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EXPLAINER: Why did the Baltimore bridge collapse and what is the death toll?
(Reuters) -Divers recovered the remains of two of the six missing workers more than a day after a cargo ship smashed into Baltimore’s Francis Scott Key Bridge. The bodies of two men were found in a red pickup truck submerged in the icy waters of the Patapsco River. Rescuers pulled two workers from the water.....»»
DMW has spent P414M on distressed OFWs
The Department of Migrant Workers said on Thursday that they have spent about P414 million of its P1.2 billion action fund this year to assist distressed Overseas Filipino Workers. According to DMW Officer-in-Charge Hans Leo Cacdac, the agency still has a balance of P780 million. “We still have a balance of around P780 million. We have a catchup plan that we are doing for the last two months of the year, most of these funds will be rolled over to the year 2024 anyway,” Cacdac said in a hearing of the House Committee on Overseas Workers Affairs. Cacdac added that the action fund is for legal, medical, or humanitarian assistance. “That three-fold assistance model was assigned by no less than our dear secretary, Secretary Toots Ople because what is stated in the law is legal or other forms of assistance. But Secretary Toots pointed out the other forms of assistance are legal, medical, or humanitarian,” Cacdac added. Cacdac stated that the action fund has benefitted 5,325 Filipinos this year, including those affected by various challenges in Turkey and the Middle East. “This includes the earthquake in Turkey, those affected by the conflict in Sudan, the case of a large fire and building collapse in the UAE, Dubai, and Qatar, and recently, of course, what our OFWs are suffering from the conflict in Israel and Lebanon is also included here,” he added. The OIC added that Filipinos living in war-torn areas tend to get more out of the fund. He said that about 700 OFWs families in Israel have availed of helpline assistance. “At first, we provided P20,000 in financial assistance upon return, but Secretary Toots increased it to P30,000… There is a special case for those who were caught in a conflict or war situation like Sudan. But here in Israel, we handed P50,000,” he said. The post DMW has spent P414M on distressed OFWs appeared first on Daily Tribune......»»
Phl, Thailand vow closer collaboration on environmental conservation
Department of Environment and Natural Resources Secretary Maria Antonia Yulo Loyzaga on Thursday said her department is reinforcing diplomatic ties with Thailand in advancing maritime and ecological management and protection. Loyzaga said she met with Tull Traisorat, Ambassador of Thailand to the Philippines, to explore areas of cooperation, capacity-building, and knowledge-sharing with regard to sustainability, greening highly urbanized areas, and natural resources conservation. The DENR chief and the Thai envoy both agreed to push forward with the Strategic Action Programme for the South China Sea and the Gulf of Thailand, a $15-million project of the United Nations Environment Programme that aims to reduce coastal and marine environmental degradation in the region. Aside from Thailand and the Philippines, Cambodia, China, Indonesia, and Vietnam are also part of the ongoing program. It is the only agreed common vision among the participating countries on targets and actions for reversing environmental degradation trends in the South China Sea. Other points discussed covered regional environmental projects in the pipeline that address the management of marine protected areas, nature-based solutions to improve local community livelihoods and climate change adaptation, and the promotion of resource efficiency and circularity to reduce plastic pollution. On top of closer bilateral cooperation on sustainability and environmental conservation, the two Southeast Asians have committed to bolstering trade and investment as well as military ties. The post Phl, Thailand vow closer collaboration on environmental conservation appeared first on Daily Tribune......»»
Race to find survivors as Morocco quake deaths top 1,300
Morocco's deadliest earthquake in decades has killed more than 1,300 people, authorities said Saturday, as troops and emergency services scrambled to reach remote mountain villages where casualties are still feared trapped. Authorities declared three days of national mourning, but the Red Cross warned that it could take years to repair the damage. The 6.8-magnitude quake struck late Friday in a mountainous area 72 kilometres (45 miles) southwest of the tourist city of Marrakesh, the US Geological Survey reported. With strong tremors also felt in the coastal cities of Rabat, Casablanca and Essaouira, the quake caused widespread damage and sent terrified residents and tourists scrambling to safety in the middle of the night. "I was nearly asleep when I heard the doors and the shutters banging," said Ghannou Najem, a Casablanca resident in her 80s who was visiting Marrakesh when the quake hit. "I went outside in a panic. I thought I was going to die alone." In the mountain village of Tafeghaghte near the quake's epicentre, virtually no buildings were left standing. The traditional clay bricks used by the region's Berber inhabitants proved no match for the rare quake. In the late afternoon, soldiers continued to search through debris, but most survivors headed to the cemetery where loud screams punctuated the last rites as some 70 villagers were laid to rest. "Three of my grandchildren and their mother were killed -- they are still under the rubble," villager Omar Benhanna, 72, told AFP. "Just a while ago, we were all playing together," he added. It was the strongest-ever quake to hit the North African kingdom, and one expert described it as the region's "biggest in more than 120 years". "Where destructive earthquakes are rare, buildings are simply not constructed robustly enough... so many collapse, resulting in high casualties," said Bill McGuire, professor emeritus at Britain's University College London. Updated interior ministry figures on Saturday showed the quake killed at least 1,305 people, the vast majority in Al-Haouz, the epicentre, and Taroudant provinces. Another 1,832 people were injured, including 1,220 in a critical condition, the ministry said. Civil defence Colonel Hicham Choukri who is heading relief operations told state television earlier the epicentre and strength of the earthquake created "an exceptional emergency situation". After a meeting chaired by King Mohammed VI, the palace announced three days of national mourning, with flags to fly at half-mast on all public buildings. 'Unbearable' screams Faisal Badour, an engineer, said he felt the quake three times in his building in Marrakesh. "There are families who are still sleeping outside because we were so scared of the force of this earthquake," he said. "The screaming and crying was unbearable." Frenchman Michael Bizet, 43, who owns three traditional riad houses in Marrakesh's old town, told AFP he was in bed when the quake struck. "I thought my bed was going to fly away. I went out into the street half-naked and immediately went to see my riads. It was total chaos, a real catastrophe, madness," he said. Footage on social media showed part of a minaret collapsed on Jemaa el-Fna square in the historic city. An AFP correspondent saw hundreds of people flocking to the square to spend the night for fear of aftershocks, some with blankets while others slept on the ground. Houda Outassaf, a local resident, said she was "still in shock" after feeling the earth shake beneath her feet -- and losing relatives. "I have at least 10 members of my family who died... I can hardly believe it, as I was with them no more than two days ago," she said. The regional blood transfusion centre in Marrakesh called on residents to donate blood for the injured. The Royal Moroccan Football Federation announced that a Cup of African Nations qualifier against Liberia, due to have been played on Saturday in the coastal city of Agadir, had been postponed indefinitely. Significant damage likely "We heard screams at the time of the tremor," a resident of Essaouira, 200 kilometres (125 miles) west of Marrakesh, told AFP. "Pieces of facades have fallen." The USGS PAGER system, which provides preliminary assessments on the impact of earthquakes, issued a "red alert" for economic losses, saying extensive damage is probable. The Red Cross said it was mobilising resources to support the Moroccan Red Crescent, but its Middle East and North Africa director, Hossam Elsharkawi, warned: "We are looking at many months if not years of response." Foreign leaders expressed their condolences and many offered assistance, including Israel with which Morocco normalised relations in 2020. Neighbour and regional rival Algeria announced it was suspending a two-year-old ban on all Moroccan flights through its airspace to enable aid deliveries and medical evacuations. US President Joe Biden said he was "deeply saddened by the loss of life and devastation". Chinese leader Xi Jinping expressed "deep grief for the victims" and hope that "the Moroccan government and people will be able to overcome the impact of this disaster". In 2004, at least 628 people were killed and 926 injured when a quake hit Al Hoceima in northeastern Morocco, and in 1960 a magnitude 6.7 quake in Agadir killed more than 12,000. The 7.3-magnitude El Asnam earthquake in Algeria killed 2,500 people and left at least 300,000 homeless in 1980. The post Race to find survivors as Morocco quake deaths top 1,300 appeared first on Daily Tribune......»»
Chipmaker Arm aims for $52-B valuation in NY listing
British chip maker Arm, owned by Japan's SoftBank, will target a valuation of up to $52 billion when it lists on the New York Stock Exchange later this month, the company said Tuesday. The company is looking to raise between $4.5 and $5.2 billion in its initial public offering (IPO), it announced in a filing, which would make it one of the largest tech IPOs in recent years. Arm is a world leader in designing chips that are used in smartphones across the world and aims to be a major player in artificial intelligence. Arm's IPO comes on the heels of a surge in the share price of chipmakers like Nvidia amid a boom in interest in companies building the hardware needed for AI to flourish in the wake of the successful launch of the chatbot ChatGPT. Rare tech IPO Arm's IPO is being closely watched by the financial markets, with large tech IPOs something of a rarity in recent months, as rising interest rates have pushed traders to take less risky financial decisions. In 2022, the number of IPOs worldwide fell by more than 60 percent year-on-year, while the value of these deals dropped by 45 percent. Under these conditions, Arm's deal would be one of the largest IPOs in the tech sector since Alibaba's Wall Street IPO in 2014, which raised $25 billion at the time. The valuation target announced by Arm on Tuesday is much lower than SoftBank's earlier estimate of more than $60 billion. However, it is still considerably more than the approximately $32 billion Softbank paid for Arm back in 2016. Majority shareholder The document filed with the US Securities and Exchange Commission said more than 95 million shares would initially be offered on the Nasdaq exchange at a price of between $47 and $51 per share. The number of shares listed could rise up to 102.5 million in case of strong demand. All of the shares being sold are existing shares owned by Softbank, and all of the money from the IPO would go to the Japanese company. Softbank will continue to own around 90 percent of the company after the listing. Tech giants including Nvidia, Apple, Samsung Electronics, and Intel are interested in investing in Arm once the company is listed, according to numerous press reports. Arm will remain headquartered in the British city of Cambridge and may consider a second listing on the London Stock Exchange, where it was previously listed before its takeover by Softbank in 2016. Founded in 1990, the British company has some 6,000 employees in Europe, Asia, and the United States. Its sales for 2022 were stable at $2.7 billion. Its processors "provided cutting-edge computing for over 99 percent of the world's smartphones" the company said in 2022, estimating that "around 70 percent of the world's population uses products" based on its technology. Arm's parent company SoftBank has experienced numerous difficulties in recent years. Its most high-profile failure came with the dramatic collapse of the American shared office giant WeWork. Once valued at $47 billion, WeWork saw its valuation plummet amid investor concerns over its corporate governance under its controversial chief executive Adam Neumann. The post Chipmaker Arm aims for $52-B valuation in NY listing appeared first on Daily Tribune......»»
PHL to chair ASEAN in 2026
JAKARTA, Indonesia – President Ferdinand Marcos Jr. has announced that the Philippines is ready to take the helm and chair the Association of Southeast Asian Nations (ASEAN) in 2026. He made the announcement during the 43rd ASEAN Summit in Jakarta, Indonesia on Tuesday, where he made his remarks during the summit plenary. "It is my pleasure to announce that the Philippines is ready to take the helm and chair ASEAN in 2026," Marcos said. "We will fortify the foundations of our Community-building and navigate ASEAN as it embarks on a new chapter," he added. Marcos assured that the Philippines will count on the support of fellow Member States and continue to work with our partners to strengthen ASEAN Centrality, and to promote peace, security, stability, and prosperity in the region. ASEAN is a regional intergovernmental organization comprising ten countries in Southeast Asia: Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. The Philippines last chaired ASEAN in 2017, during the term of former President Rodrigo Duterte. Indonesia currently hosts the ongoing 43rd ASEAN Summit in Jakarta, Indonesia. After the summit, Indonesia will pass on the role of ASEAN chairmanship to Laos. The post PHL to chair ASEAN in 2026 appeared first on Daily Tribune......»»
Phl to strengthen alliances at ASEAN summit amid geopolitical tensions
President Ferdinand Marcos Jr. is expected to push for a rules-based international order and for parties to follow the United Nations Convention on the Law of the Sea "especially in the South China Sea" during the upcoming 43rd ASEAN Summit next month, a DFA official said on Thursday. During the Malacañang Press Briefing, Foreign Affairs Assistant Secretary Daniel Espiritu said Marcos would participate in the 43rd ASEAN Summit and Related Summits in Jakarta, Indonesia from 5 to 7 September 2023. Under the theme "ASEAN Matters: Epicentrum of Growth," Espiritu said the summit will serve as a platform for leaders to exchange views on key regional and international issues, build consensus on matters of mutual interest and provide policy direction for the ASEAN community in the future. "The second summit will (follow) the May summit and will accelerate the momentum of the ASEAN community-building process," Espiritu told Malacañang reporters. "The Philippines will continue to uphold and exercise freedom of navigation and overflight in the South China Sea in accordance with international law," he added. Espiritu said Marcos is also expected to have meetings with Cambodian Prime Minister Hun Manet and Vietnamese Prime Minister Pham Minh Chinh. Additionally, the Foreign Affairs official said Marcos is set to engage in one-on-one discussions with South Korean President Yoon Suk Yeol and Timor Leste Prime Minister Xanana Gusmão. Plans for meetings with other leaders are currently in the process of being organized, Espiritu added. "With Vietnam, the focus will be on strengthening the strategic partnership between the countries and, of course, cooperation on rice and food security," he said. "We will reassure Timor Leste of our cooperation with their country in the years to come, especially in their preparation for final membership in ASEAN," he added. Espiritu mentioned that there are anticipated discussions between Marcos and Republic of Korea President Yoon Suk Yeol regarding exploring new realms of collaboration. Furthermore, the Philippine leader intends to convey his appreciation to Korea for its assistance during Typhoon Egay. "Also, they intend to donate, under the ASEAN Plus 3 Rice Reserve Arrangement, a total of 750 metric tons of rice to the Philippines, 400 of that are already in the pipeline," he said. On the other hand, Espiritu said Marcos and Prime Minister of Cambodia Hun Manet would be discussing matters of "mutual concern between our two countries." He added that the President will also continue to emphasize the country's efforts to protect migrant workers in crises and combat human trafficking, especially with the use or abuse of technology. Espiritu said Marcos will also discuss other priority areas of cooperation with dialogue partners. Foreign Affairs Secretary Enrique Manalo, Social Welfare Secretary Rex Gatchalian, and Trade Secretary Alfredo Pascual will join Marcos at the ASEAN Summit. According to Espiritu, the President will also bring a business delegation. The post Phl to strengthen alliances at ASEAN summit amid geopolitical tensions appeared first on Daily Tribune......»»
Russia strikes Odesa cathedral, Putin dismisses counteroffensive
Russia's latest strike on Odesa on Sunday killed two people and severely damaged a historic Orthodox cathedral, drawing a vow of retaliation from Ukraine's leader. The attack came as President Vladimir Putin met his Belarusian counterpart for talks in Russia and claimed Kyiv's counteroffensive had "failed". Russia has pounded the Ukrainian port city of Odesa since quitting the Black Sea grain deal last week. Locals watched in disbelief as the Transfiguration Cathedral -- originally built in 1794 under imperial Russian rule -- was hit. The biggest Orthodox church in Odesa lies within the UNESCO-protected historic city center. UNESCO condemned the "brazen" attack, which hit several sites in the World Heritage area, marking "an escalation of violence against (the) cultural heritage of Ukraine", according to UNESCO chief Audrey Azoulay. Clergymen rescued icons from rubble inside the badly damaged shrine, which was demolished under Stalin in 1936 and rebuilt in the 1990s after the collapse of the Soviet Union. The culture ministry said it had so far identified damage to 29 monuments of important cultural heritage. The Ukrainian government condemned the cathedral strike as a "war crime", saying it had been "destroyed twice: by Stalin and Putin". President Volodymyr Zelensky vowed retaliation: "They will definitely feel this," he said. "We cannot allow people around the world to get used to terrorist attacks," Zelensky added in his evening speech late on Sunday. "The target of all these missiles is not just cities, villages or people. Their target is humanity and the foundations of our entire European culture." Icons pulled from rubble Images showed smashed mosaics on the cathedral floor as workers cleared the rubble. The outside of the building appeared intact. "There was a direct hit to the cathedral," said Father Myroslav, the assistant rector, adding that three altars were ruined. Icons were pulled out from under the rubble and the shrine was "very badly damaged inside", with "only the bell tower intact", he added. Clergymen said a security guard and a priest getting ready for a morning liturgy were inside during the attack but both survived. Russia blamed the cathedral damage on Ukrainian air defense. It said it had hit all its intended targets in the Odesa strike, claiming the sites were being used to prepare "terrorist acts" against Russia. But local people said Russia had hit residential areas. "We have ordinary residential buildings here, where people live," a woman who owns a beauty salon nearby, Tetiana, told AFP. "There are no military facilities here. Just simple beauty salons, a marine agency, a groomer. Nothing military here at all." Russia launched a wave of attacks on the Black Sea port this week, after exiting a deal between Moscow, Kyiv, Istanbul and the UN allowing the safe passage of cargo ships. Ukraine has vowed to find a way to continue exports from the ports and said Sunday repeated Russian strikes on Odesa this week were an attempt to "prevent and neutralise international efforts to restore the functioning of the "grain corridor." Putin meets Lukashenko As Odesa cleared rubble from the Russian strikes, Putin hosted his closest ally, Belarus leader Alexander Lukashenko, in his native city of Saint Petersburg -- their first meeting since Minsk helped end a revolt by Russia's Wagner force. Both leaders were dismissive of the Ukrainian counteroffensive to take back land captured by Russia. "There is no counteroffensive," Lukashenko said at the meeting, before being interrupted by Putin: "There is one, but it has failed." The Belarus strongman now hosts Wagner fighters on his territory, after brokering a deal that convinced its leader Yevgeny Prigozhin to end a march on Moscow and exile himself to Belarus. "We are controlling what is happening (with Wagner)," he said, thanking Putin for vowing to defend Belarus should it be attacked. Wagner's presence in Belarus has rattled EU and NATO member Poland, which has strengthened its border. On Sunday, Polish Defense Minister Mariusz Blaszczak said a new battalion of sappers would be formed in the country's northeast. Polish, US, British, Romanian and Croatian soldiers were training "shoulder to shoulder", he said, during a visit to the northeastern city of Augustow. The comments came two days after Putin said western Poland was a "gift" from Stalin at the end of World War II, when victorious allies decided on the contours of post-war Europe. Warsaw summoned the Russian ambassador over the remarks. Both Putin and Lukashenko also accused Warsaw of having territorial ambitions on Ukraine and Belarus. Ukraine's Foreign Minister Dmytro Kuleba responded quickly on Twitter. "Putin's attempts to drive a wedge between Kyiv and Warsaw are as futile as his failing invasion of Ukraine," he wrote. "Unlike Russia, Poland and Ukraine have learned from history and will always stand united against Russian imperialism and disrespect for international law." Fighting in Ukraine continued Sunday, with Russia launching 17 cruise missiles and two ballistic missiles, according to the Ukraine army. The post Russia strikes Odesa cathedral, Putin dismisses counteroffensive appeared first on Daily Tribune......»»
Heavy rains, flooding leave seven dead in South Korea
Seven people have been killed and three were missing as heavy rains flooded South Korea, officials said Saturday, with thousands told to evacuate their homes due to an overflowing dam. Over the last three days, heavy rainfall has submerged counties across the country, with local media reports suggesting the death toll may rise later Saturday. More than 6,400 residents in the central county of Goesan were ordered to evacuate early Saturday as the Goesan Dam began overflowing from the downpour and submerging low-lying villages nearby, the interior ministry said. The seven people killed since Friday died in rain-related landslides and building collapse, it added. Two of the three people reported missing were swept away when a river overflowed in North Gyeongsang province, the ministry said. All regular train service nationwide was suspended as of 2:00 p.m. (0500 GMT), although KTX bullet trains remained operational with potential schedule adjustments, according to the Korea Railroad Corporation. South Korean Prime Minister Han Duck-soo urged officials to respond to river overflows and landslides "preemptively", and requested support for rescue operations from the defense ministry. The post Heavy rains, flooding leave seven dead in South Korea appeared first on Daily Tribune......»»
BIR kicks off tax compliance and verification drive
Subic Bay Freeport — The Bureau of Internal Revenue has conducted a Tax Compliance and Verification Drive at the warehouses inside the Subic Bay Gateway Park, Phase II here, leading to the closure of a manufacturing firm here. BIR commissioner Atty. Romeo “Jun” Lumagui Jr. led the inspection on Friday at the warehouse of Onesubic Premier Manufacturing Corporation, a registered manufacturing corporation of Regional District Office 19 of the BIR. Lumagui said that the company is licensed to operate as a manufacturer of cigarettes and has a permit to operate non-tobacco material warehouse. He added that during the inventory taking, the TCVD team discovered that there were no manufacturing machines and no finished cigarette products made by OPMC in the area. The official also said that there were export sales of cigarettes made by OPMC to foreign corporation with bill of lading presented upon inquiry, and that the finished cigarette products involved in OPMC’s export sales per verification were sourced from another manufacturing corporation. Lumagui said that the company is allegedly OPMC’s sister company identified as Hongcim International Corporation, citing that the warehouse is also part of the building where OPMC is leasing. “OPMC is engaged in unregistered activities such as printing cigarette packaging boxes without prior registration with the Large Taxpayer Excise Tax Division of BIR, National Office as prescribed by existing BIR rules and regulation,” said Lumagui. The OPMC declared during an interview with the TCVD team that they do not produce cigarettes, citing that they only produce cigarette boxes in packs and reams, which were sold only in Clark and internationally. “Upon our inspection, we found out through the company’s used manual sales invoice that they have sold packs of finished cigarettes internationally to Vietnam and Cambodia alongside with the sale of empty printed boxes used to pack cigarettes,” the commissioner said. The post BIR kicks off tax compliance and verification drive appeared first on Daily Tribune......»»
BBM has kept promises, Sara says
Vice President Sara Duterte on Sunday said President Ferdinand Marcos Jr. has already proven his government’s willingness to fulfill its electoral promises one year into office. “Everyone can see the diligence and perseverance of our beloved President in continuing the positive changes started by the previous administration, and introducing new programs and projects to improve the lives of our fellow citizens,” Duterte said in a Facebook post. The UniTeam tandem of Marcos and Duterte won via landslide in the May 2022 polls. They started holding office at noon of 30 June last year. Duterte said she is happy to be part of an administration that focuses on strengthening the country and being proactive in strengthening the economy, providing sufficient jobs and livelihood opportunities, and addressing poverty. She said the administration has been supportive of fishermen, farmers, and workers, and in building essential infrastructure, improving the quality of education and healthcare for Filipinos, and strengthening the Philippines’ relations with other countries. One year in office, Mr. Marcos has already signed six laws, including the SIM Registration Act, An Act Postponing the December 2022 Barangay and SK Elections, and Amendments to the Armed Forces of the Philippines fixed term law. The said laws were part of the 42 priority legislation proposed by his administration’s Legislative Executive Development Advisory Council. The Philippines’ standing in the World Press Freedom Index has improved under Marcos, with the country placing 132nd out of 180 nations, up from 147th last year. Marcos also visited Indonesia, Singapore, New York, Cambodia, Thailand, Belgium, China, Switzerland, Japan, Washington and London in the last 12 months. As of February this year, pledges for investments totaling 3.48 trillion Philippine pesos (about $68 billion) had been made as a result of his trips abroad. Of the commitments, P239 billion have come to pass with corporations putting projects around the nation. Confirmed projects worth P1.5 trillion are in the planning stage, while P1.7 trillion already have existing Memoranda of Understanding or Letters of Intent. The post BBM has kept promises, Sara says appeared first on Daily Tribune......»»
For steadier, sturdier ship
The 1997 Asian Financial Crisis wiped out the jobs and savings of millions of working Filipinos, 3.96 million of whom were driven into poverty. I felt that my experience in the financial sector made it my duty to help guide the hands that steer the ship of State, to whomever those hands might belong. So, I launched my political career. A steadier, sturdier ship of State has been my life’s work. In 2001, with the looming financial collapse in the power sector, I helped craft the Energy and Power Industry Reform Act or EPIRA. That reduced the sector’s liabilities from P1.23 trillion in 2003 to P346 billion last year. In 2004, with imminent fiscal disaster, I crafted President Gloria Arroyo’s administration’s “Roadmap to Fiscal Rehabilitation,” P166 billion in reforms preventing widespread government austerity. That paid for the economic stimulus program I proposed in 2007-2009, putting us ahead of the curve with positive growth in 2008 and 2009 while the rest of the world retreated. For nine years between terms in Congress, I served as governor of Albay after the most traumatic event in its recent history: Supertyphoon “Reming.” Here are the numbers for Albay: We reduced the poverty rate from 32 percent in 2006 to 24 percent in 2015 (when the national figures were from 25 to 21 percent over the same period). We went from No. 177 in the National Achievement Test to No. 19; from 18,000 to 172,000 covered by PhilHealth; from 8,700 foreign tourists in 2006 to 374,000 in 2015, with total tourists from 123,000 to 1.4 million; from 74 percent rice self-sufficiency to 104 percent; from 6,300 hectares of forests in 2003 to 26,000 in 2006 to 53,000 in 2015. With 88,444 college scholars, we crafted the basis for the Free College Tuition Law, which I principally authored later. We established the Zero-Casualty Doctrine and pioneered local climate change adaptation, gaining us global acclaim and helping elect me co-chair of the United Nations Green Climate Fund. Under President Rodrigo Duterte, I shepherded the Comprehensive Tax Reform Program and the economic liberalization reforms. Continuing my chairmanship of the House Ways and Means Committee under President Ferdinand Marcos Jr., I led structural reforms, including the New Agrarian Emancipation Act, the Public-Private Partnership Act, and the Center for Disease Control Charter — all set to become law soon. In time, I hope they will prove their value. For now, the work of nation-building continues. The post For steadier, sturdier ship appeared first on Daily Tribune......»»
Two economic issues
Contemporary developments point to the unsuspecting tragedy of the government operating on either “fiscal panic” or a “fiscally constrained environment,” in the true sense of these words. One is the matter of the Maharlika Investment Fund that a senator rightly described as a “leap into the great unknown,” and the other is the writing off of land reform debts that were averred by a congressman to be the President’s “biggest legislative accomplishment.” Chinese philosopher Confucius warns thus: “A person who catches two rabbits, catches neither.” While Congress subsumes itself as an enabling partner in nation-building, in the process it blurs the line that insulates its distinct power in a tripartite system, with a semblance of rationality, however. Indeed, the condonation of P57 billion in debt is a relief to 610,054 agrarian reform beneficiaries but it overreaches to become a tax amnesty and an exclusion of estate tax liabilities under a proposed law. It is doubtful if the forecast productivity gain of at least P33.5 billion yearly from the condoned lands would result therefrom. Earlier, the President issued Executive Order 4 directing a moratorium on the payment of the principal obligation and interest on the amortization due and payable by agrarian reform beneficiaries. Then, on the sovereign wealth fund, the former chair of the Senate’s Committee on Banks, Financial Institutions and Currencies argued that if Landbank would have to contribute P50 billion and Development Bank of the Philippines P25 billion to the fund, the return on investment must be in the “two-digit zone,” not the usual 6 percent. Incidentally, the Senate president succeeded in having the House of Representatives adopt the Senate version sans a bicameral conference. Wherever this “capital accumulation cum fundraising project” would lead, a few observations may be laid clearly, to wit: One: As regards EO 4, it seems clear that the “moratorium shall be effective for one year upon the effectivity of the Order (i.e. 13 September 2022).” Thereafter, payment of obligation and interest will resume as if it were just a “layaway plan” or “deferred payment.” Two: While agrarian reform beneficiaries gained relief, the banks theoretically incurred losses during the moratorium which should have been collected in payments and interests. That is sure to generate a domino effect on banking operations in a significant way with almost P60 billion held hostage. Three: There appears to be no clear roadmap to the financial gains the two government-owned and -controlled corporations (LandBank, DBP) will derive as a return on investment on their corporate equity nor is there a surefire guarantee that this will surpass the 6 percent threshold they normally get as earnings for loans or debts from their borrowers. Four: It has become luminous that on one end, much has been taken away from both banks because of the moratorium in what closely constitutes “foregone revenues.” On the other end, to “sequestrate” those required contributions from their current deposits or assets would also mean that their resources or financial capacity is markedly diminished in a sort of a “bank run” consequential to (in)solvency. Five: These are manifest moves of a “fiscal embargo” or capital sourcing from Corp. A and Corp. B to create Corp. C. First, either bank or both receive no payments due to a moratorium, and, second, either bank or both are sliced out of their aggregate assets due to the mandated contribution. In both cases, the moratorium and mandated contribution — if we collapse the two together — simply signal the dangers and risks when a state-sponsored economic intervention is allowed to take shape. Pray that this does not forebode a bailout because the country is on the edge of bankruptcy or because poverty is worsening. In the end, there’s more than meets the eye to all the sweet rhetoric accompanying these moves of a first-of-its-kind state intervention that scholars have described as“taming Leviathan.” Political interference tends to collide with value maximization for shareholders, thereby jeopardizing investment targets. The post Two economic issues appeared first on Daily Tribune......»»
Bong Go joins Manggahan Festival in Guimaras
Emphasizing his commitment to uplifting cultural celebrations and promoting sportsmanship, Senator Bong Go visited Jordan, Guimaras on Friday, 19 May, where he personally attended the Manggahan Festival and as part of the program, witnessed the volleyball tournament at the provincial gymnasium. The Manggahan Festival celebrated annually in Guimaras, pays homage to the province's mango industry. As a major highlight of the festival, the streets of Jordan came alive with vibrant colors, cultural performances, and mango-themed displays. The festival provides a platform for farmers, entrepreneurs, and artisans to showcase their talents, products, and cultural heritage to a broader audience. Go lauded the local community for showcasing its cultural heritage while promoting its products such as its locally harvested mangoes which Guimaras is famous for. During his visit, he also partook in the ‘Mango Eat All You Can’ festivities and vowed to make efforts to promote the local industry. In the Senate, Go authored and co-sponsored Senate Bill No. 1594 which was recently approved by the Senate on the third and final reading. If passed, the measure shall institutionalize the One Town, One Product Philippines Program and shall serve as a government stimulus program to encourage the growth of micro, small, and medium enterprises in the country through the utilization of indigenous raw materials, local traditions, and cultures across the country. As part of the festival, a volleyball tournament was organized where Go, as Chair of the Senate Committee on Sports, showed his support for the participating athletes. In his short speech, the senator underscored his passion for sports and his belief in its ability to foster unity and teamwork, especially among the youth. “Kung mayroon ho kayong mga pangangailangan sa mga grassroots sports program tulad ng volleyball, magsabi lang po kayo sa aking opisina (at) handa po akong tumulong sa inyo sa abot ng aking makakaya. Dahil isa po ito sa pamamaraan na ilayo natin ang mga kabataan sa masasamang bisyo tulad ng ilegal na droga at magabayan sila na maging mga responsableng mamamayan,” emphasized Go. Continuing his remarks, Go emphasized the need for increased investment, infrastructure, and opportunities for athletes at all levels. He likewise highlighted the role of sports in nation-building, emphasizing its ability to bring people together towards a common goal. The senator stressed that supporting the sports sector is not only about winning medals but also about promoting camaraderie, discipline, and values among athletes. By investing in sports, the senator expressed that the country can harness the potential of its talented athletes, inspiring future generations and fostering a stronger, more united citizenry. Go personally showed his support to Filipino athletes in the recently concluded Southeast Asian Games in Cambodia on 12 and 13 May. As a testament to his commitment, the senator vowed that he will continue to push for necessary support that would serve as a morale boost and inspire Filipino athletes to give their best. Promoting inclusivity and equality in sports, Bong Go earlier proposed additional incentives for National Para Athletes who win medals in international sports competitions. Go has filed Senate Bill No. 2116 that seeks to amend Section 8 of Republic Act No. 10699 or the "National Athletes And Coaches Benefits and Incentives Act.” If enacted into law, the bill shall upgrade the incentives for para-athletes to be at par with other international competitions of the same caliber. He also continues to push for his proposed Philippine National Games Act of 2022, which seeks to ensure a more inclusive system of promoting promising Filipino athletes who possess potential in various fields of sports to be given an equal opportunity of becoming future contenders in international sporting competitions and cement the country’s status as a ‘Sports Powerhouse in Asia’. Go was also instrumental in the additional funding for the Philippine Sports Commission during its 2023 budget deliberation, particularly for grassroots sports development and in support of athletes joining international competitions. Following the Manggahan Festival, Go also took time to conduct a monitoring visit to the Malasakit Center at Dr. Catalino Gallego Nava Provincial Hospital and provide aid to patients and front-liners. Later that day, Go also visited Buenavista town in Guimaras where he led the groundbreaking of the town’s Super Health Center, spearheaded a relief operation for indigents, and visited local infrastructure initiatives he earlier supported such as the Buenavista Wharf and a seawall in the town. The post Bong Go joins Manggahan Festival in Guimaras appeared first on Daily Tribune......»»
Kelvin Lee gets Thought Leadership Gold Awards for Fintech initiatives
The work of the Securities and Exchange Commission, led by Commissioner Kelvin Lester Lee, to grow Financial Technology (Fintech) in the Philippines has brought pride to the Philippines after Atty Lee was recognized as the top winner in the category of "Thought Leader of the Year" by the Asia Pacific Stevies Award. In winning the Gold Prize, Commissioner Lee's exceptional contributions to the field of Fintech have garnered recognition from the international community and cemented his position as a leading authority in the Asia-Pacific region, triumphing over other winners from the Philippines, Australia, Indonesia, and India. Apart from the Gold Prize, Commissioner Lee also won the coveted Grand Stevie Award for the Philippines, a recognition presented to the highest-scoring nomination from each of the four nations that submitted the most nominations to the competition after getting an impressive score of 8.83/10 from international jurors. As an incumbent Commissioner of the SEC, Lee has spearheaded groundbreaking initiatives within Fintech. His noteworthy accomplishments include his involvement in the pioneer cohort of the University of Cambridge's Fintech and Regulatory Innovation Programme, significantly influencing his drive for a meticulous and balanced policy approach to Fintech regulation. In recognition of his vision and advocacy, Commissioner Lee played a pivotal role in establishing the SEC's PhiliFintech Innovation Office (PhiliFINNO) in 2021. Working under guidance, this office focuses on fintech regulation and policy recommendations, positioning the Philippines as a frontrunner in embracing technological advancements while prioritizing investor protection. Lee has also crafted the SEC's "delicate balancing act" policy to maintain a healthy marriage between encouraging innovation and ensuring investor safety. This policy enables the SEC to foster an environment conducive to Fintech growth while upholding its responsibility as a financial regulator to safeguard the interests of investors. The Commissioner's influence extends beyond national boundaries, as he is frequently invited to speak at Senate hearings, sit on panels, and deliver keynote speeches on Fintech policy. His expertise and insights on Fintech, Fintech policy, and Fintech regulation are sought after both in the Philippines and internationally. Noteworthy platforms where he has shared his knowledge include events organized by the University of Cambridge, the Asian Institute of Management, the American Chamber of Commerce of the Philippines, Inc., the Ministry of Economy and Finance of Cambodia, the Fintech Alliance, and the World Economic Forum, among others. Lee's dedication to advancing Fintech has taken him to Hong Kong, Singapore, London, and Cambridge, where he has shared his expertise and contributed to shaping the global Fintech landscape. In December 2022, the SEC official's Fintech policy work and thought leadership led to him being honored as one of the Philippine Blockchain Champions by the Blockchain Council of the Philippines. This recognition acknowledges his invaluable contributions in driving the adoption of blockchain and Web3 technologies in the Philippines, positioning the country as a prominent blockchain hub in Asia. In January 2023, Lee also solidified a partnership with the University of the Philippines Law Center through a Memorandum of Understanding (MOU), paving the way for joint research and capacity-building projects focused on digital assets, blockchain, non-fungible tokens, and decentralized finance. As a regulator, Commissioner Lee remains guided by the SEC's overarching approach to Fintech, striking a delicate balance between regulatory objectives, such as investor protection, and fostering an environment that embraces the innovative potential of Fintech. His leadership has adopted enabling policies encouraging innovation while proactively mitigating excessive risk buildup, ensuring market integrity and investor safeguarding. Lee's pursuit of innovation within the Fintech sector has solidified his position as a trusted and influential figure. According to the Stevies jurors, Commissioner Lee's accomplishments are a testament to his dedication, expertise, and unwavering commitment to advancing Fintech and promoting a secure and investor-friendly environment. The Asia-Pacific Stevie Awards received over 800 nominations this year, reflecting the remarkable innovative achievements across the 29-nation region. The winners will be celebrated during a virtual ceremony on June 27, providing an opportunity to recognize and honor the outstanding individuals and organizations shaping the business landscape in the Asia-Pacific region. The post Kelvin Lee gets Thought Leadership Gold Awards for Fintech initiatives appeared first on Daily Tribune......»»
A month into Sudan’s brutal war, no end in sight
One month since Sudan's conflict erupted, its capital is a desolate war zone where terrorized families huddled at home as gun battles rage, while the western Darfur region has descended into deadly chaos. Residents of Khartoum have endured weeks of desperate food shortages, power blackouts, communications outages, and runaway inflation. The capital of five million, long a place of relative stability, has become a shell of its former self. Charred aircraft lie on the airport tarmac, foreign embassies are shuttered and hospitals, banks, shops, and wheat silos have been ransacked by looters. Violence also renewed in El Geneina, the capital of West Darfur state, leaving hundreds killed and the health system in "total collapse", medics said. Fighting continued on Monday, with loud explosions heard across Khartoum and thick smoke in the sky while warplanes drew anti-aircraft fire, according to witnesses. "The situation is becoming worse by the day," said a 37-year-old resident of southern Khartoum who did not wish to be named because of safety concerns. "People are getting more and more scared because the two sides... are becoming more and more violent." Another witness reported "clashes with various types of weapons" in Omdurman, the capital's twin city. Battles erupted on 15 April between army chief Abdel Fattah al-Burhan and his former deputy Mohamed Hamdan Daglo, who leads the paramilitary Rapid Support Forces (RSF). What remains of the government has retreated to Port Sudan about 850 kilometers (500 miles) away, the hub for mass evacuations. The United Nations says more than 700,000 people have been internally displaced by the fighting, and nearly 200,000 have fled Sudan for neighboring countries. There are fears for the stability of the wider region. "We're left on the street, in the sun," complained Hamden Mohammed, who escaped the Khartoum area for Port Sudan. "We want the organizations to evacuate us from Sudan because the country is totally devastated. There's no food, no work... nothing." Around 1,000 people have been killed, mainly in and around Khartoum as well as the ravaged state of West Darfur, according to medics. Violence on Friday and Saturday in El Geneina, the West Darfur capital, killed at least 280, according to the Sudanese doctors' union. "There was still heavy shelling on Sunday that hit my home, damaging a part of it and injuring one of my sisters," said one El Geneina resident. "Other houses around us were completely destroyed." After a month of war, Burhan declared he was freezing the assets of the RSF which, analysts say, has interests in Sudan's gold mines. Burhan dismissed the central bank governor and the police director general, while Daglo threatened in an audio recording that the army chief would be "brought to justice and hanged" publicly. History of coups Neither side has been able to establish dominance on the battlefield, and experts have forecast a protracted conflict. The army, backed by Egypt, has the advantage of air power while Daglo is, according to experts, supported by the United Arab Emirates and foreign fighters. Daglo commands troops that stemmed from the notorious Janjaweed militia, accused of atrocities in a war that began in Darfur two decades ago. The scorched-earth campaign killed up to 300,000 people and uprooted more than 2.7 million, the UN said. Many were still living in Darfur's displacement camps as war returned to the region. Multiple truce deals in the current conflict have been violated. Sudan has a long history of military coups, but hopes had risen after mass protests led to the ouster of Islamist-backed strongman Omar al-Bashir in 2019, followed by a shaky transition toward civilian rule. As Washington and other foreign powers lifted sanctions, Sudan was slowly reintegrating into the international community, before the generals derailed that transition with another coup in 2021. The security breakdown has extended beyond Khartoum and Darfur to other regions. Ethnic violence last week killed more than 50 people in West Kordofan and White Nile states, according to the UN. Poorer for longer The fighting has deepened the humanitarian crisis in Sudan, where one in three people already relied on humanitarian assistance before the war. Since then, aid agencies have been looted and at least 18 of their workers killed. Diplomatic facilities have also been targeted. Jordan on Monday issued condemnation after its Khartoum embassy building "was stormed and attacked." Across the Red Sea, in the Saudi city of Jeddah, envoys from both sides have been negotiating. By May 11 they had signed a commitment to respect humanitarian principles and allow in badly needed aid. "Scarcely had the two warring parties signed the Jeddah Agreement on Thursday night when chaos erupted once again in Geneina," according to William Carter, the Norwegian Refugee Council's country director. Doctors Without Borders said food shortages in Darfur displacement camps mean "people have gone from three meals a day to just one". The fighting has caused "the partial deindustrialization" of the country, said Aly Verjee, a researcher at Sweden's University of Gothenburg, meaning "any future Sudan will be much poorer for much longer." The post A month into Sudan’s brutal war, no end in sight appeared first on Daily Tribune......»»
Finnish footbridge collapse injures 27, mostly children
Some 27 young people, mostly children, were injured in Finland on Thursday when a temporary footbridge near a construction site collapsed and they fell several meters onto a road, officials said. The accident occurred at around 9:20 am (0620 GMT) in Espoo, near the capital, Helsinki, when wooden planks are believed to have given way and the group fell five to six meters (feet) onto the carriageway of the small side road. Most of the injured were eighth-year pupils aged around 14 or 15, who were on a school field trip, city officials said. Their teacher was among the injured. Twenty-four people were taken to various hospitals in the Helsinki region. "No one has life-threatening injuries," Helsinki hospital service HUS said, adding that the majority had limb fractures. "There has been no indication of any risk of paralysis but there are some head injuries involved as well," HUS medical director Eero Hirvensalo told reporters. Photos from the scene showed the sides of the footbridge largely intact but a gaping hole across half of it and a pile of wooden planks in a jumble under one end. Rescue workers could be seen treating multiple people lying injured on the road shortly after the accident. Cause unknown The cause of the collapse has not been confirmed and is being investigated, the Espoo city authorities said. "I saw the bridge was no longer up and many people (were) on the ground," Jaakko Markkula, who lives on the fifth floor of a building near where the accident took place, told AFP. The head of the Helsinki city education department, Satu Jarvenkallas, told AFP the injured were pupils from the Kalasatama comprehensive school in the capital. "They were on a normal field trip to the Emma Art Museum. And then the accident took place," she said. A crisis team has been set up at the school, she added. The city of Espoo said weekly inspections had been conducted on the structure, most recently on May 5. The contractor whose company built the bridge, Jarno Tuuri, told the Iltalehti daily "nothing out of the usual was observed" during the weekly checks. "The situation is of course very bad. We're now checking all the structures and making the necessary additional reinforcements," he said. "We're assisting the authorities in every way we can," he added. The director of Espoo city services, Jukka Makela, expressed his "regrets" to the injured, adding: "This simply should not happen." "Shocking news from Espoo. Our strength to those injured in the accident and their loved ones. You are in our thoughts," Prime Minister Sanna Marin said on Twitter. The post Finnish footbridge collapse injures 27, mostly children appeared first on Daily Tribune......»»
New York parking garage collapses, at least 1 dead, 4 injured
At least one person died and four were rushed to hospital after a multi-story parking garage in New York City collapsed on Tuesday, emergency responders said. Aerial video footage circulating on social media showed cars piled on top of one another in a jumble of cracked concrete in the financial district of Lower Manhattan. The building on Ann Street "pancaked, collapsed, all the way to the cellar floor," the acting head of New York's buildings department, Kazimir Vilenchik, told a press conference at the scene. Its exterior remained standing, but officials said they feared further collapse. The fire department's chief of operations John Esposito said they had ordered all their initial responders out of the building -- but that a robotics unit had been able to deploy a robot dog and fly drones inside to conduct searches. He said they believed there had been six workers in the building when it collapsed. "Four of them have been transported to the hospital in stable condition. We have one patient that has died," he told the news conference. The sixth person refused medical treatment, he said. Esposito said the fire department believed everyone had been accounted for. Officials were calling for New Yorkers to avoid the area. The post New York parking garage collapses, at least 1 dead, 4 injured appeared first on Daily Tribune......»»
News from home: Hong Kong OFWs protest possible regulation, Qatar building collapse
These were among our headlines and news stories from the past week we think you should know if you’re a Filipino based abroad......»»
Cambodian man lands ‘airplane’ home in ricefield
SIEM REAP, Cambodia — A Cambodian airplane fanatic has built his house shaped like a private jet—despite never having been up in the air himself. Construction worker Chrach Peou spent his $20,000 life savings building the concrete “plane”—complete with wings, tailfin, landing gear and engines—near the town of Siem Reap, gateway to the famed Angkor […] The post Cambodian man lands ‘airplane’ home in ricefield appeared first on Cebu Daily News......»»