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Philippine women s ice hockey back with a bang, trounces Kyrgyzstan in IIHF tiff
The Philippine women’s ice hockey reintroduced itself to the international stage Sunday night with a convincing 7-4 victory against hosts Kyrgyzstan at the 2024 IIHF Women’s Asia and Oceania Cup at the Bishkek Arena......»»
Regine hugot na hugot: Mahirap kapag tumatanda ka na sa industriya!
INISA-ISA ng Asia’s Songbird na si Regine Velasquez-Alcasid ang ilang mga pagbabago na nararanasan ng isang babae habang nagkakaedad. Diretsahang inamin ng singer-actress at TV host na napakaraming challenges ang kailangang harapin ng mga kababaihan, kabilang na silang mga nasa entertainment industry. Sa naging speech ni Regine sa naganap na kauna-unahang Billboard Philippines’ Women in.....»»
Regine bet na bet gawing National Artist For Music, aprub kayo?
MGA ka-BANDERA, payag ba kayo sa panawagan ng mga fans na gawin nang National Artist for Music ang Asia’s Songbird na si Regine Velasquez? Ito ang isinusulong ngayon ng mga supporters at social media followers ng OPM legend at TV icon matapos niyang tanggapin ang kanyang award sa Billboard Philippines’ Women in Music. Talagang naging.....»»
Indian banking sector continues to improve with better asset quality, high credit growth: Survey
New Delhi [India], March 21 (ANI): The health of the Indian banking sector continues to improve with better asset quality and high credit growth, a survey conducted by industry body FICCI and banking association Indian Banks' Association (IBA) showed. The eighteenth round of the survey was carried out for the period July to December 2023. Those banks that were surveyed together represent about 77 per cent of the banking i.....»»
Cone banks on home support to help Gilas get job done vs visiting Taiwanese
'We're going to need every support we can get, because we're still searching for ourselves,' says Tim Cone as Gilas Pilipinas hosts Chinese Taipei to close out the first FIBA Asia Cup Qualifiers window.....»»
Philippines spearheads digital banking raevolution in SEA says Maya
Maya – awarded as the Best Digital Bank in Southeast Asia by the World Digital Bank Awards and recognized by Forbes Magazine as among the World’s Best Banks – stands out as a trailblazer in the region......»»
AsPac banks see need to invest in AI – IDC
Two in every five retail banks in Asia and the Pacific are making an investment in new artificial intelligence solutions to improve their core operations and data management, according to International Data Corp......»»
Alternergy rechannels IPO money for wind projects
Due to the massive potentials of wind energy as a viable power source, listed renewable energy firm Alternergy Holdings Corp. is reallocating the proceeds of its initial public offering or IPO to provide additional financial support to two of its wind projects. The company informed the Philippine Stock Exchange on Friday that its Board of Directors approved the plan to expedite the development of the projects. Alternergy said the Tanay and Alabat Wind Power Projects, which won in the Green Energy Auction 2 of the Department of Energy, will receive increased funding from its maiden offering. Specific development timeline “Tanay and Alabat Wind Power Projects are following a specific development timeline under GEA 2. Alternergy is fully intent to proceed with the activities leading to immediate construction by the first quarter of 2025 and thus, the reallocation of the IPO proceeds,” Alternergy chairperson Vicente Pérez Jr. said. “The reallocation of proceeds will be a boost for now while the project funding for construction is being finalized,” Gerry Magbanua, Alternergy president, added. The IPO proceeds were supposedly for the Lamut Run-of-River Hydro Power Project and the Offshore Wind Power Projects. Despite the changes, the company assured that pre-development activities for these projects would continue despite the lower budget. “Permitting and securing endorsements and clearances as well as conduct of initial technical studies would proceed,” Pérez said. “We are already on the ground in Lamut, Ifugao engaging the local community while we are in more detailed technical studies for the offshore wind projects. As these activities progress, additional funds will be channeled to support the work programs,” he added. Three leading investment banks tapped Alternergy announced last Monday it has tapped three leading investment banks — BPI Capital, RCBC Capital, and SB Capital — as lead arrangers to raise P12-billion project finance structure for the Tanay and Alabat Wind Power Projects. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 MW of additional wind, offshore wind, solar and run-of-river hydro projects. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy rechannels IPO money for wind projects appeared first on Daily Tribune......»»
Alternergy raising P12B for 2 wind power projects
Renewable power pioneer Alternergy Holdings Corp. is raising P12 billion to bankroll the construction of two wind power projects that would ramp up the local supply of renewable energy as mandated by the government. In a stock exchange disclosure on Monday, Alternergy said BPI Capital, RCBC Capital and SB Capital will assist the company in finalizing the terms and structure of the debt financing for the two projects — Tanay Wind Power Project in Rizal and the Alabat Wind Power Project in Quezon. The Tanay and Alabat Wind Projects have a capacity of up to 164 MW and are expected to be completed by 2025. Winners of DoE’s GEA-2 These projects won the Department of Energy or DoE’s second round of the Green Energy Auction Program or GEA-2 last July. Under the GEA-2, winning bidders must make their committed capacities available. The DoE conducts GEA yearly to fast-track the government’s plan of integrating 35 percent renewable energy in the energy mix by 2030 and 50 percent by 2040. Alternergy president Gerry Magbanua said the company and its partner banks will aim for financial closing before the year ends. Largest project financing deal “The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program,” Magbanua said. Alternergy has been investing a significant amount to expand its clean energy portfolio. It aims to develop up to 1,245 megawatts or MW of additional wind, offshore wind, solar, and run-of-river hydro projects. The total P12-billion mandate would be the largest project financing deal to be undertaken by Alternergy and we appreciate the support from RCBC Capital, BPI Capital, and SB Capital to ensure that the transactions would yield the most benefit for the Tanay and Alabat Wind Power Projects as laid out under the DoE’s GEA 2 Program. Alternergy was involved in the development of the 33-MW Bangui Bay wind farm in Ilocos Norte — the first commercial wind farm in Southeast Asia at that time. The post Alternergy raising P12B for 2 wind power projects 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......»»
Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP
At least two percent of the global Gross Domestic Product was lost due to increasing cases of online fraud, phishing, and scams, Senator Mark Villar said Monday. Villar, presiding over the hearing by the Senate Committee on Banks, Financial and Institutions and Currencies, lamented that the proliferation of online scams threatened not only the potential of online banking but also the stability of the banking system and the hard-earned money of the Filipino people. “While digitalization and the widespread use of digital finance opened opportunities for the banking sector, it is also apparent that opportunists also devise new methods to take advantage of this emerging financial market,” Villar said. While there’s an increasing number of Filipinos using online payment platforms, Villar noted that crimes related to digital financial transactions are also growing. “A significant number of Filipinos have been targeted by digital fraud attempts and a portion of them eventually fall victim to it,” he said. The Bangko Sentral ng Pilipinas said it has received more complaints regarding online banking transactions compared to those related to using Automated Teller Machines and credit cards, among others. In fact, the Anti-Money Laundering Council reported a rise in suspicious transactions in 2020 comprising acts of phishing, skimming, and transactions related to money mules. The Security Exchange Commission likewise noted a significant rise in complaints related to online fraud committed by online lending platforms. Villar said as these scammers take advantage of their victims, they also rattle their victims' trust in the country’s banking and financial institutions. “Trust, being the currency of the banking system, must be well-earned. Given the proliferation of online fraudsters, it is imperative that we strengthen our efforts to keep scammers at bay,” he added. Among the existing laws aimed at fighting online bank fraud include Republic Act 11765 or Financial Products and Services Consumer Protection Act; the RA 11934 or Subscriber Identity Module (SIM) Registration Act; and RA 10175 or Cybercrime Prevention Act of 2012. Villa said as criminal elements adapt to legislation to perpetuate fraud, hence, “there is a need to legislate new laws to keep them off track” such as the proposed Anti-Financial Account Scamming Act. “This measure will reinforce and earn back the public’s trust in our financial institutions,” he said. The number of phishing attacks in the Philippines during the first half of 2022 already surpassed the number of attacks at over 1.8 million detected compared to 1.34 million attacks during the entire year of 2021. Villar described the spiking cases of online scams as “extremely concerning.” This, as data from Kaspersky Security Network revealed that cases of financial phishing attempts in the Philippines from February to April 2022 were highest in Southeast Asia. Villar emphasized that the Anti-Financial Account Scamming Act or AFASA will evidently deal with cases of online fraud and will provide a regulatory framework that penalizes scammers as well as entails safeguard measures to protect Filipinos and their financial accounts. “Because of the lack of a regulatory framework that penalizes these scammers, there are and there will be more victims in the foreseeable future,” he added. AMLC executive director, Matthew David, said they required banks and payment operators to maintain the 'Know Your Customer document' for their system and store a system that could verify the identity of the clients, including the bank account owners. “They are required to do some verification in order to make sure the true identity of the customers,” David added. The public committee hearing was followed by an Executive Session due to the confidentiality and sensitivity of the issues and information that will be discussed. Villar said the executive session was conducted to ensure that law enforcement measures being undertaken to apprehend and prosecute scammers will not be disrupted. The post Phl phishing attacks highest in SE Asia, linked to 2% loss in GDP appeared first on Daily Tribune......»»
Cloud aids banks scale up operations
One of the world’s leading open platforms for composable banking, Temenos, underlined that cloud applications can help banking institutions efficiently scale up operations. Temenos serves 3000 banks from the largest to challengers and community banks in 150-plus countries by helping them build new banking services and state-of-the-art customer experiences. Temenos Banking Cloud, the company’s SaaS offering, is used by over 700 clients across more than 30 jurisdictions. During Temenos Cloud Forum 2023 forum for bank professionals in the Philippines, graced by representatives from the leading banks in the country, Temenos Financial Services Partner for Ernst and Young, Anurag Mishra, discussed “Banking Transformation” explaining that the cloud could help banks to efficiently scale their operations and design customer experiences which are more engaging. “One of the most important shifts that is happening is on the customer side. Banking is going to transition while customers are demanding ‘hyper-personalization’ and that requires new technologies. Today is the best time to shift from a technology perspective because the number of options to deliver on customer experience is huge and the cloud can solve specific problems,” according to Mishra in his presentation. On the other hand, Temenos Business Solution Lead for ASEAN, Rishi Sarin, explained the changing landscape and the challenges in the banking industry. “In a recent report published by Accenture “The ultimate guide to banking in the Cloud 2022,” 94 percent of banking respondents said that about 50 percent of all their banking business and technologies will migrate to the cloud in the next three years, while cloud adoption increased 2x in 2022 compared to 2021. There are currently huge investments by Cloud providers in the market so when we offer it as a service, it’s not only the reliability that comes in, but we can also provide security, stability and resilience,” Sarin said. He reiterated that the traditional set-up in which banks usually manufacture and distribute their own products, is changing fast as end-customers are demanding financial services at the point of need and it doesn’t necessarily matter to them who is providing those services. This fundamental shift is giving rise to new business models like embedded finance or Banking-as-a-Service. Temenos Principal Solution Consultant for Digital Banking Solutions for Asia-Pacific, Bala Carcharla, highlighted the three stages of “Lifestyle Banking.” The post Cloud aids banks scale up operations appeared first on Daily Tribune......»»
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......»»
SCCP starts T+2 settlement shift
The Securities Clearing Corporation of the Philippines, or SCCP, a unit of the Philippine Stock Exchange Inc. which processes the sale of shares, successfully migrated to a shortened settlement cycle of T+2. This migration is a significant advancement in the domestic capital market and will align the Philippines with major international markets such as the United States, most European Union member states and the major markets in the Asia-Pacific region. Preparations for the T+2 migration commenced immediately after the 27 March 2023 implementation of SCCP’s new clearing and settlement system, which can accommodate any settlement cycle. Market participants, including stockbrokers, custodian banks, the Philippine Depository and Trust Corp, stock transfer agents, PSE’s Issuer Regulation Division and the Capital Markets Integrity Corporation took part in working group discussions, readiness activities and testing sessions over five months to ensure that the market was ready for the new scheme. SEC gives okay On 10 August, SCCP received the approval of the Securities and Exchange Commission, or SEC, for its request to migrate to the T+2 settlement cycle. “We are pleased with the smooth transition to the shortened settlement cycle. We are grateful to all market participants for supporting this initiative,” PSE president and CEO Ramon Monzon, who concurrently serves as president and CEO of SCCP, said. The launch of the shortened T+2 settlement cycle will reduce various risks of unsettled trades under a T+3 regime and will promote more market efficiencies. “Aside from aligning the settlement cycle with major international markets, we expect that market participants will soon experience the benefits of operating in a T+2 environment,” Monzon added. The post SCCP starts T+2 settlement shift appeared first on Daily Tribune......»»
Pasig River rehab plan gets FL Liza’s nod
In five words, First Lady Liza Araneta-Marcos declared her support to the plan to fully rehabilitate Pasig River. “Para sa Pasig River natin!” thus, posted the First Lady on her Instagram after the Inter-Agency Council for the Pasig River Urban Development (IAC-PRUD) presented its master plan for the massive rehabilitation of Pasig River in Malacanang on Wednesday. Revitalizing the Pasig River into a commercial, lifestyle tourism and culture hub, like Thames and Seine, is among the advocacies of the First Lady as reported by Tatler Asia magazine this month. Dubbed as “Pasig Bigyan Buhay Muli” (PBBM) Project, the massive urban development undertaking was crafted by member-agencies of the IAC-PRUD which was created by virtue of President Ferdinand R. Marcos Jr.’s Executive Order 35 signed last July 25. The PBBM Project is a holistic approach composed of development plans for mixed-use commercial areas, including tourist spots, and open public parks along the 25-kilometer stretch of the Pasig River from the Manila Bay all the way to the Laguna de Bay. Initially, the IAC-PRUD identified eight key areas where the people-centric improvements could be made like jogging paths and bike lanes from the city of Manila up to Rizal province - traversing major cities in the metropolis. Informal settler families living along the river banks will be prioritized under the flagship Pambansang Pabahay para sa Pilipino Program. “Talagang ang Pangulong Bongbong Marcos po at si First Lady ang aktibong nagsusulong nito - hindi lamang para linisin kundi pagandahin at buhayin ang Ilog Pasig,” Department of Human Settlements and Urban Development (DHSUD) Secretary Jose Rizalino Acuzar said. “At bilin din po nila na tulungan ang mga kababayan nating naninirahan sa danger zones along the river. Kaya may plano na rin po kami para sa mga informal settler families diyan,” he added. By virtue of EO 35, the IAC-PRUD was created with DHSUD as chair and the Metropolitan Manila Development Authority (MMDA) as vice chair. Members of the IAC-PRUD include the secretaries of DPWH, DENR, DILG, DOT, DoTr, DOF, DBM; the chairpersons of the National Historical Commission of the Philippines and the NCCA, the general manager of the PPA, commandant of the Philippine Coast Guard, the general manager of the Laguna Lake Development Authority and the chief executive officer of the Tourism Infrastructure and Enterprise Zone Authority. The National Housing Authority will serve as the secretariat. # The post Pasig River rehab plan gets FL Liza’s nod appeared first on Daily Tribune......»»
Security Bank wins award at Asian Banking and Finance Retail Awards
Security Bank Corporation bagged the New Consumer Lending Product of the Year award at the Asian Banking and Finance Retail Banking Awards 2023 for its Complete Cashback Platinum Mastercard. The Complete Cashback Platinum Mastercard was lauded for having the best-in-class rewards and rebate program for practical spending. The tiered rebate structure covers the most relevant everyday spend categories of cardholders: 5 percent rebate on groceries, 4 percent rebate on gas, 3 percent rebate on utilities, 2 percent rebate on dining, and 1 percent rebate on shopping. Moreover, the card offers supplemental benefits like airport lounge access (i.e., Marhaba Lounge at NAIA Terminals 1 and 3), e-commerce purchase protection, and exclusive shopping and dining offers. The card was also recognized for its overall proposition and convenience in terms of experience. Now in its 18th year, the Asian Banking and Finance Retail Banking Awards honored retail banks and financial institutions in the Asia Pacific region for their innovative products, services, and solutions that made a positive impact on customers. The recognition is yet again a testament to the commitment Security Bank shows through its compelling product offerings. Over the years, the Bank has further strengthened the market appreciation of its retail banking business despite the changing market conditions by staying true to its core—providing what customers want and need and investing in what matters to them. “We’re thrilled to receive the ‘New Consumer Lending Product of the Year’ award for our Complete Cashback Platinum Mastercard,” said Maricar Filart, SAVP and Product Management & Communications Head at Security Bank. “This recognition reflects our commitment to providing innovative financial solutions that truly enhance our customers’ lives. We are dedicated to continuously improving our products and setting new standards for excellence in the industry.” In its pursuit to become the most customer-centric bank in the Philippines, Security Bank also recently received praise for its outstanding achievements from other award-giving bodies such as Alpha Southeast Asia and Asiamoney for being the Best Retail Bank in the Philippines and Best Bank for High-Net-Worth clients, respectively. The post Security Bank wins award at Asian Banking and Finance Retail Awards appeared first on Daily Tribune......»»
Heat stress could threaten health of one billion cows
By the end of the century, more than one billion cows worldwide could suffer from heat stress if global warming continues unabated, threatening their fertility, milk production, and lives, according to research published on Thursday. Nearly eight out of 10 cows across the planet are already experiencing excessively high body temperatures, spiked respiration rates, bowed heads, and open-mouthed panting -- all symptoms associated with severe heat stress, the study said. In tropical climates, 20 percent of cattle endure those symptoms year-round. These numbers are projected to balloon if cattle farming continues to expand in the Amazon and Congo basins, where temperatures are on track to rise more quickly than the global average. If emissions of climate-heating greenhouse gases continue to rise, the study predicts heat stress will become a year-round problem in Brazil, southern Africa, northern India, northern Australia, and Central America by 2100. "A very important determinant of how many cows are exposed to this heat is decisions about land-use change," lead author Michelle North of the University of KwaZulu-Natal in South Africa told AFP. "Deforestation of tropical forests for livestock expansion is not a viable development future, because it makes climate change worse and will expose hundreds of millions more cattle to severe heat stress," she added. The study, published in Environmental Research Letters, found that in a worst-case scenario, cattle husbandry will nearly double in Asia and Latin America and increase more than fourfold in Africa. Losing livelihoods If greenhouse gases are curbed sufficiently -- including by cutting the use of fossil fuels and by limiting the expansion of cattle farming -- the number of cows suffering could be reduced by half in Asia and by four-fifths in Africa. Commercial ranchers stand to lose a lot of money from heat stress. It already costs as much as 1.7 billion dollars annually in the United States alone. But these farmers usually have insurance, good relations with banks, and the ability to draw on loans to help them recover from heat-related losses, said North. When heat or other climate disasters hit small-scale farmers, however, "it can lead to farmers literally losing their livelihoods, even if the net losses may appear 'negligible'", she said. North and her team found that global milk supplies would be reduced by 11 million tonnes per year by 2050 under a high greenhouse gas emission scenario. If emissions are aggressively reduced, nearly half of that amount would still be lost, mostly in Asia and Africa, where milk supplies are already low. In the near term, overheated cows can be helped by providing them with access to shade and fans, and feeding them earlier in the day. The post Heat stress could threaten health of one billion cows appeared first on Daily Tribune......»»
Pasig River rehab, priority advocacy of FL
The Department of Human Settlements and Urban Development Secretary Jose Rizalino Acuzar on Sunday said the rehabilitation of Pasig River, by virtue of Executive Order (EO) 35, has the backing of First Lady Louise “Liza” Araneta-Marcos. In its August 2023 issue which features the First Lady, Tatler Asia magazine cited the Pasig River rehabilitation as among her three priority-advocacies, the other two being education and improved access to quality health care. Tatler Asia stated that the First Lady envisions Pasig River to become a lifestyle and commercial hub, and a major tourist attraction when fully rehabilitated. “As for the river initiative, she (First Lady Liza Araneta-Marcos) hopes that revitalizing the Pasig will make it an attraction in its own right, in the same way, that the Thames or Seine or Bangkok’s Chao Phraya are: arteries of commerce, lifestyle, tourism and culture, drawing visitors from home and overseas,” Tatler Asia wrote. Acuzar welcomed the support of the First Couple as a huge boost to the efforts of IAC-PRUD for the massive rehabilitation of the Pasig River, which also covers the relocation of thousands of informal settler families. Amelita "Ming" Ramos is perhaps the most well-known former first lady, who made the rehabilitation of the Pasig River synonymous with her name with the alliterative "Piso Para Pasig" campaign during the Ramos administration. Under EO 35, which created the Inter-Agency Council for the Pasig River Urban Development (IAC-PRUD) was created with the DHSUD as lead, the MMDA will serve as vice chair and the secretaries of DPWH, DENR, DILG, DOT, DoTr, DOF, DBM; the chairpersons of the National Historical Commission of the Philippines and the NCCA, the general manager of the PPA, commandant of the Philippine Coast Guard, the general manager of the Laguna Lake Development Authority and the chief executive officer of the Tourism Infrastructure and Enterprise Zone Authority were tapped as members. The National Housing Authority will serve as the secretariat. The IAC-PRUD was primarily tasked to “facilitate and ensure the full rehabilitation of the banks along the Pasig River water system and nearby water systems in order to provide alternative transportation, propel economic opportunities, and boost tourism activities.” The post Pasig River rehab, priority advocacy of FL appeared first on Daily Tribune......»»
Navigating reputation crisis
Trust from customers is the lifeblood of any company or brand. In the modern age, bad service stories could spread through social media and become a nightmare. However, this can be prevented or reversed using the communication system appropriate to the public audience and company team. Paolo Alba, country lead and regional business director of PRecious Communications, said the best solution for companies is to continuously update staff on business challenges or issues before they worsen into crises. “When it’s an issue, normally, we can still control this. In a crisis, we usually stop operations and then do damage control with the media. You now have more people starting to engage and giving their own opinions.” Public relations firms like his which also serve business clients in other parts of Southeast Asia, help companies how to plan and carry out crisis control, which involves identifying the possible problems they can encounter and crafting the steps to limit the consequences. “It’s always good to admit when there’s something to happen. I’m a firm believer that the truth always reveals itself. We should identify who’s at fault to take the next steps to remedy the problem.” After these, Alba said companies can have a ready, pre-approved, or “push-button solution when they come to the problem scenario.” Sometimes problems become more severe, and Alba said companies should remain on top of it throughout their existence. “The best solution there is always to trust what’s happening on the ground. You only know exactly how to react once you know the facts that are happening. We have to make sure. After the initial break-in business operations, we can control the narrative.” Alba said investigating the problem enables companies to ascertain whether it needs internal or external damage control. He frequently said the company must only review its policies or negotiate with its departments to resolve the problem. “It’s typical that a crisis stems from issues within a particular business group. In this case, there’s little to worry about regarding the recovery of the overall business or a comprehensive recovery plan. The staff needs to update stakeholders on the company’s decisions.” Alba said companies can do this by posting announcements or clarifications on their websites. Usually, he added the simple but not-so-obvious solution is to talk with the customers themselves, a significant lesson he learned from handling a range of companies, including digital banks, and is anchored from the Filipino value of malasakit or compassion. “I realized the solution is simply to go door to door to the affected families and sincerely let them know that we will care for their loved ones. Sometimes we get too concerned about how to move without a strategy when sometimes a simple solution is to speak to your stakeholders directly.” When the problem has escalated into an apparent crisis, Alba said the company must reach the biggest audience possible and lay out its plan through a press conference or social media. He said what matters is the company is present where its stakeholders are. “It doesn’t mean the company should project a beautiful image to the media, but it reinforces that it is taking the matter seriously. And it is doing something about the problem.” To genuinely reassure the customers, the company should deliver what it has promised and update them through the media and its workers through internal meetings about the efforts to resolve the problem. “It greatly affects your reputation because, without follow-through actions, you would not be seen as a credible institution. If you solve it and properly update everyone along the way, you’ll have a solid reputation and recover successfully.” He said it also helps to learn from the mistakes and successes of other companies in tweaking strategies for better crisis control. “We try to learn from those and put it into a playbook.” The post Navigating reputation crisis 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......»»