Adjusting for inflation
A thousand pesos 10 years ago is of course not the same as it was today......»»
The Mystery of Post-Inflation Stability: Exploring Economic Uncertainty
Inflation, a sneaky force eating away at our financial stability, makes us wonder: what happens after its rampage? Do things settle back to normal, or are we stuck dealing with the aftermath? Inflation is simply prices creeping up over time, quietly changing our financial landscape. Think of your favorite café inching up its prices or […].....»»
Dovish Powell lifts markets to historic highs
Last week, US equities reached new all-time highs, thereby lifting global stock markets. This came on the back of Federal Reserve (Fed) Chair Jerome Powell’s dovish policy statement. In that speech, Powell touted considerable progress in bringing down inflation, notwithstanding the bumps in the road toward the two percent target......»»
March inflation may pick up amid high food prices
Inflation likely accelerated for the second straight month in March, mainly driven by high rice prices, prompting the Bangko Sentral ng Pilipinas (BSP) to keep borrowing costs unchanged at its next policy review in April, analysts said......»»
CCAP: Current credit card rate cap sufficient
The Credit Card Association of the Philippines said it fully supports the assessment process of the Bangko Sentral ng Pilipinas in adjusting or keeping the cap on credit card charges, adding that the current ceiling is sufficient......»»
Adjusting Your Budget for Unforeseen Circumstances
Life throws curveballs, and sometimes those curveballs will hit your wallet hard. From unexpected medical bills to car repairs more than what you allocated under “car maintenance,” unforeseen circumstances can disrupt your carefully crafted budget. There are ways to go about this, though. Here are some ways you can adjust your spending plan effectively when […].....»»
The Financial Reset through Budget Adjustments
As 2024 approaches, it’s not just another year; it’s an opportunity to fortify savings and inch closer to financial freedom. Let’s collectively prioritize our financial well-being by taking the crucial step of adjusting our budgets for a secure future. In our fast-paced lives, a well-crafted budget is a steadfast companion, guiding us through unpredictable financial […].....»»
NEDA, DHSUD adjust dated price ceilings
The Department of Human Settlements and Urban Development, or DHSUD, and the National Economic and Development Authority, or NEDA, adjusted the price ceiling for socialized subdivision and condominium projects. Under the adjusted ceiling, socialized subdivision projects now cost no more than P850,000 from the current P580,000 for units with a minimum floor area of 28 square meters, or sqm, with a loft of at least 50 percent of the base structure or 32 sqm. Socialized condominium projects are now set at P933,320 for 22 sqm, P1.06 million for 25 sqm, and P1.145 million for 27 sqm for a four-story building. For projects composed of five to nine storys, the pricing is P1 million for 22 sqm; P1,136,364 for 25 sqm and P1,227,273 for 27 sqm, and for 10 floors above projects, 22 sqm units cost P1,320,000; 25 sqm at P1,500,000 and 27 sqm at P1,620,000. With the inclusion of land development cost, socialized condominium projects’ price ceiling is set at maximum P1.8 million. Not reflective of current pricing DHSUD noted the current pricing no longer responds to prevailing economic conditions. DHSUD Secretary Jose Rizalino Acuzar and Socioeconomic Planning Secretary Arsenio Balisacan signed Joint Memorandum Circular 2023-003 on Friday adjusting the current price ceiling which has been in effect since 2018 pursuant to Resolutions Nos. 1 and 2 series of 2018 issued by the Housing and Urban Development Coordinating Council, or HUDCC. The adjustment came following months of thorough review and lengthy discussions between DHSUD and NEDA teams, who considered inputs from the housing and real estate sectors. The DHSUD and NEDA also agreed on the huge economic pump-priming potentials of the housing and real estate sector. The move is touted as a huge boost to the ongoing implementation of President Ferdinand R. Marcos Jr.’s flagship Pambansang Pabahay para sa Pilipino, or 4PH, Program as it could prompt active participation of and the much-needed investments from private contractors and developers. The post NEDA, DHSUD adjust dated price ceilings appeared first on Daily Tribune......»»
United States auto strike expands with 7,000 more workers joining
Another 7,000 members of the biggest US automobile workers' union on Friday joined its already major strike against the country's "Big Three" Detroit car manufacturers. The latest walkouts leave a total of some 25,000 workers on strike in 21 states -- or around 17 percent of the United Auto Workers' membership. UAW president Shawn Fain said the latest members to join the strike were at two plants in Chicago and Michigan, who downed tools at 1600 GMT. "Our courageous members at these two plants are the next wave of reinforcements in our fight for record contracts," Fain said. The industrial action is the first-ever joint strike at the major automakers -- Ford, GM, and Chrysler producer Stellantis -- in a push for higher salaries and other improvements. Fain noted however that he would not call on additional members to suspend their activity at Stellantis due to "significant progress" on several points currently under discussion. Fain mentioned a mechanism for adjusting salaries to the cost of living as well as the right to strike in the event of a site closure or relocation announcement by the manufacturer. The union has asked for a 40 percent pay raise over the next four-year contract, while the three companies have been offering raises of around 20 percent. It's also been negotiating to represent workers at battery plants planned by Ford, which the auto giant has so far resisted. UAW has used the targeted strike, which began on September 15, as a bargaining chip, ramping up the pressure on the three automakers in a bid to reach a deal. holding the deal hostage Ford President Jim Farley, who has remained relatively silent until now, came out strongly Friday against Fain's negotiating tactics. "I believe we could have reached a compromise on pay and benefits, but so far the UAW is holding the deal hostage over battery plants," he told reporters. Fain later hit back. "I don’t know why Jim Farley is lying about the state of negotiations. It could be because he failed to show up for bargaining this week, as he has for most of the past ten weeks," he said. "If he were there, he’d know we gave Ford a comprehensive proposal on Monday and still haven’t heard back." Ford recently paused construction at one of its plants and warned it may have to scale back its ambitions for the project. Stellantis said in a statement it has been "intensely working with the UAW to find solutions to the issues that are of most concern to our employees while ensuring the company can remain competitive." "We have made progress in our discussions, but gaps remain," it said, adding it was committed to reaching "a fair and responsible agreement that gets everyone back to work as soon as possible." The strike gets political The strike has ramped up the significance of Michigan's swing state status in the 2024 presidential election. Earlier this week, Joe Biden became the first sitting US president to stand on a picket line, joining UAW members in Michigan in a bold pitch for blue-collar votes against likely election rival Donald Trump. Wearing a UAW baseball cap, the Democrat used a bullhorn to tell red-shirted workers they deserved "a hell of a lot more than what you're getting." Trump's Republican party is typically hostile toward unions, though is often able to pick up significant numbers of working-class votes. Trump spoke at a non-union auto facility in the Detroit suburbs saying that he wants "a future that protects American labor, not foreign labor." On Friday, Fain called Biden's visit a "historic day." "The most powerful man in the world shows up for one reason only," he said. "Because our solidarity is the most powerful force in the world." "When we stand together united in the cause of economic and social justice, there's nothing we can't do," he added. The post United States auto strike expands with 7,000 more workers joining appeared first on Daily Tribune......»»
CdO, my second home
Cagayan de Oro City is fast turning out to be no different from other fast developing metropolises. Quotidian concerns like horrendous traffic, crime, political maneuverings (with the Barangay/Sangguniang Kabataan Elections barely a month away), bickering in the Sangguniang Panlungsod, and similar problems of an urban area are common. A year has passed since the new leadership of the city took over, but we don’t see the problems abating. With a full plate before them, the administrators must work double time before their terms of office expire. When the pandemic struck, we sort of evacuated to and settled in the city. It is now a second home to us after our house in Marawi was bombed and ransacked during the 2017 siege (I still have to file my claim for compensation before the Marawi Compensation Board as provided by law). We were a constant visitor to the city and are familiar with its geography. It has always been a choice weekend hideaway of Maranaws of Marawi and as a law practitioner I have cases in courts in the city. But now, I need assistance in navigating its labyrinthine traffic. Thanks to modernity and the Waze app which maps our way to our destination. Still, I feel like a stranger adjusting to life in the city. The main attraction of the city for a golfer like me are the golf courses. Good thing they have courses like Pueblo de Oro which is a championship course, a second-rate military golf course in Patag, Camp Evangelista, and the Del Monte Golf Course — a 30-minute drive from the city, home of golf legends Celestino Tugot and Frankie Minoza. These golf courses were the overpowering magnet that pulled me to settle here, in addition to the fact that many members of my immediate family already lived here. From my vantage position, here are some of the problems I have observed that need attention. Traffic is getting worse. I experience regularly Edsa-like traffic from going my place, Xavier Estates, to the golf course, which I could navigate in two minutes. Unfortunately, there are schools along the road causing monstrous traffic. But we avoid that by teeing off at early dawn to escape the snarl of vehicles. The principal stretch they call Masterson has regular bumper-to-bumper traffic in the morning and late afternoon when office workers’ vehicles fill the street. Yes, I notice uniformed traffic aides managing the flow of vehicles, but they are not enough. A daylight robbery in the heart of the commercial hub of the city has residents worried about their security and peace. Robbers got away with about P9 million. Public and commercial establishment are on their toes because of what happened. The daring robbery has exposed the weak security infrastructure of the city. Residents are asking what happened to the much-publicized installation of 50 traffic lights and 80 closed-circuit television or CCTV cameras in strategic spots at a budget of about P93.5 million over a decade ago. It has been kaput since 2012 and has not been attended to nor repaired. The winning bidder for the project was nowhere to be found after completion of the traffic and security infrastructure. Now the city government is toying with the idea of requiring public establishments to install CCTV cameras within their premises before they are issued a permit to operate. In fact, the Department of the Interior and Local Government has issued a memorandum circular directing local governments “to pass ordinances mandating all business owners to install CCTVs.” The circular allows for the meting out of “penalties for non-compliant business establishments and grants local chief executives the authority to revoke, refuse to renew or grant permits to establishments for non-compliance.” Problems of this nature come with the march of Cagayan de Oro towards progress and development, being the corridor of northern Mindanao. And this column is optimistic that its new mayor is up to the challenges of his stewardship. *** amb_mac_lanto@yahoo.com The post CdO, my second home appeared first on Daily Tribune......»»
Tariffs tweak must favor majority — MAP
The Management Association of the Philippines on Tuesday called on the government if it is indeed serious about adjusting the current tariff structure, saying that it should be for the common good of all Filipinos. The call, given to the members of the media through a position paper, was amid the ongoing move by the Tariff Commission and the National Economic and Development Authority or NEDA to review and reform the tariff structure of the Philippines. With this, MAP said NEDA and TC should be mindful that the adjustment should support food security for Filipinos, especially accessibility and affordability of competitively priced food, via low tariffs on food products. Also, the position paper, signed by MAP president, Atty. Benedicta Du-Baladad, said the tariff development should strengthen sustainable agri-food value chains, especially domestic agricultural value-adding enterprises including processing, storage, and logistics, through a rational tariff structure where rates on inputs do not exceed those on finished products. Distortions and unwarranted protection arising from tariff peaks, currently seen primarily in agricultural products, should be avoided. The changes also seek to cut incentives and reduce opportunities for corruption and smuggling by unifying Minimum Access Volume or MAV and non-MAV tariff rates, and keeping tariffs relatively low and uniform across all goods (with a maximum 10 percent to 15 percent) to keep food prices affordable, especially to the poor. High prices fuel poverty “Filipino families have historically been burdened with high food prices than consumers in other countries across ASEAN and beyond. The burden is worsened by relatively lower incomes, the bulk of which must be spent on food because prices are higher than elsewhere. Worse, lower-income families are forced to purchase food products of low nutritional value, leading to a worsening vicious cycle of poverty, hunger, and poor nutrition, lowered human capacity, hence persistent and further deepening poverty,” the paper reads. Despite this, the MAP said tariffs on agricultural and food commodities are higher than those applied to goods in general, as the TC reports that the simple average of tariffs applied on agricultural products is 12 percent, while the average for all products is 8 percent. “Trade-weighted averages show the same pattern, with 9 percent for agriculture, nearly double that for all goods at 5 percent. Agricultural tariffs have remained high because these have been generally excluded from tariff adjustments over the past decades, with agricultural products deemed ‘sensitive’ levied the highest statutory rates of up to 65 percent,” the group explained. In 2015, two-thirds or 66 percent of Philippine agricultural output by value was shielded from foreign competition by Most Favored Nation tariffs of 40 percent or more. “The 2018 Philippines Trade Policy Review, jointly undertaken by the government and the World Trade Organization, showed majority of commodities have MFN tariffs ranging from zero to 20 percent. However, about 6 percent of lines have tariffs significantly above 20 percent, reaching up to 65 percent,” the group explained. The post Tariffs tweak must favor majority — MAP appeared first on Daily Tribune......»»
Inflation slowdown prods loans appetite
Economists expect the demand for loans to rise this year as inflation has eased further and prospects of stable interest rates strengthen. Inflation slowed further to 4.7 percent in July from 5.4 percent in June and the peak of 8.7 percent in January due to cheaper prices of food, housing, fuels and utilities, data from the Philippine Statistics Authority revealed. However, prices in restaurants and accommodations increased to 10.1 percent from 9.8 percent in Metro Manila. Growth was likely brought by high demand for food services, which signals strong financial capacities among consumers. “Strong demand from consumers is probably preventing this from falling faster as they continue to spend heavily on these services after the pandemic,” Jun Neri, chief economist of Bank of the Philippine Islands, said. In a text message to the Daily Tribune, BDO Unibank Inc.’s official statement added that “loan demand may be driven more by consumer demand and potential infrastructure projects.” Prices of most goods and services or core inflation, which excludes volatile items like food and gas, fell to 6.7 percent from 7.4 percent. With the possible inflation downtrend, economists said consumers could have more money to spend and commercial banks could charge more manageable costs of borrowing based on the policy rate of Bangko Sentral ng Pilipinas or BSP. “The current path of inflation gives BSP the space to keep rates steady until the end of the year,” Neri said. 2% to 4% inflation BSP aims to pull inflation within the range of 2 percent and 4 percent this year by adjusting its policy rates. Its Monetary Board will announce its next move on 15 August after keeping the rate at 6.25 percent. While BSP often matches the move of the US Federal Reserve, which increased its rate by 0.25 basis point last month, local economists said imposing several hikes this year is unlikely despite possible higher inflation from costlier food prices caused by the recent typhoon and El Nino. Neri said these weather disturbances could reduce food supplies, especially rice and increase their prices through weaker agricultural production and less imports. “El Nino is a global phenomenon that could affect the food production of other countries. India recently announced a ban on the export of non-basmati white rice, while a Thai government agency has encouraged farmers to plant less rice to save on water,” he said. Dan Roces, chief economist of Security Bank Corp., believed a likely small increase in BSP policy rate would be enforced this year as bank executives wait for its full disinflationary effect. “With this, loan rates and demand may still exhibit some growth as monetary policy operates with a lag. A pronounced slowdown in loans, if any, may occur in 2024 should monetary policy remain elevated for long.” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added that stable rates for this year is possible as long as there will be no major negative turns in the economy. “The markets recently priced in lower odds of another 0.25 Federal Reserve’s rate hike for the rest of 2023, thereby supporting a possible pause on Fed and local policy rates, as supported by inflation moving closer to the inflation target of the central banks for both countries.” The post Inflation slowdown prods loans appetite appeared first on Daily Tribune......»»
Loan demand up this year on slower inflation
Economists see demand for loans increasing this year as inflation has eased further and prospects of stable interest rates strengthen. Inflation slowed further to 4.7 percent in July from 5.4 percent in June and the peak of 8.7 percent in January due to cheaper prices of food, housing, fuels, and utilities, data from the Philippine Statistics Authority revealed Friday. However, prices in restaurants and accommodations increased to 10.1 percent from 9.8 percent in Metro Manila. Economists said the growth was likely brought by high demand for these services, which signals strong financial capacities among consumers. “Strong demand from consumers is probably preventing this from falling faster as they continue to spend heavily on these services after the pandemic,” Jun Neri, chief economist of the Bank of the Philippine Islands, said Friday. In a text message to Daily Tribune, BDO Unibank Inc.’s official statement added that “loan demand may be driven more by consumer demand and potential infrastructure projects.” Prices of most goods and services or core inflation, which excludes volatile items like food and gas, fell to 6.7 percent from 7.4 percent. With the possible inflation downtrend, economists said consumers could have more money to spend and commercial banks could charge more manageable costs of borrowing based on the policy rate of Bangko Sentral ng Pilipinas or BSP. “The current path of inflation gives BSP the space to keep rates steady until the end of the year,” Neri said. BSP aims to pull inflation within the range of 2 percent and 4 percent this year by adjusting its policy rates. Its Monetary Board will announce its next move on 15 August after keeping the rate at 6.25 percent. While BSP often matches the move of the US Federal Reserve, which increased its rate by 0.25 basis point last month, local economists said imposing several hikes this year is unlikely despite possible higher inflation from costlier food prices caused by the recent typhoon and El Nino. Neri said these weather disturbances could reduce food supplies, especially rice and increase their prices through weaker agricultural production and fewer imports. “El Nino is a global phenomenon that could affect the food production of other countries. India recently announced a ban on the export of non-basmati white rice, while a Thai government agency has encouraged farmers to plant less rice to save on water,” he said. Dan Roces, chief economist of Security Bank Corp., believed a likely small increase in the BSP policy rate would be enforced this year as bank executives wait for its full disinflationary effect. “With this, loan rates and demand may still exhibit some growth as monetary policy operates with a lag. A pronounced slowdown in loans, if any, may occur in 2024 should monetary policy remain elevated for long.” Michael Ricafort, chief economist of Rizal Commercial Banking Corp., added that stable rates for this year are possible as long as there will be no major negative turns in the economy. “The markets recently priced in lower odds of another 0.25 Federal Reserve’s rate hike for the rest of 2023, thereby supporting a possible pause on Fed and local policy rates, as supported by inflation moving closer to the inflation target of the central banks for both countries.” The post Loan demand up this year on slower inflation appeared first on Daily Tribune......»»
How daily water use at home can save Earth
Many are not aware that their own home offers great potential for saving Earth, such as when using water. In the area of washbasin faucets, for example, GROHE SilkMove ES technology helps save energy. When operating conventional faucets with the lever in the standard middle position, mixed hot and cold water flows every time — even when only briefly rinsing a toothbrush or washing hands. SilkMove ES cartridge ensures that only cold water runs if the faucet lever remains in the default center position. Only once the lever is turned to the left, does warm water flow. Use flow-limiting mousseur to reduce water consumption. Instead of 10 liters per minute, only just over five liters per minute are used. GROHE EcoJoy technology reduces water flow with a limiter. The current remains strong despite its small nozzle. Shower thermostats also help to save water and energy as they maintain the chosen water temperature for the duration of the shower, so there is no need to spend time re-adjusting. The latest innovation, GROHE Everstream, circulates hygienically treated water to create the showering experience users expect but consuming as little fresh water as possible — and using far less energy. The shower system uses as little as a quarter of the water and a third of the energy typically required by traditional showers, translating into a cost saving of up to 65 percent a year for a four-person household and up to 70 percent fewer CO2 emissions, depending on individual showering habits. The water recycling shower will be launched in 2024. The post How daily water use at home can save Earth appeared first on Daily Tribune......»»
Future of banking unfolds with AI, blockchain
Artificial intelligence, or AI, is increasingly forcing traditional banks to become more digital for compelling reasons. Experiments with this technology show banks ways to speed up their product design, widen customer access to loans, and build an organized and secure record of financial transactions. “My perspective is that the future of banking is digital banks. With AI, traditional banks are saying, I’m going to provide a service through someone else, and you see suddenly that you have this almost Rubik’s cube of possibilities,” David Hardoon, group chief data officer of Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation, said. [caption id="attachment_161492" align="aligncenter" width="1440"] David Hardoon, group chief data officer of Union Bank of the Philippines and chief executive officer of Aboitiz Data Innovation.[/caption] Both operate under the Aboitiz Group, which aims to be the first tech conglomerate in the Philippines. AI helps humans analyze data by categorizing information, stitching related data, and automatically detecting unusual patterns or activities logged in computer devices. “It’s the capability to distill from complex information,” Hardoon said. For example, he said the Union Bank team could quickly gauge its performance by looking at the AI-processed analysis of customer feedback they sent through email or chatbots. “Just beyond calculating the number of happy and unhappy individuals, it helps us understand what is happening. When we listen to the customer, we can say if we need to create a new product or service that we weren’t aware of or adjust an existing product.” Hardoon said the products or services include the company website, which some customers might need help to navigate initially. “We realized that some issues are related to information on the website. The way we designed it isn’t the best. Okay, we change it. And that’s how we use that feedback continuously, across all channels.” Hardoon said all managers could be updated on any bank problems through AI as the technology pools information into a single system. “But there’s also been a few other emails that have come in with other offices, which I may not be aware of unless I’ve had an in-person conversation with the team. This tool runs continuously in the background and can identify my teammate and say, David, this may be coming up.” AI coupled with blockchain also allows the bank to reach more customers who lack traditional bank accounts but have incomes and can repay loans. Blockchain is an online data storage that links various data types and identifies their sources. In this way, individuals can build proof of financial capacity to avail of loans. Hardoon explained that this technology mix could provide loans to small business owners, such as sellers on Facebook, to ensure they have enough working capital or funds to expand their operations. “The blockchain layer can provide me with that authenticated aspect, saying it comes from Facebook, not some spoofed website. Or if you’re working with another vendor providing you with product ingredients. That now becomes another block in the chain.” With analysis and data traceability features of AI and blockchain, Hardoon said bank managers could also reduce losses from clients as the technologies guide them in adjusting their terms for new loans based on their credit and payment histories. “They can help calculate risks. For example, I will give you P10,000 and see how you respond. Respond. When I see it’s good, or the client paid, I can give P100,000 next time. We need to remember that it’s always this learning process because, fundamentally, the principle of risk is the same.” With these benefits, Hardoon said digital banks will likely become an easy option for Filipinos to fulfill their financial needs. “So it’s completely different to a certain extent from the traditional. Now you have AI and blockchain to incorporate as a new capability. The digital bank, in principle, can simply plug and play.” The post Future of banking unfolds with AI, blockchain appeared first on Daily Tribune......»»
Dylan Sprouse, Barbara Palvin tie the knot in Hungary
Actor Dylan Sprouse and model Barbara Palvin tie the knot in an intimate ceremony at the property of Palvin's parents in Hungary. Palvin said it's going to take some time for her to get used to being called Mrs. Sprouse in an interview with the fashion magazine Vogue. "Dylan’s been calling me his wife for three years now, so there’s not a lot of adjusting on his end," Palvin said. The newlywed is planning a bigger wedding in California in the coming fall. "We’re excited to go back to LA to our pets and rest a bit—before we start planning the American wedding,” she said. The post Dylan Sprouse, Barbara Palvin tie the knot in Hungary appeared first on Daily Tribune......»»
US plans cyber safety certificate for connected devices
The White House on Tuesday announced a proposed "Cyber Trust Mark" intended to show that connected devices meet US security standards. An ever-increasing number of technologies -- from baby monitors, to fitness trackers and home security cameras -- make up the so-called "internet of things," which US officials warn can pose increased cybersecurity threats. Under the new program, companies will be able to qualify to display labels on their products signifying they meet certain cybersecurity standards, such as requiring strict passwords and frequently updating software, US officials announced in a briefing. "We now routinely rely on internet and Bluetooth enabled devices for task as basic as adjusting our thermostat and as complex as securing our homes while we're away," said Anne Neuberger, White House deputy national security advisor for cyber and emerging technology. "Poorly secured products can enable attackers to gain footholds in American homes and offices and steal data or cause disruption," she warned. The program, under the Federal Communications Commission, is hoped to be up and running by next year after a public comment period. Amazon, Google, LG Electronics and Samsung are among the companies participating in the program, US officials said in a briefing, notably omitting Apple. The amount of malicious software aimed at devices in the internet-of-things "jumped dramatically" in 2022, with many of the attacks centered in North America, according to cybersecurity firm SonicWall. "Consumers can have peace of mind that the products that they're bringing into their homes adhere to widely accepted security and privacy standards," FCC Chair Jessica Rosenworcel said of US-endorsed cyber trust labels. Meanwhile, product makers will be able to use the marks to differentiate offerings in the marketplace when they meet the standards, Rosenworcel added. The post US plans cyber safety certificate for connected devices appeared first on Daily Tribune......»»
Outcome rather than output is essence of Masagana Rice Program – DA official
Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian over the weekend highlighted the impact or outcome orientation of the Masagana Rice Industry Development Program's (MRIDP) rather than focusing on production and output in previous rice programs. Sebastian said he also pointed this at the 18th Annual Meeting and Annual Scientific Convention of the Outstanding Young Scientists, Inc. on Thursday, 14 July when he was invited as the guest speaker. The DA official said the focus is on "societal outcomes in terms of improving the lives and incomes of farmers, rather than output or yields", as he challenged the conventional perception of scientists as confined to laboratories, stating that they have a responsibility to make tangible improvements in people's lives, societies, and the world. Sebastian emphasized that effecting real change must not burden farmers and potential beneficiaries of research. Recognizing the challenges in achieving food security, Sebastian emphasized the importance of prioritizing outcomes and impacts related to raising rice farmers' income. He enumerated the four core strategies of the MRIDP as: MAtatag (climate change adaptation or resiliency), SAma-sama (clustering and consolidation of farms), GAnado (motivated farmers in the rice value chain), and NApapanahon (digital transformation to improve farming practices and program implementation). Matatag aims to boost farmers' climate change resiliency by adjusting the planting calendar during the wet season, shifting main production to the dry season, and promoting crop diversification and crop-livestock-fisheries integration using balanced fertilization, proper irrigation, and other climate-smart practices. Sama-sama seeks to create economies of scale by clustering farmers and consolidating farms at the barangay and municipal levels and converging interventions. "They will be linked to millers and the NFA, enabling cooperation between farmers, millers, and government institutions to achieve better prices, better quality rice, and appropriate seed distribution. This, too, is the essence of GAnado, or the value chain approach," Sebastian explained. NApapanahon supports the first three approaches by providing timely and accurate information for decision-making, making interventions digitally-based, location-specific, and efficient. "We analyze critical factors such as the timing of crop establishment, yield, soil fertility, and risks, utilizing satellite technology to ensure accurate information for targeted interventions. Soon, drone service providers will be employed for the application of inputs such as seeds, herbicides, pesticides, and fertilizers, and farmers will be able to manage their farms through their mobile phones", Sebastian said. While encouraging farmers to adopt these technologies, he acknowledged that many farmers perceive these as an added expense rather than a solution to their immediate concerns for higher prices for their crops and increased income. He highlighted that other countries not only improved production but also transformed their markets. "Therefore, it is essential to incentivize farmers by consolidating them into clusters and connecting them to the market, ensuring they earn more. Ultimately, higher incomes and increased rice self-sufficiency will be the most beneficial outcomes of the MRIDP," he said. Sebastian emphasized that achieving 95 to 97 percent rice self-sufficiency would not result in a halt in production but that motivated by profit, farmers would naturally strive to increase their production, paving the way for rice exportation. He appealed to the scientists to refrain from blaming policies and regulations for limited scientific impact. Instead, he encouraged them to strive toward scaling their inventions and discoveries for greater societal impact, fulfilling their commitment to serve society. Lastly, Sebastian challenged Outstanding Young Scientists to break free from the stereotypical image of scientists and think beyond their own careers. He asked that their outputs must lead to tangible societal outcomes benefiting millions of Filipino farmers, fishers, stakeholders, and consumers. The post Outcome rather than output is essence of Masagana Rice Program – DA official appeared first on Daily Tribune......»»
ARBO value-chain strategy offers solid ground for MASAGANA rice program
The value chain strategy for agricultural products, which the Department of Agrarian Reform piloted in 2013, particularly on farm clustering, marketing, and linking smallholders to providers of inputs and credit, would be a solid ground for the four strategies of the Department of Agriculture’s MASAGANA Rice Industry Development Program (MRIDP). The DAR’s ARBO (Agrarian Reform Beneficiaries Organization) clustering program, in partnership with Caritas’ Catholic Relief Service, was piloted in 2013 in Bukidnon (in three sites) and Misamis Oriental (two sites). Phase 1 involved linking ARBs with the corporate supply chain, which lasted until 2015, said Assistant Director Lita Rosales of DAR’s Bureau of Agrarian Reform Beneficiaries Development. Then Phase 2—from 2015 to 2017—involved linking farmer smallholders to markets with microfinance. The sites involved in this phase expanded to 98. Phase 3 after 2017 (which was disrupted a bit by the pandemic) already covered 150 sites of clustered farms in practically the entire country, she explained. DAR’s mandate was always to work with ARBOs and clusters formed by them, which DAR linked with suppliers of farm inputs, corporate markets, and providers of farm machinery and post-harvest technologies. The DAR’s ARBO program covered farm clusters producing coconut, corn, sugar, cacao, coffee, livestock, poultry and fisheries, and even rice. With the MIRDP set to be fully adopted, the wealth of experience of ARBOs can hasten the learning curve of newly-organized clusters to be formed by the different attached agencies of the DA. These include the irrigators associations (both national and communal irrigation systems) of the National Irrigation Administration (NIA), the SWISAs (or small water irrigation systems associations) of the Bureau of Soils and Water Management (BSWM), and rice farm cooperatives registered with the Cooperatives Development Authority (CDA). Farmer-members of these groups must be registered with the Registry System for the Basic Sectors in Agriculture (RSBSA) to avail of government interventions. The DA met with DAR and BSWM last 12 July to discuss how the clustering of farmers would be expedited and a follow-up meeting for this purpose has been set for 16 August. Since ARBOs are covered by the Agrarian Production Credit Program (APCP) jointly implemented by the DA, DAR, and the Land Bank of the Philippines, they can avail of loans under the program and in turn, re-lend to eligible ARBs to finance their agri-production projects and activities. The APCP aims to achieve sustainable crop production and increase the incomes of ARBs and their households through the provision of credit and capacity-building assistance. The other DAR programs for ARBOs that could jibe with the thrusts and strategies of MIRDP are stocks and market liberalization, land reform (including the development of land markets), agro-processing and input supply channels, urban finance, and market institutions. MRIDP's MASAGANA stands for MAtatag (climate change adaptation or resiliency), SAma-sama (clustering and consolidation of farms), GAnado (motivated farmers in the rice value chain), and NApapanahon (digital transformation to improve farming practices and program implementation). "MAtatag" aims to boost farmers' climate change resiliency by adjusting the planting calendar during the wet season, shifting main production to the dry season, and promoting crop diversification and crop-livestock-fisheries integration using balanced fertilization, proper irrigation, and other climate-smart practices. "SAma-sama" seeks to create economies of scale by clustering farmers and consolidating farms at the barangay and municipal levels and converging interventions. They will be linked to millers and the NFA, enabling cooperation between farmers, millers, and government institutions to achieve better prices, better quality rice, and appropriate seed distribution. This, too, is the essence of "GAnado", or the value chain approach. "NApapanahon" supports the first three approaches by providing timely and accurate information for decision-making, making interventions digitally based, location-specific, and efficient. The MIRDP will support rice clusters with seeds, fertilizers, and soil ameliorants; training-related activities; credit programs and loan facilities; crop insurance; market assistance; irrigation projects (NIS, CIS, and Small Water Impounding Projects), production and post-harvest machinery and equipment and facilities. The post ARBO value-chain strategy offers solid ground for MASAGANA rice program appeared first on Daily Tribune......»»
MRC Allied board approves 10-for-1 reverse stock split
Adjusting the par value of the company’s capital stock doesn’t do anything to the finances of the company, it just adjusts the number of shares that own the company’s income and assets on a proportional basis......»»
Study highlights limitations of BMI in predicting death
People classified as overweight though not obese are not at a higher risk of death, according to a new study Wednesday that underscores the clinical limitations of body mass index, long a standard medical metric. The findings, published in the journal PLOS ONE, come as populations in both rich and poor countries are becoming heavier. In the United States, more than 70 percent of adults are defined as either overweight or obese. BMI, which was first described by a Belgian mathematician in the 19th century, is calculated by dividing a person's weight by the square of their height. It is increasingly seen as a crude instrument for measuring individual health. Authors Aayush Visaria and Soko Setoguchi of Rutgers University argued their work showed measures of body composition and body fat distribution, such as waist circumference, are more informative from a health risk perspective. Older studies on the link between weight and death rates drew inconsistent and uncertain results and were mostly focused only on non-Hispanic white adults. In the new work, the researchers drew on data on more than 550,000 American adults from the 1999-2018 National Health Interview Survey and the 2019 US National Death Index. They calculated BMI based on the self-reported height and weight of the participants and gathered data on demographics, socio-behavioral factors such as smoking and physical activity, underlying health conditions, and access to healthcare. More than 75,000 people who were included in the study died during the period of research. After adjusting for other variables, the results showed that people with a BMI between 25 and 30, which is classified as overweight, did not have an increased risk of death compared to people whose BMI was between 22.5 and 24.9. However, the mortality risk rose markedly among people whose BMI was under 20, and those with BMI greater or equal to 30, defined as obese. Obesity carries higher death risk For example, a person with "third degree" obesity, defined as a BMI of 40 or above, but had never smoked and had no history of cardiovascular disease or non-skin cancer, was more than twice as likely to die as an equivalent counterpart with BMI defined as average. The average age of participants was 46. Half were female, and 69 percent were non-Hispanic white. Of those included, 35 percent had a BMI between 25 and 30, and 27.2 percent had a BMI above or equal to 30. "It's a large study with a representative sample which is good," George Savva, a biostatistician at the Quadram Institute in the United Kingdom, told AFP. "The authors have, as far as I can see, done a good job of analyzing the mortality link with baseline weight status." He added it might be the case that diseases linked with higher weight are managed better than they once were, for example, high blood pressure and high cholesterol. "So you would expect the relationship between weight and death to change over time, which potentially is what this is showing," Savva said. The post Study highlights limitations of BMI in predicting death appeared first on Daily Tribune......»»