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BPI raises $400 million from offshore debt market
Bank of the Philippine Islands has raised $400 million after successfully tapping into the offshore debt market for the first time since 2019......»»
J-K LG Manoj Sinha attends Swarozgar Utsav and Ghar Ghar KCC Abhiyan
(Jammu and Kashmir) [India] January 25 (ANI): Jammu and Kashmir Lieutenant Governor Manoj Sinha attended the Swarozgar Utsav and Ghar Ghar KCC Abhiyan on Thursday. J-K LG Manoj Sinha highlighted the newly attained effective functioning of the Jammu and Kashmir Bank and elaborated on its improved financial condition stating profit and loss statistics. "In 2019-20, Jammu and Kashmir Bank was functioning at a loss of Rs 1200.....»»
J-K LG Manoj Sinha attends Swarozgar Utsav and Ghar Ghar KCC Abhiyan
(Jammu and Kashmir) [India] January 25 (ANI): Jammu and Kashmir Lieutenant Governor Manoj Sinha attended the Swarozgar Utsav and Ghar Ghar KCC Abhiyan on Thursday. J-K LG Manoj Sinha highlighted the newly attained effective functioning of the Jammu and Kashmir Bank and elaborated on its improved financial condition stating profit and loss statistics. "In 2019-20, Jammu and Kashmir Bank was functioning at a loss of Rs 1200.....»»
65% of Pinoy households now have bank accounts
The number of Filipino households with formal bank accounts further increased to 65 percent last year after almost doubling to 56 percent in 2021 from 29 percent in 2019......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Regional economies slowing down — WB
The World Bank expects East Asia and Pacific economies, excluding China, to grow by 4.6 percent this year as the Philippines catches up with digitalization. The WB prediction is slower than the previous 4.9 percent estimate announced by the multinational financial institution in April. If China is included, economic growth in the region is projected to settle at five percent, the World Bank’s report from Washington said last Sunday. “This is higher than average growth projected for all other emerging market and developing economies but lower than previously projected,” the World Bank said. “The East Asia and Pacific region remains one of the fastest growing and most dynamic regions in the world, even if growth is moderating,” World Bank East Asia and Pacific vice president Manuela Ferro said. The multinational financial institution said the region might continue to face challenges in supplies of goods as more typhoons hit the region in the fourth quarter this year and climate change persists. Geopolitical tensions The World Bank added geopolitical tensions aside from the Russia-Ukraine war threatens to further hamper trade. China, the world’s second largest economy, and the US have been exchanging export bans, especially on electronic and technology products. Meanwhile, the Philippines and other Southeast Asian states are protesting against China’s aggression in the West Philippine Sea. For these reasons, the World Bank said prices of goods and services might rise, forcing central banks in the region’s developing countries to raise interest rates to prevent inflation from accelerating further. However, this means consumers might cut back spending on certain goods and services, while businesses slow operations. Borrowing costs to remain high “Therefore, borrowing costs will likely remain high, constraining room for spending and raising the risk of debt distress in some countries. Furthermore, high indebtedness, combined with rising costs of servicing debt, will weigh on private investments,” the World Bank said. For its 2024 forecast, the bank is more optimistic that the region’s economy excluding China’s will expand from 4.6 percent to 4.7 percent. “Growth in the rest of the region is expected to edge up, as recovery in global growth and easing of financial conditions offsets the impact of slowing growth in China and trade policy measures in other countries,” the World Bank said. Philippine economic growth is seen to improve to 5.9 percent next year from a 5.6 percent forecast for this year. Meanwhile, China’s economy could shrink by 4.4 percent next year from a 4.8 percent estimate for 2023 due to persisting elevated debt, tamer demand for real estate, and aging population. Sustaining high growth to require reforms “Over the medium term, sustaining high growth will require reforms to maintain industrial competitiveness, diversify trading partners, and unleash the productivity-enhancing and job-creating potential of the services sector,” Ferro said. The World Bank reported digitalization and other reforms in government services in the Philippines increased productivity of firms by 1.5 percent from 2010 to 2019. Digital technologies, for example, can spread education and health services in the provinces to ensure a bigger pool of high-skilled and energetic workers. The post Regional economies slowing down — WB appeared first on Daily Tribune......»»
Bong Go bats for health budget increase
In a Committee on Finance hearing on Thursday, 28 September, Senator Christopher "Bong" Go called for an increase in the proposed 2024 budget for the Department of Health in order to ensure proper implementation of the recently enacted Regional Specialty Centers Act, as well as the establishment of more Super Health Centers, and continuing operations of Malasakit Centers nationwide — all aimed at bringing medical services closer to Filipinos in need. Go highlighted the importance of Republic Act No. 11959, known as the Regional Specialty Centers Act. He principally sponsored and is one of the authors of the measure, which was signed into law by President Ferdinand “Bongbong” Marcos Jr. on 24 August. "Masaya po ako na priority din ito ni Pangulong Bongbong Marcos," he said, noting that the act garnered a unanimous 24-0 vote in the Senate. "Lahat ay sumuporta dito dahil na-explain natin ng mabuti na makakatulong talaga ito sa mga kababayan nating mahihirap," he elaborated. This legislation aims to decentralize specialized medical services, making them accessible across all regions. "Nabanggit ko parati na tulad yung mga taga-Zamboanga ay pwede na po sila… may paglalagyan na doon ng Heart Center," he said, emphasizing the hardship people from remote areas face when seeking specialized healthcare in Manila. "Alam naman natin napakahirap pong pumunta dito sa Maynila. Wala silang pamasahe — ‘yung mga pasyente," he continued. On the budgetary front, Go stressed the need for adequate funding to establish the specialty centers under the law. He pointed out that while a more substantial fund is expected for 2025, thanks to other sources such as the Asian Development Bank (ADB) support, the budget for next year must be made sufficient to ensure proper initial implementation of the law. On the other hand, Go continues to advocate for more Super Health Centers which are designed to focus on primary care, consultation, and early detection, further strengthening the healthcare sector in the country, especially in grassroots communities. Free consultations would be handled by municipal health offices, local government units, and the Philippine Health Insurance Corporation (PhilHealth) through its Konsulta program. ”Ito pong Super Health Centers makaka-complement po ito sa programa ng PhilHealth, sa Konsulta package ninyo," he said. Services offered in Super Health Centers include database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation centers, and telemedicine. The senator also addressed the need for a comprehensive assessment to ensure there are no personnel shortages and that the Super Health Centers operate effectively. "Tama yung sinabi ni Senator Loren (Legarda) kanina, importante po ay ma-assess nang mabuti para masiguro na hindi magiging... magkakaroon ng kakulangan sa personnel, baka hindi po kayanin ng LGUs," he cautioned. Finally, Go also emphasized the vital role of Malasakit Centers in providing medical financial aid to indigent patients all over the country. "Marami sa mga mahihirap nating kababayan ang umaasa po sa tulong ng gobyerno kapag sila ay na-oospital," he said, urging for the centers' continued efficient operation to benefit the nation's impoverished citizens. Malasakit Centers bring together representatives from the Department of Social Welfare and Development, DOH, PhilHealth, and Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. Go is the principal author and sponsor of RA 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. As of now, 159 Malasakit Centers are operational across the country, poised to assist with patients' medical expenses. The most recent center was inaugurated at Bislig District Hospital in Bislig City, Surigao del Sur, an event Go attended on 15 September. The DOH reported that the Malasakit Center program has already provided assistance to more than seven million Filipinos so far. The post Bong Go bats for health budget increase appeared first on Daily Tribune......»»
Pre-historic Tell al-Sultan site added to world heritage list
The United Nations' cultural organization inscribed the pre-historic site of Tell al-Sultan, near the Palestinian city of Jericho in the occupied West Bank, on its World Heritage List Sunday. Tell al-Sultan, which predates Egypt's pyramids, is an oval-shaped tell, or mound, located in the Jordan Valley that contains the prehistoric deposits of human activity. The UNESCO decision, which was posted by the organization on X, formerly Twitter, was taken at its 45th World Heritage Committee meeting held in Riyadh. "The property proposed for nomination is the prehistoric archaeological site of Tell al-Sultan, located outside the antique site of Jericho," UNESCO's assistant director general, Ernesto Ottone, said at the session. The site was inscribed following a three-year candidacy "during which no state party raised any objections", said a diplomat, speaking on condition of anonymity as he was not authorized to speak to the media. "There are no Jewish or Christian remains found at the (Tell al-Sultan) site. It's a place of pre-historic remains," the diplomat told AFP. Israel quit the UN organization in 2019 over accusations it fosters an anti-Israel bias but sent a delegation to this year's meeting in Saudi Arabia. The Palestinian Authority, acknowledged by the United Nations as a non-member observer state, welcomed the listing of the Tell al-Sultan site. Palestinian President Mahmud Abbas said he considered the decision to inscribe Tell al-Sultan "a matter of great importance and evidence of the authenticity and history of the Palestinian people". He vowed that the Palestinian authorities would "continue to preserve this unique site for all humanity", according to a statement from his office. Diverse Palestinian heritage UNESCO's listing shows that the Tell al-Sultan site is "an integral part of the diverse Palestinian heritage of exceptional human value", Palestinian tourism minister Rula Maayah, who was attending the meeting in Riyadh, said in a statement. Given Tell al-Sultan's "importance as the oldest fortified city in the world... it deserves to be a World Heritage Site," she said. "A permanent settlement had emerged here by the 9th to 8th millennium BC due to the fertile soil of the oasis and easy access to water," UNESCO said on its website. UNESCO said the "skulls and statues found on the site" testify to cultic practices among the neolithic population there, while the early bronze age archaeological material shows signs of urban planning. "Vestiges from the middle bronze age reveal the presence of a large Canaanite city-state occupied by a socially complex population," UNESCO added. The Tell al-Sultan site has been under excavation for over a century and is billed as the oldest continuously inhabited settlement on the planet, Palestinian official Wafa news agency reported. It is the fourth Palestinian site to be listed on UNESCO's World Heritage list, alongside the Church of the Nativity and the Old City of Hebron. Israel has occupied the West Bank -- now home to some three million Palestinians -- since the 1967 Six-Day War, when it also seized the Gaza Strip, the densely populated coastal enclave it has since withdrawn from. The Palestinians want these territories for their future state, along with annexed east Jerusalem as its capital. Jericho is one of the oldest inhabited cities on the planet and is a major tourist destination in the Palestinian territories. UNESCO urged for the protection of other archaeological sites in Jericho. "The other archaeological sites located in Jericho, covering among other Jewish and Christian heritage, also have important historical interest and deserve to be preserved as well," said Ottone. Archaeology is a highly political subject in Israel and the Palestinian territories, and some discoveries have been used to justify the territorial claims of each people. The post Pre-historic Tell al-Sultan site added to world heritage list appeared first on Daily Tribune......»»
ERRAMON Aboitiz: Renaissance man
The Aboitiz family is a big player in Philippine business for over a century. With businesses covering a wide range of industries, including power, banking, food, and infrastructure, the clan’s Aboitiz Group has been creating jobs and opportunities for Filipinos. Founded by Paulino Aboitiz, son of a Spanish farmer who migrated to the Philippines in the late 1800s, Aboitiz Equity Ventures Inc., or AEV, has grown from being an abaca-trading and general-merchandise business to a conglomerate with interests in power, banking, food, property, biofuel and construction. The group is undergoing its Great Transformation to establish itself as the Philippines’ pioneering techglomerate. This innovative growth strategy, powered by technology and a renewed entrepreneurial mindset, empowers the entire group to advance businesses and uplift communities. Among the driving forces propelling the Group’s business revolution is Erramon “Montxu” Aboitiz. Montxu previously served as the president and chief executive at Aboitiz Equity Ventures for 10 years from 2009 to 2019. He also briefly held the role of CEO at Aboitiz Power Corp. in 2018. Presently, he serves as a director at AEV and Endeavor Philippines and as chairman of the Board of Directors at Union Bank of the Philippines. Likewise, he serves as a board observer of the Aboitiz & Company. The Asian Institute of Management named Montxu as the new chairman of its Board of Trustees, effective from 1 September 2023. Montxu joined a respected group of successful business leaders who are dedicated to advancing the progress and welfare of Asia and its inhabitants. He was the 7th chairman of AIM, taking over from Peter Garrucho who held the position since 2017. Montxu graduated from Gonzaga University in Spokane, Washington, USA with a Bachelor of Science degree in Business Administration, majoring in Accounting and Finance. In 2011, he was awarded the Management Man of the Year by the Management Association of the Philippines and recognized as the Entrepreneur of the Year by Ernst & Young. Seven years after that, AIM awarded Montxu with an honorary doctorate in management. Social responsibility runs in Aboitiz blood The Aboitiz Foundation, the social responsibility arm of the Aboitiz Group, donated $10 million to AIM in 2019 — known as the Aboitiz 100th Anniversary Commitment Fund. The fund aims to bridge the local and regional gap in data science and innovation. As a result of this generous donation, AIM’s Aboitiz School of Innovation, Technology, and Entrepreneurship is now able to provide top-notch education and research opportunities in data science, with a focus on practical applications. This is made possible by collaborating with data science professionals and leaders from around the world. Recently, Montxu was elected chairperson of the AIM board of trustees. He is widely recognized for his strong commitment to social responsibility and philanthropy. Regarding the endowment to AIM, Montxu said it targeted assisting AIM in its efforts “to expand its curriculum and facilities towards the direction of a bold future, and the skills and education it will require.” Through his leadership in the Aboitiz Group and the Aboitiz Foundation, he has spearheaded numerous projects that have made a positive impact on local communities. As chairman of the Aboitiz Foundation, Montxu has played a key role in shaping its initiatives. The foundation focuses on three key areas which are education, enterprise development, and environmental conservation. “As businessmen, there is no doubt we seek profits and a return on our capital. But as Filipinos, we are equally guided by a sense of purpose to find meaningful ways of contributing to our communities across the country. This symbiotic relationship of profit and contributing to society is our secret sauce to true sustainability, allowing the Aboitiz Group to drive change for a better world by advancing business and communities,” Montxu added. The foundation implemented various programs and scholarships to improve access to quality education, foster entrepreneurship and livelihood opportunities, and promote sustainability. Aboitiz Foundation has been heavily involved in rehabilitating and improving schools in underprivileged areas. They have renovated classrooms, libraries and other facilities, providing students with better learning environments. The foundation has also donated learning materials and equipment to enhance the educational experience of students. Aboitiz Foundation supports community-based programs that aim to uplift marginalized communities. These programs focus on various aspects such as health, nutrition, livelihood, and disaster resilience. The foundation works closely with local organizations and stakeholders to implement sustainable solutions and empower communities to become self-sufficient. Aboitiz Foundation places significant emphasis on environmental conservation and sustainability. They have initiated projects to protect and restore ecosystems, promote renewable energy, and reduce carbon footprint. The foundation actively supports reforestation efforts, marine conservation, and waste management initiatives. The foundation also has a strong focus on disaster response and preparedness. They have been at the forefront of providing immediate relief and support during natural disasters, such as typhoons, earthquakes and floods. The foundation also works towards building resilient communities by conducting disaster risk reduction and management training programs. Montxu Aboitiz encourages and supports employee volunteerism within the Aboitiz Group. The company promotes a culture of giving back by providing employees with opportunities to engage in community service and volunteer activities. This not only benefits the communities they serve but also fosters a sense of social responsibility among the employees. It also collaborates with various non-governmental organizations, government agencies, and other stakeholders to maximize the impact of their social responsibility initiatives. They work together to address complex social issues and implement sustainable solutions that create lasting change. Aligned with the United Nations Global Compact, AEV drives policies, advocacies, and initiatives to make a lasting impact. The post ERRAMON Aboitiz: Renaissance man appeared first on Daily Tribune......»»
Tulfo on ID: ‘Why BSP?’
A senator questioned the Bangko Sentral ng Pilipinas for assuming responsibility for printing the national identification cards under the Philippine Identification System or PhilSys project. Tulfo said he was puzzled as to how the BSP, in charge of printing Philippine money, became part of the PhilSys implementation. The project had a P28 billion budget after Republic Act 11055, or the Philippine Identification System Act was signed into law by President Rodrigo Duterte in August 2018. In October 2019, former BSP Governor and now Finance Secretary Benjamin Diokno signed a memorandum of agreement with National Statistician Claire Dennis Mapa for the production of national ID cards for an estimated 116 million Filipinos. Probe looms Tulfo questioned why the BSP accepted the printing of the ID cards and later, passed on the task to AllCard Inc. which has a poor performance record. He claimed AllCard Inc. has been delaying the implementation of its contract with other agencies. Tulfo bared he will soon file a resolution to investigate the matter concerning BSP and AllCard Inc.’s printing agreement. Tulfo lamented that since the National ID law was passed in 2018, only 36 million physical national ID cards have been printed — which is roughly one-third of the government’s 92 million target. “Now, once again, AllCard has delayed the implementation of its contract with the BSP. It’s not just delayed, it created a big mess,” he said. He deplored the BSP’s failure to correct the design of the QR code for national ID cards, noting that the existing design was too small and could not store enough information. “As a result of this, BSP may need to destroy millions of cards that have been initially printed to be replaced by a new design,” he added. On its sealed pact with the PSA for the PhilSys project, the BSP shall produce 116 million cards over three years. Tulfo also lambasted BSP for tapping an Australian company to print the country’s 1,000 peso bank note. “This only means that Philippine money is imported and made in Australia,” he said. The post Tulfo on ID: ‘Why BSP?’ appeared first on Daily Tribune......»»
DENR, UNDP other countries commits to Circular Economy through EPR
The Philippines produces 163 million plastic sachet packets, 48 million shopping bags and 45 million thin-film bags daily. Thirty-three percent of these are disposed of in landfills and dump sites, while 35 percent are leaked into the open environment and oceans. These are the primary reasons why the Extended Producer Responsibility (EPR) Act of 2022 or Republic Act 11898 has been enacted to ensure full compliance of industries related to plastic use and production. Environment Secretary Maria Antonia Yulo-Loyzaga tackled this over the weekend during the launching of LOOPFORWARD, a joint undertaking between the DENR and the United Nations Development Program (UNDP) in Pasay City. “The EPR Act institutionalized the extended producer responsibility mechanism as a practical approach to efficient waste management, focusing on waste reduction, recovery and recycling and the development of environment-friendly products that advocate the internationally-accepted principles on sustainable consumption and production, circular economy and producers’ full responsibility throughout the life cycle of their product,” Loyzaga said in her speech delivered in front of UNDP Resident Representative Selva Ramachandran, Japan, Germany, Spain, US and the European Union representatives along with EPR author Senator Cynthia Villar. "Climate and environmental risks make up the majority of global risks perception in the next decade. So thus we need sustained, concerted, and evidence-informed investments and actions to protect and enhance our natural ecosystem environmental protection for all the different ecosystems that we have from land and sea, and of course we know that environmental protection, our ecosystems, biodiversity and climate change are inextricably linked. A failure in one of these dimensions will cascade well into the other," Loyzaga explained. In the Philippine setting, she cited that 61,000 million metric tons of waste were generated daily. Between 12 to 24 percent of these are plastic waste in various forms. According to a World Bank study conducted in 2019, Loyzaga said, it was reported that around 70 percent of the material value of plastics is lost to the Philippine economy each year. "This is equivalent to roughly a value loss of $790 million to $890 million per year," Loyzaga further explained. "As a country, we are in pursuit of the right combination of science and technology, policy and practice. Locally and through our global partners we are trying to make this possible just as we are discovering the true value of our global capital. The science, engineering, technology and innovation that support circularity are within reach by tapping into expertise both nationally and internationally," she added. Ramachandran, on the other hand, said that while there was significant progress over the last century, the growth was accompanied by excessive abuse of resources and environmental degradation. “The 2023 Circularity Gap Report indicates that only 7.2 percent of the global economy is circular. The rising extraction and use of material has shrunk global circularity from 9.1 percent in 2018 to 7.2 percent in 2023. This leaves a significant circularity gap. The world almost exclusively relies on new materials, more than 90 percent of materials are either wasted, lost or remain unavailable for reuse for years,” Ramachandran said. He added that studies place the Philippines among the highest ocean plastic waste polluters globally. According to Ramachandran, the challenge at hand is how to leapfrog the implementation of EPR in the Philippines. “We can no longer afford to remain business-as-usual and only focus on downstream solutions. We challenge the obliged enterprises to put more focus on waste avoidance and reduction, including through product redesign to improve reusability, recyclability or retrievability, and employing reuse and refill strategies," the UNDP Resident Representative said. “LOOPFORWARD: Linking Opportunities and Partnerships Towards ,” campaign was launched for full compliance and effective implementation of the EPR Act of 2022 by industries and other entities through attainment of time-bound waste recovery targets. It highlights the relevance of the EPR concept and law, gain better understanding among its stakeholders, and convene and gain commitments from the country’s biggest private firms referred to as the “obliged enterprises” under the law. It also seeks to gather support and open possible areas for collaboration among national government agencies, local government units, and development partners. The EPR approach is practiced in many countries around the world. It focuses on waste reduction, recovery, and recycling, and the development of environment-friendly products that advocate the internationally-accepted principles of sustainable consumption and production, and the circular economy. The DENR is the lead implementer of the EPR law and the LOOPFORWARD campaign. The campaign is supported by the CCC and the governments of Germany, Spain, and the European Union under the NDC Support Project for the Philippines, as well as the Government of Japan through the Accelerating NDC through Circular Economy in the Cities Project. The post DENR, UNDP other countries commits to Circular Economy through EPR 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......»»
Huge mass in Lisbon ahead of pope’s arrival for ‘Catholic Woodstock’
A sea of flag-waving pilgrims from around the world packed a Lisbon park on Tuesday for an open-air Mass that kicked off a week-long jamboree of Catholic youth on the eve of the arrival of Pope Francis. Lisbon's patriarch, Cardinal Manuel Clemente, delivered the homily at the service held at the hillside Eduardo VII Park with sweeping views of the Portuguese capital and the Tagus River. "Lisbon welcomes you wholeheartedly," he told the crowd as pilgrims waved national flags in the air. Local authorities expect some 300,000 people to attend the opening Mass of World Youth Day, which is actually a week of religious, cultural, and festive events held every three years in a different city. Francis is set to arrive in Lisbon on Wednesday morning to join the event, which has been dubbed the "Catholic Woodstock". The 86-year-old pontiff is by Church standards the most liberal pope in decades and is very popular with young people. During his papacy, he has tried to create a more compassionate church, reaching out to the gay community and talking frankly to youngsters about abortion, divorce, and gender identity. "Pope Francis is open to young people," said Cristina Kelly, a 39-year-old who came from Brazil, just before the start of the Mass. "He called on us and we came. People need that today, for young people to be called to God," she told AFP. 'Recharge spiritual battery' In Portugal, the pope has a typically packed schedule for his five-day visit, despite having spent nine nights in hospital after undergoing hernia surgery in June. Francis, the first Latin American pope, is due to make 11 public pronouncements and hold numerous meetings, and on Saturday will visit the shrine of Fatima north of Lisbon. Church organizers expect one million faithful will attend the event's closing mass which will be delivered by the pope on Sunday at a waterside park on the outskirts of Lisbon. Images of the pope were on display on banners across the city as well as on screens on automatic bank machines along with the message: "I am with you". A Lisbon pastry shop is even selling cookies with the image of the smiling pontiff wearing a crucifix. "My goal is to recharge my spiritual battery because sometimes, as young people, we let it run low," Xochilt Cecilia Velis, a 24-year-old from El Salvador, told AFP in central Lisbon. World Youth Day is part of the Vatican's efforts to galvanize young Catholics at a time when secularism and disgust over clerical child sex abuse cause some faithful to abandon the Church. Meeting with abuse victims The gathering comes as the Portuguese Catholic Church is reckoning with its legacy of clerical sexual abuse. A report released in February by an independent commission determined that at least 4,815 children had been abused by clergy members in Portugal since 1950. The inquiry -- similar to audits elsewhere in Europe and the Americas -- concluded that the Church hierarchy "systematically" tried to conceal the abuse. Pope Francis is scheduled to meet privately with abuse victims during his visit but the date of the encounter or other details has not been released. Initially scheduled for August 2022, but postponed due to the coronavirus pandemic, the Lisbon World Youth Day is the 16th international edition of what has become the largest gathering of Catholics worldwide. Church organizers said there are pilgrims registered to take part in this year's event from every country in the world except the Maldives. A brainchild of the late Pope John Paul II, the event started in 1986. The current one is the fourth presided over by Pope Francis, who became head of the Catholic Church in 2013. The last three events took place in Rio de Janeiro, Brazil in 2013, in Krakow, Poland in 2016, and in Panama City, Panama in 2019. The post Huge mass in Lisbon ahead of pope’s arrival for ‘Catholic Woodstock’ appeared first on Daily Tribune......»»
‘Catholic Woodstock’ kicks off in Lisbon ahead of Pope arrival
The world's largest Catholic gathering, a week-long religious festival known as World Youth Day, kicks off in Lisbon on Tuesday, a day before Pope Francis arrives on his first foreign trip since recent surgery. Around 300,000 people are expected to attend the opening mass at 7:00 pm (1800 GMT) at the hillside Eduardo VII park, which offers sweeping views of the Portuguese capital and the Tagus river. The 86-year-old pontiff is set to arrive in Lisbon on Wednesday morning to celebrate World Youth Day, a week of religious, cultural and festive events held about every three years in a different city. He has a typically packed schedule for his five-day visit to Portugal, despite having spent nine nights in hospital after undergoing hernia surgery in June. Francis, the first Latin American pope, is due to make 11 public pronouncements and hold numerous meetings, and on Saturday will visit the shrine of Fatima north of Lisbon. Church organizers expect one million faithful will attend the event's closing mass held by the pope on Sunday at a waterside park on the outskirts of Lisbon. Images of the pope were on display on banners set up across the city as well as on screens on automatic bank machines along with the message: "I am with you". A Lisbon pastry shop is even selling cookies with the image of the smiling pontiff wearing a crucifix. "I think it is going to be amazing experience to be in the same spot as the pope," said Barbara Weisz, a 19-year-old student from the United States, part of a group of 37 youths who came from a San Diego parish. "It is a great feeling to be among so many young people who share your beliefs," she added as the group, who wore matching red t-shirts, gathered in the lobby of their hotel before going sightseeing before attending the opening mass. World Youth Day, which has been dubbed the "Catholic Woodstock", is part of the Vatican's efforts to galvanize young Catholics at a time when secularism and disgust over clerical child sex abuse cause some faithful to abandon the Church. In recent days groups of event volunteers, decked out in their distinctive yellow T-shirts, could be seen outside of churches in Lisbon to welcome pilgrims who have flocked to the city. "It is a special moment that you should experience at least once in your life," said Samuel Navarro, a 19-year-old student from Spain. - Meeting with abuse victims - Pope Francis is expected during his visit to meet privately with victims of sexual abuse by members of the Portuguese clergy. A report published in February by an independent commission found at least 4,815 children were sexually abused by clergy members -- mostly priests -- since 1950. The inquiry, based on testimony from over 500 victims, concluded that the Church hierarchy in Portugal "systematically" tried to conceal the abuse. "I know (the meeting) will take place... but I don't know where it will happen or how many people will take part," Lisbon's patriarch, Cardinal Manuel Clemente, told a news conference Monday. "There is a total commitment on the part of the Portuguese Church to settle this issue," he added. Around 16,000 members of law enforcement, civil protection and medical staff are being deployed for the pope's visit, officials said. Initially scheduled for August 2022, but postponed due to the coronavirus pandemic, the Lisbon World Youth Day is the 16th international edition of what has become the largest gathering of Catholics worldwide. The brainchild of late Pope John Paul II, this year's event is the fourth presided over by Pope Francis, who became head of the Catholic Church in 2013. The last three events took place in Rio de Janeiro, Brazil in 2013, Krakow, Poland in 2016 and Panama City, Panama in 2019. lf-tsc/ds/yad © Agence France-Presse The post ‘Catholic Woodstock’ kicks off in Lisbon ahead of Pope arrival appeared first on Daily Tribune......»»
Sumitomo pours P27B into RCBC
Rizal Commercial Banking Corporation, or RCBC, successfully sealed the deal for a fresh capital of P27 billion through its sale of 15 percent stake to Japan’s Sumitomo Mitsui Banking Corporation, or SMBC. In a disclosure to the Philippine Stock Exchange on Monday, RCBC said the capital infusion will “reinforce the bank’s growth trajectory particularly in core businesses, corporate, small and medium enterprises and retail segments.” RCBC President Eugene Acevedo said it will open opportunities for “adopting global best practices, and customer-centric strategies, promoting disruptive banking solutions, and expediting our digital transformation.” RCBC said the parties will now proceed to accomplish post sale requirements and activities. Presence in 40 countries Founded in 2003, Japan’s SMBC serves clients in 40 countries and was the twelfth largest bank in the world in 2019, according to Bloomberg. It offers cash management, treasury management, corporate lending, structured financing, asset backed financing, export credit agency financing and loans to individuals and enterprises. On the other hand, RCBC is the fifth largest bank in the Philippines in terms of assets. In the first quarter this year, the bank’s total resources rose by 20 percent to P1.2 trillion, boosted by 46-percent growth in credit card receivables and 67-percent growth in credit card billings. RCBC grew its net income to P3.6 billion during the first three months, up by 70 percent compared to the year-ago level. Credit card issuances also ballooned by 44 percent, which the bank managers attributed mostly to data analytics. “We are reinforcing our sales network to enable wider and efficient coverage, guided by data science and analytics to further understand customer needs and serve them better,” Acevedo said. RCBC serves clients at its 462 branches nationwide and through its mobile app DiskarTech caters to the mass market, offering savings, fund transfer, insurance and microfinance to individuals and small and medium enterprises. The post Sumitomo pours P27B into RCBC appeared first on Daily Tribune......»»
El Niño offers opportunities — DA
The Department of Agriculture on Saturday said that El Niño can also increase yield for some crops, especially when its strength is weak or moderate or in water-sufficient irrigated rice areas. While many fear El Niño because of crop losses, reduced food supplies, and water resources depletion, the DA said when El Niño is preceded by normal to above-normal rain, this allows water reservoirs to stock enough water for irrigation. Sunny weather brings higher palay yields and better milling recovery from better quality palay harvest. Agriculture Undersecretary for Rice Industry Development Leocadio Sebastian exhorted DA field officials to apply their knowledge of agricultural science (crop science, crop physiology, agronomy, and agro meteorology) when analyzing historical and current data on El Niño’s impact on agriculture. He further advised them to carefully examine the PAGASA El Niño advisories and climate data to guide their decisions. He expected to be negatively impacted by El Niño during the dry season are water-deficient areas like those in the tail ends of irrigation systems and the rain-fed areas. According to Sebastian, when El Niño is weak to moderate, such as those occurrences in 2002, 2004, and 2007, this may lead to increased production, while the weak El Niño of 2019 caused declines in output in non-irrigated areas while production in irrigated rice fields increased. He asked the field officials to maximize production in irrigated areas and diversify crops in areas expected to suffer from water deficits. Seven El Niño episodes have so far hit the country since 2000. These were in 2002, 2004, 2007, 2010, 2015 and 2016, and 2019. During mild El Niño, palay production still increased, such as in 2002, 2004, and 2007. Data from the Philippine Statistics Authority from 2000 to 2022 showed that palay production in 2001 was at 12.95 million metric tons, rising in 2002 to 13.27 MMT (El Niño), and then inching up to 14.5 MMT in 2004 (El Niño) from 13.50 MMT in 2003, and from 15.33 MMT in 2006 to 16.24 MMT in 2007 (El Niño). Production declined to 15.77 MMT in 2010 (El Niño) from 16.27 MMT in 2009, and rice production was 18.97 MMT in 2014 before dipping again to 18.15 MMT in 2015 (severe El Niño) and sliding even more to 17.63 MMT in 2016 (continued severe El Niño). Production recovered after the 2015-2016 El Niño more dramatically at 19.28 MMT in 2017, dropping in the 2019 El Niño to 18.81 MMT before recovering ground to 19.29 MMT in 2020. So far, PAGASA has been forecasting moderate to strong El Niño by December this year. This should not indicate a doomsday scenario for the rice sector, depending on the amount of rainfall and water reserves accumulated in the dams and reservoirs for the 2024 dry season. And depending on the availability of precipitation or rainfall and water reserves, this should not indicate a doomsday scenario for the rice sector just yet, Sebastian calculated. The US National Weather Service has forecasted a 96 percent probability of El Niño greater than 0.5 degrees Celsius from July 2023 to January 2024; 93 percent from December to February; 90 percent from January to March further receding to 85 percent in February to April. At 1 degree Celsius, the probability of El Nino is 76 percent from August to October; 82 percent from October to December; dropping to 81 percent from November to January 2024; and 64 percent from January to March to 52 percent by February to April 2024. A recent ENSO (El Niño-Southern Oscillation) report said chances of a moderate event are at 84 percent while the odds of it becoming strong at its peak are pretty good at 56 percent. ENSO is a recurring climate pattern involving changes in the temperature of waters in the central and eastern tropical Pacific Ocean. A World Bank study of the impact of El Niño in the Philippines in 2016 cited seven severe ENSO events since 1980, which include both El Niño, ENSO’s warm phase, and La Niña, ENSO’s cold phase. In 1982–1983, El Niño–related droughts affected 450,000 hectares of farmland in the Philippines. The most severe El Niño occurred in 1997–1998, when rainfall fell to half of the historical levels, causing drought in two-thirds of the country. This led to forest fires that destroyed almost 10,000 hectares of natural forests, the WB said. In 2015–2016, dry El Niño conditions lasted for 18 months and affected about a third of the country. In total, six cities, 16 provinces, and 65 municipalities declared a state of calamity. By May 2016, over 400,000 farmers and 550,000 hectares were directly affected by El Niño–induced drought. Later, La Niña caused flooding in low-lying farm areas causing increases in crop pests and diseases. Overall, the most recent El Niño event in 2015–2016 caused $327 million in agricultural production losses, the WB report stated. The post El Niño offers opportunities — DA appeared first on Daily Tribune......»»
Malnutrition, hunger shade Phl growth
The Asian Development Bank’s outlook for the Philippines remains unchanged since April, maintaining that the country’s economy would expand by 6.0 percent for the remainder of the year and grow by 6.2 percent in 2024. In April, Kelly Bird, ADB country director for the Philippines, noted that the economy was in expansion mode after the gross domestic product grew 7.6 percent throughout 2022. “It (Philippine economic growth) is expected to moderate this year (2023) from the previous year’s forecast-beating outturn, but will remain on a healthy expansion mode underpinned by rising domestic demand and a recovery in services, particularly tourism,” he said. In the latest update of its quarterly Asian Development Outlook 2023 report, the ADB said domestic demand and services continue to drive growth in Southeast Asia, with many economies in the region, including the Philippines’, benefiting from strong tourism recovery. It said robust investment and private consumption, along with rising employment, growth in production and retail sales, and upbeat activity in private and public construction, is propelling the Philippine economy forward, making the country a strong candidate for the fastest-growing economy in the region in 2023, even surpassing Singapore’s and Vietnam’s. Filipinos look forward to ADB’s forecast that growth will remain strong, albeit slowed by global headwinds, high inflation, and tighter monetary policy. GDP growth should pick up even more as the external environment improves. Hopes are pinned on private consumption and investment to continue to expand, though easing from 2022’s brisk pace while household spending will be buoyed by rising employment and steady remittances from Philippine workers overseas. The bank’s outlook on the Philippine economy should get President Marcos into a pumped-up mood as he gets ready to address the country in his 2nd State of the Nation address on Monday. But ADB’s sobering notes on hunger and malnutrition threaten to dim whatever bright disposition he may have at the moment. In its report, the ADB notes that despite rapid economic growth in recent years, these “impressive gains” along with whatever efforts to reduce poverty have not lowered hunger, particularly among people in lower income levels. The ADB cites data from the UN Food and Agriculture Organization indicating the prevalence of food insecurity in the Philippines, averaging 43.8 percent of the total population from 2019 to 2021 with 5.2 percent of the people undernourished. An Expanded National Nutrition Survey in 2021 revealed that under-nutrition rates were “very high,” with 26.7 percent of children under five years old stunted. Among school-age children (5-10 years old), the stunting rate was 19.7 percent and much higher among the poorest quintile at 32.7 percent. Alarming figures indicate that chronic malnutrition and stunting are strongly linked to disease and premature death; they adversely affect crucial stages of development (of children), causing cognitive and behavioral deficits, learning disabilities and ultimately a sub-optimal and uncompetitive labor force. The government’s response, the ADB observed, was short-term measures providing social support to vulnerable groups and temporarily easing import restrictions on some agricultural products. And this note should be of particular concern to the President, who remains unmoved by calls to designate a full-time, hands-on expert thoroughly steeped in agriculture at the agency. These data are also alarming: Agriculture growth in the Philippines has underperformed for the past two decades; it grew 3.5 percent on average annually from 2000 to 2010, then by 1.5 percent from 2011 to 2022; Agriculture’s share of GDP has declined from over 15 percent in early 2000 to an average of 9 percent in the past five years, with one-fifth of employment remaining in agriculture; and today’s Philippine agriculture labor productivity continues to lag behind its peers in the Southeast region. The ADB recommended that government strengthens food security and nutrition through social protection responses. Data on poverty incidence showed it declined from 23.5 percent of the population in 2015 to 16.7 percent in 2018 but rose again to 18.1 percent in 2021 because of the pandemic. As the President prepares to take on another year in office, we hope that the President is aware of the urgencies that need to be effectively tackled in the sector he insists on overseeing and of the sociopolitical costs and the not-so-flattering image the country — and the world — would have of his leadership if he leaves these issues substantially unresolved. The post Malnutrition, hunger shade Phl growth appeared first on Daily Tribune......»»
US stocks rise, extending market rally
Wall Street stocks rose Monday, extending a market rally ahead of major earnings reports and economic releases this week. Major indices opened indecisively but picked up momentum over the day, adding to an equity upswing following last week's benign inflation data and better-than-expected earnings from JPMorgan Chase and other banks. The Dow Jones Industrial Average finished up 0.2 percent at 34,585.35. The broad-based S&P 500 added 0.4 percent at 4,522.79, while the tech-rich Nasdaq Composite Index jumped 0.9 percent to 14,244.95. This week's calendar includes results from Bank of America, Tesla, and Netflix. "The key to the stock market remains the mega-cap tech trade and many traders won't do any major positioning until we hear from Netflix and Tesla," said Oanda's Edward Moya. Among individual companies, Ford shares dropped 5.9 percent as it announced steep price cuts on its F-150 Lightning electric trucks. The automaker said an upgrade of its Michigan factory will enable it to triple the output of the pickup trucks beginning this fall. But shares of electric vehicle maker Tesla jumped 3.2 percent as it announced that it had produced its first Cybertruck at its huge plant near Austin, Texas. The space-age-like pickup has been eagerly anticipated since Chief Executive Elon Musk first unveiled a prototype in November 2019. The week's economic data releases include US retail sales and housing starts for June. The post US stocks rise, extending market rally appeared first on Daily Tribune......»»
Highly-leveraged SMGP
San Miguel Corp. predictably won the Court of Appeals decision recently, reversing the Energy Regulatory Commission in its rejection of the petition of its energy arm San Miguel Global Power Corp. or SMGP’s plea for a temporary rate increase. SMGP claims P15 billion in losses from its units South Premiere Power Corp. and San Miguel Energy Corp. as a result of high fuel costs and the supply restrictions from the Malampaya natural gas project. It turns out that SMGP direly needs to be profitable since it is deep in borrowings for its projects. Data supplied to Daily Tribune by the think tank Center for Energy, Ecology and Development showed SMGP has obtained several financing arrangements, such as long-term debts and issuance of Senior Perpetual Capital Securities or SPCS and other debt instruments to facilitate the acquisition of coal-fired power plants and investments in new power plants. For the construction and expansion of coal plants, SMGP has secured the following financial transactions: January 2018, drawing P2 billion from the P44-billion Omnibus Loan and Security Agreement to finance the construction of two 150-megawatt Limay coal-fired power plants; March 2018, $700-million floating interest term loan, $400-million short-term bridge financing loans, $400-million floating interest term loan, and $650-million Redeemable Perpetual Securities for the acquisition of Masinloc Group including two 315 MW Masinloc power plant and the construction of Unit 3 and 10 MW battery energy storage project; January 2019, $35 million from its $525 million Omnibus Expansion Facility Agreement to finance the ongoing construction of the 300 MW expansion of Masinloc Power Plant; November 2019, drawing of an additional $40 million from $525 million OEFA to finance the additional 300 MW Masinloc Power Plant; July 2019, drawing of P978 million from a P2.1 billion 12-year Omnibus Loan and Security Agreement with a syndicate of local banks for the financing of the construction of the Davao Greenfield Power Plant; March 2020, drawing of an additional $43 million to finance the construction of an added 335 MW Unit-3 Masinloc Power Plant; and July 2022, allocation of up to P20 billion from the sale of P30 billion fixed rate bond with an oversubscription option of up to P10 billion. As for its liquefied natural gas-related projects, SMGP has issued debt certificates in the past three years including: October 2020 — $400 million worth of SPCS issued for 100 percent with an initial rate of 7 percent per annum. In-principle approval for the listing and quotation from Singapore Exchange Trading Ltd. December 2020 — $350 million worth of SPCS issued for 102.457 percent with an initial rate of 7 percent, and listed on the SETL; April 2021 — availment of $50 million from the October 2020 loan facility agreement for capital expenditures related to the Ilijan gas-fired power plant and its expansion, financing of LNG importation, and storage facilities, among others; June 2021 — $600 million worth of SPCS issued for 100 percent with an initial rate of 5.45 percent per annum, and listed on the SETL; September 2021 — $150 million worth of SPCS issued for 100.125 percent with an initial rate of 5.45 percent per annum, and listed on the SETL; and July 2022 — allocation of up to P24.5 billion from the sale of P30 billion fixed rate bonds with an oversubscription option of up to P10 billion. In April 2021, SMGP also availed of its $50 million from its term loan facility with a foreign bank executed in October 2020. The proceeds of this loan are intended for the payment of capital expenditures of the Ilijan plant, funding of liquefied natural gas import, storage, and distribution facilities, pre-operating and operating working capital requirements for Battery Energy Storage System projects, and transaction-related fees, costs, and expenses of the facility. The post Highly-leveraged SMGP appeared first on Daily Tribune......»»
Orchard gets a hole-in-one with Meralco Biz
Formerly a mango plantation in Dasmariñas Cavite, The Orchard Golf and Country Club is a private membership golf club that boasts two 18-hole golf courses. “We pride ourselves as the busiest golf club in the Philippines in terms of rounds played and active members,” said President and CEO Tomas Julio Benitez. Orchard has also been notable for their environmental initiatives, like the preservation of wildlife sanctuaries, as well as lessening their carbon footprint and being more conscious of operating more efficiently. Meralco Biz empowers them to achieve these and more. Meralco Biz, the segment dedicated to providing end-to-end energy solutions to small and medium enterprises, empowers businesses to maximize profitability and efficiency, as well as grow and expand, through its energy services and solutions. [caption id="attachment_155455" align="aligncenter" width="525"] Spectrum’s partnership with The Orchard involved a solar rooftop project with a capacity of 99.9 kilowatt-peak (kWp) installed at the latter’s sports and leisure facility in Dasmarinas, Cavite.[/caption] Going Solar Orchard’s collaboration with Meralco Biz started in 2019 when they availed of Peak/Off-Peak (POP) to address their high electric bills due to water pumps that service their golf courses. POP is an alternative energy pricing scheme designed to help businesses lower their energy cost through rates based on peak and off-peak periods. This solution generates around P190,000 in annual savings for Orchard. Apart from the cost savings, according to Benitez, Meralco Biz has also enabled Orchard to use energy more efficiently to help mitigate the effects of climate change and inspire others to take the same green path. Orchard’s sustainability efforts started with converting lights to LED and limiting their irrigation to only the playing areas of the golf course. Still, they knew these were insufficient and had to explore other ways to operate more efficiently. Enter Meralco and its innovative energy solutions. The installation of solar panels, for one, reduced Orchard’s carbon footprint and helped them cope with the effects of the pandemic. According to Benitez, their solar panels were completed in early 2022 with the help of Spectrum — a solar power company built with Meralco’s energy expertise and service standards. When Orchard installed solar panels, they also subscribed to Net Metering, ensuring that their solar installation complies with safety standards and protects them from power fluctuations and interruptions. It also gives them the maximum value and savings through credits earned when they export excess power to the Meralco grid. For just one year, the golf club has generated savings of around P785,000 annually from using solar energy and credits from Net Metering. “The investment that we made, we will recover it in about four to five years. It is better than having money in the bank,” Benitez explained. “Meralco would always help us find ways to save, which is admirable because it proves that they prioritize helping customers and the environment through sustainable energy solutions.” [caption id="attachment_155457" align="aligncenter" width="525"] From left to right: Robert Miclat, House Services Manager; Rhenz Ferma, Biz Partner Manager[/caption] [caption id="attachment_155458" align="aligncenter" width="525"] From left to right: Kim Verlie Gabilo, Meralco Zone Officer; Tomas Julio Benitez, President & CEO; Rhenz Ferma, Meralco Biz Partner Manager[/caption] [caption id="attachment_155456" align="aligncenter" width="525"] From left to right: Irene Patricio, Head of Internal Audit; Ernilo Famy, General Manager; Tomas Julio Benitez, President & CEO the Orchard Golf & Country Club; Francis Montallana, Golf Director[/caption] Moving Forward Orchard is looking forward to further strengthening their partnership with Meralco. For one, they’re planning to expand the solar panel installations and explore recommendations from the power company to improve efficiency by managing power quality and safety. As Orchard strives to be a greener golf and country club, Meralco Biz is there every step of the way to understand, anticipate, and address energy needs. “Our partners, just like The Orchard Golf and Country Club, are assured that Meralco Biz is ready to support them on their journey towards sustainability and operational efficiency,” Joy P. Mendoza, AVP & Head of Meralco Biz, affirmed. “Through our innovative energy solutions, which include Peak/Off-Peak and Net Metering, we have not only empowered Orchard to reduce their carbon footprint and generate substantial savings but also bolstered their goal of becoming a greener golf and country club,” she added. Let Meralco Biz power a brighter tomorrow for your business. For a FREE Power Consult, please email biz@meralco.com.ph or call the business hotline at 16210. The post Orchard gets a hole-in-one with Meralco Biz appeared first on Daily Tribune......»»