MSME loans reach P457 billion in end-April
Loans extended by Philippine banks to micro, small and medium enterprises reached P457 billion as of end-April as the Bangko Sentral ng Pilipinas urges financial institutions to lend more to the sector......»»
Pantabangan Dam may hit critical level by end-April
The water level in Pantabangan Dam in Nueva Ecija may reach critical level by the end of April, affecting irrigation supply, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration......»»
Asialink eyes P2.4 billion in truck loans as e-commerce grows
Asialink Finance Corp. is looking at lending as much as P2.4 billion this year to the fast growing market for brand new and used trucks that are essential to the growth of e-commerce and logistics......»»
Bank loans used as RRR compliance hit P6.4 billion
Mid-sized and small banks have extended around P6.4 billion loans to micro, small and medium enterprises (MSMEs) as well as large companies, and booked these loans in compliance with their reserve requirement ratios, according to the Bangko Sentral ng Pilipinas......»»
Losses to Philippine agriculture due to El Nino reach 31 mln USD
MANILA, March 20 (Xinhua) -- The El Nino dry spell and ensuring drought have caused over 1.75 billion pesos (roughly 31 million U.S. dollars) in damage to Philippine agriculture, a senior government official said Wednesday. This year's losses due to El Nino are still low compared to 2009 when the damage to agriculture reached 17 billion pesos (302 million dollars), Presidential Communications Office Assistant Se.....»»
Xinhua world economic news summary at 0930 GMT, Nov. 9
TOKYO -- SoftBank Group Corp. on Thursday announced a net loss of 1.41 trillion yen (9.3 billion U.S. dollars) in the first half of fiscal 2023, or the April-September period. The figure expanded from a net loss of 129.1 billion yen booked a year earlier, with the losses in the recording period attributed in part to a fall in the value of its investment portfolio, the group reported. (Japan-SoftBank-Results).....»»
Xinhua world economic news summary at 0930 GMT, Nov. 9
TOKYO -- SoftBank Group Corp. on Thursday announced a net loss of 1.41 trillion yen (9.3 billion U.S. dollars) in the first half of fiscal 2023, or the April-September period. The figure expanded from a net loss of 129.1 billion yen booked a year earlier, with the losses in the recording period attributed in part to a fall in the value of its investment portfolio, the group reported. (Japan-SoftBank-Results).....»»
PCSO files charges vs 4 illegal e-lotto operators
The Philippine Charity Sweepstakes Office yesterday filed criminal charges against four electronic lotto operators for allegedly collecting at least P4.7 billion in bets from April 2022 to June this year......»»
BOP posts $1.7 billion surplus in 9 months
The Philippines posted a balance of payments surplus of $1.74 billion in nine months despite the deficits booked since April, according to the Bangko Sentral ng Pilipinas......»»
PEZA chief lures potential Rotarian investors with ecozone perks
Members — particularly those in such business enterprises as manufacturing — of the Rotary Club of Manila, Asia’s oldest and biggest Rotary organization, were personally enticed by Philippine Economic Zone Authority director-general Tereso Panga of the benefits, particularly tax perks if they expand operations in the country or poured in investments in the ecozone. Panga, who served as guest speaker at RC Manila’s 14th General Membership Meeting at the Manila Polo Club, Makati City, on 5 October 2023, relayed to the prospective ecozone investors the various fiscal and non-fiscal Incentives offered by PEZA. He said the investment promotion agency offers income tax holidays or ITH of four to seven years depending on the industry tier and location, once onboard PEZA-run ecozones. For the National Capital Region, locators are entitled to four years of ITH for those that are in Tier 1; five years of ITH for Tier 2, and six years for those belonging to Tier 3. For locators in Metropolitan areas or areas contiguous and adjacent to NCR, a five-year ITH is given to Tier 1; six years for Tier 2, and seven years for Tier 3. “A five percent Special Corporate Income Tax holiday is also provided for 10 years for export-oriented projects, while enhanced deductions for five years are given to locators involved in domestic-oriented project activities,” Panga said. Other notable benefits awaiting interested PEZA locators include Customs duty exemption on importation of capital equipment, raw materials, spare parts, or accessories directly and exclusively used in the registered project/activity for a maximum period of 17 years unless otherwise extended under the Strategic Investment Priority Plan of the Philippine government; domestic sales allowance of up to 30 percent of total sales for export-oriented companies; value-added tax exemption on importation and VAT-zero rating on local purchases of goods and services directly and exclusively used in the registered project or activity for a maximum period of 17 years, unless otherwise extended under the SIPP; and exemption from payment of national and local government taxes and fees for the period of availment of the 5 percent special corporate income tax incentive Also, PEZA locators are entitled to employ foreign nationals; can enjoy long-term land leases of up to 75 years, and are entitled to the PEZA 2-year special non-immigrant visa issued to expatriates and their dependents as well as foreign workers. [caption id="attachment_194752" align="aligncenter" width="525"] Philippine Economic Zone Authority Director General Tereso O. Panga[/caption] PEZA performance Panga earlier reported that the investment promotion agency had reaped an overwhelming 114 percent increase in investments in the second quarter of the year, following the approval of 61 new and expansion projects for the period of April to June 2022. PEZA records showed that total investments are expected to bring in a total of P14.347 billion, 114.93 percent higher than the P6.675 billion approved investments for the second quarter of 2022. Of the 61 approved new and expansion projects, 16 are for the Information Technology industry, 15 for export/manufacturing, 13 for facilities, 13 for ecozone development, and two for IT Facilities and Logistics. Meanwhile, expected jobs to be created by those projects total 11,186, which is 29.06 percent higher compared to the 8,667 projected jobs in the 2nd quarter of 2022. For the January to June period of 2023, a total of 90 new and expansion projects have been approved and are expected to bring in P22.488 billion in investments, $747.093 million in exports, and 14,354 jobs. Japan remains PEZA’s top country investor in the first half with P8.007 billion in investments followed by Singapore with P2.169 billion. Also, Panga said that Japan topped the countries with the highest approved foreign investments at 27.34 percent, followed by Filipino companies at 23.19 percent, and American companies in the third spot at 14.82 percent. “PEZA accounted for 60.5 percent of the total foreign investment commitments in Q2 2023 with P35.75 billion,” he told the Rotary Club of Manila members. From 1995 to 2022, PEZA’s total dividends turned in to the National Treasury was a total of P26,889,567,738.07. Ecozones on the rise To date, Panga said PEZA hosts 422 ecozones and 4,352 locator companies/projects throughout the country. Of said number of ecozones, 299 are dedicated to IT Parks and Centers, 79 to manufacturing firms, 24 to agro-industrial parks, 17 are to tourism and three are to medical tourism ventures. Based on the Philippine Development Plan 2023-2028, President Ferdinand Marcos Jr. has projected that “the creation of ecozones will…maximize investments and promote industrial dispersion, especially outside metropolitan areas. Further, the ecozones will be integrated into the local economy by relaxing the requirements, facilitating the free flow of parts, components, and other inputs, and increasing open trade between zone locators and firms outside the zones.” In the coming years, various ecozones will be sprouting, while the ecozones that have already been officially proclaimed by the Office of the President include Robinsons Cyberpark Bacolod, Lima Technology Center (Expansion), Hermosa Ecozone Industrial Park (Expansion), Philtai Central Luzon Industrial Park, Felcris Centrale IT Park, ECCO 4 Building, Lopue’s Mandalagan IT Center, Marina Town Dumaguete, Naga City Industrial Park and Kamanga Agro-Industrial Economic Zone (Expansion), altogether with investments totaling P3.418 billion. Ecozones pending approval are MetroCas Industrial Estates-Special Economic Zone, Suyo Economic Zone and the expansions of Kamanga Agro-Industrial Economic Zone and Lima Technology Center, with a total investment amount of P773.962 million. As of September 2023, the governing board of PEZA has approved big-ticket investments with a total committed investment of P193.200 billion, and these are the First Pangasinan Property Development Corp., Raedang International Builders and Development Corp., Green Energy with Torrefaction Technology Inc., Dyson Electronics PTE, Ltd. Philippine Branch, Sunpower Philippines Manufacturing Ltd., Isla Import Terminals Inc., MJ Landtrade Development Corp., YCO Cloud Malvar Inc., Savya Land Development Corporation, RLGB Land Corporation, Robinsons Land Corporation, TDK Philippines, P. Imes Corp., Best-one Ever Luck Realty Corp., Knowles Electronics (Phil) Corporation, WIPRO Phils. Inc., Glensworth Development Inc., ACI Inc., Megaworld Corporation and Kyungshin Pampanga Philippines Inc. Currently, Panga said PEZA is focused on seven priority sectors, that is, advanced manufacturing, extractives (green ores processing), agriculture and blue industries, IT services and frontier technologies, eco-industrial park development (renewable energy and alternative energy, clean water and wastewater treatment, circular economy, sustainable development goals, green buildings, smart systems integration), Science, Technology and Innovation and the integration of small and medium enterprises into the ecozone value chain. Cannot be done alone by PEZA Panga, in conclusion during his speech at the Rotary Club of Manila meeting remarked that attracting foreign direct investments cannot be done by PEZA alone or by any other investment promotion agency left to its own devices. He emphasized that what is needed to make things work is a whole government, industry and society approach to lessen the cost and improve ease of doing business in the country. “Through our collaborations and strategic alliances, PEZA, together with the Rotary Club of Manila, other ecozone industries, and stakeholders, will strive for success in attaining our country’s goals and objectives, and continue to push for eco-zoning the Philippines towards inclusive and sustainable development,” Panga said. The post PEZA chief lures potential Rotarian investors with ecozone perks appeared first on Daily Tribune......»»
DoF: ESG bond deals hit $3.55B
The government has funded green and social projects through the issuance of bonds amounting to $3.55 billion or P195.64 billion from March 2022 to January this year, resulting in bigger areas of replanted forestland and more flood-safe communities and benefiting agricultural entrepreneurs and students with tertiary education. The Sustainability Bond Allocation and Impact Report released Monday by the Department of Finance shows the total fund consisted of four bond transactions dedicated to environment, social and governance or ESG projects. For last year’s bond issuances, the government raised $1 billion in March, 70.1 billion Japanese yen in April, and $750 million in October. In January this year, it raised $1.25 billion. Proceeds from the bonds were used to either fully or partially finance and refinance four groups of projects by various government agencies from 2020 to 2022. DENR’s planting, marine program First, the planting and marine program by the Department of Environment and Natural Resources expanded greenery in forestland spanning 45,947.44 hectares and preserved plants in 191,081 hectares last year. Meanwhile, 244 areas covering 7.73 million hectares of terrestrial, marine, coastal, caves, and wetlands have been protected against biodiversity destruction. The P10.1-billion program provided jobs to 1,868 Filipinos this year from 1,808 in 2020 and financial aid to 68 groups from 25. Moving forward, the Marcos administration aims to boost production of bamboo and indigenous tree species on 3,565 hectares of land. Second, the flood management projects of the Department of Public Works and Highways along the country’s major rivers and river basins increased to 2,088 projects last year from 2,037 in 2020. These included floodways, dikes, water impounding structures and dredging works. The bond proceeds allocation to this program was P80.7 billion or 27 percent of the total project cost. Third, the bond proceeds enabled the Department of Labor and Employment, or DoLE, to provide business training, working capital, tools, and microinsurance to 9,112 members of the marginalized communities and displaced workers. These benefits were given under DOLE Integrated Livelihood Program, and Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers or the Emergency Employment Program. Lastly, the Commission on Higher Education and the Technical Education and Skills Development Authority were able to distribute funds for free tertiary education and subsidies to Filipino youth. Beneficiaries of free education in CHED-accredited local universities and colleges increased to 349,208 last year from 253,302 in 2020. The post DoF: ESG bond deals hit $3.55B appeared first on Daily Tribune......»»
Netflix sends out last DVD
Streaming powerhouse Netflix mailed out its last DVD on Friday, ending service after 25 years that helped the company grow into an entertainment behemoth. Founder Reed Hastings has often said that he started the company in a pique of frustration with the Blockbuster rental store that charged him $40 for returning the movie Apollo 13 six weeks late. Out of that eventually came the idea for a subscription-based DVD-by-mail service that let the customer hold onto the title as long as they wanted. Once viewed, the DVD was slipped into a prepaid envelope and sent back to the company, with the subscriber's next choice sent on its way in exchange. "In 1998, we delivered our first DVD. This morning, we shipped our last," the company said on its website on Friday. "For 25 years, we redefined how people watched films and series at home and shared the excitement as they opened their mailboxes to our iconic red envelopes," the statement added. In April, when the decision to stop DVD rentals was announced, Netflix co-CEO Ted Sarandos said those "iconic" mailings "changed the way people watched shows and movies at home -- and they paved the way for the shift to streaming." On its site, the company said the mail service accumulated 40 million unique subscribers throughout its run, mainly in the United States. The streaming platform currently has 238 million subscribers worldwide. Netflix said that the first movie mailed out was the comedy Beetlejuice and that more than 5.2 billion DVDs have been sent out since then. The most-rented DVD was the US sports drama "The Blind Side" starring Sandra Bullock. That feel-good movie, about a white family that takes in a Black homeless child, was released in 2009 when the DVD service was at the height of its popularity. That movie has since proved controversial after the former NFL star and subject of the film Michael Oher said the portrayal was exaggerated and filled with inaccuracies. The post Netflix sends out last DVD appeared first on Daily Tribune......»»
Ready for it? Belgian university offers literature course on Taylor Swift
A hubbub grips the class in the Belgian city of Ghent as university students eagerly discuss whether US pop star Taylor Swift is a "literary genius". The question elicits passionate responses from students, and it's an exercise their professor hopes will enliven their engagement with more traditional figures of the English Literature canon. The course is among a handful that have popped up at universities around the world as pop titan Swift has racked up hits and awards and as her Eras Tour is expected to set a record for the first billion-dollar tour. "To read her lyrics without the context of the song, it can feel like poetry," one student says, after the teacher opens the floor to discussion. Another student pipes up to suggest it's too soon to say Swift, 33, has had the same cultural impact as William Shakespeare, known around the world for many centuries. While Shakespeare wrote at least 38 plays, Swift has recorded 10 albums. Some will wonder what Shakespeare and his peers share in common with today's biggest US singer-songwriter. Well, they are all the subject of Elly McCausland's course called "Literature (Taylor's Version)" for Master's degree students at Ghent University, which will run until the end of the year. During the first class on Monday, assistant professor McCausland piqued the students' curiosity with controversial questions, including why certain authors and literature are considered timeless, while other books are not valued the same way. McCausland's goal? To make literature more accessible. "I'd like to get people excited about literature, thinking about literature in a new way and realizing that actually even literature from centuries and centuries ago still has something to add to our conversations," she told AFP at the class. 'Swift is a real poet' The 10-session course will use Swift's songs as references for themes and will focus on a series of historic texts including Charlotte Bronte's Villette, lesser known than Jane Eyre. The course has proved popular, with 61 students signed up, twice as many as usual. There are even students from other parts of Belgium. Zina Ringoot, 20, had learned just hours before that she could attend the course and made the 90-minute trip to Ghent from Antwerp in the northeast. "I'm a huge Taylor Swift fan," said Ringoot, an English literature Master's student. "I'm hoping to write my thesis on Taylor Swift's album 'folklore' and how it connects to romanticism. So I thought I would get a lot out of this class." Not everyone in the class is a Swiftie, as her fans call themselves. Joris Verschelde, 21, admitted he was "not that big of a fan" but wanted to "see the connection between the songs and what what we already learned" in the older texts. Laughter often fills the windowless auditorium, despite the fact that serious themes are on the agenda, including feminism, sexism and misogyny. When McCausland asks: "Who are the gatekeepers" of English literature, one student quips: "A bunch of old men!" Even if critics reject comparisons with the canonical greats, Swift has fans even among Shakespeare experts including British academic Sir Jonathan Bate. After attending a concert during Swift's record-breaking Eras tour, Bate wrote in the Sunday Times in April: "I came away with confirmation of a thought I first had 15 years ago: this isn't just high-class showbiz, Taylor Swift is a real poet." Beyond Belgium University courses looking at Swift have been popping up around the world. New York University's Clive Davis Institute launched its first-ever course on Swift last year, and Queen Mary University of London offered a summer school this year looking at Swift through a literary lens. In Arizona, PhD student Alexandra Wormley is hosting a course on the social psychology of Swift at Arizona State University this autumn. Critics online and even some media pundits have pondered just what it is about Swift that is so appealing. For Clio Doyle, an academic who hosted the summer course at Queen Mary, "Swift is a really fascinating songwriter". The lecturer in early modern literature added that another reason she looked at Swift was because of her popularity and the discussions surrounding her work. "A course about Swift would be an opportunity for students both to deepen their readings of Swift's lyrics and to think about what it means to study something as literature," Doyle, who runs a similarly-themed podcast about Swift, told AFP. The summer course will be offered again next year, and interest is not limited to the United States or Europe. The University of Melbourne will host a three-day "Swiftposium" looking at Swift's cultural, economic and global impact in February 2024, the same month her tour arrives in Australia. The post Ready for it? Belgian university offers literature course on Taylor Swift appeared first on Daily Tribune......»»
SMC power unit investors warned
“Thread cautiously” on San Miguel Power Global Holdings Corp., or SMPGH, an international think tank advised investors after assessing the prospects of the energy unit of the Asian conglomerate. The Detroit-based Institute for Energy Economics and Financial Analysis, or IEEFA, issued the call for caution due to SMPGH’s piling debts in contrast to its earnings. In a review of the dominant power producer, IEEFA said the company’s elevated net debt-to-earnings and potential difficulties meeting financial obligations “create additional risk of devaluation, particularly in the long term.” Likewise, SMPGH investors were cautioned about its mounting challenges in securing favorable funding terms due to its high fossil fuel exposure and high non-call risk for its sizable US dollar-denominated perpetual securities. IEEFA said the backing of parent San Miguel Corporation, one of the most diversified Asian multinationals, offers only “some comfort.” It said SMC’s own elevated debt and “business uncertainties will be critical to monitor” when assessing financial risks to SMGPH. Thus, due to its ongoing fossil fuel expansion, the company needs more strategic options to address financial risks in the near to medium term. However, IEEFA expressed the belief that an immediate material pivot toward low-cost domestic renewable energy represents the best hedge against exposure to imported fossil fuels, prices of which remain on an upswing. A compilation of the financial performance of the SMC units last year showed that only SMGPH tallied a huge loss. By the numbers Food unit San Miguel Food and Beverage Inc. reported a P34.6 billion or 10 percent gain; beer unit San Miguel Brewery Inc., a P31.75 billion profit, up eight percent; SMC Infrastructure a P14.24 billion net income, 110 percent higher; San Miguel Foods, P9.218-billion profit, up nine percent; Petron Corp., P6.697-billion, a nine percent increase; Ginebra San Miguel, P4.547 profit, a nine percent growth; San Miguel Packaging Group, 42 percent growth at P1.648-billion, and SMGPH, P3.134 billion or an 80 percent loss. SMGPH controls 4,719 megawatts or MW of operational power capacity, making it the largest power generation company in the Philippines by installed capacity. As of April 2022, the company owned 21 percent of installed capacity nationally and 28 percent of the Luzon grid, the largest of the three Philippine grids. However, SMC announced a 2050 net-zero target at its annual general meeting in June 2023. IEEFA said, “implementation details are sparse.” SMGPH’s existing generation portfolio is dominated by fossil fuel power plants, which comprise 87 percent of its operational capacity. Hydropower accounts for 12 percent. As of August 2023, the company does not have equity interests in wind or solar assets, IEEFA pointed out. “Without a change in strategy away from dependence on volatile fossil fuels, the company may increasingly find itself locked into financial instability,” according to IEEFA’s study. Fitch Ratings research unit CreditSights issued a similar report last year, saying the rising interest and debt payments of SMGPH may affect the company’s key projects. “Given the worsening financial profile of SMC Global Power, any concerns over its hypothetical default raise fears of triggering a cross-default on SMC,” the report said. The highly leveraged operation of the Asian conglomerate was also a concern raised by Bloomberg Intelligence, which indicated that it may impair the parent’s ability to rescue its subsidiaries in a financial fix. The post SMC power unit investors warned appeared first on Daily Tribune......»»
Argentina monthly inflation highest in three decades
Argentina recorded an inflation rate of 12.4 percent in August, the highest monthly change in over three decades in a country dogged by chronic economic instability, its statistics agency said Wednesday. Prices also rose 124 percent over the past 12 months, according to a report by the Indec agency published a little over a month before general elections. "There is nothing, no money to save. We live day to day," said teacher Karina Sablich, while doing her grocery shopping. Economy Minister Sergio Massa, who is running for president, said Wednesday that "August has been one of the worst months... of the past 30 years" for Argentina's economy, blaming an "imposition by the International Monetary Fund." The increase in inflation had been expected after the peso was devalued by 21 percent in August, which had been agreed with the IMF in order to unblock part of a $44 billion loan package. The last time monthly inflation hit double digits was in April 2002, when it stood at 10.4 percent. Prior to that, the highest monthly rate was recorded at 27 percent in February 1991. The prices of food and non-alcoholic beverages saw the highest jump in August, at 15.6 percent. "An anti-inflationary plan is needed, but obviously that won't happen until" a new government takes over in December, said economist Victor Beker, from the University of Belgrano. 'The saddest thing' Argentines are no stranger to inflation woes, with several periods of hyperinflation in the late eighties and early nineties, which reached up to 3,000 percent. To exit that crisis, the government pegged the currency to the US dollar, but a worsening economic situation made that untenable by 2001. When the peso was uncoupled from the greenback, its value plummeted, causing a run on banks as people's savings were wiped out, and deadly social unrest. A few days after that devaluation, Argentina defaulted on its foreign debt, further deepening its economic and social crisis. Since then, Argentina has battled with boom and bust cycles, inflation, currency devaluations, and debt restructuring. "We continue despite everything, knowing that for now, things are not going to change," said the teacher Sablich. "That's the saddest thing about being in this country right now, the uncertainty, that we don't know how we're going to get out, who's going to get us out, how we're going to do it." 'A disgrace' Many weary Argentines are backing a radical political outsider in October's presidential race. Buenos Aires lawmaker Javier Milei, who has vowed to dynamite the central bank and dollarize the economy, in August scored the most votes in a joint primary election between all parties, seen as a litmus test for the main vote. His main rivals will be former security minister Patricia Bullrich on the right, and economy minister Massa from the ruling center-left coalition. Bullrich slammed the inflation figures on social media as "a disgrace," saying they "summed up the tragedy" left by Massa and the rest of the government. Massa, scrambling to ease the pressure on citizens' pockets, on Monday announced an increase in the minimum taxable monthly income to 1.7 million pesos ($4,850 official rate, $2300 on the parallel market). This is double the previous amount, and would leave fewer than 800,000 people in the country of 45 million paying income tax, Massa said. The post Argentina monthly inflation highest in three decades appeared first on Daily Tribune......»»
GSIS buys up 12% MPIC stake
State pension fund Government Service Insurance System, or GSIS, has accumulated shares in diversified Metro Pacific Investments Corp,, or MPIC, the flagship company of tycoon Manny V. Pangilinan which is up for bourse delisting. The state financial institution led by veteran investment banker Wick Veloso has amassed the MPI shares the past two weeks, buying a total of 2.5 billion shares from 23 August to 4 September. In a report to the stock market, MPIC said it received a letter from GSIS dated 4 September informing the company that from 23 August to 4 September, GSIS purchased 2,490,509,574 common shares of MPIC. GSIS also mentioned that as a result of these purchases, GSIS now owns 3,438,549,038 common shares which represents approximately 11.98 percent of the total outstanding common shares of MPIC. Strong challenge Analysts said the GSIS move poses a challenge to the MPIC proposal to leave the stock exchange. COL Financial research head April Lynn Tan said that with the purchases, MPIC share owners may not attain its target to acquire 95 percent of the company which is pivotal to the delisting plan. MPIC chairman and chief executive Manuel Pangilinan on Monday expressed hope the consortium would secure enough shares to push through with the plan. “The tender period will expire on 7 September, so let’s wait. We are hopeful that the amount of shares will translate to qualification for delisting,” Pangilinan said. In a social media post, Tan said the delisting option can still pull thorugh. “According to industry peers, there is still a chance that the delisting will push through. Since GSIS now owns 12 percent (more or less) it might not be counted in the public float based on PSE proposed amendments. This means that the tender offer might proceed if over 14.58 percent of share owners tender their shares,” she added. The post GSIS buys up 12% MPIC stake appeared first on Daily Tribune......»»
Cebu council pries pending flood control project
The Cebu City Council had raised an inquiry on what happened on a certain flood control project which was paid P199.32 million in advance last 15 June 2021. North District city councilor Jerry Guardo — who also chairs the committee on infrastructure — disclosed that the winning contractor identified as A.M. Oreta has not yet executed the task since the project contract was awarded to them on 15 April 2021. To recall, the Commission on Audit described as “excessive” the advance payment of P199.32 million — a portion of the total project cost of P1.328 billion for flood control projects. In his privilege speech, Guardo requested the council to call for an executive session to find out from different stakeholders — especially the winning contractor, the city legal officer and city engineers — the causes of the delays in the project’s implementation. DAILY TRIBUNE tried to get the side of A.M. Oreta but has yet to reply. “This is to inform us about any lapses, violations as to why until now the contractor did not comply with the contract,” Guardo said. He revealed that the contractor had been invited to attend the regular session scheduled last 16 August but did not attend the session and instead requested to postpone their appearance to a later date. The P1.328 billion was allotted to enhance and restore the current drainage system in Cebu City with a specific focus in the south district. According to state auditors, the contract was signed for a flood control system involving the construction of drainage mains at Cabreros Street-N. Bacalso Avenue-V.H. Garces Street, A. Gabuya Street and Leon Kilat Street-Escano Street in Cebu City. Guardo cited that 80 percent of the budget was designated for addressing flooding issues in the south such as barangays Cogon Pardo, Basak, San Nicolas, Cabreros and Mambaling and in an area near a mall on N. Bacalso Avenue which extends toward Carbon Public Market while the remaining 20 percent was allocated for the north district. The post Cebu council pries pending flood control project appeared first on Daily Tribune......»»
Taiwan’s leader says 2024 defense budget to hit record $19-B
Taiwanese President Tsai Ing-wen said Monday defense spending would reach a record 606.8 billion Taiwan dollars ($19 billion) in 2024, a demonstration of the island's "determination to ensure national security". Tsai said in a statement defense spending was "expected to reach 2.5 percent of the GDP". The proposed spending would be a 3.5 percent increase from 2023's $586.3 billion Taiwan dollars, according to official data. "Taiwan must continue to bolster its capabilities to defend itself and demonstrate its self-defense determination to ensure national security and interests while seeking more international support," she said. Democratic Taiwan lives under the constant threat of invasion by China, which views the island as its own territory to be taken one day. Tsai was briefed by Premier Chen Chien-jen about the 2024 government budget, which will be released by the cabinet on Thursday and then submitted to parliament for approval. Beijing has intensified its saber-rattling and ramped up political and economic pressure on Taiwan since Tsai, who views the island as independent, came to power in 2016. The Chinese military launched massive military exercises last year after Nancy Pelosi, then-speaker of the US House of Representatives, visited Taiwan, and again in April when Tsai transited through the United States. China staged fresh drills around the island on Saturday, a day after Tsai's deputy William Lai, also a frontrunner in the upcoming presidential election, returned from a visit to Paraguay with two stopovers in the United States. Taiwan's defense ministry said 45 warplanes had entered its air defense zone during the exercises, which also included nine Chinese vessels. The post Taiwan’s leader says 2024 defense budget to hit record $19-B appeared first on Daily Tribune......»»
Congress earmarks funds NAIA infra projects
House Committee on Appropriations Vice-chairperson and Makati City Representative Luis Jose Angel Campos Jr. on Sunday announced that the Ninoy Aquino International Airport is set to receive some P2.8 billion for infrastructure projects. Campos disclosed that also included is the P1.2-billion budget for the acquisition of a new traffic management system following the New Year’s Day breakdown that disrupted hundreds of flights. He said that the P1.2 billion in the proposed 2024 budget was allocated for the communications, navigation, and surveillance-air traffic management system which seeks to improve the efficiency of the country’s main gateway. “We are counting on the new CNS-ATM system to optimize airspace and airport efficiency, reduce flight delays, and improve travel experience,” said Campos in a statement. “Our hopes are high that the new system, once installed and fully functional, could potentially increase airport capacity to accommodate more flights in the years ahead,” he added. The move comes as Department of Transportation Secretary Jaime Bautista in January cited the need for a backup system, as the current system in use estimated to be worth P13 billion — is already in its midlife. Last month, the National Economic and Development Authority Board chaired by President Ferdinand Marcos Jr., opted to push through with plans to privatize NAIA through a solicited bid with the upfront payment cost now being studied and initially estimated at P30 billion. In June this year, the DoTr and the Manila International Airport Authority submitted a joint proposal to the NEDA Board seeking a private concession to invest and improve the NAIA for 15 years. The NEDA Board approved the 15-year concession period, with the option to renew for another 10 years based on a performance review, and should the two new airports — the New Manila International Airport in Bulacan and the Sangley International Airport in Cavite — be delayed. Before this, the Manila International Airport Consortium in April submitted an unsolicited proposal to take over NAIA, but this was deemed “de facto closed” when the government opted for a solicited bid. At present, NAIA’s terminals service over 40 million passengers versus its 32-million annual capacity, with 38 to 40 landings and takeoffs made per hour. The post Congress earmarks funds NAIA infra projects appeared first on Daily Tribune......»»
Doja Cat recreates personal paintings in ‘Paint The Town Red’ music video
GRAMMY award-winning global superstar Doja Cat has released her new single and music video “Paint The Town Red” via Kemosabe Records/RCA Records. The music video, directed by Nina McNeely and Doja Cat herself and shot in Los Angeles, is based on three paintings that the artist designed. Each one of the scenes in the video is a recreation of the paintings. Last month, Doja Cat painted the artworks on her Instagram Live as she chatted with fans and previewed her new song. This is the first official single from Doja Cat since she announced her first North American headline tour, The Scarlet Tour, beginning this fall with special guests Ice Spice and Doechii. Before this, she dropped her track and video “Attention” to critical acclaim, with Rolling Stone calling it “scorching.” Doja Cat was also featured on the cover of V Magazine last month for “The Global Music issue.” Earlier this year, she was featured alongside label mate SZA on the remix of her #1 Hot 100 song “Kill Bill”. She was also named one of Time100’s Most Influential People of 2023, gracing the cover of one of four global Time Magazine April issues and performing at the exclusive Time100 Gala. With over 20 billion worldwide streams to date, Doja’s creativity and showmanship as a performer have been praised time and again. Her Grammy-winning album Planet Her came out in June 2021 and dominated the charts, debuting at #1 on the Billboard Top R&B Albums chart and #2 on the Billboard Top 200 and Billboard Top R&B/Hip-Hop Albums chart and generating the highest first day Spotify streams for an album by a female rapper. The post Doja Cat recreates personal paintings in ‘Paint The Town Red’ music video appeared first on Daily Tribune......»»
DMCI Holdings sustains second-quarter profit cut
Diversified engineering conglomerate DMCI Holdings sustained a single-digit decline in its second-quarter profits due to lower contributions from the coal, nickel, and construction businesses amid lingering economic headwinds. In a report to the Philippine Stock Exchange on Wednesday, DMCI said consolidated net income from April to June declined by 9 percent to P8.2 billion from P9 billion previously. “Our bottom line was propped up by the strong rebound of our power and water businesses,” said DMCI Holdings chairman and president Isidro A. Consunji. “Although coal and nickel prices dropped double digits and construction volumes are on a downtrend, we were able to deliver our second highest Q2 ever,” he added. During the quarter, net income contribution from Semirara Mining and Power Corporation went down by 5 percent from its record-setting P6.1 billion to P5.8 billion because of weaker coal selling prices—largely offset by higher coal shipments, power generation, electricity sales, and average selling prices. DMCI Homes contributed P1.4 billion, 8 percent higher than P1.3 billion on the back of higher finance and other income. Affiliate Maynilad delivered a 21-percent improvement in contribution from P393 million to P474 million due to the combined effect of improved billed volume, customer mix, and average effective tariff. Contribution from DMCI Mining fell by 51 percent from P510 million to P250 million mainly due to lower selling prices and foreign exchange gain, coupled with higher costs. DMCI Power contributed P231 million, a 13-percent increase from P205 million because of higher electricity sales and lower fuel costs. From P516 million, the contribution from D.M. Consunji, Inc. plunged 73 percent to P139 million because of slower construction accomplishments, fewer projects, and delays in major projects. Given the second quarter performance, DMCI’s first-half consolidated net income declined by 22 percent to P15.9 billion from last year’s P20.3 billion. Notably, the downtrend was also matched by its January to June reported net income due to minimal nonrecurring items. The post DMCI Holdings sustains second-quarter profit cut appeared first on Daily Tribune......»»