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BDO funds 28 green projects from P52.7 billion bond proceeds
Around 28 green projects benefitted from the first ASEAN sustainability bond issuance of BDO Unibank Inc. in January 2022, bolstering the bank’s sustainability commitment......»»
Malnutrition, hunger shade Phl growth
The Asian Development Bank’s outlook for the Philippines remains unchanged since April, maintaining that the country’s economy would expand by 6.0 percent for the remainder of the year and grow by 6.2 percent in 2024. In April, Kelly Bird, ADB country director for the Philippines, noted that the economy was in expansion mode after the gross domestic product grew 7.6 percent throughout 2022. “It (Philippine economic growth) is expected to moderate this year (2023) from the previous year’s forecast-beating outturn, but will remain on a healthy expansion mode underpinned by rising domestic demand and a recovery in services, particularly tourism,” he said. In the latest update of its quarterly Asian Development Outlook 2023 report, the ADB said domestic demand and services continue to drive growth in Southeast Asia, with many economies in the region, including the Philippines’, benefiting from strong tourism recovery. It said robust investment and private consumption, along with rising employment, growth in production and retail sales, and upbeat activity in private and public construction, is propelling the Philippine economy forward, making the country a strong candidate for the fastest-growing economy in the region in 2023, even surpassing Singapore’s and Vietnam’s. Filipinos look forward to ADB’s forecast that growth will remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy. GDP growth should pick up even more as the external environment improves. Hopes are pinned on private consumption and investment to continue to expand, though easing from 2022’s brisk pace while household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas. The bank’s outlook on the Philippine economy should get President Marcos into a pumped-up mood as he gets ready to address the country in his 2nd State of the Nation address on Monday. But ADB’s sobering notes on hunger and malnutrition threaten to dim whatever bright disposition he may have at the moment. In its report, the ADB notes that despite rapid economic growth in recent years, these “impressive gains” along with whatever efforts to reduce poverty have not lowered hunger, particularly among people in lower income levels. The ADB cites data from the UN Food and Agriculture Organization indicating the prevalence of food insecurity in the Philippines, averaging 43.8 percent of the total population from 2019 to 2021 with 5.2 percent of the people undernourished. An Expanded National Nutrition Survey in 2021 revealed that under-nutrition rates were “very high,” with 26.7 percent of children under five years old stunted. Among school-age children (5-10 years old), the stunting rate was 19.7 percent and much higher among the poorest quintile at 32.7 percent. Alarming figures indicate that chronic malnutrition and stunting are strongly linked to disease and premature death; they adversely affect crucial stages of development (of children), causing cognitive and behavioral deficits, learning disabilities and ultimately a sub-optimal and uncompetitive labor force. The government’s response, the ADB observed, was short-term measures providing social support to vulnerable groups and temporarily easing import restrictions on some agricultural products. And this note should be of particular concern to the President, who remains unmoved by calls to designate a full-time, hands-on expert thoroughly steeped in agriculture at the agency. These data are also alarming: Agriculture growth in the Philippines has underperformed for the past two decades; it grew 3.5 percent on average annually from 2000 to 2010, then by 1.5 percent from 2011 to 2022; Agriculture’s share of GDP has declined from over 15 percent in early 2000 to an average of 9 percent in the past five years, with one-fifth of employment remaining in agriculture; and today’s Philippine agriculture labor productivity continues to lag behind its peers in the Southeast region. The ADB recommended that government strengthens food security and nutrition through social protection responses. Data on poverty incidence showed it declined from 23.5 percent of the population in 2015 to 16.7 percent in 2018 but rose again to 18.1 percent in 2021 because of the pandemic. As the President prepares to take on another year in office, we hope that the President is aware of the urgencies that need to be effectively tackled in the sector he insists on overseeing and of the sociopolitical costs and the not-so-flattering image the country — and the world — would have of his leadership if he leaves these issues substantially unresolved. The post Malnutrition, hunger shade Phl growth appeared first on Daily Tribune......»»
Iran takes Canada to UN court over terror compensation
Iran has taken Canada to the International Court of Justice for allowing victims of alleged terror attacks to claim damages from Tehran, the UN's top tribunal said on Wednesday. Tehran's case claims that Ottawa, which listed the Islamic Republic as a sponsor of terrorism in 2012, had violated Iran's state immunity. Iran asked the Hague-based ICJ to make Canada overturn a law passed in the same year that allows victims to collect damages from state terror sponsors in Canadian civil courts. "Canada has adopted and implemented a series of legislative, executive, and judicial measures against Iran and its property in breach of its international obligations," Iran said in its filing to the court. Tehran also demanded compensation from Canada. Iran's application cites a Canadian court judgment in 2022 that awarded more than $80 million in compensation to the families of six people who died when Iran shot down a Ukrainian airliner almost two years ago. Ukraine International Airlines flight PS752 was downed shortly after take-off from Tehran on January 8, 2020, killing all 176 people aboard -- including 85 Canadian citizens and permanent residents. Three days later, the Iranian armed forces admitted to downing the Kyiv-bound plane "by mistake." 'International obligations' Iran also cited a 2016 ruling by a Canadian judge ordering Iran's non-diplomatic land and bank accounts to be handed over to victims of attacks by Hamas and Hezbollah. The judgment awarded a reported $13 million to families of Americans who died in eight bombings or hostage-takings in Buenos Aires, Israel, Lebanon, and Saudi Arabia from 1983 to 2002. The families, led by the parents of Marla Bennett, who was killed when a suicide bomber struck at a cafeteria at Hebrew University in Israel in 2002, had successfully sued Iran in the United States. "Iran respectfully requests the Court to adjudge and declare that by failing to respect the immunities of Iran and its property, Canada has violated its international obligations toward Iran," Iran's ICJ filing said. Canada broke diplomatic ties with Iran in 2012 as relations frayed over Tehran's support for Bashar al-Assad's regime in Syria, its nuclear program, and threats to Israel. Iran launched a similar case at the ICJ against the United States in 2016 seeking to unfreeze assets seized by Washington to compensate victims of terror attacks. Judges in March rejected Iran's bid to free nearly $2 billion in central bank assets but ruled the United States had illegally seized funds of some Iranian companies and individuals. The ICJ was set up after World War II to resolve disputes between UN member states. Its judgments are final but can take years. The post Iran takes Canada to UN court over terror compensation appeared first on Daily Tribune......»»
DBP bucks merger, cites need for law
The Development Bank of the Philippines has filed an appeal with the Office of the President to reconsider the proposed merger with the Land Bank of the Philippines or LandBank as the former insists it must be first approved by Congress as required by law. This is a response to statements by Alex Quiroz, chairperson of the Governance Commission for Government-Owned or Controlled Corporations last Monday, who said President Ferdinand Marcos Jr. can approve the proposed merger without a new law from Congress. However, in a DBP statement, the bank argued Republic Act 10149 limits the commission to the “evaluation of performance and determination of the relevance of GOCCs and implementation of mergers.” The law says the commission may “recommend to the president the merger of GOCCs and implement the merger unless otherwise directed by the president.” Best interest of the State These should be done only after the commission determined the merger will be in the best interest of the State. The law adds the commission must consult with the relevant government agencies and stakeholders before adopting an ownership and operations manual and the government-corporate standards governing GOCCs. In its statement, DBP said the merger’s proponent, Department of Finance Secretary Benjamin Diokno must yet present compelling and detailed arguments that the DBP and the LandBank cannot perform its duties separately and contribute to national development on their own. Diokno said that the President had agreed to the proposed merger in a Cabinet meeting last month as the finance chief said it will remove redundancies in the operations of the two banks and because of the need of DBP for recapitalization of up to P100 billion and capital infusion from the national government. He added the merger will improve the weaknesses of both banks. Will complicate processes However, the DBP said the merger will complicate banking processes and goals as DBP mechanisms are specifically designed to serve stakeholders in the infrastructure industry. “DBP is to develop industry; Land Bank, agriculture. Yet, there is no showing of any redundancy and how the proposed merger would effectively address the alleged ‘inefficiencies.” DBP added that the talks and steps for the proposed merger will divert the bank’s focus and energy toward helping boost relevant industries amid the challenging economic environment. “We will explore all options and available remedies to strongly articulate our position that the merger is unwarranted and ill-timed given the existing socio-economic milieu that necessitates a responsive and progressive development financing institution such as DBP.” The post DBP bucks merger, cites need for law appeared first on Daily Tribune......»»
To strengthen Phl economic recovery, World Bank cites need for more FDIs
Appearing recently before the economic press for the East Asia and Pacific Region, officials of the World Bank made an assessment of recent economic recovery among countries in the region......»»
World Bank cites Manila Water as utility of the future
Manila Water Company Inc., the water and wastewater service provider for the East Zone of Metro Manila and Rizal province, was recognized by the World Bank for its commitment to become a “utility of the future”. .....»»
Feb 2021 Inflation Aimed at 4.7%
Inflation rate for February 2021 is forecast to increase between 4.3-percent and 5.1-percent, higher that the 4.2-percent inflation rate in January. Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno cites 4.7-percent as the point inflation figure for February. the central bank chief said that the rate of price increases this month are due to the […].....»»
German award body cites LandBankfor financial services innovations
CALOOCAN CITY, Oct. 15 (PIA) -- State-run Land Bank of the Philippines (LandBank) was presented with a Certificate of Merit for "Best Innovation in Financial Services" in this year's Karlsruhe Sust.....»»
World Bank cites Philippines prudent fiscal strategy
The government’s “prudent” fiscal management strategy has put the Philippines in a good position to respond to the global health crisis, according to the World Bank......»»
ED attaches asset worth Rs 70 lakh in bank fraud implicating Hyderabad-based Jasleen Enterprises
New Delhi [India], March 28 (ANI): The Directorate of Enforcement (ED) has attached an immovable property valued at Rs 70 lakh in a bank fraud case involving Jasleen Enterprises headquartered in Hyderabad. The Hyderabad division of the ED attached the fixed asset in accordance with the stipulations outlined in the Prevention of Money Laundering Act (PMLA) of 2002. ED initiated investigation on the basis of First Informati.....»»
Chinese Diplomat Liu Jianchao Meets With Singapore s Leaders
singapore - Liu Jianchao, the senior diplomat widely expected to become China's next foreign minister, said "the world needs connectivity, not decoupling," during a four-day visit to Singapore.Liu, who heads the international department of the Communist Party, was in the city-state to meet with Prime Minister Lee Hsien Loong and the country's incoming leader, Deputy Prime Minister Lawrence Wong.During a s.....»»
Saso, Pagdanganan seek redemption at Ford Championship
Yuka Saso and Bianca Pagdanganan are determined to bounce back from their recent LPGA Tour performances as they mix it up with the world’s best in the Ford Championship......»»
Belmonte, Binay call for climate action funding from development banks
The C40 coalition of cities, a network of nearly 100 mayors, asked MDBs to increase urban climate investment, integrate urban climate action into their strategies, and implement tailored programs to support city projects. .....»»
PNVF forms coaching sataff for world meet
Seasoned coach Dante Alinsunurin will make a comeback as one of the deputies for the national men’s team as host Philippines pulls out all the stops to parade a competitive squad against the best of the best in the FIVB Volleyball Men’s World Championships 2025......»»
Iraqis display full might vs Philippines XI
Iraq rained goals on host Philippines in a 5-0 shutout that pushed the Filipinos to the brink in the FIFA World Cup Qualifiers Tuesday at the packed Rizal Memorial Stadium......»»
PLDT, Smart named among world’s leading employers
PLDT Inc. and its wireless unit Smart Communications Inc. have been named among the Top One Percent of Leading Employers of 2023 by German firm Institute of Research and Data Aggregation......»»
ANZ raises Philippine inflation forecast to 3.8% this year
ANZ Research hiked its inflation forecast for the Philippines to 3.8 percent this year, from 3.5 percent previously, as risks may drive inflation up to above the central bank’s two to four percent target in the coming months......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
Infrastructure projects get better loan terms from Japan
The Philippines has secured better financing terms for two big-ticket infrastructure projects funded by the Japanese government aimed at improving public transport and road connectivity......»»
Xdinary Heroes make ‘extraordinary’ concert in Manila
Members of the South Korean rock band Xdinary Heroes showed that they were no ordinary musicians during their first world tour, “Break The Brake” last March 23 at the New Frontier Theater......»»