FDIs clock triple-digit growth in April on low base
Foreign direct investments to the Philippines posted another month of triple-digit growth in April, with much of the lift coming from base effects from last year’s pandemic-induced slump......»»
Unlock business success at Franchise Asia Philippines Expo
The Franchise Asia Philippines Expo 2024 is set to hold a series of dynamic seminars designed to empower entrepreneurs, investors and business enthusiasts with the knowledge and tools needed to thrive in the ever-evolving world of franchising. Slated from April 12 to 14 at the SMX Convention Center Manila, these seminars offer invaluable insights into key aspects of franchising and business growth......»»
Addressing the Philippines’ 2024 Threat Landscape: Kaspersky Launches KUMA Platform
To help Filipino businesses and organizations stay safe in cyberspace while embracing digitalization, Kaspersky announces today the launch of Kaspersky Unified Monitoring and Analysis Platform (KUMA), its integrated software solution that includes a set of functions for security information and event monitoring and management. The Philippines is expected to continue its double-digit growth towards $35B […].....»»
China to send youngest-ever crew to space station
Tiangong is the crown jewel of Beijing's space program, which has also landed robotic rovers on Mars and the Moon and made China the third country to put humans in orbit. The station is constantly crewed by teams of three astronauts, who are rotated out every six months. The Shenzhou-17 module carrying the trio to the station is scheduled to blast off at 11:14 a.m. (0314 GMT) Thursday from the Jiuquan launch site in China's arid northwest. "It is the crew of astronauts with the youngest average age since the launch of the space station construction mission," Beijing's State Council Information Office said in a statement. The all-male trio will be led by Tang Hongbo, who is on his first return mission to the Tiangong space station. "Throughout the past two years, I have often dreamt of going back to space," Tang said at a press conference on Wednesday. "The space station is our other home that takes us away from Earth and into the universe," he added. Accompanying him will be Tang Shengjie and Jiang Xinlin, both in their thirties and each making maiden space voyages. The crew has an average age of 38, compared to 42 for the crew of Shenzhou-16 when it launched. "According to the plan, the Shenzhou-17 spacecraft will conduct autonomous rendezvous and docking procedures after entering orbit," Lin Xiqiang, spokesperson for China's space program, said during a Wednesday morning press briefing. It will dock with the station's core module "about six-and-a-half hours" after first initiating the procedure, he added. 'Space dream' Plans for China's "space dream" have been put into overdrive under President Xi Jinping. The world's second-largest economy has pumped billions of dollars into its military-run space program in an effort to catch up with the United States and Russia. In June, the return capsule of the Shenzhou-15 spaceship touched down at a landing site in the northern Inner Mongolia region, with state media hailing the mission as a "complete success". That month also saw the launch of the Shenzhou-16 capsule, which carried the first Chinese civilian -- Beihang University professor Gui Haichao -- into orbit. That crew will return to Earth on October 31 after completing a handover, officials said Wednesday. Beijing also aims to send a crewed mission to the Moon by 2030 and plans to build a base on the lunar surface. Spokesperson Lin reiterated that aim Wednesday, saying that the "goal of landing Chinese people on the moon by 2030 will be realized as scheduled". Lunar plans The country's lunar plans were dealt a setback in 2017 when the powerful Long March-5 Y2 rocket failed to launch on a mission to put communication satellites into orbit. That forced the postponement of the Chang'e-5 launch, originally scheduled to collect Moon samples in the second half of 2017. Another robot, the Chang'e-4, landed on the far side of the Moon in January 2019 -- a historic first. Chang'e-5 eventually landed on the Moon in 2020, raising a Chinese flag on the lunar surface and returning to Earth with the first lunar samples in four decades. The final module of the T-shaped Tiangong -- which means "heavenly palace" -- successfully docked with the core structure last year. The station carries several pieces of cutting-edge scientific equipment, according to state news agency Xinhua, including "the world's first space-based cold atomic clock system". The Tiangong is expected to remain in low Earth orbit at between 400 and 450 kilometers (250 and 280 miles) above the planet for at least 10 years. China will send its youngest-ever crew of astronauts to the Tiangong space station this week, officials said Wednesday, as Beijing pursues plans for a manned mission to the Moon by the end of the decade. Tiangong is the crown jewel of Beijing's space program, which has also landed robotic rovers on Mars and the Moon and made China the third country to put humans in orbit. The station is constantly crewed by teams of three astronauts, who are rotated out every six months. The Shenzhou-17 module carrying the trio to the station is scheduled to blast off at 11:14 am (0314 GMT) Thursday from the Jiuquan launch site in China's arid northwest. "It is the crew of astronauts with the youngest average age since the launch of the space station construction mission," Beijing's State Council Information Office said in a statement. The all-male trio will be led by Tang Hongbo, who is on his first return mission to the Tiangong space station. "Throughout the past two years, I have often dreamt of going back to space," Tang said at a press conference on Wednesday. "The space station is our other home that takes us away from Earth and into the universe," he added. Accompanying him will be Tang Shengjie and Jiang Xinlin, both in their thirties and each making maiden space voyages. The crew has an average age of 38, compared to 42 for the crew of Shenzhou-16 when it launched. "According to the plan, the Shenzhou-17 spacecraft will conduct autonomous rendezvous and docking procedures after entering orbit," Lin Xiqiang, spokesperson for China's space program, said during a Wednesday morning press briefing. It will dock with the station's core module "about six-and-a-half hours" after first initiating the procedure, he added. 'Space dream' Plans for China's "space dream" have been put into overdrive under President Xi Jinping. The world's second-largest economy has pumped billions of dollars into its military-run space program in an effort to catch up with the United States and Russia. In June, the return capsule of the Shenzhou-15 spaceship touched down at a landing site in the northern Inner Mongolia region, with state media hailing the mission as a "complete success". That month also saw the launch of the Shenzhou-16 capsule, which carried the first Chinese civilian -- Beihang University professor Gui Haichao -- into orbit. That crew will return to Earth on October 31 after completing a handover, officials said Wednesday. Beijing also aims to send a crewed mission to the Moon by 2030 and plans to build a base on the lunar surface. Spokesperson Lin reiterated that aim Wednesday, saying that the "goal of landing Chinese people on the moon by 2030 will be realized as scheduled". Lunar plans The country's lunar plans were dealt a setback in 2017 when the powerful Long March-5 Y2 rocket failed to launch on a mission to put communication satellites into orbit. That forced the postponement of the Chang'e-5 launch, originally scheduled to collect Moon samples in the second half of 2017. Another robot, the Chang'e-4, landed on the far side of the Moon in January 2019 -- a historic first. Chang'e-5 eventually landed on the Moon in 2020, raising a Chinese flag on the lunar surface and returning to Earth the first lunar samples in four decades. The final module of the T-shaped Tiangong -- which means "heavenly palace" -- successfully docked with the core structure last year. The station carries several pieces of cutting-edge scientific equipment, according to state news agency Xinhua, including "the world's first space-based cold atomic clock system". The Tiangong is expected to remain in low Earth orbit at between 400 and 450 kilometers (250 and 280 miles) above the planet for at least 10 years. The post China to send youngest-ever crew to space station appeared first on Daily Tribune......»»
Governor’s fight vs EDCA
Despite political pressure, Cagayan Governor Manuel Mamba continues to oppose the Enhanced Defense Cooperative Agreement or EDCA sites in his province. Since April this year, he has been announcing publicly his opposition. Mamba also urged Cagayanos to make a united stand and voice their opposition following the announcement by the Presidential Communications Office that EDCA sites were to be established at Naval Base Camilo Osias in Santa Ana and the Lal-lo Airport in the province. I had a chance to meet Mamba last 25 August, and he said he is against any form of neo-colonialism, which is perhaps why he is not in favor of having American military personnel, facilities, and structures in the country, particularly in his province. During the occasion, he was also commended by a retired Philippine National Police general. I suppose we are aware that Governor Mamba is under heavy political oppression due to his opposition to PH-US military relations and new EDCA sites. To Cagayanos, Governor Mamba is undoubtedly the national hero of the new century because his courage and determination are worthy of admiration. Observers said his opposition to the military ties with the US and the new EDCA sites had alienated him from President Ferdinand Romualdez Marcos Jr., to whom he was once close. In early May, in reaction to Governor Mamba’s opposition to the new EDCA sites, House Speaker Martin Romualdez reiterated that the President’s determination to strengthen cooperation with the US with new EDCA sites was “unshakable.” There were rumors the Speaker asked the Governor to keep quiet on the matter. To Governor Mamba’s supporters, this was a severe warning and a humiliation from the President and the US. On 9 February this year, US embassy personnel met with an assistant of Cagayan Vice Governor Melvin Vargas, named Agatep, mainly to get an update on Governor Mamba’s alleged “irregular vote buying” in the last election. During the meeting, dissatisfaction was expressed with the Governor’s public opposition to the new EDCA sites in Cagayan. Well, should the vote-buying case push through, what could we expect? Should Governor Mamba’s election be overturned, Vice Governor Vargas, who supports the PH-US alliance, would be the likely successor. A friend from the north told me that Katrina Enrile, like her father Juan Ponce Enrile, the Presidential Chief Legal Adviser, is pro-EDCA. To eliminate the local opposition to EDCA, Katrina Enrile allied with Governor Mamba’s political rivals — Vice Governor Vargas and the Lara family. Vice Governor Vargas met with Katrina Enrile on 19 April and stated that he had garnered the support of a majority of the provincial officials regarding the establishment of the two EDCA sites in Cagayan. The new EDCA sites were the President’s decision, and they should not speculate on this. Katrina Enrile’s efforts paid off, as the President appointed her Administrator and Chief Executive Officer of CEZA, the office that manages the Cagayan Special Economic Zone. Interestingly, the Cagayan Special Economic Zone Act of 1995 was proposed and drafted by Juan Ponce Enrile. On 7 April, representatives of the US government met with Mayor Florant Pascual of Lal-lo and president of the League of Municipalities of the Philippines-Cagayan Chapter. During the meeting, the American government promised to carry out energy projects through USAID and provide local assistance in exchange for Pascual’s support of the new EDCA sites. On 20 April, Pascual and 18 other mayors publicly announced their support for the new EDCA sites in Cagayan. Soon after, on 15 June, USAID representatives visited the Philippines and announced a $65-million fund for Cagayan and Isabela to support local energy planning and introduce renewable energy technologies, such as solar roofs. The US embassy said the communities near the new EDCA sites in Santa Ana and Lal-lo would also benefit from the grant. The post Governor’s fight vs EDCA appeared first on Daily Tribune......»»
Solar panels go into service near North Pole
Norway has installed solar panels in its Svalbard archipelago, a region plunged in round-the-clock darkness all winter, in a pilot project that could help remote Arctic communities transition to green energy. Neatly lined up in six rows in a field, 360 solar panels will on Thursday begin providing electricity to an old shipping radio station, Isfjord Radio, now converted into a base camp for tourists. The windswept archipelago -- also known as Spitsbergen -- is located some 1,300 kilometres (800 miles) from the North Pole and is accessible only by boat or helicopter, weather-permitting. "It's what we believe to be the world's northernmost ground-mounted PV (photovoltaic) system," Mons Ole Sellevold, renewable energies technical adviser at state-owned energy group Store Norske, told AFP. "It's the first time anyone has done it at this scale in the Arctic," he said, his rifle slung over his shoulder in case polar bears turn up, a not uncommon occurrence at these latitudes. Another 100 solar panels are positioned on the roof of the radio station -- which has until now run on diesel generators -- and should cover about half of the site's electricity needs and cut its CO2 emissions. In summer, the region is bathed in an abundance of sunlight, with a "midnight sun" that never sets. The solar panels also benefit from the "albedo" effect, the reflective power of snow and ice, as well as low temperatures that improve their efficiency. Conversely, in winter, the region is plunged in total darkness from early October until mid-February, which makes it impossible for Isfjord Radio to completely give up fossil fuels. Store Norske is therefore also considering other alternatives, such as wind farms, to further the station's green transition. - 'Test site' - The move is motivated by environmental considerations as well as economic factors, with diesel costly to buy and transport, while solar panels are also easy to maintain and do not break down, Sellevold said. The aim is also to use the installation as a pilot project to see if the technology can be used by some 1,500 other sites or communities in the Arctic that are not hooked up to traditional electricity grids and also need to transition to green energy, he said. "We want to make Isfjord Radio a test site to ... get an Arctic-proven technology that we can afterwards take to other locations like this," he said. According to a study published last year, the Arctic has warmed nearly four times faster than the rest of the planet over the past 40 years, causing ice to melt faster and disrupting ecosystems. This has affected both local populations and the rest of the world, with rising sea levels and extreme weather events. vk-phy/ef/po/lth © Agence France-Presse The post Solar panels go into service near North Pole appeared first on Daily Tribune......»»
Biden urges ‘national unity’ 22 years after 9/11
President Joe Biden called Monday for Americans to unite despite bitter political differences as the United States marked the 22nd anniversary of Al-Qaeda's 9/11 attacks. Bells were rung and the names of nearly 3,000 people were read out in somber ceremonies in New York, Washington, and Pennsylvania where the hijacked planes struck. "Let's honor September 11 by renewing our faith in one another," said Biden, speaking at a US military base in Anchorage, Alaska as he traveled back from a trip to India and Vietnam. "We must never lose our sense of national unity, so let that be the common cause of our time." Speaking in front of a huge flag, Biden added that "terrorism, including political and ideological violence, is the opposite of all we stand for as a nation." His speech comes as the United States is increasingly polarized, with tensions likely to increase as Biden, a Democrat, heads into a likely election rematch next year with Republican former president Donald Trump. Trump has been indicted four times since April, including for efforts to overturn the 2020 election results, with the 6 January 2021 Capitol attack by his supporters still fresh in the public's memory. 'Never forget' In New York, Vice President Kamala Harris and current and former mayors joined victims' families at the 9/11 memorial on the site of the World Trade Center twin towers brought down by two aircraft flown by hijackers. The names of the more than 2,600 who died in New York were read out by family members and young relatives not alive at the time of the attack. "I wish I had a chance to really know you. Everyone in the family misses you. We will never forget," said the grandson of firefighter Allan Tarasiewicz, who was killed at age 45 during rescue operations at the World Trade Center. At the Pentagon in Washington, where the attackers plunged a third aircraft into the headquarters of the US military, a sailor rang a ship's bell for each of the 184 killed there. And in western Pennsylvania, where a fourth hijacked plane apparently heading toward Washington was forced to crash, bells were rung for each of the 40 passengers and crew who died. "September 11 made America a nation at war, and hundreds of thousands stepped up to serve our country in uniform," Defense Secretary Lloyd Austin said at the Pentagon ceremony. "I know that it aches to remember this milestone year after year... The men and women of the Department of Defense will always remember." Across New York City, in Congress and elsewhere, a moment of silence was held to mark the attack, plotted by Al-Qaeda chief Osama bin Laden, who was found and killed nearly a decade later by US Navy Seals in a raid on his hideout in Pakistan. Biden noted in his speech that he himself had given the order for bin Laden's successor Ayman al-Zawahiri to be sent to the "gates of hell" last year in an airstrike in Afghanistan. "The soul of America is the fortitude we found in the fear of that terrible September day," he added. "The terrorists believed they could bring us to our knees, bend our will, break our resolve. But they were wrong, they were dead wrong." The post Biden urges ‘national unity’ 22 years after 9/11 appeared first on Daily Tribune......»»
Piso sale!
Cebu Pacific, the Philippines’ leading carrier, is giving every Juan an early Christmas gift as it brings back its trademark Piso Sale in time for the BER months. From 7 to 10 September, CEB travelers can book their flights to select domestic destinations including Bacolod, Cebu, Iloilo, Kalibo, and Laoag, and international destinations such as Ho Chi Minh City, Macau, Seoul, Singapore and Taipei for as low as P1 one-way base fare, exclusive of surcharges and other fees. The travel period will be from 1 April to 31 August 2024, allowing passengers to book ahead and score value-for-money fares. Aside from the Piso Sale, the airline is also offering a special 27-percent discount on CEB Transfers for all its routes serving Boracay, making travel to one of the world’s best island resorts much easier and more affordable. CEB currently flies to Boracay eight times daily from Manila, twice daily from Cebu, and six times weekly from Clark. CEB pioneered its trademark Piso Sale as early as 2004. Since then, many Filipinos have been able to fulfill their travel dreams and explore various local and international destinations through the airline’s signature promo. Passengers may use their existing Travel Funds to book flights and avail themselves of add-ons. CEB also offers multiple payment options, including payment centers, credit or debit cards and e-wallets. CEB currently flies to 35 domestic and 24 international destinations, spanning across Asia, Australia, and the Middle East. The post Piso sale! appeared first on Daily Tribune......»»
Michael Ted Macapagal: Making tracks in public service
If life were a train, then Michael Ted Macapagal’s has been quite a ride. Raised by a labor leader and human rights lawyer father who served the people of Olongapo, including the workers of the US American Base in Subic, Michael Ted Macapagal had always wanted to become a public servant. It took Ted, though, a long journey to reach his goal, first achieving success in the insurance field in the United States where he lived for 20 years starting in 1991. Today, he is the chairman of the Philippine National Railways, a position “that allows me to make a difference in the lives of my countrymen,” he shared during his recent visit to the Daily Tribune office in Makati. Ted, good-looking and affable, proudly spoke of a father, his namesake, Atty. Teddy C. Macapagal who, early on, exposed his son to a firsthand view of a gentleman who looked beyond himself and his personal interests, and instead dedicated his career to protecting the common man and bettering their lot. The elder Ted served as a city councilor for 10 years. In 1984, he ran for the Batasang Pambansa, and in the late 1980s, for city mayor. “In all these electoral processes, I was involved and saw for myself how my father related to the people. He was a sincere man who helped them in the best way he could. He provided free legal services to those in need,” Ted recounted. Ted grew up in Olongapo, his place of birth. It was in the neighboring province of Pampanga, though, at the Don Bosco Institute in Bacolor town, where he first studied, but he eventually returned home to Olongapo, where he finished high school at the St. Columban. Aiming to become a lawyer, he enrolled at the University of the Philippines in Diliman, where he majored in History, which he intended as his pre-law course. Not unexpectedly, he joined the Upsilon Sigma Phi, his father’s fraternity. He also joined rallies where he stood with those who wanted the retention of US bases in the Philippines, in keeping with the sentiments of his townsmen. “It was the one concern where the whole of Olongapo was united,” he recalled, “because the people’s livelihood was connected to the base and the American presence in the community.” As a lawyer who specialized in labor, his father himself handled cases for the base employees. In 1988, his father lost his mayoralty bid in Olongapo. He fought against his fraternity brother, Richard Gordon. Actually, the two had been fighting it out for decades. “Olongapo became too small for them,” shared Ted. “A vivid memory to me to this day was the night I cried after my father lost. I was heartbroken because, for the most part of my life, I saw him give his all to the people. Throughout all those years, I just loved assisting my father. I followed him whenever he visited his constituents. I was a witness to everything that happened to him, his conflict with his political adversary and the loyalty of the people who believed in him and saw in him the man who would change the face of politics in our city.” The elder Macapagal became OIC-Mayor in 1986, but only two months after he received his appointment from the new president because the incumbent mayor did not easily give up his post which he was required to vacate under the new revolutionary government. “The next local election was the most expensive political exercise that our family ever waged,” Ted recounted. “It was then that my father decided that I pursue a new life in the United States, away from politics back home. “All the while, my heart never left the Philippines. Even before I left, I promised myself I would return to continue what my father started.” First non-white president Ted stayed in San Francisco for 20 long years. He had a tough time at the beginning of his new life. “I started off doing odd jobs. I worked as a security guard, janitor and waiter in a pizza parlor. “I also guarded the heavy equipment in a construction site in San Francisco. Thievery was a problem in that kind of situation. We would sleep in a trailer. “I transferred to a construction firm because I found out it offered a bigger salary. But I didn’t know the technical aspects of construction. Once, I made a portable ladder, but it fell apart, for which I was scolded by the owner of the company. I was fired on my third day on the job. Too bad because it paid high.” Ted then decided to pursue another degree, one that would be more useful in the United States. He took up Human Resource Management, a four-year course at the University of California in Berkeley. When he finally entered the corporate world, his first job was as a clerk. It wasn’t long before he became Division President of Stewart Title Company, one of the largest underwriters in the world, with offices across the United States, and in some 80 countries around the globe. He was based in the San Francisco Bay Area. “I may have been the first non-white president,” he said. “And I was a division president for the whole of North America. I was the first Filipino to reach that level.” Of his trailblazing accomplishments, he shared, “I was able to bring cultural diversity to the company, which enhanced its value. I got the top post because I asked for a meeting with the president. I told him we were not diverse enough to appeal to the non-white clients, and there were many of them who were first-time home buyers. Then, I told him to make the rounds. He would see that none of the home buyers was white. They were of different ethnic groups. I told him that if he appointed me as vice president, I would give him multi-cultural buyers because I would appeal to them and they would be our first-time buyers. So, he appointed me, and one month later, he made me president.” As an adjunct, he lectured on the topic of title insurance and escrow procedures in several community colleges in and around the San Franciso Bay Area. Through it all, he chose to keep his Filipino citizenship. The ‘Railway President’ For all the successes he was enjoying, the Philippines beckoned. He felt he still had a mission to accomplish. “My father was surprised. He asked me why I would still want to go home when I was doing well in the States. I insisted, so I came back and I plunged into political life. I worked on difficult campaigns, like the one for Rodrigo Duterte.” Back to his first love and passion, the political arena, he was in his element and served as president of PDP LABAN in Olongapo City from 2016 to 2021. In 2022, he joined LAKAS-CMD as its local chairman. This engagement led to his original target, as his father had achieved in his lifetime — serving the people. This time, he would be appointed to key posts in the government. He became director of the Clark Board and Gulf Oil Philippines. He took his oath of office as chairman of the Philippine National Railways on 28 April 2023. It is a job in a government agency where he is confident “I could make a difference because I can see that President Bongbong Marcos is really intent on improving the railway system of the country. “On my part, I want to make a difference. I want to be able to contribute whatever I can to help the president to achieve that objective. I call him now the ‘Railway President’ because I consider him the father of the railway system in our country.” Of course, he noted that many plans have been formulated during the time of President Rodrigo Duterte. Moreover, he recognized that President Gloria Arroyo “navigated our country through the global crisis. I was in the United States when the global economic crisis happened, and the Philippines was one of the countries spared, and I give credit to her. The economic fundamentals were very strong during her time. Being an economist, she was there at the right time when the country needed her the most.” With President BBM at the helm, he is confident “we will be able to push through with our development plan and finish the projects we have started, like the North-South Commuter Railway, which is a 147-kilometer stretch from Clark to Laguna. We hope to have the dry run in 2026 and it will be fully operational in 2027.” He also looks forward to the completion of the Bicol South Long Haul project. He is equally hopeful for the North Long Haul, the Subic-Clark and the Mindanao railways. He clarified that “we are now talking with the proponents, while some negotiations are being undertaken.” Working boots and a hard hat It would seem that this successful insurance executive was out of place in the railway sector. He pointed out, though, that “coming from the outside, I have the technical advantage of being able to look outside the box. So, I’m looking at it from outside the box, looking in. I am able to see the problems that need to be fixed. Stoppage is one of the problems so we have a bus augmentation program. We will also deploy UV Express units. We are closely coordinating with the LTFRB to provide emergency alternative transportation.” On the other hand, his exposure to people of all backgrounds from his youth, being his father’s son, has given him the advantage of “knowing how it is to be one of the boys. Something that I also experienced in the United States. “When people ask me what my management style is, I tell them straight I like to go down to the ground. I like hands-on supervision. I want my hands to be dirty. If you open the trunk of my car, you will find my working boots and my hard hat. I enjoy going to the construction sites and seeing for myself the progress, the problems, whatever it is that needs to be attended to. “Finally I want those working in the field doing the most difficult tasks to be satisfied and never to be hungry. Gusto ko, busog sila lagi. I am not happy when I get invited by the constructors and I am honored with a feast-like lunch or dinner, and not knowing what the workers are eating. I am on a diet anyway, so I make sure that my hosts bring the food to where the workers are eating. I can only eat so much and I would rather that the workers and the staff are full and happy. I am vocal about my displeasure when the construction workers are not eating the same food that is served to me. I may not be able to invite them to where I am eating but I can have the food brought to them.” Smiling from heaven Without a doubt, the old man Atty. Teddy C. Macapagal is smiling happily from his heavenly perch. He had served his fellowmen well, but he had done right as well by raising a son who took after his heart, to whom service to the people and compassion for the less fortunate matter more than any personal gain. His father, according to Ted, “died a broken man at the young age of 63. But whatever he lacked in longevity and riches, he made up for it with his compassion for others, for the free legal services that he gave to the people of Olongapo. “If you didn’t have money, you went to him because he was generous with his time and expertise. He would even give you some cash to use for your transportation fare to go home. That was my father. “The people whom he helped in turn would come to our home and bring him gifts like eggs, fruits, fish, vegetables and native chickens that they raised in their backyards. My father accepted them all. When I came home and saw all this, I teased him and said that he should probably open a sari-sari store so he could resell them. “Of course, we had a good laugh. But beyond the laughter, we both knew in our hearts that doing good to one’s fellowmen is its own reward and nothing in this world can take the place of personal fulfillment for having put a smile on people’s faces because you somehow made their lives better. “I am grateful that I have been raised by such a great father.” The post Michael Ted Macapagal: Making tracks in public service appeared first on Daily Tribune......»»
One giant step: Moon race hots up
Russia's plan to launch its lunar lander on Friday is the latest in an international push to return to the Moon that includes the world's top powers but also new players. Technology, science and politics are all essential factors in the Moon race. Here is the latest: China's great leap China is pursuing plans to send a crewed mission to the Moon by 2030 and plans to build a base there. The world's second-largest economy has invested billions of dollars in its military-run space program in a push to catch up with the United States and Russia. China was the third country to put humans in orbit in 2003 and Tiangong is the crown jewel of its space program, which has also landed rovers on Mars and the Moon. The unmanned Chang'e-4 rocket landed on the far side of the Moon in 2019, with another robot mission to the near side raising the Chinese flag there in 2020. That moonshot brought rock and soil samples back to Earth, the first time that has been done in more than four decades. NASA's Artemis NASA's Artemis 3 mission is set to return humans to the Moon in 2025 including its first woman and first non-white astronaut. Under the Artemis program, NASA is planning a series of missions of increasing complexity to return to the Moon and build a sustained presence in order to develop and test technologies for an eventual journey to Mars. The first, Artemis 1, flew an uncrewed spacecraft around the Moon in 2022. Artemis 2, planned for November 2024, will do the same with crew on board. NASA sees the Moon as a pit stop for missions to Mars and has done a deal with Finnish mobile firm Nokia to set up a 4G network there. However, NASA said this week that the Artemis 3 mission may not land humans on the Moon, depending on whether certain key elements, including the landing system developed by SpaceX, were ready. Elon Musk's firm won the contract for a landing system based on a version of its prototype Starship rocket, which remains far from ready. An orbital test flight of the uncrewed Starship ended in a dramatic explosion in April. Russia's Luna Russia's launch of Luna-25 on Friday will be its first to the Moon since 1976 and marks the beginning of Moscow's new lunar project. President Vladimir Putin is looking to strengthen space cooperation with China after ties with the West broke down following the start of Moscow's invasion of Ukraine in 2022. New players Recent technological progress has reduced the cost of missions and opened the way for new players in the public and private sector to get involved. India's latest space mission Chandrayaan-3 entered the Moon's orbit in August ahead of the country's second attempted lunar landing later this month. But getting to the Moon is not an easy task. Israeli non-profit SpaceIL launched its Beresheet lunar lander in 2019, but it crashed. And in April this year Japan's ispace was the latest company to try, and fail, at the historic bid to put a private lunar lander on the Moon. Two other US companies, Astrobotic and Intuitive Machines, are set to try later in the year. The post One giant step: Moon race hots up appeared first on Daily Tribune......»»
Falling coal price takes earnings toll
Integrated energy firm Semirara Mining and Power Corp. or SMPC on Monday reported that its first-half earnings dropped to P19.2 billion — 26 percent lower than the previous year’s P25.8 billion. In a stock exchange report on Monday, the company said the downtrend was “mainly due to high base effect and normalizing coal indices.” During the second quarter alone, the company already booked a 5-percent downtick in its net income to P10.2 billion from a record high of P10.8 billion last year. However, every quarter, comparing the first quarter versus the second quarter figures, SMPC’s net income grew by 13 percent from P9 billion. Prices on downtrend From January to June, the average Newcastle price plunged by 54 percent from $320.3 to $148.9, while the average ICI4 price dropped by 17 percent from $85.7 to $71. “Even with lower coal prices, we delivered our second-best first half results because of China demand recovery and the improved performance of Sem-Calaca Power Corporation Unit 2,” SMPC president and COO Maria Cristina C. Gotianun said. Notably, from April to June, total shipments increased by 22 percent from 3.7 million metric tons or MMT to 4.5 MMT on higher deliveries to China and South Korea. Shipments to China increased by 75 percent from 0.8 MMT to 1.4 MMT, while shipments to South Korea rose by 21 percent from 0.8 MMT to 1.0 MMT. Gotianun, however, conveyed that the second half of the year will be challenging due to the rainy season and the planned shutdown of our three power plants. Yet, she noted that the “high starting inventory and strategic pivot to the spot market” of the company will help it navigate through the expected headwinds. The post Falling coal price takes earnings toll appeared first on Daily Tribune......»»
Private sector analysts predict inflation rate to dip below 5 percent
Private economists expect the country's inflation rate to ease further for the sixth consecutive month in July from the 5.4 percent inflation rate last June. A Daily Tribune poll of six (6) private sector analysts yielded a median estimate of 4.8 percent for July inflation. The Philippine Statistics Authority (PSA) is expected to unveil inflation data in the first week of August. Economists expect inflation to dip below five percent, marking the first time since April 2022, when the average headline inflation was 4.9 percent. Security Bank chief economist Robert Dan Roces and China Banking Corp. chief economist Domini Velasquez said inflation likely softened to 4.7. In an emailed commentary, Roces elaborated that the deceleration in the consumer price index (CPI) suggests a moderate level of inflation. "The favorable base effects that helped offset the increase in food prices may continue to play a role in keeping inflation in check in the short term," Roces said. For her part, Velasquez said lower utility rates offset higher food and fuel prices. She mentioned that electricity rates in all regions fell substantially from the previous month, especially in Mindanao and Batangas. Velasquez added that a stronger peso in July could have also led to the "muted" monthly inflation rate. ING Bank lead economist Nicolas Mapa, who said that headline inflation averaged 4.8 percent in July, mentioned that Bangko Sentral ng Pilipinas (BSP) would consider the data point alongside the path of inflation against developments such as the recent US Federal Reserve's hike in its subsequent decision. Philippine National Bank economist Alvin Arogo said inflation would likely to 4.9 percent in July amid the month-on-month increase due to the minimum wage hike in Metro Manila and the rise in pump prices due to Dubai crude. Arogo said the favorable base effects will continue to be the main driver for the monthly print of year-on-year price growth to be lower than four percent in the fourth quarter amid the "persistence of second-round effects." Bank of the Philippine Islands (BPI) lead economist June Neri, who said that inflation in July likely eased to 4.9 percent in July, mentioned it would fall within the two to four percent target range of the BSP by the fourth quarter. "Such a print suggests that a sub-four percent monthly print by October or November is possible and increases the chances that the BSP can keep policy rates steady for the balance of 2023," Neri said. Meanwhile, Rizal Commercial Banking Corp. chief economist Michael Ricafort said that the inflation rate for July likely slowed at 5.1 percent as the recent increase in local rice prices would also slow down the easing trend of "disinflation" at the very least. He said that the possible reduction of rice imports by the Philippines would also coincide with the adverse effects of the El Niño drought, especially from the fourth quarter of 2023 to the first quarter of 2024, potentially reducing local rice production. Ricafort added that the weather phenomenon would also lead to some uptick in local rice prices and overall inflation. However, the country's new central bank said it is still too early to declare victory in the battle to curb consumer price pressures as upside pressures on expenses remain high amid downtrend data, the country's new Speaking at a recent banking community event, BSP governor Eli Remolona said the persisting upside risks to inflation indicate the monetary authority remains open to further tightening. The country's core inflation, which primarily excludes food and fuel expenses, hit 7.4 percent in June. Last month's data declined from May's 7.7 percent to April's 7.9 percent. "Nonetheless, it's too soon to declare victory. Core inflation remains high. There are still upside risks to inflation – for example, risks in the form of El Niño and further supply shocks," Remolona said. Remolona stated that the inflation figures will factor into the analysis conducted by the Monetary Board. He added that data will play a crucial role in influencing their policy rate decision. "We will wait and see. We will analyze the data as they arrive, and that analysis will decide monetary policy down the road," the Central Bank chief mentioned. On the sidelines of the same banking event, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said he expects inflation to continue easing in the coming months but warned that there are still risks to the outlook. Balisacan said that the current downward trend in inflation is expected to continue, but some factors could worsen it. These include rising oil prices and the impact of Typhoons Egay and Falcon on agricultural production. "We are still monitoring the situation, but we hope that the impact of the typhoon will not be too serious," Balisacan said. The post Private sector analysts predict inflation rate to dip below 5 percent appeared first on Daily Tribune......»»
Teodoro: No specific discussions on add’l EDCA facilities between Phl, US
There are no discussions between the Philippines and the United States on identifying more Enhanced Defense Cooperation Agreement Defense facilities in the country, Secretary Gilbert Teodoro Jr. said Thursday. “There was not [a] discussion. No specific discussion and there are no, there is nothing on my table to increase the number of these… EDCA facilities in on the Philippine bases,” Teodoro told the reporters at a press conference at the Department of National Defense headquarters at Camp Aguinaldo in Quezon City. He said the government will have to study the capability of the country before considering the expansion of the EDCA facilities. “We have to, you can’t bite more than what you can chew. That’s what I’m trying to state earlier, we gotta make things work first before expanding,” Teodoro said. “A lot of conglomerates have fallen because of too quick an expansion without being able to absorb the capability to sustain.” There are five existing EDCA sites in the country including the Bautista Air Base in Palawan; Basa Air Base in Pampanga; Fort Magsaysay in Nueva Ecija; Lumbia Airport in Cagayan de Oro City; and the Benito Ebuen Air Base in Mactan, Cebu. In April, the government identified additional four new EDCA sites namely Camilo Osias Naval Base in Sta. Ana town and Lal-lo Airport in Lal-lo town, both in Cagayan; Camp Melchor dela Cruz in Gamu, Isabela and Balabac, the southernmost island in Palawan. The post Teodoro: No specific discussions on add’l EDCA facilities between Phl, US appeared first on Daily Tribune......»»
IOU appetite remains high
The Bureau of the Treasury, or BTR, on Monday fully awarded bids for the government’s key Treasury bills. The 91-, 182-, and 364-day T-bills fetched average rates of 5.884 percent, 6.095 percent and 6.226 percent, all lower than previous auction results. Last week, the average rates for the 91-,182-, and 364-day T-bills settled at 5.973 percent, 6.266 percent, and 6.339 percent, respectively. The auction was nearly three times oversubscribed with total bids reaching P44.4 billion. The BTr raised the full program of P15.0 billion for the auction. In a comment, Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury bill auction yields corrected lower week-on-week. Yields on downtrend “This is similar to the week-on-week downward correction in PHP Bloomberg Valuation Service yields after US Treasury yields also corrected lower after better US inflation data at a new 2-year low of 3 percent in June 2023, from 4 percent in the previous month and nearing the Fed’s target of 2 percent,” Ricafort said. “The lower T-bill auction yields could have also been supported by the strongest peso exchange rate versus the US dollar in more than three months recently, thereby could reduce import prices and overall inflation that could still ease further due to higher base effects,” he added. On 13 July, the peso closed at 54.51 to a US dollar, its best performance since 5 April. The post IOU appetite remains high appeared first on Daily Tribune......»»
K-pop megastars BTS release memoir
K-pop megastars BTS released their hotly anticipated memoir in South Korea on Sunday, marking their 10th anniversary as a group. "Beyond the Story: 10-Year Record of BTS" is the septet's first official book, and contains a chronological summary of their musical career as well as hints at their future endeavors, according to their agency BIGHIT MUSIC. Crowds were kept away by heavy rain on Sunday morning, but some diehard fans braved the weather to gather in front of the Kyobo bookstore in Gwanghwamun, one of the biggest in Seoul. Sri Lankan fan Lakshi told AFP that if her excitement were measured on a "one to 10 scale, then it is about a million". Aqilah, a fan from Malaysia, gushed: "I came here since 9 a.m. and I finally got this book!" The book, which is also being released in the United States, shot to the top of the Amazon and Barnes and Noble bestseller lists in May on the strength of its pre-orders. It was co-written by South Korean journalist Kang Myeong-seok and members of the band, according to its US publisher Flatiron Books. The release date of the memoir, July 9, is a nod to a significant date in the septet's history: it is the day the megastars' loyal international fan base, known as ARMY, first came into being 10 years ago. "(BTS) Thank you for saving me when I needed it," said Audrey, another fan from Malaysia who scheduled a holiday in Seoul to coincide with the memoir's release. "I wish I could say more, but I am going to cry now," she added. Over the course of its decade in the limelight, BTS has become a global cultural phenomenon, selling out stadiums and dominating charts around the world while raking in billions for South Korea's economy. The band is currently on a "hiatus", with members pursuing solo projects while two of the group complete South Korea's mandatory military service. All able-bodied men in South Korea must serve at least 18 months in the military and, after a years-long debate about whether BTS deserved an exemption, Jin, the oldest member of the group, enlisted last year. His bandmate J-Hope started his mandatory service in April, South Korean media reported at the time. Before the hiatus, BTS bagged six No. 1 hits on the Hot 100 and all seven members of the boyband have reached the top songs chart with solo tracks, Billboard said. The post K-pop megastars BTS release memoir appeared first on Daily Tribune......»»
Foreign banks see below 6% inflation in June
Foreign banks believe inflation eased significantly to below six percent in June after cooling for the fourth straight month to hit a 12-month low of 6.1 percent in May from 6.6 percent in April due to favorable base effects......»»
Sudan capital sees heavy fighting on eve of Muslim holiday
Fighting raged in the Sudanese capital on Tuesday, the eve of the Eid al-Adha Muslim holiday, after paramilitaries seized Khartoum's main police base. Fighting in the city between the army led by General Abdel Fattah al-Burhan and General Mohamed Hamdan Daglo's paramilitary Rapid Support Forces is now concentrated around military bases. At the same time in Sudan's west, the conflict is worsening to "alarming levels" in Darfur, the United Nations warned. Since the war erupted on April 15, the RSF has established bases in residential neighborhoods of the capital while the army has struggled to gain a foothold on the ground despite its air superiority. As the RSF fights to seize all of Khartoum, millions of people are still holed up despite being caught in the crossfire without electricity and water in the oppressive heat. Late Sunday the RSF announced they had seized the headquarters, on Khartoum's southern edge, of the paramilitary Central Reserve police sanctioned last year by Washington for rights abuses. On Tuesday the RSF attacked army bases in central, northern, and southern Khartoum, witnesses said. Mawaheb Omar, who has been stuck at home with her four children, told AFP that she expected Eid celebrations, normally a major event in Sudan, to be "miserable and tasteless as we can't even buy mutton". Looting On Saturday the UN urged "immediate action" to stop killings of people fleeing El Geneina, the West Darfur state capital, by Arab militias aided by the paramilitaries. Washington has blamed the "atrocities" in Darfur primarily on "the RSF and affiliated militia". The RSF is descended from the Janjaweed militia unleashed by Khartoum in response to a 2003 rebel uprising in Darfur, leading to war crimes charges. In the current fighting, the RSF has been accused of looting humanitarian supplies, factories, and houses abandoned by those displaced by the fighting or taken by force. Daglo responded to these accusations on Tuesday in an audio recording posted online. "The RSF will take swift and strict action" against those in its ranks who have carried out such abuses, he said. The RSF had announced on Monday evening that it was beginning to try some of its "undisciplined" members, as well as the release of "100 prisoners of war" from the army. Since the beginning of the conflict, both sides have regularly announced prisoner swaps through the Red Cross, without ever giving the exact number of those captured. Daglo, a native of Darfur, also spoke of the fate of this gold-rich area where more than one in four Sudanese live. We must "avoid plunging into civil war", he said. The UN and African blocs have warned of an "ethnic dimension" to the conflict in Darfur, where on Tuesday Raouf Mazou, the UN refugee agency's assistant high commissioner for operations, told a briefing in Geneva there is a "worsening situation" in West Darfur state. "According to reports from colleagues on the ground, the conflict has reached alarming levels, making it virtually impossible to deliver life-saving aid to the affected populations," he said. New fronts The army is not only faced with difficulties in Khartoum. New fronts have opened against it from a rebel group in Kordofan state, south of the capital, as well as in Blue Nile state on the border with Ethiopia. In South Kordofan, authorities have decreed a night-time curfew to curb the violence. The UN mission in Sudan, which withdrew almost all its staff from the country at the start of the war, expressed "grave concern" about the violence in Kurmuk, near the Ethiopian border. Fighting there has caused hundreds of civilians to flee to Ethiopia, it said. Since the conflict flared, around two million people have been displaced within Sudan, while another 600,000 have fled across the borders, mainly to Egypt in the north and Chad in the west. Aid has reached at least 2.8 million people in Sudan, the UN said, but agencies report major hurdles to their work, from visas for foreign humanitarians to securing safe corridors, and a lack of funds. A record 25 million people in Sudan need humanitarian aid and protection, the UN says. The post Sudan capital sees heavy fighting on eve of Muslim holiday appeared first on Daily Tribune......»»
Key events in the war in Ukraine
From the Russian invasion of Ukraine on 24 February last year to the armed rebellion Saturday of the pro-Kremlin Wagner paramilitary group, here is a timeline of the main events. The biggest attack on a European country since World War II has killed or wounded over 150,000 people, according to Western estimates. February 2022: invasion Russian President Vladimir Putin announces a "special military operation" in Ukraine on 24 February, saying he wants to demilitarise and "de-Nazify" the country as well as protect the predominantly Russian-speaking east from "genocide". A full-scale invasion starts, with missile strikes on several Ukrainian cities that sparks a refugee crisis. Ukrainian President Volodymyr Zelensky stays in the capital Kyiv to lead the resistance. The West imposes unprecedented sanctions on Russia and the European Union and United States send Ukraine weapons and aid. March: Russian advances Russian forces make gains in the south, seizing the city of Kherson, close to the Moscow-annexed Crimea peninsula. Russian forces also attempt to surround Kyiv and take Ukraine's second city of Kharkiv in the northeast but meet fierce resistance. A month into the fighting, Russia withdraws from the north to focus on the eastern industrial Donbas region, partly held by Moscow-backed separatists, along with the south. April: war crimes revealed In early April, AFP discovers the bodies of at least 20 civilians lying on a single street in the Kyiv suburb of Bucha -- the first of several grisly discoveries in towns that Russian forces had occupied which spark an international outcry and war crimes investigations. May: Mariupol falls On 21 May, Russia announces the fall of the southeastern port city of Mariupol, which had been relentlessly bombed, after the last Ukrainian troops holding out at a steelworks surrender. Sweden and Finland request membership of NATO, fearing they could be future targets of Russian aggression. June: Donbas battle rages In June, Russia takes the Donbas city of Severodonetsk after one of the bloodiest battles of the war, followed soon after by the neighbouring city of Lysychansk. July: gas supplies cut On 22 July, Kyiv and Moscow sign a deal to resume grain exports from Ukraine, in a bid to relieve a food crisis aggravated by Russia's blockade of the country's ports. Russian gas giant Gazprom slashes its supply to Europe through the Nord Stream pipeline, fuelling fears of gas shortages in Europe. August: battle for Bakhmut Kyiv launches a major offensive to retake Kherson as a bitter battle begins for the eastern town of Bakhmut, spearheaded on the Russian side by the Wagner mercenary group. Wagner claims to have wrested total control of Bakhmut in May. September: annexation Ukraine retakes hundreds of towns and villages in a lightning counter-offensive around Kharkiv. Putin launches a partial draft of 300,000 reservists, sparking an exodus of young Russian men of military age. On 30 September, he formally annexes the Ukrainian regions of Lugansk, Donetsk, Kherson and Zaporizhzhia. October: power supply hit On 8 October, an explosion causes major damage to a bridge linking Crimea to the Russian mainland -- a symbol of Moscow's annexation of the peninsula. Putin blames Ukrainian secret services for the attack. Russian forces retaliate with a barrage of strikes on energy infrastructure in Kyiv and other cities, leaving millions without power in what becomes its new modus operandi throughout the winter. November: retreat from Kherson On 9 November, Moscow orders its troops to retreat from Kherson in the face of advancing Ukrainian forces, marking a stunning defeat in one of the regions it annexed. Jubilant residents hail Ukrainian forces as liberators. December: Zelensky goes to Washington On 22 December, Zelensky visits Washington on his first overseas trip since the war began. He meets President Joe Biden and addresses Congress. January 2023: tanks on the way Russia suffers its biggest single loss of life since the invasion in a Ukrainian attack on a temporary base in the eastern town of Makiivka on 1 January. Moscow says 89 soldiers were killed in the hit. On 25 January, Germany finally agrees to send Ukraine some of its powerful Leopard tanks. The United States follows, announcing that it will provide 31 Abrams tanks. On 19 May, Biden authorises the delivery of F-16 fighter jets to Kyiv. In April, Ukraine also receives anti-missile Patriot defence systems from Washington. 6 June: dam destroyed A blast at the Kakhovka dam in Russian-annexed Crimea inundates vast areas of the Kherson region, forcing thousands to flee and sparking fears of an environmental disaster. Kyiv accuses Moscow of blowing up the dam on the Dnipro River, while Russia blames Ukraine. June: Ukraine counter-offensive A long-awaited Ukrainian counter-offensive begins, aided by the supply of Western arms, according to analysts. Russia brands it a failure but Kyiv says it has retaken several areas. 24 June: Wagner rebellion Wagner chief Yevgeny Prigozhin, leading a mutiny to bring down Moscow's top brass, says his fighters have captured the army HQ in Russia's Rostov-on-Don "without firing a single shot" and claims to have the support of locals. Putin warns that treason against his rule threatens Russia with civil war and accuses the Wagner boss of a "stab in the back". The post Key events in the war in Ukraine appeared first on Daily Tribune......»»
BSP not seen following Fed
Bangko Sentral ng Pilipinas or BSP is unlikely to follow the US Federal Reserve’s lead and pause rate hikes if inflation remains high, BSP Deputy Governor Francisco Dakila Jr. said on Thursday. Dakila said this during the Marcos Jr. administration’s economic briefing to Singapore’s business community as inflation has softened after soaring to 14-year highs towards the end of 2022. BSP raised the policy rate by 425 basis points to 6.25 percent to help slow the pace of inflation, which fell to 6.6 percent in April 2023. Not in lockstep “Even if the Fed decides to pause from its policy tightening, which it did this morning, we may not move in complete lockstep if the domestic inflation picture warrants a different response,” Dakila said. Dakila mentioned that the minutes from the policy meeting held in May suggested that the BSP had adopted a more cautious approach. Putting aside the cautious stance, the central bank’s inflation forecast indicates that inflation is expected to return to its target range of 2 to 4 percent by the last quarter of 2023. BSP Governor Felipe Medalla has mentioned that inflation could drop below 4 percent by October or December, aided by a slowdown in the rate of increase due to the influence of base effects. In 2022, the BSP made efforts to control inflation and manage investor expectations by aligning its actions with those of the US Federal Reserve. In July, the central bank called for an emergency policy meeting and raised interest rates by 50 basis points to prevent inflation from rising too rapidly. Jun Neri, the lead economist at the Bank of the Philippine Islands, said the BSP hike could still pull a walk if inflation turns sideways. “While many are hoping BSP is done hiking, we really can’t rule out additional rate hikes should domestic inflation bounce back or if the Federal Reserve hikes some more later this year,” he said in a Viber message. Domini Velasquez, the chief economist at China Banking Corp., noted that the need to minimize the gap between interest rates in the Philippines and the United States would strongly influence policy choices. “Given the Fed’s recent guidance of possibly 2 more quarter-point hikes, we think the BSP may be forced to hike at least one more time just to maintain sufficient interest rate differentials,” she said in a Viber message. “Instead, they will likely hike to prevent capital flight and unwarranted depreciation of the peso. We saw this happen last year when the peso depreciated to 59.00 per (US Dollar),” Velasquez added. The post BSP not seen following Fed appeared first on Daily Tribune......»»
Inflation cool down possible — Manulife
Manulife Philippines sees the country’s inflation rate falling within the target range of Bangko Sentral ng Pilipinas from 2 percent to 4 by year’s end. “We can expect negative base effects in the coming months to significantly result in slower inflation data, in line with the BSP inflation forecast for May,” Jean de Castro, head of fixed income at Manulife Philippines Investment Management and Trust Corporation, said Thursday. The BSP expects inflation in May to have slowed further to 5.8 percent from 6.6 percent in April. Overall prices of goods and services have decelerated since January, when inflation peaked at 8.7 percent. With the inflation downtrend, BSP Governor Felipe Medalla said the Monetary Board is keen on pausing rate hikes further, after its meeting last month resulted in a sustained policy rate of 6.25 percent. Cheaper borrowing costs De Castro said the twin trajectories should help demand for bonds grow as borrowing costs become cheaper. “The moderating inflation environment coupled with the pause in monetary policy actions supports the positive local bond outlook for the second half of 2023.” Mark Canizares, head of equities at Manulife Philippines, said a similar forecast should also spread to the stock market as consumers obtain extra funds for investments amid a low-inflation environment. “Domestic consumption, which benefited as the country re-opened, will likely get some support as well from easing prices, as raw material and other input costs moderate.” Canizares added “rate-sensitive sectors such as residential property will likely benefit from this tailwind.” Property consultancy Colliers Philippines reported slower completion and launches of condominium projects in the first quarter this year due to rising prices of construction materials and elevated interest and mortgage rates. During this period, completed condominium projects were down 70 percent year-on-year, while reservations for pre-selling units were “decent” at 70 percent growth year-on-year. The post Inflation cool down possible — Manulife appeared first on Daily Tribune......»»
Move It eyes 1-M app users for year
Banking on its recent mobile application upgrade, homegrown motorcycle taxi company Move It targets to grow its current user base to as much as one million by the end of the year. At a media briefing on Tuesday, Move It general manager Wayne Jacinto said he is optimistic that the technological innovation introduced by the app will attract more commuters to trust the company’s services. “Right now, we have hundreds of thousands of users. For this year, we target to hit one million users. The reason for this optimism is we want to have a higher standard. We are positive about this because of the new app’s features and reliability,” Jacinto told reporters. Tap habal riders Jacinto noted that Move It will reach more areas with plans to tap the informal habal-habal industry and “professionalize” riders. Move It is conducting onboarding campaigns to maximize its current supply allocation of 15,000 riders. “We are firmly advocating to professionalize the motorcycle taxi industry, and that extends to the habal-habal riders as well. Our vision is to create a safe, professionalized, and empowering environment where all our rider-partners, including habal-habal riders, can thrive,” Jacinto said. “Right now, we have hundreds of thousands of users. For this year, we target to hit one million users. The reason for this optimism is we want to have a higher standard. We are positive about this because of the new app’s features and reliability,” Revamped app version Move It officially launched a revamped version of its mobile application for both rider-partners and passengers, which integrated safety and reliability functions from its technology partner Grab. With a focus on reliability and efficiency, the app guarantees an impressive 99.95 percent uptime — ensuring a seamless booking experience, especially during peak hours. Safety features Move It also enhanced safety features, introducing an in-app VOIP calling feature, a Share-My-Ride feature, and a 24/7 Safety Center that provides round-the-clock emergency assistance. Integrating GrabMaps and Navigation, an advanced online mapping system powered by Grab’s extensive data, Move It provides optimized routing that adapts to real-time road changes and updates. The integration ensures precise pinning for pick-up and drop-off locations, significantly improving the overall user experience. To recall, senators recently suggested the removal of the supply cap on motorcycle taxis, especially since motorcycle taxi companies only operate at 30 percent of their capacities, especially during rush hour. The same hearing also revealed that other countries do not impose limits for operating motorcycle taxi units. The post Move It eyes 1-M app users for year appeared first on Daily Tribune......»»