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First Gen income up 4 percent to P15.4 billion in 2023
Lopez-led power firm First Gen Corp. grew its income by four percent to P15.4 billion in 2023, from the previous year’s profit of P14.3 billion, mainly due to contributions from its geothermal subsidiary Energy Development Corp......»»
Insurance penetration rate slips further to 1.6 percent
The insurance industry saw its net income rise to P48 billion last year, but its contribution to the overall economy slipped further for the second straight year to only 1.6 percent......»»
Cebu Landmasters FY23 profit: P4.6-B (up 29%)
Cebu Landmasters [CLI 2.85 unch] [link] teased its FY23 performance at an analyst briefing where it revealed full-year net income of P4.6 billion (up 29%) and total revenues of P18.8 billion (up 20%)......»»
8990 Holdings expands buyback limit to P7-B of stock
8990 Holdings disclosed that its board of directors voted to “expand” a P2 billion stock buyback program that was originally established back in 2019, which was then suspended during the pandemic to conserve cash......»»
Disney Set to Acquire Hulu
Disney is set to continue its track as a big player in the streaming industry as the media giant is now buying Comcast’s stake in Hulu, worth up to USD8.61 billion, following through on their deal made in 2019. Upon buying Comcast’s 33 percent stake in Hulu, Disney will then gain full ownership of the […].....»»
LTO chief seeks full gov’t takeover of IT system from German contractor
Land Transportation Office Chief Assistant Secretary Atty. Vigor D. Mendoza II on Thursday said he is seeking a full takeover of the IT system which the government contracted with the German company Dermalog to handle all the transactions in the agency in 2019. This is in line with President Ferdinand “Bongbong” Marcos Jr.'s order to Department of Transportation Secretary Jaime Bautista to digitalize all government transactions as part of giving faster and more convenient services to the public. Mendoza said the LTO's takeover of the Land Transportation Management System will address the technical issues raised by the Commission on Audit and the Department of Information and Communications Technology. The assessment and evaluation of the DICT disclosed 14 deficiencies in the LTMS system and 166 needed enhancements to further improve the system. “Our IT experts are capable of operating and maintaining the system. In fact, sila po ang talagang nagtrabaho at patuloy na nagta-trabaho para ayusin ang sistema para maging madali at komportable sa ating mga end-users, and eventually maging fully utilized na ang ating online platform,” Mendoza said. The issuance of driver’s license is now 10 percent under LTMS, while the renewal of motor vehicle registration is now at 95 percent under the LTMS system from 70 percent when he assumed the top LTO post late July this year, said Mendoza. The focus right now, he added, is to further improve the registration of newly-registered units or NRUs, which is currently at 60 percent under the LTMS system. The LTO is pushing for full digital transactions before the end of November this year. “Magiging mas madali ang pag-maintain ng system at mas makakatipid ang gobyerno na maayos ang lahat ng deficiencies na nakita ng DICT because we are moving towards 100-percent utilization of the computer system na nabayaran ng goyerno ng mahigit P3 billion,” said Mendoza. “Kayang-kaya nating i-take over ito. In fact, this was the reason why I created a Technical Working Group and right now, we are in the final phase of review and assessment for full implementation by next month,” said Mendoza. Mendoza also belied the statement attributed to the representative of Dermalog that LTO personnel have been resisting the use of LTMS. “This is not true, Nakita ko mismo ang ginagawa ng ating mga frontline employees so it is unfair to issue inaccurate statements like that,” Mendoza said. The post LTO chief seeks full gov’t takeover of IT system from German contractor appeared first on Daily Tribune......»»
‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal
Senator Grace Poe on Thursday expressed her belief that it is high time for the Philippines to look for alternative sources of funding from other countries for the proposed Mindanao Railway Project. According to Poe, who chairs the Senate Committee on Public Services, the country may pursue official development assistance from other countries following the Department of Transportation's move to drop China as a funding source for the P83-billion railway project in the southern Philippines. “It’s time to explore ODAs from other countries and seek available funding options from multilateral institutions and international assistance agencies that can deliver the goods,” she said in a statement. Poe noted that the withdrawal of the ODA from China for a railway project “should not derail the implementation of our infrastructure programs,” “In the past years, Chinese banks have also kept us in suspended animation with delays in our loan applications putting in limbo a number of government projects,” she said. “While appearing attractive, the loans are not exactly that benevolent as they come with hefty interest rates and other strings that could be detrimental to the country in the long term,” she added. She also suggested to the government to tap the private sector which she said “holds the potential of accelerating infrastructure development and bringing innovative and efficient services.” She issued the statement after Transportation Secretary Jaime Bautista confirmed that the Philippines is no longer loan financing from China for the first phase of the Mindanao Railway Project. The first phase of the railway project aims to reduce travel time between Tagum in Davao del Norte and Digos in Davao del Sur by one hour from the current 3.5 hours. Quoting Bautista, Senate President Juan Miguel “Migz” Zubiri said in August that the Philippine government would no longer engage Chinese state-owned companies for major infrastructure projects in the country. “I talked to Secretary Jimmy Bautista, he was at the Senate recently. We talked one-on-one. I told him: ‘Secretary, you are seeing what they are doing to your Coast Guard, right?’” he said “I told him not to give Chinese state-owned companies projects here in the Philippines such as trains. We have the North to South Railways…. Let us not give it to them. Let us give it to South Morea or Japan instead,” he added. He continued: “I was glad because Secretary Bautista said they would no longer Chinese state-owned companies for their trains, airports, and big-ticket items.” The construction of the Tagum-Davao-Digos segment of the Mindanao Railway Project was supposed to start in January 2019. The post ‘Time to explore ODAs from other countries’ Poe says after Chinese ODA withdrawal appeared first on Daily Tribune......»»
‘LTO’s LTMS project on time, feature complete’
After state auditors flagged the P3.14-billion Land Transportation Management System project of the Land Transportation Office due to delayed implementation, German firm Dermalog Identification Systems said that the LTMS was “on time” as it “passed user acceptance” in August 2019 and is “feature complete.”.....»»
Tourism, agribusiness need prioritization — PCCI
The country’s biggest congregation of business owners in the country, the Philippine Chamber of Commerce and Industry, said the Marcos Jr. administration must focus on the industries of tourism and agribusiness as they provide opportunities to Filipinos. Apart from the two, PCCI president George Barcelon said other industries that need further push and support are IT-BPO and creative industries, manufacturing, mining, and mineral resources, considered to be ideal and attractive for local and foreign investments and could amplify the economic growth and competitiveness of the country. “Some of our neighboring countries in ASEAN have really moved fast over the past 10 years. We had been lagging them in terms of exports, investments, and trade and we could not afford to be in this situation, so we really need to review our policies for us to be attractive to local and foreign investors,” Barcelon said. He said this will be the center of discussions at the upcoming 49th Philippine Business Conference & Expo set this month, which will gather industry leaders and practitioners to provide insights and share some prospects in what an interesting discussion on policies and regulations could be to attract investors and stimulate investments in these sectors. He said tourism and agribusiness are low-hanging fruits that the government should seriously prioritize and develop as it provides many opportunities for Filipinos. In 2022, the tourism and travel industry only contributed 6.2 percent to the country’s GDP lower than 12.7 percent in 2019 prior to the pandemic. The latest data from the Department of Tourism said that from 1 January to 29 September 2023, a total of 4,005,465 visitors arrived in the country, bringing in a total of P316 billion in revenue into the government coffers and hiring 5.35 million Filipinos in tourism-related jobs. The Philippine agribusiness, on the other hand, contributed only around 8.9 percent to GDP in 2022 where in fact its contribution could actually reach 35 percent. The mining and mineral sector, meanwhile, was able to boost the country’s growth by P102B in 2020 during the pandemic while the manufacturing sector contributed 17.2 percent in 2022. “As the private sector takes the lead in mapping out plans for Vision 2050, we hope our government will focus its attention on harnessing these sectors and address the challenges that hinder the country’s economic growth. We have the competitive advantage to become a first world economy by 2050, we just have to do extra work to achieve it,” said Architect Felino Palafox Jr., who chairs the 49th PBC&E happening on 25-26 October at The Manila Hotel. This year’s conference carries the theme Vision 2050: The Philippines A First-World Economy. It will initiate discussions and gather insights from visionary leaders and policymakers on how the country, given its strategic location, natural and human capital resources, and the many advantages it has, can become one of the industrialized and developed economies by 2050. The two-day event will interestingly gather prominent business personalities, national and local executives, and international leaders. The post Tourism, agribusiness need prioritization — PCCI appeared first on Daily Tribune......»»
Amazon launches test satellites in challenge to Musk’s Starlink
Amazon launched two satellites on Friday as part of its plan to deliver the internet from space and compete with Elon Musk's Starlink service. The Atlas V rocket carrying the satellites lifted off from Cape Canaveral in Florida at 2:06 pm local time (6:06 pm GMT). The launch was carried out by the United Launch Alliance (ULA) industrial group, a joint venture between Boeing and Lockheed Martin. Once up and running, the company founded by Jeff Bezos says its Project Kuiper will provide "fast, affordable broadband to unserved and underserved communities around the world," with a constellation of more than 3,200 satellites in low Earth orbit (LEO). "We've done extensive testing here in our lab and have a high degree of confidence in our satellite design, but there's no substitute for on-orbit testing," said Rajeev Badyal, Project Kuiper's vice president of technology. The company has said it would invest $10 billion in the project and has booked 77 heavy-lift launches with commercial providers Arianespace, ULA, and Bezos-owned Blue Origin. The first operational satellites of the Kuiper project are due to be launched in early 2024, according to Amazon, which hopes for initial tests with customers at the end of next year. The test on Friday attempted to establish contact between the probes and Earth, deploy their solar panels, and confirm that all instruments are operating correctly and at the desired temperatures. The two prototypes will then be removed from orbit and disintegrated in the Earth's atmosphere at the end of the test mission. These services are designed to provide internet access to even the most remote and underserved areas around the world, including war zones or disaster-struck areas. Musk's SpaceX launched the first batch of its more than 3,700 operational Starlink satellites in 2019 and is by far the biggest player. Musk's ownership of Starlink caused uproar in Ukraine last month when it was revealed that he refused to turn on the service for a planned attack by Kyiv forces on Russia's Black Sea navy fleet last year. London-headquartered OneWeb is another early entrant in the emerging sector. Given the technology's strategic importance, governments are also keen to join the rush into the sector. China plans to launch 13,000 satellites as part of its GuoWang constellation, while Canada's Telesat will add 300 and German start-up Rivada is eyeing 600. That will be in addition to the European Union's Iris project -- 170 satellites -- and the 300-500 satellites planned to be launched by the US military's Space Development Agency. The post Amazon launches test satellites in challenge to Musk’s Starlink appeared first on Daily Tribune......»»
Beyonce ‘Renaissance’ film to hit theaters in December
Beyonce over the weekend wrapped her much-touted Renaissance World Tour, a 56-show performance epic promoting her lauded album that pays homage to dance and disco. And it's on to the next one for the 42-year-old megastar, with her latest project "Renaissance: A Film by Beyonce" now slated for release December 1. It's not the first time Beyonce has released elaborate visual companions to her music. She called both her 2013 self-titled album and 2016's "Lemonade" visual albums. She's also released concert films, documentaries, and 2019's "Homecoming," which chronicled her headliner sets at Coachella. But this time she's shifting away from DVD or streaming-only releases, opting for a theatrical release a la Taylor Swift, whose Eras Tour concert film is poised to rule the box office when it is released later this month. Based on surveys conducted by the company QuestionPro, by the time both Swift and Beyonce have finished their blockbuster tours, they're expected to have generated a combined $9 billion in economic activity just in North America. According to a statement from concert promoter Live Nation, Beyonce's global run earned $579 million. Beyonce's film tracks her artistic journey over the course of her tour and is also expected to include behind-the-scenes footage of her and her family, including husband Jay-Z and their three children. "When I am performing, I am nothing but free," Beyonce says in the trailer for her film. "My goal for this tour was to create a place where everyone is free, and no one is judged." The post Beyonce ‘Renaissance’ film to hit theaters in December appeared first on Daily Tribune......»»
Better services seen after GCash acquires ECPay
Customers can expect better services from financial service provider Gcash after its parent firm Globe Fintech Innovations Inc. or Mynt acquired 77 percent of Globe Telecom Inc.'s stake in Electronic Commerce Payments Inc. or ECPay for P2.31 billion. In a stock report on Monday, Globe disclosed that ECPay’s minority stakeholder, Payment One, Inc., is also a party to the transaction — effectively making it a full acquisition of ECPay by Mynt. The deal is still subject to regulatory approvals but once it is closed, ECPay will have access to GCash's platform which would translate to easier and more seamless services for users. “Mynt’s digital savviness will spill over to ECPay, maximizing its previously untapped potential. GCash, on the other hand, can further differentiate itself from its competition as mobile wallets in various shapes and sizes continue to pop up," Globe’s Chief Finance Officer, Rizza Maniego-Eala said in the report. "With ECPay in Mynt’s capable hands, Globe can better steer its ventures and synergistically grow the entire Globe Group ecosystem,” she added. Meanwhile, for Globe President and CEO Ernest L. Cu, GCash's "aggressive expansion" presents a "perfect environment for strategic synergies with ECPay." "Mynt’s acquisition of ECPay will enable more efficient and effective sharing of each other’s strengths and resources, thus creating a seamless and upgraded experience for their customers," Cu said. Incorporated in 2001, ECPay is one of the leading electronic payment service providers in the country. It was acquired by Globe in 2019 to enhance its distribution network. The ECPay Platform enables merchant partners to process bill payments, electronic prepaid mobile phone top-up loading, electronic pins, e-wallet and cash card reloading, airline ticket payments, online shopping payments, and credit card payments in their various outlets. Aside from boosting payment services, GCash, through its subsidiary Fuse Lending Inc., is also improving its lending services to its end-users. The recently said it expects to disburse hundred million pesos more loans to Filipinos in need — a move that will uphold digital and financial inclusion nationwide. Since 2016, Fuse has disbursed P100 billion in loans and has helped over 3 million Filipinos achieve their dreams. The post Better services seen after GCash acquires ECPay appeared first on Daily Tribune......»»
Biggest franchise expo rides on growth
Franchising is expected to earn an unprecedented P30 billion by the end of the year, based on industry projections. During the Franchise Asia Philippines 2023 International Expo briefing on Monday, Philippine Franchise Association chairperson Sherill Quintana said that franchising revenues has reached P27 billion in the year to date, already surpassing the pre-pandemic 2019 revenues of P25 billion. With the growing local market, Quintana said global franchise brands should consider the Philippines as their “launching pad” in Asia. “The future is Asia, and the Philippines will be the launch pad for what the Asian economy will be able to seize for the global market,” Quintana said in a press conference in Quezon City. In the next five years, she said her group is expecting to reap 10 to 13 percent revenues for the industry over the next five years. PFA president Chris Lim said the exposition will be the biggest franchise show that the country hosted in the past 10 years. Franchise Asia Philippines 2023 International Franchise Expo will run from 27 to 29 October and the meetings of the World Franchise Council and the Asia Pacific Franchise Confederation from 24 to 30 October 2023. “More than a decade ago was the last time that a similar event was held in the Philippines, so it is really a very momentous occasion. And what a great way to really celebrate and to really show that we’re back in business, that the franchise industry in the Philippines is as vibrant as ever,” Lim added. SMX Convention Center taken up Franchise Asia Philippines 2023 overall co-chair Richard Sanz said this will be the first time for a franchise event to occupy the entire SMX Convention Center in Pasay City to showcase 1,000 local and global franchise brands from 26 countries. Further, he said 39 percent of the expo participants are new exhibitors with new concepts such as breastfeeding center, agriculture supplies, automated retail and convenience store, vape store and kickboxing gym. “This speaks of the vibrancy of the franchise sector with new players joining the market,” he said. Sanz mentioned that also 20 percent of the participants are international brands from Australia, China, Japan, Korea, Malaysia, Sinapore, Taiwan, Thailand and the United States. More than 50,000 exhibitors are expected to attend the expo. “This highlights the continued interest among Filipinos in franchising as an investment option,” Sanz said. The post Biggest franchise expo rides on growth appeared first on Daily Tribune......»»
Go pushes for increased Cancer Fund
Senator Christopher “Bong” Go emphasized the importance of allocating sufficient funds for specific healthcare programs, such as those addressing cancer, tuberculosis, and mental health disorders, during the Committee on Finance hearing for the Department of Health’s budget on Thursday, 28 September. “We must also give enough focus and ensure funding for our programs to address other diseases such as cancer, tuberculosis, and mental health disorders,” Go said. He pointed out that the Cancer Assistance Fund for this year was set at P500 million through the collective efforts of lawmakers last year. Go proposed for this to be doubled to P1 billion for the next year. However, he expressed concern over the current reported underutilization of the fund. Drawing from his previous advocacy, Go has been a consistent voice for increased funding for the CAF. “Dapat patuloy na pataasin ang budget para sa cancer assistance fund,” he said in an earlier interview. The senator’s call for increased funding aligns with the National Integrated Cancer Control Act, under Republic Act 11215, signed by former president Rodrigo Duterte in 2019. Within NICCA, CAF plays a pivotal role in offering financial support to cancer patients across the nation. He also emphasized the need to bridge the gap between the high cost of cancer treatment and the financial means of those who need it most. “It is for this reason that we continus to advocate for a larger allocation for the CAF and recognizes that every peso invested in cancer assistance is an investment in the health and well-being of countless individuals and their families,” he said. Furthermore, Go expressed his support for a proposed cancer fund intended to aid Overseas Filipino Workers, a project championed by the late Secretary Susan “Toots” Ople of the Department of Migrant Workers. “This initiative highlights the urgent requirement to offer aid and compassion to the modern-day heroes who are confronting cancer while working far away from their homes,” he concluded. The post Go pushes for increased Cancer Fund appeared first on Daily Tribune......»»
Indonesia launches Southeast Asia’s first high-speed rail
Indonesia launched Southeast Asia's first high-speed railway on Monday, a delayed, multibillion-dollar project backed by China that President Joko Widodo hailed as "a symbol of our modernization". With a top speed of 350 kilometers (220 miles) per hour, the bullet train "Whoosh" can get between the capital Jakarta and Bandung in 45 minutes. The 140 km journey would previously have taken about three hours by train. "The Jakarta-Bandung high-speed train marks our efficient, friendly, and integrated mass transportation system," Widodo said during a ceremony at the capital's central station. "It is a symbol of our modernization in the public transport, seamlessly connecting with other modes of transportation." Widodo said the 600-capacity train was the first high-speed rail transportation in Southeast Asia. It is part of Beijing's Belt and Road initiative -- a decade-old program of China-backed infrastructure projects. The president said the name was actually an acronym, standing for a tagline of "Waktu Hemat, Operasi Optimal, Sistem Handal" -- which in Bahasa Indonesia means "Saving time, optimal operation, reliable system". It was built by PT KCIC, which is made up of four Indonesian state companies and Beijing's China Railway International Co. The project was initially set to cost less than $5 billion and be completed by 2019. However, delays caused by construction challenges and the Covid-19 pandemic led to a surge in costs. In preparation for its opening, officials have conducted public trials for the new high-speed route. Last week, Transportation Minister Budi Karya Sumadi confirmed that the government would extend the high-speed train route from Bandung to the country's second-biggest city Surabaya. Last month, Chinese Premier Li Qiang joined Senior Minister Luhut Pandjaitan on a ride aboard the train during his Jakarta visit for summits with Southeast Asian leaders. Pandjaitan told reporters on Thursday that Widodo plans to welcome Chinese President Xi Jinping in the future to ride the train, but did not give more specifics. agn/ebe/sn/leg © Agence France-Presse The post Indonesia launches Southeast Asia’s first high-speed rail appeared first on Daily Tribune......»»
Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro
Davao City’s confidential expenses that ballooned to P2.697 billion during Vice President Sara Duterte’s stint as mayor should be probed by the Commission on Audit, a lawmaker said Monday. The call for investigation was prompted by the 2022 report of the CoA, which found that Davao City spent P2.697 billion on confidential expenses between 2016 to 2022, or an average of PP385.3 million per year over the preceding six years. Duterte served as the Davao City mayor from 2016 to 2022 before she assumed the VP post in July of last year. Based on CoA findings, Davao City incurred P144 million of confidential expenses in 2016, which was more than doubled to P293 million in 2017 and further climbed to P420 million in 2018. The city’s confidential fund expenses further grew to P460 million in 2019 and were maintained consistently for the subsequent years of 2020, 2021, and 2022. In an interview on Monday, ACT Teachers Partylist Rep. France Castro, who sought the CoA probe, stressed that the P2.697 billion totality of confidential expenses of Davao City in the previous six years “could have been utilized more effectively to benefit the education sector, specifically by providing much-needed support to teachers.” “We were shocked also [by] the report of the CoA. With this controversy of confidential funds, we are thinking of asking the CoA to investigate,” she said. “The CoA should file an audit observation memo and then ask them to explain maybe the misuse of funds and then file necessary legal action.” She added, “Imagine more than a million a day spent for the confidential funds in a city. I just wonder how it was spent and where it was spent. So, we want the CoA to review if the city government of Davao City led by Vice President Sara Duterte by then really followed the guidelines or the joint circular 2015-01.” The said joint circular outlined by CoA with the Departments of Budget and Management, National Defense, and of the Interior and Local Government, and Governance Commission for GOCCs, contains guidelines on the entitlement, release, use, reporting, and audit of confidential and intelligence funds that are in the General Appropriations Act. Daily Tribune has been asking for Duterte’s comment, but she remained mum on the issue. While Castro admitted that the local government units are entitled to confidential funds for peace and order maintenance, it was “ironic” that Duterte sought allocation of such funds given that she claimed Davao City was “very peaceful, disciplined, and well” during her tenure. "So why is it necessary to have an increasingly confidential fund?" the lawmaker stressed, noting such a fund should be used for other fruitful endeavors. "I remember the time the teachers of Davao City were asking for city allowance, but she did not grant it. Instead, she refused and even got mad with ACT (Alliance of Concerned Teachers) during that time," Castro pointed out. While none in the law limits the amount of confidential funds, the militant lawmaker pointed out that it should be rationalized. A proposed law aimed at imposing a cap and limit on confidential funds, streamlining the allocation of such that would promote transparency and accountability, is currently being crafted, according to Castro. It will be filed in Congress when the session resumes in November. The post Sara Duterte’s P2.7B confidential expenses as Davao mayor should be probed—Castro appeared first on Daily Tribune......»»
Bong Go pushes for increased Cancer Assistance Fund
Senator Christopher "Bong Go" emphasized the importance of allocating sufficient funds for specific healthcare programs, such as those addressing cancer, tuberculosis, and mental health disorders, during the Committee on Finance hearing for the Department of Health's (DOH) budget on Thursday, 28 September. "We must also give enough focus and ensure funding for our programs to address other diseases such as cancer, tuberculosis, and mental health disorders," Go said. He pointed out that the Cancer Assistance Fund (CAF) for this year was set at P500 million through the collective efforts of lawmakers last year. Go proposed for this to be doubled to P1 billion for the next year. However, he expressed concern over the current reported underutilization of the fund. "Pakisilip po ninyo ito. Sa dami ng cancer patients na nangangailangan ng tulong, sigurado naman pong mauubos yan at hindi katanggap-tanggap na hindi ninyo magastos ang pondo sa pagtulong sa kanila," he added. Drawing from his previous advocacy, Go has been a consistent voice for increased funding for the CAF. "Dapat patuloy na pataasin ang budget para sa cancer assistance fund," he said in an earlier interview. He also stressed the financial burden that cancer places on families, stating, "Talagang pipilayan ang pamilya tuwing nagkakanser ka, pilay na po ang inyong pamilya, halos hindi na po nakakatrabaho 'yan, nakafocus na po sa pagpapagamot." The senator's call for increased funding aligns with the National Integrated Cancer Control Act (NICCA), under Republic Act No. 11215, signed by former president Rodrigo Duterte in 2019. Within NICCA, CAF plays a pivotal role in offering financial support to cancer patients across the nation. "The more na dapat po ay dagdagan natin ang pondo para sa cancer assistance fund, the more we should invest sa ating healthcare system," Go urged. He also emphasized the need to bridge the gap between the high cost of cancer treatment and the financial means of those who need it most. "It is for this reason that he continues to advocate for a larger allocation for the CAF and recognizes that every peso invested in cancer assistance is an investment in the health and well-being of countless individuals and their families," he said. Furthermore, Go expressed his support for a proposed cancer fund intended to aid Overseas Filipino Workers (OFWs), a project championed by the late Secretary Susan "Toots" Ople of the Department of Migrant Workers (DMW). "This initiative highlights the urgent requirement to offer aid and compassion to the modern-day heroes who are confronting cancer while working far away from their homes," he concluded. The post Bong Go pushes for increased Cancer Assistance Fund appeared first on Daily Tribune......»»
Five things to know about Pope Francis’ Synod
Pope Francis opened the Synod of Bishops' general assembly in Rome on Wednesday, which in a historic first gives women a vote, after a vast global consultation on the future Catholic Church. Here are five things to know about the event: Input from faithful Since 2021, the world's 1.3 billion Catholics have been invited to express their views on the Catholic Church and its challenges to help guide the institution through the 21st century. The "Synod on Synodality" was launched by Francis, 86, as a way to make the Church more inclusive and transparent as it sought input from the faithful around the world. Insights from local dioceses were submitted to episcopal conferences, all contributing to a 50-page working document called the "Instrumentum Laboris" that will be used during the discussions that will take place over the next four weeks. A second session of the assembly is scheduled for October 2024, after which a final document will be given to the pope. He will then decide whether or not to incorporate its findings into a papal document known as an apostolic exhortation. "It's an important forum for reflection for the Church, on its way of being, of moving forward," Italian priest Giacomo Costa, the special secretary of this assembly, told AFP. 21st-century issues The current Synod is the first time the Vatican has waded into so many of today's contentious social issues so openly. The topics to be addressed include the place of LGBT+ people within the Church, whether women should be ordained deacons, and whether married men can serve as priests in regions with insufficient clergy, among others. While there has been consensus on some issues, "there are other issues on which we disagree in substance," said Costa. Contributing to discussions will be theologians, experts, and sociologists, he said. Women and laypeople The Synod is a consultative institution created by Pope Paul VI in 1965 that meets regularly through assemblies. Francis presided over three previous Synods: those of the Family in 2014-2015, Youth in 2018, and Amazonia 2019 -- where he rejected a proposal to open up the priesthood to married men in remote areas of the Amazon. The current Synod marks a major break from the past, however, with Francis' decision to allow women and lay people to vote. "It's a total change from Paul VI: this time, the people of God are being summoned, not representatives," a Vatican observer told AFP. The source said the laymen and women in the assembly will be trying to push past the "ecclesiastic culture" pervading the event. "They won't be satisfied with good words, there will be a demand for procedure, the will to change, efficiency," said the source. Busy calendar For four weeks, the 464 participants, including 365 voting members, will meet every day, divided into 35 working groups divided into five languages (English, Italian, Spanish, French, and Portuguese). Among them are 54 women. The Synod will open and close with a mass presided over by Francis in St. Peter's Basilica and will be marked by periods of prayer. Francis said last month that discussions during the assembly will be behind closed doors to "safeguard" the synodal climate. Dissent Although Francis has warned that there is "no room for ideology in the Synod", there are likely to be differences. Vatican observers will be closely watching the conservative wing of the Church, which is hostile to the Argentine pope. Its members, which include Germany's Cardinal Gerhard Mueller and US Cardinal Raymond Burke, maintain that Francis risks creating confusion and division in the Church, given the Synod's reflections on possible doctrinal changes on thorny issues such as gay rights or celibacy. The post Five things to know about Pope Francis’ Synod appeared first on Daily Tribune......»»
Think tank: SMGPH faces liquidity crunch
The declining profitability of San Miguel Corporation’s energy unit San Miguel Global Power Holdings Corp. has affected the capability of the company to meet near-term financial obligations, according to a report of the Institute for Energy Economics and Financial Analysis, or IEEFA. Local groups held a forum on Wednesday ahead of the 133rd anniversary of the Adian conglomerate that focused on the “losing strategy” of maintaining its dependence imported fossil fuel with its planned shift from traditional coal to liquefied natural gas, or LNG. Think tank Center for Energy, Ecology and Development indicated during the event that SMGPH is implementing “a losing strategy that is having devastating consequences on shareholders and investors, energy consumers, and the environment.” “While SMC is pursuing the country’s further dependence on fossil fuel, it is also losing on the actual energy transition development. SMC had lost in the race to secure new permits for renewable energy capacity, which will be built in the next two to three years,” Gerry Arances, CEED executive director, said. Sam Reynolds, author of an Institute for Energy Economics and Financial Analysis, or IEEFA, report titled San Miguel Global Power: Fossil fuel-oriented growth strategy raises financial red flags, said the article detailed the financial issues SMC faces because of its reliance on coal and gas. IEEFA is a Detroit-based advisory group for energy industry strategies. He warned the company’s overexposure to volatile fossil fuel prices could sink its financial health and that “SMGPH’s overreliance on fossil fuels has weakened its financial health — moving from coal to LNG is not going to solve the fundamental problem of overexposure to fossil fuel prices.” SMGPH debts are falling due between 2024 and 2026, according to the study. The company’s financial position would likely remain inadequate to address the callable perpetual securities, amounting to $3.4 billion (P193 billion). “SMGPH could face a double-edged sword. On one hand, the need to redeem perpetual securities demands additional capital or funding. On the other, opting not to exercise the call option subjects the company to additional financial costs, further straining its financial position,” according to IEEFA. No contract to back up projects “This is especially true when you consider the company’s lack of contracts for its existing and proposed LNG facilities,” he added. SMC’s status as one of the country’s biggest conglomerates entails that the company should be among those leading the transition away from fossil fuels, Reynolds added. Reynolds also doubts the company will be able to fulfill the 2050 net zero commitment it unveiled earlier this year. “Unless there is a major, material pivot within the company to transition to renewables and phase out its fossil fuel expansion plans, the company is going to have very little chance of achieving its 2050 net zero target. Without a strategic, material, immediate pivot, that goal is simply unrealistic,” he said. Liquidity crunch possible As a result of SMGPH’s declining profitability, IEEFA’s analysis indicated that its ability to cover near-term financial commitments in the form of debt, interest and capital distribution for perpetual securities may have worsened considerably. This points to an overall liquidity crunch, which could translate to a longer-term funding shortfall if not carefully managed. IEEFA indicated that its view “aligns with conclusions from Bloomberg Intelligence, which stated that the company may need $900 million (P51 billion) by the end of this year to meet its financial commitments. “SMGPH’s funding constraints also depend on its ability to extend P21 billion worth of short-term loans. There is also a possibility of obtaining local funding due to its connection to parent company SMC,” IEEFA indicated. Its financial SMGPH’s perpetual securities come with a notable feature: a step-up interest mechanism. If the call option on the security is not exercised, the interest rate increases by a certain percentage each year. SMGPH has strategically tapped into the issuance of bonds and loans to fund its expansion plans, increasing its total debt. Total equity has also grown, driven largely by the company’s issuance of perpetual securities. The paper added that a broader assessment, beyond operating cash flows, reveals a rising liquidity risk for SMGPH. It measured the SMGPH’s cash flow from operations (CFO)-to-current liabilities ratio, the results of which pointed a “concerning trend.” The ratio has been on a downward trajectory since 2019. In 2022, the CFO-to-current liabilities ratio plummeted to an all-time low of -0.12, indicating insufficient cash flow to cover short-term liabilities. The same ratio remained weak in the first half. Its ratio in 2022 was 1.00, down from 1.43 in 2021, meaning the company has exactly one dollar of current assets for every dollar of current liabilities. “In essence, the company holds a relatively tight margin of assets available to cover its immediate financial obligations. Meanwhile, the accounts receivable turnover ratio stood at 3.15, marking its lowest value since 2016.” The post Think tank: SMGPH faces liquidity crunch appeared first on Daily Tribune......»»
Go reiterates call for increased health fund
Senator Christopher “Bong” Go, chairperson of the Senate Committee on Health, emphasized in an interview on Tuesday, 26 September, the urgent need to bolster the Department of Health’s budget as the country movestowards pandemic recovery even amid several existing and emerging public health concerns. He recalled the budget deliberations in December 2019 when there were attempts to cut the budget of the Research Institute for Tropical Medicine for year 2020. “In the 2019 budget deliberations, I defended the RITM budget which was on the brink of being slashed. We even added more funds,” he narrated. This decision turned out to be crucial then, as RITM later played a vital role in Covid-19 testing when the pandemic started in 2020. Go noted that the restoration of RITM’s budget underscored the importance of adequately funding healthcare institutions, especially in unpredictable times. Go’s recollection came at a critical time when DoH is facing a P10-billion budget cut for 2024. The proposed budget cut would bring DoH’s overall budget down to P199.45 billion from P209.62 billion under the General Appropriations Act of 2023. With this, Go argued that the healthcare system needs more, not less, financial support. He then underscored the urgency for increased investment in the public healthcare system. Meanwhile, Go continued to push for the Department of Disaster Resilience and Mandatory Evacuation Center bills. Go’s office, in coordination with Mayor Clark Ngaya, distributed grocery packs to 500 typhoon “Egay” victims at the municipal hall in Barlig, Mountain Province last Monday, 25 September. The post Go reiterates call for increased health fund appeared first on Daily Tribune......»»