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Shohei Ohtani says interpreter stole money, denies knowledge of gambling debts
Shohei Ohtani says he was unaware Ippei Mizuhara had gambling debts and that he had been lied to repeatedly by the interpreter who had been by his side since he joined Major League Baseball in 2018.....»»
Going digital
When Edwin R. Bautista became the president and CEO of UnionBank in 2018, he saw the future of the bank......»»
High expectations from winners (4)
Vice President and DepEd Secretary Sara Duterte-Carpio took very seriously the job given to her by President Ferdinand “Bongbong” Marcos Jr. to prepare a curriculum relevant to producing competent, job-ready, active, and responsible citizens. In her report on basic education in the Philippines, she revealed in detail the problems confronting it, the teachers, and learners; and crafted means to overcome them, guided by the Constitution and the convention on the rights of the child, reaffirming our country’s commitment to improving the quality of basic education in the Philippines. “The four learners at home — one in kindergarten, one in Grade 4, one in Grade 7, and one in Grade 9 — enable me to see different kinds of problems being experienced by learners every day.” “In my work as Secretary of Education, I am in the company of 28 million Filipino learners throughout the country. I can see numerous problems faced by them every day.” “Four learners at home, plus 28 million more throughout the land, these, my countrymen, make my interest in the future of Philippine education a very personal matter.” “Filipino learners are not academically proficient. In time, Filipino learners experience emotional abuse and exhaustion. Some of them suffer from psychological fatigue. And being academically insecure, many of them may fail to meet the standards of a demanding and competitive world. These are caused and triggered by conditions present at home, in our communities, and even in our schools as a result of problems ingrained in our system. This is the truth. This is our future. But this is a future that we can change. That is why we are here.” “We have to take good care of our teachers. They are the lifeblood of the Department of Education. Without our teachers, our mission to carve a better future for our children will fail.” “And to empower our learners with the relevant skills and knowledge, we shall focus on upscaling their knowledge and capacities as public servants. The assessment of the K-12 curriculum revealed the weak teaching methods of our teachers in addressing 21st-century skills. Studies done by the Research Center of Teacher Quality, the World Bank, and UNICEF showed that our teachers need further support, particularly in explicitly and strategically teaching critical thinking and problem-solving skills.” “While critical thinking was the most evident in the curriculum, it was also the least taught to students by the teachers. Instead, lessons leaned towards conceptual or content-based teaching. And lessons lacked in-depth processing to cultivate critical thinking and problem-solving. Finally, there appears to be insufficient knowledge on developing 21st-century skills, including higher-order thinking skills among learners. This is not the fault of our teachers—whose dedication, integrity, and commitment to serving Filipino children and the country strengthen our collective effort to achieve our shared dreams for our learners. The sad reality is that the system has failed them.” “This is the system that burdens them with backbreaking and time-consuming administrative tasks, a system that provides no adequate support and robs them of the opportunity to professionally grow and professionally teach, assist and guide our learners.” “Our teachers must return to our classrooms and they must teach.” Studies and tests were conducted to measure the literacy of the learners. It was discovered that the issue of literacy is alarming in our basic education. We must address it appropriately and effectively. The 2018 study results showed that 81 percent of Filipino learners could not deal with basic math problems, 81 percent had trouble understanding texts of moderate length, and 78 percent could not recognize correct explanations for scientific phenomena or draw valid conclusions from given data. “We can do better than this,” Sara said. “We are better than this. Studies like these are opportunities for us to thoroughly examine our system and defects that hurt our children’s abilities.” (To be continued) The post High expectations from winners (4) appeared first on Daily Tribune......»»
Aboitiz Group bags triple Golden Arrow Awards
With a distinguished legacy spanning five generations, the Aboitiz Group remains steadfast in its commitment to fostering positive change in shaping the future as it adheres to the standards and requirements outlined in the ASEAN Corporate Governance Scorecard. This year, following the 2022 compliance period of the ACGS, Aboitiz Equity Ventures Inc. received a 4-arrow recognition after scoring 111.68 points, AEV’s highest ACGS score since the Institute of Corporate Directors inaugurated the Golden Arrow Awards in 2018. Aboitiz Power Corporation and Union Bank of the Philippines both received a 3-arrow recognition for scoring between 100 and 109 points. Consistent top performers It’s also important to note that AEV and AboitizPower have consistently been recognized as top performers in corporate governance, both here in the country and in the ASEAN region since 2013-2017 at the PSE Bell Awards. “This distinction is the result of the Aboitiz Group’s work to transform a legacy business into a hyper-innovative, diversified conglomerate that puts corporate governance and citizenship at the core of its operations. We have always believed that transparency and accountability are essential in building trust amongst our stakeholders and forging strong partnerships in order to drive change,” said Ginggay Hontiveros-Malvar, Aboitiz Group’s chief reputation and sustainability officer. AEV, the portfolio management company of the Aboitiz Group, leads investments in diverse sectors including power, banking and financial services, food, infrastructure, land, and cutting-edge fields such as data science and artificial intelligence. The Group is presently undergoing a profound transformation to establish itself as the Philippines' first "techglomerate." This innovative growth strategy, fueled by technology and a renewed entrepreneurial mindset, empowers Aboitiz to drive transformative change, shaping the future of its businesses, host communities, and the nation. The Golden Arrow Recognition serves as a testament to Aboitiz Group's unwavering commitment to upholding the highest standards of corporate governance. Aboitiz has excelled in several key areas such as compliance, sustainability, and innovation — positioning it as a frontrunner in the realm of corporate governance. This honor reflects the Group's ongoing commitment to creating value for its shareholders, stakeholders, and the broader Filipino community. Robust policies Aboitiz Group’s robust policies and procedures across every level of the organization form the bedrock of its commitment to excellence in corporate governance. Furthermore, the company's board of directors is characterized by its independence and diversity, playing a pivotal role in providing oversight and making strategic decisions aligned with the best interests of shareholders and stakeholders. Aboitiz places great emphasis on transparency, providing clear and comprehensive information regarding its financial performance, operations, and decision-making processes to ensure that shareholders and the public remain well-informed. In terms of regulatory compliance, Aboitiz is dedicated to adhering to all relevant laws, regulations, and standards related to corporate governance. The company continuously updates its policies to ensure alignment with evolving requirements. When it comes to ethical business practices, the Group's commitment to ethical conduct and integrity remains unwavering. “This award reaffirms the team’s adherence to the shared responsibility of sustainably managing the organization. This further motivates us to champion the highest corporate governance and ethical standards as we continue to grow the business,” said AboitizPower president and chief executive officer Emmanuel Rubio. “Likewise, we also exert as much effort and diligence in upholding environmental preservation and the societal good within the areas we have the privilege to serve,” he said. Corporate governance For his part, UnionBank lead independent director Roberto Manabat said, “We humbly accept this recognition as a reinforcement of the principles that guide the Bank. Our corporate governance practices reinforce the requirements of a constantly evolving business landscape. We ensure that they comply with new regulations and are ready to adopt best practices.” Aboitiz is deeply committed to sustainability and corporate social responsibility initiatives. The post Aboitiz Group bags triple Golden Arrow Awards appeared first on Daily Tribune......»»
Aboitiz Group bags triple Golden Arrow Awards
With a distinguished legacy spanning five generations, the Aboitiz Group remains steadfast in its commitment to fostering positive change in shaping the future as it adheres to the standards and requirements outlined in the ASEAN Corporate Governance Scorecard. This year, following the 2022 compliance period of the ACGS, Aboitiz Equity Ventures, Inc. received a 4-arrow recognition after scoring 111.68 points, AEV’s highest ACGS score since the Institute of Corporate Directors inaugurated the Golden Arrow Awards in 2018. Aboitiz Power Corporation and Union Bank of the Philippines both received a 3-arrow recognition for scoring between 100 and 109 points. AEV and AboitizPower have consistently been recognized as top performers in corporate governance, both here in the country and in the ASEAN region since 2013-2017 at the PSE Bell Awards. “This distinction is the result of the Aboitiz Group’s work to transform a legacy business into a hyper-innovative, diversified conglomerate that puts corporate governance and citizenship at the core of its operations. We have always believed that transparency and accountability are essential in building trust amongst our stakeholders and forging strong partnerships in order to drive change,” said Ginggay Hontiveros-Malvar, Aboitiz Group’s chief reputation and sustainability officer. AEV, the portfolio management company of the Aboitiz Group, leads investments in diverse sectors including power, banking and financial services, food, infrastructure, land and cutting-edge fields such as data science and artificial intelligence. The Group is presently undergoing a profound transformation to establish itself as the Philippines' first "techglomerate." This innovative growth strategy, fueled by technology and a renewed entrepreneurial mindset, empowers Aboitiz to drive transformative change, shaping the future of its businesses, host communities and the nation. The Golden Arrow Recognition serves as a testament to Aboitiz Group's unwavering commitment to upholding the highest standards of corporate governance. Aboitiz has excelled in several key areas such as compliance, sustainability, and innovation – positioning it as a frontrunner in the realm of corporate governance. This honor reflects the Group's ongoing commitment to creating value for its shareholders, stakeholders, and the broader Filipino community. Aboitiz Group’s robust policies and procedures across every level of the organization form the bedrock of its commitment to excellence in corporate governance. Furthermore, the company's board of directors is characterized by its independence and diversity, playing a pivotal role in providing oversight and making strategic decisions aligned with the best interests of shareholders and stakeholders. Aboitiz places great emphasis on transparency, providing clear and comprehensive information regarding its financial performance, operations, and decision-making processes to ensure that shareholders and the public remain well-informed. In terms of regulatory compliance, Aboitiz is dedicated to adhering to all relevant laws, regulations, and standards related to corporate governance. The company continuously updates its policies to ensure alignment with evolving requirements. When it comes to ethical business practices, the Group's commitment to ethical conduct and integrity remains unwavering. The company adheres to a stringent code of conduct that guides the behavior of its employees, fostering an environment of trust and integrity. “This award reaffirms the team’s adherence to the shared responsibility of sustainably managing the organization. This further motivates us to champion the highest corporate governance and ethical standards as we continue to grow the business,” said AboitizPower president and chief executive officer Emmanuel Rubio. “Likewise, we also exert as much effort and diligence in upholding environmental preservation and the societal good within the areas we have the privilege to serve.” “We humbly accept this recognition as a reinforcement of the principles that guide the Bank. Our corporate governance practices reinforce the requirements of a constantly evolving business landscape. We ensure that they comply with new regulations and are ready to adopt best practices,” said UnionBank lead independent director Roberto Manabat. Aboitiz is deeply committed to sustainability and corporate social responsibility initiatives. The company actively pursues environmental and social responsibility, demonstrating its dedication to creating a positive impact on society and the environment. The post Aboitiz Group bags triple Golden Arrow Awards appeared first on Daily Tribune......»»
ERRAMON Aboitiz: Renaissance man
The Aboitiz family is a big player in Philippine business for over a century. With businesses covering a wide range of industries, including power, banking, food, and infrastructure, the clan’s Aboitiz Group has been creating jobs and opportunities for Filipinos. Founded by Paulino Aboitiz, son of a Spanish farmer who migrated to the Philippines in the late 1800s, Aboitiz Equity Ventures Inc., or AEV, has grown from being an abaca-trading and general-merchandise business to a conglomerate with interests in power, banking, food, property, biofuel and construction. The group is undergoing its Great Transformation to establish itself as the Philippines’ pioneering techglomerate. This innovative growth strategy, powered by technology and a renewed entrepreneurial mindset, empowers the entire group to advance businesses and uplift communities. Among the driving forces propelling the Group’s business revolution is Erramon “Montxu” Aboitiz. Montxu previously served as the president and chief executive at Aboitiz Equity Ventures for 10 years from 2009 to 2019. He also briefly held the role of CEO at Aboitiz Power Corp. in 2018. Presently, he serves as a director at AEV and Endeavor Philippines and as chairman of the Board of Directors at Union Bank of the Philippines. Likewise, he serves as a board observer of the Aboitiz & Company. The Asian Institute of Management named Montxu as the new chairman of its Board of Trustees, effective from 1 September 2023. Montxu joined a respected group of successful business leaders who are dedicated to advancing the progress and welfare of Asia and its inhabitants. He was the 7th chairman of AIM, taking over from Peter Garrucho who held the position since 2017. Montxu graduated from Gonzaga University in Spokane, Washington, USA with a Bachelor of Science degree in Business Administration, majoring in Accounting and Finance. In 2011, he was awarded the Management Man of the Year by the Management Association of the Philippines and recognized as the Entrepreneur of the Year by Ernst & Young. Seven years after that, AIM awarded Montxu with an honorary doctorate in management. Social responsibility runs in Aboitiz blood The Aboitiz Foundation, the social responsibility arm of the Aboitiz Group, donated $10 million to AIM in 2019 — known as the Aboitiz 100th Anniversary Commitment Fund. The fund aims to bridge the local and regional gap in data science and innovation. As a result of this generous donation, AIM’s Aboitiz School of Innovation, Technology, and Entrepreneurship is now able to provide top-notch education and research opportunities in data science, with a focus on practical applications. This is made possible by collaborating with data science professionals and leaders from around the world. Recently, Montxu was elected chairperson of the AIM board of trustees. He is widely recognized for his strong commitment to social responsibility and philanthropy. Regarding the endowment to AIM, Montxu said it targeted assisting AIM in its efforts “to expand its curriculum and facilities towards the direction of a bold future, and the skills and education it will require.” Through his leadership in the Aboitiz Group and the Aboitiz Foundation, he has spearheaded numerous projects that have made a positive impact on local communities. As chairman of the Aboitiz Foundation, Montxu has played a key role in shaping its initiatives. The foundation focuses on three key areas which are education, enterprise development, and environmental conservation. “As businessmen, there is no doubt we seek profits and a return on our capital. But as Filipinos, we are equally guided by a sense of purpose to find meaningful ways of contributing to our communities across the country. This symbiotic relationship of profit and contributing to society is our secret sauce to true sustainability, allowing the Aboitiz Group to drive change for a better world by advancing business and communities,” Montxu added. The foundation implemented various programs and scholarships to improve access to quality education, foster entrepreneurship and livelihood opportunities, and promote sustainability. Aboitiz Foundation has been heavily involved in rehabilitating and improving schools in underprivileged areas. They have renovated classrooms, libraries and other facilities, providing students with better learning environments. The foundation has also donated learning materials and equipment to enhance the educational experience of students. Aboitiz Foundation supports community-based programs that aim to uplift marginalized communities. These programs focus on various aspects such as health, nutrition, livelihood, and disaster resilience. The foundation works closely with local organizations and stakeholders to implement sustainable solutions and empower communities to become self-sufficient. Aboitiz Foundation places significant emphasis on environmental conservation and sustainability. They have initiated projects to protect and restore ecosystems, promote renewable energy, and reduce carbon footprint. The foundation actively supports reforestation efforts, marine conservation, and waste management initiatives. The foundation also has a strong focus on disaster response and preparedness. They have been at the forefront of providing immediate relief and support during natural disasters, such as typhoons, earthquakes and floods. The foundation also works towards building resilient communities by conducting disaster risk reduction and management training programs. Montxu Aboitiz encourages and supports employee volunteerism within the Aboitiz Group. The company promotes a culture of giving back by providing employees with opportunities to engage in community service and volunteer activities. This not only benefits the communities they serve but also fosters a sense of social responsibility among the employees. It also collaborates with various non-governmental organizations, government agencies, and other stakeholders to maximize the impact of their social responsibility initiatives. They work together to address complex social issues and implement sustainable solutions that create lasting change. Aligned with the United Nations Global Compact, AEV drives policies, advocacies, and initiatives to make a lasting impact. The post ERRAMON Aboitiz: Renaissance man appeared first on Daily Tribune......»»
Duterte giveth, Diokno taketh
Since his call in 2017 to veto Republic Act 10931, the law granting free higher education, Finance Secretary Benjamin Diokno has been singing the same dissonant melody. A similar theme can be heard in his most recent attempt to cast doubt on the program’s long-term viability, which is frequently praised as one of the Duterte administration’s legacies. However, as Diokno continues to bang his well-worn drum, it becomes increasingly obvious that his arguments are out of tune and lacking in both substance and harmony. The frequently repeated assertion by Diokno that the free college program is “anti-poor” because of its supposed bias toward wealthy students doesn’t ring true with logic or facts. His claim that wealthy students have supplanted their less advantaged peers in the competition for openings at state universities and colleges lacks supporting data. He tries to play the fiscal unsustainability card by asserting that the program is an exorbitant financial burden for the government. This perspective is myopic because education spending continues to be one of the most effective ways to boost the economy and create jobs. In fact, a World Bank report has said that every dollar spent on education generates ten times as much in economic benefits, thus emphasizing the real worth of such expenditures under RA 10931. Additionally, Diokno ignores the reality that the program has been in force since 2018 after President Duterte rebuffed his veto campaign. After six years of effective implementation, for Diokno to suddenly pronounce it untenable sounds more like pessimism than a valid criticism. Diokno also veers away from the upbeat chorus that is led by President Ferdinand Marcos Jr. and his predecessor, former President Duterte, as he continues to play his dirge. His persistent pessimism has turned him into a maestro of despair rather than a conductor of progress. The Finance chief certainly needs a lot of the can-do attitude of both Marcos and Duterte, the latter with the bravado and tenacity he showed in guiding the country through the turbulent waters of the Covid-19 pandemic. Diokno should learn to instill confidence in the hearts of the populace, or he should just hand the job to someone who would tackle it with more vigor. Diokno claims that wealthy kids who can afford review lessons and other incidental costs are disproportionately benefited by RA 10931. This claim is again without basis as a lot of impoverished students have gained access to higher education without having to pay tuition thanks to this law. A thorough assessment by the Commission on Higher Education showed that the free college program has dramatically increased enrollment rates among students from low-income families. This should lay bare the falsity of Diokno’s claims. If we may add, the CHEd study also resonated with people by emphasizing its contribution to closing the achievement gap between the affluent and the less fortunate. Probably most befuddling of all was Diokno’s unsettling claim that the program benefits students who live close to public universities and colleges. This conflicts with what we see on the ground, of students renting bed space or living with their relatives so they can be near their schools, wherever they may be located. Additionally, the value of an educated citizenry transcends geographical boundaries in the grand scheme of nation-building. It’s ironic that for a Finance chief, the needed comprehension of the complexity of not only our economy and the numbers but also how they relate to society and people seems absent from Diokno’s spiel opposing free higher education. His quest to repeal RA 10931 has fallen short of capturing the long-term benefits of investing in education to improve the lives of underprivileged youngsters. Diokno’s desire to take away what Duterte and Congress have given would be a step backward and an assult in the minds of millions of Filipino students. While undermining President Duterte’s legacy, Diokno’s dissonant song poses a threat to muffle the dreams of numerous Filipino students, one that is intended to deprive them of the opportunity to pursue higher education and the prospect of a better future. The post Duterte giveth, Diokno taketh appeared first on Daily Tribune......»»
BSP: More Filipinos now with basic deposit accounts
The Bangko Sentral ng Pilipinas on Friday said more Filipinos now have bank accounts as the country’s number of basic deposit accounts or BDAs surged by 170 percent to 21.9 million in the first quarter of this year, higher than the 8.1 million in the same period last year. Deposits under BDAs climbed to P27 billion in the first quarter, or 432 percent higher than the P5.1 billion in the same period a year ago. BDAs allow clients to open interest-earning savings accounts with required initial deposit of just P100 or less and have no minimum maintaining balance and dormancy fees. Opening these accounts also only requires basic identification documents. “Introduced by the BSP in 2018, the BDA aims to meet the needs of the unbanked and low-income sector for affordable and easy-to-open bank accounts,” a statement from the BSP said. Conversion of registered accounts The Bank said BDA growth was partly a result of the conversion of registered accounts under the Philippine Identification System or PhilSys into BDAs. This process created 7.5 million BDAs. “An initiative of the Philippine Statistics Authority and the Land Bank of the Philippines, the co-location strategy aims to onboard unbanked PhilSys registrants into the formal financial system after their biometrics capture at registration centers,” BSP explained. Another 4.3 million accounts from five banks that also started offering BDAs were added from January to March this year. Based on the first-quarter data by the BSP, there are already 158 traditional and digital banks offering BDAs. The BSP aims to expand the population of adult Filipinos with bank accounts from 51 percent last year to 70 percent this year. The post BSP: More Filipinos now with basic deposit accounts appeared first on Daily Tribune......»»
Tulfo on ID: ‘Why BSP?’
A senator questioned the Bangko Sentral ng Pilipinas for assuming responsibility for printing the national identification cards under the Philippine Identification System or PhilSys project. Tulfo said he was puzzled as to how the BSP, in charge of printing Philippine money, became part of the PhilSys implementation. The project had a P28 billion budget after Republic Act 11055, or the Philippine Identification System Act was signed into law by President Rodrigo Duterte in August 2018. In October 2019, former BSP Governor and now Finance Secretary Benjamin Diokno signed a memorandum of agreement with National Statistician Claire Dennis Mapa for the production of national ID cards for an estimated 116 million Filipinos. Probe looms Tulfo questioned why the BSP accepted the printing of the ID cards and later, passed on the task to AllCard Inc. which has a poor performance record. He claimed AllCard Inc. has been delaying the implementation of its contract with other agencies. Tulfo bared he will soon file a resolution to investigate the matter concerning BSP and AllCard Inc.’s printing agreement. Tulfo lamented that since the National ID law was passed in 2018, only 36 million physical national ID cards have been printed — which is roughly one-third of the government’s 92 million target. “Now, once again, AllCard has delayed the implementation of its contract with the BSP. It’s not just delayed, it created a big mess,” he said. He deplored the BSP’s failure to correct the design of the QR code for national ID cards, noting that the existing design was too small and could not store enough information. “As a result of this, BSP may need to destroy millions of cards that have been initially printed to be replaced by a new design,” he added. On its sealed pact with the PSA for the PhilSys project, the BSP shall produce 116 million cards over three years. Tulfo also lambasted BSP for tapping an Australian company to print the country’s 1,000 peso bank note. “This only means that Philippine money is imported and made in Australia,” he said. The post Tulfo on ID: ‘Why BSP?’ appeared first on Daily Tribune......»»
UBS to pay $1.4-B to settle US fraud charges on subprime loans
UBS will pay $1.4 billion to settle US charges that it defrauded investors in the sale of mortgage-backed securities central to the 2008 financial crisis, the Justice Department announced Monday. The agreement resolves the last outstanding case brought by federal prosecutors against major banks in the wake of the financial calamity, an initiative which has garnered $36 billion in settlements from nearly 20 financial institutions, a Department of Justice (DOJ) press release said. In its civil case launched in 2018, the DOJ argued that UBS "knowingly made false and misleading statements" in connection with the sale of 40 residential mortgage-backed securities (RMBS) issued in 2006 and 2007. The DOJ had alleged that contrary to UBS representations, the giant Swiss bank "knew that significant numbers of the loans backing the RMBS did not comply with loan underwriting guidelines that were designed to assess borrowers' ability to repay." Ultimately the 40 RMBS "sustained substantial losses," the DOJ said. "With this resolution, UBS will pay for its conduct related to its underwriting and issuance of residential mortgage-backed securities," said Breon Peace, US Attorney for the Eastern District of New York. "The substantial civil penalty, in this case, serves as a warning to other players in the financial markets who seek to unlawfully profit through fraud that we will hold them accountable no matter how long it takes," he added. UBS characterized the case as a "legacy matter," adding in a statement that the funds have been provisioned for in earlier periods. The post UBS to pay $1.4-B to settle US fraud charges on subprime loans appeared first on Daily Tribune......»»
DENR, UNDP other countries commits to Circular Economy through EPR
The Philippines produces 163 million plastic sachet packets, 48 million shopping bags and 45 million thin-film bags daily. Thirty-three percent of these are disposed of in landfills and dump sites, while 35 percent are leaked into the open environment and oceans. These are the primary reasons why the Extended Producer Responsibility (EPR) Act of 2022 or Republic Act 11898 has been enacted to ensure full compliance of industries related to plastic use and production. Environment Secretary Maria Antonia Yulo-Loyzaga tackled this over the weekend during the launching of LOOPFORWARD, a joint undertaking between the DENR and the United Nations Development Program (UNDP) in Pasay City. “The EPR Act institutionalized the extended producer responsibility mechanism as a practical approach to efficient waste management, focusing on waste reduction, recovery and recycling and the development of environment-friendly products that advocate the internationally-accepted principles on sustainable consumption and production, circular economy and producers’ full responsibility throughout the life cycle of their product,” Loyzaga said in her speech delivered in front of UNDP Resident Representative Selva Ramachandran, Japan, Germany, Spain, US and the European Union representatives along with EPR author Senator Cynthia Villar. "Climate and environmental risks make up the majority of global risks perception in the next decade. So thus we need sustained, concerted, and evidence-informed investments and actions to protect and enhance our natural ecosystem environmental protection for all the different ecosystems that we have from land and sea, and of course we know that environmental protection, our ecosystems, biodiversity and climate change are inextricably linked. A failure in one of these dimensions will cascade well into the other," Loyzaga explained. In the Philippine setting, she cited that 61,000 million metric tons of waste were generated daily. Between 12 to 24 percent of these are plastic waste in various forms. According to a World Bank study conducted in 2019, Loyzaga said, it was reported that around 70 percent of the material value of plastics is lost to the Philippine economy each year. "This is equivalent to roughly a value loss of $790 million to $890 million per year," Loyzaga further explained. "As a country, we are in pursuit of the right combination of science and technology, policy and practice. Locally and through our global partners we are trying to make this possible just as we are discovering the true value of our global capital. The science, engineering, technology and innovation that support circularity are within reach by tapping into expertise both nationally and internationally," she added. Ramachandran, on the other hand, said that while there was significant progress over the last century, the growth was accompanied by excessive abuse of resources and environmental degradation. “The 2023 Circularity Gap Report indicates that only 7.2 percent of the global economy is circular. The rising extraction and use of material has shrunk global circularity from 9.1 percent in 2018 to 7.2 percent in 2023. This leaves a significant circularity gap. The world almost exclusively relies on new materials, more than 90 percent of materials are either wasted, lost or remain unavailable for reuse for years,” Ramachandran said. He added that studies place the Philippines among the highest ocean plastic waste polluters globally. According to Ramachandran, the challenge at hand is how to leapfrog the implementation of EPR in the Philippines. “We can no longer afford to remain business-as-usual and only focus on downstream solutions. We challenge the obliged enterprises to put more focus on waste avoidance and reduction, including through product redesign to improve reusability, recyclability or retrievability, and employing reuse and refill strategies," the UNDP Resident Representative said. “LOOPFORWARD: Linking Opportunities and Partnerships Towards ,” campaign was launched for full compliance and effective implementation of the EPR Act of 2022 by industries and other entities through attainment of time-bound waste recovery targets. It highlights the relevance of the EPR concept and law, gain better understanding among its stakeholders, and convene and gain commitments from the country’s biggest private firms referred to as the “obliged enterprises” under the law. It also seeks to gather support and open possible areas for collaboration among national government agencies, local government units, and development partners. The EPR approach is practiced in many countries around the world. It focuses on waste reduction, recovery, and recycling, and the development of environment-friendly products that advocate the internationally-accepted principles of sustainable consumption and production, and the circular economy. The DENR is the lead implementer of the EPR law and the LOOPFORWARD campaign. The campaign is supported by the CCC and the governments of Germany, Spain, and the European Union under the NDC Support Project for the Philippines, as well as the Government of Japan through the Accelerating NDC through Circular Economy in the Cities Project. The post DENR, UNDP other countries commits to Circular Economy through EPR appeared first on Daily Tribune......»»
Malnutrition, hunger shade Phl growth
The Asian Development Bank’s outlook for the Philippines remains unchanged since April, maintaining that the country’s economy would expand by 6.0 percent for the remainder of the year and grow by 6.2 percent in 2024. In April, Kelly Bird, ADB country director for the Philippines, noted that the economy was in expansion mode after the gross domestic product grew 7.6 percent throughout 2022. “It (Philippine economic growth) is expected to moderate this year (2023) from the previous year’s forecast-beating outturn, but will remain on a healthy expansion mode underpinned by rising domestic demand and a recovery in services, particularly tourism,” he said. In the latest update of its quarterly Asian Development Outlook 2023 report, the ADB said domestic demand and services continue to drive growth in Southeast Asia, with many economies in the region, including the Philippines’, benefiting from strong tourism recovery. It said robust investment and private consumption, along with rising employment, growth in production and retail sales, and upbeat activity in private and public construction, is propelling the Philippine economy forward, making the country a strong candidate for the fastest-growing economy in the region in 2023, even surpassing Singapore’s and Vietnam’s. Filipinos look forward to ADB’s forecast that growth will remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy. GDP growth should pick up even more as the external environment improves. Hopes are pinned on private consumption and investment to continue to expand, though easing from 2022’s brisk pace while household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas. The bank’s outlook on the Philippine economy should get President Marcos into a pumped-up mood as he gets ready to address the country in his 2nd State of the Nation address on Monday. But ADB’s sobering notes on hunger and malnutrition threaten to dim whatever bright disposition he may have at the moment. In its report, the ADB notes that despite rapid economic growth in recent years, these “impressive gains” along with whatever efforts to reduce poverty have not lowered hunger, particularly among people in lower income levels. The ADB cites data from the UN Food and Agriculture Organization indicating the prevalence of food insecurity in the Philippines, averaging 43.8 percent of the total population from 2019 to 2021 with 5.2 percent of the people undernourished. An Expanded National Nutrition Survey in 2021 revealed that under-nutrition rates were “very high,” with 26.7 percent of children under five years old stunted. Among school-age children (5-10 years old), the stunting rate was 19.7 percent and much higher among the poorest quintile at 32.7 percent. Alarming figures indicate that chronic malnutrition and stunting are strongly linked to disease and premature death; they adversely affect crucial stages of development (of children), causing cognitive and behavioral deficits, learning disabilities and ultimately a sub-optimal and uncompetitive labor force. The government’s response, the ADB observed, was short-term measures providing social support to vulnerable groups and temporarily easing import restrictions on some agricultural products. And this note should be of particular concern to the President, who remains unmoved by calls to designate a full-time, hands-on expert thoroughly steeped in agriculture at the agency. These data are also alarming: Agriculture growth in the Philippines has underperformed for the past two decades; it grew 3.5 percent on average annually from 2000 to 2010, then by 1.5 percent from 2011 to 2022; Agriculture’s share of GDP has declined from over 15 percent in early 2000 to an average of 9 percent in the past five years, with one-fifth of employment remaining in agriculture; and today’s Philippine agriculture labor productivity continues to lag behind its peers in the Southeast region. The ADB recommended that government strengthens food security and nutrition through social protection responses. Data on poverty incidence showed it declined from 23.5 percent of the population in 2015 to 16.7 percent in 2018 but rose again to 18.1 percent in 2021 because of the pandemic. As the President prepares to take on another year in office, we hope that the President is aware of the urgencies that need to be effectively tackled in the sector he insists on overseeing and of the sociopolitical costs and the not-so-flattering image the country — and the world — would have of his leadership if he leaves these issues substantially unresolved. The post Malnutrition, hunger shade Phl growth appeared first on Daily Tribune......»»
Highly-leveraged SMGP
San Miguel Corp. predictably won the Court of Appeals decision recently, reversing the Energy Regulatory Commission in its rejection of the petition of its energy arm San Miguel Global Power Corp. or SMGP’s plea for a temporary rate increase. SMGP claims P15 billion in losses from its units South Premiere Power Corp. and San Miguel Energy Corp. as a result of high fuel costs and the supply restrictions from the Malampaya natural gas project. It turns out that SMGP direly needs to be profitable since it is deep in borrowings for its projects. Data supplied to Daily Tribune by the think tank Center for Energy, Ecology and Development showed SMGP has obtained several financing arrangements, such as long-term debts and issuance of Senior Perpetual Capital Securities or SPCS and other debt instruments to facilitate the acquisition of coal-fired power plants and investments in new power plants. For the construction and expansion of coal plants, SMGP has secured the following financial transactions: January 2018, drawing P2 billion from the P44-billion Omnibus Loan and Security Agreement to finance the construction of two 150-megawatt Limay coal-fired power plants; March 2018, $700-million floating interest term loan, $400-million short-term bridge financing loans, $400-million floating interest term loan, and $650-million Redeemable Perpetual Securities for the acquisition of Masinloc Group including two 315 MW Masinloc power plant and the construction of Unit 3 and 10 MW battery energy storage project; January 2019, $35 million from its $525 million Omnibus Expansion Facility Agreement to finance the ongoing construction of the 300 MW expansion of Masinloc Power Plant; November 2019, drawing of an additional $40 million from $525 million OEFA to finance the additional 300 MW Masinloc Power Plant; July 2019, drawing of P978 million from a P2.1 billion 12-year Omnibus Loan and Security Agreement with a syndicate of local banks for the financing of the construction of the Davao Greenfield Power Plant; March 2020, drawing of an additional $43 million to finance the construction of an added 335 MW Unit-3 Masinloc Power Plant; and July 2022, allocation of up to P20 billion from the sale of P30 billion fixed rate bond with an oversubscription option of up to P10 billion. As for its liquefied natural gas-related projects, SMGP has issued debt certificates in the past three years including: October 2020 — $400 million worth of SPCS issued for 100 percent with an initial rate of 7 percent per annum. In-principle approval for the listing and quotation from Singapore Exchange Trading Ltd. December 2020 — $350 million worth of SPCS issued for 102.457 percent with an initial rate of 7 percent, and listed on the SETL; April 2021 — availment of $50 million from the October 2020 loan facility agreement for capital expenditures related to the Ilijan gas-fired power plant and its expansion, financing of LNG importation, and storage facilities, among others; June 2021 — $600 million worth of SPCS issued for 100 percent with an initial rate of 5.45 percent per annum, and listed on the SETL; September 2021 — $150 million worth of SPCS issued for 100.125 percent with an initial rate of 5.45 percent per annum, and listed on the SETL; and July 2022 — allocation of up to P24.5 billion from the sale of P30 billion fixed rate bonds with an oversubscription option of up to P10 billion. In April 2021, SMGP also availed of its $50 million from its term loan facility with a foreign bank executed in October 2020. The proceeds of this loan are intended for the payment of capital expenditures of the Ilijan plant, funding of liquefied natural gas import, storage, and distribution facilities, pre-operating and operating working capital requirements for Battery Energy Storage System projects, and transaction-related fees, costs, and expenses of the facility. The post Highly-leveraged SMGP appeared first on Daily Tribune......»»
PBBM opens Samar Pacific Coastal Road
CATARMAN, Northern Samar — Five years since the start of its construction, the Samar Pacific Coastal Road Project, which completes the circumferential road connecting the three provinces of Samar Island, is finally completed. President Ferdinand Marcos Jr. led the inauguration of the 11.6-kilometer SPCR project worth P1.17 billion on Friday in Barangay Simora, Palapag, Northern Samar. The project also included the construction of three bridges that connected Northern Samar’s Pacific towns to the rest of the province. The project, which cost around 1.17 billion pesos, was initiated in 2018 through a collaboration between the local and national governments, as well as the Korea Export-Import Bank Economic Development Cooperation loan. “With the opening of this road and its bridges, the development of Northern Samar’s rich agricultural lands and bountiful fishing grounds will follow suit. It will also expedite the delivery and movement of our basic goods and services, which will hopefully boost our people’s quality of life,” Marcos said. Governor Edwin Ongchuan expressed his gratitude to President Marcos and the Department of Public Works and Highway for their support, highlighting the economic benefits of the project in terms of increased agricultural productivity, improved tourism, and enhanced peace and resiliency efforts in Northern Samar. “The SPCR will greatly impact the economic development of our province, as it will remarkably encourage increased agricultural productivity of the thousands of our farmers and fisherfolks, thereby improving our program for food self-sufficiency. It will also boost our tourism industry and help sustain our peace and resiliency efforts in Northern Samar,” Ongchuan said. Governor Ongchuan also acknowledged the administration of former President Rodrigo Duterte for including SPCR 1 in the priority funding of the national government under its “Build Build Build” Program and the Government of Korea for its support to the project. South Korean Ambassador Lee Sang-Hwa said the SPCR project is part of their country’s commitment to helping in the Philippines’ development. “Local communities stand to gain from this grand infrastructure undertaking. SPCR will highlight the beauty of the island, ease the movement of people and goods, improve the delivery of services, and spur economic and business activities,” Lee added. Aside from opening the road project, President Marcos also led in the distribution of P91-worth of assistance to 2,500 vulnerable residents of Northern Samar. The Department of Agriculture, Bureau of Fisheries and Aquatic Resources, and Philippine Crop Insurance Corporation, among others, distributed material and financial assistance to the beneficiaries. The Provincial Agriculture Office distributed farming equipment, the DA provided tractors, irrigation systems, and seeds, and BFAR distributed fishing boats and aquaculture implements, among other assistance. The event also included a job fair to help jobseekers in the province. Governor Ongchuan emphasized the significance of the program in providing direct access to consumers for farmers and entrepreneurs, contributing to increased income and affordability of basic necessities, and expressed his commitment to working with the national government for the country’s progress. The post PBBM opens Samar Pacific Coastal Road appeared first on Daily Tribune......»»
Phl energy transition gets backing
President Ferdinand Marcos Jr. emphasized the significance of renewable energy and fossil fuels, expressing the Philippines’ keen awareness of climate change, Malacañang said on Wednesday. According to the Presidential Communications Office, Marcos delivered these remarks when he received a courtesy visit from Mike Kanetsugu, the chairman of Mitsubishi UFJ Financial Group Inc. or MUFG, at the Malacañang Palace on Tuesday. “We are also very conscious of our situation in the Philippines wherein we are very sensitive to climate change,” Marcos Jr. told Kanetsugu. “It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables,” he added. Kanetsugu expressed his dedication to supporting the government in facilitating the Philippines’ shift from fossil fuels to renewable energy. Kanetsugu highlighted the significance of the energy transition agenda of the country and commended the remarkable progress made in energy and infrastructure transition over the last three decades. “Energy transition is a very, very important agenda I consider for this country. We are providing financing, and we work for various transition projects that will contribute to a successful transition of the energy structure [in the Philippines],” he said. MUFG, a financial services company headquartered in Japan, acquired a 20-percent stake in Security Bank Corporation for P36.9 billion in 2016. MUFG commitment As part of its commitment to supporting investments in the Philippines, MUFG collaborated with Security Bank and signed a Memorandum of Understanding with the Board of Investments in 2018. The objective was to facilitate business matching activities, connecting local Filipino businesses with Japanese investors. In 2017, the company introduced the Interbank Fund Management Service, enabling customers to send remittances without incurring fees. Additionally, MUFG and Security Bank donated P44 million to the Association of Filipino Students in Japan to support the education of students affected by the Covid-19 pandemic. To assist in infrastructure projects like the North-South Commuter Railway or NSCR Project and the Metro Manila Subway Project, both funded by the Japan International Cooperation Agency, MUFG has been providing bank guarantee requirements to the Department of Transportation and the Department of Public Works and Highway. MUFG is involved in trade transactions for government agencies, including constructing the 54.6-kilometer Blumentritt-Calamba section of the NSCR and the 36-kilometer Metro Manila Subway line project. Improve bureaucratic processes Meanwhile, the President vowed to “improve bureaucratic processes” in the country’s energy sector to attract more investors to the Philippines. Marcos made the statement on Wednesday during the opening of the 24.9-megawatt Lake Mainit Hydro Power Plant, which will provide about 45,000 homes in the Caraga region with less expensive electricity. “I urge the local government to provide all the necessary assistance to ensure the safety and productivity of this hydropower plant,” Marcos said. The Chief Executive noted that the project would “serve as an encouragement to potential investors to invest in the country, especially in the power generation and renewable energy sectors.” He also thanked Japanese investors for bringing renewable energy technology to the Philippines, underscoring that hydropower plants “improve air quality as [they] produce very low carbon emissions during production.” Marcos said the project was a “defining step” towards the country’s goal of providing much-needed power for the people of Agusan del Norte and neighboring areas. He also highlighted the project’s environmental benefits, saying it would help reduce the carbon footprint and improve air quality. “This project was made possible because of the shared commitment we have with our reliable partners in the private sector, both from the Philippines and from Japan,” the President said. This is a “clear manifestation of the trust and support our two nations hold for each other,” he added. The post Phl energy transition gets backing appeared first on Daily Tribune......»»
PHL should favor renewable energy, battle climate change
President Ferdinand Marcos Jr. emphasized the significance of renewable energy and fossil fuels, expressing the Philippines' keen awareness of climate change, Malacañang said on Wednesday. According to the Presidential Communications Office, Marcos delivered these remarks he received a courtesy visit from Mike Kanetsugu, the Chairman of Mitsubishi UFJ Financial Group Inc. (MUFG), at Malacañang on Tuesday. "We are also very conscious of our situation in the Philippines wherein we are very sensitive to climate change," the President told Kanetsugu. "It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables," he added. In response, Kanetsugu expressed his dedication to supporting the government in facilitating the Philippines' shift from fossil fuels to renewable energy. Kanetsugu highlighted the significance of the energy transition agenda in the country and commended the remarkable progress made in energy and infrastructure transitions over the last three decades. "Energy transition is a very, very important agenda I consider for this country. We are providing with financing, and we work for various transition projects that will contribute to a successful transition of energy structure [in the Philippines]," he added. The MUFG, a financial service company headquartered in Japan, acquired a 20 percent stake in Security Bank Corporation for P36.9 billion in 2016. As part of its commitment to supporting investments in the Philippines, the MUFG collaborated with Security Bank and signed a Memorandum of Understanding with the Board of Investments in 2018. The objective was to facilitate business matching activities, connecting local Filipino businesses with Japanese investors. In 2017, the company introduced the Interbank Fund Management Service (IBFM), enabling customers to send remittances without incurring fees. Additionally, the MUFG and Security Bank donated Php 44 million to the Association of Filipino Students in Japan, aiming to support the education of students affected by the COVID-19 pandemic. To assist in infrastructure projects like the North-South Commuter Railway (NSCR) Project and the Metro Manila Subway Project, both funded by the Japan International Cooperation Agency (JICA), the MUFG has been providing bank guarantee requirements to the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH). The MUFG is involved in trade transactions for government agencies, including constructing the 54.6-kilometer Blumentritt-Calamba Section of the NSCR and the 36-kilometer Metro Manila Subway line project. The post PHL should favor renewable energy, battle climate change appeared first on Daily Tribune......»»
Delayed projects due to unforeseen factors, says MMDA
The Metropolitan Manila Development Authority on Tuesday clarified that the delay in the implementation of the flood management projects recently flagged down by the Commission on Audit was due to a number of factors. MMDA acting chairman Atty. Don Artes said the 33 projects under the Metro Manila Flood Management Project Phase 1 which were not yet fully implemented as of December 2022 are funded by the World Bank and Asian Infrastructure Investment Bank. He explained that since it is a foreign-assisted project, the procurement process is different from the usual early procurement process under Republic Act 9184. “The projects underwent a tedious process and discussion with the World Bank before they were approved and implemented,” Artes said. “The WB reviews the bidding process done by the MMDA. Sometimes, they recommend continuation of the project rejected by our agency which in turn results in contract cost and duration revision.” The MMDA chief also said that the site relocation or project re-design was approved by the World Bank, adding that it is the World Bank that recommends and decides whether a contract shall be extended and coverage widened. Artes likewise said that the period of the projects being questioned was within the period 2018-2022, years when pandemic hit the country while some projects were covered by the election ban which both contributed to the delay of its implementation. He assured that the MMFMP-Project Management Office is now closely monitoring all the project deliverables to ensure that they were implemented within the given timeframe. Out of the 47 projects mentioned in the CoA report, 27 were completed as of this time, 12 are ongoing and will be completed this year, three are ongoing procurement process, and five were already abandoned as they are no longer necessary or relevant. Meantime, Artes also stressed that the 71 vehicles that the CoA flagged as unregistered in its 2022 report are all off the road as they are beyond repair and clarified that all vehicles without registration from the Land Transportation Office are already for disposal as junk. “The disposal process is long and we are currently disassembling its parts so we can use it for our serviceable vehicles,” Artes said. He added that the agency regularly conduct quarterly LTO caravan to ensure timely registration of our vehicles. Last 6 and 15 February 2023, the LTO held its two-day registration caravan, on the request of MMDA and the 216 vehicles that the CoA revealed to be beyond its useful lifespan of seven years for government service vehicles are still functional and are maintained properly. Artes said that the service vehicles he and other agency officials are using are all almost at the end of their useful life but have no intention of retiring and replacing them and will continue to be used because they are in very good running condition The post Delayed projects due to unforeseen factors, says MMDA appeared first on Daily Tribune......»»
Keeping Siargao’s waters clean and safe
The Department of Environment and Natural Resources is helping Siargao Island protect its water resources by helping local residents follow proper waste disposal protocols. Siargao is a declared protected area pursuant to Republic Act 7586 or the National Integrated Protected Areas System Act of 1992 as amended by Republic Act 11038 or the Expanded NIPAS Act of 2018. But it is prone to generating a high volume of waste from its tourism activities. Educating residents and visitors on proper waste disposal will prevent the contamination of the island’s waters with the E. coli bacteria that had blighted Boracay in 2018. Unlike Boracay which consist only of three barangays, Siargao Island is composed of nine municipalities. Gina Barquilla, Del Carmen Municipal Environment and Natural Resources officer, said the DENR helped them put up a two-hectare land to serve as the materials recovery facility for the municipality, funded by an Asian Development Bank grant. "We are now able to segregate our solid waste, which are then recycled and pulverized for other uses. Glass bottles may be used as bricks while plastic can be made as “sagwan” (banca paddle)," Barquilla said. Mayor Alfredo Corro II, she added, has also entered into a public-private partnership with the JCA 1221 Group of Companies, whose subsidiary FLOV2VS (Faith Lived Out Vision to Ventures), has put up a septage treatment plant that converts waste water into recyclable water. Inaugurated in 31 May this year, the treatment plant can clean up waste water from septic tanks, kitchen sinks and showers and distribute the recycled water for firefighters' water tanks and other uses. DENR Protected Area Superintendent Sam Malayao said they have teamed up with the island's municipalities to implement environmental laws, teaching commercial establishments how to dispose of waste property as well as manage their sewage system. All tourism-related establishments are encouraged to avail themselves of Del Carmen's waste water treatment under the Siargao Sewage Program, added Malayao. So far, of the more or less 2,000 commercial establishments around Siargao Island, 30 already make use of the service, with more expected to join by the end of the year. "STP is an ecology-driven investment. It's just one modality for our waste management. Pag sinabi kasing septic, parang ayaw pag-usapan, pero kailangan natin gawin (Nobody wants to talk about septic needs, but we need to act on it)," Del Carmen Municipal Mayor Alfredo Corro II told the Daily Tribune. The post Keeping Siargao’s waters clean and safe appeared first on Daily Tribune......»»
Target of the right, George Soros hands reins to son
As George Soros passes control of his philanthropic empire to his son, the legendary investor and democracy advocate remains subject to unrelenting and often anti-Semitic attacks from the right. Under the transition, Soros, 92, will hand the reins to his 37-year-old son Alexander Soros, according to a Wall Street Journal interview with both men. The shift comes as the elder Soros remains one of the far right's favorite targets. He has been baselessly blamed for propagating migrant crises in Europe and on the southern border of the United States, as well as for orchestrating mass protests against police brutality after the 2020 killing of George Floyd. Soros's army of haters has included right-wing politicians like Florida Republican Governor Ron DeSantis, the media figure Tucker Carlson and Tesla Chief Executive Elon Musk, who tweeted in May 2023 that Soros "wants to erode the very fabric of civilization" and "hates humanity." Soros is known for his financing of the Open Society Foundations, which has supported reforms to liberalize economies, establish governance norms, protect minorities and refugees, and promote freedom of expression. These endeavors followed some wildly successful investment decisions, as in 1992 when Soros bet against the British pound shortly before it was devalued. A leading British newspaper dubbed Soros "the man who broke the Bank of England" over a move that allowed him to pocket $1 billion. The episode won Soros' respect in the financial world, but he also became a much-feared figure among government finance ministers. Progressive causes Born in August 1930 in Budapest, Soros's Jewish family used false papers to pass as Christian during the Nazi occupation of Hungary in 1944 and 1945. "I learned at an early age how important it is what kind of political regime prevails," Soros said in 2019. After the establishment of communism in Hungary, Soros left for London in 1947, obtaining degrees from the London School of Economics before moving to New York in 1956. Soros launched his own speculative fund in 1970, a step in building his wealth to an estimated $6.7 billion, according to Forbes; the figure does not include the $18 billion Soros transferred to his foundations in 2017. He began steering some of his wealth to philanthropy in 1979, backing Black students in apartheid-era South Africa and political dissidents in Central Europe. His activities expanded considerably after the end of the Cold War. In the United States, for example, Soros has supported the progressive side on a host of hot-button issues, including criminal justice reform, same-sex marriage, and the decriminalization of marijuana. A father of five, Soros studied in London under his mentor Karl Popper, a champion of open society and fierce critic of totalitarianism. Intensifying criticisms As Soros broadened his support of politically progressive candidates and philanthropic endeavors in the 2010s, he was met with more virulent criticism, often tinged with anti-Semitism. In 2018, following attacks by the nationalist Prime Minister Viktor Orban, Soros shuttered the Budapest branch of the OSF and moved staff to Berlin. Later that year, Soros was named Person of the Year by the Financial Times, a recognition of his role as "the standard bearer of liberal democracy and open society." But the newspaper also alluded to the ugliness of Soros's legion of haters, noting, "There are so many anti-Semitic conspiracy theories targeting Mr. Soros that it is difficult to keep count." In terms of his record in finance, Soros has experienced setbacks in addition to glory. He lost money in the 1987 stock market crash and in the 1998 Russian currency crisis. He has also found himself in the crosshairs of the law. In 2002, Soros was convicted of insider trading in France for trades of Societe Generale, and in 2009 in Hungary, in a market manipulation case. Soros's funds have continued to speculate, with investments running the gamut from new technologies to housing to physical commodities. But Soros has also spoken of the need for strict regulation of markets. Soros has described his efforts as a kind of responsibility. "My success in the financial markets has given me a greater degree of independence than most other people," he wrote in 2011. "This obliges me to take stands on controversial issues when others cannot." The post Target of the right, George Soros hands reins to son appeared first on Daily Tribune......»»
Wanted Korean intercepted at NAIA
The Bureau of Immigration at the Ninoy Aquino International Airport has arrested a Korean national wanted for a string of criminal cases in his country. In a report given to BI Commissioner Norman Tansingco, BI Intelligence Division chief Fortunato Manahan Jr. identified the arrested passenger as Kim SeonJeong, who was intercepted at NAIA Terminal 3 on 27 May. Manahan said that Kim had just arrived in the country via a Cebu Pacific flight from Ho Chi Minh City, Vietnam, when he was accosted by elements of the BI Border Control and Intelligence Unit at the airport. BI supervisors alerted the BCIU agents after the immigration officer who processed Kim upon his arrival discovered that his name was included in the Interpol database. Tansingco immediately ordered the conduct of summary deportation proceedings against Kim to stand trial for his crimes. Information obtained from Interpol’s National Central Bureau in Manila revealed that Kim is a convicted felon and is wanted in Korea to serve his sentence for fraud, inflicting physical injuries and drunken driving. Korean authorities said that in October 2018, Kim defrauded a compatriot by enticing the victim to give him 30 million won, or nearly US$23,000, which he would pay in the amount of 100 million won within three months. Kim claimed that he would invest the funds in the casino business, but he reneged on his promise and instead pocketed the money that the victim had deposited in his bank account. It also reported that Kim presented a Korean passport, which was already reported as a stolen and lost travel document to the Interpol. The suspect is presently detained at the BI Warden Facility in Camp Bagong Diwa, Taguig City, pending deportation proceedings. The post Wanted Korean intercepted at NAIA appeared first on Daily Tribune......»»