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Retailers’ meet to banner Jollibee success story
This year’s 29th edition of the National Retail Conference and Expo centers on the success and challenges of the country’s most successful multinational chain of fast-food restaurants, Jollibee Foods Corporation. The event will also introduce the company’s chief business officer, Joseph Tanbuntiong, who will share how Jollibee triumphed amid challenges. Famed for its “bida ang saya” tagline, Jollibee is known to never fail Filipino and international customers, bringing smiles to faces with their well-thought-out meals, including its famous signature Chickenjoy. Having made its mark on the global stage, Jollibee’s success is not only a triumph for the brand but for Filipinos as well. However, just like most other businesses, the food company has its own share of challenges on its way to success. Tanbuntiong will be the conference’s closing keynote speaker on 11 August 2023, at the SMX Convention Center Manila. He will enlighten the audience in the 29th NRCE with his keynote speech titled “Rapid Expansion: Challenges and Opportunities in Managing Business Growth.” Drawing from his post as for the Philippines, country head Tanbuntiong will share strategies for managing rapid expansion including investing in technology and infrastructure, building a strong team and culture, and being agile and adaptable. His talk will expound on what it means for a company to experience a retail breakthrough, showcasing how Jollibee took a quantum leap, innovated, and proudly planted the Philippine flag with its global brand in different parts of the world. The 29th NRCE is made possible by these sponsors and partners: Relex Solutions, The SM Store (Diamond); ETP International PVT LTD, Wilcon Depot Inc., Anchanto, Globe Business, Megaworld Lifestyle Malls, PLDT Enterprise, Ayala Malls (Platinum); Gateway Mall 2, Robinsons Malls (Gold); Security Bank, Bench, Bayer Philippines, SM Supermalls (Silver Sponsor); Retailgate Technologies (Official Technology Partner); The Philippine Star, The Manila Times (Official Newspapers); BusinessWorld (Official Media Partner); Wish 107.5 (Radio Partner); Union Bank of the Philippines, Entrego, Inewvation International Corp. (Sponsors) and its official PR partner Media Blitz Group. The post Retailers’ meet to banner Jollibee success story appeared first on Daily Tribune......»»
Thai giant eyes $2.5-B project
Agro-industrial and food conglomerate, Charoen Pokphand Group, headquartered in Thailand, is set to pour in $2.5 billion in a project to benefit the agricultural sector. This was confirmed by the company’s officials after paying a courtesy call with President Ferdinand “Bongbong” Marcos Jr., Trade Secretary Alfredo Pascual, House Speaker Martin Romualdez, Executive Secretary Lucas Bersamin, Special Assistant to the President Anton Lagdameo, and Pampanga Representative Gloria Macapagal-Arroyo, among others in Malacañang on 30 May. “We welcome this potential investment from CP Group as this will boost our economic recovery initiatives, generating more economic activities and employment opportunities for our people. This is an outcome of the President’s visit to Thailand in November last year. There, they have committed to expanding their operations in the country, and now it’s happening,” Pascual said in the occasion. In 2022, Thailand, where CP Group is based, was the country’s 8th major trading partner, 6th export market, and 7th import supplier. Charoen Pokphand Group Co., Ltd is primarily dedicated to enhancing and developing the quality of life of the people in Thailand and communities around the world. Agro-based operations Their operations in Bangkok involve a wide array of businesses such as agro-industry and food, retail and distribution, telecommunications, e-commerce and digital, pharmaceuticals, finance and investment, automotive and industrial products, and property development. During the meeting, CP executives and public sector representatives discussed business integration, particularly food, aquaculture and livestock activities in the Philippines, anchored on their pledge to invest in and help improve aquaculture, rice, and swine production in the Philippines in order to support the development of the country’s agrifood value chain. The Charoen Pokphand Foods Philippines Corporation, or CPFPC, a subsidiary of Charoen Pokphand Foods Public Company Limited is considered as the most significant Thai investment in Philippine Agriculture. In 2022, a memorandum of agreement was signed by CPF in partnership with the Department of Agriculture and Land Bank of the Philippines to support poultry, aquaculture, and hog farming business expansion. Currently, CPFPC has three Board of Investment registrations also focusing on agricultural projects. “With science, technology, and innovation as our core strategy in the country’s industrial transformation, we are excited and optimistic about this investment from CP Group as it will not only bring in new technology in the agricultural sector but at the same time increase the quality of their products and productivity level. We hope that this investment will boost our efforts to integrate the agricultural industry into the global value chain,” Pascual added. The post Thai giant eyes $2.5-B project appeared first on Daily Tribune......»»
BIMP-EAGA nations’ trade cooperation pressed
In his recent trip to Indonesia for the Asean meeting President Ferdinand “Bongbong” Marcos Jr. urged collaboration to foster the progress of the Brunei Darussalam-Indonesia -Malaysia-Philippines-East ASEAN Growth Area or BIMP-EAGA due to its substantial potential for development. The Chief Executive made the call as he joined the intervention of the 15th BIMP-EAGA Summit on the sidelines of the 42nd ASEAN Summit and Related Summit here. Marcos said the Philippines supports the increased focus of the BIMP-EAGA Vision 2025 on broad strategies to align sub-regional pandemic recovery and transformation efforts with the ASEAN Comprehensive Recovery Framework, particularly in the areas of food security, creative industries and E-commerce, tourism recovery, and green recovery. “So, let us continue this impetus for growth in BIMP-EAGA and thereby position our very own sub-region as a well-connected, economically thriving, multi-country trade, investment and tourism destination. There lies our future,” Marcos said. However, Marcos noted that the pandemic and the conflict in Ukraine demonstrated the need to maintain the physical connectivity that underpins the region’s extensive and comprehensive logistics chain in all its aspects. Hence, the President mentioned that the efforts to revive the tourism industries should be the utmost priority following the pandemic. Linkages must move forward “Our collective effort towards rebuilding the air and sea linkages disrupted by geopolitical challenges and the pandemic still remains the key towards our full economic recovery,” he said. “So, let us work together with our National Tourism Organizations and our private sector counterparts to breathe life into the Joint BIMP-EAGA and IMT-GT Tourism Recovery Communications Plan 2022-2024. Let us spread the tidings that a visit to the BIMP-EAGA sub-region is a safe, stress-free return to nature,” Marcos added. Increased tourism will also reinvigorate the sub-regions micro, small and medium enterprises or MSMEs, the backbone of the economy fundamental to achieving sustainable economic growth and narrowing the development gap, and instrumental in wealth and employment creation, raising standards of living and poverty reduction. The President also rallied anew for support for “nano businesses,” or the kind of self-employed businesses that fall outside of the category of MSMEs, such as dry cleaners, corner shop owners, single retail marketers, repairers and painters, among others. “Though they constitute a large portion of all economies, viable, and play an important role across the country, they remain unrecognized… aiding them will contribute to our overall economic growth and will narrow those development gaps,” Marcos said. The President also emphasized the importance of BIMP-EAGA’s synergies and partnerships with external partners, such as the Asian Development Bank, Japan, Republic of Korea, China and the Northern Territory of Australia. Calling for sustained partnerships with those entities, the Philippine leader also welcomed the BIMP-EAGA-Korea Cooperation Fund or BKCF and the increase of the Republic of Korea’s contribution from $1 million in 2021 to $3 million in 2022. He reported that the Philippines, in particular, continue to benefit from the BKCF Fund from projects in the Environment, Tourism, and Connectivity Sectors, with a total support worth an estimated $1.2 million. At the same time, BIMP-EAGA must achieve strategic coherence within the larger ambit of ASEAN initiatives and sustain platforms of dialogue through regional mechanisms, including APT, RCEP, APEC, AANZFTA, and the ASEAN Plus 1 FTAs. Launched in 1994, BIMP-EAGA has delivered impressive results with the current numerous transport networks spanning the sub-region, buttressed by enhanced economic policies facilitating the movement of goods, people, and services. The post BIMP-EAGA nations’ trade cooperation pressed appeared first on Daily Tribune......»»
Security Bank, Helios team up for solar energy in households
Security Bank Corp. has tied up with climate fintech firm Helios to boost the access of Filipino homeowners to clean and sustainable energy......»»
Security Bank leverages AI to boost loans
Security Bank Corp. is leveraging artificial intelligence to boost home loans and credit card approvals......»»
Israel aims to crush Hamas but vague on Gaza’s post-war future
Israel is determined to crush Hamas but has said little about what would replace its rule in Gaza after the war, with observers expecting Washington will play a decisive role. "One thing is clear: the Gaza Strip will not be ruled by Hamas once this war is over," Israeli government spokesman Eylon Levy told AFP as Israel's military steps up strikes in preparation for a widely-expected ground offensive. In the wake of the 7 October attacks, when militants from the Palestinian Islamist movement began a deadly cross-border assault that has killed 1,400 people, Israel has laid out just one objective: "Destroying Hamas". Since then, it has embarked on a brutal retaliatory bombing campaign, which Gaza's Hamas-run health ministry says has now killed more than 5,000 people. Despite four previous wars with Gaza's Hamas rulers -- in 2008, 2012, 2014 and 2021 -- Israel has never before threatened to completely overthrow the movement which rules this tiny territory of 2.4 million people. The territory, which has been languishing under an Israeli and Egyptian blockade since Hamas took control in 2007, has since October 7 suffered a spiraling humanitarian crisis, largely deprived of water, food and other basic supplies and more than a million people displaced. Although Israel withdrew its soldiers and settlers from Gaza in 2005, ending an occupation that began in 1967, the international community considers it responsible for the tiny territory's primary needs -- energy, food and medicine. 'Handing over the keys' Prime Minister Benjamin Netanyahu has called it a "do or die" war. And his government is hoping to end all responsibility for Gaza as part of a "new regional reality" it hopes will emerge after the war. After the current air strikes and action inside Gaza, Defence Minister Yoav Gallant said a "third phase" would involve "the removal of Israel’s responsibility for life in the Gaza Strip, and the establishment of a new security reality for the citizens of Israel". But no minister talks about Gaza's future government. And nobody has raised the possibility of a new Israeli occupation of the enclave, the military and financial burden of such an eventuality being too high to bear. "We are discussing possibilities with our partners," said government spokesman Levy. Israel wants to "hand over the keys" to a third party, a foreign ministry source said, speaking on condition of anonymity. According to Eitan Shamir, a former Israeli government security specialist and now director of Jerusalem's Begin-Sadat Center for Strategic Studies, Washington will have a decisive say in Gaza's future. The US, he said, already has an "overview" role in Israel's action against Hamas. "The favourite option of the Americans and Israelis would be an international structure with Palestinian Authority, with Saudi funding, for example," Shamir told AFP, saying it could include US and European administrative help. Regional players silent US President Joe Biden has given Netanyahu strong support, visiting Israel last week and warning other regional players not to get involved while lining up almost $15 billion in military aid, even if he has warned Israel against letting its "rage" go too far. But Washington has also not been clear about how it sees Gaza's future. "Something needs to be found that ensures Hamas can't do this again but also doesn't reverse to an Israeli governance of Gaza which they do not want," US Secretary of State Antony Blinken told CBS television on Sunday. "There are different ideas out there about what could follow and all of that needs to be worked, even as Israel is dealing with the current threat." The Israeli foreign ministry source raised Egypt as a possible saviour, although Cairo has resisted decades of pressure to take a greater role. Egypt and Jordan are deeply concerned about the war unleashing a new flood of Palestinian refugees. No Arab or Muslim state has so far proposed an intervention. One option supported by Israeli opposition leader Yair Lapid is for Mahmud Abbas' Palestinian Authority to take control. The authority already cooperates with Israel in running parts of the occupied West Bank, but the ageing Palestinian leader has faced growing criticism since the war began. But a report by the International Crisis Group said there was "little hope that the already deeply unpopular PA could return to Gaza on the back of an Israeli invasion and not be treated as an enemy. "Moreover, it is not clear that Israel would want the West Bank and Gaza under a single authority," the think tank said. The post Israel aims to crush Hamas but vague on Gaza’s post-war future appeared first on Daily Tribune......»»
MSMEs’ digital shift needs collaboration
The global Covid-19 pandemic has profoundly impacted the micro, small and medium enterprises, or MSMEs, with the economic shocks reverberating worldwide. However, the pandemic also saw an unprecedented focus on the struggling sector. Despite being diminutive in size, MSMEs make up for the shortcoming with their sheer volume, making them a source of significant contributions to the local economy. The latest data from the Philippine Statistics Authority showed MSMEs comprised 99.52 percent of total businesses in the country, or over 998,342 Filipino enterprises delivering goods and services daily. “In the fast-paced business landscape, MSMEs are facing increased pressure to apply digital technology on their operations to remain competitive and even upscale,” Dino Velasco, the senior vice president and institutional segment marketing head at Union Bank of the Philippines, said in an interview with the Daily Tribune’s digital show Business Sense. “The Covid-19 pandemic has accelerated this trend, with businesses across the globe, regardless of size, rapidly adopting digitalization to survive and thrive in the so-called new normal,” he added. UnionBank ceded it could not take the whole task by itself. It needed to partner with stakeholders to address the enormity of the challenge. Foremost in the task is the geography of the Philippines with 7,641 islands which are broadly categorized in three main geographical divisions from north to south. Some of these islands are off-grid, which requires powering up first before they can be connected digitally and served by traditional financing facilities, like UnionBank. “We also do understand and accept the fact that we cannot do it alone. For us at UnionBank, it’s very important to work with partners and we do have partners both in the technology space and in the brick-and-mortar space that allow us to expand or reach even further. Going beyond the 80 percent of the population that are connected and reach the other 20 percent off-grid,” Velasco added. Looking at the Philippine financial landscape, the fintech space has evolved, with telcos, power providers and distributors, money business services, logistics, and others, who are present in off-grid communities as part of the whole-of-nation approach to achieving financial inclusion. Velasco went on, “We continue to partner with these vital stakeholders so that we can provide and extend our financial services to the markets in those areas.” GlobalLinker The greatest hurdles to the successful adoption of digital technology among MSME is overcoming the lack of expertise and good practices, and the associated costs. For a broader uptake of digital tools for these sectors, there needs to be more widely available standardized and even ready templates that the MSMEs can use like a plug-and-play setup. These ready templates would help avoid the appearance of costly and complicated tools and potentially enhance the opportunities for MSMEs to achieve sustainability. “That has always been the challenge for technology, not just for banking, but a lot of industries. How do we educate the more senior segment of the population,” Velasco replied when queried on how to educate MSMEs to embrace digital tools to advance sustainability. Velasco added: “What works is to educate the influencers for that more senior population of the segment. A lot of the small businesses today have in the past, involved other members of the family in running their businesses and they become part of educating those who are trying to use technology for the first time. We noticed that we can adapt that strategy by involving these family members who influence the other members, especially those who are already digitally savvy.” In addition, UnionBank has launched the Global Linker, an online platform designed for e-Commerce that allows users or MSMEs to create their website, while also offering them the opportunity to manage their inventories and link up with other merchants, suppliers, and even resellers. The UnionBank GlobalLinker is a digital SME online platform that aims to digitize SMEs in the country. To create trade fairs and online marketplaces for Filipinos all over the country, we are dedicated to the digital education of all Filipino SMEs. Velasco explained that after creating their website through GlobalLinker, the merchants are now accessible to potential clients “wherever there may be, here or outside the Philippines.” “Imagine if you are an exporter from the Philippines and you have a potential client from India. Because of GlobalLinker, you can communicate with each other and ensure that the goods and services can be ordered and delivered to your client overseas. More importantly, this e-Commerce site is equipped with the necessary tools in ways by which customers can settle or pay digitally,” he said. Velasco continued, “And if you are using our MSME Business Banking app, you can transact overseas and pay someone using Swift (code). Basically, the GlobalLinker is business networking for MSMEs and startups.” Mobile app introduced In the age of a growing demand for digital presence, Velasco said it goes unsaid that UnionBank sees the need for digital technology as a critical tool for MSMEs that want to grow or expand. “What we’re focusing on is to feature our MSME Mobile Business Banking App that we developed to answer the needs of our customers from beginning to end,” Velasco said. “Meaning end-to-end from the time a small business owner needs to apply for an account to the time when they need to manage their businesses. Using the app right solely instead of going to other channels where they need to get out of their offices and go to the branch.” The UnionBank mobile app aims to educate its users to allow the app to let “everything happen while they’re using the app or the platform.” The app also aims to create solutions for the users, like the QR code feature to allow merchants to accept payments from their customers. “It is really an end-to-end feature from account opening to transferring funds, to paying suppliers to accept payments from their customers and up to even applying for a loan facility,” Velasco added. The mobile app is something UnionBank wants to make available in the hands of its customers by simply accessing the mobile banking app for MSMEs. Necessary journey It is no longer a choice for MSMEs. Digitalization is now a necessary journey that all MSMEs must embrace to survive and succeed. Using digital technology may save significant costs for the MSMEs, while at the same time enhancing their operations, sales, marketing, and presence. A digitized MSME may also see increased productivity and efficiency, and improved customer service. But digitalization also comes with several challenges, including technological know-how, funding, and even data security. UnionBank of the Philippines is offering several platforms to solve these challenges. All you have to do is click and download their digital platform offerings. UnionBank is committed to helping MSMEs achieve their digital transformation goals, with their expertise and cost-effective solutions. The post MSMEs’ digital shift needs collaboration appeared first on Daily Tribune......»»
NFA vital to food security with buffer stock of rice, palay
President Ferdinand Marcos Jr. on Tuesday emphasized the importance of the National Food Authority's mission to maintain sufficient rice buffer stock sourced from local farmers. In a speech delivered by Department of Agriculture Senior Undersecretary Domingo Panganiban during the NFA's 51st anniversary, Marcos explained that the agriculture sector has been facing several challenges for the past few months. "Even in the midst of challenges that grapple our agriculture sector, you have remained steadfast in maintaining a buffer stock of rice and palay, especially during times of emergencies and calamities," Marcos said. "The recent months have truly been challenging. However, we continue to find the best solutions to the issues that we face without compromising the needs of our farmers and retailers," he added. Marcos also reiterated the government's proactive steps to stabilize the prices of basic commodities, particularly rice. He emphasized the importance of law-enforcement activities aimed at curbing smuggling and hoarding activities that threaten food security. These efforts underscore the government's dedication to ensuring price stability and food security for all citizens. "The government is also undertaking aggressive steps to mitigate matters pertaining to the price stability of basic commodities, especially rice, by strengthening our law-enforcement activities against smugglers, hoarders, and those who undermine our efforts to ensure food security," Marcos said. Despite the challenges, Marcos congratulated NFA for their unwavering commitment to ensuring the nation's staple food supplies' stability, affordability, and safety. "I am delighted that in line with the celebration of your 51 years of service, you are launching an array of programs and projects that will definitely boost the delivery of food services for the general public," Marcos said. The President also expressed his delight in the NFA's launch of various programs and projects aimed at enhancing food services for the public. He particularly highlighted two significant initiatives: the SARAI Project or Smarter Approaches to Reinvigorate Agriculture as an Industry in the Philippines Project and the NFA Modernization Program. Both programs are expected to contribute to more productive and sustainable farming practices in the country. Furthermore, President Marcos praised the partnership between the NFA and key financial institutions, as he noted the ceremonial signing of the NFA's credit line agreements with Landbank and the Development Bank of the Philippines. This collaboration underscores their shared commitment to advancing the nation's development agenda. The post NFA vital to food security with buffer stock of rice, palay appeared first on Daily Tribune......»»
Valiram eyes airport outlet expansion
Malacañang confirmed that the Malaysian retail specialist, Valiram Group, is eyeing the expansion of its operations in the Philippines by developing airport outlets for duty-free retail tourism. The commitment was made during the meeting of Valiram Group officials with President Ferdinand R. Marcos Jr. in Singapore on Saturday, according to Presidential Communications Office Secretary Cheloy Garafil. She said Valiram’s development priorities include having duty-free access at the airports. “The company is building more airport walk-through stores personalized to provide customers with a pleasant shopping experience,” she added. Present during the meeting with Marcos were Valiram Group executive directors Mukesh Valiram, Ashvin Valiram, and Sharan Valiram; Esquire Financing chairperson and chief executive officer Rajan Uttamchandani; and Ayala Corp. chief sustainability and risk officer Jaime Zobel Urquijo. Citing the statement of one of the Valiram executives, Garafil said the Malaysian retail specialist is seeking the immediate expansion of its operations in the Philippines in the next five years. She added that Valiram wants to bring some of its brands that are not yet represented in the Philippines, “in an effort to elevate customer experience to another level” by giving them more space at the nation’s gateways, removing the stress and hassles of security checks. “Things like… complementing Victoria’s Secret, Bath and Body Works, and some of our partners’ work in Southeast Asia have expressed interest. Their business is small, currently in the Philippines. And they want to see if we can help us over there and try and amplify them in the local market,” Garafil said, quoting one of the Valiram executives. Marcos Jr. acknowledged the vital role of retail business in the Philippine economy, adding that Valiram could also help boost the country’s tourism industry. “It is an important sector of the economy. It’s what’s driving the economy now, it’s consumer spending,” he told Valiram officials, as quoted by the PCO. Philippine officials who were at the meeting included Garafil, House Speaker Ferdinand Martin Romualdez, Special Adviser on Investment and Economic Affairs Secretary Frederick Go, and Philippine Ambassador to Singapore Medardo Antonio Macaraig. More investors Romualdez, for his part, expressed support for the President’s thrust to encourage more investors to come to the Philippines, noting that Congress is focusing on crafting legislation or laws that govern the treatment and appreciation of foreign investments into the country. Romualdez stressed that “Congress is moving under his leadership by streamlining those laws.” Established in 1935 in Kuala Lumpur, Malaysia, Valiram is Southeast Asia’s leading luxury goods and retail specialist with a presence in Malaysia, Singapore, Indonesia, Australia, the Philippines, Thailand, Hong Kong, Macau and Vietnam. Operating more than 350 stores, a number which continues to grow, the group represents more than 200 brands across various categories, from fashion and accessories, timepieces and jewelry, perfume, and cosmetics to confectionery and dining concepts. The post Valiram eyes airport outlet expansion appeared first on Daily Tribune......»»
500 EDCA deals in 2024 pipeline
The United States has committed to more than 500 bilateral military engagements with the Philippines next year, which would primarily feature the stepping up of war games and joint sea patrols. An Armed Forces of the Philippines official described the engagements as encompassing exercises and high-level exchanges between the allied nations on security cooperation and strategic vision, including maritime security, information sharing, and capacity and capability development, among others. The commitments were made during last week’s annual Mutual Defense Board-Security Engagement Board meeting, said the AFP official, who requested anonymity. Meanwhile, AFP Public Affairs chief, Lt. Col. Enrico Gil Ileto, said highlights of the activities will include an increased “tempo” in the joint exercises. At the same time, projects under the Enhanced Development Cooperation Agreement will be scaled up. He said engagements with other key international partners will also be part of the new set-up. During the meeting, AFP Chief of Staff, Gen. Romeo Brawner Jr., and US Indo-Pacific Command Chief Admiral John Aquilino reaffirmed the “steadfast commitment of the Philippines and the United States to safeguard their respective nations and the Indo-Pacific region.” “The meeting was the culminating activity of the planning cycle that assessed previous activities and set out over 500 bilateral engagements for 2024,” Ileto said. Increasing the American role in the maritime conflict with China is expected to be matched by the latter through increased aggressiveness in staking its claim in the West Philippine Sea. Swarming by vessels resumes The AFP Western Command on Saturday expressed alarm over the heightened presence of Chinese maritime militia vessels and the massive coral harvesting at Rozul, or Iroquois, Reef, located within the Philippines’ exclusive economic zone and continental shelf. In a weekly news forum in Quezon City, Wescom commander, Vice Admiral Albert Carlos, reported the “resurgence” of swarming incidents in the West Philippine Sea, with about 40 Chinese fishing vessels spotted as of 15 September at Rozul Reef, which is located south of Recto Bank. Carlos said the latest figure is higher than the 33 vessels spotted on 24 August and the 24 tracked on 7 September. Swarming was also observed at Escoda (Sabina) Shoal, where five Chinese fishing vessels were spotted, and Baragatan (Nares) Bank, with two boats, according to a Wescom news release on 14 September. “But the good news is we also have our presence there,” Carlos said, referring to vessels of the Philippine Navy and the Bureau of Fisheries and Aquatic Resources. “So, we are addressing the issue of this swarming,” he added. Harmful harvesting Carlos noted that in July, the Philippine Navy deployed divers to conduct an “underwater survey” of the swarmed area and found “there were no more corals” at Rozul Reef. The military is coordinating with scientists and experts to assess the area, he said, adding that it specifically wants to verify the divers’ assessment that massive harvesting of corals happened just recently. “We saw that there were no more corals. The corals were damaged, and there was debris,” he said. “We are not making any conclusions at this time. It’s a work in progress, but we just want to report coral harvesting in the area where (the Chinese were) seen loitering and swarming.” Keeping the peace Carlos said government troops want to “keep the peace and avoid miscalculations” in the WPS despite the recent incidents. He, however, guaranteed a heightened military presence in the Philippines’ waters. “The presence (of Chinese vessels) is already alarming because we have the sovereign rights in our exclusive economic zone. Now, coral harvesting is still unverified. We are not saying that they are harvesting our corals. We suspect somebody is harvesting our corals, which means they are violating our sovereign rights. We have the exclusive right to exploit resources in the West Philippine Sea,” Carlos said. “For the Western Command, that is alarming, because it might appear that we are remiss in our duty to protect our territory, as well as the riches of our exclusive economic zone. So we are doubling our efforts on that. We are going to address that issue by increasing our presence there,” he said. Joint patrols assessed Carlos said the government is “carefully” studying offers by other countries to conduct joint patrols with Philippine forces. For now, the military is carrying out unilateral maritime patrols in the WPS, he said, adding that these are being “jointly conducted with the Philippine Coast Guard and the BFAR, not with any foreign country.” “We are in engagement with whoever offers to help us, whoever shares our desire, our objective to establish a rules-based international order. We are studying it carefully. All the offers are on the table,” he said. More EDCA projects Ileto said Brawner and Aquilino also agreed to hasten the completion of the EDCA projects. There were 32 projects approved. The two officials are eyeing 63 more EDCA projects. “More importantly, it reaffirmed the two nations’ commitment to the PH-US alliance as espoused in the 1951 Mutual Defense Treaty,” he said. The Philippines and the US military officials also agreed to jointly push for a free and open Indo-Pacific region “against a backdrop of a rules-based international order,” Ileto said. The post 500 EDCA deals in 2024 pipeline appeared first on Daily Tribune......»»
Palace: Malaysian-based Valiram eyes dev’t of airport outlets in Phl
Malacañang confirmed that the Malaysian retail specialist, Valiram Group, is eyeing the expansion of its operations in the Philippines by developing airport outlets for duty-free retail tourism. The commitment was made during the meeting of Valiram Group officials with President Ferdinand R. Marcos Jr. in Singapore on Saturday, according to Presidential Communications Office Secretary Cheloy Garafil. Garafil said that Valiram’s development priorities include having duty-free access at the airports. “The company is building more airport walk-through stores personalized to provide customers with a pleasant shopping experience,” she added. Present during the meeting with Marcos were Valiram Group executive directors Mukesh Valiram, Ashvin Valiram, and Sharan Valiram; Esquire Financing chairperson and chief executive officer Rajan Uttamchandani; and Ayala Corp. chief sustainability and risk officer Jaime Zobel Urquijo. Citing the statement of one of the Valiram executives, Garafil said the Malaysian retail specialist is seeking the immediate expansion of its operations in the Philippines in the next five years. She added that Valiram wants to bring some of its brands that are not yet represented in the Philippines, “in an effort to elevate customer experience to another level” by giving them more space at the nation’s gateways, removing the stress and hassles of security checks. “Things like… complementing Victoria's Secret, Bath and Body Works, and some of our partners' work in Southeast Asia have expressed interest. Their business is small, currently in the Philippines. And they want to see if we can help us over there and try and amplify them in the local market,” Garafil said, quoting one of the Valiram executives. Marcos acknowledged the vital role of retail business in the Philippine economy, adding that Valiram could also help boost the country’s tourism industry. “It’s an important sector of the economy. It’s what’s driving the economy now, it’s consumer spending,” he told Valiram officials, as quoted by the PCO. Philippine officials who were at the meeting included Garafil, House Speaker Ferdinand Martin Romualdez, Special Adviser on Investment and Economic Affairs Secretary Frederick Go, and Philippine Ambassador to Singapore Medardo Antonio Macaraig. Romualdez, for his part, expressed support for the President’s thrust to encourage more investors to come to the Philippines. The house speaker noted that Congress is focusing on crafting legislation or laws that govern the treatment and appreciation of foreign investments into the country. Romualdez stressed that “Congress is moving under his leadership by streamlining those laws.” “And we are also looking at the totality of the body of laws and looking at older, or laws that are either obsolete or archaic, or those are so-called timely to encourage more foreign investors,” Romualdez said, partly in Filipino. He said the administration’s efforts are aligned with the “Foreign Investments Act and the details to open up the economy for foreign direct investments.” Established in 1935 in Kuala Lumpur, Malaysia, Valiram is Southeast Asia’s leading luxury goods and retail specialist with a presence in Malaysia, Singapore, Indonesia, Australia, the Philippines, Thailand, Hong Kong, Macau and Vietnam. Operating more than 350 stores, a number which continues to grow, the group represents more than 200 brands across various categories, from fashion and accessories, timepieces and jewelry, perfume, and cosmetics to confectionery and dining concepts. The post Palace: Malaysian-based Valiram eyes dev’t of airport outlets in Phl appeared first on Daily Tribune......»»
World pledges help to quake-hit Morocco
Morocco said late Sunday it was accepting offers from just four countries: Britain, Spain, Qatar and the United Arab Emirates, after the earthquake that has killed more than 2,100 people. But countries around the world have lined up to offer to help Morocco. International aid agencies The International Federation for Red Cross and Red Crescent Societies (IFRC) has released over $1 million from its emergency disaster fund to support the Moroccan Red Crescent's work on the ground. "The next 24 to 48 hours will be critical in terms of saving lives," the global humanitarian network warned on Saturday, adding that help could be needed for months or even years. Spain Spain on Sunday sent 86 military rescuers and eight search dogs to Morocco after receiving a formal request for help from Rabat. A first team, from the armed forces Emergencies Unit, took off in an A400 military plane bound for Marrakesh to "help in the search and rescue of survivors", the defense ministry said. Another military plane took off from a base in Torrejon de Ardoz near Madrid, an interior ministry spokesman said. Qatar Qatar said it was also sending a rescue team. France A team of French volunteer firefighters has arrived in Morocco and President Emmanuel Macron said more, substantial assistance was available, should Morocco request it. "We have mobilized all technical and security teams to be able to intervene when the Moroccan authorities deem it useful." United States The United States has told Morocco it is "ready to provide significant assistance" including search and rescue teams. "We are also ready to release funds at the right time that can help the Moroccans recover and deal with this horrific tragedy," Deputy National Security Advisor Jon Finer said. "The United States will be with them at every step of the way when they are ready to avail themselves of what we have to offer," he added. Switzerland Switzerland has offered to provide temporary shelters, water treatment and distribution equipment, sanitation facilities, and hygiene kits. Belgium Belgium has offered help including medical teams and field hospitals. The Flanders region, home to a large Moroccan community, said it would provide 200,000 euros ($214,270) in emergency aid through the Red Cross, while the Wallonia region has pledged to provide 500,000 euros. Italy Italy has offered the help of its civil protection agency and fire service, while the Italian Catholic Church has sent 300,000 euros ($321,400) in aid through NGO Caritas Italy. Italian President Sergio Mattarella on Saturday stressed Italy's "willingness to contribute to the complex rescue work". Turkey Turkey has offered to send 265 rescue workers and 1,000 tents. Poland and Israel Poland and Israel said they were ready to provide assistance including search and rescue teams. Iraq and Jordan Iraq and Jordan have offered to provide all possible forms of assistance to Morocco. Organizations The heads of the World Bank, International Monetary Fund, African Union, and the European Commission, together with the presidents of France and India, pledged in a joint statement to "mobilize our technical and financial tools and assistance" to help Morocco. Pharmaceutical giant AstraZeneca "pledged over $1 million to support immediate humanitarian relief efforts with leading global non-profit humanitarian partners and through matching of employee donations". The post World pledges help to quake-hit Morocco appeared first on Daily Tribune......»»
GCash keeps fee’s subsidy
Financial super application GCash will continue to subsidize the convenience fee for cash-ins to provide a financial cushion to users amid the rising cost of goods. At a recent media briefing of the Globe Group, GCash president and CEO Martha Sazon said that while users are still charged a fee for cash-ins, it is still “much lower” than the P25 that other financial institutions usually charge for cash transfers because of the subsidy. “The P5 convenience fee is only 1/5 of what is normally charged by other financial institutions. As GCash continues to scale, we still subsidize most of the charges as well as heavily invest in upgrading our infrastructure and reinforcing security services,” Sazon said. “This also ensures that our operations will remain seamless for all customers,” Sazon said. “Even with this fee, we will continue to subsidize part of the operating cost for cash-ins as we remain committed to keeping our services accessible to many Filipinos,” she added. More cash-in options Later this year, GCash is set to charge a cash-in or convenience fee of P5 for every cash-in via linked BPI and UnionBank accounts. Cash-ins via linked bank accounts are one way to add funds to a GCash account. Over-the-counter cash-in is also available through cash-in machines, partner convenience stores, pawnshops, supermarkets, department stores, drug stores, gas stations, sari-sari stores and retail stores, among others. Meanwhile, GCash has waived fees for QRPH transactions for merchants until the end of the year, giving micro-entrepreneurs extra earnings while using convenient cashless transactions. Other payment platforms charge up to 2 percent for QR-based or card payments. GCash also continues to offer micro-merchants access to a wallet with a limit of up to P500,000 monthly. GCash also waives the 1.5 percent transaction fee for up to P100,000 in gross sales. The post GCash keeps fee’s subsidy appeared first on Daily Tribune......»»
Metrobank sets transaction limit
Metropolitan Bank & Trust Co. is set to impose a cumulative daily limit on certain transactions via its app and online banking platforms, as part of initiatives to further boost clients security......»»
Summit underscores cutting-edge cybersecurity strategies
A group of innovators, technologists, cybersecurity experts and regulators from Southeast Asia gathered at the recent FinTech Alliance Philippines Digital Transformation Summit, known as INDX3.0, to discuss the urgent need for fortified cybersecurity strategies in the nation’s rapidly evolving digital landscape. The summit, marked by its theme of “INDX3.0_Creating What’s Next in Digital” and championed by the ideals of Dare-Drive-Defy, featured Traxion CEO Ann Cuisia, a prominent figure in the Fintech and cybersecurity realm, as the distinguished moderator of the panel on “Strategic Considerations for Cybersecurity in the Philippines.” “The digital age has ushered in unparalleled opportunities, but with those opportunities come significant responsibilities. Our collective responsibility is to proactively shield our financial technologies from threats that can cripple businesses and our nation’s stability,” said Cuisia during an interview about the engaging panel discussion. As the chairwoman of the Cyber Security Committee of FinTech Alliance Philippines, Cuisia led the engaging dialogue attended by Joey Regala, Saurabh Lal, Roberto Tayag and Dr. Mary Joy Abueg, Undersecretary Alexander Ramos, Capt. Michelle Sabino and Fred Yap delved into multifaceted challenges faced by individuals and businesses in the era of digitization. With an insightful and proactive approach, she steered the conversation toward actionable solutions that could ensure the security of the country’s financial technologies. Cuisia’s moderation aptly underscored the gravity of the cybersecurity landscape, wherein modern conflicts transcend conventional battlefields and extend into the cyber realm. The panelists collectively emphasized the alarming rise of advanced persistent threats targeting organizations, influencers, and even ordinary individuals, underlining the need for comprehensive cybersecurity measures. Moreover, the summit unveiled the significant role of Artificial Intelligence applications in reshaping the fintech landscape. Cuisia highlighted that AI’s transformative potential comes with a heightened responsibility to ensure the security and integrity of these innovations, urging industry players to prioritize safety during AI development. The summit’s focus extended beyond theoretical discussions as concrete measures were brought to the forefront. Cuisia steered the conversation towards actionable solutions, such as the imperative role of public awareness, collaboration between government agencies and trusted fintech partners, and the swift reporting of cybersecurity breaches by corporations and businesses. In an exclusive insight, Cuisia discussed the concept of a “kill switch” for compromised bank accounts. She revealed that some Southeast Asian countries, such as Singapore, have already mandated this protective mechanism to secure mobile and Internet banking transactions. Cuisia urged a proactive approach, advocating for a similar safeguard in the Philippines, assuring enhanced security for the nation’s banking customers. As the INDX3.0 summit concluded, it became evident that Ann Cuisia’s vision for fortified cybersecurity, coupled with her adept moderation, had catalyzed a platform for strategic planning, collaboration, and knowledge-sharing. With cybersecurity challenges evolving and threats becoming more sophisticated, Cuisia’s call to action reverberates: the onus lies on the collective shoulders of industry leaders, experts, and innovators to safeguard the digital future of the Philippines. The post Summit underscores cutting-edge cybersecurity strategies appeared first on Daily Tribune......»»
Security Bank wins award at Asian Banking and Finance Retail Awards
Security Bank Corporation bagged the New Consumer Lending Product of the Year award at the Asian Banking and Finance Retail Banking Awards 2023 for its Complete Cashback Platinum Mastercard. The Complete Cashback Platinum Mastercard was lauded for having the best-in-class rewards and rebate program for practical spending. The tiered rebate structure covers the most relevant everyday spend categories of cardholders: 5 percent rebate on groceries, 4 percent rebate on gas, 3 percent rebate on utilities, 2 percent rebate on dining, and 1 percent rebate on shopping. Moreover, the card offers supplemental benefits like airport lounge access (i.e., Marhaba Lounge at NAIA Terminals 1 and 3), e-commerce purchase protection, and exclusive shopping and dining offers. The card was also recognized for its overall proposition and convenience in terms of experience. Now in its 18th year, the Asian Banking and Finance Retail Banking Awards honored retail banks and financial institutions in the Asia Pacific region for their innovative products, services, and solutions that made a positive impact on customers. The recognition is yet again a testament to the commitment Security Bank shows through its compelling product offerings. Over the years, the Bank has further strengthened the market appreciation of its retail banking business despite the changing market conditions by staying true to its core—providing what customers want and need and investing in what matters to them. “We’re thrilled to receive the ‘New Consumer Lending Product of the Year’ award for our Complete Cashback Platinum Mastercard,” said Maricar Filart, SAVP and Product Management & Communications Head at Security Bank. “This recognition reflects our commitment to providing innovative financial solutions that truly enhance our customers’ lives. We are dedicated to continuously improving our products and setting new standards for excellence in the industry.” In its pursuit to become the most customer-centric bank in the Philippines, Security Bank also recently received praise for its outstanding achievements from other award-giving bodies such as Alpha Southeast Asia and Asiamoney for being the Best Retail Bank in the Philippines and Best Bank for High-Net-Worth clients, respectively. The post Security Bank wins award at Asian Banking and Finance Retail Awards appeared first on Daily Tribune......»»
Promoting responsible design and Filipino craftsmanship
Security Bank and its long-time community partner, ArteFino, have again joined forces for the 2023 ArteFino Festival. This year's artisanal fair promises a bigger and better experience, bringing nearly 150 brands across categories such as men's and women's fashion, home, jewelry, and accessories, to name a few. ArteFino runs from 24 to 27 August 2023 and returns to The Fifth at Rockwell in Power Plant Mall, Makati City. In line with its commitment to building communities sustainably, Security Bank is also sponsoring ArteFino Maker's Lab: Upcycled Design Challenge 2023 to support the call for Filipino craftsmanship and sustainability, as embodied in this year's theme of "Heritage meets Innovation." "We look forward to another partnership between ArteFino and Security Bank as we celebrate the best of Filipino culture and tradecraft. Security Bank is proud to be Filipino. We are one with ArteFino's advocacy to promote responsible retail, highlighting local products crafted with purpose, impact, and intention. All this is anchored on our commitment to sustainability and our mission to enrich lives, empower businesses, and build communities sustainably," says Tanya Deakin, FVP and head of Corporate Communications and Brand at Security Bank. The ArteFino denim upcycling challenge is an event that showcases Filipinos' creativity, resourcefulness, and innovation through the upcycling of old and used materials. Entries will use 80 percent upcycled materials, with 60 percent coming from denim, wood, scrap fabric, plastic, and paper and 20 percent from other materials. The post Promoting responsible design and Filipino craftsmanship appeared first on Daily Tribune......»»
China stops releasing youth jobs data as economic figures disappoint
China said it would stop publishing data on its rising youth unemployment rate on Tuesday, as it released a raft of disappointing figures that stoked concerns over the state of the world's second largest economy. Shortly before the latest uninspiring indicators were published, the central bank cut a key interest rate in an effort to boost flagging growth. Tuesday's data added to a slew of disappointing figures in recent months reflecting a slump in China's post-Covid rebound, with joblessness among 16- to 24-year-olds hitting a record 21.3 percent in June. The country slipped into deflation for the first time in more than two years in July, due to waning consumption and flagging exports. The National Bureau of Statistics on Tuesday said it would no longer release age-group-specific unemployment data starting this month, citing the need to "further improve and optimise labour force survey statistics". "Starting from this August, the release of urban unemployment rates for youth and other age groups across the country will be suspended," bureau spokesman Fu Linghui said at a press conference. Overall, unemployment rose to 5.3 percent in July compared with 5.2 percent in June, the NBS said. As indicators of an economic slowdown have piled up, many experts have called for a large-scale recovery plan to boost activity. But for the time being, authorities are sticking to targeted measures and declarations of support for the private sector -- with little in the way of tangible steps. Slowing retail sales Tuesday's announcement that youth unemployment data would be suspended came as Beijing released a series of weak economic indicators for July. Retail sales, a key gauge of consumption, grew 2.5 percent year-on-year in July, the NBS said, down from 3.1 percent in June and falling short of analyst expectations. Industrial production grew 3.7 percent in July from a year ago, down from 4.4 percent in June. The suspension of youth jobs data "may further weaken global investors' confidence in China", Ting Lu, China economist at Nomura, said in a note. Chinese social media users on Tuesday were skeptical of officials' explanation for the move, with the topic receiving over 140 million views and tens of thousands of comments on the Weibo platform. "Can you solve the problem by gagging and blindfolding yourself?" asked one Beijing-based user in a post liked by more than 3,000 people. Chinese leaders have sought to boost domestic consumption in recent weeks, with the State Council last month releasing a 20-point plan to encourage citizens to spend more in sectors including vehicles, tourism and home appliances. The country's top brass has warned that the economy faces "new difficulties and challenges" as well as "hidden dangers in key areas". The recent data suggests China may struggle to achieve a five percent growth target set for the year. The economy grew just 0.8 percent between the first and second quarters of 2023, according to official figures. Rate cut In a surprise move, the central bank on Tuesday cut the medium-term lending facility rate -- the interest for one-year loans to financial institutions -- from 2.65 percent to 2.5 percent. A lower MLF rate reduces commercial banks' financing costs, in turn encouraging them to lend more and potentially boosting domestic consumption. "We believe the Chinese economy is faced with an imminent downward spiral with the worst yet to come, and the rate cut this morning will be of limited help," Lu of Nomura said. The Consumer Price Index, the main gauge of inflation, fell 0.3 percent in July, the National Bureau of Statistics said last week. China slipped into deflation in July for the first time in more than two years, after a short period of deflation at the end of 2020 due largely to a collapse in the price of pork, the most widely consumed meat in the country. While cheaper goods may appear beneficial for purchasing power, falling prices pose a threat to the broader economy as consumers tend to postpone purchases in the hopes of further reductions. A lack of demand then forces companies to reduce production, freeze hiring or lay off workers, and agree to new discounts to sell off their stocks -- dampening profitability even as costs remain the same. The post China stops releasing youth jobs data as economic figures disappoint appeared first on Daily Tribune......»»
Aboitiz Group furthers ‘Great Transformation’ into 2023
The Aboitiz Group has seen exceptional performance in the first half of 2023, showcasing its "Great Transformation" into the Philippines’ first techglomerate. Leveraging innovation as well as synergies across its diverse business portfolio, the group has solidified its position as a trailblazer of industry. With a strong foundation in place, the Aboitiz Group eagerly sets its sights on forthcoming projects that promise further success and innovation. AboitizPower. The Aboitiz Group’s holdings in power generation and distribution, AboitizPower, continues to support the country’s energy transition and socioeconomic development with its diverse portfolio of thermal and renewable energy power plants, as well as internationally certified asset management capabilities from its distribution utilities. With close to 1,000 megawatts (MW) of ongoing and disclosed energy projects, it is en route to accomplishing its 10-year growth strategy of having at least 9,200 MW in its generation portfolio equally split between RE and thermal sources of energy by the next decade. This journey includes the development of the 17 MW Tiwi Binary Geothermal Power Plant, the 94 MW Cayanga-Bugallon solar facility, and the 167 MW Laoag solar facility. AboitizPower is also looking to begin the construction of its Calatrava Solar project and Olongapo Solar project within the year. These RE investments are complemented by other developments in Battery Energy Storage Systems, like the SN Aboitiz Power 24 MW Magat Battery in Isabela, which — much like the commercially operational 49 MW Maco Battery in Davao de Oro — will help provide regulating and contingency reserve power to the country’s grids. Subsidiaries. Meanwhile, subsidiaries Davao Light and Power Company, Visayan Electric Company, Cotabato Light and Power Company and Subic EnerZone Corporation were the first power DUs in the Philippines to be certified with an ISO 55001:2014 certification for Asset Management, an international standard that attests to the efficiency of how they manage the lifecycle of their assets, i.e., power lines, transformers and substations. This validates the reliability of their services and strengthens the uninterrupted provision of electricity in their respective service areas. Efficient asset management is essential for DUs to successfully manage their infrastructure and optimize maintenance and costs, thereby ensuring regulatory compliance and a reliable bridge between transmission lines and businesses, communities and homes. UnionBank. Union Bank of the Philippines continues on its trajectory of becoming a Great Retail Bank as it has consistently been recognized as one of Asia’s leading companies. Among the many recognitions for the 1st half of 2023 that UnionBank has reaped are: Best Retail Bank in Southeast Asia (Cfi.co), 4-time Best Retail Bank in the PH (The Asian Banker) and 6-time Digital Bank of the Year PH (The Asset). In line with its nation-building “Tech-UP Pilipinas” advocacy, UnionBank’s strategic partnerships have been focused on digitization as an essential element for client success. UnionBank’s determination to be an enabler of the Philippines’ bid to be a G20 country by 2050 is apparent as it continues to nurture and grow its diverse client portfolio that includes corporate, MSME, high net worth as well as local and national government entities. As a recognized trailblazer that embraces technological innovations that empower its customers, UnionBank together with its digital banking arm UnionDigital Bank (UnionDigital), fintech arm UBX and thrift arm City Savings Bank (CitySavings) showcased its expertise in artificial intelligence at the first AI Summit PH 2023 last May. The first half of the year also saw UnionBank’s commitment to offering clients amazing and exclusive experiences through partnerships with Live Nation (for world-tour concerts) and GMG productions (for the Hamilton musical). “The investments we made last year have exceeded our expectations. UnionDigital is already profitable after less than a year in operation. There is strong momentum in the acquired credit cards business from Citi. New-to-bank card customers are at a record level. We are geared up to grow our retail banking business. Our infrastructure is ready for scale. We have sufficient capital coming from the recent stock rights offering to further grow our earning asset capital base,” said UnionBank president and CEO Edwin R. Bautista. Aboitiz InfraCapital. Aboitiz InfraCapital remains on track with its purpose of enabling businesses and uplifting communities. AIC Economic Estates maintains its position as the leader in industrial-anchored mixed-use development nationwide, with the largest footprint of developed industrial estates as well as the single largest privately owned industrial estate in Lipa-Malvar, Batangas– LIMA Estate. 2023 marked LIMA Estate’s 25th anniversary, as well as the 30th year of West Cebu Estate in Cebu. These estates are undergoing industrial and commercial expansion to accommodate more locators and create approximately 90,000 employment opportunities. Water business. For AIC’s water business units, Apo Agua can now produce safe and reliable water for the Davao City Water District’s water reservoirs. Apo Agua’s laboratory has also obtained accreditation for drinking water analysis from the Department of Health. AIC's LIMA Water, on the other hand, continues to operationally benefit from its SMART Water Network, leading to reduced fuel consumption and high facility uptime. Digital infrastructure. In the digital infrastructure landscape, Unity Digital Infrastructure completed the first closing of a total of 250 sites from its acquisition of over 1,000 telecom towers from Smart-PLDT and Globe Telecom. Additionally, Unity marked a major milestone by successfully co-locating three Mobile Network Operator tenants (Globe, Smart and DITO) in one of its towers in Cebu. The three-tenant tower is the first in the Philippines and showcases the effectiveness of the shared tower model in support of the government's drive to improve digital connectivity through the common tower initiative. Mactan-Cebu International Airport. Mactan-Cebu International Airport surpassed expectations with significant growth in passenger traffic, peaking at around 5 million passengers in the first half of this year, more than double the previous year. The resumption of major international routes, such as Shanghai and Taipei, and improved aircraft availability are expected to further boost traffic in the second half of the year. MCIA's excellence in promoting the airport and in ensuring customer experience was also recognized, as it received the Routes Asia 2023 Marketing Award in the 5 million category and became the first airport in the Philippines to be accredited by the Airports Council International for its Airport Customer Experience. The post Aboitiz Group furthers ‘Great Transformation’ into 2023 appeared first on Daily Tribune......»»
Inflation slowdown prods loans appetite
Economists expect the demand for loans to rise this year as inflation has eased further and prospects of stable interest rates strengthen. Inflation slowed further to 4.7 percent in July from 5.4 percent in June and the peak of 8.7 percent in January due to cheaper prices of food, housing, fuels and utilities, data from the Philippine Statistics Authority revealed. However, prices in restaurants and accommodations increased to 10.1 percent from 9.8 percent in Metro Manila. Growth was likely brought by high demand for food services, which signals strong financial capacities among consumers. “Strong demand from consumers is probably preventing this from falling faster as they continue to spend heavily on these services after the pandemic,” Jun Neri, chief economist of Bank of the Philippine Islands, said. In a text message to the Daily Tribune, BDO Unibank Inc.’s official statement added that “loan demand may be driven more by consumer demand and potential infrastructure projects.” Prices of most goods and services or core inflation, which excludes volatile items like food and gas, fell to 6.7 percent from 7.4 percent. With the possible inflation downtrend, economists said consumers could have more money to spend and commercial banks could charge more manageable costs of borrowing based on the policy rate of Bangko Sentral ng Pilipinas or BSP. “The current path of inflation gives BSP the space to keep rates steady until the end of the year,” Neri said. 2% to 4% inflation BSP aims to pull inflation within the range of 2 percent and 4 percent this year by adjusting its policy rates. Its Monetary Board will announce its next move on 15 August after keeping the rate at 6.25 percent. While BSP often matches the move of the US Federal Reserve, which increased its rate by 0.25 basis point last month, local economists said imposing several hikes this year is unlikely despite possible higher inflation from costlier food prices caused by the recent typhoon and El Nino. Neri said these weather disturbances could reduce food supplies, especially rice and increase their prices through weaker agricultural production and less imports. “El Nino is a global phenomenon that could affect the food production of other countries. India recently announced a ban on the export of non-basmati white rice, while a Thai government agency has encouraged farmers to plant less rice to save on water,” he said. Dan Roces, chief economist of Security Bank Corp., believed a likely small increase in BSP policy rate would be enforced this year as bank executives wait for its full disinflationary effect. “With this, loan rates and demand may still exhibit some growth as monetary policy operates with a lag. A pronounced slowdown in loans, if any, may occur in 2024 should monetary policy remain elevated for long.” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added that stable rates for this year is possible as long as there will be no major negative turns in the economy. “The markets recently priced in lower odds of another 0.25 Federal Reserve’s rate hike for the rest of 2023, thereby supporting a possible pause on Fed and local policy rates, as supported by inflation moving closer to the inflation target of the central banks for both countries.” The post Inflation slowdown prods loans appetite appeared first on Daily Tribune......»»