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Chip maker Intel beats earnings expectations as it pursues rivals
US chip giant Intel on Thursday said it made more money than expected in the recently ended quarter as it continued to invest in a "geographically balanced" supply chain. Intel shares jumped more than 7 percent to $34.88 in after-market trades. "We delivered a standout third quarter, underscored by across-the-board progress on our process and product roadmaps; agreements with new foundry customers, and momentum as we bring AI everywhere," said Intel chief executive Pat Gelsinger. Intel reported revenue of $14.2 billion, which was 8 percent less than the amount seen in the same quarter a year earlier but ahead of forecasts. Net income tallied $300 million, compared with $1 billion profit in the same period in 2022, earnings figures showed. "Our results exceeded expectations," said Intel chief financial officer David Zinsner, who said earnings benefited from "expense discipline." Intel has been working to catch up with rivals, especially Nvidia, when it comes to powerful chips needed to handle the computing demands of artificial intelligence. Intel touted investments being made in chip production facilities with an aim of creating a "geographically balanced, secure, resilient supply chain." California-based Intel is seen as a key tool for the United States to reduce its dependence on major global producers, such as Taiwan's TSMC. Earlier this year, Intel announced it would spend $25 billion on a new plant in Israel, with Prime Minister Benjamin Netanyahu calling it the country's single largest foreign investment. The "agreement in principle" would see the semiconductor firm build the facility in the southern city of Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. Intel has been operating in Israel since the 1970s with development centers and a production site that employs some 12,000 people, the finance ministry said. In 2017, Intel acquired Israel-based Mobileye, which makes technology for automated driving systems in vehicles, for just over $15 billion. Gelsinger said Intel teams have kept operations going despite the war between Israel and Hamas. "Our utmost priority is the safety and welfare of our people in Israel and their families," Gelsinger said. "Despite all of these challenges, they're performing extremely well. I am praying for a swift return to peace." China Gelsinger said Intel was carefully studying updated rules in the United States that tighten curbs on exports of state-of-the-art AI chips to China. "We do believe that we'll have plenty of opportunity in China," Gelsinger said. "We are continuing to deploy our products there broadly, even as we comply and work with (the United States) around the regulations that they're putting in place." The new rules tighten measures from a year ago that banned the sale to China of microchips crucial to manufacturing powerful AI systems. Calls to further close the supply chain grew after the popularity of generative AI platform ChatGPT. When announcing the beefed-up curbs, US Commerce Secretary Gina Raimondo insisted they were intended to close loopholes and prevent China's development of AI for military use. "It's true that AI has the potential for huge societal benefit. But it also can do tremendous and profound harm if it's in the wrong hands and in the wrong militaries," she told US media. The rules will not affect chips used in consumer goods such as laptops, smartphones, and gaming consoles, though some will be subject to export licensing requirements. China has said it is "strongly dissatisfied" and "firmly opposes" the curbs. "The US continues to generalize the concept of national security, abuse export control measures, and implement unilateral bullying," the commerce ministry said in a statement. The post Chip maker Intel beats earnings expectations as it pursues rivals appeared first on Daily Tribune......»»
PCSO ask lawmakers to toughen laws vs illegal lottery firms
The Philippine Charity Sweepstakes Office General Manager Mel Robles, called out lawmakers on Monday to toughen the law against Illegal lottery firms. Robles personally led the filing of charges at Mandaluyong Prosecutors Office against individuals behind the four firms engaged in unauthorized online lottery operations. “I am calling out the attention of the lawmakers to toughen the law. Maybe others see that they can handle the penalty but we’ll see. Even if it’s light, we will still pursue the cases against them,” Robles said. Robles added that PCSO is losing billions of pesos in revenue because of illegal operations perpetrated by the suspects. “We are serious about this. We will prosecute and imprison everyone associated with this illegal operation to stop them,” he said. The PCSO stated that PayMaya reportedly remitted billions to a company operating an illegal online lottery. “A payment platform, like PayMaya, reported that they were able to remit about P4.7 billion to a company that was operating the Illegal lotto. It is also included in the complaint affidavit,” he said. The criminal complaints were filed against four companies, Eplayment Corporation, Paymero Technologies Limited, GlobalComRCI International, and Blockchain Smart-Tech Co. I.T. Consultancy. The complaints were prompted by an investigation conducted by the National Bureau of Investigation, which revealed that the mentioned companies were responsible for the ownership, operation, and administration of Pakilotto and Surelotto. The companies reportedly misused the PCSO’s name, logo, and various lottery games, soliciting and accepting bets from the public through their unauthorized mobile application and websites. Robles said that based on their investigation, they have found out that the alleged suspects for Illegal online lottery are operating in the cities of Quezon and Cebu. “We found out one in NCR, in Quezon City, the other is in Cebu,” he said. PCSO reported that Eplayment, which operated under the now-defunct website ‘Pakilotto’, was soliciting and accepting bets from the public at an inflated price of P30 per ticket, a 50% markup compared to the standard P20 lotto ticket. Meanwhile, Surelotto, a similar mobile app, sold tickets online for P25, a 25% increase from the regular lotto price. Prizes of smaller denominations are allegedly directly deposited into the winner’s registered bank account, while jackpot prizes require winners to visit the Surelotto office in person. The complaint-affidavit states that the owners, directors, and/or officers of Paymero, Eplayment, GlobalComRMCI, and Blockchain, as owners, operators, and/or administrators of Pakilotto and Sukilotto, have committed Usurpation of Authority under Article 177 of the Revised Penal Code, a violation of R.A. No. 1169, as amended, and a violation of Presidential Decree No. 1602, as amended by Republic Act No. 9287, in connection with Executive Order No. 13, Series of 2017. Robles emphasized that PCSO remains fully committed to preserving the integrity and legitimacy of its lottery games, ensuring fair treatment and protection for the public. The post PCSO ask lawmakers to toughen laws vs illegal lottery firms appeared first on Daily Tribune......»»
Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro
Davao City’s confidential expenses that ballooned to P2.697 billion during Vice President Sara Duterte’s stint as mayor should be probed by the Commission on Audit, a lawmaker said Monday. The call for investigation was prompted by the 2022 report of the CoA, which found that Davao City spent P2.697 billion on confidential expenses between 2016 to 2022, or an average of PP385.3 million per year over the preceding six years. Duterte served as the Davao City mayor from 2016 to 2022 before she assumed the VP post in July of last year. Based on CoA findings, Davao City incurred P144 million of confidential expenses in 2016, which was more than doubled to P293 million in 2017 and further climbed to P420 million in 2018. The city’s confidential fund expenses further grew to P460 million in 2019 and were maintained consistently for the subsequent years of 2020, 2021, and 2022. In an interview on Monday, ACT Teachers Partylist Rep. France Castro, who sought the CoA probe, stressed that the P2.697 billion totality of confidential expenses of Davao City in the previous six years “could have been utilized more effectively to benefit the education sector, specifically by providing much-needed support to teachers.” “We were shocked also [by] the report of the CoA. With this controversy of confidential funds, we are thinking of asking the CoA to investigate,” she said. “The CoA should file an audit observation memo and then ask them to explain maybe the misuse of funds and then file necessary legal action.” She added, “Imagine more than a million a day spent for the confidential funds in a city. I just wonder how it was spent and where it was spent. So, we want the CoA to review if the city government of Davao City led by Vice President Sara Duterte by then really followed the guidelines or the joint circular 2015-01.” The said joint circular outlined by CoA with the Departments of Budget and Management, National Defense, and of the Interior and Local Government, and Governance Commission for GOCCs, contains guidelines on the entitlement, release, use, reporting, and audit of confidential and intelligence funds that are in the General Appropriations Act. Daily Tribune has been asking for Duterte’s comment, but she remained mum on the issue. While Castro admitted that the local government units are entitled to confidential funds for peace and order maintenance, it was “ironic” that Duterte sought allocation of such funds given that she claimed Davao City was “very peaceful, disciplined, and well” during her tenure. "So why is it necessary to have an increasingly confidential fund?" the lawmaker stressed, noting such a fund should be used for other fruitful endeavors. "I remember the time the teachers of Davao City were asking for city allowance, but she did not grant it. Instead, she refused and even got mad with ACT (Alliance of Concerned Teachers) during that time," Castro pointed out. While none in the law limits the amount of confidential funds, the militant lawmaker pointed out that it should be rationalized. A proposed law aimed at imposing a cap and limit on confidential funds, streamlining the allocation of such that would promote transparency and accountability, is currently being crafted, according to Castro. It will be filed in Congress when the session resumes in November. The post Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro appeared first on Daily Tribune......»»
P1B for Marawi victims a cruel joke (1)
I beg my readers’ kind indulgence for using this column as a platform to air our grievances. This is something personal to us, and it is my moral obligation to add my voice to the public indignation sweeping a part of Morolandia. For transparency and disclosure, my family was a victim of the war and is seeking compensation for the damage to our precious possessions. Having said that, as the national budget deliberations for 2024 draw to a near conclusion, the public discourse in Morolandia on the compensation for the 2017 Marawi Siege victims heightened. It’s the issue much discussed in public fora, coffee shops, and social media platforms of Muslims. The Moro attention is largely riveted to the budget deliberations in the House of Representatives, where the budget bill originates by provision of the Constitution. Social media likewise reported the hearing conducted by the Oversight Committee for the Marawi Compensation Law jointly chaired by Senator Ronald dela Rosa and Rep. Zia Alonto Adiong. According to reports, P1 billion is proposed in the 2024 budget for compensation, which is the same amount appropriated in the current budget, alarmed resident victims. They have reason to fear that P1 billion is becoming the appropriation template for the ensuing years. The Marawi Compensation Board or MCB, created to process, approve and pay legitimate claims, will fold the tent and become a functus oficio in 2028 because the law provides for a five-year life span. Let’s do the math. If the budget is not increased, the aggregate appropriation for Marawi victims will only be P5 billion, which is ridiculously insufficient vis-a-vis the number of victims and the magnitude of their claims. From an unofficial report, we gathered that “as of 18 September 2023, there were 75 death claims, 74 structural claims, 1,858 other properties claims, and 4,041 multiple claims. Hence, there were 6,048 claims as of the latest report by the in-take team from July to September. (And) 362 claims have been evaluated or are ready for final deliberation.” The claims statistics are increasing exponentially by the day, with the list of claimants getting longer. The MCB asks for something like P10 billion or more as an aggregate ballpark figure to compensate all the victims. The sparse appropriation has triggered unkind comments from citizens calling the proposed amount outrageously deficient, cruel jokes and insulting the victims. While the public is amused by the stories in tri- and social media on funding for projects that are less urgent — like the millions needed for the confidential and intelligence funds of agencies to address “kuno” (allegedly) the threat of terrorism — here we have a situation where the threat of terrorism is real. Our security and intelligence authorities will tell you that the remnants of the ISIS-affiliated Maute Dawliyah Islamia group are just around the corner, engaged in sporadic hit-and-run guerrilla ambushes to make their presence known. Terrorist cells are confirmed to be existing in the hinterlands of Morolandia. The disgruntled victims of the Marawi war are easy prey for recruitment by the dissidents. There is no denying the depth and scale of the damage sustained by the Marawi victims of the war. The whole world was watching on their television sets for months the daily telenovela-like bombing of the city in what Confucious described as “burning the house to catch a rat.” We have written numerous published articles pleading for cessation of the bombing, but the thrashing by state authorities continued. We note with gratitude the public expression of support by Senator De la Rosa, chair of the Special Committee on Marawi Rehabilitation, who spent years studying at the Mindanao State University in Marawi City, along with Muslim Senator Robinhood Padilla. Senator Risa Hontiveros, in her recent trip to Marawi, saw for herself the progress of the claims processing and has likewise committed support. The list of senators and House representatives joining the chorus of support is getting longer. (To be continued) amb_mac_lanto@yahoo.com The post P1B for Marawi victims a cruel joke (1) appeared first on Daily Tribune......»»
Palace mum on Martial Law
Malacañang on Thursday said it had no plans to release a statement on the 51st anniversary of Martial Law, which was declared by the father and namesake of President Ferdinand Marcos Jr. on 21 September 1972. Asked if the Palace would issue a statement, the Presidential Communications Office told reporters in a Viber message, “Wala raw po (There is no statement).” Amnesty International data said Martial Law led to the imprisonment of over 70,000 people, the torture of 34,000 individuals, and the death of 3,200 others. Marcos Jr. had questioned the statistics in January 2022, saying he had no idea how the figures were arrived at. Amnesty International gathered the information after two missions to the Philippines in 1971 and 1981, with the reports published in 1976 and 1982. Meanwhile, the state-run Human Rights Violations Victims Memorial Commission averred that 11,103 individuals experienced human rights violations during martial law. HRVVMC said 2,326 individuals either lost their lives or went missing between the years 1972 and 1986 as a result of these violations. The issues of human rights violations are separate from the issue of ill-gotten wealth, which had been acknowledged as a legal matter by the Supreme Court in 2003, 2012 and 2017. The ill-gotten wealth is estimated to be between $5 billion and $10 billion after the Marcos family was ousted from Malacañang through the EDSA People Power Revolution. Senator Imee Marcos, on the other hand, had a lot to say about Martial Law. In a press conference at the Marcoses’ residence in the City of San Juan, Marcos, along with former members of the Armed Forces of the Philippines, clarified “misconceptions” about martial law during his father’s regime. “I always hear from students about the alleged abuses, the alleged kidnappings, that there were desaparecidos. I always asked my father about it,” she said in Filipino. “My father always tells me that: ‘There are really erring cops, soldiers, and officials. We will punish them if proven true, but never did I ever order that because I will answer that to God,’” she added. She continued: “He always said that. He never intended for abuses to happen. It was never a matter of policy.” Ferdinand Marcos Sr. was in power for 20 years. The post Palace mum on Martial Law appeared first on Daily Tribune......»»
Marawi City siege victims seek P17.4B
People adversely affected by the 2017 Marawi siege have filed a total of P17,456,836,830 in claims from 4 July to 31 August this year, the Marawi Compensation Board told lawmakers on Monday. But the board said the 4,762 claimants represented only 19 percent of the estimated 23,489 individuals directly affected by the five-month armed conflict between government forces and the combined Maute and Abu Sayyaf terror groups. The siege ended on 23 October 2017 with the surrender or killing of the remaining militants. The conflict left over 1,100 people dead, including 44 government troopers. It displaced over 350,000 people. MCB chairperson Maisara Dandamun Latiph told a hearing of the Joint Congressional Oversight Committee on the Marawi Siege Victims Compensation Act of 2022 that the claimants included those whose properties were destroyed in the fighting. Other claimants had relatives who were killed or who were wounded during the siege which prompted then President Rodrigo Duterte to declare martial law in Mindanao, Latiph said. “These (figures) are based on verified application claim forms that were filed under oath,” she said, adding that the filing was just the first step in a process that includes multi-layered evaluation by lawyers and engineers. So far, only 220 applications had been assessed, while 120 claims totaling P395 million had been processed, the MCB official said. Senator Ronald “Bato” dela Rosa said the MCB needs at least P89 billion to compensate all the war victims. The government initially allocated only P1 billion for compensation under Republic Act 11696, or the Marawi Siege Victims Compensation Law. The law tasked MCB to oversee the process of application and payment of compensation to qualified claimants. Compensation rates are based on the implementing rules and regulations of RA 11696. Under the guidelines, a damaged structure would be compensated P12,000 per square meter if it was made of concrete, P9,000 per sqm if made of wood and concrete, and P6,000 if made of light materials. 5-year process Owners of destroyed properties are to be paid P18,000 per sqm. (concrete), P13,500 (concrete and wood), and P9,000 for those made of light materials, mainly wood. Compensation of P350,000 will be paid to the kin or heirs of each victim who died in the siege. Latiph said the board eyes to complete the compensation process within five years. She said they are targeting to accommodate 200 claims daily, 150 recommendations a week, and 600 decisions a month. Data from Task Force Bangon Marawi showed there were more than 17,000 households in the 24 barangays in Marawi City that were most affected by the conflict. The Marawi siege was the deadliest conflict in the Philippines since the Moro rebellion in the 1970s. It was also the first time that the Islamic State was able to establish a stronghold in Southeast Asia. The post Marawi City siege victims seek P17.4B appeared first on Daily Tribune......»»
P17.5B worth of claims filed by Marawi siege victims
A total of P17,456,836,830 worth of claims have been filed by the victims of the 2017 Marawi siege, according to the chairperson of the Marawi Compensation Board. During the hearing of the Joint Congressional Oversight Committee on the Marawi Siege Victims Compensation Act of 2022 on Monday, MCB chairperson Maisara Dandamun Latiph said the applications for compensation were filed by 4,762 claimants from 4 July to 31 August. The number represents only 19 percent of the estimated 23,489 individuals affected by the conflict. "These are people or individuals who claim that they have structure na nasira (that were destroyed) or they have a death claim. That 4,762 are claims filed. These are based on verified claims application forms (VCAF) that were filed by the claimants. VCAF means that they have filed a claim under oath," she added. Dandamun-Latiph said the filing of VCAF is just part of the step 1 process. Step 2 includes the second layer of evaluation by the lawyers and engineers. “Ibig sabihin, dadaan na naman siya sa second layer of verification which is yung (It means the claim still has to undergo a second layer of verification which is the) legal and technical evaluation," she said. So far, only 220 have been assessed while 120 claims worth P395 million have already been processed. Citing data from his office, Senator Ronald “Bato” Dela Rosa, who chairs the panel, said the MCB needs to process at least P89 billion to compensate all the war victims. The government had initially earmarked only P1 billion for the compensation, which is being lodged under the MCB budget. Created under Republic Act 11696 or the Marawi Siege Victims Compensation Law, MCB was tasked to oversee the process of application and payment of compensation to qualified claimants. Meanwhile, compensation rates are provided based on the implementing rules and regulations of MCB. A damaged structure will be compensated P12,000 per square meter (sqm) if it is concrete; P9,000 if mixed concrete and wood; and PP6,000 if made of light materials. Individuals with destroyed properties are to be paid P18,000 per square meter if structures were made of concrete; P13,500 per sqm if mixed concrete and wood; and P9,000 if made of light materials or mainly wood. A compensation of P350,000 will be given to kin or heirs of victims who died from the siege. Latiph said the Board is eyeing to complete the compensation process within five years. She said they are targeting to accommodate 200 claims daily, 150 recommendations a week, and 600 decisions a month. Dela Rosa said the MCB should make sure that the payments for siege victims will not put into corruption." As early as now, nakikita na namin dito kung gaano ka-importante yung role ninyo talaga diyan sa Marawi Compensation Board dahil nandiyan kayo sa gitna eh (we can see how important your role there in the Marawi Compensation Board because you are in the middle). You have to make sure that you are operating within the budget and fiscal capability ng ating gobyerno (of our government)," Dela Rosa said. "At the same time, you have to ensure duly and justly compensated lahat ng victims di ba? Ambigat ng papel niyo (all of the victims, right? Your role is very important). So, good luck. We are here to support you," he added. The data of the Task Force Bangon Marawi showed there are more than 17,000 households residing within the 24 most affected barangays in Marawi City, excluding businesses and other establishments. The five-month armed conflict in Marawi started on 23 May 2017 when members of the local Daesh-inspired Maute rebel group attacked the city. The government forces declared the war-torn city liberated on 17 October of the same year. But, the conflict left over 1,100 people dead and the center of Marawi City in shambles. The post P17.5B worth of claims filed by Marawi siege victims appeared first on Daily Tribune......»»
QC to strengthen bike lanes after ex-cop road-rage incident
Quezon City Mayor Joy Belmonte on Monday said the city government will further strengthen the safety of bike lanes and deploy more bike patrols to protect cyclists and maintain safer roads. This was after a cyclist was assaulted by an ex-policeman in an incident that was recorded by a netizen, becoming viral on social media. The ex-cop, who pulled a gun on the cyclist, was driving his vehicle on the bike lane. Belmonte stressed that City Ordinance SP-2988 S-2020 or the Ordinance promoting Safe Cycling and Active Transport penalizes motorists obstructing cycling lanes or walking paths. Section 8.2.2 of City Ordinance SP-2636 S-2017 or QC Road Safety Code states that “no driver shall permit his/her vehicle to block any portion of the bicycle lane. At no time shall any vehicle use, straddle, or obstruct the designated bike lane.” "We would like to reassure the cycling community and all our citizens for that matter that the city is willing to exhaust all means to demonstrate to them that we will act in their interest and in the pursuit of justice," the mayor said. Quezon City Rep. Marvin Rillo (Dist. IV) said another P500 million in fresh funding in 2024 will be of great help to the mayor in this regard. The funds, according to Rillo, will be used for upgrading bicycle lanes and pedestrian walkways under the national government’s Active Transport Program in metropolitan areas. “To further stimulate human-powered mobility, such as cycling and walking, there is an additional budget of P500 million for the development of active transport infrastructure and facilities in 2024,” Rillo, a member of the House committee on appropriations, said. “We are all for active transport, which lessens harmful motor vehicle emissions, promotes cleaner air and improves individual and community health,” Rillo, also vice chairperson of the House committee on Metro Manila development, said. The solon explained that the P500 million for the ATP in 2024 is lodged in the budget of the Department of Transportation. The amount is on top of the P705 million earmarked for the ATP this year and the P2 billion funding for the program in 2022. Rillo expressed confidence that the additional government spending for the ATP would protect a greater number of Filipinos who use bicycles as an alternative mode of mobility. As of June this year, the ATP has so far built 564 kilometers of bicycle lanes throughout Metro Manila, Metro Cebu and Metro Davao. The DOTr earlier said it expects the country’s bicycle lane network to reach 2,400 kilometers by 2028. “In other countries where governments are spending more to develop bicycle lanes, they’ve actually seen a five-fold increase in the number of people using bicycles,” Rillo said. The ATP bankrolls the construction of protected, hazard-free bicycle lanes, procurement of bike racks, improvement of end-of-trip cycling infrastructure and the upgrading of pop-up bike lanes into permanent bike lanes. The program also funds the development of pedestrian pathways and crossings designed to accommodate persons with disability, senior citizens, pregnant women, parents with children in strollers and tourists with luggage. Rillo said it will also finance the creation of urban shade trees for the benefit of cyclists, commuters and pedestrians. The post QC to strengthen bike lanes after ex-cop road-rage incident appeared first on Daily Tribune......»»
DBM earmarks over P80-B to BARMM
The Department of Budget and Management has set an P80.6-billion fund for the Bangsamoro Autonomous Region in Muslim Mindanao under the proposed 2024 National Budget as the government vows to continue rebuilding war-torn Marawi and secure peace and economic growth in the region. In a statement on Thursday, the DBM said the total fund consists of the region’s share from the national revenue worth P75.6 billion and P5 billion for special development projects. The total allocation represents P5.3 billion for social development and infrastructure projects, including P4.21 billion for roads and bridges, P569 million for water supply and P35 million for fish ports. Meanwhile, war victims of Marawi City can receive a total of P1 billion as tax-free compensation. “This strategic initiative enables the Marawi Compensation Board to deliver tax-exempt compensation to all eligible claimants who have suffered property and personal possession damage as a result of the 2017 Marawi Siege,” the DBM said. Marawi City is the biggest Muslim city in the predominantly Catholic Philippines terrorized by rebel groups Abu Sayyaf and Maute. As peace has been restored and protected in BARMM, DBM has allotted P5 million for the activities of the region’s Professional Regulations Commission Regional Office XII. The post DBM earmarks over P80-B to BARMM appeared first on Daily Tribune......»»
Aboitiz unit spends P250M for Davao line
DAVAO CITY, Davao del Sur — Davao Light and Power Company, a unit of AboitizPower Corp., earmarked around P200 million to P250 million this year to bankroll the underground cabling system that it currently undertakes as strictly mandated by the local government. In a recent interview, Davao Light president and COO Rodger Velasco disclosed that the company made sure to secure enough funding from the company’s capital outlay of about P2.4 billion this year to sustain its project implementation. “We usually spend around P1.5 to P1.6 billion pre-pandemic but last year, we spent P2 billion because we are ramping up, we are on full blast. There are challenges in capacity so we are also upgrading,” Velasco told reporters. “This 2024, our capital expenditure will remain elevated, still about P2.4 billion, same as this year,” he added. Despite facing headwinds such as right-of-way issues and water line and drainage obstructions, among others, Velasco said that Davao Light’s underground cabling is making significant headway. At the current 25 percent completion rate, the company targets to company the project by the end of the decade or by 2030. The project abides by the City Ordinance No. 0152-17 Series of 2017, or “An Ordinance Requiring All Telecommunication Companies, Davao Light and Power Company, and all other Persons to Comply with the Underground Cabling Plan of the City of Davao.” The areas include C.M. Recto; San Pedro; R. Magsaysay Avenue; C. Bangoy Sr., Bonifacio, and Pelayo; and E. Quirino Streets — also known as the Kadayawan Route. Underground line facilities usually involve transformers installed on the ground through pad-mounting. In C.M. Recto, a platform-type transformer was installed. Meaning, the pad-mounted transformers were elevated and installed on alley-type structures, also known as platform-type transformer installation. Cabling innovation A different approach was implemented in San Pedro Street. This time, the transformers are installed on poles along adjacent streets that are not part of underground cabling areas. Currently, the first part of the underground cabling project in Ramon Magsaysay Avenue, which focuses on electrical works, is ongoing. While the project is industry-leading, Velasco noted that Davao Light has yet to commit to pursuing underground cabling across its entire franchise area as it would require high capital that may imminently prompt higher rates for customers. The post Aboitiz unit spends P250M for Davao line appeared first on Daily Tribune......»»
Property developer invests P64 billion to build Grand Westside Hotel
Megaworld Corporation has allocated P64 billion to build the Grand Westside Hotel in Paranaque’s Westside City. Envisioned as the country’s biggest hotel, the first tower of the 19-story buildings is scheduled for completion this year and the second by 2024. Construction is expected to conclude before 2023 ends. The 1,500-room property will offer various room types, including queen suites (up to 48 square meters), twin suites (up to 48 square meters) and executive suites (up to 48 square meters) and twin and queen suites (up to 35 and 37 square meters) designed for specially-abled guests. It will also feature four function rooms that, when combined, can accommodate up to 300 people. Additionally, it will house four dining outlets, including an all-day dining restaurant with a capacity of nearly 250 guests. [caption id="attachment_163850" align="aligncenter" width="1386"] ROOM at Grand Westside Hotel.[/caption] The hotel’s amenities include an expansive pool area, a children’s pool, a gazebo, a fitness gym, massage rooms and outdoor seating. It will also have a two-level retail and commercial space covering 1,995 square meters. Grand Westside Hotel is Megaworld’s 19th hotel property and the second homegrown hotel brand within Westside City. It is the fourth resort complex within Philippine Amusement and Gaming Corp.’s Entertainment City project, following Solaire Manila, City of Dreams and Okada Manila. Megaworld is the only Philippine real estate development company to earn a “Hall of Fame” distinction as “Best Developer” after winning the Outstanding Developer Award at the Property and Real Estate Excellence Award by FIABCI Philippines for three straight years (2015, 2016 and 2017). The company was also named the “Best Developer” at the prestigious Philippines Property Awards by PropertyGuru for three consecutive years (2016, 2017 and 2018). The post Property developer invests P64 billion to build Grand Westside Hotel 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......»»
India announces new French fighter jet deal as Modi visits Paris
India announced a new multi-billion-dollar deal for French fighter jets on Thursday as Prime Minister Narendra Modi visited Paris for a two-day trip that will see him feted as the guest of honor during France's national day celebrations. India's defense ministry said that the country intended to order 26 more Rafale jets as well as another three Scorpene-class submarines, with the price and other terms still being worked out. India is one of the biggest buyers of French arms, and Modi announced a landmark deal for 36 Rafale fighter jets during a 2015 trip to Paris that was worth around 4.0 billion euros at the time. Some of those Indian-piloted Rafales will take part in a flypast on Friday during France's Bastille Day military parade where Modi will sit alongside French President Emmanuel Macron as guest of honour. "This closeness is not limited to just the leaders of two countries, it is in fact a reflection of the unwavering friendship between India and France," Modi told an enthusiastic crowd of Indians living in France on Thursday evening. Despite differences over the war in Ukraine and tensions over human rights in India, Western democracies are courting Modi and India as a counterweight to China in Asia. Macron's red carpet welcome comes weeks after Modi was given the rare honor of a White House state dinner in Washington -- a city he was once banned from visiting. "India is one of the pillars of our Indo-Pacific strategy," an aide to Macron told reporters this week on condition of anonymity. Human rights But amid the pomp and diplomatic courting in France, a resolution from the European Parliament on Thursday served as a reminder of Modi's controversial leadership style and Hindu nationalist agenda that has critics at home and abroad. Sitting in Strasbourg in eastern France, EU parliamentarians approved a motion that urged India to end violence in the country's restive northeastern Manipur state and to protect minorities there. Clashes between the majority Meitei, who are mostly Hindus, and the mainly Christian Kuki tribe have left at least 120 people dead, 50,000 displaced and over 1,700 houses destroyed, the parliament said. It criticized the "nationalistic rhetoric" of the local state government, run by Modi's Bharatiya Janata Party. Modi's role during Bastille Day in France was "an affront not only to India's minority communities, journalists and human rights defenders but also to India as a democracy," the text's chief negotiator, Pierre Larrouturou, said. A protest called against Modi drew only a few dozen people in central Paris on Thursday. Strategic partnership Modi has visited France four times since Macron came to power in 2017, while Macron was honored with a state visit to New Delhi in 2018. Aides on both sides have talked up the personal chemistry between the two leaders and pointed to cooperation on climate change, space technology, and nuclear power as part of a 25-year-old "strategic partnership" between France and India. Modi told the French newspaper Les Echos that bilateral trade had doubled in the last nine years and Macron's "thinking really matches ours". India and France "are naturally compatible" and "we see France as one of our foremost global partners," Modi added. Few observers expect Macron to raise rights concerns with Modi publicly. "The fact that explains France's relative success in this relationship is that unlike the US, the UK, Canada, Germany and a few other European countries, you've hardly seen France commenting on the internal affairs of India," Constantino Xavier from the Centre for Social and Economic Progress, a New Delhi-based think tank, said this week. "That has been appreciated on the Indian side." Modi has been dogged by allegations he was complicit in religious violence during his tenure as chief minister of the western state of Gujarat in 2002 when around 1,000 people, mostly Muslims, were killed in sectarian riots. The Indian government and judicial probes have cleared him of culpability. Since his first crushing electoral victory in 2014, he has also been denounced by rights groups for increased discrimination and violence towards the country's Muslims, as well as stifling independent media. "Diversity is the biggest strength of our democracy," he told the meeting on Thursday evening that also lauded the country's economic growth. Many European and American businesses, including US tech giant Apple, are ramping up production there to mitigate the threat of supply chain disruptions from China. The war in Ukraine has heightened concerns in the West about the risk of conflicts disrupting the flow of key raw materials and technology from China, but it has also exposed a rift with India. New Delhi, which has long sought to balance its ties with Moscow and the West, has declined to condemn Vladimir Putin's invasion of Ukraine and has emerged as a top buyer of discounted Russian oil during the biggest conflict in Europe since World War II. The post India announces new French fighter jet deal as Modi visits Paris appeared first on Daily Tribune......»»
Intel to invest $25 bn in new Israel plant: government
US chip giant Intel will spend $25 billion on a new plant in Israel, officials said Sunday, with Prime Minister Benjamin Netanyahu calling it the country's single largest foreign investment. The "agreement in principle" would see the semiconductor firm build the facility in the southern city of Kiryat Gat that would open by 2027 and operate at least until 2035, Israel's finance ministry said. As part of the deal, Intel's taxes to Israel would rise from five to 7.5 percent, the finance ministry said in a statement. Intel in return would receive a grant of 12.8 percent of its outlay, the ministry said, in line with Israel's capital investment encouragement law. Netanyahu said the new plant would constitute "the largest investment in Israel". "This is a great show of confidence in Israel's economy and shows the strength of the free economy we built here and the technological economy developing here," the Israeli leader said. The two sides would begin finalizing the deal in a process expected to take a number of weeks, according to the ministry. A spokesman for Intel in Israel had no immediate comment. Intel has been operating in Israel since the 1970s with development centers and a production site that employs some 12,000 people out of the company's global workforce of 130,000, the finance ministry said. In 2017, Intel acquired Israel-based Mobileye, which makes technology for automated driving systems in vehicles, for just over 15 billion dollars. The post Intel to invest $25 bn in new Israel plant: government appeared first on Daily Tribune......»»
DBM okays P5-B Bangsamoro fund
The Department of Budget and Management approved the disbursement of a development fund worth P5 billion allocated to the Bangsamoro Autonomous Region in Muslim Mindanao. In an announcement on Wednesday, Budget Secretary Amenah Pangandaman stated that the department has already authorized the issuance of the Special Allotment Release Order for BARMM’s Special Development Fund The release of funds aligns with Section 2, Article XIV of Republic Act 11054, which mandates the national government to provide an annual amount of P10 billion to the BARMM government for ten years. The purpose of this fund is to support the rebuilding, rehabilitation, and development of communities affected by conflict, as stated by the DBM. DBM support “As I promised, and in accordance with the instructions of President Bongbong Marcos, DBM will continue to support BARMM to the best of our ability. We will ensure that we will help in its smooth transition process and strengthen its communities,” Pangandaman said. “We hope that this fund will be used properly to meet the needs of the communities in BARMM. We hope that BARMM takes advantage of this funding by fully utilizing it to help those in need, and to improve areas that need further development,” she added. The Bureau of Treasury will directly disburse the allocated funds to the BARMM through a designated government servicing bank, following the cash programming guidelines set by the national government. Annual block grant Under the leadership of President Ferdinand R. Marcos Jr., the administration has allocated P64.76 billion as the Annual Block Grant for BARMM. Additionally, P5 billion has been set aside for the Special Development Fund aimed at supporting the reconstruction, recovery, and progress of communities affected by conflict. Furthermore, the region will receive P4.59 billion as its share of taxes, fees, and charges collected within the area. The outbreak in BARMM occurred in Marawi City, the capital of Lanao del Sur province, which is one of the six provinces in the region. This conflict lasted for five months, from 23 May to 23 October 2017. The post DBM okays P5-B Bangsamoro fund appeared first on Daily Tribune......»»
AREIT buys P5.1-B office mall
AREIT Inc., the real estate investment trust sponsored by Ayala Land Inc., has acquired a mall and office development in Pasig City from the real estate giant for P5.1 billion. In a disclosure to the Philippine Stock Exchange, AREIT said it is buying The 30th, a 76,000 square meter commercial development located along Meralco Avenue in Pasig City. “The asset will increase AREIT’s portfolio to 246,000 square meters of GLA from 170,000 square meters and will contribute to its net income and dividends in 2021,” AREIT said. The 30th is a commercial development that was planned and developed by Ayala Land and completed in 2017. The office building is fully occupied predominantly by BPO companies. The 30th includes an amenity retail podium which will be operated and leased by Ayala Land from AREIT. Simultaneous to the acquisition of the building by AREIT, ALI will assign the long-term land lease to AREIT. AREIT wil lease office spaces to tenants, and the retail podium to Ayala Land under a fixed lease as operator of the retail spaces. The acquisition will be funded through debt. It will be a cash purchase with the installment schedule to be agreed by the parties. Currently, AREIT has no debt thereby allowing it to acquire assets that are yeld accretive through leverage. “This demonstrates AREIT’s ability to grow its portfolio and add value to its shareholders while its Sponsor, Ayala Land, Inc. can recycle the capital for its real estate projects in the Philippines,” AREIT said......»»
Wheat imports seen to rise on higher bread demand
It’s a quarter before seven in the morning. A queue starts to form in front of RJS bakery in Barangay Barangka Drive in Mandaluyong City......»»
Insurance penetration rate slips further to 1.6 percent
The insurance industry saw its net income rise to P48 billion last year, but its contribution to the overall economy slipped further for the second straight year to only 1.6 percent......»»
Teen centers in Cebu City pushed amid rising teen pregnancy cases
CEBU CITY, Philippines — In response to the alarming rise in teenage pregnancy cases across Cebu, a local legislator penned a resolution urging the establishment of local adolescents and teen centers in Cebu. City Councilor Rey Gealon stipulated in the resolution the importance of providing essential support and education to empower young individuals in making.....»»
Belle Corp sets PLC tender offer price at P0.85/share
Belle Corp and Premium Leisure Corp were both voluntarily suspended for the day yesterday after BEL disclosed details of its proposed tender offer to acquire PLC’s public float and eventually delist PLC from the exchange......»»