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Fisherfolk group urges gov’t to regulate fish prices amid Lent
Fisherfolk group Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas on Wednesday urged the government to address the surge in retail prices of fish during the Holy Week......»»
‘Polvoron’ campaign emerges amid Marcos-Duterte political tussle
From late December 2023 to January 2024, anonymous accounts flooded several social media platforms with hundreds of posts and videos claiming, without proof, that the president had been caught on video using illegal substances and that this would be used to unseat him from office......»»
‘Palestinian children should be killed’
No, that heartless advice did not come from a mentally deranged man or an ordinary man on the street. It came from a top Filipino diplomat who has worn many hats in government. He is in fact a lawyer, journalist, former Secretary of Foreign Affairs, Ambassador to the United Nations, Press Secretary, Congressman, and presently Philippine Ambassador to the Court of St. James’s (United Kingdom) and concurrently Special Envoy to China for special concerns. In my book, those bona fides could easily qualify him as a revered Filipino statesman — but for his indiscretion, uncouth words, and disrespect for the feelings of others. I refer, dear readers, to Teodoro Lopez Locsin Jr. I have to emphasize the descriptive word “Jr.” because, from accounts I have read, he is far different from his namesake, Teodoro Locsin Sr., who fought the Japanese and the dictatorial regime of Ferdinand Marcos Sr., a fearless publisher of the news magazine Philippines Free Press for which he was imprisoned during the Marcos martial law regime. Did the “apple fall far from the tree?” In his Twitter account, Locsin Jr. said: “That’s why Palestinian children should be killed: they might grow up to become as gullible as innocent Palestinians letting Hamas launch rockets at Israel ...They are Muslims...” In the diplomatic community, we call that a faux pas. Perhaps realizing the callousness of his gaffe, he immediately deleted the tweet with the following lame expression of mea culpa: “I immediately deleted my sarcastic response to a tweet as I realized it could be misconstrued ...My apologies to those who did misconstrue my sentiments and did, in fact, get triggered...” That statement did not wash away the disastrous effect of his slip. If one reads between the lines, they were subtle words to camouflage the booboo, not a real entreaty for clemency. His admission of his mistake, though, may work to mitigate the imprudence. Remarkably, the Department of Foreign Affairs, anticipating its far-reaching negative effect, disassociated itself from the statement, saying it was made in Locsin’s “personal capacity.” I wanted to distance this column from the ensuing uproar. But being the de facto medium for Filipino Muslims’ concerns and sentiments on political and social issues, it cannot default from its moral responsibility. I was afraid that repeating the obnoxious remark might gain traction — and psychologists warn about the “repetition-induced truth effect.” I did not want to dignify it. After all, he had shown remorse and apologized for the impropriety of his words, and, as a sage says, “There is no need to beat a dead horse.” But the storm of controversy has spread like wildfire in Morolandia that I have to add my voice of indignation. Silence amid the din of protest is a sin. I have not seen in a long time such a display of revulsion and rage from the Moros, reminiscent of the time foreign invaders came to their shores and, for 300 years, the Moros dug in, resisted, and repelled the hegemonistic colonization campaign. Muslim netizens promptly denounced the statement as xenophobic, insensitive, and unbecoming of a diplomat. Their protest and outcry reverberated from the halls of the Houses of Congress, the Regional Parliament of the Bangsamoro Autonomous Region in Muslim Mindanao to the cramped temporary shanties of the Marawi war evacuees and the shores of the Sulu seas. For a single moment in their lives, the tribes of Morolandia set aside their tribal identities. They spoke in one thunderous voice, calling for a sanction for what they perceived was the misconduct of a diplomat who, to preserve his honor, must perform a Japanese seppuku or self-sacrifice by resigning from his post. Articulating the collective position of the Deputies of the BARMM interim Regional Parliament, Speaker Pangalian Balindong issued a public statement rich in a poignant message condemning the “insensitive and irresponsible social media post ...for its Islamophobic, racist, and anti-Semitic undertones.” (To be continued) amb_mac_lanto@yahoo.com The post ‘Palestinian children should be killed’ appeared first on Daily Tribune......»»
PhilHealth insists ‘no data was compromised’ amid cyberattack
The Philippine Health Insurance Corporation or PhilHealth on Wednesday maintained its claim that its members' data was not compromised by the recent cyberattack on its system. In an interview with Daily Tribune, PhilHealth spokesperson and Senior Vice President for Health Finance Policy Israel Pargas reiterated that their database remained “intact”. He, however, admitted that hackers behind the cyberattack accessed the data that were stored in the servers affected by the hacking. “We cannot verify that. It can be a possibility because again, checking our database, it is still intact. If we check the database, it appears that no data was compromised or leaked,” he said. “However, since our employees are also working with regard to our members and all, it could be true that there may be data stolen by these hackers. It is uncertain whether any data was stolen or not,” he added. On Tuesday night, the Department of Information and Technology confirmed that the hackers have already started publishing PhilHealth employees’ data on the dark web. DICT Undersecretary Jeffrey Dy said the stolen data includes details on employees' identification cards, memorandum, directives, and hospital bills. The development came a day after the self-imposed deadline of the hackers on the government to pay a $300,000 ransom for the data expired. Dy said the information posted on the dark web could just be a “teaser” of what the hackers have stolen from the state-run health insurer’s system. At the same time, in an advisory, PhilHealth confirmed that some members' personal information including names, addresses, dates of birth, sex, phone numbers, and PhilHealth identification numbers were compromised. The corporation said it is “working to notify all affected individuals directly.” The state-run health insurer also urged its members to take precautionary measures in light of the cyberattack on its system. “Monitor your credit reports for any unauthorized activity,” it said. Members were also encouraged to place a fraud alert on their credit reports and change their passwords for their online accounts, especially their financial accounts. Members were also advised to be wary of phishing emails and smishing text messages. No numbers Asked how many members were affected by the incident, Pargas said PhilHealth has yet to know the quantity of the data stolen by the hackers. “There might have been data that were compromised but we don’t have any numbers yet,” he said. In case PhilHealth members receive suspicious calls about their data, they may report it through phic.actioncenter2023@gmail.com or phic.dpo@gmail.com, he said. Online Meanwhile, the state-run health insurer said its website, member portal, e-claims, HCI portal, Electronic Premium Remittance System, and electronic PhilHealth Acknowledgment Receipt can now be accessed by the public and their partners. On September 22, PhilHealth temporarily shut down its website and membership portal due to an "information security incident." The post PhilHealth insists ‘no data was compromised’ amid cyberattack appeared first on Daily Tribune......»»
Tanduay optimistic about entry into competitive Taiwan rum market
Tanduay has a positive outlook about its entry into Taiwan amid stiff competition from other rum brands. “Based on early reviews, we think that the brand will perform well since the Taiwanese market already has a sophisticated taste and is very accepting of brands that offer them something new and unique,” said Marc Ngo, Tanduay International Business Development manager and senior brand manager. He compared the Taiwanese rum market to that of Singapore where people are willing to spend on quality spirits and cocktails. In entering Taiwan, Tanduay partnered with the distributor, Mr. Mixer, Ltd., one of the leading spirits and other liquor distributors in the country. “They believe in the brands and they share our passion for bringing our world-class rums to the Taiwan market,” Ngo said. Mr. Mixer, Ltd recently held a grand launch of Tanduay at Driftwood Bar in Ximending District and invited Taiwan’s premier mixologists Mars Chang and the members of “To Infinity and Beyond Team”, the 2021 World Class competition Taiwan champions, to showcase their outstanding mixology skills as they infused Tanduay rums into unique signature cocktails. Seven world-class rums Tanduay is making its award-winning and best-selling rums available in Taiwan. These include the Tanduay Asian Rum Gold, Tanduay Asian Rum Silver, Tanduay Double Rum, Boracay Rum Coconut, Boracay Rum Cappuccino, Tanduay Dark and Tanduay White. Ngo said they are currently focused on opening and partnering with on-trade accounts to feature their brands and for consumers to try. “At the same time, we are having discussions with big chain accounts for them to carry Tanduay rums in their stores. We are also planning to join the Tainan Cocktail Event on 20-21 October to feature our brands more to local consumers,” he said. The brand’s international business has been on a steady growth trajectory in recent years. Taiwan is the 19th country where Tanduay rums are being sold. In Asia, it is already available in China, Singapore, Qatar and the United Arab Emirates. In Europe it is being distributed in France, Germany, Belgium, the Netherlands, Luxembourg, the United Kingdom, Austria, Poland, Georgia, Armenia and the Czech Republic. It is also available in the United States and Canada in Northern America and Costa Rica in Central America. Apart from its increasing global footprint, Tanduay has received numerous accolades from international competitions, such as the World’s Number 1 Rum recognition from Drinks International Magazine for six consecutive years, and Brand of the Year from the World Branding Awards. Not one to rest on its laurels, Tanduay is eyeing further international expansion in the coming months. The post Tanduay optimistic about entry into competitive Taiwan rum market appeared first on Daily Tribune......»»
Ombudsman vindicates (3)
It was the incendiary Independent Auditor’s Report on the Department of Health’s accounts and financial operations, crafted by a state auditor, a colleague of Heidi Mendoza’s, and released prematurely that roused strife between former CoA chairpersons allied with the senators of the Republic against President Rodrigo Duterte and Health Secretary Francisco Duque. On CoA’s and the senators’ side were Grace Pulido Tan, Heidi Mendoza and Michael Aguinaldo allied with Senators Richard Gordon, Franklin Drilon, Leila de Lima, Risa Hontiveros and Kiko Pangilinan. Words and deeds are enough to establish culpability for conspiracy by the former CoA chiefs and the senators of the Republic to destabilize the Duterte administration, to say the least, and to incite the people to sedition, at most. Immediately, this column issued commentaries informing the people that the report released by CoA on the alleged irregularities in DoH funds for Covid-19 was not an annual audit report but mere Audit Observation Memorandums, or AOMs, that were released prematurely. Almost instantaneously, Mendoza came from nowhere to declare that the release of the CoA findings on the P67.32 billion in DoH funds was not premature. The writings and voices of the former CoA chairpersons were loud, clear and eloquent in defense of an annual audit report that never was. “Today I weep for my colleague, a CoA-UN auditor, who just died of a heart attack. He was the auditor behind the DoH report. Stress can kill. Please let us offer a minute of prayer,” Mendoza said. Mendoza was referring to lawyer Jake Cimafranca who wrote the Independent Auditor’s Report on DoH’s accounts. Both Mendoza and Grace Pulido Tan were quick to say that the CoA annual audit report on DoH’s accounts and financial operations was regular and went through the process of review and approval before its release. The release was not premature, both said. The premature release put CoA under fire from President Duterte and administration officials like DoH Secretary Francisco Duque and allies for the screaming headlines in local newspapers and internet news flashes in capital cities around the world that said P67.32 billion intended to protect the people from Covid-19 was being lost to corruption. During the House hearing on CoA’s audit of the DoH, then CoA Chairperson Michael Aguinaldo announced that CoA would continue making and publishing audit reports on government agencies despite criticism from Duterte and Duque. Citing the huge misstatements and deficiencies contained in the Independent Auditor’s Report, Senator Leila M. De Lima submitted P.S. Res. No. 859 ( Resolution directing the appropriate Senate committee to conduct an inquiry in aid of legislation on the findings of the Commission on Audit report on the DoH on the reported unspent funds, misstatements, irregularities and deficiencies, with the end in view of addressing recurrent issues that plagued its services, as well as the persistent faults and lapses that gave rise to wastage even amid times of scarcity and shortages, and holding accountable, identifying and holding accountable those responsible for the same). The Committee on Accountability of Public Officers and Investigations (Blue Ribbon) headed by Senator Richard J. Gordon submitted its partial committee report to the Senate, preluded by a poem entitled “Pity the Nation” by Lawrence Ferlinghetti (After Khalil Gibran) 2007. “Pity the nation whose people are sheep And whose shepherds mislead them Pity the nation whose leaders are liars Whose sages are silenced And whose bigots haunt the airwaves Pity the nation that raises not its voice Except to praise conquerors And acclaim the bully as hero.” (To be continued) The post Ombudsman vindicates (3) appeared first on Daily Tribune......»»
AboitizPower buys back shares amid PSE slump
Aboitiz Power Corp., or AboitizPower, purchased 11.407 million of its shares as part of its buy-back program as of the 19 September closing. The company said the move was needed to “create further shareholder value” as its current share price range fails to reflect the value of the company. As the shares are undervalued due to the poor state of the market, the buyback is expected to inspire investors to look at the real value of the shares. “Even with this stock buy-back program, there is no intention to delist from the PSE, but merely to reward our existing shareholders with a larger share of a brighter future,” the company said. The Philippine Stock Exchange or PSE, however, announced AboitizPower, the listed investment arm of the Aboitiz Group for energy-related ventures, will be dropped from the index of bellwether shares by next week. In a memorandum dated 20 September, PSE president Ramon Monzon confirmed AboitizPower’s removal from the index will be effective starting 26 September. This developed even after AboitizPower committed not to exit the index amid speculations that the company may opt to delist after its public float fell below the required threshold. Based on the new rules governing the PSE, all companies in the local bourse indices are required to maintain a minimum public float level of 20 percent. AboitizPower chief executive officer Emmanuel Rubio also conveyed that the company, which accounts for one out of every five megawatts or MW of installed capacity in the Philippines, is still in a strong position to create long-term shareholder value. “With a pipeline of about 1,000 MW of new renewable energy capacity, we are well on our way to contributing an additional 3,700 MW of clean electricity,” Rubio said. During the first half of the year, the company reported that it logged a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. During the second quarter alone, the company’s net income reached P10.3 billion, 46 percent higher than last year’s P7 billion. AboitizPower’s generation and retail supply businesses recorded earnings before interest, taxes, depreciation, and amortization or EBITDA of P30.2 billion during the first six months. The EBITDA, used to measure a company’s financial health and ability to generate cash, was 31 percent higher than the P23.1 billion recorded in the same period last year due to “fresh contributions” from GNPower Dinginin. From the start of the year until the end of June, AboitizPower said its capacity sold increased by 25 percent to 4,718 MW from 3,785 MW a year ago. The post AboitizPower buys back shares amid PSE slump appeared first on Daily Tribune......»»
Sovereign shame
The government should recognize the possibility that Chinese workers in the country are committing espionage amid the escalating territorial friction in the West Philippine Sea. Defense Secretary Gilbert Teodoro raised the alarm, saying employees of mainly Chinese state firms may be engaged in potential “covert economic and information activities,” including propaganda operations, to sway public opinion in favor of the mainland. Among the workers on the watchlist are “the ones hired by Beijing’s state-run enterprises involved in public infrastructure projects,” according to Teodoro. The Department of National Defense said it is looking into clandestine dealings “happening in the background.” “It’s the activities that we cannot see… that’s what alarms us,” the defense chief said. “The best way to weaken a country, rather than by an overt warlike function or disruption of [its] facilities, is really to take control of [its] internal economy, internal processes, and the like,” Teodoro pointed out. The records of Chinese migrants in the country are inadequate based on previous Senate hearings. No government agency was able to provide the Senate, for instance, with an accurate number of illegal Chinese workers, indicating that they are not being monitored. Labor agencies have also failed to keep track of how many foreign workers are in jobs that, by mandate of the Constitution, should be for Filipinos only. Under the law, foreigners are only allowed to work in jobs that require highly specialized skills and where no Filipinos are deemed competent to do them. During the Senate probe, it was also discovered that as many as 119,000 Chinese nationals who came to the country as tourists are now residents and have jobs in violation of labor regulations. Chinese tourists, through some “gainful” means, were able to obtain special work permits from the Bureau of Immigration. They now work in very diverse areas such as Metro Manila, Clark, Subic, Cagayan and Cagayan de Oro. In one of the inquiries, a Department of Labor and Employment official explained that the special permits were issued without the need for an Alien Employment Permit, or AEP, because the nature of the employment was temporary, lasting from three to six months. The loose process, thus, has allowed foreign workers to enter the country practically unbridled. Senators questioned the discrepancy between the AEPs issued and the number of Chinese workers in the country. Independent sources said that as many as 200,000 to 400,000 Chinese workers are in the country. Four different agencies issue different permits that make the situation worse. The biggest insult by China is that its propaganda work against the Philippines and other opponents in the territorial conflicts is done in this country. Facebook recently removed two networks of fake accounts that were spreading government propaganda, one originating in China and the other in the Philippines. Taken down were 155 Facebook accounts, 11 pages, nine groups and seven Instagram accounts traced to China, and 57 accounts, 31 pages and 20 Instagram accounts based in the Philippines. Such operations breach Facebook’s rules against “coordinated inauthentic behavior on behalf of a foreign or government entity.” The Chinese network used faces created through an AI technique known as GANs (Generative Adversarial Networks). Facebook was able to trace the origins of the accounts because of their visual signatures. “This form of AI is readily available online, and its use (or abuse) by covert operations has exploded in the last year,” according to a report on the social media platform. Identified were a dozen GAN-generated images from the Chinese propaganda operation. Teodoro, who has access to a wealth of information, in revealing the supposed operations being conducted by the Chinese in the country’s backyard, virtually confirmed the problem has reached alarming proportions. It would be easy for the government to keep track of foreign workers if only the appropriate agencies would resist the seduction of human smuggling. In accepting bribes to let the aliens skirt the law, these officials and functionaries have placed our national security at risk. The post Sovereign shame appeared first on Daily Tribune......»»
Ombudsman vindicates
Ombudsman Samuel Martires has found probable cause to file graft charges against former Procurement Service-Department of Budget and Management, or PS-DBM, officials and Pharmally executives over Covid-19 purchases. Graft buster Martires, thus, is seeking reforms to the procurement law amid the PS-DBM controversy. The move of the Ombudsman vindicated the eight-part series of this column entitled: “PS-DBM is a catastrophe.” The Office of the Ombudsman has found probable cause to file graft charges against former PS-DBM undersecretary Lloyd Cristopher Lao, former PS-DBM procurement group director and now Overall Deputy Ombudsman Warren Rex Liong, and other officials for their involvement in the irregular procurement of Covid-19 test kits from Pharmally Pharmaceutical Corporation. The 14 August 2023 decision signed by Martires called for the filing of three graft charges against Lao, Liong, and PS-DBM Procurement Management Officer Paul Jasper de Guzman and Pharmally executives Mohit Dargani, Lincoln Ong, Huang Tsu Yen and Justin Garado. Martires wants the PS-DBM abolished for, according to him, corrupt practices. The PS-DBM was created during the time of President Ferdinand Marcos Sr. to solve the problem of supplies but this was abused, Martires noted. Now do not mistake an audit observation memorandum for an annual audit report. An AOM contains observations that auditors want a particular government agency to explain, justify and substantiate with documents within 60 to 90 days. Hence, it is preliminary and tentative finding that may be explained in the course of an audit. It is when the AOM is not satisfactorily explained or justified that the Commission on Audit considers it a finding and it would be put in the annual audit report, which is published and posted on the CoA website that is accessible to the public. Martires made his unsolicited suggestion not to publish AOMs during a House hearing on his office’s budget, saying that it would prevent the public from prejudging those involved. A regular provision in the yearly General Appropriations Act requires government agencies and state corporations to submit audited financial statements, annual audit reports and reports on the utilization of their funds to the Department of Budget and Management and Congress or to post these on their websites. The AOM came to public and global prominence when a compilation of audit observation memoranda, including the findings on the P67-billion DoH funds for Covid-19, was released as the annual audit report on the accounts and financial operations of the Department of Health for calendar year ending 31 December 2020. This drew an immediate public statement from former CoA commissioner Heidi Mendoza — from her exalted post as Deputy Secretary General of the United Nations for Internal Control Oversight — saying that the CoA audit report had gone through the formal process of review and approval. This was reported by local media on 18 August 2021. The report, “Heidi Mendoza: Release of CoA findings on P67-billion DoH funds not premature,” brought her to global prominence, showing indeed that she was a “glorified incompetent.” The assertion globally by Mendoza that the release of AOMs as audit reports was not premature did not sit well with the rank and file of the CoA. Retired and senior auditors of the commission opined that the sudden emergence of Heidi Mendoza, Grace Pulido Tan and Michael Aguinaldo, who refused to obey the president, and Senators Risa Hontiveros, Franklin Drilon, Richard Gordon and Kiko Pangilinan who were the discordant choral voices against the government was part of a grand conspiracy to embarrass President Duterte before the president of the United States and the whole world and to destabilize his administration. There are many other valid reasons why AOMs should not be published. (To be continued) The post Ombudsman vindicates appeared first on Daily Tribune......»»
Nat’l ID good for trade deals
Filipinos who want to open bank accounts may use their PhilID and ePhilID, the Philippine Statistics Authority said on Saturday, amid questions on the benefits of registering with the Philippine Identification System or PhilSys of the government. The PSA said 38 million PhilIDs were delivered and 41.6 million were printed and downloaded. PSA Undersecretary Claire Dennis Mapa, National Statistician and Civil Registrar General maintained that PhilSys’ colocation efforts with the Land Bank of the Philippines were recently cited by the Bangko Sentral ng Pilipinas. Financial inclusion tool “As more registered persons receive their PhilID and ePhilID, we encourage them to use it in their transactions with financial institutions to gain access to financial services and products that can open opportunities for them,” Mapa said. “One of the aims of the PhilSys is financial inclusion among Filipinos. The PSA will continue its efforts to realize the aim,” Mapa added. The PSA, in partnership with BSP and the Philippine Postal Corporation, continues to expedite the printing and delivery of PhilIDs to registered persons nationwide. Replacements of PhilIDs affected by the Manila Central Post Office fire last May 2023 were recently turned over to PHLPost for delivery, he said. In addition, PSA personnel are also actively issuing ePhilIDs through plaza-type and house-to-house distribution. The post Nat’l ID good for trade deals appeared first on Daily Tribune......»»
The Advantage of Adopting the Right Digital Tools for your Business
Amid the uncertainty in customer behaviors and trends from the crisis, this much is clear: updating the business for a digital-first world, led by purpose, is now a must for almost every company. To do so, they must determine where new business value exists in the new normal, what digital business models will capture it, and which tools and behaviors will support the adaptability and resilience that these models require. On this section, we talked to the creators behind the award-winning platform made for businesses like yours. The Digital Advantage Companies need an understanding of 3rd Platform technologies to capitalize on improved decision-making and to deliver enhanced, customized experiences to stakeholders. The rapid acceleration of 3rd Platform technology adoption means that corporates need to actively be looking for ways to improve their operational efficiency and customer service, otherwise, they will be in danger of falling too far behind digitally-native competitors to ever catch up. Efficiency Past recessions show that controlling costs by improving operational efficiency—a task for which digital solutions are perfectly suited for—is more effective in sustaining businesses through financial turbulence than traditional cost-cutting measures alone. The biggest efficiency play is automation. Streamlining operations and automating manual processes result in greater speed, less waste and more focus on revenue-generating activities. The economics of automation is simple: the same work is performed faster and with fewer mistakes, while human capital resources can be redeployed to higher-value tasks or to fill critical gaps. Convenience Company bank accounts are available in any device, the only things you need are internet connection and a few taps on the screen. This brings about an increase in customer satisfaction as they are able to constantly keep track of their account balances and manage the information on their personal profile (i.e. add new mailing address, e-mails, telephone numbers, etc.). In addition to this, there is no need to go to the bank to get checks as they can be instantly sent via email. 24/7 Reliability Online banking services are available 24/7 all year round, even on weekends. There is no need to line up and wait for the bank to open in order to conduct certain operations. This is a huge advantage that comes with digital solutions Security With all the recent news about data breaches, you might be wondering about the security of mobile and online banking. Security is top priority for banks when choosing whether or not to offer online banking. All banks use “Pentagon-grade” encryption technology and sophisticated firewalls. Mandatory security upgrades are required by bank regulators, so you can be confident that keeping your information secure is one of your bank’s utmost priorities. As digital transactions increase and productivity grow, companies must take proactive steps to protect their data privacy and security and adopt models that give them governance over their data. Today’s Platform Driven Solutions Self-service account management, bills payment and electronic fund transfers are considered the basic banking functions that each business should have. Account management allows viewing of account balances and transaction history without going to the bank. All these were made easy and accessible, by just logging into UnionBank’s The Portal app. Bills Payment, on the other hand, gives businesses access to a large list of billers. They can pay their water, electricity, telco, and other utilities online. BIR ePayment is also available, allowing users to pay taxes online. If the company is an accounting firm, they can also pay for their client’s taxes on The Portal app. Electronic fund transfers save companies time and reduce their risk exposure. Just upload the batch crediting file on the platform and it automatically disburses it to their recipients. Clients can also set up their recipients in UnionBank Business Banking so they receive email and SMS notifications every time they are credited. All these are made possible without stepping inside a branch. Batch Electronic Funds Transfer is also now made available for UnionBank Transfers and PESONet. This enables the streamlining of bulk account to account transfers to another UnionBank account or to other bank accounts. This has highlighted the ease and convenience of going digital to corporate clients versus processing transactions through the traditional way of banking over-the-counter or paying via cheques. Going beyond the basic functions of a normal digital banking tool, The Portal’s self-enrollment feature allows businesses to conveniently self-enroll their nominated accounts and users through the simple enrollment steps. Once completed, access to The Portal is granted and clients may enjoy the convenience of processing their funds transfer instructions online. In addition, there is an option to initiate the enrollment of the beneficiary accounts individually or in bulk. This can be essential for clients that need a payee maintenance feature to ensure that the initiated transactions are only credited to enrolled account. With the convenient, hassle-free and straight-through processing in The Portal, businesses can easily push fund transfers in the comfort of their own homes or offices. This pandemic serves as a widespread test case for the effectiveness of these digital solutions, many of which will be permanent fixtures and lead to long-term changes for many businesses. Organizations that embrace digital solutions have greater resiliency in the face of adversity and are way ahead of the competition, which will enable them to recover faster and pivot from playing defense to chasing growth. While many believe it is too idealistic to have a good workplace culture and excellent compensation, many jobseekers significantly consider these two factors when applying for a job, according to two studies. The 2021 Employee Experience Survey by Willis Towers Watson reported that 89 percent of respondents believe a positive employee experience is a crucial driver of engagement, while a 2023 survey from the online recruitment platform JobStreet found that 53 percent of Filipino job seekers would like to know the salary range offered while still in the recruitment process. Aside from great benefits and compensation, employees in the IT industry pointed out that a good work culture and environment, as well as training programs, are the top priorities of job seekers. Vanessa Liwanag, business development director at Yondu, acknowledged the company’s role in her growth, “Yondu has helped me develop my leadership, decision-making, and communication skills through its effective leadership training programs. The company also helped me grow personally because of its hybrid setup. This allows me to have a work-life balance. I can still care for my family and health while contributing to the organization.” Leather, who specializes in securing networks from vulnerabilities, noted that training programs are essential as trends continuously evolve. IT professionals need to keep up in order to be efficient. Steph, a software solutions engineer, echoed this, adding that since the industry is highly competitive and fast-paced, getting equipped with the right skills and knowledge is essential. Grace, a malware researcher, said that one advantage in the IT field is that since it’s a broad industry, there is always much to learn and room for improvement. Yondu, an IT solutions company wholly owned by Globe, offers all these benefits and compensation, a good working environment, and training programs to Yondudes, a nickname for its employees. Competitive pay and benefits are OK for Yondu as the company ensures this through regularly benchmarking market data and best practices. There are also tailor-fitted rewards programs according to talent segments. Yondu also ensures its employees remain competitive and well-equipped by industry standards through various training, reskilling, and upskilling programs to hone their skills in the constantly changing tech industry. Despite the fast-paced sector continuously evolving, Yondu still values work-life balance and provides programs to support Yondudes’ well-being further. “What sets Yondu apart from other organizations is its genuine focus on understanding and supporting its employees,” said Javen Babac, lead application support specialist at Yondu. “The company recognizes that employees perform their best when they feel valued and supported, and this philosophy sets Yondu apart by fostering a positive and inclusive work environment. The organization’s commitment to understanding its employees and providing the necessary resources demonstrates its dedication to employee well-being and sets a strong foundation for professional growth and job satisfaction.” The post The Advantage of Adopting the Right Digital Tools for your Business appeared first on Daily Tribune......»»
Floods wiped out quarter of Greek farm produce: experts
A quarter of Greece's annual agricultural production was wiped out in last week's deadly flash floods triggered by Storm Daniel, which drenched the central region of Thessaly, according to experts. The floods, which killed 15 people, have also left thousands of people in temporary shelters in hotels, schools or with relatives while 30 villages were inaccessible amid the threat of waterborne diseases. Officials were trying to determine if a body found on a beach in Pelion, central Greece, was that of an Austrian missing with his wife since last week. As government officials began the daunting task of mapping the damage dealt to the plain that feeds much of Greece, one pressing need was to dispose of tens of thousands of decomposing farm animals. Out of over 110,000 dead sheep, goats, pigs, cows and chickens reported lost by farmers, fewer than half have been buried or incinerated, officials said. Inspection crews were still unable to reach half the areas with reported dead livestock, the agriculture ministry said Wednesday. "The damage is difficult to fully assess at the moment, but according to the most optimistic scenario, 70 percent of the cotton crop and almost all of the clover has been damaged," said farmer Athanasios Karaiskos, president of the farm cooperative of the town of Farsala. Health hazard The region's apple and kiwi productions have also been hit, while warehouses storing large quantities of wheat were flooded. Some parts of Thessaly received "an astonishing 910 millimeters (three feet) of rain" more than a year's rainfall in normal conditions, said Katerina Kasimati, an agriculture engineer at the Agricultural University of Athens. "These floods caused nearly 25 percent of the year's crop production to be lost, amounting to losses in the hundreds of millions of euros," she told AFP. Commonly called 'the Plain' in Greece, Thessaly accounts for nearly a third of the country's arable land and over 18 percent of its crops. "Farmers and particularly livestock breeders are in a state of panic," said Christos Yannadakis, vice-president of the union of Greek farm cooperatives. In addition to knocking out power and flooding roads and infrastructure, the floodwater carries pesticides and waste from both farms and urban areas. The health ministry has reported dozens of cases of gastroenteritis, warning residents in several areas that tap water was still not suitable for drinking or showering. The fire department has rescued over 4,500 people from flooded areas. Seven villages are still stranded, the government said this week. Transport links hit The heavy rains and flooding followed devastating fires in Greece this summer that killed at least 26 people, most of them migrants trapped in a forest near the northeastern border with Turkey. In Strasbourg this week to discuss the issue with EU chief Ursula von der Leyen, Prime Minister Kyriakos Mitsotakis said Greece faced a "catastrophe of immense proportions". It was, he said, "beyond" the government's "scale of prediction and comprehension". The EU said Greece could access 2.25 billion euros in pending and additional funds for reconstruction. A part of the Athens-Thessaloniki national highway in central Greece is under water. Serious damage to the rail network will take months to repair, Panayiotis Terezakis, managing director of the Hellenic Railways Organisation, told Star TV. "The initial tally for all the damage dealt to the Thessaly rail network is 150-160 million euros," he said. Rail services from Athens to Thessaloniki in the north will likely be restored in a month, Terezakis said. For the national highway, Deputy Infrastructure Minister Nikos Tachiaos on Wednesday admitted: "There is nothing we can do. We cannot drain the waters and dump them on the plain because the water is coming from the plain... we have to wait for the natural flow," he told state TV ERT. Government under fire Mitsotakis' government, which comfortably won reelection in June, has come under fire for failing to adequately prepare after major flooding caused by a hurricane-like storm dubbed Ianos in 2020. "Millions of euros were spent on flood prevention after Ianos and three years later, Thessaly is again plunged in water and mud," the main opposition Syriza party said. The liberal Kathimerini daily over the weekend said the prime minister had put "lightweights" in key cabinet posts and urged him to "get serious". Mitsotakis is rumored to be planning a cabinet reshuffle, having already replaced two ministers since his re-election. A judicial investigation has been opened into possible failings by public officials in dealing with the storm. The post Floods wiped out quarter of Greek farm produce: experts appeared first on Daily Tribune......»»
BSP urges free service fee for small fund transfers
The Bangko Sentral ng Pilipinas plans to issue a payments framework aimed at removing transaction fees for small fund transfers. BSP Governor Eli Remolona Jr. on Thursday said central bank officials have also been talking with e-wallet firms and other digital financial services providers to create the framework which will require financial firms to offer free fund transfers for small amounts. He said only three major banks are offering such service so far amid the lack of formal guidelines and directive from the BSP. Shame major banks “We’re trying to shame other major banks into following the same service. We’re formalizing it through a payments framework, and we’re in touch with GCash, Maya and other digital financial services providers,” Remolona said Thursday during the Global Policy Forum on Financial Inclusion organized by the Alliance for Financial Inclusion at the Philippine International Convention Center in Pasay City. With zero fees for small fund transfers, Remolona said more Filipinos would be encouraged to avail of banking services like deposit accounts, build wealth, and promote equitable financial service. “In general, we want to make sure the poor do not subsidize the rich. If you have a credit card and a big spender, you can get rewards. Guess who pays for the rewards? It’s the poor guys who only use small amounts in their transactions and get charged,” the BSP governor said. As more Filipinos own deposit accounts even with small funds, Remolona added banks and other lenders can strengthen their capital capacities. “We’ve found that when deposits are small, they become sticky and depositors don’t run away at the first sign of trouble. If you can lend to the poor, you have a more diversified portfolio and so it’s safer for banks,” the BSP governor said. Manila Manifesto During the Global Policy Forum on Financial Inclusion attended by over 700 foreign bankers and other stakeholders, Remolona announced the Manila Manifesto. This is a commitment by the Philippines to collaborate with other state-members of the Alliance for Financial Inclusion or AFI on developing global standards for making financial products and services safe, accessible and affordable for all. AFI reported 1.4 billion people worldwide still cannot access financial services due to a range of factors, such as financial illiteracy and lack of Internet connection and digital banking platforms. “In the 15 years since AFI was created, with substantive support from the BSP, our members have brought over 840 million people into the financial system via enlightened national policies and strategies on financial inclusion,” Dr. Alfred Hannig, AFI executive director, said. The post BSP urges free service fee for small fund transfers appeared first on Daily Tribune......»»
GCash keeps fee’s subsidy
Financial super application GCash will continue to subsidize the convenience fee for cash-ins to provide a financial cushion to users amid the rising cost of goods. At a recent media briefing of the Globe Group, GCash president and CEO Martha Sazon said that while users are still charged a fee for cash-ins, it is still “much lower” than the P25 that other financial institutions usually charge for cash transfers because of the subsidy. “The P5 convenience fee is only 1/5 of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest in upgrading our infrastructure and reinforcing security services,” Sazon said. “This also ensures that our operations will remain seamless for all customers,” Sazon said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” she added. More cash-in options Later this year, GCash is set to charge a cash-in or convenience fee of P5 for every cash-in via linked BPI and UnionBank accounts. Cash-ins via linked bank accounts are one way to add funds to a GCash account. Over-the-counter cash-in is also available through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others. Meanwhile, GCash has waived fees for QRPH transactions for merchants until the end of the year, giving micro-entrepreneurs extra earnings while using convenient cashless transactions. Other payment platforms charge up to 2 percent for QR-based or card payments. GCash also continues to offer micro-merchants access to a wallet with a limit of up to P500,000 monthly. GCash also waives the 1.5 percent transaction fee for up to P100,000 in gross sales. The post GCash keeps fee’s subsidy appeared first on Daily Tribune......»»
Cagayan province officials cited in contempt
Members of the House of Representatives public accounts and the suffrage and electoral reforms panel has cited in contempt five officials of the Cagayan province during the probe on the provincial government’s alleged illegal use of government funds during the 2022 election campaign period. This comes as provincial accountant Jeanna Garma, treasurer Mila Mallonga, budget officer Reynald Raul Ramirez, agriculturist Dr. Pearlita Mabasa and social welfare officer Helen Donato did not show up in the probe amid the subpoena issued to them during the 21 May hearing. On Monday’s joint hearing on House Resolutions 145 and 146, lawmakers blasted the officials not only on their non-appearance but also over their “flimsy excuses.” The resolutions, filed by Cagayan Representative Jojo Lara, seek to delve deeper into the alleged anomalies during the May 2022 polls in Cagayan, in which the provincial was accused of illegally spending its expenditures and distributing cash and other forms of assistance to registered voters and barangays. Public accounts chairperson Joseph Stephen Paduano, in his opening speech, revealed that a P320 million was distributed to voters of Cagayan in the guise of P1,000 Covid-19 assistance during the campaign period. During the hearing, public accounts chairperson Joseph Stephen Paduano told the panel that the provincial administrator sent a letter to the committee on 4 August requesting that the 17 officials from Cagayan, including Governor Manuel Mamba, and the five subpoenaed be excused citing the lack of funds for transportation as one of the reasons. According to the unnamed provincial administrator, the Cagayan province, which had been placed under a state of calamity due to the devastation of typhoon “Egay,” continues to operate under a “reenacted budget.” However, that did not sit well with several lawmakers, with Antipolo Representative Romeo Acop, who categorically thumbed down the claim of a limited fund that could not cover the travel expenses of the 17 officials who will spend at least four days in Metro Manila. “The first reason — which was the state of calamity — is correct. I don’t know if the second reason — the reenacted budget — is true. Only the vice governor can answer that. And for the third reason that their funds are said to be insufficient, I wouldn’t believe this, Mr. Chair. Because if they were able to disburse P320 million one week before the election, I do not see any reason why they cannot fund for this purpose, Mr. Chair,” Acop said. Cagayan Vice Governor Melvin Vargas, for his part, brushed off the notion that the reenacted budget was the reason from sending the officials. “It’s true. We are operating on a reenacted budget. But that doesn’t mean that it is stopped and we are limited. That’s why it’s called reenacted because the service is continuing. It’s not a reason to cite that we are limited to with travel because they have been doing that in a few years,” Vargas told the panel. Surigao del Norte Representative Ace Barbers, meanwhile, claimed that the officials of the provincial government were just making “flimsy excuses.” The post Cagayan province officials cited in contempt appeared first on Daily Tribune......»»
Slower Q2 growth as inflation bites
The economy may have slowed further in the second quarter, private economists said, as persistent inflation and higher interest rates continued to affect consumer spending. Forecasts in the survey conducted by Daily Tribune spanned from 5.6 percent to 6.1 percent, yielding a median estimate of 5.9 percent gross domestic product, or GDP, growth from April to June this year. The economy grew by 6.4 percent in the first quarter, the weakest growth rate since the first quarter of 2021, when it contracted by 3.8 percent. This year’s first quarter growth is slower than the 8 percent increase in the same period last year and the 7.1 percent growth in the preceding quarter. The Philippine Statistics Authority is scheduled to report the second quarter GDP growth data on Thursday, 10 August. Security Bank: 6.1% growth Security Bank’s senior assistant vice president and chief economist Robert Dan Roces expects the Philippine economy to grow by 6.1 percent in the second quarter. He added growth may have been driven by the still robust consumer spending and improved exports. “Private investments continued in the second quarter, supporting economic activity, while low government consumption served as a dampener,” Roces said in an emailed commentary. “The downside risks to growth include the risks to sticky inflation, elevated interest rates, and weaker global economic growth,” Roces added. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., who predicted a 6 percent growth, noted the stronger consumer spending and election-related expenditure amid easing pandemic restrictions, but not without flagging the impact of inflation in the second quarter. He also said that the lower individual income tax rates that went into effect earlier this year might have caused the increase in consumer spending. “Lower individual income tax rates starting January 2023 for most income brackets as part of the TRAIN Law, could lead to increased consumer spending, which accounts for at least 75 percent of the economy, and, in turn, lead to faster economic growth,” Ricafort told Daily Tribune in a Viber Message. China Banking Corp. chief economist Domini Velasquez expects a 5.9 percent GDP growth due to some factors, including higher inflation, which could have offset post-pandemic spending, and lukewarm government spending. “We saw substantial increases in infrastructure spending, but both PS and MOOE growth remained lukewarm,” Velasquez said in a Viber message. “There is a need to hasten government spending in identified agencies lagging behind.” Moving forward, Velasquez expects continued moderation in economic activities as elevated policy rates impact business and household spending. In the third quarter of this year, Velasquez expects the country’s economy to grow to around 5.5 percent and full-year growth to average 5.8 percent, just shy of the government’s 6.0 percent low-end target. In a virtual briefing last 19 July, First Metro Investment Corp. and the University of Asia and the Pacific that the Philippine economic growth likely slowed to 5.6 percent in the second quarter. “I do expect a slowdown in the second quarter to 5.6 percent,” UA&P economist Victor Abola said in the virtual briefing. “It’s really the carryover of inflation to the second quarter; even though it’s lower, people are still a bit more reluctant,” he added. While consumption is expected to slow down in the second quarter, Abola expects a rebound in the second half of the year. The post Slower Q2 growth as inflation bites appeared first on Daily Tribune......»»
Phl economic growth may slow in Q2
The Philippine economy may have slowed further in the second quarter of 2023, private economists said, as persistent inflation and higher interest rates continue to affect consumer spending. Forecasts in the survey conducted by Daily Tribune spanned from 5.6 to 6.1 percent, yielding a median estimate of 5.9 percent gross domestic product (GDP) growth from April to June this year. For context, the Philippine economy grew by 6.4 percent in the first quarter, the weakest growth rate since the first quarter of 2021, when it contracted by 3.8 percent. This year's first quarter GDP growth is slower than the 8 percent increase in the same period last year and the 7.1 percent growth in the preceding quarter. The Philippine Statistics Authority (PSA) is scheduled to report the second quarter GDP growth data on Thursday, 10 August. Security Bank's Senior Assistant Vice President (SAVP) and Chief Economist Robert Dan Roces, who expects the Philippine economy to grow by 6.1 percent in the second quarter of 2023, said the growth may have been driven by the still robust consumer spending and improved exports. "Private investments continued in the second quarter, supporting economic activity, while low government consumption served as a dampener," Roces said in an emailed commentary. "The downside risks to growth include the risks to sticky inflation, elevated interest rates, and weaker global economic growth," Roces added. Michael Ricafort, chief economist at Rizal Commercial Banking Corp., who expects a 6.0 percent growth, noted the stronger consumer spending and election-related expenditure amid looser pandemic restrictions, but not without flagging the impact of inflation in the second quarter this year. He also said that the lower individual income tax rates that went into effect earlier this year might have caused the increase in consumer spending. "Lower individual income tax rates starting January 2023 for most income brackets as part of the Train Law, could lead to increased consumer spending, which accounts for at least 75 percent of the economy, and, in turn, lead to faster economic growth," Ricafort told Daily Tribune in a Viber Message. Meanwhile, China Banking Corp. chief economist Domini Velasquez expects a 5.9 percent GDP growth due to some factors, including higher inflation, which could have offset post-pandemic spending, and lukewarm government spending. "We saw substantial increases in infrastructure spending, but both PS and MOOE growth remained lukewarm," Velasquez said in a Viber message. "There is a need to hasten government spending in identified agencies lagging behind." Moving forward, Velasquez expects continued moderation in economic activities as elevated policy rates impact business and household spending. In the third quarter of this year, Velasquez expects the country's economy to grow to around 5.5 percent and full-year growth to average 5.8 percent, just shy of the government's 6.0 percent low-end target. In a virtual briefing last 19 July, First Metro Investment Corp. (FMIC) and the University of Asia and the Pacific (UA&P) that the Philippine economic growth likely slowed to 5.6 percent in the second quarter. "I do expect a slowdown in the second quarter to 5.6 percent," UA&P economist Victor Abola said in the virtual briefing. "It's really the carryover of inflation to the second quarter; even though it's lower, people are still a bit more reluctant," he added. While consumption is expected to slow down in the second quarter, Abola expects a rebound in the second half of the year. The post Phl economic growth may slow in Q2 appeared first on Daily Tribune......»»
Bong Go calls for stronger government interventions in agriculture
Senator Christopher "Bong" Go urged for immediate and stronger government interventions in the agricultural sector amid concerns over the global rice market following India's ban on rice exports. In an interview after attending the groundbreaking of the new Batangas Provincial Medical Center in Tuy, Batangas on 3 August, Thursday, Go addressed fears of a rice crisis due to the exportation ban by India. "Ang importante dito ay ang ating Department of Agriculture; government intervention agad ang ating umpisahan dito," said Go. "Alam n'yo, 'di naman natin masisisi ang India. May prayoridad din po sila, may pinapakain po sila. May sarili din silang market. S'yempre, tayo, hindi nila prayoridad ang pag-export para dito sa atin,” he added. Go's call to action is a significant response to the growing concerns about India's export ban on non-basmati white rice, a move that could impact global rice markets. The senator stressed the need to focus on supporting local farmers and boosting the domestic production of rice through multiple means, such as providing drought-resistant rice seeds, more fertilizers, additional irrigation, increased training, and easy access to credit facilities with low-interest rates. "Ang mga farmers natin, karamihan po d'yan, ay walang pera po. Isang kahig, isang tuka; suportahan po natin sila para meron na rin tayong kakayahan na mag-produce po ng ating sarili," Go said. India's decision to ban rice exports has implications far beyond its borders, as the country accounts for more than 40 percent of the global rice trade. The timing of the ban is particularly unfortunate for the Philippines, as the nation is already grappling with flooded rice fields due to recent typhoons and monsoon conditions. With Vietnam, the main supplier of the Philippines' rice imports, already increasing its price, Go's call for self-reliance and strengthening of the local agricultural sector becomes even more pertinent. "Mahalaga para sa akin ang laman ng tyan ng bawat Pilipino," he said. "Dapat po ay walang magutom. Kaya magtulungan tayo. 'Wag tayong umasa sa ibang bansa. Dapat po ay maging productive tayo na bansa, lalung lalo na po, suportahan natin ang ating local farmers," Go stressed further. The post Bong Go calls for stronger government interventions in agriculture appeared first on Daily Tribune......»»
Aggregation brings power
In a 5 July meeting at the Palace, Prime Energy officials presented to President Ferdinand “Bongbong” Marcos Jr. a process that would prevent the cost of electricity from zooming up amid the depleted natural gas supply. The President was convinced the proposed gas aggregation strategy Prime Energy proposed would result in stable and cheaper energy in the country. “It seems that this gas aggregator idea is the key. Again, we have work to do,” Marcos said during the meeting. At the meeting, Prime Energy presented its grand plan for the revitalization of the Malampaya natural gas field, but there would be a lag between the start of the exploration to find reserves and the development of new wells, which would be a critical period. Prime Energy indicated that it will begin drilling two deep wells in the last quarter of 2024, with additional production from the Malampaya field expected to start only by the first half of 2026. The proposed solution is to import liquefied natural gas but the high cost is the problem, meaning that consumers’ monthly power bills may spike when LNG is fed to the lineup of power plants in Batangas. Aggregation involves the blending of gas from Malampaya with imported gas, thus softening the impact of the high cost of LNG. Energy supply firm First Gen Corp. of the Lopez Group will provide the blending facility for Prime Energy through a lease deal. First Gen is currently developing an LNG and regasification terminal at its complex in Batangas City. It said the lease of its LNG terminal is part of the gas aggregation proposal that would connect to existing Malampaya gas facilities, which are now being operated by a consortium led by the Enrique Razon group’s Prime Energy. The aggregation framework would then tap the Malampaya consortium’s expertise in the natural gas market for the proposed fuel blending. Nearly all the technicians and personnel of Shell Petroleum Exploration who had been running the facility for the past 21 years were retained by the consortium. First Gen incidentally runs four gas-fired power plants with a combined capacity of 2,017 megawatts and which have been getting their supply from Malampaya for many years. The way that the partners explained their project was that it is intended to make it possible to blend currently declining volumes of indigenous Malampaya gas with imported LNG to ensure a least-cost solution for consumers, enhance energy security and provide a competitive power generation market. Such will be undertaken while exploration activities leading to the commercial development of new indigenous natural gas fields are undertaken. All these activities are in response to the national government’s urgent call for significant investments to ensure national competitiveness, according to First Gen. The Malampaya project needs to keep its share in the energy supply since it accounts for 20 percent of Luzon’s electricity needs. President Marcos signed the Renewal Agreement of Malampaya Service Contract 38 on 15 May, extending the life of the contract until February 2039. Drilling activities will cover the Camago and Malampaya East fields that are near the existing Malampaya platform. An extended contract freed at least $600 million worth of investments that will be used to drill two wells and construct subsea facilities. President Marcos’ signing of the extended deal removed the uncertainties that had saddled the project in the previous administration. It particularly silenced the opportunists who wanted to scuttle the contract and secure for their principal another deal at a huge discount. The post Aggregation brings power appeared first on Daily Tribune......»»
Microsoft, Google beat earnings expectations amid AI frenzy
Tech titans Google and Microsoft announced better-than-expected earnings on Tuesday as the frenzy over artificial intelligence stokes investor excitement and breathes new life into the sector. The release of ChatGPT last year landed as technology giants were embarking on major layoffs and cost-cutting plans, with share prices hammered after flying high during the coronavirus pandemic. For the second consecutive quarter, Microsoft has more than reversed the trend, seeing profits and sales soaring to the highest levels ever for the 48-year-old company co-founded by Bill Gates. An earnings statement reported that net profit for Microsoft was $20.1 billion in the April to June period, up 20 percent year-on-year and above expectations. The company posted $56.2 billion in sales, which also beat expectations, though the growth slowed from the previous quarter. And even though its share price slipped in after-hours trading, the Windows-maker remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Once again, business in the latest quarter was driven by the cloud, which relies heavily on artificial intelligence and accounts for more than half of the company's sales. Cloud sales grew by 21 percent year-on-year. Microsoft shares lifted off last week when the company said it would charge $30 extra per user to turbocharge its Microsoft 365 product -- which includes Word, Excel and Teams -- with AI powers. "Every customer I speak with is asking not only how, but how fast they can apply next generation AI to address the biggest opportunities and challenges they face and to do so safely and responsibly," said Microsoft CEO Satya Nadella. Google parent Alphabet on Tuesday also reported profits that beat market forecasts as digital advertising revenue revived and its cloud business grew. The search engine giant reported net income of $18.7 billion on revenue of $74.6 billion in the recently ended quarter. "There's exciting momentum across our products and the company, which drove strong results this quarter," Alphabet chief executive Sundar Pichai said in an earnings release. Alphabet shares jumped more than six percent to $129.57 in after-market trades following the results. Microsoft saw its share price slip more than three percent to $337.99 as earnings showed it will take a bit of time and investment to fulfill its AI visions. "I think people got overly excited by AI, but now the reality is that it is not going to be instant," said independent analyst Rob Enderle of Enderle Group. "We are talking a few years before the full benefit starts to materialize." Brin is back While the latest talk has surrounded AI, what matters most for Google earnings currently is digital advertising -- where it gets the bulk of its revenue. The company said that advertising revenue hit $58.1 billion, which outshined analysts' expectations of $57.45 billion. Google is also a player in the cloud computing industry, where revenue came in at $8 billion, compared with $6.3 billion the unit took in during the same period a year earlier. "Our continued leadership in AI and our excellence in engineering and innovation are driving the next evolution of Search, and improving all our services," Pichai said. Google has played a close second to the partnership between Microsoft and OpenAI in rolling out its AI products following the release of ChatGPT. The company has largely been seen as playing catch up with Microsoft, with questions over whether the mighty Google search engine will withstand developments in AI. Microsoft was quick to beef up its Bing search engine with AI powers, but Google's search has yet to see a real threat to its dominance -- which remains about 90 percent of the market worldwide. Google, though not as dramatically as Microsoft, has seen its share price rise steeply in 2023 as investors expect AI to generate new revenue and open new markets. According to The Wall Street Journal, Google co-founder Sergey Brin is back at the company headquarters in California helping teams develop even more AI products. He and co-founder Larry Page stepped down from active roles at Google in 2019 when Pichai was chosen to replace them as chief executive. The post Microsoft, Google beat earnings expectations amid AI frenzy appeared first on Daily Tribune......»»