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CLI allots higher capex, partners with Japan firm
Cebu Landmasters Inc. is hiking its capital spending to P14.5 billion this year as it gears up for growth and expansion following a strong financial performance in 2023......»»
Xinhua world economic news summary at 0900 GMT, Feb. 6
SINGAPORE -- Singapore's fintech sector amassed total funding of 2.2 billion U.S. dollars in 2023, a 68 percent decline compared to 2022, according to a report issued by accountancy giant KPMG Tuesday. Deal activity also saw a sharp drop, halving to 189 in 2023 from the previous year, the report said. (Singapore-Economy-Investment) - - - - SYDNEY -- The Reserve Bank of Australia (RBA) on Tuesday ke.....»»
The Israel-Hamas military balance
Israel has one of the best-resourced militaries in the world, heavily supported by Washington. In Hamas, it faces a highly trained armed group with powerful regional allies. With both sides poised for an Israeli ground offensive in the wake of the deadly attack on Israel by Hamas on 7 October, here is an overview of their military resources. Israel The Israel Defense Forces number 169,500, of which 126,000 are army, according to Britain's International Institute for Strategic Studies (IISS). On top of that, it has 400,000 reservists, of which 360,000 have been mobilized since the Hamas attack. Israel also has some of the most technologically advanced defenses in the world, including the "Iron Dome" anti-missile system. IISS says it has around 1,300 tanks and other armored vehicles, 345 fighter jets, and a vast arsenal of artillery, drones, and state-of-the-art submarines. Though not a declared nuclear state, Israel's nuclear weapons cache is an open secret and the Arms Control Association puts its number of warheads at 90. US ally Washington provides $3.8 billion per year to Israel in military aid under a 10-year agreement running until 2028. Defense Secretary Lloyd Austin said Sunday that he had activated deployment of a Terminal High Altitude Area Defense battery and additional Patriot battalions "throughout the region". He added that he had put "an additional number of forces on prepare-to-deploy orders ... to increase their readiness and ability to quickly respond as required." Washington had already delivered increased munitions to Israel and deployed two aircraft carriers to the eastern Mediterranean -- the USS Gerald Ford, the world's largest warship, and the USS Eisenhower -- to deter not just Hamas but also its allies Iran and the Lebanese Islamist movement Hezbollah. The US military on Tuesday ordered 2,000 personnel to prepare for deployment to the Middle East as a show of force. Hamas Hamas has a diverse arsenal built up over many years. Its armed forces, called the Ezzedine Al-Qassam Brigades, numbers 15,000 men according to IISS, though it notes that Arab media have put the figure at 40,000. They have heavy weapons obtained from across the Middle East -- particularly Iran, Syria, and Libya -- and have also sourced handguns and assault rifles from China and other regions. It also has a variety of locally made, improvised explosives and Western sources say enough drones, mines, anti-tank guided missiles, grenade launchers, and mortar shells to hold out for a long period, though precise figures are unavailable. The majority of its rockets are also locally manufactured and technologically rudimentary. Hezbollah There have already been exchanges across the border between Israel and Lebanon, where the Iran-backed Hezbollah is based. "Hezbollah can tie up IDF resources without having to fully commit to the fight, instead relying on occasional rocket or missile strikes to prevent the Israelis from growing complacent and forcing the IDF to commit manpower and materiel along the northern border," said the Soufan Center, a US think tank. In 2021, the group claimed to have 100,000 fighters. The Institute for National Security Studies, an Israeli think tank, says the number is half that. "Most Hezbollah militants are not full-time fighters but rather engage in militant activity as and when required by the group's commanders," according to Elliot Chapman of the British defense analysis firm Janes. Hezbollah mobilized 40,000 men at the outbreak of Syria's civil war, he noted. INSS says the group's arsenal counts 150,000 to 200,000 rockets and missiles, including "hundreds" of precision rockets. "Strategically, Hezbollah's rocket arsenal is the group's most significant capability for fighting Israel," Chapman said. Iran Since its Islamic revolution in 1979, Iran has made support for Palestinians one of the pillars of its ideology. Foreign Minister Hossein Amir-Abdollahian warned Sunday that "The region is like a powderkeg ... I warn the United States and its proxy (Israel) that if they do not immediately stop the crime against humanity and genocide in Gaza, anything is possible at any moment and the region will go out of control". Western analysts minimize the threat of Iran becoming directly involved and point rather to its support from Hamas, Hezbollah, and Huthi rebels in Yemen -- a so-called "axis of resistance" of Israel's enemies. Raz Zimmt, of INSS, said Iran currently had "no interest in Hezbollah engaging in an all-out war" that might threaten such a key "strategic asset". But he added that Tehran's hand could be forced by "an Israeli ground invasion, and especially Israeli military success, which will threaten the very survival of Hamas and/or its ability to maintain effective control over the Gaza Strip". The post The Israel-Hamas military balance appeared first on Daily Tribune......»»
PEZA chief lures potential Rotarian investors with ecozone perks
Members — particularly those in such business enterprises as manufacturing — of the Rotary Club of Manila, Asia’s oldest and biggest Rotary organization, were personally enticed by Philippine Economic Zone Authority director-general Tereso Panga of the benefits, particularly tax perks if they expand operations in the country or poured in investments in the ecozone. Panga, who served as guest speaker at RC Manila’s 14th General Membership Meeting at the Manila Polo Club, Makati City, on 5 October 2023, relayed to the prospective ecozone investors the various fiscal and non-fiscal Incentives offered by PEZA. He said the investment promotion agency offers income tax holidays or ITH of four to seven years depending on the industry tier and location, once onboard PEZA-run ecozones. For the National Capital Region, locators are entitled to four years of ITH for those that are in Tier 1; five years of ITH for Tier 2, and six years for those belonging to Tier 3. For locators in Metropolitan areas or areas contiguous and adjacent to NCR, a five-year ITH is given to Tier 1; six years for Tier 2, and seven years for Tier 3. “A five percent Special Corporate Income Tax holiday is also provided for 10 years for export-oriented projects, while enhanced deductions for five years are given to locators involved in domestic-oriented project activities,” Panga said. Other notable benefits awaiting interested PEZA locators include Customs duty exemption on importation of capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project/activity for a maximum period of 17 years unless otherwise extended under the Strategic Investment Priority Plan of the Philippine government; domestic sales allowance of up to 30 percent of total sales for export-oriented companies; value-added tax exemption on importation and VAT-zero rating on local purchases of goods and services directly and exclusively used in the registered project or activity for a maximum period of 17 years, unless otherwise extended under the SIPP; and exemption from payment of national and local government taxes and fees for the period of availment of the 5 percent special corporate income tax incentive Also, PEZA locators are entitled to employ foreign nationals; can enjoy long-term land leases of up to 75 years, and are entitled to the PEZA 2-year special non-immigrant visa issued to expatriates and their dependents as well as foreign workers. [caption id="attachment_194752" align="aligncenter" width="525"] Philippine Economic Zone Authority Director General Tereso O. Panga[/caption] PEZA performance Panga earlier reported that the investment promotion agency had reaped an overwhelming 114 percent increase in investments in the second quarter of the year, following the approval of 61 new and expansion projects for the period of April to June 2022. PEZA records showed that total investments are expected to bring in a total of P14.347 billion, 114.93 percent higher than the P6.675 billion approved investments for the second quarter of 2022. Of the 61 approved new and expansion projects, 16 are for the Information Technology industry, 15 for export/manufacturing, 13 for facilities, 13 for ecozone development, and two for IT Facilities and Logistics. Meanwhile, expected jobs to be created by those projects total 11,186, which is 29.06 percent higher compared to the 8,667 projected jobs in the 2nd quarter of 2022. For the January to June period of 2023, a total of 90 new and expansion projects have been approved and are expected to bring in P22.488 billion in investments, $747.093 million in exports, and 14,354 jobs. Japan remains PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion. Also, Panga said that Japan topped the countries with the highest approved foreign investments at 27.34 percent, followed by Filipino companies at 23.19 percent, and American companies in the third spot at 14.82 percent. “PEZA accounted for 60.5 percent of the total foreign investment commitments in Q2 2023 with P35.75 billion,” he told the Rotary Club of Manila members. From 1995 to 2022, PEZA’s total dividends turned in to the National Treasury was a total of P26,889,567,738.07. Ecozones on the rise To date, Panga said PEZA hosts 422 ecozones and 4,352 locator companies/projects throughout the country. Of said number of ecozones, 299 are dedicated to IT Parks and Centers, 79 to manufacturing firms, 24 to agro-industrial parks, 17 are to tourism and three are to medical tourism ventures. Based on the Philippine Development Plan 2023-2028, President Ferdinand Marcos Jr. has projected that “the creation of ecozones will…maximize investments and promote industrial dispersion, especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.” In the coming years, various ecozones will be sprouting, while the ecozones that have already been officially proclaimed by the Office of the President include Robinsons Cyberpark Bacolod, Lima Technology Center (Expansion), Hermosa Ecozone Industrial Park (Expansion), Philtai Central Luzon Industrial Park, Felcris Centrale IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, Marina Town Dumaguete, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone (Expansion), altogether with investments totaling P3.418 billion. Ecozones pending approval are MetroCas Industrial Estates-Special Economic Zone, Suyo Economic Zone and the expansions of Kamanga Agro-Industrial Economic Zone and Lima Technology Center, with a total investment amount of P773.962 million. As of September 2023, the governing board of PEZA has approved big-ticket investments with a total committed investment of P193.200 billion, and these are the First Pangasinan Property Development Corp., Raedang International Builders and Development Corp., Green Energy with Torrefaction Technology Inc., Dyson Electronics PTE, Ltd. Philippine Branch, Sunpower Philippines Manufacturing Ltd., Isla Import Terminals Inc., MJ Landtrade Development Corp., YCO Cloud Malvar Inc., Savya Land Development Corporation, RLGB Land Corporation, Robinsons Land Corporation, TDK Philippines, P. Imes Corp., Best-one Ever Luck Realty Corp., Knowles Electronics (Phil) Corporation, WIPRO Phils. Inc., Glensworth Development Inc., ACI Inc., Megaworld Corporation and Kyungshin Pampanga Philippines Inc. Currently, Panga said PEZA is focused on seven priority sectors, that is, advanced manufacturing, extractives (green ores processing), agriculture and blue industries, IT services and frontier technologies, eco-industrial park development (renewable energy and alternative energy, clean water and wastewater treatment, circular economy, sustainable development goals, green buildings, smart systems integration), Science, Technology and Innovation and the integration of small and medium enterprises into the ecozone value chain. Cannot be done alone by PEZA Panga, in conclusion during his speech at the Rotary Club of Manila meeting remarked that attracting foreign direct investments cannot be done by PEZA alone or by any other investment promotion agency left to its own devices. He emphasized that what is needed to make things work is a whole government, industry and society approach to lessen the cost and improve ease of doing business in the country. “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will strive for success in attaining our country’s goals and objectives, and continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” Panga said. The post PEZA chief lures potential Rotarian investors with ecozone perks appeared first on Daily Tribune......»»
Ukraine aid to last ‘little bit longer’
The United States defense department said the $5.4 billion worth of authorized military stocks intended for Ukraine will last a little bit longer before congressional action would be needed for additional assistance. “We have enough funding authorities to meet Ukraine’s battlefield needs for just a little bit longer, but we need Congress to act to ensure there is no disruption in our support,” Deputy Pentagon Press Secretary Sabrina Singh told journalists, declining to provide a more specific timeline. “We do feel confident that we will have bipartisan support to continue to support Ukraine for as long as it takes,” Singh said, noting that it “is just a small minority of folks in the House that are expressing their opposition.” Meanwhile, the European Bank for Reconstruction and Development wants to double its post-war Ukraine reconstruction fund to at least three billion euros per year, its president Odile Renaud-Basso told Agence France-Presse. The EBRD chief, speaking before her attendance at the International Monetary Fund/World Bank autumn meetings in Marrakesh next week, painted a hopeful outlook for a nation torn apart by Russia’s invasion that began in February 2022. “We now have stabilization. Outside of conflict zones and occupied territories, economic activity continues to function, banks to finance and businesses have reorganized themselves,” EBRD president Odile Renaud-Basso told AFP. The post Ukraine aid to last ‘little bit longer’ appeared first on Daily Tribune......»»
Beyonce ‘Renaissance’ film to hit theaters in December
Beyonce over the weekend wrapped her much-touted Renaissance World Tour, a 56-show performance epic promoting her lauded album that pays homage to dance and disco. And it's on to the next one for the 42-year-old megastar, with her latest project "Renaissance: A Film by Beyonce" now slated for release December 1. It's not the first time Beyonce has released elaborate visual companions to her music. She called both her 2013 self-titled album and 2016's "Lemonade" visual albums. She's also released concert films, documentaries, and 2019's "Homecoming," which chronicled her headliner sets at Coachella. But this time she's shifting away from DVD or streaming-only releases, opting for a theatrical release a la Taylor Swift, whose Eras Tour concert film is poised to rule the box office when it is released later this month. Based on surveys conducted by the company QuestionPro, by the time both Swift and Beyonce have finished their blockbuster tours, they're expected to have generated a combined $9 billion in economic activity just in North America. According to a statement from concert promoter Live Nation, Beyonce's global run earned $579 million. Beyonce's film tracks her artistic journey over the course of her tour and is also expected to include behind-the-scenes footage of her and her family, including husband Jay-Z and their three children. "When I am performing, I am nothing but free," Beyonce says in the trailer for her film. "My goal for this tour was to create a place where everyone is free, and no one is judged." The post Beyonce ‘Renaissance’ film to hit theaters in December appeared first on Daily Tribune......»»
DTI pushes for AI research hub; P300-M for consumer protection programs
The Department of Trade and Industry is pushing for the establishment of the Center for Artificial Intelligence Research, however, it remains "unfunded” under the proposed 2024 National Expenditures Program. During the hearing of Senate Committee on Finance’s Subcommittee “M” on DTI’s proposed P7.909 billion budget for the fiscal year 2024 on Tuesday, Trade Secretary Alfredo Pascual emphasized the idea would help the country's Micro, Small, and Medium Enterprises to effectively adopt “artificial intelligence in their business operations. “This is a research [and development] center. The model is the AStar of Singapore…It’s industry-oriented, it's not academic research. It’s a way to help MSMEs to adopt AI in their operations,” Pascual said, citing that large companies in the country “can take of themselves” to implement AI solutions in their businesses. “But this SMES would need assistance and this is the center that could do that plus the continuing research in the impact of AI on employment which jobs will be affected,” he said. The issue of AI ethics will also be addressed through CAIR, he added. “We are working this out, actually with some business groups that can donate…In fact, we have been offered already a place,” the DTI chief said. Pascual explained that the CAIR has been included in the DTI’s plan for revitalizing Philippine industries under the Philippine Development Plan. Meanwhile, DTI’s Competitiveness and Innovation Group, Undersecretary Rafaelita Aldaba said the agency has been requesting funds, amounting to P200 million, for the CAIR since two years ago. Aldana did not give further details as to why the Department of Budget and Management disapproved their requests. Stressing the importance of the AI program, Senate President Pro Tempore Loren Legarda lamented there must be a reason why the CAIR did not get a budget. Legarda asked Aldaba to further provide details on CAIR as the latter noted the DTI doesn’t have enough space in their existing building, “It’s a physical center and its goal is for us to become an AI center of excellence in the region in the near future. It’s going to house our data scientists, researchers, engineers who will be conducting AI [research and development] to support the needs of the industries, including MSMEs, start-ups, large companies, and multi-nationals,” Aldaba said. The CAIR is also eyed to provide capacity building and training and workshops on AI, she added “so that new products and services could come out from the idea. However, Legarda said DTI should not wait for the physical CAIR to be set up before it starts building the capacity of Filipinos concerning AI, adding that developing a physical infrastructure may take at least two years. “And knowing government, that’s so slow. That means all the resources on AI will not ensue until the structure is done,” Legarda lamented. “What I’m saying is that while the infrastructure is not yet set up, we should continue with AI capacity buildings and research.” Senator Mark Villar, who presided over the budget hearing, backed Legarda’s position, noting that DTI should ensure that AI benefits the country. “Other countries are very concerned also about what AI might mean for the labor industry and what the implications are. I think it’s important that we learn how we can leverage it to help our industries,” he said. On the other hand, Pascual appealed to the Senate for an additional P300 million in funding to strengthen the DTI’s consumer protection programs. “We want to reorganize our consumer protection activity by centralizing it because you cannot expect a junior person running after hoarders or profiteers in an area where there are a lot of people of influence that are operating in the region,” he said. “So the plan that we have done, this planning, after the budget submission, is to centralize the consumer protection activity in the head office and have a quick response task force,” said Pascual. “That would require a funding of P300 million to strengthen our consumer protection activities," he added. Villar supported the DTI’s plan citing its significance amid the ongoing inflation being experienced in the country “It is very relevant that the DTI takes a stronger role in monitoring these hoarders and manipulators,” he said. DTI Assistant Secretary Jean Pacheco said the P300 million would fund an inter-DTI strike team to increase their enforcement activities, consumer education and advocacy, complaints handling, and procurement of equipment for the certification and testing of vapes, among others. At least P130 million of the total request will be utilized for the procurement of equipment for DTI’s certification and testing of vape products, which is in line with their implementation of the law regulating e-cigarettes. The post DTI pushes for AI research hub; P300-M for consumer protection programs appeared first on Daily Tribune......»»
Up to 2M reservists eyed once ROTC becomes mandatory
There could be about two million reservists who will be able to augment the reserve force of the Armed Forces of the Philippines every year if the Reserve Officers’ Training Corps becomes mandatory again. This was bared by Major General Joel Alejandro Nacnac, Deputy Chief of Staff for Reservists and Retiree Affairs of the AFP, over the weekend during the opening of the National Reservists Week. “Every year, if ROTC becomes mandatory, we expect an additional two million students from all of the universities,” Nacnac told the reporters in an interview. He said projected servicemen from ROTC will be classified as a “standby reserve”—which is mobilized only in times of national emergency or war. The AFP reserve force is currently at 1.2 million as of June 2023, which is composed of over 71,000 “ready reservists,” more than 15,000 affiliated units from other organizations and institutions, and 1.1 million standby reservists—with most of them from the Philippine Army. The ready reservists are called at “any time to add to the regular forces.” The National Reservist Week is the AFP’s annual activity of the “purposely to widen the Reserve Force manpower build-up and for the existing reservists to be accounted.” The event also provides reservists an update on the current AFP policies and directives with regard to the Reserve Force Development Programs as well as establish a robust operational Reserve force by way of checking their individual readiness in order to provide support to the Regular Force to fulfill its mandate. The bill requiring ROTC for students enrolled in at least two years of an undergraduate degree is pending in the Senate plenary. On the other hand, Senator Ronald “Bato” Dela Rosa the government may allot P4.2 billion for free uniforms yearly if the proposed mandatory ROTC program becomes law. “If it will materialize, every year we’re going to budget P4.2B for uniforms alone for cadets,” he said in a recent hearing on the budget of the Department of Science and Technology and its attached agencies. Dela Rosa also made a recommendation that ROTC uniforms should be locally sourced. The Philippine Textile Research Institute welcomed the senator’s suggestion. The post Up to 2M reservists eyed once ROTC becomes mandatory appeared first on Daily Tribune......»»
Big fuss over .02%
The Philippine Stock Exchange index is considered the gauge of the activity in the equities market and, by extension, of the economy since the direction of the line graph indicates the country’s financial health. The index tracks the price movements of a basket of select companies listed on the bourse, representing various sectors of the economy. Investors and market participants use the PSE index as a reference to evaluate the performance of their investment portfolios and make informed investment decisions. The daily movement of the index influences investor confidence and sentiment. Increased investor confidence can stimulate trading activity, attract foreign investments, and encourage local companies to raise capital through initial public offerings or secondary floats. A strong and stable PSE Index can enhance the stock market’s perception as an attractive investment destination. This could attract foreign capital inflows, increase liquidity, and contribute to developing the local capital market. Thus, the impending exit of Metro Pacific Investments Corp., or MPIC, and Aboitiz Power Corp., or APC, from the Philippine Stock Exchange index seems a bit off as both companies are major players in the country’s growth story. Replacing APC and MPIC in the exclusive blue chips club are tycoon Enrique Razon Jr.’s Bloomberry Resorts and the Po family’s Century Pacific Food. The revamp takes effect on Tuesday, 26 September. MPIC is stepping out of the index after its public float dropped to 2.78 percent as part of its program to delist by October. APC’s exclusion from the benchmark was decided on, however, after it missed by a few decimal points of the 20 percent float rule for stocks to be retained in the PSEi. The company purchased 11.4 million shares as part of its buyback program that brought the public float level to below 20 percent, the level required to stay in the PSEi. Based on APC’s report to the market, stocks owned by the public are 19.98 percent of the total listed shares of 7.35 billion. Listed companies are required to have a 10-percent public float, but the elite index members are given a more arduous 20-percent public ownership condition. APC is off by .02 percent. APC’s buyback activities increased non-public scrips to 5.886 billion, bringing the total number of publicly owned shares to 1.47 billion. “Aboitiz Power’s current public ownership levels far exceed the 10-percent minimum public ownership level required for it to remain listed in the Philippine Stock Exchange,” an APC statement to the PSE said. “Even with this stock buyback 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,” APC added. The PSEi must accurately reflect the stock market’s overall performance and, in the bigger picture, the economy’s strength. Its composition should go beyond the mere technical criteria to allow a more representative indicator of the daily activity of the market. APC accounts for one out of every five megawatts, or MW, of installed capacity in the country and has some 1,000 MW of renewable energy capacity in the pipeline. In the first half of the year, the company reported a P17.8-billion net income, 79 percent higher than the P10 billion recorded in the same period a year ago. In the second quarter, the company’s net income reached P10.3 billion, 46 percent higher than the P7 billion profit a year ago. The decision to remove a key bourse participant, which also has among the most active shares, is like benching your star player because he forgot to bring a matching pair of socks. The post Big fuss over .02% appeared first on Daily Tribune......»»
Globe brushes off SIM listing impact
Ayala-backed Globe Telecom Inc. hurdled the mandated subscriber identity module, or SIM, registration unscathed as its mobile business revenues remained robust. The company’s mobile business slightly grew in the first half with P54.8 billion in revenues, a one percent increase from the P54 billion a year ago. “We see that SIM registration has no material impact on revenues. We’ve observed our top-ups remain unaffected and acquisitions in the last five weeks are still at least 50 percent higher than pre-deadline run rates,” Darius Delgado, head of Globe Consumer Mobile Business, said. He added: “It’s evident that we have already covered 99 percent of our revenue base.” 30M churned Delgado explained that the 30 million unregistered SIMs Globe deactivated after the SIM registration deadline are predominantly inactive. They were the result of push-selling activities in the past, which were discontinued in the latter part of 2022. Globe’s 53.7 million registered SIMs account for over 99 percent of its revenue-generating subscriber base, consistent with company guidance that the SIM registration exercise will not have any impact on its top-line results for the year. The SIM Registration Act mandated all mobile phone and prepaid broadband users to register their existing SIMs by 25 July, or face SIM deactivation. It was implemented to curb the spread of scams and spam messages. Meanwhile, Issa Guevarra-Cabreira, chief commercial officer of Globe, reiterated the company’s focus on customer quality over quantity. “As we’ve always emphasized, we do not focus on subscriber count but rather on the quality of customers. And we have seen that our ARPUs are improving quarter on quarter as mobility increases,” she said. “This is despite the headwinds that we’re anticipating in the back half, perhaps driven also by the back-to-school and the economic activity that has returned to the country,” she added. The post Globe brushes off SIM listing impact appeared first on Daily Tribune......»»
PPP, NIA to start market-sounding activity for P38 Billion irrigation projects
The Public-Private Partnership Center and National Irrigation Administration are set to start the market-sounding activity for three priority irrigation projects worth a total of P37.9 billion next week to gauge private sector interest......»»
Tale of two cities (2)
Mayor Eric Olivarez of Parañaque City wants his city to be the first to have an eGovSuper App that would expedite and facilitate the registration of business establishments, enhance transparency, and prevent corruption. The young local chief executive, a doctor of education and registered nurse, is blazing the trail in local fiscal administration by making moves preparatory to the adoption of Commission on Audit’s digital transformation in the review of government financial transactions, being introduced by its Chairman Gamaliel Cordoba. Parañaque City is just settling down from its mood of celebration for many good reasons, after being accorded by the Commission on Audit the unqualified opinion (indicative of the absence of any material misstatements), on the fairness of presentation of its financial statements for the calendar year ending 31 December 2022; after obtaining the unprecedented increase of P10 billion in its asset and equity after 12 months of Dr. Eric’s administration, with the overwhelming optimism of another P10 bIllion increase expected by 31 December 2023. The city is deserving of three awards of recognition: (1) Most Ready to Adopt CoA’s digital accounting and auditing; (2) Best City Accountant, Ms. Marilou Tanael, for her dedication and hard work in cleansing the accounts, eliminating and reconciling discrepancies, thereby clinching the P10-billion increase in asset and equity; and for enabling all the Punong Barangays of the City to prepare and submit promptly their annual audit reports; (3) Best City Auditor, State Auditor V. Robert Limcolioc, for helping the city recover from utter bankruptcy to its present financial resurgence. Auditor Limcolioc has been most outstanding as a representative of the Commission on Audit guiding the management of Parañaque City. The kind words heard from the department heads of the city about the resident auditor was: “He easily sees the problems and he shows us how to solve them.” The overall performance of the Olivarez leadership in managing the accounts and financial operation of the City of Parañaque is in totality a gift to behold, an accomplishment to marvel at, and one marked by humility worthy of emulation. It took 10 years for the Olivarez leadership — from Edwin to the incumbent Eric — to normalize the finances of the city from the agony of paying the huge bank loan, a burden shouldered by the people of Parañaque for many years, the negative entries involving assets and liabilities were daily ugly sights in the books of accounts until cleared with the help of CoA. The activities initiated by Dr. Eric in Parañaque City relating to digitalization are forerunners of digital accounting and auditing approaches that will be forthcoming in the Philippine financial system, pursuant to the recent advocacy of CoA Chief Cordoba. With his experience and expertise in digital technology and communication, Cordoba hopes to usher the Commission on Audit to new heights through the digital transformation of accounting and auditing. The online/no-contact transaction in granting business permits is an activity typical of the eGovSuper App, a mobile application that can provide multiple services, including payment and financial processing, effectively becoming an all-accomplishing self-contained commerce and communication online platform that embraces many aspects of personal and commercial life. In his eagerness to enhance transparency and prevent corruption, Mayor Olivarez coordinated with Undersecretary for e-Government David Almirol of the Department of Information and Communications Technology. The mayor informed the undersecretary of his full support in adopting the e-GovSuper App one-stop platform that will expedite the processing of local government transactions. Meanwhile, it would be wise to keep on repeating, without becoming redundant, especially on a matter that is alien to many Filipino bureaucrats, that the major thrust of CoA Chair Cordoba includes the development of an easy-to-implement and technologically driven government accounting system compliant with international standards to ensure that all revenues and expenditures are recorded accurately and in real-time and enhancing audit guidelines for e-reports to cover contracts entered into via social media platforms. The post Tale of two cities (2) appeared first on Daily Tribune......»»
SM Investments profit flies 32%
Mall developer SM Investments Corp. reported a consolidated net income of P36.5 billion in the first six months, up 32 percent from P27.7 billion in the same period last year. Consolidated revenues rose 18 percent to P286.3 billion in the January to June period from P242.6 billion in the same period last year. “SM delivered strong results in the first half, driven by solid consumer sentiment on the back of a positive economic environment,” SM Investments President and chief executive office Frederic C. DyBuncio said. “Our performance was driven by fundamental demand, without the added benefit of post-pandemic ‘revenge spending’ that contributed to last year’s results. We experienced robust consumer confidence, consistent with the Philippines’ overall economic growth, record low unemployment and improving inflation environment. This provides us with a solid basis for the balance of the year, in which we typically see our strongest quarters,” DyBuncio explained. Of total net earnings, retail accounted for 17 percent. Property contributed 26 percent while banking accounted for the largest share at 47 percent and portfolio investments contributed 10 percent. Retail improves SM Retail net income grew 21 percent to P8.4 billion from P7 billion. Revenues were up 15 percent to P188.9 billion from P164.3 billion. Revenue growth mirrored vibrant shopping activity supported by improving employment. As a result, revenues for the department store grew 27 percent while specialty retail revenues increased 18 percent. Food retail revenues grew 10 percent with Alfamart as the fastest-growing food business, posting 26 percent revenue growth in the first half. As of June 2023, Alfamart had a total of 1,528 stores. “Consumer spending was notably strong in discretionary categories such as fashion, dining out, and entertainment, reflecting increased spending power on lifestyle and experiences, underpinned by stronger consumer confidence,” DyBuncio pointed out. In the six months ended June 2023, SM Retail and its affiliates added 174 stores, bringing the total retail network to 3,677 stores. The post SM Investments profit flies 32% appeared first on Daily Tribune......»»
Converge building 3 new data centers for $60M
Fiber internet service provider Converge ICT Solutions, Inc. is investing $60 million to simultaneously build three new data centers in the country to serve the surge in data requirements. In an interview last week, Converge CEO and Co-Founder Dennis Anthony Uy said each site, which will likely be complete in the next two years, will have a maximum capacity of 1,000 racks. “We will build three data centers this year. We now have a site in Angeles, Pampanga, and Quezon City. Usually, they will have 600 racks per site and expandable to 1,000 and it will be within 18 to 24 months,” Uy said. Converge is currently building a P1-billion data center in Cebu with around 300 racks, which is scheduled to be complete by the third quarter of 2024. Data centers are facilities centralizing an organization's shared information technology operations and equipment to store, process, and disseminate data and applications. Since they house critical assets, data centers are important in sustaining the daily operations of a company. Despite the hefty investment needed for the new facilities, Uy said Converge is not yet planning to hold any fundraising activities. “We don’t have any new fund-raising activity, especially now interest rates are so high. We were just lucky to have secured financial support earlier,” he said. Based on the 2023 First Quarter market report by S&P Global Market Intelligence, the Philippines is poised to book a 13 percent compounded annual growth rate in data center operational space between 2020 to 2025. The positive projection was driven by the recent expansion of hyperscalers and significant interests of global enterprises in the country — placing the Philippines on a competitive footing with Indonesia, Malaysia, Thailand, and Vietnam. The post Converge building 3 new data centers for $60M appeared first on Daily Tribune......»»
Legarda pushes for better climate action as global warming worsens
Senator Loren Legarda highlighted the government’s efforts in promoting better disaster preparedness and financing to support locally-made solutions during her speech on the 35th National Disaster Resilience Month Culminating Activity by the Department of Environment and Natural Resources. The lawmaker, who is also vocal in the country’s environmental issues, pointed out that the country is one of the most affected by climate change. “We’ve been enduring cycles of destruction and rehabilitation due to extreme weather events, as sea level rise slowly inundates our shores,” she said. The inundation of the sea has been very visible, especially in the coastal areas of Bulacan where riding a boat has become the mode of transport, Legarda pointed out. Government funding for the climate change programs has increased to P 464.5 billion, from P 289.73 billion in 2022. Majority of the funding will be used for disaster risk reduction. Legarda said such efforts can be augmented by private financing that can help in locally-made innovations for disaster response. The senator-environmentalist is behind a number of pending bills such as the Philippine Ecosystem and Natural Capital Accounting System act, which allows the country to integrate its natural resources into national accounts, and the Blue Economy Act which aims to sustain the Philippines' marine ecosystem. The post Legarda pushes for better climate action as global warming worsens appeared first on Daily Tribune......»»
Marcos: Gov’t to address taxation issues raised by investors
President Ferdinand Marcos Jr. told business leaders that the government will be introducing amendments to the Corporate Recovery and Tax Incentives for Enterprises or CREATE Act to address the issues on taxation raised by several investors. “We’re working on those issues and... we will be introducing the amendments for the CREATE law to take care of this,” Marcos said at the sidelines of the Asia-Pacific Economic Cooperation Business Advisory Council or ABAC meeting on Friday, 28 July in Cebu City. Marcos told executives of three major companies in Cebu City, including the Marubeni Corp., Austal Ltd., and Tsuneishi Heavy Industries-Cebu Inc., that the government will be considering whatever amendments the business leaders wish to add. “If you have your own amendments with you, we’d like to see, we will be happy to look at one. I want to hear from everyone what their ideas are, or even just, from your experience in other countries, what has worked for you,” the President said. Among the raised issues were the 12-percent Value Added Tax imposed on indirect exporters supplying goods and services to export-oriented enterprises; non-refund of VAT incurred by the domestic market enterprises or DMEs on their local purchases; tedious documentary requirements, slow process; and the unpredictability of VAT refund claims. Marcos administration noted that the proposed amendments to the CREATE Act and Implementing Rules and Regulations “will allow the sales of indirect exporters to export-oriented enterprises to be subject to VAT zero-rating”—provided such sales are directly and exclusively used in the registered project or activity of the exporters. The proposed amendments also include that DMEs under the five percent gross income tax regime will have the option to register as VAT taxpayers. This will allow DMEs to charge output VAT to domestic customers, or to receive a refund from the Bureau of Internal Revenue. This coincides with the BIR issuing several directives “to streamline the procedures and reduce documentary requirements” for filing and processing VAT refunds. The Marubeni Corp., with 2022 Philippine revenue of P20.7 billion, started overseas activities in Manila in 1909 as a trader of textiles and abaca—with its primary business encompassing infrastructure development, investments in power, water, heavy equipment, healthcare, large-scale import and export of commodities, among others. While Austal Ltd., the world’s largest aluminum shipbuilder, is seeking clarification on the 12-percent VAT exemption on locally built vessels. It operates industry-leading shipyards in Australia, the United States, the Philippines, and Vietnam. Meanwhile, THI, involved in reclamation plans to expand its business in Cebu by expanding its current 32-hectare reclamation at the northern in Buanoy, Balamban, Cebu. THI obtained its reclamation permit in 2008. “I’ll talk to Secretary and I think that they’re undergoing that review process now. Because we have to be very careful,” Marcos said during the meeting with THI officials. Marcos earlier said the economies must “transform” their business activities to help in resolving key challenges and demands affecting the Asia-Pacific region. “Today’s global challenges such as climate change, ocean waste, and pollution, shift to clean energy, smart city agglomeration, they all require the economies the transformation of economic and business activities to ensure that these critical issues are effectively addressed,” he said. The post Marcos: Gov’t to address taxation issues raised by investors appeared first on Daily Tribune......»»
2 PBBM priority bills pressed for House okay
Two bills President Ferdinand Marcos Jr. listed in his wish list in Congress have been lobbied in the House of Representatives a day after the Chief Executive named it in his second State of the Nation Address. The proposed Tatak-Pinoy (Proudly Filipino) law and the Anti-Agricultural Smuggling Act, among Mr. Marcos’ 17 priority legislation that he asked Congress to enact, were embodied in House Bills 8601 and 8600, respectively, filed on 25 July by Quezon Rep. Keith Micah Tan. Marcos, during his second SoNA on Monday, bared before Congress his 17 priority bills in his second year in office, seeking its legislative power for its enactment. Seven of the total measures have already hurdled the lower chamber, with the remaining ten expected to be passed in October and December, confirmed by Speaker Martin Romualdez. Tan’s HB 8601 calls for the creation, funding, and implementation of the Tatak Pinoy Strategy by the Tatak Pinoy Council composed of the National Economic and Development Authority’s director general and Departments of Trade and Industry and Finance’s secretary. “The goal is to make the country competent in producing and offering complex or sophisticated products and services in order to empower the economic sector to branch out into other forms of complex production and economic activity towards jumpstarting national development that is anchored in the ingenuity of the Filipinos,” the lawmaker said in filing the bill. The proposal aims to make Filipino-made products, goods, and services competitive in the global market. Meanwhile, HB 8600, among other similar bills filed in the House, intends to amend Republic Act 10845, or the Anti-Agricultural Smuggling Act of 2016. Among the provisions is the imposition of harsher penalties s on anyone found to have smuggled agricultural goods into the country, considering that no one has been prosecuted under existing laws despite the widespread smuggling of rice, sugar, onions, carrots, garlic, fish, and pork, Tan said. Last year, the government seized P1.2-billion of smuggled agricultural products. Also last year, the country experienced an agricultural shortage, primarily in onions, which soared as high as P500 to P700 per kilo during the last quarter of 2022. Earlier this week, Speaker Martin Romualdez has vowed that the House will approve four bills, including the Tatak Pinoy and Anti-Agricultural Smuggling before Congress goes into its first recess in October in the 10 priority measures that the chamber has yet to pass. The post 2 PBBM priority bills pressed for House okay appeared first on Daily Tribune......»»
Microsoft profits soar, key cloud business slows
Microsoft's quarterly profits soared, the company said Tuesday, as its big push into artificial intelligence seemed to be bearing fruit but growth in its key cloud computing business slowed. 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 for the quarter, which also beat expectations. Even though its share price slipped in after-hours trading, the 48-year-old tech titan remains the world's second most valuable company after Apple, with a market capitalization of $2.6 trillion. Microsoft shares had 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. This was an extra boost to a stellar year for Microsoft, whose big gamble on AI has so far been rewarded with a share price hike of about 45 percent this year. The heart of the company's activity is the Azure cloud service, which competes with Amazon's AWS and Google Cloud to offer businesses their computing needs. Demand for cloud computing slowed after a historic surge during the pandemic, and Microsoft and its rivals hope that the extra computing demands needed for AI will revive sales. The tech giant said Azure and other cloud services saw revenue growth of 26 percent year-over-year, down slightly from the previous quarter. Microsoft began 2023 with an announcement that it had entered into a close relationship with OpenAI, the company behind ChatGPT. The Redmond, Washington-based company swiftly integrated ChatGPT's powers into its Bing search engine, breathing new life into a product that has been unable to compete with Google. Microsoft has also pressed on with its big move to expand beyond its popular Xbox video game console by buying Activision Blizzard for $75 billion. The deal has faced major regulatory scrutiny over competition concerns, but after an effort by US authorities to block the deal failed in court, the move looks likely to succeed. The post Microsoft profits soar, key cloud business slows appeared first on Daily Tribune......»»
A Moro’s wish for PBBM’s 2nd SoNA
The day after tomorrow being the 4th Monday of July, President Ferdinand Marcos Jr. will face the nation before a joint Congress assembly for his State of the Nation Address. He will be performing the constitutionally mandated ritual of informing the Filipinos about the country’s political, financial and social condition, and about his future plans. This being his 2nd SoNA, he will likewise submit his accomplishment report card for last year which will be subjected to a surgeon’s scalpel-like scrutiny by gadflies. The politically-oriented public will be all ears to what the President will report. Heavy issues like the environment, the West Philippine Sea, and similar concerns with a global impact will be tackled. But in the Muslim Autonomous Region, Moros wish that something will be said about issues close to their hearts. Hereunder is the bucket list of issues that they hope would be addressed. Foremost of these issues which occupy the minds of Maranaw Muslims is the fate of the compensation promised by the government for victims of the 2017 Marawi siege. While there is a law that mandates its payment, it does not provide funding or the source of funding to implement the law. The burden is shifted to the Office of the President for financing. A yearly appropriation can create problems. A one-time budget appropriation similar to a block grant is ideal. Yes, an amount of P1 billion (a crumb vis-a-vis the huge damage to be compensated) was initially budgeted but it was mainly for the administrative expenditures of the Marawi Compensation Board. The processing of the claims by the MCB is in full swing and pretty soon, hopefully, they will start the process of payment. This presents a huge problem for the Board if the total budget is not predetermined. How will they distribute the money? What will happen if the government fails to appropriate a budget in the coming years (the law says five years) and some legal claimants remain unpaid? What payment mechanism will the MCB adopt? Will it wait for the completion of the processing and pay the victims pro rata based on its evaluation? Will it be on a “first come-first served basis” — the reason there is now a mad scramble by claimants to have their claims processed first? Again, this all depends upon a commitment to provide a one-time budget for the claims. Then it will save the claimants the anxiety and worry of their claims being unpaid. Corollary to this is perhaps a word from the President about Task Force Bangon Marawi. It seems the rehabilitation has reached a dead-end. Nothing is heard about the completion of the city’s rehab, and residents don’t see any ground activity on the projects yet to be finished. Admittedly, the public infrastructure projects promised by the past administration are almost complete, but the national government has an ear-splitting silence about finishing them. In fact, people have the impression the Task Force has folded its tent and become functus officio. A word or two about this will assuage the project’s completion uncertainty. Moros will likewise welcome a word from the President about the speeding up or completion of the decommissioning of the rebels so that they could be integrated into the armed or police forces to legalize the carrying of their firearms in public. Right now, Moros are bewildered about the existence of two armed forces in their area, one from the rebel Moro Islamic Liberation Front and the other, the regular defense and peace-keeping forces of the country. As we had warned before, this could be a potential flashpoint that could ignite an armed confrontation at any time. With the barangay and youth elections fast approaching, this could lead to a situation where one group, which has a registered political party, the Bangsamoro Justice Party, will be in an advantageous position with its armed militia allowed to carry their firearms during the campaign and on election day. This column empathizes with the Bangsamoro Governor Caucus which earlier raised this alarm. Will this wish merit attention from the speech writers of Malacañang? Or are the Moros shooting for the stars? As a caveat to my fellow Moros, there is a great chance these issues will not be mentioned as in past SoNAs. Prepare your minds for this possibility. *** amb_mac_lanto@yahoo.com The post A Moro’s wish for PBBM’s 2nd SoNA appeared first on Daily Tribune......»»
MSMEs seek boost via gov’t assistance
The country’s micro, small, and medium enterprises, or MSMEs, which have been driving economic growth and recovery in the last few years, need full support from the government to survive and flourish. At a public briefing on Thursday, Go Negosyo Founder and Private Sector Lead for Jobs Joey Concepcion reiterated that the upskilling of MSME owners and operators should be fully supported by the government. “At this point, beyond being competitive in the global market is survivability. Our small entrepreneurs need their businesses to grow, they need to learn how to expand through skills improvement,” Concepcion said. Economies of scale “So, what we need to do is to help them get scale, that is what we are trying to do now — to help them survive. Once they can survive and be sustainable, then they can start to expand,” he added. Concepcion also pointed out that both the government and the private sector should collaborate to provide small businesses with competitive and fair credit facilities that can provide them additional financial muscle to survive. “Well, in the end, access to money or credit is the most important. In agriculture, for instance, access to credit or capital remains a persisting problem. What is good now is that digital platforms are available and we should utilize those,” he explained, “So, working capital is a problem, and that is what we’re trying to work on right now,” he added. Just last week, the Securities and Exchange Commission asked the capital market players to collaboratively fill the country’s $220 billion estimated credit gap to help fund the growth of local startups and small businesses. Aligned with the national government’s agenda, the SEC targets to harness the potential of micro, small and medium enterprises or MSMEs as major economic growth drivers. The Commission, thus, presented crowdfunding, among others, as an accessible and convenient means for such businesses to secure funds for expansion. Startups get support Crowdfunding is a fundraising activity typically conducted by startups and small and medium enterprises or SMEs, where the public can support or fund a business idea through an online platform. So, what we need to do is to help them get scale, that is what we are trying to do now — to help them survive. Once they can survive and be sustainable, then they can start to expand. Among the MSMEs that have raised capital through crowdfunding is Crymton Comtech Sales & Services, which testified on the “transformative impact” of its partnership with Investee. As of December 2022, over 200 businesses have successfully raised capital through the platforms of Investree and Seedin Technology, from a total of more than 1,000 registered issuers. The post MSMEs seek boost via gov’t assistance appeared first on Daily Tribune......»»