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Perspective: Investing in IT
In today’s digital age, technology is a fundamental aspect of any business’s success. However, while most companies have an IT team in place, many still struggle to bridge the gap between their business performance and IT operations. This can lead to internal pain points such as inefficient processes, poor data management, and security breaches — and may also adversely affect your customers. To avoid these pitfalls, it is critical for businesses to work in tandem with their IT teams to identify gaps and stumbling blocks in their operations. This ensures that technology is implemented strategically and effectively, addressing the needs of the business and the customer. Role of IT in business growth Historically, the role of IT may have been treated as more of a support function with limited impact on critical business operations. Today, it wields a substantial influence on the growth trajectory of a business. We commissioned market research firm Frost & Sullivan to conduct a survey on the perspectives of more than 1,000 IT decision-makers last year from companies with less than 1,000 employees across markets and industries. The survey found the three main business objectives of SMEs this year, to be increasing revenue (38 percent), improving operational efficiencies (29 percent) and increasing customer satisfaction (28 percent). Prioritizing IT could be a game-changer in achieving these goals. Working with various SMEs over the years, I’ve seen first-hand how they’ve benefited from better productivity and customer satisfaction from investing in the right IT tools. It is encouraging then that the survey also uncovered the influence that IT teams now have in the purchase of tools — 47 percent for IT support and management tools, 39 percent for communication and collaboration, and 37 percent for customer engagement tools. A study by International Data Corporation predicts that by 2025, 65 percent of Asia-based organizations will prioritize cloud infrastructure as their primary location for data storage and analysis. Additionally, by 2027, digital infrastructure is projected to generate 43 percent of business revenue in the Asia-Pacific region. As technology advances, IT will undoubtedly play an integral role in ensuring the safety and resilience of these digital spaces. Mixed perceptions of SMEs on IT Sixty-five percent of IT teams have responded that they have seen workloads surge in the last year, owing to added responsibilities, and complications arising from remote/hybrid work. Survey respondents also indicated that their time is mostly wasted on operational tasks such as supporting employees working remotely/in hybrid mode, calling the customer support, and supporting and troubleshooting employee issues. Ninety-two percent of our survey respondents say that reducing IT burden is an important initiative. With 64 percent seeing an increase in IT budgets by almost 60 percent in 2022 compared to 2021, more than half (56 percent) consider IT spending an investment. However, 42 percent remain unconvinced and still perceive it as a cost; so much so that value for money is the main driver when choosing new IT software, especially among SMEs with sub-50 employee size (41 percent). A recent piece by the World Economic Forum revealed that Philippine SMEs, despite comprising 99.5 percent of the country’s businesses, underperform having to account for only 36 percent of value added to the economy. WEF suggests that transforming to digital and shifting to new ways of doing business can stop the growth of this gap. However, local firms (54 percent) consider a lack of financial means as the top concern in adopting new technology, according to a 2021 survey by the World Bank with the Department of Finance and the National Economic and Development Authority. These challenges prevent local businesses from reaching their full potential in the digital economy. There needs to be an urgent shift in the way we perceive IT and recognize its potential to help build a resilient and successful business for the future. IT consolidation can alleviate the burden of IT teams The survey found that 83 percent of SMEs consider the consolidation of tools an important initiative for 2023, with the top three reasons being an increase in employee productivity (50 percent), ease of management for IT teams (49 percent), and cost savings (41 percent). To achieve these, 41 percent plan to switch vendors. However, switching vendors can be a challenging task with so many choices out there. Having been through this myself, I would say that the top factors for any vendor-customer relationship are reliability and trust. Majority of respondents also say they work with managed service providers as they provide trusted advice on the right technology, help in the deployment process and maintenance of the software. And its not just IT that benefits from consolidation. When it comes to customer support, we found that on average, SMEs use 2 different platforms/solutions to manage all customer communication, whether it’s via phone, SMS, social media or email. A consolidated tech stack can help offer more streamlined customer support which can improve the overall customer experience. Lindsay Brown is the vice president and general manager, Asia Pacific and Japan, at GoTo. The post Perspective: Investing in IT appeared first on Daily Tribune......»»
UnionBank expands cloud-based service
Aboitiz-led Union Bank of the Philippines is further expanding its cloud-computing footprint through its partnership with Amazon Web Services as it continues to reap the benefits of its annual P3 billion investments in the digital space......»»
Peso underperformance likely to continue – MUFG
The Philippine peso may continue to underperform against the dollar this quarter amid the country’s wide current account deficit and expensive foreign exchange valuations, Tokyo-based MUFG Bank said......»»
RCBC the best PH bank by network uptime, and UBP ranks at the bottom
Brankas, a Singapore-based fintech software and services provider, published its first annual ASEAN Bank Stability Report to measure the network uptime performance of ASEAN-region banks, and RCBC finished in the top spot among banks in the Philippines with an uptime of 98.3% (31 hours total downtime) including a stretch of seven months with zero downtime events......»»
PLDT arm strengthens tieup with Tarlac rural bank
The business arm of PLDT Inc. has strengthened its partnership to further boost the digitalization journey of Signabank Rural Bank of Sta. Ignacia based in Tarlac......»»
PLDT arm strengthens partnership with tarlac rural bank
The business arm of PLDT Inc. has strengthened its partnership to further boost the digitalization journey of Signabank Rural Bank of Sta. Ignacia based in Tarlac......»»
‘Inflation likely eased to 4 percent in December’
The country’s inflation is expected to have further slowed in December and returned to the central bank’s target range, according to UK-based think tank Pantheon Macroeconomics......»»
ADB Oks P17 million grant for financial integration
Manila-based Asian Development Bank has approved a $300,000 (P16.62 million) technical assistance grant to support financial integration in the Philippines and other countries in Southeast Asia......»»
Gradual BSP rate cuts likely by next year – DBS
Singapore-based DBS Bank Ltd. forecasts that the Bangko Sentral ng Pilipinas is unlikely to swiftly enact monetary policy changes in the coming year, citing potential upside risks from supply-side shocks, particularly in the realm of inflation fueled by volatile food and energy prices......»»
ADB OKs 450-mln-USD loan to boost Philippines health system
MANILA, Dec. 6 (Xinhua) -- The Asian Development Bank (ADB) Wednesday said it has approved a policy-based loan of 450 million U.S. dollars to help the Philippines strengthen health policy reforms. The program will also improve Filipinos' access to medicines and health services, sustain universal health care (UHC) coverage, and increase financing for the UHC, the bank said. "The Build UHC Program is part o.....»»
ADB OKs 450-mln-USD loan to boost Philippines health system
MANILA, Dec. 6 (Xinhua) -- The Asian Development Bank (ADB) Wednesday said it has approved a policy-based loan of 450 million U.S. dollars to help the Philippines strengthen health policy reforms. The program will also improve Filipinos' access to medicines and health services, sustain universal health care (UHC) coverage, and increase financing for the UHC, the bank said. "The Build UHC Program is part o.....»»
ADB approves 400 mln USD loan to boost Philippines revenue mobilization
MANILA, Nov. 14 (Xinhua) -- The Asian Development Bank (ADB) on Tuesday said it has approved a loan of 400 million U.S. dollars to help the Philippines achieve its medium-term fiscal strategy and finance its post-pandemic economic recovery through a stronger focus on revenue mobilization. The ADB said the program is its first policy-based loan dedicated to domestic resource mobilization (DRM) reform. It w.....»»
Voice-based biometric for online banking eyed
Aboitiz-led Union Bank of the Philippines plans to introduce voice recognition as another biometric verification as it builds on scalable technology for safer and more efficient online banking services......»»
FEU Tech named Top University for Real Impact for third consecutive year
Real-world impact and contributions to society are the best measures of education. It stands as the most valid indicator of effective learning. The World University Rankings for Innovation has revolutionized the way we measure academic success, putting emphasis on tangible outcomes that shape communities and drive progress. Leading the charge among Philippine universities, FEU Tech (Far Eastern University Institute of Technology) has risen through the ranks of this prestigious award for three consecutive years, showcasing its unwavering commitment to modern education. With groundbreaking research, cutting-edge methodologies and a transformative approach to learning, FEU Tech is not just creating graduates but shaping future Filipino trailblazers who can thrive in workplaces and create substantial impact in different industries. Real-world results WURI aims to effectively measure such impact by highlighting creative and innovative approaches universities have in their research and educational programs through six categories: Industrial Application, rather than the traditional ways of counting research papers and lecture-type teaching; Value-Creating startups and entrepreneurship, rather than a traditional focus on the number of jobs filled; Social Responsibility, Ethics and Integrity, rather than a focus on knowledge and skills just for material success; Student Mobility and Openness for exchange and collaboration between schools and across national borders, rather than an independent yet closed system; Crisis Management in the midst of climate change, Covid-19 pandemic and other global and local crises; Progress during the Fourth Industrial Revolution through digital technology, artificial intelligence, big data, cloud services, blockchain and so on. FEU Tech, which has always been on the lookout for opportunities to innovate its educational programs, was the only university in the Philippines to join the WURI Rankings back in 2020. After ranking Top 19 for Ethical Values on their first try, the institution was poised to garner more awards in succeeding years. In 2021, FEU Tech ranked Top 24 for Entrepreneurial Spirit. In 2022, they ranked Top 98 overall globally, and in 2023, ranked Top 77 overall in a very competitive pool of top-performing universities and institutions both in the Philippines and around the globe. FEU’s invaluable contribution towards the internationalization of Philippine higher education also garnered recognition from the Commission on Higher Education during the Internationalization Champions of Nation-Building and Sustainability Awards 2023 last 6 October. The award was received by Dr. Florante D. Poso Jr., director of Quality Assurance. Immersive FEU Tech’s commitment to revolutionizing education goes beyond rankings. Amidst the pandemic crisis, the university has unveiled its innovative Mastery-based Individualized Learning Enhancement System, which aims to create an adaptive, immersive and personalized learning experience. MILES empowers students with the flexibility to explore and master their subjects at their own pace, fostering critical thinking, problem-solving and creativity. At the heart of MILES lies a cutting-edge virtual learning environment where students can immerse themselves in interactive simulations, collaborate with peers and engage in hands-on learning experiences, transcending the limitations imposed by physical classrooms. The university’s enhanced WURI ranking is just the beginning when it comes to its pivotal role in shaping innovation ecosystems, creating significant contributions to society and becoming a recognized global leader in transformative education. The post FEU Tech named Top University for Real Impact for third consecutive year appeared first on Daily Tribune......»»
US says anti-Iran strikes in Syria hit ammunition depots
The United States said Friday it sought to degrade ammunition supplies of Iranian-linked militias with strikes in Syria but insisted it did not want to widen the Middle East conflict. The Pentagon on Thursday announced air strikes on two sites in eastern Syria it said were used by Iran's elite Islamic Revolutionary Guard Corps (IRGC) after a string of attacks on US forces in Iraq and Syria since the start of the Israel-Hamas war. "The purpose for those two sites that we targeted was to have a significant impact on future IRGC and Iran-backed militia group operations," National Security Council spokesman John Kirby told reporters Friday. "It went right at storage facilities and ammo depots that we know will be used to support the work of these militia groups, particularly in Syria." "The main goal was to disrupt that ability and also to deter -- to prevent -- future attacks," he said. The White House earlier said that President Joe Biden had relayed a direct warning to Iran's supreme leader Ayatollah Ali Khamenei against militias' strikes on US troops in Syria and Iraq, where US forces are stationed as part of efforts against the Islamic State group, which also has clashed with Shiite Iran. There have been at least 14 attacks on US and allied forces in Iraq and six in Syria since October 17, a period in which 21 American military personnel suffered minor injuries and one contractor died from a cardiac incident, according to the Pentagon. The US strikes on Thursday were the first on Iranian interests since March, breaking a stretch of calm after the Biden administration opened quiet diplomacy with the US arch-enemy that led to a prisoner swap and conversations on Iran's disputed nuclear program. The October 7 assault by Hamas and Israel's retaliatory strikes have inflamed the region. Iran's clerical leaders back Hamas, while the United States is the foremost ally of Israel. Defense Secretary Lloyd Austin, in a statement Thursday, said that the strikes were "narrowly tailored" to protect US personnel. "They are separate and distinct from the ongoing conflict between Israel and Hamas, and do not constitute a shift in our approach to the Israel-Hamas conflict," Austin said. The Pentagon said Friday evening that its current assessment is the strikes did not cause casualties. 'Finger on the trigger' In new pressure, the United States -- which already considers Hamas and the Revolutionary Guards to be terrorist organizations -- said it was imposing sanctions on a Hamas official based in Iran and members of the IRGC. The Biden administration has vowed to target the finances of Hamas, which holds hundreds of millions of dollars in global assets, according to US Treasury Department estimates. Iran also has a close relationship with Hezbollah, the Lebanese Shiite militia and political movement that has repeatedly fired at Israel but has so far stopped short of opening a full second front. Iranian Foreign Minister Hossein Amir-Abdollahian said Friday that he has spoken with Lebanese and Palestinian militants and they "have their finger on the trigger" if Israel expands its ground operation into Gaza. Speaking to US National Public Radio from the United Nations, Amir-Abdollahian said the militants' actions would be "much more powerful and deeper than what you’ve witnessed." "Therefore I believe that if this situation continues and women and children and civilians are still killed in Gaza and the West Bank, anything will be possible," he said. Amir-Abdollahian insisted, however, that militants would decide their own actions, saying, "We don't really want this conflict to spread out." Addressing the General Assembly on Thursday, Amir-Abdollahian said that the Palestinians "as a nation under occupation" have the "legitimate right to resist the occupation using all available methods, including armed struggle." Hamas militants on October 7 stormed out of the blockaded Gaza Strip and killed 1,400 people, mostly civilians, including children, the elderly and revelers at a music festival, and took more than 220 hostages in the deadliest attack in Israel's history. Israel has struck back with a relentless bombing campaign which Gaza's Hamas-run health ministry says has killed 7,326 people, mostly civilians, among them 3,038 children. UN Secretary-General Antonio Guterres, meeting Friday with Amir-Abdollahian, urged Iran to work toward the "unconditional and immediate release of hostages held in Gaza." The post US says anti-Iran strikes in Syria hit ammunition depots appeared first on Daily Tribune......»»
Asian Development Bank extends USD 400 million loan to enhance urban services in India
Manila [Philippines], October 25 (ANI): The Asian Development Bank (ADB) has greenlit a USD 400 million policy-based loan aimed at bolstering urban services in India under Subprogram 2 of the Sustainable Urban Development and Service Delivery Program. According to a press release by ADB, this initiative is part of a broader strategy to support the Indian government's urban reform agenda, enhancing the quality of urban lif.....»»
PXP continuesposting losses
PXP Energy Corp., the upstream oil and gas company of businessman Manuel V. Pangilinan, has yet to recover from a slump that started during the pandemic as it continued to reel from lower margins from Galoc operations and a spike in overhead and interest expenses. In a stock exchange report, the company reported logging a net loss of P23.9 million in the first three quarters. The losses grew from the P14.7- million deficit reported in the same period a year ago. Based on the report, the company’s consolidated costs and expenses of P82.1 million from January to September were higher compared to last year’s P65.6 million due to higher petroleum production costs in SC 14C-1 Galoc. However, it was notable that PXP Energy’s petroleum revenues during the reference period climbed to P63 million from P49.3 million in 2022. Halt order remains PXP Energy received a directive from the DoE in April to halt exploration activities for SC 75 and SC 72 pending necessary clearance to proceed. To date, the government has yet to lift the suspension. Nonetheless, the company said it will “continue to coordinate with the Government on the resumption of activities in both SC 72 and SC 75.” “Meanwhile, the group shall continue to pursue exploration work with respect to its other projects in the Philippines, including SC 40 and SC 74,” it added. SC 75 was awarded by the DoE on 27 December 2013 and covers an area of 6,160 square kilometers in the offshore northwest Palawan basin. SC 72 within Recto Bank is a concession acquired by Forum, which became its operator in April 2005. It is located in the WPS, west of Palawan Island and southwest of the Malampaya gas field. PXP has a 50 percent interest in SC 75. Forum Energy Ltd., in which PXP holds a direct and indirect interest of 79.13 percent, has a 70 percent participating interest in SC 72 through its wholly-owned subsidiary Forum. PXP has a total economic interest of 54.36 percent in SC 72. The post PXP continuesposting losses appeared first on Daily Tribune......»»
Netanyahu says Israel ‘preparing’ Gaza ground war
Prime Minister Benjamin Netanyahu said Wednesday that Israel is readying a ground war in Gaza, pressing ahead with plans that have troubled allies and threaten to worsen an already cascading humanitarian crisis. Facing ever-louder international calls to temper Israel's ferocious 19-day bombing campaign in the Hamas-controlled territory, Netanyahu delivered a nationally televised address. He told fellow Israelis still grieving and angry after Hamas's bloody attacks: "We are in the midst of a campaign for our existence," while insisting Israel will decide how the war is prosecuted. On 7 October, throngs of Hamas gunmen poured from Gaza into Israel, killing 1,400 people, mostly civilians, and kidnapping 222 more, according to official tallies. US President Joe Biden is among the foreign leaders stepping up public calls for Israel to "protect innocent civilians" and to follow the "laws of war" as it pursues Hamas targets. Thousands of Gazans are already believed to have died in Israel's aerial assault, with the toll expected to rise substantially if tens of thousands of Israeli troops massed around Gaza move in. Biden on Wednesday said he had privately suggested Israel should get hostages out if possible before any ground invasion. "It's their decision, but I did not demand it", Biden said, as he called on Congress to allocate more money for Israeli defense. Speaking in Cairo, French President Emmanuel Macron warned: "A massive intervention that would put civilian lives at risk would be an error." But boasting of "raining down hellfire on Hamas" and killing "thousands of terrorists", Netanyahu said his war cabinet and the military would determine the timing of a "ground offensive" to "eliminate Hamas" and "bring our captives home." "I will not detail when, how, or how many," he said. 'It's a massacre' Gaza's Hamas-controlled health ministry puts the number of Palestinian deaths at 6,500, including many children and 700 people killed in a single 24-hour window this week. AFP could not independently verify the ministry's claims, and US President Biden has stated he has "no confidence" in the Hamas ministry figures. While the exact toll from the war in Gaza is unclear, the depth of the suffering is not in question. Entire neighborhoods have been razed, overflowing hospitals carry out procedures without anesthetic, and residents have been forced to use ice cream trucks as makeshift morgues. "They're not waging war on Hamas, they're waging war on children," raged Abu Ali Zaarab, after his family home was bombed in the southern town of Rafah. "It's a massacre." About 1.4 million people -- more than half the population -- have been displaced, according to the United Nations. The UN says 12 of the territory's 35 hospitals have closed due to damage or insufficient fuel, and a key UN aid agency serving almost 600,000 Palestinians "began to significantly reduce its operations." Israel has cut off Gaza's normal supply corridors for water, food, and other necessities, and fewer than 70 relief trucks have entered the impoverished territory since the war began. None contained fuel, which Israel fears Hamas will use for rockets and explosives. Aid agencies have warned that more people will die if medical equipment, water desalination plants, and ambulances stop operating because of a lack of fuel. Once the generators stop, hospitals will "turn into morgues", the Red Cross has warned. Hospitals are also struggling with a shortage of medicines and equipment. "There's not enough anesthetic," said Ahmad Abdul Hadi, an orthopedic surgeon working at Nasser Hospital in Khan Yunis. "The wounded are in severe pain but we can't wait for the procedure, so we're forced to do the operation. We performed a number of surgeries without anesthetic. It's tough and painful, but with the lack of resources, what can we do?" A regional 'explosion' The war has sparked fears of a regional conflagration if it draws in more of Israel's enemies. Since October 7, Israel has launched thousands of reprisal strikes in Gaza, but it has also hit targets in Lebanon and Syria. Late Wednesday, Lebanon-based Hezbollah fired what Israel said was a surface-to-air missile at an Israeli drone. Israel's military said it had intercepted the missile and "struck the source of the launch" in retaliation. Hamas, Hezbollah, and Syria's government are backed by Iran, which denies Israel's right to exist. Tehran's top diplomat on Wednesday accused Israel of carrying out "genocide" in Gaza. Jordan's King Abdullah became the latest leader to warn that ongoing violence could "lead to an explosion" in the region. His wife Queen Rania accused Western leaders of a "glaring double standard" for not condemning Israel's killing of Palestinian civilians in its bombardment of Gaza. Violence has also risen sharply in the occupied West Bank, where health officials said more than 100 Palestinians had been killed, mostly in raids by Israeli troops or in clashes with Israeli settlers. The post Netanyahu says Israel ‘preparing’ Gaza ground war appeared first on Daily Tribune......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Fuel subsidy easing eyed
An immediate release of government assistance to public utility vehicles will be achieved by shortening the trigger period from three months to one and simplifying the requirements, the Department of Energy said yesterday. The proposal, nonetheless, may need the amendment of the law for releasing fuel subsidies to the transport sector. In a press briefing, Energy Secretary Raphael Lotilla said this was one of President Ferdinand “Bongbong” Marcos Jr.’s proposed solutions to the oil price shock that is expected to worsen amid the spreading Middle East conflict. $80 per barrel long breached Under the current law, fuel subsidies are released to the transport sector whenever the Dubai crude oil price exceeds $80 per barrel for three consecutive months. Lotilla said shortening the trigger period will allow the government to release the subsidies faster to the transport sector, one of the sectors most affected by rising fuel prices. “With this simplification or shortening of the period, we will be able to release the subsidies in a shorter period,” Lotilla said. “Since Congress is now considering the General Appropriations Act, it will be included in that process. The amendment will take effect in 2024 immediately upon Congress’s approval of the GAA,” he added. The DoE chief also said the government will simplify the requirements for the release of the fuel subsidies. The release of the subsidies requires the approval of the DoE, the Department of Transportation, and the Department of Budget and Management. Lotilla said that under the new proposal, the release of the subsidies will only require the approval of the DBM, DoTr and the DoE. He said the DoTr will finalize the list of beneficiaries for those with franchises, the Department of the Interior and Local Government for tricycle drivers, and the Department of Trade and Industry for delivery service drivers. Even though there’s an effort to expedite assistance, Lotilla said the fuel subsidy in the 2024 national budget was decreased to P2.5 billion from P3 billion this year. The energy chief, however, believes that even with the reduced budget, the required funding will be met. “That’s based on the experience of the previous year. We don’t know what will be the final amount,” the official said. Other measures on table Lotilla added the government will implement a voluntary 20-percent ethanol blend for gasoline, which is targeted for approval by the end of 2023. He said the ethanol blend will help mitigate the rising fuel prices, as ethanol is cheaper than gasoline. Lotilla said the President also instructed him to continue the transport sector’s electrification, particularly for mass transport and light cargo vehicles. He said the government will put in place charging stations and ensure that the benefits to the transport sector, particularly the drivers, will be there. Lotilla said the President also emphasized the need to prepare the economy for the eventual manufacture of electric vehicles and to link this with the local mining sector that will produce the minerals needed to manufacture batteries and other components of electric vehicles. Rules out soon The DoE is also releasing the guidelines for the implementation of the long-delayed higher biofuels blend before the year ends. Lotilla said the current 10-percent ethanol blend, also known as E10, in gasoline would be increased to 20 percent or E20, although it would be a voluntary option for motorists. Lotilla added that the current two percent or B2 coco methyl ester or CME blend on diesel will be adjusted to three percent or B3. Based on the DoE calculation, implementing the E20 blend could slash gasoline prices by around P1.28 to P1.50 per liter. While ethanol is generally cheaper than gasoline, Lotilla noted that local ethanol at P79.49 a liter is still more expensive than the imported supply at P41.84 per liter. Lotilla said DoE will bank on the coconut industry, whose production reaches up to 15 billion nuts annually, to complement the B3 shift. “An additional 1 percent blend only needs 2.6 billion nuts. The increase in the blend can also drive down the cost of CME because there will be a bigger market for it. Right now, we expect pure diesel to be at parity with the per liter price of CME,” Lotilla explained. With Maria Romero The post Fuel subsidy easing eyed appeared first on Daily Tribune......»»