We are sorry, the requested page does not exist
Remittances grow at slower 2.7 Percent pace in January
Personal remittances from overseas Filipino workers (OFWs) grew by only 2.7 percent to $3.15 billion in January from $3.07 billion in the same month last year, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
Philippine remittances hit all-time high in 2023
MANILA, Feb. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached an "all-time high" of 37.2 billion U.S. dollars in 2023, 3 percent higher than the 36.1 billion dollars recorded in 2022, the Philippine central bank said on Thursday. "The robust inward remittances reflected the rise in the deployment of overseas Filipino workers due to the continuous increase in demand for foreign workers in host.....»»
Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
Philippine remittances rise by 2.9 pct in November
MANILA, Jan. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3 billion U.S. dollars in November 2023, 2.9 percent higher than the 2.9 billion dollars recorded in November 2022, the Philippine central bank said Monday. The Bangko Sentral ng Pilipinas (BSP) said the cumulative personal remittances grew by 2.9 percent to 33.6 billion dollars in the first 11 months of 2023 from 32.6 billion dolla.....»»
Philippine remittances grow by 2.6 pct in September
MANILA, Nov. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.23 billion U.S. dollars in September, 2.6 percent higher than the 3.15 billion dollars recorded a year earlier, the Philippine central bank said on Wednesday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to September this year grew by 2.8 percent to 27.24 billion dollars from 26.49 billion dollars record.....»»
OFW remittances up 3 percent to $3.1 billion in August
Dollars sent home by Filipinos abroad grew almost three percent to $3.1 billion in August, as overseas workers sent more money to their families back home amid the continued rise in commodity prices, according to the Bangko Sentral ng Pilipinas (BSP)......»»
Philippine remittances grow by 2.8 pct in August
MANILA, Oct. 16 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.10 billion U.S. dollars in August, 2.8 percent higher than the 3.02 billion dollars recorded in August last year, the Philippine central bank said on Monday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to August grew by 2.9 percent to 24.01 billion dollars from 23.34 billion dollars recorded during the.....»»
Phl economy still strongest this year — RCBC
The Philippine economy will remain among Asia’s strongest in the fourth quarter despite a possible higher interest rate because of strong consumer demand for certain products and services and more employed Filipinos, the chief economist of Rizal Commercial Banking Corporation said Saturday. “This growth forecast is still among the fastest in the region because our economy is doing well,” RCBC’s Michael Ricafort said. The World Bank recently downgraded this year’s Philippine economic growth to 5.6 percent from 6 percent due to inflation risks, apart from lower government spending and weaker demand for exports. However, it is still higher than China’s 5.1 percent, Indonesia’s 4.9 percent, and Malaysia’s 4.3 percent growth forecast. Ricafort said the Bangko Sentral ng Pilipinas (BSP) might raise its policy rate this year to slow inflation to 4 percent by year-end after it accelerated again to 6.1 percent last month. “The BSP is working to bring down prices of goods and services. As an unintended consequence, the economy could slow down. Borrowing costs for business owners also increase and consumer demand weakens,” he said. Ricafort said global oil prices have started falling which could discourage the central bank from raising its rate drastically. “Global oil prices have declined to $82 to $83 per barrel from a peak of $95 per barrel last month or since the war between oil-rich countries Russia and Ukraine began,” the economist said. He also expected a downtrend in rice prices starting this month as he said local farmers have begun collecting fresh harvests. “Inflation quickened last month mainly from higher prices of rice which accounted for nearly 9 percent of the inflation basket and grew 17 percent year-on-year,” Ricafort said. While a higher interest rate aims to slow consumption, Ricafort said the continued flow of remittances from overseas Filipino workers, or at least 3 percent growth yearly will still support substantial levels of consumer spending, especially during the Christmas season. “That is more than $40 billion a year. That’s the fourth largest in the world after India, China and Mexico,” the economist said. He added more Filipinos or 800,000 could earn from business process outsourcing or BPO this year as the industry’s revenue could rise from $32.5 billion to $59 billion based on data from the Contact Center Association of the Philippines. Another growth area is tourism, which Ricafort said saw 4 million foreign visitors last month, nearing the 4.8 million full-year target of the government. He added higher productivity among Filipinos is also expected as the country’s unemployment rate declined to 4.4 percent in August from 4.8 percent in July, based on data from the Philippine Statistics Authority. Moving forward, Ricafort said the government must improve science and technology education for higher quality jobs and increase spending on infrastructure amid the full reopening of most economies. “We are now fully reopened. Students are also back in schools which encourages putting up food businesses. Labor market in the US also improved which will affect export trade,” he said. Ricafort added the government could continue distributing financial and other assistance to farmers to control inflation. He believed the inflation rate will approach 3 percent next year, close to the ideal 2 percent for healthier economic growth. The post Phl economy still strongest this year — RCBC appeared first on Daily Tribune......»»
IT-BPM seen key economic driver
The head of the Information Technology and Business Process Association of the Philippines or IBPAP, Jack Madrid maintained that the Informatiorn Technology-Business Process Management, or IT-BPM, sector will remain the Philippine economy’s essential pillar, given its large contribution to the government coffers for its nation-building. “This is an important message that we always communicate to our partners in the government and to our employees and to their families. What we do is more than what people think as we are not just call center or contact center work.” “The nature of what we do range from basic customer service to more complex industries such as healthcare, engineering, IT software development, and even creative industries such as animation and game development, “Madrid said in an interview with the DAILY TRIBUNE’s online digital show ‘Straight Talk’. “We do not just do call center work and I think we need to respect the kind of work that we do even more than before, more than what people think it is,” continued Madrid., Export service revenues Madrid said in terms of export service revenues, the IT-BPM sector this year earned a growth rate of 8.8 percent, which translates to an estimated $35.4 billion in revenue, exceeding the global industry’s 7.7 percent average. “We started 2023 with 1.7 million direct jobs for Filipinos, while by revenue, in 2022 the industry generated $32.5 million, the second largest source of foreign exchange to the country, next to OFW remittances. But we are almost at par with them,” he said. “This year, we will grow over $35 million in revenues,” according to Madrid, coming from close to 2,000 IT-BPM firms that are operating in the country. US biggest client GHe said the United States remains the Philippines’ biggest client, in which over two-thirds of businesses come from US companies, serving US customers. “That is why as the flagship association, we oversee all the different industry verticals. But you will be amazed at the number of multinational companies that have been doing very successful shared services operations here in the Philippines. You name the multinational, they are here whether it is in banking, financial services, or healthcare. Even energy. They are all here,” he said. According to Madrid, healthcare companies doing business in the country are at 15 to 20 percent, while the creative side has the smallest workforce, but is considered a sector that has large potential. “The creative side will be quite a bit smaller than that in terms of number of employees but it’s still a sector that has large potential. I think another significant sector would be the global in-house centers. These are all the multinationals who have moved their back-office operations here. Hard to classify by industry because they belong to many different industries. And then, of course, the contact center sector is still the biggest one. About 60 percent of our employees are in the contact center sector and that includes many multinational and global BPO companies who have set up operations here,” Madrid explained. Caring for employees As contact center employees work at odd times, Madrid said the mental well-being of their employees is very important to the industry, which goes along with their aim to make the industry continue growing. “I’m happy that our membership and our industry players are paying a much stronger focus on the mental health and well-being of the employees. Our industry relies primarily on human capital. This is very much a people’s industry. It is the bedrock of how our industry has grown. So, this topic is very important. I think it’s all about balance. I think balancing the demands of work and personal life is very important and nowhere was this more evident than the challenging years of the pandemic, wherein we had to mobilize our employees from working in the office to a work-from-home setup. Something that was not done before,” he said. Madrid said working from home is not as easy for Filipinos as it is for the rest of the world, as Filipinos don’t typically have a home office, unlike Americans and Europeans. Challenging transition “So, the transition for us was quite challenging. Many of our employees don’t have very big homes with an extra room to be used as an office. So, I think I spent a lot of time describing this to investors and locators because it demonstrates the agility, resilience, and survival instinct of the Filipino people,” he said. “And I think we have shown to the world that we were able to perform the work in those challenging years of Covid without any impact on productivity or customer satisfaction. We were able to perform the work so much that there was even more demand from our customers for more jobs to be done here in the Philippines,” he continued. Madrid said that during the pandemic, the ITBPM industry grew as an industry to 255,000 new jobs and will continue to grow. The Philippines is a clear number in terms of ITBPM, next to India, but the Philippines is the number one nation when it comes to delivering customer experience, according to Madrid. The post IT-BPM seen key economic driver appeared first on Daily Tribune......»»
Opening Pandora’s box
Exposing the recruitment racket where Filipinos are brought to Italy using bogus work permits, Daily Tribune’s show Usapang OFW may have opened a can of worms in the country’s skewed policy of relentlessly exporting labor. In most countries, being a migrant worker is a career move, not a forced one to have a decent human existence. The diaspora now consists of more than 10 million Filipinos who are promised by their elected leaders every time they are visited that the time is coming when opportunities at home will allow them to return. Policies, however, continue to lean toward promoting overseas employment mainly due to the lure of $3 billion in remittances that shower the country like manna from heaven monthly. Filipinos are preferred first-class workers due to their proficiency in English and their famed work ethic, resilience, and cheerful nature. The demand for Filipino workers is exploited by those seeking a fast buck by recruiting them. Those seeking jobs abroad are sucked dry before they can get a contract and then squeezed of their hard-earned money again at every opportunity by vultures, including the government. Tales like the emergency repatriation fund being misused to buy overpriced sanitary napkins and similar kickback rackets abound. Some 400 workers recounted to the online program how a Filipino employment consultancy firm based in Italy, Alpha Assistenza SRL, headed by Filipino co-CEOs Krizelle Respicio and Frederick Dutaro, victimized them through a “serial scamming” where they paid substantial sums only to be issued fake Nulla Ostas or work permits. The labor trafficking the Filipino firm had been engaged in was revealed after several individuals surfaced to narrate the ordeal they experienced at the hands of Alpha Assistenza. Senator Risa Hontiveros has filed a resolution to investigate the likely scam operation, but the probe’s focus should be on the officials who are complicit with the crooks. The victims recounted how the sting of bringing Filipinos to Italy with fake work permits could only be possible through the collusion of officials in the foreign diplomatic outposts. An immediate impact of the revelations of massive human trafficking may squander the country’s recently won Tier-1 ranking in the Global Trafficking in Persons report of the US State Department. As a Tier-1 country, the Philippines is considered to have fully met the minimum standards for eliminating trafficking. The government was applauded for its continued demonstration of “serious and sustained efforts” to fight human smuggling and illegal labor deployment. “These efforts included investigating more trafficking crimes, convicting more traffickers, amending its anti-trafficking law, increasing funding to the Inter-Agency Council Against Trafficking, and sentencing nearly all traffickers to significant prison terms,” the US State Department said. Being dropped from Tier-1 would have the effect of foreign governments tightening entry procedures for Filipino workers and the issuance of tighter rules on labor recruitment conducted by local agencies. “Corruption and official complicity in trafficking crimes remain significant concerns, inhibiting law enforcement action during the year,” the US report said. The report continued: “Some officials in law enforcement, immigration agencies, and other government entities are allegedly complicit in trafficking or allow traffickers to operate with impunity. Some corrupt officials allegedly accept bribes to facilitate illegal departures for overseas workers, operate sex trafficking establishments, facilitate the production of fraudulent identity documents, or overlook illegal labor recruiters.” Italy could just be the tip of the iceberg of a possibly colossal syndicate tapping into the tens of millions of job-seeking Filipinos for a lucrative illegal recruitment ring. The post Opening Pandora’s box appeared first on Daily Tribune......»»
Strong local banks buttress economy
The strong banking system is considered a source of strength for the economy, Bangko Sentral ng Pilipinas Deputy Governor Francisco Dakila Jr. declared during the Philippine Economic Briefing on 12 September 2023 in Dubai. The economic team visited the Middle Eastern country to discuss investment prospects in the Philippines, updates on the economy, the government’s spending priorities, fiscal and infrastructure programs, and recent reforms that further opened the economy to foreign investors. Around 80 senior executives representing investment funds, corporations, business associations and the media participated in the roadshow. Dakila said banks are well-capitalized with a capital adequacy ratio, or CAR, of 16.4 percent on a consolidated basis as of the end of last March, above the minimum thresholds set by the BSP and the Bank for International Settlements. Efficient funds conduit The Philippine banking system’s assets, deposits and profits also grew year-on-year by nine percent, eight percent, and 26.1 percent, respectively, in June this year. “Indeed, the country’s banking system continues to be an efficient and responsible intermediator of funds,” he added. BSP Assistant Governor Arifa Ala also highlighted the government’s efforts to promote Islamic finance, including the issuance of its first sovereign Sukuk or Shari’ah-compliant bonds, which can expand the Philippines’ engagement with Islamic financial markets. Sukuk are certificates that represent shares in the ownership of assets, services, projects, or investment activities. These are issued under Shari’ah principles. Speakers of the PEB in Dubai included Ambassador to the United Arab Emirates Alfonso Ferdinand Ver, Department of Finance Secretary Benjamin Diokno, Budget Secretary Amenah Pangandaman, National Economic and Development Authority Secretary Arsenio Balisacan, Standard Chartered regional head of global subsidiaries Shada Elborno, and MUFG Global Corporate and Investment Banking MENA chief executive officer Elyas Al Gaseer. The post Strong local banks buttress economy appeared first on Daily Tribune......»»
Philippine remittances grow by 2.5 pct in July
MANILA, Sept. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.32 billion U.S. dollars in July, 2.5 percent higher than the amount recorded in July last year, the Philippine central bank said on Friday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to July grew by 2.9 percent to 20.91 billion dollars from 20.33 billion dollars recorded during the same period in 2022.....»»
Philippine remittances grow by 2.5 pct in July
MANILA, Sept. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.32 billion U.S. dollars in July, 2.5 percent higher than the amount recorded in July last year, the Philippine central bank said on Friday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to July grew by 2.9 percent to 20.91 billion dollars from 20.33 billion dollars recorded during the same period in 2022.....»»
Guardians of the seas
The Philippine Navy formally added two fast boats to its Alvarez-class patrol vessels. The former Cyclone-class patrol ships of the US Navy are now in service of the Philippine Fleet’s Littoral Combat Force as BRP Valentin Diaz-PS177 and BRP Ladislao Diwa (PS178) in honor of two Filipino patriots who were among the founding members of the Katipunan, which ignited the Philippine Revolution against Spain in the 19th century. Paoay, Ilocos Norte-native Valentin Diaz was also a signatory in the Pact of Biak-na-Bato while Ladislao Diwa from San Roque, Cavite was instrumental in affecting the surrender of the Spanish forces in the province. Department of National Defense Secretary Gilbert Teodoro underscored that the acquisition of these vessels was a welcome and timely addition “because the sooner we can complete our littoral defenses the sooner we can pursue a more robust position in defending our sovereign rights in the 200-nautical mile Exclusive Economic Zone and under jurisdictions of the Republic of the Philippines.” In March 2023 at Manama in Bahrain, the Philippines formally accepted the former USS Monsoon (PC4) and USS Chinook (PC9) following their decommissioning from the US Navy in accordance with the Excess Defense Articles program. As Secretary Teodoro described this acquisition as a symbol of the continuing cooperation and collaboration between the Philippine and the United States. US Embassy in the Philippines Ambassador to the Philippines MaryKay Carlson reaffirmed US support “as the Philippines continues its courageous stand to uphold the international order and defend its rights in the West Philippine Sea.” The Philippine Navy eyes the deployment of these vessels in “the soonest possible time” upon the completion of reactivation activities and specialized training of the crews “to ensure the optimal and efficient use of these vessels, its machinery, sensors and weapon systems.” “We can expect that soon, BRP Valentin Diaz and BRP Ladislao Diwa will inherit the critical roles played by their predecessor, BRP General Mariano Alvarez-PS38, currently deployed at Naval Forces Western Mindanao,” he added. These formidable platforms will complement the navy’s fast-attack interdiction crafts and multipurpose attack crafts in carrying out various naval, support to law enforcement, and humanitarian assistance and disaster response operations within the littoral waters of the country’s porous borders and vast maritime environment. The post Guardians of the seas appeared first on Daily Tribune......»»
Economy humming under PBBM — AMRO
Despite the challenges of spiraling prices resulting to a 5.3 percent inflation in August from the 4.7 percent recorded in the previous month, economic experts maintained that the economy is on strong footing under the charge of President Ferdinand “Bongbong” Marcos Jr. Growth was supported by resilient domestic demand with a strong recovery in the labor market despite weaker external demand, according to the ASEAN+3 Macroeconomic Research Office, or AMRO. AMRO held its Annual Consultation Visit to the Philippines from 29 August to 8 September. According to the report, the economy maintained its robust momentum in the first half following a multi-decade high growth rate of 7.6 percent in 2022. It added that notwithstanding a widening current account deficit, the external position remains sound with sufficient international reserve buffer and low external debt. Despite some moderation in 2023, inflation remained high, at a level above the 2 percent to 4 percent target, driven by buoyant demand, the report indicated. Favorable outlook “Economic growth is projected to moderate to 5.9 percent in 2023 due to high base effects and weaker external demand, before edging up to 6.5 percent in 2024 as external demand recovers,” AMRO group head and principal economist Runchana Pongsaparn said. “Meanwhile, domestic demand is expected to remain robust supported by continued improvement in labor market conditions, lower inflation, robust overseas remittances, and higher government infrastructure spending.” Headline inflation is projected to moderate to 5.5 percent in 2023 from 5.8 percent in 2022, and slow further to 3.8 percent in 2024. Despite some moderation, inflationary pressure will likely remain elevated as reflected in the high level of core inflation, due to a positive output gap and the second-round effects induced by increases in the minimum wages and expectations of persistently high inflation. Favorable indicators Other positive factors cited in the report include: On the external front, a widening current account deficit was partly offset by net capital inflows; External debt remained low and international reserve buffer was adequate; The banking sector has improved profitability, ample liquidity, and sufficient capital buffer; and Fiscal position continues to improve in 2023, attributed to robust revenue collection and moderate spending. Scar effects linger AMRO, however, warned that the outlook is clouded by risk factors and challenges. In the short term, the economy could be adversely affected by high inflation, especially due to local supply shocks in the food sector, the report added. An economic slowdown in major trading partners and volatility in the global financial market, along with tighter financial conditions, also pose risks. The long-term growth potential is largely affected by the scarring effects of the pandemic, the pace of infrastructure development, geopolitical risks, and the economic losses from natural disasters, which are being exacerbated by climate change. The Bangko Sentral ng Pilipinas, or BSP, tightened monetary policy aggressively to address rising inflation. Policy interest rate was raised by a cumulative 425 basis points, or bps, between May 2022 and March 2023. The 2024 budget aims to continue to reduce the budget shortfall, guided by the medium-term fiscal framework. Complementary tacks Tightened monetary policy and contractionary fiscal stance is an appropriate policy mix amid a positive output gap and persistent inflationary pressure. The “all-of-government approach” against inflation is welcomed as it addresses the supply side problems. Macroprudential tools can be used actively to address potential financial stability issues. The report added in the medium to long term, budget policy should balance between restoring fiscal buffer and supporting sustainable growth and development. Based on the report, fiscal consolidation is supported by strong commitment and well-defined targets and measures, anchored by fiscal rules and discipline. On the financial system side, close coordination between regulators is crucial in identifying, monitoring and mitigating financial stability risks. Meanwhile, the authorities should continue to improve the liquidity management framework, develop the bond and repo markets, and continue to expand financial inclusion, to enhance the system’s resilience to shocks and promote market activities. To do list The report said a comprehensive strategy is warranted to bolster the medium- to long-term economic growth potential. Overcoming the scarring effects of the pandemic mandates a sustained focus on upgrading and upskilling the workforce to embrace a more technology-driven economy, it added. Implementation of policies and measures to attract investments, particularly foreign investments, and promote exports of both goods and services are the underpinnings of long-term economic development, the report added. Furthermore, the government can enhance the country’s competitiveness through infrastructure investment, digitalization, and developing a green economy. The post Economy humming under PBBM — AMRO appeared first on Daily Tribune......»»
Gov’t, businesses told to adopt AI boom
The government and private sector need to collaboratively launch a nationwide effort to push for the adoption of science-backed artificial intelligence or AI to help communities and businesses keep up with the rapid technological advancement. In an interview with reporters last Friday, Dr. Sanjay Sarma, CEO, president, and dean of the Asia School of Business or ASB, reiterated that AI is developing at an unprecedented pace and will be everywhere soon. “AI can potentially replace jobs so let’s accept that. The Philippines should become the country that leads the world in how to use AI, in call centers, for instance,” Sarma told reporters. “Here in the Philippines, it has to be a national effort. The government needs to be cognizant that this is an epic moment. It's like, you know, climate change is going to damage the environment, it will hurt a lot of people. This is technology change is just like climate change,” he said. Unlike other technologies such as automated teller machines or ATMs, which took about 15 years to be widely accepted, AI is a development that needs urgent adoption. Like ATMs, which previously raised concerns about replacing the job of bank tellers, AI will help industries develop further. “Bank tellers did not lose their jobs. Bank tellers did something more advanced, which is selling mortgages and things like that. The job changed because of technology,” he explained. Thus, in blending in with the changes brought about by AI, Sarma proposed that local industries like the business process outsourcing sector should upgrade more into becoming a technology space. “At this level, you have to go up because the attack comes from below. It's like a tiger, you know, it's chasing you, You climb a tree, and the tiger learns to climb the first 10 feet, well, you have to climb higher. So you have to go higher up in the cognitive stock to go higher,” he said. To complement the benefits of AI, Sarma noted that the local service industry workers, for instance, have to do the things that technology cannot. “For example, this Chat GPT cannot negotiate with you, can't do any planning, can't do dispute resolution. It can't calm an angry customer. So you have to figure out what the technology can do and what humans can do, that the technology can't. And you're to develop human capital in those directions.” Sarma is a professor of mechanical engineering and the Sloan School of Management at the Massachusetts Institute of Technology. He is a leading authority in AI, the Internet of Things, and Education. ASB, established in 2015 by Bank Negara Malaysia in collaboration with MIT Sloan School of Management, aims to be a premier business school that develops transformative and principled leaders who will contribute to the advancement of the emerging world, particularly in Asia. Last July, Surigao del Norte Rep. Robert Ace Barbers asked the Congress and Palace to consider creating an agency that will oversee responsible AI use in the country. Barbers cited that at least 520,000 employees across different industries may be affected by the integration of AI. In March, he filed a bill eyeing to create the Artificial Intelligence Development Authority, which will serve as an AI monitoring body tasked to supervise the “development and deployment of AI technologies.” Primarily, it will ensure compliance with AI ethics principles and guidelines and protect the “rights and welfare of individuals and communities affected by AI technologies.” The post Gov’t, businesses told to adopt AI boom appeared first on Daily Tribune......»»
Tech’s carbon footprint: can AI revolutionize responsibly?
Across the globe, data servers are humming, consuming both megawatts and precious natural resources to bring life to our digital world. The planet's 8,000 or so data centers are the foundation of our online existence and will grow ever further with the advent of artificial intelligence -- so much so that research estimates that by 2025, the IT industry could use 20 percent of all electricity produced, and emit up to 5.5 percent of the world’s carbon emissions. This poses a real -- and to some, increasingly urgent -- question about the industry's carbon footprint as startups and companies fall behind Silicon Valley's latest forward march. "Pandora's box is open," said Arun Iyengar, CEO of Untether AI, a highly specialized chip-making company that strives to make AI more energy efficient. "We can utilize AI in ways that enhance the climate requirements or we can ignore the climate requirements and find ourselves facing the consequences in a decade or so in terms of the impact." The transformation of the world's data servers to AI readiness is already well underway, in what one Google executive called a "once-in-a-generation inflection point in computing." But the scope of the mission is huge. The creation of generative AI tools such as GPT-4, which powers ChatGPT, or Google's Palm2, behind the bot Bard, can be broken into two key stages, the actual "training" and then the execution (or "inference"). In 2019, University of Massachusetts Amherst researchers trained several large language models and found that training a single AI model can emit the CO2 emission equivalent of five cars over their lifetimes. A more recent study by Google and the University of California, Berkeley, reported that training GPT-3 resulted in 552 metric tons of carbon emissions, equivalent to driving a passenger vehicle 1.24 million miles (2 million kilometers). OpenAI's latest generation model, GPT-4, is trained on around 570 times more parameters -- or inputs -- than GPT-3, and the scale of these systems will only grow as AI becomes more powerful and ubiquitous. Nvidia, AI's chip giant, provides the processors that are indispensable for training, known as GPUs. And while they are more energy efficient than typical chips, they remain formidable consumers of power. The ChatGPT 'problem' The other side of generative AI is deployment, or inference: when the trained model is applied to identify objects, respond to text prompts or whatever the use case may be. Deployment doesn't necessarily need the computing heft of an Nvidia chip but taken cumulatively, the endless interactions in the real world far outweigh training in terms of workload. "Inference is going to be even more of a problem now with ChatGPT, which can be used by anyone and integrated into daily life through apps and web searches," said Lynn Kaack, assistant professor of computer science at the Hertie School in Berlin. The biggest cloud companies insist that they are committed to being as energy-efficient as possible. Amazon Web Services pledges to be carbon-neutral by 2040 while Microsoft has pledged to be carbon-negative by 2030. The latest evidence that the companies are serious about energy efficiency is reassuring. Between 2010 and 2018, global data center energy use rose by only 6 percent, despite a 550 percent increase in workloads and computing instances, according to the International Energy Agency. 'Backwards' thinking Silicon Valley's AI tycoons believe discussions of AI's current carbon footprint are beside the point, and underplay its revolutionary potential. The naysayers have it "backwards," Nvidia CEO Jensen Huang told reporters on a recent visit to his company's headquarters in California. The mass deployment of AI and faster computing will in the end diminish the need to go to the world's data clouds, he argued. AI's superpowers will turn your laptop, car, or device in your pocket into an energy-efficient supercomputer without the need to "retrieve" data from the cloud. "In the future, there'll be a little tiny model that sits on your phone and 90 percent of the pixels will be generated, 10 percent will be retrieved, instead of 100 percent retrieved -- and so you're going to save (energy)," he said. OpenAI's Sam Altman meanwhile believes that AI will soon enough be able to build humanity a completely new future. "I think once we have a really powerful super intelligence, addressing climate change will not be particularly difficult," Altman said recently. "This illustrates how big we should dream... Think about a system where you can say, 'Tell me how to make a lot of clean energy cheaply, tell me how to efficiently capture carbon, and tell me how to build a factory to do this at planetary scale.'" But some experts worry that the mad dash for AI has elbowed out fears about the planet, at least for now. "Large corporations are spending a lot of money right now deploying AI. I don't think they are thinking about the environmental impact yet," said Untether AI's Iyengar. But, he added: "I think that is coming." The post Tech’s carbon footprint: can AI revolutionize responsibly? appeared first on Daily Tribune......»»
What’s Bretman Rock’s beef with Vanessa Hudgens?
Internet sensation Bretman Rock seems to have a bone to pick with Hollywood actress Vanessa Hudgens. Bretman, who’s currently in the Philippines for a vacation, reminisced about his life journey while on a holiday in Palawan. “Only if that little kid who grew up in Sanchez Mira Cagayan knew he would have everything he ever dreamt of one day. It’s so hard not to feel proud of that little brown boy when I’m home,” Bretman wrote on Instagram. The Pussycat Dolls’ Nicole Scherzinger, an American singer-songwriter of Filipino descent, commented, “So proud of you! [L]ittle brown babies made something of ourselves in this world.” But what earned Bretman’s attention was when a follower said “Vanessa Hudgens is shaking [fire emojis].” To this he replied with, “B**** can’t even say Palawan.” He was alluding to a video of Hudgens learning how to correctly pronounce Palawan when the actress-singer shot a documentary last March as the country’s designated global tourism ambassador. Hudgens received the title in a conferment ceremony at Malacañang Palace on 30 March this year. Even then, many fans were already saying that Rock would have been a better choice for the position, while others suggested K-pop star Sandara Park, as both of them were said to have deeper and more appreciative connections to the Philippines than Hudgens had shown. Born to Filipino parents, Rock moved to Hawaii at the age of seven. He rose to fame as a YouTube creator of beauty videos. He has 8.86 million YouTube subscribers and 18.7 million Instagram followers. In 2017, Time magazine recognized him among the 30 Most Influential Teens. He was also included in Forbes’ 30 Under 30 Asia—Media, Marketing, and Advertising list in 2018. He became the first openly gay man to appear on the cover of Playboy magazine in October 2021 and likewise to grace the cover of Vogue Philippines. The post What’s Bretman Rock’s beef with Vanessa Hudgens? appeared first on Daily Tribune......»»
Philippine remittances grow by 2.2 pct in June
MANILA, Aug. 15 (Xinhua) -- Personal remittances from overseas Filipinos reached 3.13 billion U.S. dollars in June, 2.2 percent higher than the 3.06 billion dollars recorded in June 2022, the Philippine central bank said on Tuesday. The Bangko Sentral ng Pilipinas (BSP) said the remittances from January to June grew by 3 percent to 17.59 billion dollars from 17.09 billion dollars recorded from January to June 20.....»»