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PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems
In conjunction with the visit of the members of the President’s Cabinet to improve economic ties with Japan, PEZA pursued a five-day outbound mission to Tokyo resulting in P10.8 billion in solid investment expansion commitments from PEZA-registered Japanese enterprises. Held from 28 August to 2 September 2023, PEZA participated in an investment forum organized by junca Global Holdings and a series of business-to-business meetings that capitalized on investment leads sought by PEZA, and those from Sumitomo Corporation and the First Philippines Industrial Park, Inc., one of PEZA’s leading developer-operators. PEZA also explored new strategic areas of collaboration with Kiraboshi Bank, one of the leading regional banks in Tokyo, and with the Organization for Small & Medium Enterprises and Regional Innovation JAPAN, a government agency under the Ministry of Economy, Trade and Industry in charge of supporting the needs of Japanese SMEs. Further, PEZA entered into a Memorandum of Understanding with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA until the end of 2023. In an investment promotion forum organized by junca Global Holdings on 29 August, Director General Tereso O. Panga highlighted Japan’s contribution to the Philippine economy, stating “Our top country investor, Japan, has a total of P766.550 billion investments from 1995 to June 2023 making up for the 27.37 percent of PEZA’s overall investments by country. This investment comes from 877 Japanese locators with 339,751 direct employments as of May 2023 and exports of $ 6.370 billion from January to May this year.” The said forum was attended by representatives from various industries, specifically from renewable energy/alternative fuel to water recycling, real estate, financial services, food processing, cosmetics manufacturing and distribution including research and development on sprayed stem cell therapy, and human resource training and management. Panga also reported that “2023 is proving to mark the significant rise of the semiconductor industry with several industry leaders proceeding with their expansion plans to address the projected demand in their products due to the rise of the electronic vehicle industry and steady technological advancements in the downsizing of gadgets and their parts.” “PEZA will make sure that the country will be poised to receive these investments as we have a small window to get the manufacturing of new high-tech products into the Philippines given the competitiveness of the industry,” he added. The mission allowed PEZA to secure P10.8 billion in investment commitments from Japanese companies, namely the Terumo Corporation (P1 billion), Taiyo Yuden (P1.6 billion), TDK Corporation (P7.2 billion) and Almex Technologies (P1 billion). Panga’s statement is further solidified by the P111.207 billion in investments already approved by the PEZA Board for the first nine months of 2023, and expansion announcements by some of PEZA’s biggest locators such as Knowles (Philippines) Electronics Corporation, Terumo, Wipro Philippines, Inc., and Isla Import Terminals, Inc. According to Panga, “Taiyo Yuden CO., LTD. has an investment plan to operate their business in Taiyo Yuden (Philippines), Inc. We are proud to have locators such as Taiyo Yuden grow inside PEZA’s ecosystem since 1989. The ongoing investment plan covers the calendar year 2023-2024, with the total investment amounting to P1.6 billion. This signifies a continued era of trust and confidence in the country’s investment facilitation climate.” The Metal Power Inductor is Taiyo Yuden’s newly patented product with cutting-edge technology. The Philippine facility is the first manufacturing site aside from the facilities in Japan. The new product is the world’s first multilayer-type metal power inductor with the latest multilayer technology and its unique metal material characteristics. On the other hand, the TDK Corporation, an electronics manufacturing company that uses leading magnetic technology will have its first expansion from 2023 to 2026 while its second expansion will begin in 2024. TDK’s new product is a bio-magnetic sensor for monitoring heartbeats. Promising investment leads are also in the pipeline such as the partnership with Kiraboshi Bank, LTD., As one of the largest regional banks in Tokyo, Japan, Kiraboshi Bank caters to a large network of enterprise clients including PEZA registration-eligible business enterprises. Meanwhile, talks with the SME Support JAPAN led to the possible inclusion of the Philippines in the conduct of CEO Business Meetings that will allow direct linkage between Japanese SMEs and PEZA RBEs. PEZA also considers the partnership as a promising prospect since the Philippines is in a position to address the human resource needs of Japanese SMEs that are looking to expand operations. According to SME Support Senior Director General Soma Hirohisa they are “looking forward to the possible partnership with PEZA to produce more success stories for Japanese SMEs, similar to those who setup manufacturing facility in the ecozones to export these products to Japan and other global markets.” On the other hand, Kaneko Cord Co., LTD. is a company engaged in various industries such as the production of electrical wires, cables, and the manufacture of medical tubes and caviar productions is interested in transferring its Japan-based operations to the Philippines. Kaneko representatives later lauded the productive meeting with PEZA, stating that the meeting “surely expedited the beginning of [their] business in the Philippines.” Meltec Corporation also have plans to expand their operations in the Philippines due to the country’s strategic location to its clients and the presence Filipinos workers with high-quality skills and positive attitude. On 1 September 2023, PEZA entered into an MOU with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA for a limited period. The use of these groupware solutions will allow PEZA to digitize, automate, and centralize most of its internal documents and processes under a secure IT environment. With this partnership, PEZA will be taking the lead in government administration, being one of the first Philippine government agencies to use the product as a standard operating office system. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. Represented by Panga and Corporate Center Senior Director Tsuneko Aoki, PEZA and NEOJAPAN inked the engagement geared toward exploring areas of collaboration and cooperation in developing, improving and automating the administrative processes of PEZA through the adoption of appropriate ICT systems. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. The MOU is also in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and Confidentiality of Information. This is part of PEZA’s initiatives towards contributing to the goal of the Department of Trade and Industry of promoting digital transformation in the Philippines that is science, technology, and innovation-driven. The post PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems appeared first on Daily Tribune......»»
Approvals drop
Double-digit drops were seen in the trust and approval ratings of President Ferdinand R. Marcos Jr. and Vice President Sara Duterte, as published by Pulse Asia. These numbers may have been normal for certain officials of past administrations, but for Marcos and Duterte, these figures could be unsettling. We must be reminded that our top officials were elected by the majority of the voting public in a virtual landslide against their competition. Further, this steep decline was not realized by our previous populist president. Thus, this should be taken seriously by our leaders. President Marcos Jr. downplayed the decline, saying he was “not surprised” by it. He correctly pointed out that among the reasons for the drop would be the government’s failure to lower the price of rice — a campaign promise often repeated. Another reason could be his concurrent holding of the Agriculture Secretary position, which is a delicate Cabinet post since it relates directly to bringing food to the table of every Filipino. Rice matters in the Filipino household. The United States Department of Agriculture reported that the Philippines is now the world’s top rice importer, overtaking China. According to its report titled “Grain: World Markets and Trade,” the USDA projected that the Philippines would reach 3.8 million metric tons of rice imports for the marketing year 2023-2024, compared to China’s decreased projection of 3.5 million MT. This is a sad statistic, considering the Philippines used to be known as a leading rice producer, even the go-to country for our neighbors to learn about rice production. Our Banaue Rice Terraces is a heritage and tourist site that may very well belong in a museum since rice irrigation may be a thing of the past. Food security was a campaign promise that should be endeavored to be achieved. There is no rice crisis because of the incessant importation of rice by prominent businessmen, but it has become difficult to encourage other investors to put their capital into rice farming. The government should provide the answer by incentivizing farmers and businesses to invest in rice farming, but all this is easier said than done. As for our Vice President, her ratings drop should be related to the controversial confidential and intelligence funds she defended heavily in the budget hearings. I cannot fathom a worthy explanation for why the Office of the Vice President and the Department of Education should have P650 million in these funds without proper accounting and explanation. As for the reported realignment of these funds by the House of Representatives to agencies tasked with the protection of our national sovereignty in the West Philippine Sea, we are still waiting to see if this will happen after it hurdles the Senate and is later signed by the President. The ratings drop may be ignored, but it’s continuing cannot be risked. The ratings can be expected to rise, especially if the surveys are taken during the Christmas season when the Filipino nation becomes forgiving. The leadership should take concrete action on how to cause an uptick, such as by providing concrete solutions to the promises made during the campaign. If something can be learned from former President Rodrigo Duterte, it would help to be very visible locally to show your genuine and sincere compassion and empathy for your countrymen. But as I have written before, it is unfair to compare two leaders with varying styles. Let’s trust our President, and he has the privilege of time to make a huge turnaround. For comments, email him at darren.dejesus@gmail.com. The post Approvals drop appeared first on Daily Tribune......»»
BSP maintains policy rate at 6.25%
The Bangko Sentral ng Pilipinas maintained its policy rate at 6.25 percent on Thursday to control the rise in inflation due to the looming higher food and transportation costs. Consequently, BSP retained interest rates on the overnight deposit and lending facilities at 5.75 percent and 6.75 percent, respectively. BSP said overall inflation might accelerate to 5.8 percent this year, up from its previous estimate of 5.6 percent and official level of 5.3 percent in August. The central bank also adjusted its inflation forecast upward to 3.5 percent from 3.3 percent for next year, while it kept initial projection of 3.4 percent for 2025. “The upward adjustments in the 2023 and 2024 projections reflect the spillovers from weather disturbances, rising global crude oil prices, and the recent depreciation of the peso” BSP Governor Eli Remolona Jr. said. He said drought from El Niño might reduce agricultural supply which would force businesses to increase food prices to sustain their operations and fulfill customer orders. The weather bureau said El Niño might persist until the first quarter next year. Food as a major inflation growth driver comprises over 30 percent of all the items in the consumer price index. Rice prices recently rose to P60 per kilo, forcing the government to impose price caps for regular and well-milled rice. “No fireworks were seen from the BSP with the central bank simply maintaining its current policy stance. The BSP opted for another “hawkish hold” by keeping policy rates at 6.25 percent while maintaining readiness to hike should data conditions warrant further tightening,” according to Nicholas Mapa, ING senior economist for the Philippines. High global oil prices Remolona added transportation fares and electricity charges will also likely increase as the commodities’ providers aim to recoup losses from higher global oil prices. These have increased by 15 percent over 11 weeks and amid the persisting war between oil exporting countries Russia and Ukraine. With its previous rate hikes of up to 425 basis points post-pandemic, BSP said consumption of certain goods and services has tempered, resulting in lower inflation rates in recent months from a peak of 8.7 percent in January. “At the same time, the BSP Monetary Board noted that recent indicators of domestic economic activity pointed to waning pent-up demand, even as the impact of prior monetary policy tightening continues to weigh on credit,” Remolona said. BSP said inflation would decelerate to government target of 2 percent to 4 percent in the last quarter of this year as long as supply issues do not surface. However, Remolona said the central bank’s Monetary Board is ready to increase its policy rate when supply shocks occur, especially of rice. To prevent rice supply issues, Remolona said the board supports the reduction of 35 percent tariff on rice imported from the members of the Association of Southeast Asian Nations. The Department of Finance suggests lowering the tariff to 0 percent to 10 percent depending on local rice production data. “The Monetary Board also reiterated the need for non-monetary interventions, including the temporary reduction of import tariffs with calibrated volumes and timely arrival of import commodities,” he said. The post BSP maintains policy rate at 6.25% appeared first on Daily Tribune......»»
Extra rice, please
If only it were possible to give up rice, perhaps Filipinos once again grappling with rising prices of the grain would prefer something else to go with their daing or adobo. Alas, kare-kare, caldereta, and most sauce-y Pinoy dishes are no good without steaming white rice. It’s not all about taste or eating habits either. Most Filipinos eat a lot of rice because it is filling. A movie starring the comedian Dolphy featured a family sharing a plateful of rice, taking turns sniffing at a piece of salted fish before gobbling down a mouthful of the kanin (cooked rice). It filled their bellies and certainly fired up their imaginations. In fact, jokes abound about the Pinoy getting by with unli (unlimited) rice, a little soup, or even that fried chicken gravy. It is no laughing matter, however, that many of our kababayans cannot afford a balanced meal containing proper amounts of carbohydrates, proteins, and vegetables regularly. Rice is supposed to be cheap and readily available. Yet here we are, still on the hunt for the P20 per kilo rice promised during the last State of the Nation Address. We sent someone out to buy that rice, but he came back empty-handed. The cheapest kilo of rice, he said, cost P50. And news lately of rice prices expected to continue rising until September leaves us wondering — once again — how in the world did the agricultural Philippines end up importing rice in the first place? Vietnam, which learned rice technology from us, currently pegs the price at “$540 per metric ton, (or) about P30 to P32 per kilo,” said Philippine Chamber of Agriculture and Food Inc. president Danilo Fausto in a dzBB Super Radyo interview, as reported in a news article. This, he added, is higher than its prices at other times of the year, at “$420 to $440, about P23 to P24 per kilo.” We need to import rice so that the country will have enough supply, he said, suggesting that government should “intervene” and discuss the supply issue with our ASEAN neighbors. Some sources blame the rise in rice prices on “the effects of price manipulation and price speculation,” pointing a finger at businessmen who use the supply and demand equation to make more profit. On the other hand, price watchdogs say it’s the government that has failed to keep a tight rein on prices, letting the fluctuations happen because of inaction. But, perhaps, it is more of slow action that is ailing our government. The Commission on Audit’s latest report released this month flagged the Department of Agriculture over one, “its failure to distribute a total of 855,493 bags of rice seeds meant for farmers under the P10-billion Rice Competitiveness Enhancement Fund;” and two, failure “to distribute 2,088 pieces of farm machinery, out of the total 22,520 procured equipment.” Also, some “14,192 bags of rice seeds were damaged” while the rest were either donated or kept for the next planting season. Whatever may have caused these incidents, the fact remains that our farmers were “deprived of their needed assistance,” said CoA, and state funds have been likely wasted over damaged goods and equipment rusting in their yards. A review of the Rice Tariffication Law is once more called for. Better prioritization is also demanded of the agencies concerned tasked to support our farmers and the local production of rice, as well as those tasked to protect consumers from price hikes. If the world supply is low, we could try to eat less rice and try other alternatives. There’s always a choice of bread or corn, or even the much-derided kamote, to eat with your Iberian roast chicken — but for bangus, bistek, and sinigang — extra rice, please. The post Extra rice, please appeared first on Daily Tribune......»»
At least 11 killed, 13 missing in Beijing rainstorms
At least 11 people were killed and 13 were missing after heavy rains lashed Beijing, state media said Tuesday, in downpours that have submerged roads and deluged neighborhoods with mud. Storm Doksuri, a former super typhoon, swept northwards over China after hitting southern Fujian province on Friday, following its battering of the Philippines. Heavy rains began pummeling the capital and surrounding areas on Saturday, with nearly the average rainfall for the entire month of July dumped on Beijing in just 40 hours. Swaths of suburban Beijing remain badly hit by the rains -- some of the city's heaviest in years. On the banks of the Beijing river, one of the worst affected areas, AFP reporters saw muddy debris strewn across the road. One man told AFP he had not seen flooding this bad since July 2012, when 79 people were killed and tens of thousands evacuated. "This time it's much bigger than that," he said, declining to give his name. "It's a natural disaster, there's nothing you can do," a 20-year-old man surnamed Qi waiting for a taxi with his grandmother outside a hospital told AFP. "(We) still have to work hard and rebuild." On Tuesday, state broadcaster CCTV reported that the rains had killed at least 11 people, two of whom were workers "killed on duty during rescue and relief". Thirteen people were missing, but another 14 had been found safe, the broadcaster said. President Xi Jinping on Tuesday called for "every effort" to rescue those "lost or trapped" by the rains. More than 100,000 people deemed at risk across the city have been evacuated, according to state-owned Global Times newspaper. Authorities have allocated 110 million yuan ($15.4 million) for disaster relief work in Beijing and surrounding provinces, CCTV said. 'Endure what we can' On Tuesday, around a dozen emergency vehicles, including trucks with water tanks and bulldozers, were spotted on the road between Shijingshan and Mentougou districts. Parts of the road were still closed off and workers in bright orange raincoats were using shovels to clear it. Florist Wang Yongkun, 62, had piled sandbags around the door of his shop, but the floor inside was still coated in mud. He said in 15 years working there he had never experienced anything like the last few days. "We started cleaning up in the afternoon yesterday... and woke up again at seven today to continue," he said. "You just have to deal with it... We will endure what we can." Around 150,000 households in Mentougou were without running water, the local Communist Party newspaper Beijing Daily said, with 45 water tankers dispatched to offer emergency supplies. Cars swept away Further south in Fangshan district, the Dashi River had overflowed, with trees along the riverbank partially submerged, and some sections of the road cordoned off. Roads were caked in mud, foliage and various debris, including an upturned armchair. AFP reporters saw collapsed bridges at two locations, with locals saying the damage had happened during the rains. Earlier social media videos tagged in Fangshan had shown multiple cars being swept along roads turned into fast-flowing streams. Live images from broadcaster CCTV on Tuesday morning showed a row of buses half submerged in floodwater. In the parking lot of a high-rise apartment complex, cars were piled on top of each other, alarms still sounding, while people lined up with buckets and other containers to collect fresh water. Chaotic scenes Local media on Monday published footage of chaotic scenes aboard high-speed rail trains stranded on tracks for as long as 30 hours, with passengers complaining that they had run out of food and water. Authorities "must properly relocate affected people, work quickly to repair damaged transportation, communication, and electricity infrastructure, and restore the order of normal production and life as soon as possible", Xi said on Tuesday. The capital activated a flood control reservoir on Monday for the first time since it was built in 1998, the Beijing Daily said. Parts of neighboring Hebei province remain under red alert for rainstorms, with authorities warning of potential flash floods and landslides. In Handan, Hebei province, rescuers lifted by crane reached a man trapped on his car in floodwaters, lifting him to safety before the car was flipped and washed away by the current. China has been experiencing extreme weather and posting record temperatures this summer, events that scientists say are being exacerbated by climate change. The country is already preparing for the arrival of another typhoon -- Khanun, the sixth such storm of the year -- as it nears China's east coast. The post At least 11 killed, 13 missing in Beijing rainstorms appeared first on Daily Tribune......»»
Private sector analysts predict inflation rate to dip below 5 percent
Private economists expect the country's inflation rate to ease further for the sixth consecutive month in July from the 5.4 percent inflation rate last June. A Daily Tribune poll of six (6) private sector analysts yielded a median estimate of 4.8 percent for July inflation. The Philippine Statistics Authority (PSA) is expected to unveil inflation data in the first week of August. Economists expect inflation to dip below five percent, marking the first time since April 2022, when the average headline inflation was 4.9 percent. Security Bank chief economist Robert Dan Roces and China Banking Corp. chief economist Domini Velasquez said inflation likely softened to 4.7. In an emailed commentary, Roces elaborated that the deceleration in the consumer price index (CPI) suggests a moderate level of inflation. "The favorable base effects that helped offset the increase in food prices may continue to play a role in keeping inflation in check in the short term," Roces said. For her part, Velasquez said lower utility rates offset higher food and fuel prices. She mentioned that electricity rates in all regions fell substantially from the previous month, especially in Mindanao and Batangas. Velasquez added that a stronger peso in July could have also led to the "muted" monthly inflation rate. ING Bank lead economist Nicolas Mapa, who said that headline inflation averaged 4.8 percent in July, mentioned that Bangko Sentral ng Pilipinas (BSP) would consider the data point alongside the path of inflation against developments such as the recent US Federal Reserve's hike in its subsequent decision. Philippine National Bank economist Alvin Arogo said inflation would likely to 4.9 percent in July amid the month-on-month increase due to the minimum wage hike in Metro Manila and the rise in pump prices due to Dubai crude. Arogo said the favorable base effects will continue to be the main driver for the monthly print of year-on-year price growth to be lower than four percent in the fourth quarter amid the "persistence of second-round effects." Bank of the Philippine Islands (BPI) lead economist June Neri, who said that inflation in July likely eased to 4.9 percent in July, mentioned it would fall within the two to four percent target range of the BSP by the fourth quarter. "Such a print suggests that a sub-four percent monthly print by October or November is possible and increases the chances that the BSP can keep policy rates steady for the balance of 2023," Neri said. Meanwhile, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the inflation rate for July likely slowed at 5.1 percent as the recent increase in local rice prices would also slow down the easing trend of "disinflation" at the very least. He said that the possible reduction of rice imports by the Philippines would also coincide with the adverse effects of the El Niño drought, especially from the fourth quarter of 2023 to the first quarter of 2024, potentially reducing local rice production. Ricafort added that the weather phenomenon would also lead to some uptick in local rice prices and overall inflation. However, the country's new central bank said it is still too early to declare victory in the battle to curb consumer price pressures as upside pressures on expenses remain high amid downtrend data, the country's new Speaking at a recent banking community event, BSP governor Eli Remolona said the persisting upside risks to inflation indicate the monetary authority remains open to further tightening. The country's core inflation, which primarily excludes food and fuel expenses, hit 7.4 percent in June. Last month's data declined from May's 7.7 percent to April's 7.9 percent. "Nonetheless, it's too soon to declare victory. Core inflation remains high. There are still upside risks to inflation – for example, risks in the form of El Niño and further supply shocks," Remolona said. Remolona stated that the inflation figures will factor into the analysis conducted by the Monetary Board. He added that data will play a crucial role in influencing their policy rate decision. "We will wait and see. We will analyze the data as they arrive, and that analysis will decide monetary policy down the road," the Central Bank chief mentioned. On the sidelines of the same banking event, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said he expects inflation to continue easing in the coming months but warned that there are still risks to the outlook. Balisacan said that the current downward trend in inflation is expected to continue, but some factors could worsen it. These include rising oil prices and the impact of Typhoons Egay and Falcon on agricultural production. "We are still monitoring the situation, but we hope that the impact of the typhoon will not be too serious," Balisacan said. The post Private sector analysts predict inflation rate to dip below 5 percent appeared first on Daily Tribune......»»
‘Ravishing, irresistible’: ‘Here Lies Love’ opens to solid reviews
Here Lies Love, the groundbreaking musical about former First Lady Imelda Marcos, officially opened on Broadway on Thursday night, 20 July, with an all-Filipino cast led by Tony-winning actor Lea Salonga and a guest list headed by Filipino-American entertainers H.E.R. and Jo Koy, who are among the show’s producers. Giselle Tongi, a known actress in the Philippines before migrating to the United States, is also a co-producer who functions as community/cultural liaison. She was joined at the event by other celebrities of Filipino descent, including actress Tia Carrere, fashion designer Josie Natori and drag performer Manila Luzon. There were also Hollywood figures, such as actors Drew Barrymore and Daniel Dae Kim, comedian-TV host Stephen Colbert, filmmaker Spike Lee, singer-songwriter Shoshana Bean and hairstylist Frederic Fekkai. [gallery size="full" ids="161929,161926,161931"] Philippine-based actors Yassi Pressman and Mark Bautista, plus Liza Soberano, who’s trying her luck in the United States, were in attendance, too, along with fashion photographer BJ Pascual and model-host Joey Mead.The show has received mostly raves so far. Charles Isherwood of The Wall Street Journal praised “the irresistible score” that is “like nothing else on Broadway,” a sentiment shared by Peter Marks of the Washington Post who said the show’s “jolting tunes, melodic and insistent, send scintillating vibrations through your nervous system.” Wrote Greg Evans of Deadline: “The real pull of Here Lies Love is the staging, with a malleable performance space, an audience herded to and fro, and cast members finding perches throughout the venue.” [caption id="attachment_161930" align="aligncenter" width="720"] LEA Salonga and Manila Luzon.[/caption] Chris Jones of the Chicago Tribune, meanwhile, pointed to “a couple of formidable assets. One is the Byrne-and-Slim soundscape, which is to my mind more beautiful, more exciting and more surprising than any score on Broadway last season… The second strength is director Alex Timbers’ conceptual staging.” “The groundbreaking, floor-shaking Here Lies Love makes space for itself like no Broadway show ever has,” said Adam Feldman in Time Out New York, with the “immersive production” allowing audience members to “get swept up in the shifting tides and undertows of history.” [caption id="attachment_161933" align="aligncenter" width="449"] FILMMAKER Spike Lee (middle). | PHOTOGRAPHS COURTESY OF IG/HERE LIES LOVE[/caption] And Johnny Oleksinki of The New York Post concluded: “Even if Here Lies Love doesn’t reach the emotional highs of Evita… it’s a ravishing sensory experience unlike any other.” Here Lies Love is based on the concept album created by Scottish-American musician/songwriter/record producer David Byrne and English musician/DJ/record producer Fatboy Slim that evolved into a rock musical. It tells the story of Imelda’s rise to power and subsequent fall in the aftermath of the People Power revolution in 1986. The show premiered off-Broadway in 2013 at The Public Theater in New York City. A year later, it moved to the Royal National Theater in London, England, and then was restaged at Seattle Repertory Theater in the U.S. in 2017. Mark Bautista played the role of the late President Ferdinand Marcos in both the London and Seattle productions. In the current Broadway run, Arielle Jacobs plays Imelda and Jose Llana reprises the Ferdinand Marcos role he originated at The Public Theater. Conrad Ricamora takes on the part of Ninoy Aquino, while Lea Salonga portrays Ninoy’s mother Aurora Aquino in a limited run until 13 August. The post ‘Ravishing, irresistible’: ‘Here Lies Love’ opens to solid reviews appeared first on Daily Tribune......»»
What experts want to hear during Marcos’ SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’ SONA this month appeared first on Daily Tribune......»»
What experts want to hear during Marcos’s SONA this month
Economists said they are most interested to hear the plans of President Ferdinand Marcos Jr. on managing inflation, creating more jobs and his assessment of the proposed Maharlika Fund at his second State of the Nation Address on 24 July. “I’m looking forward to his plans on inflation and competitiveness. Inflation is a day-to-day concern of the ordinary Pinoy. You and I feel it,” Economics Prof. Ser Peña-Reyes of the Ateneo de Manila University’s Department told The Daily Tribune. The government aims to curb the rise in prices of goods and services within the inflation range of 2 percent to 4 percent this year. Last month, inflation figured at 5.4 percent, the lowest since June last year. In general, food as a basic need was cheaper as its inflation rate decreased to 6.7 percent in June from 7.4 percent in May. However, prices of certain food items, namely rice, fish and vegetables were up. Being also the agricultural chief, Peña-Reyes said Marcos must inform related industries and consumers of his strategies for boosting agricultural supplies and ensuring their efficient delivery to the markets. He said this should help meet the consumer demand which prevents price hikes. “Farmers and fishermen need to be organized to achieve economies of scale, and also be given access to credit, inputs, technology, and markets to make them competitive.” He added, “We really need to have a coordinated effort, similar to what our ASEAN neighbors are doing, where the entire value chain, from farm to fork, is covered.” Prof. Ramon Clarete of the University of the Philippines (UP) said he is keen on hearing from the president, the progress on clustering of farm lots nationwide as a way to increase agricultural production. “The president should end policies in the Comprehensive Agrarian Reform Law of 1988 or CARP and aggressively express support for cluster farming by small farmers.” This is echoed by Philippine Chamber of Commerce and Industry President George Barcelon, who said the government must consolidate small-scale farmers to achieve the economies of scale or increasing harvests at the lowest cost of production possible, through the use of machines and delivery of group assistance, such as loans and skills training, to farmers cooperatives and associations. “Three hectares of farmland allowed by CARP is small land for families of farmers, unlike in other countries. As we invest in machinery, research and development, the government must also allow bigger land for farmers to encourage productivity.” Barcelon added Marcos should also elaborate on his plan on “rightsizing to lessen bureaucracy and corruption.” Rightsizing ensures government agencies perform more efficiently and achieve certain objectives by implementing one or a combination of measures such as reducing the workforce, reorganizing the management team, or hiring new employees. However, he stressed rightsizing should not be confused with reducing government expenses as “it is more about gaining the most benefits for the government and the public in the soundest way.” According to the World Competitiveness Yearbook by the Switzerland-based Institute of Management Development, the Philippines ranked the lowest in government efficiency among 64 countries at 52nd this year from 48th last year. “Competitiveness is very important because it affects our attractiveness as an investment destination for foreign firms to expand their operations here, which would also affect our labor productivity,” Ateneo Prof. Peña-Reyes said. Aside from these, UP Prof. Clarete said he is awaiting statements from the president, which would indicate his support or disapproval of the proposed Maharlika Fund. Proponents of this fund said it will help increase the financial resources of the government and build more infrastructure projects through proceeds from a mix of investment channels such as stocks and bonds. Capital fund sources will come from the Bangko Sentral ng Pilipinas (BSP), Land Bank of the Philippines, and the Development Bank of the Philippines. “In my view, the country is taking a big risk. Poor governance is a problem and remains to be so,” Clarete warned. “It may not happen in this administration but future administrations with nothing to prove as they only inherit the management of it may create innovative ways of stealing from the fund masked as failed investments.” The post What experts want to hear during Marcos’s SONA this month appeared first on Daily Tribune......»»
Inflation eases further to 5.4%
President Ferdinand Marcos Jr. on Wednesday said a collaboration with farmers is crucial to reducing inflation which has eased for the fifth straight month in June. Marcos made the statement as data from the Philippine Statistics Authority showed the consumer price index had eased from 6.1 percent in May to 5.4, mostly due to cheaper prices of food, transportation, housing, and utilities. Overall food prices decelerated to 6.7 percent in June from 7.4 percent in May, with the most notable declines in the prices of sugar, meat, and other animal products. Speaking to reporters on the sidelines of Livestock Philippines 2023 in Pasay City, Marcos said the government is working with farmers to lower prices, improve production efficiency, and take full advantage of new technologies. “If you remember, inflation increased in January and February, particularly due to the rise in the cost of agricultural products,” Marcos said. “That’s why this kind of collaboration and exchange of ideas being done now is important because we are helping the producers of agricultural commodities to lower prices, improve production efficiency, and take full advantage of new technologies.” Marcos cited the example of sugar, which contributed significantly to inflation in recent months. He said the government has stabilized the price of sugar by making a clear importation schedule. “This is the kind of thing that is helping to bring down the inflation rate,” he said. “That’s why doing this, improving the technologies, helping our farmers at both ends of that value chain, there is an advantage because the farmers will make more money because they are spending less because they are more efficient,” he said. Ensure stability The government, he said, will continue to work with farmers to reduce inflation. He said the goal is to ensure that prices are stable and that consumers can plan for the future. The latest overall inflation rate was the lowest since June last year although fish prices were up 6.2 percent from 5 percent, while the prices of vegetables and rice increased slightly by only decimal points. Fuel prices were also down to -3.1 percent from -0.5 percent, while electricity costs for households dropped to 10.3 percent from 13.6 percent. Meanwhile, core inflation, which excludes volatile items such as food and fuel, also decreased to 7.4 percent from 7.7 percent. Prices of restaurant and financial services, clothing and footwear, and telecommunications remained stable, while personal care products increased slightly to 5.8 percent from 5.7 percent. The National Economic and Development Authority or NEDA expects the continued downtrend in inflation to approach the government’s target of 2 percent to 4 percent by the end of the year. “The government remains committed to protecting the purchasing power of the Filipino people by ensuring food security, reducing transport and logistics costs, and lowering energy costs for households,” NEDA Secretary Arsenio M. Balisacan said. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said government agencies must monitor the factors that could potentially derail the inflation trajectory from the aforementioned target. “The El Niño or drought, especially in the latter part of this year to early 2024, could reduce agricultural production and supplies, such as rice, thereby leading to a pickup in prices and overall inflation,” she said. She added that the recent P40 increase in the minimum wage in Metro Manila could push up consumer prices again as the public has more cash to spend. “The latest increase in the minimum wage for non-agricultural workers in Metro Manila would lead to some pass-on inflation effects or higher prices of other goods and services in the economy, similar to last year,” he noted. He said government agencies must have other strategies in place to prevent a reversal of the inflation trend as “the wage hike had been somewhat anticipated.” @tribunephl_tiz The post Inflation eases further to 5.4% appeared first on Daily Tribune......»»
Bamboo fibers mass production up
The Philippine Textile Research Institute will be building more bamboo textile fiber innovation hubs to further boost the production of local yarns. The new hubs will rise in the provinces of Quezon, Agusan del Sur, Agusan del Norte, Antique, Pangasinan, Rizal, Abra, Mindoro and Bukidnon in the next three years. Currently, bamboo textile fiber innovation hubs are present in La Union, Isabela and Cavite. “We have very few spindles (a few hundred) devoted to yarn manufacturing. Although garments are up, it is hugely dependent on imported yarns or fabrics,” Dr. Julius Leaño Jr. told the Daily Tribune on Monday. According to global market researcher Statista, the Philippines manufactured garments worth P44.6 billion last year, higher than the P40.8 billion in 2021 and the P32.9 billion in 2020. Major bamboo exporter The Philippines is the world’s sixth largest bamboo exporter, with a planting area of 53,000 hectares, according to the Department of Science and Technology. “The institute will sustain efforts in providing for innovations hubs and capacity building through training, among others,” Leaño said. While bamboo is relatively abundant in the country, Leaño said transforming the raw material into fabrics requires skilled workers and an efficient value supply chain. “The textile industry is a very extensive chain of production from fibers to yarns to fabrics to end uses like garments. Our production is very limited but weaving, knitting and textile finishing has a few more mills operating (less than 20).” In a forum with the German-Philippine Chamber of Commerce and Industry Inc. last week, National Economic and Development Authority Secretary Arsenio Balisacan said the government is expanding apprenticeship programs and investments in technical and vocational education to revive the local textile industry. Global data show China, the European Union and India were the top textile producers in 2021. Balisacan said efforts to grow the local textile industry are part of the Philippine Development Plan 2023-2028. The post Bamboo fibers mass production up appeared first on Daily Tribune......»»
Philippines output, import of pork, poultry may rise this year
The Philippines may increase its pork and poultry production and importation this year, driven by stable demand amid a growing economy as well as the extended lower tariffs for pork, according to the United States Department of Agriculture......»»
Philippine vehicle output, sales rise 2nd fastest in Southeast Asia
The Philippines posted the second fastest growth in motor vehicle production and sales in Southeast Asia in the first semester, registering double-digit increases from last year when demand for cars was affected by the strict lockdown imposed due to the coronavirus pandemic......»»
FACES OF CEBU: Eary Francis Miaga, 26, firefighter
CEBU CITY, Philippines — Nothing but thick black smoke surrounded Eary Francis Miaga as he and his fellow firefighters tried to find a way out of a burning high-rise in Brgy. Kasambagan, Cebu City last year. Despite the life-and-death situation they faced, the firefighters remained calm and kept their eyes open for any opportunity to.....»»
Philippines manufacturing output sustains growth in January
MANILA, March 7 (Xinhua) -- The Philippines' manufacturing production sustained growth momentum in January, the Philippine Statistics Authority (PSA) said Thursday. Based on the preliminary results of a monthly survey, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased 0.9 percent and 1.9 percent in January, respectively. Across all 22 indust.....»»
Vehicle sales off to fast start in January
Car sales continued to rise in January, expanding by 15.5 percent to 34,060 units from 29,499 units in the same period last year, according to a joint report by the Chamber of Automotive Manufacturers of the Philippines Inc. and the Truck Manufacturers Association......»»
Banana exports reverse sagging trend, rise in 2023
Philippine banana exports reversed its sagging trend as shipments recovered in 2023, halting a four-year decline, thanks to additional production from rehabilitated areas previously affected by Panama disease......»»
Philippines, IRRI ink MOU to boost rice output
MANILA, Feb. 19 (Xinhua) -- The Philippines' Department of Agriculture (DA) on Monday said it has signed a memorandum of understanding (MOU) with the International Rice Research Institute (IRRI) to help boost rice production in the Philippines. The DA said the five-year MOU seeks to boost the country's rice industry through sustainable practices that enhance yield, reduce production costs, minimize post-harvest.....»»
Philippines, IRRI ink MOU to boost rice output
MANILA, Feb. 19 (Xinhua) -- The Philippines' Department of Agriculture (DA) on Monday said it has signed a memorandum of understanding (MOU) with the International Rice Research Institute (IRRI) to help boost rice production in the Philippines. The DA said the five-year MOU seeks to boost the country's rice industry through sustainable practices that enhance yield, reduce production costs, minimize post-harvest.....»»
Philippines manufacturing output sustains growth in December 2023
MANILA, Feb. 7 (Xinhua) -- The performance of manufacturing production in the Philippines sustained its growth in December 2023, the Philippine Statistics Authority (PSA) said Wednesday. Based on the preliminary results of a monthly survey, the PSA said the year-on-year value of production index (VaPI) and the volume of production index (VoPI) increased by 2.6 percent and 2 percent in December, respectively......»»