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Metrobank completes P100 billion fundraising
Metropolitan Bank & Trust Co. has completed its P100-billion fundraising program launched in November 2018 with the sale of P19 billion bonds in the domestic market......»»
DOF: GFIs can seek extended relief after Maharlika infusion
Government financial institutions Land Bank of the Philippines and Development Bank of the Philippines will likely seek an extension of its regulatory relief following contributions to the country’s sovereign wealth fund......»»
GSIS taps Maya for payments
State-run pension fund Government Service Insurance System is expanding its payment channels through a partnership with digital bank Maya Bank Inc......»»
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......»»
The inanities and shenanigans of Vice Ganda
The mere mention of his showbiz moniker Vice Ganda immediately brings to mind this persona of a blabbermouth — a cross-dressing, larger-than-life gay man that is the creation of Jose Marie Viceral. As Vice Ganda, he has had his lion’s share of box-office hit movies and sold-out concerts, as well as becoming one of the pillars of the noontime program It’s Showtime and an inspiration to the descamisados, madlang pipol and maricons aspiring for and coveting what he possesses and represents. Vice is famous, affluent, social media and traditional media-savvy, with an Ion Perez as a lover that completes his fairy-tale existence. His sense of humor and the kind of comedy that his adoring public consumes polarize viewers. His movies are no way near the guffaw-inducing antics and commitment of a Roderick Paulate. The comedic elements are almost similar but not quite with the political incorrectness and craziness that are staples in the movies of Tito Sotto, Vic Sotto and Joey de Leon. Definitely, the humor in Ganda’s offerings are not as funny and pale in comparison with the intelligently written sketches and characters of Michael V. The junk food masquerading as laugh-out-loud fare is inferior to the charisma, magic and legend of the one and only Philippine Comedy King Dolphy. It is a given that Vice Ganda is an easy target of the nakakainis na nagmamalinis demographics. Proof of this: An aging politician hogged the headline lately when he lambasted the comedian: “Sarili mo lang ang iniisip mo, akala mo maganda iyang ginagawa mo. Super bastos ka, bastos kang tao (You only think about yourself, you think what you are doing is good. You’re super rude, you’re a rude person).” This outburst and judgment from a political dinosaur is lamentable. But with this tirade, the stock value of the reigning fairy this side of Hollywood actually gets a reboot and a fresh dose of relevance. Prior to this high and mighty summation of who Ganda is and what he represents, public perception was ripe that the hold, popularity and reign of Vice was going downhill. Whatever he was holding on to was all confined, controlled and milked in the afternoon program and early primetime weekend singing competition that he hosted. When Vice became the replacement brand ambassador of an online shopping app, the decision puzzled some, given the lackluster sales of the makeup brand that Ganda carries. Add the fact that even during the height of Jose Marie’s reign and popularity, there were only a handful of brands that gave their trust to him. It has been so many days since the app’s sale date and still, there is no official statement on how massive the increase in purchases has been with Vice as the figure employed to seduce the public to spend their hard-earned pesos online. Likewise, the box-office powers and premium of Ganda are no longer stellar and superior. Well- chronicled and documented are his “may pera sa basura” kind of movies. But for two years now in succession, his movies have been clobbered by family dramas that put an exclamation point to his producers laughing their way to bank supremacy. Indeed, it was an astute decision not to participate in this year’s December festival, because his movie not grabbing the number one spot is almost inevitable, and it will be further proof of the old saying that bad luck comes in threes. But now, I cannot help but wonder: With a political dinosaur’s statements about his crudeness and salacious behavior, and a “criminal case” filed by a “kapisanan” latching on to the MTRCB brouhaha, will everything turn rosy and robust once more for the career and romance of the Unkabogable Vice Ganda? Time, being the best storyteller, will provide us the answer. The post The inanities and shenanigans of Vice Ganda 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......»»
Napocor completes Visayas Mindanao solar projects
he National Power Corp. has completed four rural network solar power plants in Visayas and Mindanao in partnership with the European Union and the World Bank......»»
Repower Energy completes tutorial level with price above IPO offer
Repower Energy disclosed that China Bank exercised its over-allotment option to purchase 10 million REDC shares, just 33.3% of the 30 million over-allotment shares available to CHIB as part of its option......»»
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......»»
Former Pakistan PM Khan arrested after court convicts him of graft
Former Pakistan prime minister Imran Khan was arrested at his home in Lahore on Saturday after a court in the capital found him guilty of graft and sentenced him to three years in jail. The former international cricket star has long warned he would be arrested to prevent him from participating in elections that are due to be held before the end of the year. "His dishonesty has been established beyond doubt," Judge Humayun Dilawar wrote in a ruling seen by AFP for a case centered on gifts he received and did not properly declare while he was premier. "He has been found guilty of corrupt practices by hiding the benefits he accrued from the national exchequer willfully and intentionally." In May, Khan was arrested and briefly detained in Islamabad for the same case, sparking deadly unrest during which supporters of his Pakistan Tehreek-e-Insaf (PTI) party poured onto the streets and clashed with police. In the aftermath of his release following three days in custody, PTI has been targeted by a crackdown with thousands of arrests, reports of intimidation, and muzzling of the press. After he was taken away by police Saturday, a video made before his arrest was posted to his X account. "My arrest was expected & I recorded this message before my arrest... I want my party workers to remain peaceful, steadfast, and strong," he said in the caption accompanying the video. Khan not in court Khan has faced a slew of court cases on charges he says are politically motivated since being ousted in a vote of no confidence last year, and was not present when he was sentenced Saturday. The judge also fined him 100,000 rupees (around $350). Soon after the ruling, police entered his home in Lahore and arrested him. "I have just received the information that Imran Khan has been arrested," Attaullah Tarar, Special Assistant to Prime Minister Shehbaz Sharif, told reporters. Party officials said Khan had been taken to the capital, while his legal team said they would be filing an immediate appeal. "It's important to mention there was no chance given to present witnesses, neither was the time allotted to round up arguments," a member of the team said. Parliament is likely to be dissolved after it completes its term in the next two weeks, with national elections to be held by mid-November or earlier. "Everyone will ask questions about the credibility of elections in the absence of PTI and Imran Khan and questions will be raised about the credibility of elections in the outside world as well," political analyst Hasan Askari told AFP. Khan rose to power in 2018 on a wave of popular support, an anti-corruption manifesto, and the backing of the powerful military establishment. When he was ousted in April last year, analysts said it was because he lost the backing of the top generals. In multiple speeches and interviews Khan has highlighted the power the top brass wield behind the scenes -- a subject historically considered a red line in Pakistan. The case that has led to his arrest centers on gifts Khan and his wife received while in office. Pakistan newspapers have for months carried lurid stories alleging Khan and his wife received lavish presents worth millions during trips abroad -- including luxury watches, jewelry, designer handbags, and perfumes. Government officials must declare all gifts but are allowed to keep those below a certain value or buy them at an officially agreed price. The post Former Pakistan PM Khan arrested after court convicts him of graft appeared first on Daily Tribune......»»
PEZA, NGSI partner on PEZA Digital Marketplace platform
Philippine Economic Zone Authority Director General Tereso O. Panga and NetGlobal Solutions Inc. chairman and CEO Peter G. Lingatong signed on 25 July a Memorandum of Agreement on the PEZA Digital Marketplace, the first business-to-business e-commerce unified platform for PEZA locators. The signing took place at the PEZA head office, Double Dragon West Tower, Pasay City with Bong Fajardo Jr., business development manager, NetGlobal Solutions Inc., and Atty. Jenny June G. Romero, PEZA OIC Deputy Director General for Finance and Administration, standing as witnesses. The MOA aims to strengthen the ease of doing business in the economic zones as mandated in Republic Act No. 11032 or the “Ease of Doing Business and Efficient Government Services Delivery Act of 2018”, which directs all offices and agencies to improve transactions systems and procedures to streamline the delivery of government services. With this partnership, PEZA and NGSI will capacitate PEZA’s registered business enterprises, particularly exporters, to increase their online presence and utilize digital platforms to increase the market presence of Philippine goods and services globally. The subscribed users of the digital marketplace will also benefit from access to global suppliers of machinery and equipment, raw materials, supplies and emerging technologies and solutions, thereby improving the sourcing and procurement by ecozone RBEs. Under the agreement, NGSI will provide the development, operation and maintenance of the PEZA Directory, PEZA Build-a-site and PEZA Digital Marketplace Platform. The database development for the PEZA digital marketplace will likewise cover local producers and suppliers of goods/services to provide support to ecozone locators, helping accelerate the integration of Filipino MSMEs into the ecozone value chain. Meanwhile, PEZA will be responsible for providing the necessary and requested documentation, information and knowledge capital to NGSI, engage and integrate NGSI’s system and other related services to support and augment its services, and encourage registered RBEs to subscribe in the PEZA DMP. The PEZA Digital Marketplace is a pioneer and a legacy project spearheaded by Panga. “The PEZA Digital Marketplace completes the local supply and global value chain for the Philippine economic development. This will also increase our competitiveness to attract more investors to set up off-shore facilities and operations in the Philippines, particularly, in our ecozones,” he said. The PEZA Digital Marketplace launching is set for September 2023, to be followed by a series of roadshows with PEZA clusters nationwide. The post PEZA, NGSI partner on PEZA Digital Marketplace platform 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......»»