow’s aggression is a threat to international law. Ukraine’s ground forces commander Oleksandr Syrskyi announced Monday they have broke through Russian defense line in the area of Bakhmut. Ukraine’s defence ministry also said Monday its troops had recaptured a total of seven square kilometers last week near Bakhmut and also along the southern front. The air force said it had brought down 18 out of 24 Russian attack drones over the Black Sea regions of Odesa and Mykolaiv overnight Sunday. Russia, however, said that with the strikes it had hit storage facilities for British Storm Shadow cruise missiles and ammunition with depleted uranium — a controversial weapon supplied by the United States to Kyiv. Twisting international law At the ICJ in The Hague, Netherlands, Ukraine’s lead speaker Anton Korynevych told the court, sitting just a few metres from his Russian opponents in the Peace Palace, that “Russia is not above the law. It must be held accountable,” for attacking Ukraine. “You have the power to declare that Russia’s actions are unlawful, that its continued abuses must stop, that your orders must be followed and that Russia must make reparations,” he told the judges. Korynevych said Russia’s use of the Genocide Convention to justify a war of conquest twists international law into a tool for human right abuses and destruction.” “Russia’s defiance is also an attack on this court’s authority. Every missile that Russia fires at our cities, it fires in defiance of this court,” he added. On Monday, Russia’s legal team argued that ICJ has no jurisdiction over the case. The team said that if Kyiv denies Moscow’s accusation of genocide of pro-Russian Ukrainians,”why is the court even considering a case under the Genocide Convention.” Thanking US Ukraine President Volodymyr Zelensky is in the United States on Monday to address the United Nations General Assembly in New York and meet with President Joe Biden. “I will thank the US for its leadership in supporting our struggle for freedom and independence,” Zelensky said on X, formerly Twitter. “I’m... pleased to announce that the M1 Abrams tanks that the United States had previously committed to will be entering Ukraine soon,” US Defense Secretary Lloyd Austin said Tuesday at the opening of the Ukraine Defense Contact Group in Germany. The tanks are part of more than $43 billion in security assistance pledged by the US since Russia invaded Ukraine in February 2022. WITH AFP The post Ukraine battles Russia in legal front appeared first on Daily Tribune......»»
Super consortium back in NAIA bidding battle
The super consortium that had earlier proposed to rehabilitate the Ninoy Aquino International Airport (NAIA) may participate in the bidding for the P170.6 billion contract to operate and maintain the gateway......»»
Battle for the Arctic
The Arctic is a very sensitive environmental area. They say that if the Arctic sneezes, the whole world catches a cold. The Arctic also holds vast amounts of oil and gas. Energy is the arch-enemy of the Environment. The Arctic Council was established in 1996 in the Ottawa Declaration “as a high-level forum to provide a means for promoting cooperation, coordination and interaction among the (eight founding) Arctic States” (arctic-council.org). The eight Arctic States are Canada, Denmark, Finland, Iceland, Norway, Russia, Sweden and the United States. For some reason, Greenland, the largest island, was not among the eight. The agreement stood until the war in Ukraine. The international spirit of cooperation suddenly vanished. The war in Ukraine made everyone edgy, with two factors as catalysts — energy and security. An intense energy crisis ensued. And security concerns triggered polarizations similar to the ones that preceded World Wars I and II, namely, between the East, led by Russia and China, and the West, led by US-NATO-EU. There was panic over getting new energy resources, and, in fear of wars, panic over procuring new sophisticated weapons, such as hypersonic missiles, killer drones, precision lasers that can take out satellites. Weapons makers like the US and Russia had a field day selling arms to allies. There is now a sudden focus on the vast energy resources of the Arctic, with its billions of dollars in untapped oil and gas — about 13 percent of the world’s oil and about 30 percent of the world’s gas — not to mention uranium, gold, and rare metals, all sitting there under the primordial ice. No wonder the environment is no longer a concern — it has been replaced by the lust for energy. The Arctic Circle The military map above gives an overview situationer on the Arctic Circle. (Source: International Institute for Strategic Studies — Arctic Portal.) There is UN-NATO in the west and Russia in the east. There are two existing shipping routes — the Northwest Passage and the Northeast Passage — which converge at the northern tip of the Arctic Circle. There is a third Future Trans Arctic Route in between west and east. There are 27 US-NATO bases in the west, in blue, and 28 Russian bases in the east, in black. The US-NATO bases are scattered over a wide area, while the Russian bases are concentrated along its northern shores. Note the concentration of both East and West bases in the Norway-Finland area where they face each other eyeball-to-eyeball. Many geopolitical and military analysts consider this the powder-keg for future confrontations. US-NATO cannot build bases near the Russian shorelines, so they concentrated their bases in the Norway–Finland chokepoint. Current energy extractions Russia leads the pack in energy extraction. Its turf covers about 40 percent of the Arctic Circle and 53 percent of coastal areas. There are about two million Russians living in the Arctic Circle in thriving mining communities servicing Liquid Natural Gas Projects 1 and 2. Project 1 is the Yamal LNG Plant. Project 2 is the newer $21-billion Arctic LNG2 Plan, whose goal is to extract 19.8 tons of LNG a year. Global warming has melted a considerable amount of Arctic ice in the last decade, which has triggered a more frenzied exploration and mining among the Arctic States. This is especially true for the ice corridor north of the Russian coastal area, which has triggered more daring Russian ships cutting through the melting ice. There is a 21,000-kilometer passage for Russian ships to bring their export gas to Asian markets through the Suez Canal, a long arduous route through the West, which makes the gas more expensive to deliver. Because of the melting ice, Russia now has an alternative of 13,000 kilometers through the east, 40 percent shorter than the western route. The mining activities of the Western nations will be covered in the next article due to space limitations. Future conflicts The goal of the Arctic military bases is defensive, namely, to protect the mining activities. But an Arctic encounter can be catalyzed by trigger-happy generals, or even by accidental encounters, which have happened before. The first step towards the nuclearization of the Arctic is the introduction of small tactical nukes, similar to those in Belarus, facing Poland, which can be an option if one of two contending forces is “cornered.” Tactical nukes may draw an equal response from the other side in a rapid escalation. Once tactical nukes proliferate on both sides, and an incident occurs, the next steps are the big ICBMs and the war with no winners. The post Battle for the Arctic appeared first on Daily Tribune......»»
Sabotaging reforms
Consumer groups have petitioned the Court of Appeals to take back its permanent injunction on the Energy Regulatory Commission ruling stopping San Miguel Corp. from breaking its supply contracts. The Power for People or P4P Coalition cited the real threat of a chain reaction in other power producers holding straight pricing contracts similar to SMC’s units to make a mockery out of the competitive selection process, or CSP since they can always go to the courts to overturn ERC decisions. The CA injunction effectively opened the door for SMC to discard the PSAs without any consequence. Under the PSA, a unilateral termination of the contract will mean heavy penalties including P255.5 billion for a “Termination in the Event of a Default.” The CA injunction took away all the safeguards in the contract against unilateral actions which was what SMC wanted. ERC issued an order blocking SMC from forcing consumers to shoulder fossil fuel volatility costs which it committed initially to absorbing during the auction for the PSAs. Based on ERC records, some 23 straight-price contracts are at risk of following the footsteps of SMC which will mean higher rates since the court injunction can undermine the regulatory powers of the ERC. P4P said consumers are now at the mercy of power companies which acquired the freedom to trick us into committing to a contract, “only to back down when it is no longer profitable for them.” Consumers are without a choice but to pay higher prices in such a situation. In the 2019 PSA auctions, SMC’s generation companies South Premier Power Corporation, or SPPC, and San Miguel Energy Corporation, or SMEC, secured 650 megawatts or MW and 330 MW supply deals, respectively. SMC in response to consumer groups’ skepticism over the ability of fossil fuel power plants operators to comply with a fixed price contract, insisted it will voluntarily shoulder risks. In May last year, SMC filed motions for price adjustment claiming that it had incurred P15 billion in losses from SPPC and SMEC. Late last year, ERC denied SMC’s motions for price adjustments. Instead of appealing the ERC order, SMEC and SPPC filed a petition for Certiorari before the Court of Appeals to suspend their PSAs and reverse the ERC’s decision. CA quickly acted with a temporary restraining order suspending SPPC’s 670 MW PSA while SMEC’s PSA remained after the 16th division of the court denied SMC a TRO. The catch, however, was that the CA consolidated the two cases into the 13th division which acted favorably to SMC. The recent injunction order, thus covered both SPPC and SMEC, thus ending the PSAs. To make up for the lost capacity of 670 MW, two emergency Power Supply Agreements, or EPSA, was bid out with SPPC cornering a supply of 480 MW. In the five months that the SPPC PSA was suspended, electricity bills have jumped from P1,370.90 to P3,363.53 for an average household. P4P described the battle between ERC and SMC as an experience in which big businesses ultimately hijack power purchase bidding systems that are in place to protect consumers. It added that SMC dared to bid for the same power requirement shortage of Meralco that it caused. The spirit of competitive selection and least-cost electricity thus went out of the window after the brazen legal maneuvers of SMC, the consequence of which will be shouldered by consumers. Reforms initiated to improve the lives of ordinary Filipinos are negated by profit greed which frequently happens with the help of the intrusive injunctions. The post Sabotaging reforms appeared first on Daily Tribune......»»
AMID CA ‘OVERREACH’ ERC ready for battle
The Energy Regulatory Commission is ready to contest before the Supreme Court the decision of the Court of Appeals voiding the regulator’s rejection of the rate increase petitions of two San Miguel Corporation power generation firms. Legal pundits said the CA usurped the ERC’s authority in its ruling setting aside the regulator’s late 2022 decisions to dismiss the petitions of South Premiere Power Corp. and San Miguel Energy Corp. to increase prices. Others called the CA decision an “overreach.” The two San Miguel subsidiaries cited a “change in circumstances” for turning their backs on their fixed-priced contracts with Manila Electric Company. San Miguel disclosed on Wednesday to the Philippine Stock Exchange the favorable decision it had received from the CA’s 13th Division composed of Associate Justice Victoria Isabel Paredes, as chairperson; and Associate Justices Mary Charlene Hernandez-Azura and Florencio Mamauag Jr., as members. Speaking to reporters on Thursday, ERC chairperson lawyer Monalisa Dimalanta clarified that the CA’s decision was not yet final since, under the Electric Power Industry Reform Act, only the Supreme Court can issue a permanent injunction on rate hikes. “There is no computation yet of the rate hikes. The decision is not yet final, and we will still file a motion for reconsideration. If granted, that’s another discussion. If denied, we will go all the way to the Supreme Court. I have not yet foreseen any rate impact,” Dimalanta said. Dimalanta added that the ERC, through the Office of the Solicitor General, will need to confirm if the CA is legally allowed to issue a final decision on rate hikes. “The CA can review any factual matter related to any rate hike petition, but we still want to clarify if the CA can decide with finality because it will change everything in the (power) industry. Under the EPIRA, only the SC can issue a permanent injunction,” Dimalanta explained. Unfortunate ruling According to Dimalanta, the CA’s decision was “unfortunate and disconcerting,” but the ERC will continue to uphold the law to “protect consumers.” “The ERC hopes the CA will revisit the records of the case as well as the arguments of the parties and uphold the commission’s ruling,” the ERC chief said. Consumers will not yet feel any adverse impact from the CA’s reversal of the ERC’s rejection of the temporary rate hike petitions, Dimalanta added. However, for San Miguel Global Power or SMGP, the holding firm for SMC’s power ventures, the CA’s decision “upholds the constitutional mandate of due process that guarantees the right to be treated fairly and effectively by quasi-judicial bodies like the ERC.” “It is regrettable that the ERC’s unfair decision early on to reject our joint petition with Meralco for a temporary rate hike — despite proving to be the least cost option at the time for power consumers — resulted in consumers shouldering the burden of much higher electricity rates,” SMGP said in a separate statement on Thursday. Nonetheless, the company said it still looks to “forge even stronger partnerships with the government, consumers, and other key stakeholders to help shape a more resilient and sustainable energy landscape for all.” Meanwhile, Meralco Head of Regulatory Management Jose Ronald Valles said the company will reach out to the CA to clarify some matters regarding the decision. “There are some matters in the decision that we feel need to be clarified. We are consulting with our lawyers on the legal remedies available to us, including an appeal to the Supreme Court,” Valles said. The 13th Division of the CA reversed the order of the ERC that rejected the temporary power rate hike petition filed by San Miguel Energy Corp. or SMEC and South Premiere Power Corp. or SPPC and Meralco. The CA decision granted the consolidated petitions for certiorari filed by SMEC and SPPC. It also favored the joint motion of SPPC and SMEC for a price adjustment with provisional authority and/or interim relief in ERC Case No. 2019-081 and ERC Case No. 2019-083. Likewise, the appellate court made permanent the preliminary injunction issued in favor of SPPC. The rate hike petition stemmed from SMGP’s report that its Sual Coal and Ilijan Natural Gas power facilities logged combined losses of P15 billion from 2021 to date due to high prices. As such, it sought temporary and partial cost recovery relief only for the losses it incurred from January to May, through a power rate increase on its contract capacity under the power supply agreement with Meralco to be amortized for six months. CA gets flak Consumer group Power for People Coalition criticized the CA magistrates for favoring the Ramon Ang-led San Miguel Corporation. “The Court of Appeals is supposed to uphold the interests of justice and the people, but it failed to do both in its decision granting SMC’s petitions in its cases before the ERC,” Gerry Arances, convener of the Power for People Coalition, said in a statement on Thursday. In its PSE disclosure, SMC said the CA annulled and set aside the ERC order dated 29 September 2022 in ERC Cases 2019-081 and 2019-083 due to a “grave abuse of discretion amounting to lack or excess of jurisdiction.” The CA’s joint decision dated 27 June 2023, received by SMC through the Poblador Bautista Reyes Law Offices, granted the consolidated petitions for certiorari filed by SMEC and SPPC. Arances said the CA effectively released SMC from any consequences of breaking a contract “simply because it is not earning enough from a commitment it has made voluntarily.” “We hope that the court will reevaluate, and we will file a motion for reconsideration to give the justices another chance to live up to their name,” Arances said. It can be recalled that the two power companies, along with Meralco, appealed for a temporary rate hike under their 2019 power supply agreement to help them recover from the unprecedented hike in coal prices. The CA denied the petition of SMEC for a temporary restraining order, but it allowed a TRO and later a writ of preliminary injunction or WPI on the ERC decision to deny an increase in SPPC’s power supply agreement or PSA with Meralco. The CA then consolidated the two rate increase cases under the division that granted the WPI. In its report to the bourse, SMC bared that the CA also favored the SPPC and SMEC’s joint motion for price adjustments without prejudice to any further requests for price adjustments. The further request for adjustments would be for June 2022 onwards for SPPC, from June 2022 to 25 January 2023 or the date of writ of preliminary injunction; and for SMEC, from June 2022 to the date of the finality of the joint decision. The post AMID CA ‘OVERREACH’ ERC ready for battle appeared first on Daily Tribune......»»
PHL should favor renewable energy, battle climate change
President Ferdinand Marcos Jr. emphasized the significance of renewable energy and fossil fuels, expressing the Philippines' keen awareness of climate change, Malacañang said on Wednesday. According to the Presidential Communications Office, Marcos delivered these remarks he received a courtesy visit from Mike Kanetsugu, the Chairman of Mitsubishi UFJ Financial Group Inc. (MUFG), at Malacañang on Tuesday. "We are also very conscious of our situation in the Philippines wherein we are very sensitive to climate change," the President told Kanetsugu. "It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables," he added. In response, Kanetsugu expressed his dedication to supporting the government in facilitating the Philippines' shift from fossil fuels to renewable energy. Kanetsugu highlighted the significance of the energy transition agenda in the country and commended the remarkable progress made in energy and infrastructure transitions over the last three decades. "Energy transition is a very, very important agenda I consider for this country. We are providing with financing, and we work for various transition projects that will contribute to a successful transition of energy structure [in the Philippines]," he added. The MUFG, a financial service company headquartered in Japan, acquired a 20 percent stake in Security Bank Corporation for P36.9 billion in 2016. As part of its commitment to supporting investments in the Philippines, the MUFG collaborated with Security Bank and signed a Memorandum of Understanding with the Board of Investments in 2018. The objective was to facilitate business matching activities, connecting local Filipino businesses with Japanese investors. In 2017, the company introduced the Interbank Fund Management Service (IBFM), enabling customers to send remittances without incurring fees. Additionally, the MUFG and Security Bank donated Php 44 million to the Association of Filipino Students in Japan, aiming to support the education of students affected by the COVID-19 pandemic. To assist in infrastructure projects like the North-South Commuter Railway (NSCR) Project and the Metro Manila Subway Project, both funded by the Japan International Cooperation Agency (JICA), the MUFG has been providing bank guarantee requirements to the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH). The MUFG is involved in trade transactions for government agencies, including constructing the 54.6-kilometer Blumentritt-Calamba Section of the NSCR and the 36-kilometer Metro Manila Subway line project. The post PHL should favor renewable energy, battle climate change appeared first on Daily Tribune......»»
Ex-Samsung exec charged with stealing secrets for China factory
A former Samsung executive has been charged with stealing company secrets for a copycat computer chip factory in China, and is being held in detention pending trial, prosecutors told AFP on Tuesday. The 65-year-old man, who has not been identified, allegedly stole Samsung trade secrets in a bid to set up a chip factory in the Chinese city of Xian -- near where Samsung has a plant -- the Suwon District Prosecutors' Office said in a separate statement. The material he stole was classified as "national core technology" -- innovations designated by South Korean law as potentially having a major negative impact on national security and the economy if disclosed overseas. "He's currently detained at the Suwon Detention Center," the spokesperson of the Suwon District Prosecutors' Office told AFP, adding the suspect had been held for some time but only formally charged on Monday. Securing supplies of advanced chips has become a crucial issue internationally, with the United States and China locked in a fierce battle for control of the market. Samsung is one of the world's largest makers of memory chips and smartphones, and its overall turnover is equivalent to about one-fifth of South Korea's gross domestic product. The Samsung factory blueprints and clean-room designs from 2018 and 2019 that the man allegedly tried to steal would have been worth at least 300 billion won ($236 million) to Samsung, authorities said. "It is a serious crime that can have a tremendous negative impact on our economic security by shaking the foundation of the domestic semiconductor industry at a time when competition for chip production is intensifying day by day," added the prosecutors' statement, released on Monday. "The semiconductor industry accounted for 16.5 percent of South Korea's total exports as of 2022... and is a national security asset," it added. Prosecutors charged six other people who worked for the detained executive and are believed to have been involved in the theft. The man had worked for a combined 28 years at South Korea's leading chipmakers, and is a "top expert in semiconductor manufacturing" in the country, prosecutors said. The post Ex-Samsung exec charged with stealing secrets for China factory appeared first on Daily Tribune......»»
BSP to absorb P360B excess liquidity
The Bangko Sentral ng Pilipinas will absorb P360 billion in excess liquidity from its recent cut in the reserve requirement ratio, British bank HSBC said on Friday. In an emailed commentary, HSBC economist Aris Dacanay clarified that the RRR cut by 250 basis points (bps) for major banks would cause "much extra liquidity." He explained that BSP's relief measure would also end on 30 June, coinciding with the reserves ratio reduction. "We estimate the net effect to be P87.7 billion. This will be a net injection of liquidity in the system, but a limited one, given that it represents just 6.3 percent of the excess liquidity currently being absorbed by the BSP," Dacanay said. He explained that the RRR cut "will be slightly larger than the relief provided by the pandemic-era measures on reserves." However, he estimated that the net effect on liquidity would be "positive but limited." According to Dacanay, the market had anticipated a smaller reduction in the RRR of 200 bps, aligning with the expiration of the relief measure that permitted banks to use loans extended to micro, small, and medium enterprises and eligible large enterprises to meet the reserve requirement. As of April, banks had used P302.4 billion in loans as an alternative compliance method for the reserve requirement. Among this total, P236.9 billion were loans to MSMEs, while P65.5 billion were borrowed by large independent enterprises not affiliated with conglomerates. However, Dacanay pointed out that the BSP's securities facility, which now includes additional tenors and the introduction of 56-day BSP bills on 30 June, enables the central bank to effectively absorb the excess money supply. This suggests that the central bank is adequately prepared to address surplus liquidity. "As communicated by the BSP, we don't think the RRR cut will affect monetary policy and the central bank's battle against inflation," Dacanay said. "On the same day as the RRR cut, the BSP will be issuing its new tool to absorb liquidity in the system -- the 56-day BSP bill. The liquidity injected by the RRR cut will likely be absorbed by this new tool on that same day," he added. He added that "the timing (of the RRR cut) is important since without the relief measures expiring, the RRR cut may be interpreted as a dovish signal by the BSP at time when inflation is high." The post BSP to absorb P360B excess liquidity appeared first on Daily Tribune......»»
One billion threatened by cholera: UN
A billion people in 43 countries are at risk of cholera, the United Nations warned Friday, and though the outbreaks could be stopped, the United Nations said resources were desperately lacking. The UN health agency said the outlook was bleak, as it seeks $640 million to fight the infectious disease, but said the longer it takes to ramp up the battle, the worse the situation will get. The World Health Organization said vaccination campaigns had been severely hampered. "WHO estimates that a billion people across 43 countries are at risk of cholera," said Henry Gray, the agency's incident manager for the global cholera response. So far this year, 24 countries have reported cholera outbreaks, compared to 15 by mid-May last year. Countries that are not usually affected by cholera are being struck, and case fatality rates are far exceeding the typical one in 100. Gray blamed the rise in cases on poverty, conflict and climate change, and the population displacement they trigger. "With the increase in the number of countries affected by cholera, the resources that were available for prevention and response are more thinly spread," he said. Oral cholera vaccine is a case in point: over 18 million doses have been requested this year but only eight million have been made available and so prevention campaigns have been stopped. Rather than the full two doses, only one is being issued to recipients "to try to spin it out", said Gray. "The outlook is bleak." WHO wants $160 million for more than 40 countries over the next 12 months. It is working in coordination with the UN children's agency UNICEF, which wants $480 million. Jerome Pfaffmann Zambruni, UNICEF's public health emergency unit chief, noted that back in November, the agency had asked for $150 million for cholera response -- a figure now eclipsed as the situation has worsened. "It's a wake-up call," he told a briefing in Geneva. "There is a pandemic killing the poor right in front of us and we know exactly how to stop it but we need more support and less inertia from the global community because if we don't act now, it's going to get worse," he said. Cholera is contracted from a bacterium that is generally transmitted through contaminated food or water. It causes diarrhea and vomiting, and can be especially dangerous for young children. The post One billion threatened by cholera: UN appeared first on Daily Tribune......»»
Who says ‘walang iwanan?’
While there are laws that limit a ship charterer’s responsibility in an oil spill, a company mouthing solidarity during the pandemic and beyond appeared to have lost its voice and its sense of community following the oil spill tragedy in Mindoro. Considering the strong proof that San Miguel Corp. is responsible for the toxic cargo of the star-crossed MT Princess Empress, the Asian conglomerate has been amazingly keeping its distance and silence on the disaster that has afflicted the areas around Oriental Mindoro, including the ecological treasure Verde Island Passage. During the pandemic, SMC’s battle cry was “Walang Iwanan,” which residents of the devastated communities are now waiting to be fulfilled. Lately, reports from environmental monitors indicate that the polluting slick has reached the main tourist spot of Puerto Galera. A Philippine Coast Guard report referred to an analysis by French outfit Cedre showing that the oil scooped from the sea off Mindoro is industrial fuel of the same quality found in the tank of the SL Harbor Bulk Terminal operated by a San Miguel subsidiary, San Miguel Lighterage and Shipping Corporation. The oil samples were forwarded to the Center for Documentation, Research, and Experimentation on Accidental Water Pollution based in France by a French oil spill expert sent to Oriental Mindoro. “Cedre compared the samples collected on the shoreline to two reference oil samples considered representative of the fuel onboard the MT Princess Empress before the accident — the first oil sample collected at sea in the direct vicinity of the wreck, and the second sample gathered from the tank of SL Harbor Bulk Terminal in Limay, Bataan, where the vessel acquired its industrial fuel oil,” the PCG report stated. The sunken MT Princess Empress, owned by RDC Reield Marine Services, was carrying 900,000 liters of industrial fuel oil that leaked and is now spreading in the waters off Oriental Mindoro, Batangas, Palawan and Antique. The catastrophe inflicted on nature had Oriental Mindoro bearing the brunt of its effect and the efforts to contain the damage had turned to the Verde Island Passage, a body of water between Batangas and Mindoro which is a global center of marine biodiversity. Local governments in the affected areas reported a total of 37,871 families in 187 barangays in Oriental Mindoro, Batangas, Palawan and Antique suffering the effects of the spill as a result of fishing bans and the negative impact on tourism. Humanitarian and ecological groups said efforts to contain the oil spill and hold accountable those responsible for it should be speeded up as Puerto Galera’s waters were recently declared unsafe for swimming. The economic disruption is happening in the middle of the summer peak season for tourists. “Puerto Galera and other areas in the VIP affected by the oil spill are set to lose millions in expected income from tourism. The continued spread of the oil slick will cause more damage unless it is completely contained by the government. Damage already done must be compensated for by those responsible, whom the government must identify,” Fr. Edwin Gariguez, Protect Verde Island Passage convenor, said. The chief ecology advocate in the area said residents rely on income brought by tourists who wish to see the beauty of the Verde Island Passage. In total, Gariguez’s group estimated that communities have foregone P1 billion in income as a result of the spill, which would constitute a reasonable percentage share of the record P4.5-billion group income of the top Philippine corporation. The company had said during the health emergency that it had responded to the challenge of helping the nation in times of need. That promise seems to have lost its fizz like stale beer. The post Who says ‘walang iwanan?’ appeared first on Daily Tribune......»»
Nokia signals lower customer spending after mixed results
Finnish telecom giant Nokia reported Thursday a lower-than-expected rise in earnings in the first quarter as economic headwinds affect spending by its customers. After the results were published, Nokia's share price was down seven percent at 3.97 euros around 1100 GMT. The telecommunications equipment maker, which is locked in a battle for 5G networks with Swedish rival Ericsson and China's Huawei, said its net profit jumped 32 percent to 289 million euros ($317 million). But its earnings per share amounted to six cents, weaker than the seven cents expected in a survey of analysts by financial data firm FactSet. "We are starting to see some signs of the economic environment impacting customer spending," chief executive Pekka Lundmark said in a statement. "Given the ongoing need to invest in 5G and fiber, we see this primarily as a question of timing; nevertheless we will maintain our cost discipline to ensure we can successfully navigate this uncertainty," Lundmark added. The deployment of 5G infrastructure in India offset a slowdown in North American spending, helping net sales grow 10 percent to 5.9 billion euros. Its comparable operating margin -- a profitability yardstick -- declined to 8.2 percent, down from 10.9 percent the year before. "The results were a little bit of a mixed bag. It was under consensus estimates," Atte Riikola, an analyst at equity analysis firm Inderes, told AFP. The mobile networks unit performed in line with expectations while network infrastructure did better than expected, he said. But, he added, "all in all, I think it was a little bit of a disappointment." Despite the mixed results, Lundmark said Nokia remains on track to "deliver another year of growth in 2023." "Our outlook is unchanged with the expectation that profitability in the second half of the year will be stronger than the first half," Lundmark said. In its own results statement on Tuesday, Ericsson said it would step up its cost-cutting plan as it expects customers to "remain cautious" amid a "choppy environment". Nokia and Ericsson have faced stiff competition from Huawei but the Chinese company has faced restrictive measures in Western countries, led by the United States. The post Nokia signals lower customer spending after mixed results appeared first on Daily Tribune......»»
$44-B Twitter takeover battle escalates as Musk files countersuit
HOUSTON, Texas - Tesla CEO Elon Musk shot back at Twitter, filing a countersuit Friday against the social media company regarding Musk's decision to abandon his $44 billion takeover.The 164-page document was sealed after the judge-imposed filing deadline, which means the contents of the coun.....»»