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ADB announces $10 billion fund for Philippines climate finance
The Asian Development Bank is providing $10 billion in climate finance for the Philippines between 2024 and 2029......»»
ADB to program 10 bln USD in climate finance for Philippines
MANILA, Dec. 4 (Xinhua) -- The Asian Development Bank (ADB) on Monday said it will program 10 billion U.S. dollars in climate finance for the Philippines between 2024 and 2029. The decision was announced by ADB President Masatsugu Asakawa at a high-level dialogue on financing coalitions at the United Nations' annual climate conference held in Dubai in the United Arab Emirates. "The battle against climate.....»»
World Bank chief vows to tackle ‘dysfunctionality’ at development lender
World Bank President Ajay Banga said Tuesday that he is working to reform "dysfunctionality" in the boardroom of the development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined nature of our crises," he said. He added that he was working to redefine the World Bank's business around what he called five key knowledge "verticals": people, prosperity, planet, infrastructure, and digital. Fixing the plumbing Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden and began his new role in June. The bank has historically been led by an American, while the International Monetary Fund (IMF) has been run by a European -- a controversial arrangement that has existed since the two institutions were founded in the aftermath of the Second World War. Banga has already made a number of changes to the bank's management since taking over, setting up a new 15-person private sector advisory board, and pledging deeper cooperation with regional development banks to tackle shared challenges. On Tuesday, Banga vowed to "fix the plumbing" at the bank, which he said suffered from "dysfunctionality" in the boardroom. The World Bank's board is made up of 25 executive directors appointed by its 189 member countries, who must balance the interests of the development lender with those of the states they represent. "I want people to say when I’m gone that I left the bank working much better than when I got it, because then my successor will not have to deal with what I’m dealing with," he said. Climate change Proposals to reform the World Bank's balance sheet from countries including the US and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass, Banga told the audience in New York. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. Banga has previously called on the World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaptation. On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them. These middle-income countries are states "where there is some hope for the private sector, both in terms of scalable models and the like, that renewable energy could make money," he added. In order to invite the private sector to participate, the World Bank should offer to manage some of the political risks associated with climate-related investments in these countries, along with the risk of currency fluctuations, Banga said. The World Bank group already has a political risk agency, but the foreign exchange risk is an issue that still needs to be resolved, he told the audience in New York. "That's the way to involve the private sector," he added. The post World Bank chief vows to tackle ‘dysfunctionality’ at development lender appeared first on Daily Tribune......»»
World Bank chief pledges to reform ‘dysfunctional’ development lender
World Bank President Ajay Banga said Tuesday that he is working to reform the "dysfunctional" development lender, and pledged to refocus its mission to better address the challenges posed by climate change. The former Mastercard chief executive told the Council on Foreign Relations in New York that the bank should alter its current twin mandate of poverty alleviation and boosting shared prosperity to include climate change. "I think the twin goals have to change to being elimination of poverty, but on a livable planet, because of the intertwined nature of our crises," he said. He added that he was working to redefine the World Bank's business around what he called five key "verticals": people, prosperity, planet, infrastructure and digital. Fixing the plumbing Banga, an Indian-born naturalized US citizen, was nominated to lead the World Bank earlier this year by President Joe Biden, and began his new role in June. The bank has historically been led by an American, while the IMF has been run by a European -- a controversial arrangement that has existed since the two institutions were founded in the aftermath of the second World War. Banga has already made a number of changes to the bank's management since taking over, setting up a new 15-person private sector advisory board, and pledging deeper cooperation with regional development banks to tackle shared challenges. On Tuesday, Banga vowed to "fix the plumbing" at the bank, which he called a "dysfunctional" institution. "I want people to say when I’m gone that I left the bank working much better than when I got it, because then my successor will not have to deal with what I’m dealing with," he said. Climate change Proposals to reform the World Bank's balance sheet from countries including the US and Saudi Arabia could add as much as $125 billion in extra lending capacity if they come to pass, Banga told the audience in New York. This would be a significant increase for the development lender, which mobilized just over $100 billion in financing last year. Banga has previously called on the World Bank to collaborate more closely with the private sector to meet the enormous costs associated with climate change mitigation and adaptation. On Tuesday, Banga said the bank should carefully target where it wants to encourage private investment to help cap carbon emissions in order to have the biggest impact. "We need to focus on 10 countries where the growth of emissions will be so high if we don't change to renewables that all the work we do in the developed world to reduce the use of emission-heavy energy will be lost," he said, without naming them. These middle-income countries are states "where there is some hope for the private sector, both in terms of scalable models and the like, that renewable energy could make money," he added. In order to invite the private sector to participate, the World Bank should offer to manage some of the political risks associated with climate-related investments in these countries, along with the risk of currency fluctuations, Banga said. The World Bank group already has a political risk agency, but the foreign exchange risk is an issue that still needs to be resolved, he told the audience in New York. "That's the way to involve the private sector," he added. The post World Bank chief pledges to reform ‘dysfunctional’ development lender appeared first on Daily Tribune......»»
Push at UN for reform to meet elusive development goals
Developing countries on Monday urged a shake-up in the global order to help the world's poorest, at a United Nations summit on ambitious anti-poverty promises that remain far off track. Hoping to show a focus on more than the war in Ukraine, UN Secretary-General Antonio Guterres convened the development summit on the eve of the annual General Assembly, where Ukrainian President Volodymyr Zelensky is set to take center-stage. In 2015, UN member states adopted the Sustainable Development Goals, 17 targets to transform the world by 2030 including by completely ending extreme poverty and making sure not a single of the planet's eight billion people goes hungry. Guterres called for a "global rescue plan" on the targets, as he acknowledged that only about 15 percent were on track to be met and that metrics on some were heading in reverse. "The SDGs aren't just a list of goals. They carry the hopes, dreams, rights and expectations of people everywhere," Guterres told the summit. "In our world of plenty, hunger is a shocking stain on humanity, and an epic human rights violation. "It is an indictment of every one of us that millions of people are starving in this day and age." Addressing the summit, South African President Cyril Ramaphosa said, "Ultimately, the achievement of the Sustainable Development Goals depends on the fundamental reform of global social, economic and political relations." Ambitions sidetracked In a declaration adopted by consensus Monday, UN member-states reaffirmed their commitment to the goals and to eradicating extreme poverty, defined as living on less than $2.15 a day. The nations agreed to "act with urgency" to implement the "plan of action for people, planet, prosperity, peace and partnership, leaving no one behind," the declaration said. But efforts to devote money and attention to the goals have been repeatedly set back, including by the Covid-19 pandemic, the war in Ukraine and other tumult, worsening climate catastrophes and sharp increases in the cost of living. The declaration also backed in general terms reform of international financial institutions, weeks after a G20 summit in New Delhi focused on increasing representation in the World Bank and International Monetary Fund. But Mia Mottley, prime minister of Barbados, told the summit that the issue went deeper. "The calls for international reform of the financial system really are not just about governance, but they are for us about longer money, cheaper money, and being able to use it for the purposes for which we need to reduce all of our inequalities and achieve the elements of the SDGs," she said. Poorest 'counting' on momentum French Foreign Minister Catherine Colonna, addressing the summit, said that Paris was increasing its development assistance despite an era of tight budgets, with special attention on climate. "We need to demonstrate an electroshock of solidarity," she said. The United States, which has pumped $43 billion in military aid into Ukraine to help defend against Russian invasion, has hoped to show it is also interested in development. Linda Thomas-Greenfield, the US ambassador to the United Nations, called the declaration on Monday "historic." "This is an important step, but it must be followed by accelerated action," she said. "All member-states must continue to drive progress forward. The world's most vulnerable are counting on us, and we must leave no one behind." But one senior European diplomat warned the gap was growing between the developing and developed worlds. One goal for the summit is "making sure that that rift doesn't grow further," the diplomat said, speaking on condition of anonymity. The post Push at UN for reform to meet elusive development goals appeared first on Daily Tribune......»»
ADB OKs P17 billion Philippines loan to boost climate resilience
The Asian Development Bank has approved a $303-million (P17.2 billion) loan to address the persistent flooding problem in the country amid worsening climate change......»»
PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems
In conjunction with the visit of the members of the President’s Cabinet to improve economic ties with Japan, PEZA pursued a five-day outbound mission to Tokyo resulting in P10.8 billion in solid investment expansion commitments from PEZA-registered Japanese enterprises. Held from 28 August to 2 September 2023, PEZA participated in an investment forum organized by junca Global Holdings and a series of business-to-business meetings that capitalized on investment leads sought by PEZA, and those from Sumitomo Corporation and the First Philippines Industrial Park, Inc., one of PEZA’s leading developer-operators. PEZA also explored new strategic areas of collaboration with Kiraboshi Bank, one of the leading regional banks in Tokyo, and with the Organization for Small & Medium Enterprises and Regional Innovation JAPAN, a government agency under the Ministry of Economy, Trade and Industry in charge of supporting the needs of Japanese SMEs. Further, PEZA entered into a Memorandum of Understanding with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA until the end of 2023. In an investment promotion forum organized by junca Global Holdings on 29 August, Director General Tereso O. Panga highlighted Japan’s contribution to the Philippine economy, stating “Our top country investor, Japan, has a total of P766.550 billion investments from 1995 to June 2023 making up for the 27.37 percent of PEZA’s overall investments by country. This investment comes from 877 Japanese locators with 339,751 direct employments as of May 2023 and exports of $ 6.370 billion from January to May this year.” The said forum was attended by representatives from various industries, specifically from renewable energy/alternative fuel to water recycling, real estate, financial services, food processing, cosmetics manufacturing and distribution including research and development on sprayed stem cell therapy, and human resource training and management. Panga also reported that “2023 is proving to mark the significant rise of the semiconductor industry with several industry leaders proceeding with their expansion plans to address the projected demand in their products due to the rise of the electronic vehicle industry and steady technological advancements in the downsizing of gadgets and their parts.” “PEZA will make sure that the country will be poised to receive these investments as we have a small window to get the manufacturing of new high-tech products into the Philippines given the competitiveness of the industry,” he added. The mission allowed PEZA to secure P10.8 billion in investment commitments from Japanese companies, namely the Terumo Corporation (P1 billion), Taiyo Yuden (P1.6 billion), TDK Corporation (P7.2 billion) and Almex Technologies (P1 billion). Panga’s statement is further solidified by the P111.207 billion in investments already approved by the PEZA Board for the first nine months of 2023, and expansion announcements by some of PEZA’s biggest locators such as Knowles (Philippines) Electronics Corporation, Terumo, Wipro Philippines, Inc., and Isla Import Terminals, Inc. According to Panga, “Taiyo Yuden CO., LTD. has an investment plan to operate their business in Taiyo Yuden (Philippines), Inc. We are proud to have locators such as Taiyo Yuden grow inside PEZA’s ecosystem since 1989. The ongoing investment plan covers the calendar year 2023-2024, with the total investment amounting to P1.6 billion. This signifies a continued era of trust and confidence in the country’s investment facilitation climate.” The Metal Power Inductor is Taiyo Yuden’s newly patented product with cutting-edge technology. The Philippine facility is the first manufacturing site aside from the facilities in Japan. The new product is the world’s first multilayer-type metal power inductor with the latest multilayer technology and its unique metal material characteristics. On the other hand, the TDK Corporation, an electronics manufacturing company that uses leading magnetic technology will have its first expansion from 2023 to 2026 while its second expansion will begin in 2024. TDK’s new product is a bio-magnetic sensor for monitoring heartbeats. Promising investment leads are also in the pipeline such as the partnership with Kiraboshi Bank, LTD., As one of the largest regional banks in Tokyo, Japan, Kiraboshi Bank caters to a large network of enterprise clients including PEZA registration-eligible business enterprises. Meanwhile, talks with the SME Support JAPAN led to the possible inclusion of the Philippines in the conduct of CEO Business Meetings that will allow direct linkage between Japanese SMEs and PEZA RBEs. PEZA also considers the partnership as a promising prospect since the Philippines is in a position to address the human resource needs of Japanese SMEs that are looking to expand operations. According to SME Support Senior Director General Soma Hirohisa they are “looking forward to the possible partnership with PEZA to produce more success stories for Japanese SMEs, similar to those who setup manufacturing facility in the ecozones to export these products to Japan and other global markets.” On the other hand, Kaneko Cord Co., LTD. is a company engaged in various industries such as the production of electrical wires, cables, and the manufacture of medical tubes and caviar productions is interested in transferring its Japan-based operations to the Philippines. Kaneko representatives later lauded the productive meeting with PEZA, stating that the meeting “surely expedited the beginning of [their] business in the Philippines.” Meltec Corporation also have plans to expand their operations in the Philippines due to the country’s strategic location to its clients and the presence Filipinos workers with high-quality skills and positive attitude. On 1 September 2023, PEZA entered into an MOU with NEOJAPAN that will allow PEZA to use NEOJAPAN’s desknet’s NEO and Appsuite, free of charge to PEZA for a limited period. The use of these groupware solutions will allow PEZA to digitize, automate, and centralize most of its internal documents and processes under a secure IT environment. With this partnership, PEZA will be taking the lead in government administration, being one of the first Philippine government agencies to use the product as a standard operating office system. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. Represented by Panga and Corporate Center Senior Director Tsuneko Aoki, PEZA and NEOJAPAN inked the engagement geared toward exploring areas of collaboration and cooperation in developing, improving and automating the administrative processes of PEZA through the adoption of appropriate ICT systems. In Japan, desknet’s NEO is used by 40 percent of all Japanese LGUs, ministries such as the Ministry of Internal Affairs and Communication, universities such as The University of Tokyo, and large enterprises such as Toyota, Mitsubishi Motors, Mizuho, Pilot and Fujifilm. The MOU is also in compliance with Republic Act No. 10173 or the Data Privacy Act of 2012 and Confidentiality of Information. This is part of PEZA’s initiatives towards contributing to the goal of the Department of Trade and Industry of promoting digital transformation in the Philippines that is science, technology, and innovation-driven. The post PEZA secures P10.8B investments from Japan, signs MOU for automation of ICT systems appeared first on Daily Tribune......»»
4 new solar plants bring clean energy to Visayas, Mindanao
The European Union, the World Bank and the National Power Corporation held a ceremony in General Santos City recently to mark the inauguration of the completed rural network solar power plants involving four electric cooperatives in Samar, Visayas and South Cotabato and Sultan Kudarat, Mindanao. The setting-up of the solar power plants and their linking to the distribution networks of the ECs are being done by Napocor under the Access to Sustainable Energy Project administered by the World Bank and funded by a grant from the EU. The project, which is part of the EU’s 66-million Euro (P3.8 billion) Access to Sustainable Energy Programme, financed four 1MWp greenfield solar PV power plants at a total cost of 4.6 million Euro (P280 million). The two plants connected to the distribution networks of South Cotabato II Electric Cooperative and Sultan Kudarat Electric Cooperative were switched on at the ceremony. The other two plants, which will be connected to the networks of Samar I & II Electric Cooperatives, should be switched on by the end of September 2023. These investments in solar energy will help make energy consumption in the target areas more environmentally sustainable, contribute to diversifying the energy supply and ultimately help mitigate climate change. At the inauguration ceremony, Luc Véron, European Union Ambassador to the Philippines, said: “We are very proud to have financed this action that provides sustainable and clean energy solutions to remote communities in Mindanao and Visayas. Working on the transition to a greener society and climate change mitigation is a global priority for the European Union, and it will also remain at the center of our cooperation efforts with the Philippines.” “This project exemplifies the World Bank’s commitment to promoting sustainable energy solutions for inclusive growth in the Philippines,” said Ndiamé Diop, World Bank country director for Brunei, Malaysia, Philippines and Thailand. He also noted the importance of these solar power plants in setting benchmarks for scaling up renewable energy supplies among ECs. “Napocor is proud to be a partner of the EU and the World Bank in bringing renewable energy to far- flung areas of the Philippines, supporting the government’s endeavors toward full electrification and renewable energy scale-up. Under this partnership, Napocor also completed the installation of 30,500 units of solar home systems for five electric cooperatives in Mindanao in 2022,” said Fernando Martin Y. Roxas, president and CEO of Napocor. Roxas extended his appreciation to both the EU and WB as well as to the Department of Energy for entrusting Napocor with the implementation of the Access to Sustainable Energy Project. “This has been a fruitful collaboration. We are grateful to extend our technical expertise and at the same time obtain inspiration in our own pursuit of renewable energy technologies. We look forward to future engagements with our development partners.” The post 4 new solar plants bring clean energy to Visayas, Mindanao appeared first on Daily Tribune......»»
Pinyapel, Bakong products diversify, fight climate change
The Design Center of the Philippines has made 200 products out of Pinyapel, a paper from pineapple leaves, and Bakong, an aquatic plant, and helping build 60 small businesses while protecting the environment in the process. The Filipino-made products have resulted from 170 intellectual properties since 2019 under the center’s Smart Materials Development Program. This aims to conserve wastes and natural resources by transforming them into innovative products while generating jobs for the less privileged. “Pinyapel and Bakong highlight the design center’s response to the growing local and international call for global action on climate resiliency, addressing social, economic and environmental issues that threaten the general public,” Rose Marie O. Mendoza, the center’s chief industrial specialist, told the Daily Tribune last Friday. Mendoza, a recipient of this year’s The Eight Bravo Empowered Women Awards organized by the Security Bank Corp. and Zonta Club of Makati & Environs Foundation Inc., shared that the Philippines is the world’s third largest producer of pineapples. Alternatives to plastic Their leaves are processed mostly into alternatives to plastic packaging and dining materials in reducing air and garbage pollution. The DCP aims to help cut plastic production in the world by at least 300 million tons. Mendoza, however, said the center continues to explore other ways to use Pinyapel. “On top of this is a boiling pot of materials and products that has great potential to help the country mitigate climate change while brewing potential industries to contribute to the country’s economic complexity,” she said. Bakong, meanwhile, is a plant growing year-round near Bangalao Lake in Cagayan whose fibers are mostly used to make fabrics, furniture, bags and home accessories. Sustainable clothing material Mendoza said the DCP plans to increase manufacturing of Bakong as luxury brands have taken notice of the sustainable clothing material. Luxury clothes are projected to rake in global revenues up to $278 billion by 2031, more than double of the $103 billion this year. “Supported by the sustainable research and development framework of creation-protection-commercialization -industrialization, the design center will not stop introducing new products to the market, rather push these materials and products to scale,” she said. The DCP is an agency of the Department of Trade and Industry mandated to promote design as a creative tool towards the production of new products, purpose-driven design decisions and human-centered products and systems that improve the quality of human life. The post Pinyapel, Bakong products diversify, fight climate change appeared first on Daily Tribune......»»
Rich-poor split could tighten ‘grip of poverty’: World Bank chief
The new head of the World Bank said Tuesday that growing divides between rich and poor nations risked deepening poverty in the developing world, at a meeting of G20 finance ministers in India. Many countries are still recovering from the double blow of the coronavirus pandemic and fallout from Russia's war in Ukraine -- which hit global fuel and commodity prices. Climate change, meanwhile, is most painfully affecting some of the poorest countries least able to cope. Ajay Banga, president of the World Bank, said he feared a lack of progress was in danger of splitting the global economy, to the detriment of the world's poorest. "The thing that keeps me up at night is a mistrust that is quietly pulling the Global North and South apart at a time when we need to be uniting," Banga told the two-day meeting of finance ministers and central bank chiefs in Gandhinagar, Gujarat state. "The Global South's frustration is understandable. In many ways they are paying the price for our prosperity," said Indian-born Banga, a naturalized American citizen who took up the bank post last month after being nominated by US President Joe Biden. "When they should be ascendant, they're concerned promised resources will be diverted to Ukraine's reconstruction, they feel energy rules aren't applied evenly, constraining ambition, and they're worried the grip of poverty will pull down another generation." The World Bank said it is working to increase its financial capability -- including by raising hybrid capital from shareholders -- to spur growth and jobs, but said the future economy could not rely on expansion at the cost of the environment. "The simple truth is: We cannot endure another period of emission-intensive growth," Banga said. Indian Finance Minister Nirmala Sitharaman, chair and host of the get-together, launched talks on Monday by reminding leaders of their responsibility "to steer the global economy towards strong, sustainable, balanced and inclusive growth". The United States says efforts to reform multilateral lenders such as the World Bank and other regional institutions could unlock $200 billion over the next decade. Little progress on debt Debt restructuring deals for low-income nations have been a key focus of The Group of 20 major economies, but officials suggest there has been little headway. China, the world's second-largest economy and a major lender to several stressed, low-income countries in Asia and Africa, has so far resisted any one-size-fits-all debt restructuring formula, officials said. More than half of all low-income countries are near or in debt distress, double the amount in 2015, US Treasury Secretary Janet Yellen said. Yellen on Sunday said a deal on Zambian debt had taken "too long to negotiate", but added she hoped debt treatments for Ghana and Sri Lanka could be "finalized quickly". Finance ministers from regional rivals and neighbors India and China met early Tuesday, without commenting to reporters. The G20 talks have also focused on multilateral development banks' reform, cryptocurrency regulations, and easier access to financing to mitigate and adapt to the impact of climate change. A newly agreed first step on a fairer distribution of tax revenues from multinational firms -- reached by 138 countries last week -- is also set to be delivered. Multinationals, especially tech firms, are currently able to shift profits easily to countries with low tax rates even though they carry out only a small part of their activities there. The post Rich-poor split could tighten ‘grip of poverty’: World Bank chief appeared first on Daily Tribune......»»
Phl energy transition gets backing
President Ferdinand Marcos Jr. emphasized the significance of renewable energy and fossil fuels, expressing the Philippines’ keen awareness of climate change, Malacañang said on Wednesday. According to the Presidential Communications Office, Marcos delivered these remarks when he received a courtesy visit from Mike Kanetsugu, the chairman of Mitsubishi UFJ Financial Group Inc. or MUFG, at the Malacañang Palace on Tuesday. “We are also very conscious of our situation in the Philippines wherein we are very sensitive to climate change,” Marcos Jr. told Kanetsugu. “It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables,” he added. Kanetsugu expressed his dedication to supporting the government in facilitating the Philippines’ shift from fossil fuels to renewable energy. Kanetsugu highlighted the significance of the energy transition agenda of the country and commended the remarkable progress made in energy and infrastructure transition over the last three decades. “Energy transition is a very, very important agenda I consider for this country. We are providing financing, and we work for various transition projects that will contribute to a successful transition of the energy structure [in the Philippines],” he said. MUFG, a financial services company headquartered in Japan, acquired a 20-percent stake in Security Bank Corporation for P36.9 billion in 2016. MUFG commitment As part of its commitment to supporting investments in the Philippines, MUFG collaborated with Security Bank and signed a Memorandum of Understanding with the Board of Investments in 2018. The objective was to facilitate business matching activities, connecting local Filipino businesses with Japanese investors. In 2017, the company introduced the Interbank Fund Management Service, enabling customers to send remittances without incurring fees. Additionally, MUFG and Security Bank donated P44 million to the Association of Filipino Students in Japan to support the education of students affected by the Covid-19 pandemic. To assist in infrastructure projects like the North-South Commuter Railway or NSCR Project and the Metro Manila Subway Project, both funded by the Japan International Cooperation Agency, MUFG has been providing bank guarantee requirements to the Department of Transportation and the Department of Public Works and Highway. MUFG is involved in trade transactions for government agencies, including constructing the 54.6-kilometer Blumentritt-Calamba section of the NSCR and the 36-kilometer Metro Manila Subway line project. Improve bureaucratic processes Meanwhile, the President vowed to “improve bureaucratic processes” in the country’s energy sector to attract more investors to the Philippines. Marcos made the statement on Wednesday during the opening of the 24.9-megawatt Lake Mainit Hydro Power Plant, which will provide about 45,000 homes in the Caraga region with less expensive electricity. “I urge the local government to provide all the necessary assistance to ensure the safety and productivity of this hydropower plant,” Marcos said. The Chief Executive noted that the project would “serve as an encouragement to potential investors to invest in the country, especially in the power generation and renewable energy sectors.” He also thanked Japanese investors for bringing renewable energy technology to the Philippines, underscoring that hydropower plants “improve air quality as [they] produce very low carbon emissions during production.” Marcos said the project was a “defining step” towards the country’s goal of providing much-needed power for the people of Agusan del Norte and neighboring areas. He also highlighted the project’s environmental benefits, saying it would help reduce the carbon footprint and improve air quality. “This project was made possible because of the shared commitment we have with our reliable partners in the private sector, both from the Philippines and from Japan,” the President said. This is a “clear manifestation of the trust and support our two nations hold for each other,” he added. The post Phl energy transition gets backing appeared first on Daily Tribune......»»
PHL should favor renewable energy, battle climate change
President Ferdinand Marcos Jr. emphasized the significance of renewable energy and fossil fuels, expressing the Philippines' keen awareness of climate change, Malacañang said on Wednesday. According to the Presidential Communications Office, Marcos delivered these remarks he received a courtesy visit from Mike Kanetsugu, the Chairman of Mitsubishi UFJ Financial Group Inc. (MUFG), at Malacañang on Tuesday. "We are also very conscious of our situation in the Philippines wherein we are very sensitive to climate change," the President told Kanetsugu. "It is very important that we play also a part to move the balance of renewables and fossil fuels more and more in favor of renewables," he added. In response, Kanetsugu expressed his dedication to supporting the government in facilitating the Philippines' shift from fossil fuels to renewable energy. Kanetsugu highlighted the significance of the energy transition agenda in the country and commended the remarkable progress made in energy and infrastructure transitions over the last three decades. "Energy transition is a very, very important agenda I consider for this country. We are providing with financing, and we work for various transition projects that will contribute to a successful transition of energy structure [in the Philippines]," he added. The MUFG, a financial service company headquartered in Japan, acquired a 20 percent stake in Security Bank Corporation for P36.9 billion in 2016. As part of its commitment to supporting investments in the Philippines, the MUFG collaborated with Security Bank and signed a Memorandum of Understanding with the Board of Investments in 2018. The objective was to facilitate business matching activities, connecting local Filipino businesses with Japanese investors. In 2017, the company introduced the Interbank Fund Management Service (IBFM), enabling customers to send remittances without incurring fees. Additionally, the MUFG and Security Bank donated Php 44 million to the Association of Filipino Students in Japan, aiming to support the education of students affected by the COVID-19 pandemic. To assist in infrastructure projects like the North-South Commuter Railway (NSCR) Project and the Metro Manila Subway Project, both funded by the Japan International Cooperation Agency (JICA), the MUFG has been providing bank guarantee requirements to the Department of Transportation (DOTr) and the Department of Public Works and Highways (DPWH). The MUFG is involved in trade transactions for government agencies, including constructing the 54.6-kilometer Blumentritt-Calamba Section of the NSCR and the 36-kilometer Metro Manila Subway line project. The post PHL should favor renewable energy, battle climate change appeared first on Daily Tribune......»»
Marcos keen about modern transport
President Ferdinand R. Marcos Jr. on Saturday said his administration is determined to improve the country’s public transportation systems. Speaking at the ceremonial loan agreement signing for the Davao Public Transport Modernization Project or DPTMP in Davao City, Marcos said his administration is committed to addressing the pressing issues hounding the country’s transportation sector, saying the government “will remain relentless in providing solutions to the pressing challenges that hinder our path towards prosperity and progress.” “I assure my fellow Filipinos that your government is working hard to improve the country’s transportation systems, operations, and management for the benefit of present and future generations,” Marcos said in a speech delivered at Acacia Hotel in Agdao, Davao City. He expressed confidence that the government’s vision to effectively deliver a functional transportation system is possible and achievable. “As long as we are guided by the core of the whole-of-nation and whole-of-society approach, I am confident that our vision of a seamless, efficient, accessible, and highly connected transportation system will be well within reach,” he said. Loan deal signed Marcos pressed the need to pursue the much-needed modernization of the country’s transport system “whether through better roads, highways, and even railways.” During the event, the President witnessed the signing by the government and the Asian Development Bank of the loan agreement for the DPTMP, which aims to support the expanding economic activities of Davao City. Finance Secretary Benjamin Diokno and ADB country director Pavit Ramachandran inked the US$1-billion loan granting the establishment of a city-wide public transport project — the first project in the country to deploy electric bus fleets. This project supports the Philippines’ efforts to reduce greenhouse gases and promote climate action. “It’s not only good for the economy, but also ultimately for the health and general well-being of the public,” the President said. Marcos said the event marks another milestone “that heralds a very large leap towards realizing our goal to modernize our country’s public transportation system.” “As it (DPTMP) opens its doors to visitors and investors, the city will be rewarded with increased business opportunities. Increased commercial activities necessarily bring more people which means more vehicles on the streets, busier roads, and hence, heavier traffic,” he said. Marcos said the DPTMP, envisioned as early as 2010, will have an integrated network of 29 routes that will connect major commercial centers in Davao City. It is expected to attract various socio-economic opportunities for Davaoeños. He thanked ADB officials for their unwavering support of various government projects and initiatives. “As we further our partnership, I am optimistic that we will come up with and forge even more projects in the years ahead, especially those that aim to improve the lives and lessen the burden on the Filipino public,” Marcos told ADB officials. Meanwhile, Marcos ordered the Department of Transportation to work hard to complete the DPTMP within the set timeline. The post Marcos keen about modern transport appeared first on Daily Tribune......»»
Marcos admin adamant to improve Phl transportation
President Ferdinand R. Marcos Jr. on Saturday said that his administration is adamant to improve the country’s public transportation systems. Speaking at the ceremonial loan agreement signing for the Davao Public Transport Modernization Project in Davao City, Marcos said his administration is committed to addressing the pressing issues hounding the country’s transportation sector saying that they “will remain relentless in providing solutions to the pressing challenges that hinder our path towards prosperity and progress.” “I assure my fellow Filipinos that your government is working hard to improve the country’s transportation systems, operations, and management for the benefit of present and future generations,” Marcos said in a speech delivered at Acacia Hotel in Agdao, Davao City. Marcos expressed confidence that the government’s vision to effectively functional transportation system is possible and achievable. “As long as we are guided by the core of the whole-of-nation and whole-of-society approach, I am confident that our vision of a seamless, efficient, accessible, and highly connected transportation system will be well within reach,” he said. Marcos pressed the need to pursue the much-needed modernization of the country’s transport system “whether through better roads, highways, and even railways.” During the event, Marcos witnessed the Philippine government and the Asian Development Bank sign the loan agreement for the DPTMP, which aims to support the expanding economic activities of Davao City. Finance Secretary Benjamin Diokno and ADB country director Pavit Ramachandran inked the US$1 billion loan granting the establishment of a city-wide public transport project—the first project in the country to deploy electric bus fleets. This project serves in support of the Philippines’ efforts to reduce greenhouse gases and promote climate action. “It’s not only good for the economy, but also, ultimately, for the health and general well-being of the public,” the President said. Marcos said the event marks another milestone “that heralds a very large leap towards realizing our goal to modernize our country’s public transportation system.” “As it (DPTMP) opens its doors to visitors and investors, the city will be rewarded with increased business opportunities. Increased commercial activities necessarily bring more people which means more vehicles on the streets, busier roads, and hence, heavier traffic,” he said. Marcos said the DPTMP, envisioned as early as 2010, will have an integrated network of 29 routes that will connect major commercial centers in Davao City. It is expected to attract various socio-economic opportunities for Davaoeños. He thanked the ADB officials for their unwavering support of various government projects and initiatives. “As we further our partnership, I am optimistic that we will come up and forge even more projects in the years ahead, especially those that aim to improve the lives and lessen the burden to the Filipino public,” Marcos told ADB officials. Complete within timeline Meanwhile, Marcos ordered the Department of Transportation to work hard for the completion of the DPTMP within the set timeline. He also directed DoTr to promptly address various concerns such as funding requirements, traffic management issues, and the affected households. Despite acknowledging the positive developments that the DPTMP will bring to Davao City, Marcos stressed the need to provide assistance to those who will be affected by the implementation of the project. “Lest we forget, coupled with this grand vision of building an efficient mode of transportation are the unavoidable issues that also need our immediate attention, such as the families who will be displaced by the implementation of the program,” he said. However, Marcos assured that the project will social development interventions, such as financial and non-financial assistance for those who are displaced. “It will also ensure that the families affected by the construction are properly compensated and if need be, relocated,” he added. The DPTMP—covering 672 kilometers with nine routes that connect key areas in Davao City to Panabo City, Davao Del Norte.— is one of the big infrastructure projects under the “Build, Better, More” infrastructure program of the Marcos administration. A total of 1,105 buses are expected to operate along the routes. DPTMP is projected to start initial operations by 2024 and can serve around 800,000 passengers daily. The post Marcos admin adamant to improve Phl transportation appeared first on Daily Tribune......»»
Economic managers court Singaporeans
The country’s economic managers on Thursday boasted of the government’s aggressive infrastructure development plan and strong consumer spending among Filipinos post-pandemic as they hope to attract more investments from Singaporean firms. In their second economic briefing in Singapore, Philippine economic managers updated the foreign business community on the 194 infrastructure projects approved by the National Economic and Development Authority in March. NEDA Secretary Arsenio Balisacan shared 93 of them are already being built, of which 19 are expected to be completed this year and 61 in the next five years. “These investments will ease the process of doing business, expand market opportunities and foster job creation and innovation,” Balisacan said. The infrastructure program totaling around P8.3 trillion includes transportation, energy, water, agriculture and digitalization projects, among others. Committed to increase infrastructure spending Under the current administration of President Ferdinand Marcos Jr., Balisacan said the government has committed to increase infrastructure spending ranging from 5 percent to 6 percent of the gross domestic product or at least $20 billion to $40 billion each year. “In the previous administrations, we didn’t have ready-to-implement infrastructure projects. We had to develop them ourselves. Now there are such, with feasibility studies and some detailed engineering, so you can come in and invest,” Finance Secretary Benjamin Diokno added. Through public-private partnerships or PPPs in the infrastructure industry, Balisacan said the government can improve other basic services to the people. “We’re pushing for PPPs to support certain programs and have the rest of the funds support other basic programs such as social protection, health and education.” To boost funds for infrastructure spending, Diokno said the government has proposed the Maharlika Investment Fund, a sovereign wealth fund which could have sub-funds for specific industries, such as those contributing to fight climate change. Economy expanded the most in Asia Meanwhile, Bangko Sentral ng Pilipinas deputy governor Francisco Dakila Jr. said the Philippine economy expanded the most in Asia at 6.4 percent in the first quarter this year, higher than Malaysia’s 4.9 percent, India’s 4.6 percent and Thailand’s 2.8, due to strong consumption of goods and services. Dakila reported sales from hotels and restaurants jumped by 23.8 percent and 30.1 percent from automobile shops. He added domestic consumption was also partly driven by the continued flow of remittances from overseas Filipino workers which increased by 3 percent in the first quarter despite global inflation. While the banking sector has seen moderate growth, Dakila said financial firms remain stable and optimistic for more clients as more Filipinos have been able to find jobs, with the unemployment rate falling to 4.5 percent in April from 5.7 percent in the same month last year. “We see that the banking sector is pretty much stable. The central bank did an outlook survey for the non-performing loans ratio showing it rising to 8 percent during the pandemic and that didn’t happen. Now it’s 3.5 percent, so banks are well capitalized. Investments in the financial sector should be very attractive.” Middle-income society Balisacan said the government aims to achieve economic growth of at least 6.5 percent each year and make the country a predominantly middle-income society by 2040. To achieve this goal, Balisacan said the government will be expanding trade agreements with other countries, including members of the Association of Southeast Asian Nations (ASEAN). “His marching order to us is to expand the opportunities in trade with other countries. The Philippines has the lowest number of bilateral agreements in ASEAN. The country has improved employment but the quality of employment is below par.” The post Economic managers court Singaporeans appeared first on Daily Tribune......»»
Banks urged: Shift backing for RE
Philippine banks must quickly shift project funding for fossil fuels to renewable energy as demand for the latter is seen to skyrocket due to shrinking supplies and rising prices for climate change-inducing fossil fuels, said a report released Tuesday by the Center for Energy, Ecology and Development Philippines. Citing data from the United Nations Intergovernmental Panel on Climate Change, a CEED report says unit costs for renewables have been decreasing at substantial rates globally: 85 percent both for solar energy and lithium-ion batteries and 55 percent for wind energy. Meanwhile, fossil fuel prices for coal and natural gas could further increase due to ongoing armed conflict between oil-rich countries Russia and Ukraine. Meralco, the country’s largest electricity provider, has increased rates to over P10 per kilowatt hour, while 11 new import terminals for liquified natural gas are under negotiations, according to the Department of Energy. Despite these, CEED researchers found 15 Philippine banks have heavily invested in fossil fuel projects through bonds, loans and stocks. Researchers say these will further heat up the planet and harm aquatic resources as the Verde Island Passage is eyed as an alternative to Malampaya. Dirtiest banks Banks were analyzed through CEED’s Fossil Fuel Divestment Scorecard which looked at their green policies and projects to mitigate the impacts of climate change such as drought, floods, and wildfires. New data covered April 2022 to March 2023. The scorecard shows Philippine banks invested $867.08 million within that period, mostly through bonds. Meanwhile, investments for new fossil gas projects reached $930 million. Among them involved the project of SMC Global Power of San Miguel Corporation in Bataan and Batangas which required principal funding of P30 billion and bond oversubscription option up to P10 billion in July last year. Eight out of the 15 banks studied supported this project. However, CEED shared that the SMC energy firm lost P15 billion last year due to higher fossil fuel prices. CEED added that the firm scrapped its application for the three proposed fossil gas projects in Visayas last year. Among the 15 banks, Bank of the Philippines Islands (BPI) was deemed the dirtiest bank, followed by BDO Unibank Inc. CEED researchers say BPI topped the list for the fourth time, with an unclear commitment to reduce coal projects, notably the Atimonan One Energy (A1E) Coal Plant. “In fact, in a letter addressed to CEED dated 1 July 2021, the DOE said that Meralco PowerGen Corporation, which wholly owns A1E, is still in communication with lenders to extend the loan facility given the challenges encountered in securing power supply agreements.” In general, BPI had vowed to reduce outstanding loans to coal projects by 50 percent by 2026 and zero percent by 2032. Meanwhile, BDO had announced to reduce coal exposure also by 50 percent by 2033. CEED, however, criticized the banks for not having detailed plans to achieve their goals. “BPI’s overall score is also slightly higher due to improved sustainability policies. Nonetheless, BPI’s high overall fossil fuel exposure and insufficient policies keep it at the top,” CEED researchers said. For BDO, “Its coal exposure remains significant and its place as the top financier of the fossil gas expansion also garners it a high score. Its rank is lowered, however, by its Sustainability Policies Criteria score,” it said. Model banks Government-owned Land Bank of the Philippines (LandBank) and Development Bank of the Philippines (DBP) are the cleanest banks. CEED said that LandBank approved loans amounting to P20.1 billion for renewables. It added that the bank agreed in January to help build Aboitiz renewable energy plants worth P20 billion. Meanwhile, DBP approved a total loan of P600 million for a hydropower plant in Nueva Ecija and other 27 renewable energy projects last year. The post Banks urged: Shift backing for RE appeared first on Daily Tribune......»»
ADB pledges USD 14 billion for food security in Asia and Pacific by 2025
Manila [Philippines], September 28 (ANI): The Asian Development Bank (ADB) has announced it plans to provide at least USD 14 billion over 2022-2025 as support to ease a "worsening food crisis" in Asia and the Pacific. It aims to improve long-term food security by strengthening food systems against the impacts of climate change and biodiversity loss. Nearly 1.1 billion people in the region lack healthy diets due to poverty.....»»
ASEAN gets $300 million for green recovery program
South Korea-based Green Climate Fund has earmarked $300 million (P14.57 billion) to support Asian Development Bank’s green recovery program in Southeast Asia, with the Philippines among the top priorities......»»
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......»»
NewJeans prepares for comeback with Japanese debut, teases world tour
K-pop girl group NewJeans is gearing up for a number of comeback projects this year, including a Japanese debut eyed to kick off a world tour......»»