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Big Dome, MOA eyed for FIVB world meet
The Philippines will be the only second Asian country, next to Japan, to host the FIVB Men’s World Championship when the 32 best teams in the world converge on local soil to duke it out for the coveted volley crown on Sept. 12 to 28 next year......»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»
ADB approves 655,000 USD to help Philippine rural banks digitization
MANILA, Feb. 19 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will provide grants totaling 655,000 U.S. dollars for the digitization of nine rural banks and a bank consortium in the Philippines. The grants are part of ADB's Fintech for Inclusion Transformation (FIT) program. The grant awardees were chosen from among rural banks nationwide serving women, farmers, fisherfolk, and micro, sma.....»»
Oil prices jump as Hamas attack on Israel fuels supply fears
Oil prices rallied while the dollar and yen advanced Monday after Hamas launched a shock attack on Israel at the weekend, sparking fresh concerns about tensions in the Middle East. The crisis fanned concerns about supplies of crude from the region at a time when supply worries are already high owing to Saudi Arabia and Russia's output cuts. It has also renewed fears about the impact on inflation, with energy costs a key driver of spiking prices, giving a fresh headache to central banks as they try to ease up on interest rate hikes to avoid recessions. The surprise attack and Israel's declaration of war in response to it have left more than 1,000 dead and raised concerns that a potential broadening of the conflict could draw in the United States and Iran. "Key for markets is whether the conflict remains contained or spreads to involve other regions, particularly Saudi Arabia," said ANZ Group's Brian Martin and Daniel Hynes. "Initially at least, it seems markets will assume the situation will remain limited in scope, duration, and oil-price consequences. But higher volatility can be expected." Both main contracts surged more than five percent in early Asian business before easing back as the day wore on. However, SPI Asset Management's Stephen Innes warned: "Historical analysis suggests that oil prices tend to experience sustained gains after the Middle East crises. "Meanwhile, stocks tend to eventually recover and trend higher after an initial period of volatility. Safe-haven assets like gold and Treasurys, which initially see gains during such crises, tend to fade from their initial price spikes as the situation stabilizes. "But with Middle East analysts considering this to be a pivotal moment for Israel, the view looks incendiary in any current scenario." A decidedly risk-off mood also saw investors push into the safety of the dollar, which was up against the pound and euro, as well as the Australian and New Zealand dollars. The yen, considered one of the safest currencies, strengthened against the greenback, though it still remains locked around 11-month lows. Gold, another key haven, gained more than one percent. Equity markets were mixed, with Shanghai dropping on its first day back after a week-long holiday as investors continue to fret over the stuttering Chinese economy. There were also losses in Mumbai, Singapore, Manila, Bangkok and Wellington, though Hong Kong rose as it opened in the afternoon, having been closed in the morning owing to a typhoon. Sydney and Jakarta eked out gains. Tokyo was closed for a holiday. London edged up at the open while Paris and Frankfurt were lower. The tepid performance came despite a rally on Wall Street, where traders welcomed data showing a forecast-busting jump in new jobs but wage growth slowing. The "Goldilocks" figures -- neither too strong nor too weak -- lifted optimism the world's top economy can avoid a recession even as the Federal Reserve keeps rates elevated. Still, there are worries the bank will hike one more time before the end of the year, with officials determined to bring inflation to heel and keep it at their two percent target. Key figures around 0715 GMT West Texas Intermediate: UP 3.5 percent at $85.69 per barrel Brent North Sea crude: UP 3.1 percent at $87.23 per barrel Hong Kong - Hang Seng Index: UP 0.4 percent at 17,552.01 Shanghai - Composite: DOWN 0.4 percent at 3,096.92 (close) London - FTSE 100: UP 0.3 percent at 7,518.16 Tokyo - Nikkei 225: Closed for a holiday Euro/dollar: DOWN at $1.0540 from $1.0588 on Friday Pound/dollar: DOWN at $1.2195 from $1.2234 Dollar/yen: DOWN at 149.15 yen from 149.30 yen Euro/pound: DOWN at 86.49 pence from 86.52 pence New York - Dow: UP 0.9 percent at 33,407.58 (close) (Bloomberg News contributed to this story) The post Oil prices jump as Hamas attack on Israel fuels supply fears appeared first on Daily Tribune......»»
Regional economies slowing down — WB
The World Bank expects East Asia and Pacific economies, excluding China, to grow by 4.6 percent this year as the Philippines catches up with digitalization. The WB prediction is slower than the previous 4.9 percent estimate announced by the multinational financial institution in April. If China is included, economic growth in the region is projected to settle at five percent, the World Bank’s report from Washington said last Sunday. “This is higher than average growth projected for all other emerging market and developing economies but lower than previously projected,” the World Bank said. “The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world, even if growth is moderating,” World Bank East Asia and Pacific vice president Manuela Ferro said. The multinational financial institution said the region might continue to face challenges in supplies of goods as more typhoons hit the region in the fourth quarter this year and climate change persists. Geopolitical tensions The World Bank added geopolitical tensions aside from the Russia-Ukraine war threatens to further hamper trade. China, the world’s second largest economy, and the US have been exchanging export bans, especially on electronic and technology products. Meanwhile, the Philippines and other Southeast Asian states are protesting against China’s aggression in the West Philippine Sea. For these reasons, the World Bank said prices of goods and services might rise, forcing central banks in the region’s developing countries to raise interest rates to prevent inflation from accelerating further. However, this means consumers might cut back spending on certain goods and services, while businesses slow operations. Borrowing costs to remain high “Therefore, borrowing costs will likely remain high, constraining room for spending and raising the risk of debt distress in some countries. Furthermore, high indebtedness, combined with rising costs of servicing debt, will weigh on private investments,” the World Bank said. For its 2024 forecast, the bank is more optimistic that the region’s economy excluding China’s will expand from 4.6 percent to 4.7 percent. “Growth in the rest of the region is expected to edge up, as recovery in global growth and easing of financial conditions offsets the impact of slowing growth in China and trade policy measures in other countries,” the World Bank said. Philippine economic growth is seen to improve to 5.9 percent next year from a 5.6 percent forecast for this year. Meanwhile, China’s economy could shrink by 4.4 percent next year from a 4.8 percent estimate for 2023 due to persisting elevated debt, tamer demand for real estate, and aging population. Sustaining high growth to require reforms “Over the medium term, sustaining high growth will require reforms to maintain industrial competitiveness, diversify trading partners, and unleash the productivity-enhancing and job-creating potential of the services sector,” Ferro said. The World Bank reported digitalization and other reforms in government services in the Philippines increased productivity of firms by 1.5 percent from 2010 to 2019. Digital technologies, for example, can spread education and health services in the provinces to ensure a bigger pool of high-skilled and energetic workers. The post Regional economies slowing down — WB appeared first on Daily Tribune......»»
Metrobank gets global recognitions for exceptional performance
Built on trust, Metropolitan Bank & Trust Co. has been recognized as the Strongest Bank in the Philippines by The Asian Banker for the third straight year and the Best Domestic Bank in the country by Asiamoney. This attests to the Bank’s strength and reliability in putting its clients in good hands. The Bank gained these prestigious international recognitions from The Asian Banker and Asiamoney for its consistent strong financial performance across the board. In the first half of 2023, Metrobank maintained a strong 34 percent growth in net income of P20.9 billion, fueled by the Bank’s expanding assets, enhanced margins, and robust fee income growth while sustaining a stable asset quality. One of the World’s Best Companies On top of these awards, the Bank was also listed by TIME Magazine and Statista as one of the World’s Best Companies. The “World’s Best Companies” is a comprehensive list that ranks top performing companies across the globe based on employee satisfaction, revenue growth, and sustainability. “We’re honored to receive these back-to-back recognitions, especially as we celebrate the Bank’s 61st anniversary. At Metrobank, we always strive for excellence — whether it be in addressing our clients’ needs, achieving exceptional financial performance across our business, or contributing to nation-building. These awards are testaments to the steadfast commitment and relentless drive of each Metrobanker to keep Filipinos in good hands,” said Metrobank president Fabian Dee. Reliable partner through Filipinos’ financial journey For decades, Metrobank served as a reliable partner for Filipinos throughout their life journey — providing them financial services and guidance that are tailor-fit to their needs, even as they now navigate a modern and digital world. But before offering them a product or a service, every Metrobanker ensures that their clients fully and clearly understand the financial products and services they will avail of. The Bank’s mission to enable Filipinos throughout their financial journey goes beyond simply offering relevant solutions. Despite its financial success, the Bank’s priority and advocacy is to educate Filipinos first as they step into their financial journey. This is to make sure that every client makes a fully-informed financial decision and know how to protect themselves against fraud. This is made evident through Metrobank’s sustained financial education efforts — designed to equip Filipinos with reliable financial advice, fit for every life stage. In 2022, Metrobank introduced a comprehensive personal finance e-book developed to help Filipinos to become financially resilient. Meanwhile, the Bank’s Earnest app aims to simplify investing, through bite-sized lesson cards and easy-to-understand articles that cover basic investing concepts. For more advanced investors, there is Wealth Insights, an online portal that contains publicly accessible market-moving news and insights, as well as exclusive premium content that includes bespoke articles which dive deep into timely and actionable investment ideas. Meanwhile, Metrobank provides its clients with regular reminders and guidance to protect themselves against fraudulent transactions via SMS, emails, and social media posts. Today, Filipinos can easily start their financial journey by going to Metrobank’s hundreds of branches nationwide or digitally via the Earnest app. Those aiming to further grow their funds through investments can do so with Metrobank’s Online Time Deposit, which offers an interest rate of up to 4.5 percent, or through Metrobank’s wide-range of unit investment trust funds (UITF). With its commitment to give customers a safe, simple and secure experience on the NEW Metrobank app, the Bank recently introduced its interoperable QR feature, which allows on-the- go clients to enjoy more convenient fund transfers to and from other banks and e-wallets. Meanwhile, clients who are ready for a life upgrade - be it a new car or their dream home, can avail of Metrobank’s home and car loan offers with affordable rates and flexible payment terms. Growth partner for businesses Metrobank’s services transcends from customers to enterprises. When Metrobank was founded in 1962, it was primarily built to be a bank for businesses. Over six decades later, the Bank continues to stay true to its roots by offering a full suite of best-in-class financial solutions designed to serve enterprises of all sizes — from SMEs to large corporations based here and abroad. The post Metrobank gets global recognitions for exceptional performance appeared first on Daily Tribune......»»
Markets rise as traders look past rate hikes
Most Asian stock markets rose yesterday, reversing early losses and a selloff on Wall Street, as traders contemplate further interest rate hikes by central banks to tame inflation......»»
ADB, Deutsche Bank offering SME loans
The Asian Development Bank has partnered with Deutsche Bank to fund operations of small and medium enterprises or SMEs, especially those in the pharmaceutical and agriculture industries. The two banks signed an agreement to utilize ADB’s Trade and Supply Chain Finance Program and Deutsche Bank’s funds from revenues of its global network of large corporate clients to boost working capital for SMEs. “Partnering with Deutsche Bank will allow companies, particularly SMEs, to access the global supply chain which can spur economic growth and contribute to job creation,” ADB’s Director General for Private Sector Operations Suzanne Gaboury said in a statement last Tuesday. “Together, we will help smaller companies achieve growth through better access to supply chain financing. We believe this is important, as we are seeing increasing demand for this in the trade sector,” Deutsche Bank Head of Trade Finance and Lending for Asia Pacific Matthew Moodey said. The ADB said businesses demand around $2.5 trillion to sustain operations, but SMEs remain the least supported. With its partnership with Deutsche Bank, ADB said SMEs can boost trade in Asia and the Pacific, generating additional revenues amounting to over $200 million. The bank added pharmaceutical and agriculture products and services will be high in demand as the world population expands and countries prevent another pandemic and fight climate change. The post ADB, Deutsche Bank offering SME loans appeared first on Daily Tribune......»»
Even Indian lenders drawn to SBCorp’s P3
A high-ranking official of a Department of Trade and Industry-attached agency has revealed that even traditional Indian lenders based in the Philippines want to avail of the Pondo sa Pagbabago at Pag-Asenso, or P3, Program of the government. Small Business Corporation or SBCorp president and CEO Robert Bastillo made the revelation when he guested on the second Daily Tribune’s Asian Innovation Forum on Tuesday. He said half of the funds allocated to P3 are meant for cooperatives, micro-finance institutions, and private financing companies that have members that can easily access micro-entrepreneurs, particularly those who own sari-sari or small stores. “P3 was conceptualized to combat loan sharks or informal money lenders. When we visited a cooperative in a municipality in Bicol recently, we discovered that Indian lenders were now lowering their interest rate to 5 percent per month,” Bastillo said. “Surprisingly, some Indian lenders even wanted to avail themselves of our P3 program. If that is the case, it means the program has an impact,” he added. He explained that SBCorp is ready to provide funding to micro and small entrepreneurs to eventually expand operations in the long run or when banking institutions are not yet ready to provide MSE loans to them due to a lack of a banking track record. “That is why we are asking Congress to add more funds to SBCorp. The current fund is not enough to help MSMEs in their entrepreneurial journey,” he said. SBCorp estimated that there is a P300 to P400 billion financing gap in the country, which means that banking institutions, even cooperatives, and microfinancing institutions are not able to respond to the needs of MSE lenders. “We are asking for P50 billion for our total capital, including our current fund. While for the P3, we are aiming to make it a full-fledged law for it to have automatic appropriations. We aim that 10 to 15 percent of the current financing gap will be given to us, enough to serve MSEs and cooperatives, among others,” he said. In March 2023, the House of Representatives approved on third and final reading of House Bill 7363, or the proposed P3 Act, with an overwhelming 278 votes. The “P3 Act aims to provide an affordable, accessible, and simple financing program for MSEs, especially those in the poorest populations and underserved areas. HB 7363 mandates the creation of the P3 Fund, which shall be lent out to qualified MSEs under such terms and conditions that will meet the purposes of the Act. The P3 Fund shall be accessible through the SBCorp. and accredited partner financial institutions such as rural banks, thrift banks, development banks, cooperative banks, cooperatives, non-stock savings and loan associations, microfinance non-government organizations and lending companies. Currently, the P3 Program, with an annual allocation of P1.5 billion from the national government, is intended to provide micro-entrepreneurs with an alternative source of financing that is easy to access at a reasonable interest rate, that is in a safe environment away from dubious practices of informal lenders, and that is sustainable as delinquent borrowers are effectively barred from borrowing in the next loan cycle. Under the P3 Program, a microenterprise can borrow between P5,000 and P200,000, depending on its business status and repayment capacity, with no collateral requirement. Interest rates and service fees, all in, do not exceed 2.5 percent monthly. The post Even Indian lenders drawn to SBCorp’s P3 appeared first on Daily Tribune......»»
ASEAN ramps up regional payment connectivity
The Association of Southeast Asian Nations is further ramping up cross-border payments to include State Bank of Vietnam , bringing to six the number of central banks joining the regional payment connectivity initiative......»»
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......»»
DoF: Rural banks should adopt tech
Rural banks must speed up the integration of digital services in their systems to allow more Filipinos to obtain various financial services, Finance Secretary Benjamin Diokno said. “The digital divide has continued to widen, leaving vulnerable sectors of the society on the margins of economic progress,” Diokno said in a statement shared Monday by the Rural Bankers Association of the Philippines. RBAP has at least 400 members and is celebrating their rural banking consciousness week until Saturday with the theme “Rural Banks: Ensuring that No Juan is Left Behind in the Age of Digitalization.” He stressed the digital gap in banking among Filipinos is evident despite the rise of digital technologies in banking, including mobile apps and the cloud system which is an online data-sharing tool and computer programs manager. A 2022 survey by the Bangko Sentral ng Pilipinas showed 55 banks could adopt digital technologies efficiently. “With accelerated adoption of digital technologies in recent years, access to financial services and critical information has never been more readily available to the general public. DoF supports RBAP’s initiative to integrate financial technologies in their services to expand access to formal credit,” the finance chief said. Opportunity to expand services Citing the performance of ASA Philippines, a microfinance lender to rural entrepreneurs, the Asian Development Bank said rural banks could expand their loan portfolios by over 50 percent using cloud technology. To help modernize the systems of rural banks, global market analyst McKinsey & Company said foreign expertise and resources can be tapped to reach over 71 million Internet users in the Philippines and the projected growth in Filipinos with bank accounts from 50.3 million to 85 million by 2030. “The underserved rural sector is well suited to digital-first or hybrid offerings, and recent changes to onboarding requirements and agent-banking rules are designed to enable digital service providers to maximize the impact of the country’s limited rural banking infrastructure,” McKinsey analysts said. The post DoF: Rural banks should adopt tech appeared first on Daily Tribune......»»
Inflation’s upside risks not ruled out as BSP set to decide on rate hike
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona said that the country is "not out of the woods" yet and that the central bank will decide on rate hikes this month, even though inflation rates have decreased recently. Data from the Philippine Statistics Authority (PSA) showed on Friday that consumer price growth eased in July as the economy continued to deal with the effects of strong interest rate hikes. Inflation slowed to 4.7 percent year-on-year in July, less than the 5.4 percent seen in June and the 6.4 percent seen a year earlier. "We're looking very carefully at the numbers. So far, inflation rates have been coming down but there's upside risks. And so, we're not out of the woods," the newly appointed governor said in a television interview. But Remolona said that if the numbers show that rates need to be adjusted, BSP is ready to do so at their next policy meeting on 17 August. Remolona also said that the recent policies of nearby Asian countries like India, Thailand, and Vietnam, which raise the prices of goods, add to the pressure on rates. "We're not out of the woods yet because of these kinds of factors, supply side factors," he noted. "We're continuing to watch the data and we're gonna be ready to raise if necessary," he added. Meanwhile, ING Bank in Manila senior economist Nicholas Antonio Mapa mentioned that easing inflation is not enough to prompt the central bank to start cutting rates. “Furthermore, with the BSP currently holding on to a relatively narrow 75bps spread of the Fed, we believe that any decision to reverse into easing mode will still be tied to potential rate cuts by the Fed,” he said in an emailed commentary. “Thus, BSP is projected to be on hold in the near term while monitoring domestic price trends and global developments such as moves by major central banks like the Fed,” Mapa added. China Banking Corp. chief economist Domini Velasquez expects the BSP to maintain its rate pause stance, even considering the rate differential with the US Federal Reserve's 5.25 to 5.5 percent range. "Although inflation is still expected to fall below the BSP's 4.0% target by October, upside risks are increasing. Higher rice prices both domestically and globally is the key risk," she said in a Viber message. The post Inflation’s upside risks not ruled out as BSP set to decide on rate hike appeared first on Daily Tribune......»»
DTI-UNIDO, innovation leaders gather to advance Industry 4.0 agenda
In partnership with the Department of Trade and Industry Competitiveness and Innovation Group and with support from the Korean International Cooperation Agency, the United Nations Industrial Development Organization spearheaded the Policy Forum on the Advancement of Industry 4.0 and Digital Transformation of Industries in the Philippines on 21 July 2023 at the Makati Diamond Residences, gathering around 50 innovation leaders from the government, private sector, academe and development partners. The forum fostered an open dialogue with industry experts through a panel discussion. DTI CIG Undersecretary Rafaelita M. Aldaba underscored the Philippines' exceptional proficiency in services and highlighted the potential of Industry 4.0 technologies in further enhancing this aspect, “We can link our services with manufacturing, agriculture and others, especially with the presence of these new technologies which would really require a lot of digital skills, software applications development, etc. These are things and areas that the Philippines has a comparative advantage,” she emphasized. The panelists aligned with this perspective as they shed light on how I4.0 continuously shapes society. Arnel Cabungcal, assistant vice president for manufacturing operations services and technology of UNILAB, Inc., highlighted the profound impact of Artificial Intelligence. “During the pandemic, through an emergency use authorization, the standard eight-year approval process of the vaccine was reduced to only eight months, with the aid of AI”, he said. Chief operating officer of Ionics-EMS Inc. Jay Chavez chimed in with his own experience of adopting smart manufacturing in the company’s operations and its impact on job placements. “With smart manufacturing increasing our production, we had to hire more people to do higher value tasks while remaining cost-effective”, he said. The importance of enabling policies also greatly surfaced through the discussion as Emmanuel Lazaro Estrada, senior vice president for regulatory development and strategy of Globe Telecom, Inc., was quoted as saying that “policies should be practical and human-centered.” Anders Isaksson, UNIDO chief of the capacity development and policy advice unit, supported this idea and reiterated the call for a needs-based approach. “Knowing what needs to be done is very important for defining policy areas and reducing policy uncertainties,” he said, while adding the connection running from innovation to I4.0 to productivity growth and welfare enhancement. “The successful adoption of I4.0 banks on the implementation of the right policy mix. This mix should not only focus on pro-I4.0 policies but also on redistribution and compensation policies at the very design stage to reduce the costs of potential disruption and transition [due to I4.0]”, stressed Isaksson. Crafting and institutionalizing such policies would require much effort from the government, according to Dr. Jamil Paolo S. Francisco, Asian Institute of Management’s executive director for the Rizalino S. Navarro Policy Center for Competitiveness. “Government should help individuals, companies, and startups become more agile”, Francisco said. Melvin Jeffrey Chan, vice president and head for enterprise innovation, business development, and consulting and presales of PLDT Enterprise, zoomed in on the critical role of the National Innovation Council. “The NIC joined the forces of the brightest minds in the country, whether they are from the public or private sector, to drive things forward through the formulation of policies and building technologies,” he pointed out. Apart from the enriching panel discussion, the forum also marked the culmination of a week-long workshop held in Pico De Loro, Batangas from 17 to 20 July 2023, participated in by a roster of innovative policy and thought leaders from select government agencies. UNIDO country representative Engr. Teddy Monroy lauded this initiative for igniting the commitment of the participating agencies to this cause, characterizing I4.0 as “a game-changer as it triggers a productive shift bringing increased efficiency and transformation of the global landscape.”. The forum capped off with assurance and support from Dr. Joseph Capuno, the National Economic and Development Authority Undersecretary for Investment Programming Group. He remarked, “Rest assured that the Philippine Government remains committed to embracing digital transformation and harnessing the power of technology to guide social and economic transformation as embodied in the Philippine Development Plan 2023-2028.” In collaboration with other development partners, the DTI and UNIDO aim to sustain the momentum and ongoing dialogue and remain dedicated to driving sustainable development through innovation. As part of this commitment, the participants will continue to gain practical experience through site visits to leading I4.0 companies, technology clusters, innovation agencies, think tanks, and business associations worldwide in the upcoming phase. The post DTI-UNIDO, innovation leaders gather to advance Industry 4.0 agenda appeared first on Daily Tribune......»»
2nd State of the Nation Address
Anti-inflation measures Crafting of Medium-Term Fiscal Framework supported by Congress Implementation of strategies to capacitate economic sectors Results (1) 7.6 percent growth in 2022 — highest rate in 46 years. (2) January to March 2023 — 6.4 growth percent (within 6 to 7 percent target) (3) Philippines considered to be among fastest-growing economies in the Asian region and in the world (4) Strong and stable financial system (5) Banks have strong capital and liquidity positions. (6) Digital economy contributed P2 trillion in 2022, the equivalent of 9.4 percent of our GDP. (7) World Bank projects a 6 percent overall growth rate due to strong local demand, consumer spending, strength from the BPO industry, steady flow of remittances, and continuing jobs recovery (8) Inflation rate eased up from 8.7 percent in January to 5.4 percent in June. (9) Bureau of Internal Revenue posted P1.05 trillion collections — an increase of almost 10 percent over the last year (10) Bureau of Customs increased collection by 7.4 percent for the first seven months of 2023, amounting to P476 billion. (11) PAGCOR increased collection by 47.9 percent (12) PCSO increased collection by 20 percent Reduction of prices of commodities like rice, meat, fish, vegetables and sugar Roll out of more than 7,000 KADIWA stores nationwide that link farmers with consumers, benefited 1.8 million families Agriculture Science-based methods toward food security Revision of Fisheries Code Unify 300 farm and fisheries clusters composed of 900 cooperatives Extensive technology training like the use of local bio-fertilizers Distribution of farm machinery, tools and inclement Distribution of more than 5 million rice seedlings and other crops Fuel at fertilizer discount vouchers Geo-Agri map of farm-to-market roads Irrigated 49,000 hectares of farmlands across the country. Constructed 4,000 additional fabrication labs, production at cold storage facilities Built 24 multi-species hatcheries to increase fisheries production Anti-animal pest monitoring, medicines, and vaccines Cloud seeding and buffer stocks in preparation for El Niño 70,000 agrarian land titles distributed Signing of EO No. 4. Or New Agrarian Emancipation Act the condoned P57-billion farmers’ loans Smuggling and hoarding Days of smugglers and hoarders are numbered Water Supply Creation of Water Resources Management Office Working for legislation of Department of Water Resource Management Allocated P14.6 billion for water supply projects Completion of Wawa Bulk Water Supply Project Phase 1 Installed 6,0000 rainwater collection systems across the country Infrastructure 8.3-trillion peso “Build, Better, More” Program in progress 194 flagship projects Continuation of “Build, Build, Build” projects Infrastructure spending stays at 5 to 6 percent of GDP 1,200-kilometer Luzon Spine Expressway Network Program will effectively connect Ilocos to Bicol from 20 hours to just 9 hours of travel Under Mega-Bridge Program, 12 bridges totaling 90 kilometers will be constructed including Bataan-Cavite Interlink Bridge and the Panay-Guimaras-Negros Island Bridges, and Samal Island-Davao City Connector Bridge As of June 2023, 4,000 kilometers of roads and 500 bridges have been constructed, maintained and upgraded Completed Cebu’s Pier 88 smart port, new passenger terminal buildings of Clark Airport and Port of Calapan. North-South Commuter Railway System now in full swing Strategic financing Enactment into law of Maharlika Investment Fund Social security Funds for the social security and public health insurance intact and separate Energy and Power Generation Price of crude oil stabilized Since last year, gasoline and diesel prices have gone down by 18 to 29 percent, respectively. Built 8 new additional power plants, bringing to 17 the total number of power generation facilities Energy production increased by 1,174 megawatts. Almost half a million homes given access to electricity; 100 percent household electrification by June 2028 Renewable energy is the way forward Promotion of renewables targets 35 percent share in the power mix by 2030, and 50 percent by 2040 Opened renewable energy projects to foreign investments Since last year, an additional 126 renewable energy contracts with potential capacity of 31,000 megawatts awarded. To date, more than 1,000 active projects all over the country — 299 are solar, 187 are wind, 436 are hydroelectric, 58 are biomass, 36 are geothermal, and 9 are ocean-powered. Malampaya project is boon, energizing 20 percent of Luzon; renewal of the contract guarantees continued revenues and energy production for another 15 years Push for more gas exploration in other parts of the country Partnered with the BARMM in regard to energy exploration and development The Philippines now has a Unified National Grid with the interconnection of the Luzon, Visayas and Mindanao grids “One Grid, One Market” will enable more efficient transfers and more competitive pricing of electricity Performance review of National Grid Corporation of the Philippines to complete all of its deliverables, starting with the vital Mindanao-Visayas and Cebu-Negros-Panay interconnections. Social welfare Enough funds for underprivileged DSWD, DoLE, DepEd, TESDA and CHEd involved in providing assistance Programs like AICS, TUPAD, TVET for Social Equity, Social Pension for Indigent Senior Citizens, Cash-for-Work for PWDs, and Integrated Livelihood Program-Kabuhayan available for indigents Social protection Pension of the military and the uniformed personnel is as important, urgent, and humanitarian as that of all other civilian Filipino employees Working closely with Congress to ease the transition from the old system to the new one, to guarantee that no effects are felt by those in the uniformed services. The post 2nd State of the Nation Address appeared first on Daily Tribune......»»
Marcos’ to visit Malaysia after his second SoNA — Daza
President Ferdinand Marcos Jr.'s state visit to Malaysia after his second State of the Nation Address is expected to improve trade and business between the Philippines and its Southeast Asian neighbor, a foreign affairs official said on Friday. During the Malacañang Press Briefing, Department of Affairs spokesperson Maria Teresita Daza said Marcos will leave Manila for Kuala Lumpur next week after the King of Malaysia has asked the President and First Lady Marie Louise "Liza" Araneta-Marcos to visit the country. "During the visit, the President will have an audience with the King of Malaysia and a meeting with Prime Minister Anwar Ibrahim to identify new areas of synergy between the two countries," Daza said. Daza told reporters in a separate interview that Marcos and Ibrahim will talk about farmland, food security, tourism, the digital economy, tourism, and exchanges between people. Also, they will work together in new areas, such as the Halal Industry and Islamic banks. Malaysia is one of the Philippines' top ten trade partners and will be the country's 22nd source of approved investments in 2022. The government hopes a meeting with Malaysian businesspeople will lead to investment commitments. "This reciprocal visit between the leaders of both countries in 2023 is a testament to the reintegrated relationship between the Philippines and Malaysia," Daza said. The DFA official did not say what deals would be signed during the state visit. She added that it is still determined whether Marcos and Malaysian officials will also discuss the Philippines' claim on Sabah next week. Daza further mentioned that Marcos would meet with Filipinos in Malaysia during the trip and "personally inform them of the administration's plans and programs for overseas Filipinos." "It's safe to assume that the programs of the government relative to the welfare, the promotion of the welfare of our migrant workers will be raised," Daza added. When asked about the delegation joining the President on the state visit to Malaysia, Daza said Cabinet members and officials of the economic team would join Marcos since there is an activity regarding meeting with the Malaysian business people. "He is also expected to bring a business delegation to Malaysia as part of his trade and investment promotion during the state visit," Daza said. The post Marcos’ to visit Malaysia after his second SoNA — Daza appeared first on Daily Tribune......»»
Outlook dims, Asia estimates reduced
The Asian Development Bank had cut its forecast for economic growth in developing Asia for next year, but it kept its estimates for 2023. The fact that the ADB reduced its estimate for 2024 from 4.8 percent to 4.7 percent showed that the global outlook is “dimmed by the delayed effects of interest rate hikes.” In an update to its Asian Development Outlook report, which came out on Wednesday, the ADB said that it still expects the region to grow by 4.8 percent in 2023, which is the same as what it said in April. “Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed,” the Manila-based multilateral lender said. “However, consumption and investment are forecast to boost aggregate regional growth,” it added. Prices cooling This year, the region’s overall inflation is expected to slow down to 3.6 percent, which is much less than the 4.2 percent predicted last year. Prices should go up by 3.4 percent next year. As supply-side forces went down and monetary tightening took hold, the ADB said, headline inflation went back to where it was before the pandemic. The ADB said that most central banks have kept their policy rates the same this year and that “signs have emerged of a shift toward easing.” The biggest economy in the area, China, is expected to grow by 5 percent this year and 4.5 percent next year, which is the same as what was projected in April. “Growth in manufacturing investment is expected to moderate in line with cooling exports, while that of infrastructure investment is likely to remain stable,” the ADB said of China’s outlook. “Monetary and fiscal policies will continue to support economic recovery, particularly to boost domestic demand.” This year, the economy of the trade-dependent Southeast Asian country Vietnam is expected to grow slowly to 5.8 percent, down from 6.5 percent in April. The ADB says it will grow by 6.2 percent next year, which is less than the 6.8 percent growth rate that was predicted before. ADB also kept the growth predictions for India, one of the largest economies in the region at 6.4 percent and 6.7 percent, respectively, “supported by upbeat domestic demand.” The post Outlook dims, Asia estimates reduced appeared first on Daily Tribune......»»
Global outlook dims, ADB cuts growth estimates from 4.8 percent to 4.7
The Asian Development Bank cut its forecast for economic growth in developing Asia for next year, but it kept its estimates for 2023. The fact that the ADB cut its estimate for 2024 from 4.8 percent to 4.7 percent shows that the global outlook is "dimmed by the delayed effects of interest rate hikes." In an update to its Asian Development Outlook report, which came out on Wednesday, the ADB said that it still expects the region to grow by 4.8 percent in 2023, which is the same as what it said in April. "Exports from developing Asia weakened in the first quarter of 2023 as global demand slowed," the Manila-based multilateral lender said. "However, consumption and investment are forecast to boost aggregate regional growth," it added. This year, the region's overall inflation is expected to slow down to 3.6 percent, which is much less than the 4.2 percent predicted last year. Prices should go up by 3.4 percent next year. As supply-side forces went down and monetary tightening took hold, the ADB said, headline inflation went back to where it was before the pandemic. The ADB said that most central banks have kept their policy rates the same this year and that "signs have emerged of a shift toward easing." The biggest economy in the area, China, is expected to grow by 5 percent this year and 4.5 percent next year, which is the same as what was predicted in April. "Growth in manufacturing investment is expected to moderate in line with cooling exports, while that of infrastructure investment is likely to remain stable," the ADB said of China's outlook. "Monetary and fiscal policies will continue to support economic recovery, particularly to boost domestic demand." This year, the economy of the trade-dependent Southeast Asian country Vietnam is expected to grow slow to 5.8 percent, down from 6.5 percent in April. The ADB says it will grow by 6.2% next year, which is less than the 6.8% growth rate that was predicted before. ADB also kept the growth predictions for India, one of the largest economies in the region at 6.4 percent and 6.7 percent respectively, "supported by upbeat domestic demand." The post Global outlook dims, ADB cuts growth estimates from 4.8 percent to 4.7 appeared first on Daily Tribune......»»
ADB cuts inflation forecast for developing Asia
The Asian Development Bank cut its inflation forecast for developing Asia on Wednesday, as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite. Inflation, which has squeezed household budgets and left millions of poor households struggling to put food on the table, is heading back towards pre-Covid levels, the Philippines-based lender said. It expects inflation of 3.6 percent this year, compared with its forecast in April of 4.2 percent as prices in China ease sharply, the bank said in its flagship outlook report. Developing Asia refers to the multilateral lender's 46 emerging member economies, stretching from Kazakhstan in Central Asia to the Cook Islands in the Pacific. The ADB kept its economic growth forecast of 4.8 percent for 2023, citing robust consumption, travel, and investment, even as global demand for the regions' exports weakened. Further upside to its forecast was possible, the bank said. "If inflation is tamed more quickly than currently expected in the advanced economies, the authorities there would likely adopt a more dovish monetary policy, which would support growth in the region," ADB said. At the same time, the lender warned an escalation in Russia's invasion of Ukraine could fuel price hikes, while the return of the El Nino weather phenomenon this year could hurt economies. The tide was also turning on interest rates, the bank noted. "With lower inflation in developing Asia and more moderate monetary tightening in the United States, most central banks in the region have kept policy rates steady this year, with signs emerging of a shift toward easier money," it said. China, the world's second-largest economy, is still expected to grow at five percent this year and 4.5 percent in 2024, the bank said, citing supportive monetary and fiscal policies. The post ADB cuts inflation forecast for developing Asia appeared first on Daily Tribune......»»
US stocks extend rally as bank earnings top estimates
Global stocks mostly rose Tuesday, with the Dow index in New York lodging its seventh straight gain, as solid banking earnings helped extend a market rally. Shares of Morgan Stanley, Bank of America, and Charles Schwab all surged after their results topped estimates. Following a positive day on European bourses, Wall Street stocks had a muted start to the session on mixed US economic data. But for the second day in a row, US indices gained momentum as the session progressed. The S&P 500 finished 0.7 percent higher. "The theme for today with the banks is 'better than feared,'" said Steve Sosnick of Interactive Brokers. "Unless the news is actively disappointing, everything is being taken as good news." Sosnick described the market as in "a full-fledged rally mode." Data out Tuesday showed that US retail sales edged 0.2 percent higher last month, below analyst expectations. Craig Erlam, senior market analyst at trading platform OANDA, said an upward revision of May figures helped balance out the June underperformance. "I'm not convinced today's data really changes things as far as the consumer or economy is concerned, all things considered, nor has it really changed anything on interest rate expectations, with markets almost fully pricing in a hike next week and probably no more after that," he said. Meanwhile, US industrial output fell by a more-than-expected 0.5 percent last month. In Asia, trading was still dominated by Monday's disappointing Chinese GDP growth figures. "Traders are concerned about economic numbers from China and... remain on the edge," noted Zaye Capital Markets analyst Naeem Aslam. And while there is an expectation that more stimulus measures are in the pipeline, other analysts warned that leaders were limited in how far they could go. The figures came after last week's reports showing inflation had flatlined, suggesting China was on the brink of a period of painful deflation, while exports plunged for a second straight month. Hong Kong led Asian losses on Tuesday, shedding more than two percent following a five-day rally, as it reopened a day after being shut because of a severe storm. Shanghai, Sydney, Seoul, Singapore, Manila, Jakarta, Wellington, and Taipei also dropped, though Tokyo, Mumbai, and Bangkok edged higher. The post US stocks extend rally as bank earnings top estimates appeared first on Daily Tribune......»»