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Bohol artist to receive Da Vinci International art prize
A Bohol-based visually impaired artist will hold his first exhibit in Milan, Italy as he was among the winners in this year’s Leonardo Da Vinci International Art Prize......»»
MIAA to remove gang chairs at NAIA-3 arrival lobby
The Manila International Airport Authority is scheduled to remove all the gang chairs at the arrival lobby of the Ninoy Aquino International Airport Terminal 3 (NAIA-3) after Holy Week, MIAA general manager Eric Ines said yesterday......»»
Philippines, US allot P1.15 billion to fight TB
The Philippines, through the Department of Health (DOH), and the United States government, through the US Agency for International Development (USAID), have teamed up to finance a P1.15-billion campaign against tuberculosis (TB) in the country......»»
ICC can t probe Philippines drug war, Marcos tells Germany s Scholz
MANILA, The Philippines: This week, Philippine President Ferdinand Marcos Jr. told German Chancellor Olaf Scholz the International Criminal Court (ICC) has no authority to probe the bloody war against drugs conducted by his predecessor. Marcos discussed the Hague-based ICC's probe during a bilateral meeting with Scholz while visiting Germany. Former President Rodrigo Duterte officially withdrew from the i.....»»
The Israel-Hamas military balance
Israel has one of the best-resourced militaries in the world, heavily supported by Washington. In Hamas, it faces a highly trained armed group with powerful regional allies. With both sides poised for an Israeli ground offensive in the wake of the deadly attack on Israel by Hamas on 7 October, here is an overview of their military resources. Israel The Israel Defense Forces number 169,500, of which 126,000 are army, according to Britain's International Institute for Strategic Studies (IISS). On top of that, it has 400,000 reservists, of which 360,000 have been mobilized since the Hamas attack. Israel also has some of the most technologically advanced defenses in the world, including the "Iron Dome" anti-missile system. IISS says it has around 1,300 tanks and other armored vehicles, 345 fighter jets, and a vast arsenal of artillery, drones, and state-of-the-art submarines. Though not a declared nuclear state, Israel's nuclear weapons cache is an open secret and the Arms Control Association puts its number of warheads at 90. US ally Washington provides $3.8 billion per year to Israel in military aid under a 10-year agreement running until 2028. Defense Secretary Lloyd Austin said Sunday that he had activated deployment of a Terminal High Altitude Area Defense battery and additional Patriot battalions "throughout the region". He added that he had put "an additional number of forces on prepare-to-deploy orders ... to increase their readiness and ability to quickly respond as required." Washington had already delivered increased munitions to Israel and deployed two aircraft carriers to the eastern Mediterranean -- the USS Gerald Ford, the world's largest warship, and the USS Eisenhower -- to deter not just Hamas but also its allies Iran and the Lebanese Islamist movement Hezbollah. The US military on Tuesday ordered 2,000 personnel to prepare for deployment to the Middle East as a show of force. Hamas Hamas has a diverse arsenal built up over many years. Its armed forces, called the Ezzedine Al-Qassam Brigades, numbers 15,000 men according to IISS, though it notes that Arab media have put the figure at 40,000. They have heavy weapons obtained from across the Middle East -- particularly Iran, Syria, and Libya -- and have also sourced handguns and assault rifles from China and other regions. It also has a variety of locally made, improvised explosives and Western sources say enough drones, mines, anti-tank guided missiles, grenade launchers, and mortar shells to hold out for a long period, though precise figures are unavailable. The majority of its rockets are also locally manufactured and technologically rudimentary. Hezbollah There have already been exchanges across the border between Israel and Lebanon, where the Iran-backed Hezbollah is based. "Hezbollah can tie up IDF resources without having to fully commit to the fight, instead relying on occasional rocket or missile strikes to prevent the Israelis from growing complacent and forcing the IDF to commit manpower and materiel along the northern border," said the Soufan Center, a US think tank. In 2021, the group claimed to have 100,000 fighters. The Institute for National Security Studies, an Israeli think tank, says the number is half that. "Most Hezbollah militants are not full-time fighters but rather engage in militant activity as and when required by the group's commanders," according to Elliot Chapman of the British defense analysis firm Janes. Hezbollah mobilized 40,000 men at the outbreak of Syria's civil war, he noted. INSS says the group's arsenal counts 150,000 to 200,000 rockets and missiles, including "hundreds" of precision rockets. "Strategically, Hezbollah's rocket arsenal is the group's most significant capability for fighting Israel," Chapman said. Iran Since its Islamic revolution in 1979, Iran has made support for Palestinians one of the pillars of its ideology. Foreign Minister Hossein Amir-Abdollahian warned Sunday that "The region is like a powderkeg ... I warn the United States and its proxy (Israel) that if they do not immediately stop the crime against humanity and genocide in Gaza, anything is possible at any moment and the region will go out of control". Western analysts minimize the threat of Iran becoming directly involved and point rather to its support from Hamas, Hezbollah, and Huthi rebels in Yemen -- a so-called "axis of resistance" of Israel's enemies. Raz Zimmt, of INSS, said Iran currently had "no interest in Hezbollah engaging in an all-out war" that might threaten such a key "strategic asset". But he added that Tehran's hand could be forced by "an Israeli ground invasion, and especially Israeli military success, which will threaten the very survival of Hamas and/or its ability to maintain effective control over the Gaza Strip". The post The Israel-Hamas military balance appeared first on Daily Tribune......»»
Uy resort units chart recovery
Subsidiaries of Davao businessmen Dennis Uy resort developer PH Resorts Group Holdings Inc. said it has restructured its indebtedness with China Banking Corp., or Chinabank. The debts were streamlined through the execution of agreements for the sale, leaseback, with option to buyback certain land and improvements of its subsidiaries. The restructuring covers the property of the subsidiaries in Lapu-Lapu City, Mactan, Cebu, with an area of approximately 12.5 hectares, plus improvements. The consideration for the investment and resulting percentage of ownership are still subject to final negotiations by the Parties, which are expected to be completed within 60 days, based on the MoU. P3.1-B bridge loan The restructuring also allows the subsidiaries to repay the P3.1-billion bridge loan facility extended by Chinabank in 2018, while, at the same time, grants them continued possession and use over the property to finish the construction and development of the Emerald Bay Project. In addition, the option to buy back of the restructuring allows the subsidiaries or its nominees to reacquire the properties. Lapulapu Leisure Inc. and Lapulapu Land Corp., the two units of Resorts Group Holdings also signed a memorandum of understanding with Cebu-based property developer AppleOne Properties Inc. The MoU establishes broad parameters whereby AppleOne can make an investment in the subsidiaries, with the intention of obtaining most of the equity interest in the subsidiaries, or an asset purchase of the land and improvements of the Emerald Bay Project. The post Uy resort units chart recovery 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......»»
Thousands of rice farmers treated to PhilRice field day
Thousands of farmers across the country had been feted in the traditional Lakbay Palay field festival, where all eight stations of the Philippine Rice Research Institute (PhilRice) opened their doors for farmers to personally view the progress and benefits of the latest palay seeds technologies done in the premier rice research institute of the country. Department of Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian said the dry season Lakbay Palay is held every March or April and the wet season every September or October. Sebastian said the participants toured the 140 hectares of PhilRice field in Science City, Nueva Ecija. The farmers also had the chance to look into the available seeds and soil nutrients of the private sector exhibitors during the two-day festival from 27 to 28 September. Farmers learn PhilRice-developed technologies which include Palayamanan system, a rice-based farming system they can adopt to lessen the economic effects of El Nino, high yielding varieties and farm machinery, according to DA official. He added that about 10 public and private agencies and cooperatives also pledged their support to the “BIDA RiceBIS, Be the rice’s best” movement, which aims to increase farmers’ market opportunities. The regular Lakbay Palay, which started in 1992 as Farmers’ Field Day, was changed into Lakbay Palay in 2012 under the administration of PhilRice Executive Director Eufemio T. Rasco Jr. It held before October each year or the start of the planting season for the dry season crop. The 2023 Lakbay Palay wet season festival was simultaneously held in all eight stations of PhilRice with the biggest festival held at the PhilRice Central Experiment Station in Munoz, Nueva Ecija. The other stations that held simultaneous Lakbay Palay were Batac, Isabela, Los Banos, Bicol, Negros, Agusan and Midsayap. The farmers that attended on both days of the Lakbay Palay in Nueva Ecija were from Zambales, Bulacan, Pangasinan, Nueva Ecija, Nueva Vizcaya, Tarlac and Aurora provinces. The farmers were divided into 500 persons a day but the number was exceeded on the second day as many walk-ins showed up. PhilRice Executive Director Dr. John de Leon said farmers are welcome to visit the 140-hectare research and development farm and the new Crop Protection Division for any of their inquiries and concerns. PhilRice Deputy Executive Director for Development Dr. Karen Barroga urged the farmers to work in clusters so they could meet the required rice volumes of potential private sector partners for their produce. She cited the case of Negros Occidental farmer-cooperative who is now selling 500 bags a week to Merzci, a famous palalubong and fastfood chain in the region for its business and corporate social responsibility activities. This was made possible through the Rice BIS (Business Innovation System) of PhilRice, which links farmers to private sector buyers so they can enjoy better market prices for their produce. Another partnership was forged by PhilRice between the farmers of Zambales and Bicol who are now supplying the Kiwanis International for their feeding programs for poor communities, she said. Dr. Val Perdido, who represented Undersecretary Leocadio Sebastian for Rice Industry Development, exhorted the farmers to improve their yields using both new technologies and better farming practices so the country can meet its food sufficiency and nutritional goals and improve the farmers’ incomes. He said Nueva Ecija farmers have proven yields of six tons a hectare but most other areas produce four tons or less. He mentioned that the Department of Agriculture is giving production assistance to farmers (in fertilizers and biofertilizers) in addition to the certified seeds, training and machineries provided under the Rice Competitiveness Enhancement Fund (RCEF) program. A farmer cooperative officer, Vincent Gonzales of St. Vincent Parish Multupurpose Cooperative in Dupax del Sur, Nueva Vizcaya narrated to the participants that their coop was founded in 1979 by a Belgian priest to help farmers– who borrow from loan sharks for their daily subsistence with a capital from 400 members of P4,000 has now grown to 5,600 members with a total material asset of P424 million. The coop is now able to support members through loans and social development activity, scholarship grants, medical assistance and food packs (for the disabled and the aged). It had received numerous awards including the Most Outstanding SIPAG award in 2022 from Senator Cynthia Villar. The post Thousands of rice farmers treated to PhilRice field day appeared first on Daily Tribune......»»
MSMEs good payers — SB Corp.
The micro, small and medium entrepreneurs are being extolled by Small Business Corporation, an attached agency of the Department of Trade and Industry, for being good payers even though some of them have already closed shop because of the global contagion three years ago. During his guest appearance at the Daily Tribune’s digital show Straight Talk on Wednesday, SB Corp. president Robert Bastillo said almost one-third of the lenders catered to by SB Corp. have closed their businesses during the height of the Covid-19 pandemic. “The good thing is that these MSME lenders are still paying their debts even if their businesses were shuttered. These are indeed entrepreneurs as they want to have a good reputation and a good track record when it comes to debt. That is important for us. But still, the majority of the lenders are good payers even though some are delayed,” he said. The past-due rate of SB Corp. during the pandemic was 30 percent, considering that most funds in its portfolio were released during the pandemic. Past due rate manageable The past-due rate refers to the lenders who are delayed in their payments. Currently, the past-due rate of SB Corp. is from 20 to 25 percent, considered by Bastillo as healthy, considering that the country is just coping with the pandemic crisis. From 2019 to date, Bastillo said SB Corp.’s total direct MSME lenders are now at 55,000, while those courses through cooperatives, micro-finance institutions, and private financing companies — or what they call loan conduits — are now reaching 300,000. “SB Corp. lenders can borrow from P30,000 up to P20 million maximum. Lenders up to P5 million do not need collateral, but first-time borrowers can only borrow up to P3 million. If they are good payers, they can expand their loan after six months,” he said. No stringent requirements required In terms of process, SB Corp. does not require stringent requirements for MSMEs if they are only lending up to P100,000. “We only require other requirements, such as a Mayor’s Permit, among others if they are already asking more than P100,000. We have credit scoring in place based on the lender’s assets or annual sales. That’s a discipline in lending and a risk management procedure,” he said. SB Corp.’s fund being ushered to MSME lenders is coming from its corporate equity, being a corporation. Inadequate revolving fund “We have a capital of P10 billion, but what has been given to us for the past 28 years, was P2 billion. It’s a revolving fund that is not enough. The P10 billion was given in full in the last pandemic, but those are meant for dying MSMEs. It’s hard during that time,” according to Bastillo. He said even the salaries of their employees are coming from the revolving funds, as they are given by the government annual appropriations because they are a corporation that is supposed to earn money. “We live within what we earn. It is difficult in the sense that it is also challenging. How do you help and keep yourself afloat when everybody around you is struggling? That is our problem during the pandemic. But we are happy to say that despite that, we have a modest income, and we were able to serve MSMEs very fast,” he said. According to Bastillo, MSMEs with P100,000 to P3 million worth of assets are considered micro, MSMEs that have an asset of P3 million to P15 million are considered medium, while those with 100 million assets are considered large entrepreneurs. The country’s MSMEs dominate the entrepreneurial environment, accounting for more than 99.5 percent, 80 percent of which are micro. The SB Corp. is a government financial institution created in January 1991 under Republic Act 6977 or the Magna Carta for Small Enterprises, amended by RA 8289 in 1997 and RA 9501 in 2008. It has the primary responsibility of implementing comprehensive policies and programs to assist MSMEs in all areas, including but not limited to finance and information services, training and marketing. The post MSMEs good payers — SB Corp. appeared first on Daily Tribune......»»
Topping-off ceremony marks DoubleDragon milestone
Less than a year before its completion, the topping-off ceremony held Tuesday for the ASCOTT-DD Meridian Park marks a milestone for DoubleDragon, nearly five years after concluding a partnership with Singapore-based Ascott Ltd. The building structure and topmost floor of the ASCOTT at DD Meridian Park project have been completed. "ASCOTT-DD Meridian Park, with over 300 luxury serviced residences located right behind DoubleDragon Plaza, is expected to be operational and generate recurring revenues by 2024," the developer said. [caption id="attachment_175653" align="aligncenter" width="1024"] Perspectiveof Ascott-DDMeridian Park.[/caption] The five-hectare DoubleDragon Meridian Park complex is expected to fully develop by 2024 and become a mature prime hard asset portfolio. The premium luxury development ASCOTT-DD Meridian Park will complete and further enhance the mix of the whole complex as it is positioned to be the Mini-CBD (Central Business District) in the Bay Area of Pasay City. The Ascott Limited is a subsidiary of Singapore-based property company Capital Land, which operates worldwide and will manage Ascott-DD Meridian Park. DoubleDragon Plaza is LEED Gold certified and currently houses two government agency headquarters, namely PEZA (Philippine Economic Zone Authority) and TIEZA (Tourism Infrastructure Economic Zone Authority), and expects to welcome an additional third government agency soon to relocate its headquarters in the complex, in addition to many private corporate head offices. Upon completion, the DoubleDragon Plaza at DD Meridian Park as a complex will bring a distinct advantage to a variety of office tenants, whether corporations, government agencies or BPO companies, given its prime landmark location with various top food chain brands. [caption id="attachment_175654" align="aligncenter" width="603"] DoubleDragon Plaza at DD Meridian Park is designed to be a mini central business district in the Bay area given its prime landmark double corner location at EDSA, Roxas Boulevard and Macapagal Avenue.[/caption] These early, famous brands, such as Jollibee, Mang Inasal, and many others, are confirmed tenants. "DD Meridian Park is like a mini-CBD in the Bay Area, being the only complex in the area that has eight commercial banks (Landbank, RCBC, PNB, BPI, AUB, Unionbank, Chinabank and BDO), making it uniquely convenient for office tenants to complete their banking transactions all within their proximity," the developer added. These dining and banking options are further complemented by a full-sized supermarket, MerryMart Grocery, on the ground floor of DoubleDragon Plaza. The complex also houses thousands of parking slots, with a separate, conveniently located large parking area in the basement dedicated to outside customers who visit DD Meridian Park for business meetings or leisure. DoubleDragon Plaza is located in a landmark double corner location, just a 10-to-15-minute drive to NAIA airport via NAIAX, a few minutes drive to the top three convention centers in the Philippines (PICC, SMX, and World Trade Center) and not too far from other CBDs in Metro Manila. The post Topping-off ceremony marks DoubleDragon milestone appeared first on Daily Tribune......»»
DoubleDragon’s subsidiary conducts Topping Off of ASCOTT at DD Meridian Park
DoubleDragon's subsidiary conducts Topping Off of ASCOTT at DD Meridian Park as the building structure and topmost floor of the project have been completed on Tuesday, 22 August. ASCOTT-DD Meridian Park, with over 300 luxury serviced residences located right behind DoubleDragon Plaza, is expected to be operational and begin to generate recurring revenues by 2024. [caption id="attachment_174149" align="aligncenter" width="1024"] Perspective of Ascott-DD Meridian Park[/caption] The premium luxury development ASCOTT-DD Meridian Park will complete and further enhance the mix of the whole complex as it is positioned to be the Mini-CBD (Central Business District) in the Bay Area of Pasay City, Metro Manila. The Ascott Limited is a subsidiary of Singapore-based property company Capital Land, which has operations worldwide will operate and manage Ascott-DD Meridian Park. [caption id="attachment_174150" align="aligncenter" width="603"] DoubleDragon Plaza at DD Meridian Park is positioned as a mini central business district (CBD) in the Bay area given its prime landmark double corner location of EDSA, Roxas Boulevard and Macapagal Avenue in the Bay Area, Pasay City, Metro Manila.[/caption] DoubleDragon Plaza is LEED Gold certified and currently houses two government agency headquarters namely PEZA (Philippine Economic Zone Authority) and TIEZA (Tourism Infrastructure Economic Zone Authority) and expects to soon welcome an additional third government agency to relocate its headquarters in the complex, in addition to many private corporate head offices in the complex. DoubleDragon Plaza at DD Meridian Park as a complex brings undeniable advantage to a variety of office tenants whether corporations, government agencies, or BPO companies, given its very prime landmark location with various top food chain brands on the Ground Floor such as Jollibee, Mang Inasal and many others. DD Meridian Park is like a mini-CBD in the Bay Area being the only complex in the area that has 8 commercial banks (Landbank, RCBC, PNB, BPI, AUB, Unionbank, Chinabank, and BDO) making it uniquely convenient for office tenants to complete their banking transactions all within their proximity. These dining and banking options are further complemented by a full-sized supermarket, MerryMart Grocery, located on the Ground Floor of DoubleDragon Plaza. The complex also houses thousands of parking slots, with a separate conveniently located large parking area in the basement solely dedicated to outside customers who visit DD Meridian Park either for business meetings or leisure. DoubleDragon Plaza is located in a landmark double corner location, just a 10-15 minute drive to NAIA airport via NAIAx, a few minutes drive to the top 3 convention centers in the Philippines (PICC, SMX, and World Trade Center), and not too far from other CBDs in Metro Manila. The 5-hectare DoubleDragon Meridian Park complex is expected to be fully developed by 2024 and to become a fully mature prime hard asset portfolio, generating optimum level of recurring revenues by 2025. The foregoing disclosure contains forward looking statements that are based on certain assumptions of Management and are subject to risks and opportunities or unforeseen events. Actual results could differ materially from those contemplated in the relevant forward looking statement and DoubleDragon gives no assurance that such forward-looking statements will prove to be correct or that such intentions will not change. This Press Release discloses important factors that could cause actual results to differ materially from DoubleDragon’s expectations. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by the above cautionary statements. The post DoubleDragon’s subsidiary conducts Topping Off of ASCOTT at DD Meridian Park appeared first on Daily Tribune......»»
Study shows rising RE project interest
The local renewable energy sector is expected to further grow as more high-value investors have signified their interest to finance the sector’s development. According to a new report by the Institute for Energy Economics and Financial Analysis or IEEFA titled “Business Model Innovations Drive the Philippines Energy Transition,” the notably aggressive plans of both the government and the private sector caught foreign investors’ attention. “In terms of how investors view asset values, pure play renewables companies command a valuation premium over utilities having lower levels of renewables in their mix,” Ramnath Iyer, report author and IEEFA’s Climate and Renewable Energy Finance Lead, Asia, said. “Valuation premiums for pure-play renewables companies — as seen in their higher price-to-book ratios, the stronger market valuation of installed capacity, and stock performance over the past five years — suggest that this focus on renewables as a concentrated strategy has paid off.” The report presented the Philippines as home to innovative models in the renewable energy space. The study also highlighted the growing list of the country’s listed renewables developers and operators, including ACEN Corp., Citicore Energy REIT Corp. or CREIT, and Solar Philippines. The IEEFA study particularly noted that investors are willing to reward firms that plan to grow in the field of renewables and can execute their plans, the report finds. Each MW counts For instance, investors value each megawatt or MW of installed capacity at ACEN at P137 million based on the market capitalization and megawatts in operation as of 4 August, and CREIT at P102 million per MW. Meanwhile, non-pure plays First Gen Corporation and Aboitiz Power are valued at only P26.7 million per MW and P73.7 million per MW, respectively. As such, it was notable that both Solar Philippines and ACEN have received significantly higher investor support compared to First Gen and Aboitiz Power, which have underperformed even broader equity benchmarks. Despite this, First Gen had shown a willingness to explore innovative options. To raise capital for growth in renewables, it has a successful track record of partnering with international investors and infrastructure players. Meanwhile, Aboitiz Power remains more heavily geared to coal in the medium term, which makes up more than 60 percent of its mix, and also has a debt-to-equity ratio of 1.1 (net) and 1.5 (gross). “Laggards, who stick with fossil fuel assets as their main line of business, will likely continue to see ebbing interest among investors and financial markets unless they can change and adopt some of the more successful strategies,” Iyers noted. Based on the targets set by the DoE, the share of renewable energy in the country’s energy mix should increase to 35 percent by 2035 and 50 percent by 2040. However, it is still notable that despite an aggressive stance on clean energy utilization, the Philippines still heavily rely on coal. Coal, which is cheaper compared to other forms of power but more detrimental to the environment, is still the highest contributor to the power generation mix at nearly 60 percent. Renewable energy only takes a little over 20 percent of the mix as of end-2022. The post Study shows rising RE project interest appeared first on Daily Tribune......»»
Cyber education, a must
“Digitalization is the call of today, not the call of the future, but of the present. It is here. It is needed, and it is needed today.” President Ferdinand Marcos Jr. highlighted in his second SoNA his administration’s agenda for all government agencies and local government units to digitalize all their services. He called for the digitalization of payments, business registrations, issuances of permits and licenses, loan applications and revenue collections. The digitalization efforts, he stated, should be made to streamline processes for ease of doing business, combat corruption and make decisions in a data-driven and science-based manner. I commend this push for e-governance and e-commerce by the President. He is right. The digital age is upon us and we must invest in digital technology and infrastructure for our economy to be globally competitive. Cyber Education Law However, the very basic foundation needed for the government’s digitalization efforts should be the investment in human capital. We know that our labor is the country’s biggest asset and the factor that keeps our economy afloat. We export labor, remittances flow, and these in turn fund local consumption. That is why there is an urgent need for us to legislate the incorporation of cyber-education among our population and we must start with our basic education. Investing in cyber-education is not a novel idea. It is a model of development in many advanced countries. As the World Economic Forum or WEF found out in a study, countries like Israel (which currently ranks 8th in the Cyber Risk Literacy and Education Index) show that cyber-risk education and connected institutions can contribute significantly to the national economy by producing more jobs and greater innovation. It concluded that cyber-investment in human resources, i.e., prioritizing cybersecurity education earlier than most and regular assessment of cyber-risk literacy of children and youth at key points in their development and education, is an investment for the future and has been found to have led to a wealth of cyber-related innovation and economic growth among top-ranking countries. The UK, Australia, Canada, Singapore, South Korea, Japan, Germany, France, and, recently, China, are also investing heavily in cybersecurity education. These countries recognize that cybersecurity education is essential to protecting the digital economy and both public and private digital infrastructure from cybercrimes and cyberattacks. As the world becomes increasingly interconnected, the need for cybersecurity education will only grow. Digitalization will positively impact Filipinos’ lives but concomitant negative issues have emerged related to Internet use. Some of the most common cybersecurity crimes and offenses in the world today continue to emerge and develop, some of which President Marcos Jr. mentioned in his speech, such as identity theft, phishing and other online scams. Current statistics also show the vulnerability of Filipino children in the digital space. A recent study claimed the Philippines is a global hotspot for Online Sexual Abuse and Exploitation of Children or OSAEC. A sharp increase in possible OSAEC cases has been recorded by the National Center for Missing and Exploited Children, from 1.34 million in 2020 to 3.19 million in 2021, the second highest in the world behind India. In 2018, the Department of Justice Office of Cybercrime received 579,006 cyber tips on the online sharing, re-sharing, and selling of child sexual abuse images and videos. According to the study, sexual exploitation negatively impacts cognitive functioning, as well as mental health, including post-traumatic stress disorder and depression; and across the life course, it can negatively impact the physical, psychological, social, educative and economic well-being of children victims. The foregoing examples are just among the many important reasons to introduce cybersecurity education in the K-12 system. We must educate users of technology, especially children, on the potential risks they face when using internet communication tools, such as social media, chat, online gaming, email and instant messaging, to cultivate cybersecurity awareness at the primary school level. Verily, investing in cybersecurity awareness among the young population will have several positive impacts on the Philippine economy and quality of life. The post Cyber education, a must appeared first on Daily Tribune......»»
Phl, US jets undergo combat, maritime drills over Visayas and Mindanao
The Philippines and the United States utilized their respective military jets for the conduct of combat and maritime interdiction tactics over the skies of Visayas and Mindanao as part of the aerial exercises in this year’s Cope Thunder Exercise. The participating aircraft from the Philippine Air Force consisted of four FA-50PH light jet fighters and two A-28B "Super Tucanos” including five A-10 "Warthogs" from the Pacific Air Forces. PAF spokesperson Col. Ma. Consuelo Castillo said these aircraft departed Clark Air Base, Mabalacat City, Pampanga last July 11 for Brig. Gen. Benito N. Ebuen Air Base in Lapu-Lapu City, Cebu in preparation for the air drills over Mactan and General Santos City, from 12 to 15 July, which showcased a simulation of the 5th Fighter Wing’s deployment for next year’s "Pitch Black" exercises in Australia. Castillo underscored that the flight exercises included air interdiction and maritime target for the enhancement of the pilots’ skills on tactical air-to-surface or ground operations against enemy objectives and air combat maneuvers, also known as ‘dogfighting' which aims to enhance skills of participants’ air-to-air combat. PAF did not give further details on these exercises due to security reasons. Meanwhile, PAF’s 960th Air and Missile Defense Group participated in a three-day subject matter expert exchange on Integrated Air and Missile Defense which was held from 10 to 12 July at Basa Air Base, Floridablanca, Pampanga. This served as a forum for the 960th AMDG and the United States Air Force Pacific Integrated Air and Missile Defense Center to share their best practices and the latest information pertaining to IAMD. Moreover, Castillo said the PAF and PACAF experts provided a series of presentations covering topics in air domain awareness, mission planning considerations, rules of engagement, ID matrix, and passive defenses. “The presentations provided valuable insights into the challenges and advancements in the field of IAMD," she stressed. Castillo added that both air forces participated in workshops on criticality vulnerability and threat; focusing on critical assets list; and defended asset lists. "This workshop allowed participants from both teams to actively engage in hands-on exercises, simulations, and scenario-based discussions. The collaborative environment fostered a vibrant exchange of ideas and facilitated a deeper understanding of the intricacies of conducting air and missile defense operations effectively," she said. The Cope Thunder 2023-2 started on 2 July 2 and will run until 21 July. Participating air forces utilized a total of 15 USAF aircraft including three C130 Hercules, six A-10 Warthog, and six F22 Raptors while PAF used its C130 Hercules, HUEY II, two of its A29B Super Tucano, two of its T129 ATAK Helicopter and three FA-50PH. The first-ever Cope Thunder exercise was held in 1976 that provided regular flight training for US pilots and their counterparts from allied nations. The US-Philippines cope thunder training was continued annually until 1990. It was halted in 1991 after Mt. Pinatubo erupted in June of that year, which led to the closure of US military bases in Clark and Subic Bay. The post Phl, US jets undergo combat, maritime drills over Visayas and Mindanao appeared first on Daily Tribune......»»
Phl banking system to join global efforts slowing climate change
Banks and lenders should disclose climate-related assets as the Philippine banking system will join the global efforts to slow climate change, the new Bangko Sentral ng Pilipinas governor said. During the Philippine Economic Briefing held in Toronto Thursday morning (Eastern Time), BSP chief Eli Remolona said the Monetary Board is collaborating with scientists to create a measurement system for the bank’s climate-related assets. He explained that this system will be used to evaluate and rank banks based on their contributions to combating climate change. “We look at each kind of loan or asset and what it’s financing, and decide what it’s doing for climate change: Is it slowing down or accelerating climate change?” Remolona said in a live-streamed speech. Remolona added that BSP plans to release the scores of banks publicly and will urge lenders to disclose their assets, aiming for the act of disclosure to be effective. “We hope that the disclosure alone will do the trick,” he added. Banks combatting climate change Several Philippine banks, including the Bank of the Philippine Islands and Rizal Commercial Banking Corporation, have already taken initiatives to combat climate change. They have committed to eliminating their outstanding coal-energy loan portfolio within a specific timeframe while also focusing on increasing lending for renewable energy. Given the rise in energy prices and the increase in extreme weather events, central bank policymakers worldwide have emphasized the importance of addressing climate change and transitioning to clean energy. Target set to reduce greenhouse gas emissions The Philippines, being highly vulnerable to climate change impacts, has set a target to reduce greenhouse gas emissions by 75 percent by the end of the decade, starting from 2020 levels. Meanwhile, Remolona expressed confidence that inflation will return to its target range later this year, following a 14-year high earlier in the year. In the same speech, Remolona underscored the Philippines’ robust post-pandemic recovery and its adaptable approach to maintaining stable prices through the flexible inflation targeting framework. The inflation rate decreased to 5.4 percent in June from 6.1 percent in May. Remolona also expects inflation to stabilize and fall within the target range of 2 to 4 percent by the final quarter of this year. “We think, at least our models tell us, that we will be within the target range of 2 to 4 percent by Q4, by the last quarter this year,” he said. “The 2 to 4 percent is not an arbitrary range. That’s a range, which we think is ideal for an economy like the Philippines which is growing at full capacity,” he added. The post Phl banking system to join global efforts slowing climate change appeared first on Daily Tribune......»»
Inflation seen back to target range soon
The Bangko Sentral ng Pilipinas has expressed confidence that inflation will return to its target range later this year, following a 14-year high earlier in the year. During the Philippine Economic Briefing in Toronto Thursday morning (Eastern Time), BSP chief Eli Remolona underscored the Philippines’ robust post-pandemic recovery and its adaptable approach to maintaining stable prices through the flexible inflation targeting framework. The inflation rate decreased to 5.4 percent in June from 6.1 percent in May. Remolona also expects inflation to stabilize and fall within the target range of 2 to 4 percent by the final quarter of this year. “We think, at least our models tell us, that we will be within target range of 2 to 4 percent by Q4, by the last quarter this year,” he said. “The 2 to 4 percent is not an arbitrary range. That’s a range which we think is ideal for an economy like the Philippines which is growing at full capacity,” he added. In the same speech, Remolona said the Monetary Board is collaborating with scientists to create a measurement system for the bank’s climate-related assets. The new BSP governor said that banks and lenders should disclose climate-related assets as the Philippine banking system will join the global efforts to slow climate change. He explained that this system will be used to evaluate and rank banks based on their contributions to combating climate change. “We look at each kind of loan or asset and what it’s financing, and decide what it’s doing for climate change — is it slowing down or accelerating climate change?” Remolona said in a live-streamed speech. He added that BSP plans to release the scores of banks publicly and will urge lenders to disclose their assets, aiming for the act of disclosure to be effective. “We hope that the disclosure alone will do the trick,” he said. Banks doing their bit Several Philippine banks, including the Bank of the Philippine Islands and Rizal Commercial Banking Corporation, have already taken initiatives to combat climate change. They have committed to eliminating their outstanding coal-energy loan portfolio within a specific timeframe while focusing on increasing lending for renewable energy. Given the rise in energy prices and the increase in extreme weather events, central bank policymakers worldwide have recently emphasized the importance of addressing climate change and transitioning to clean energy. The Philippines, being highly vulnerable to climate change impacts, has set a target to reduce greenhouse gas emissions by 75 percent by the end of the decade, starting from 2020 levels. The post Inflation seen back to target range soon appeared first on Daily Tribune......»»
BSP wants banks, lenders to disclose climate-related assets
Banks and lenders should disclose climate-related assets as the Philippine banking system will join the global efforts to slow climate change, the new Bangko Sentral ng Pilipinas governor said. During the Philippine Economic Briefing held in Toronto Thursday morning (Eastern Time), BSP chief Eli Remolona said the Monetary Board is collaborating with scientists to create a measurement system for the bank's climate-related assets. He explained that this system will be used to evaluate and rank banks based on their contributions to combating climate change. “We look at each kind of loan or asset and what it’s financing, and decide what it’s doing for climate change: Is it slowing down or accelerating climate change?” Remolona said in a live-streamed speech. Remolona added that BSP plans to release the scores of banks publicly and will urge lenders to disclose their assets, aiming for the act of disclosure to be effective. "We hope that the disclosure alone will do the trick," he added. Several Philippine banks, including the Bank of the Philippine Islands and Rizal Commercial Banking Corporation, have already taken initiatives to combat climate change. They have committed to eliminating their outstanding coal-energy loan portfolio within a specific timeframe while also focusing on increasing lending for renewable energy. Given the rise in energy prices and the increase in extreme weather events, central bank policymakers worldwide have recently emphasized the importance of addressing climate change and transitioning to clean energy. The Philippines, being highly vulnerable to climate change impacts, has set a target to reduce greenhouse gas emissions by 75 percent by the end of the decade, starting from 2020 levels. Meanwhile, Remolona has expressed confidence that inflation will return to its target range later this year, following a 14-year high earlier in the year. In the same speech, Remolona underscored the Philippines' robust post-pandemic recovery and its adaptable approach to maintaining stable prices through the flexible inflation targeting framework. The inflation rate decreased to 5.4 percent in June from 6.1 percent in May. Remolona also expects inflation to stabilize and fall within the target range of 2 to 4 percent by the final quarter of this year. "We think, at least our models tell us, that we will be within target range of 2 to 4 percent by Q4, by the last quarter this year," he said. "The 2 to 4 percent is not an arbitrary range. That's a range, which we think is ideal for an economy like the Philippines which is growing at full capacity," he added. The post BSP wants banks, lenders to disclose climate-related assets appeared first on Daily Tribune......»»
Quadruple win for Globe at HR Online’s Employee Experience Awards
Leading digital solutions platform Globe took home four prestigious awards at the 3rd annual Employee Experience Awards, run by Singapore-based HR organization Human Resources Online. Globe was named the “Overall Engagement Awardee” at the event, a big win for Globe for its outstanding performance in several categories under the engagement pillar. Under this overall win, Globe got the Gold award for “Most Innovative and Sustainable Office Design,” commended for its sustainable, ergonomic workspace that enables employees to perform, collaborate and flourish. It was also recognized for “Best HR Digital Transformation Strategy” for spearheading business transformation through digitization and digitalization, significantly improving the overall employee experience. The company also bagged a Silver for its Employee Wellness Strategy, encompassing mental, emotional, financial and physical health, and emphasizing the company's commitment to holistic employee well-being. Human Resources Online recognizes high-performing companies such as Globe for integrating employee health as a crucial element of their risk management strategy. "These recognitions underscore our unwavering commitment to cultivating an environment that fuels innovation and growth. We believe that our employees are our greatest asset, and these awards illuminate the success of our strategic initiatives aimed at enhancing their experience and overall well-being," said Globe chief human resource officer Ato Jiao. Last year, Globe also became the overall Philippine winner in the HR Excellence Awards, applauded for the digital tools that Globe's HR department utilized through its Alagang Globe program, which ensured the continued safety and protection of its employees, especially during the pandemic. Globe also secured more wins from HR Online and HREA last year: three Gold Awards for Employee Engagement, Covid-19 Response and as “Employer of the Year,” along with a Silver Award for HR Communication Strategy and a Bronze Award for Crisis Management and Recovery. Adding to its trove of accolades, Globe clinched the Gold for “Best In Communication Strategy” from HR Online in 2021. This award recognized the company's superior communication strategies in a digitized world. With this string of recognitions, Globe reaffirms its status as an organization deeply committed to its workforce's growth, well-being and overall experience. The company's relentless pursuit of excellence and innovation in employee-centric strategies continues to set it apart in the competitive digital solutions landscape. The post Quadruple win for Globe at HR Online’s Employee Experience Awards appeared first on Daily Tribune......»»
Vivant eyes wind energy for RE goal
After its recent buyout of a solar asset, Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, is now eyeing to venture into wind energy development to achieve its renewable energy targets. Vivant president Emil Andre Garcia, during an annual meeting this week, disclosed that the company has committed to help unlock the country’s budding wind power potential through investments. “Vivant Energy is committed to playing a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said. ESG at the forefront of company strategy “As we look back at the challenges and achievements that propelled us to continue to improve everyday living for the past 20 years, we put environmental, social, and governance, or ESG at the forefront of our strategy to achieve long-term sustainable profits,” he said. In demonstrating its commitment to sustainability, Garcia said Vivant Energy allotted P21 billion, or about 75 percent of its total spending up to 2030, to bankroll clean energy projects. The company targets to have 30 percent renewable energy in its power generation portfolio by 2030 — aligned with the company’s ESG framework. Vivant Energy recently acquired San Ildefonso Alternative Energy Corporation, which will develop a 22-megawatt or MW solar power plant in Bulacan. Another fully owned subsidiary, COREnergy, contributes to the renewable energy target by growing its rooftop solar business from 2 MW to 6 MW in 2022. Solar rooftop generation COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18MW of solar rooftop generation capacity by the end of the year. Notably, Vivant Energy’s recent acquisition of the shares of its partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas will also play a vital role in contributing to the entire group’s social and economic development. The company now has full ownership of Isla Mactan Power CCorporation, which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas, and Mindanao. The post Vivant eyes wind energy for RE goal appeared first on Daily Tribune......»»
Vivant Energy eyes wind dev’t foray
After its recent buyout of a solar asset, Vivant Energy, a wholly owned subsidiary of Cebu-based listed firm Vivant Corporation, is now eyeing to venture into wind energy development to achieve its renewable energy targets. Vivant President Emil Andre M. Garcia, during an annual meeting this week, disclosed that the company has committed to help unlock the country's wind power potential through investments. “Vivant Energy is committed to playing a meaningful role in energy transformation and to accelerate growth and improvement of power services in the country,” Garcia said. “As we look back at the challenges and achievements that propelled us to continue to improve everyday living for the past 20 years, we put environmental, social and governance, or ESG at the forefront of our strategy to achieve long-term sustainable profits,” he said. In demonstrating its commitment to sustainability, Garcia said Vivant Energy allotted P21 billion, or about 75 percent of its total spending up to 2030, to bankroll clean energy projects. The company targets to have 30 percent renewable energy in its power generation portfolio by 2030 — aligned with the company’s ESG framework. Vivant Energy recently acquired San Ildefonso Alternative Energy Corporation, which will develop a 22-megawatt or MW solar power plant in Bulacan. Another fully owned subsidiary, COREnergy, contributes to the renewable energy target by growing its rooftop solar business from 2 MW to 6 MW in 2022. COREnergy, a retail company that offers total energy solutions to commercial and industrial establishments, aims to add 18MW of solar rooftop generation capacity by the end of the year. Notably, Vivant Energy’s recent acquisition of the shares of its partner Gigawatt Power Inc. in companies operating and owning power plants in off-grid areas will also play a vital role in contributing to the entire group’s social and economic development. The company now has full ownership of Isla Mactan Power Corporation, which operates the 23.3-MW diesel power plant that provides stable and reliable power in Bantayan Island, Cebu. Vivant Energy has investments in energy generation, retail electricity supply, and energy-related engineering solutions in Luzon, the Visayas and Mindanao. The post Vivant Energy eyes wind dev’t foray appeared first on Daily Tribune......»»