Pandemic-hit PH, Asean consumers changing buying habits, says Nielsen study
New socioeconomic and behavioral patterns are shaping the future of the fast moving consumer goods (FMCG) market in Southeast Asia, which appears to be less and less influenced by the news cycle about coronavirus transmission, according to a new Nielsen study. In a statement, the market research firm said the new drivers of consumption patterns […] The post Pandemic-hit PH, Asean consumers changing buying habits, says Nielsen study appeared first on Cebu Daily News......»»
Pandemic-hit PH, Asean consumers changing buying habits, says Nielsen study
New socioeconomic and behavioral patterns are shaping the future of the fast moving consumer goods (FMCG) market in Southeast Asia, which appears to be less and less influenced by the news cycle about coronavirus transmission, according to a new Nielsen study. In a statement, the market research firm said the new drivers of consumption patterns […] The post Pandemic-hit PH, Asean consumers changing buying habits, says Nielsen study appeared first on Cebu Daily News......»»
Blueprint for a sustainable tomorrow
Through a combination of cutting-edge technology, data science and a culture of innovation, Aboitiz Land is making innovative strides in the real estate industry, establishing benchmarks for sustainability and community development. This commitment to adaptability and progress was underscored by Aboitiz Land CEO and president David Rafael during his presentation at the CEO Forum of the CREBA Golden Jubilee National Convention & Housing Expo on 28 September 2023, held at Conrad Manila. Aboitiz Land's dedication to environmental sustainability is evident in every facet of its residential real estate developments. The company's sustainable master plan features prioritize harmony with nature, respecting the natural topography of the land and integrating existing water and landforms like lagoons and hilly terrain seamlessly. This human-centric approach extends to the promotion of green open spaces across high-end and mid-market projects, fostering a connection between residents and the environment. A pinnacle of this commitment is its residential enclave, The Villages at Lipa, within the 800-hectare integrated LIMA Estate. LIMA Estate proudly holds a five-star BERDE certification, a testament to its eco-friendly practices including energy and water efficiency, waste management and community well-being. Poised to become a blueprint for smart cities, it leverages digital technologies for enhanced urban operations. Aboitiz Land also embraces innovation in construction technology, utilizing precast concrete panels to reduce greenhouse emissions associated with traditional concrete production. This approach not only contributes to a significant reduction in environmental impact but also translates into tangible benefits for homeowners, including reduced energy consumption. Aboitiz Land understands the urgent demand for accessible and quality housing in the Philippines. The company addresses this by strategically placing its projects near emerging growth centers and infrastructure. This not only eases congestion in central business districts but also creates job opportunities for thousands of Filipinos. Aboitiz Land’s notable developments include The Villages at Lipa in LIMA Estate, Foressa Mountain Town in the West Cebu Estate and Ajoya communities in key areas of Central Luzon, which is at the heart of the current infrastructure development and growth centers. To help address the critical issue of 6.5 million housing backlog and rising property costs, Aboitiz Land has introduced OneVecino, an innovative digital platform. This tool provides digitized solutions for property search, payments, customer support and property management. It's tailored to cater to the needs of overseas Filipino workers, making home buying more accessible and secure. Aboitiz Land's commitment to community well-being is likewise demonstrated through various CSR initiatives. Elevate AIDA, in partnership with Connected Women, provides digital skills training to women near our communities in Luzon, advances gender parity and promotes socio-economic development. Meanwhile, Project Banca, recognized as an Outstanding CSR Project in Disaster Resilience, supported 60 fisherfolks with motorized fishing boats in areas affected by typhoon “Odette,” showcasing Aboitiz Land's dedication to community well-being and resilience. Aboitiz Land's corporate governance framework is rooted in core values of Integrity, Teamwork, Innovation and Responsibility. The developer is the real estate arm of the Aboitiz Group, which has consistently been acknowledged as one of the best managed conglomerates in the ASEAN region, exemplified by the Golden Arrow Recognition awarded to Aboitiz Equity Ventures. The post Blueprint for a sustainable tomorrow appeared first on Daily Tribune......»»
Luxembourg, EU’s richest country, grapples with housing crisis
Luxembourg's residents may be classified as the wealthiest in the European Union, but the sky-high cost of buying or renting a home in the country has made living there nearly impossible for some. The crisis has become the number one concern in the Grand Duchy of 660,000 people -- smaller than Rhode Island, the smallest US state -- as it goes to the polls on Sunday. Pascale Zaourou, a teacher and mother of three children, had to wait five years before being able to access coveted social housing. "On the private market, renting an apartment with two rooms costs at least 2,000 euros -- it's difficult with only one income," she told AFP at a recent demonstration in Luxembourg City. "Affordable housing is scarce, especially for young people and single-parent families," she said. Antoine Paccoud, a researcher at the Housing Observatory, which compiles data guiding government policy, backed up that sentiment. "More and more Luxembourgers are crossing the border to live in Germany, Belgium, or France just because rents and property prices are lower," he said. The situation is jarring for a country with a flourishing economy based around financial services. Net average earnings for a single worker in Luxembourg were 47,000 euros ($49,000) annually in 2022, according to estimates from the EU's statistics agency -- the highest in the bloc. 'Overshadows all others' In the capital city, new-build flats sell for 13,000 euros per square meter (around $1,300 per square foot) and older ones go for 10,700 euros. The average cost of a house is 1.5 million euros. Rents increased by 6.7 percent between June 2022 and June 2023, much faster than the inflation rate of 3.4 percent over that period. Philippe Poirier, a political analyst at the University of Luxembourg, told AFP that housing has become "the question that overshadows all others" at the legislative elections. He ticked off "the scarcity of housing and land, the cost of construction or purchase, and the high rents" as the key problems. The two major political parties hoping to spearhead the next government have pledged action. Prime Minister Xavier Bettel's Liberal Party promised to create a super-ministry for housing, wants to tax vacant properties more and invest in social housing. Socialist leader Paulette Lenert -- the health minister in the current coalition government -- is pushing for huge investments in affordable housing. 'Holding on to land' But the structural problems with housing run deep and changing them will not be easy. Paccoud said a lack of inheritance tax and only symbolic duties have encouraged owners to sit on land without developing it. "0.5 percent of the resident population, or 3,000 people, own half of the buildable land," he said. "These owners are holding on to their land as long as possible because prices are increasing." The economic opportunities on offer also bring in droves of foreign workers, which helps drive up the cost of the limited housing pool. Around half the people living in Luxembourg are not citizens of the country. There is a wide gulf in terms of homeownership rates between native Luxembourgers, at 80 percent, and foreign residents at just 50 percent. While many Luxembourgers have nearly guaranteed jobs working for state institutions, foreigners have to deal with the changeable job market. "Those who are at the bottom of the scale in Luxembourg are rather the resident foreigners," Poirier said. As a result, and despite the high salaries and an official minimum wage of 2,571 euros a month, Luxembourg ranks in the top three in the eurozone in terms of risk of poverty for single-parent families with one income, according to a recent report by the Chamber of Employees. The post Luxembourg, EU’s richest country, grapples with housing crisis appeared first on Daily Tribune......»»
Malacañang reviewing proposed rice tariff reduction
The Executive Department is currently discussing the proposal to reduce import tariffs on rice as part of a comprehensive strategy to decrease prices and mitigate a potential shortage of the staple, Finance Secretary Benjamin Diokno said on Monday. This is after several farmers from different provinces protested in front of the Department of Finance (DOF) to denounce Diokno's proposal to cut import tariffs on rice and demand the removal of the Finance secretary from his post. In a Viber message to reporters, Diokno said the review is part of a comprehensive strategy to reduce prices for consumers and mitigate a potential shortage of the staple due to the impact of the ongoing El Niño phenomenon. "As discussions are underway, the DOF maintains its support for an appropriate policy response that promotes the greatest good for the greatest number of Filipinos," Diokno said. "Rest assured that the DOF, in coordination with other relevant government agencies and stakeholders, shall pursue programs and support measures to balance the interests of domestic rice farmers while keeping rice affordable for consumers — especially the poorest households," he added. In a separate statement, the National Food Authority (NFA) Council, chaired by President Ferdinand Marcos Jr., set a new price range for palay buying price on Monday in response to the changing production and market conditions to improve farmers' income and ensure sufficient supply of the staple. "I called for a meeting of the NFA Council to discuss how we can adjust the purchasing price of NFA for rice, both wet and dry because we need to reevaluate the situation," Marcos said following a meeting by the NFA Council. "That's exactly what we discussed, and we decided that the buying price of NFA from now on will be 19 to 23 for dry and 16 to 19 for wet. That was the decision of the NFA Council," he added. The council came up with the new palay buying price range to provide Filipino farmers with a better income, the President said, considering today's reasonable palay production cost. "So, they will now have a profitable venture. And aside from that, we have the price cap in place to stabilize the rice prices," Marcos said. The originally proposed P20 and P25 per kilo buying prices are just too high and will spike retail prices, according to the NFA, noting that the new decided price range balances the profit of farmers and will not affect the retail prices as much. The agency said that if the new buying price of dry palay is at P23, the procurement fund needed will be P15 billion at the maximum; while if it is pegged at P25, P16 billion will be needed for palay procurement. For its part, the Department of Agriculture (DA) said it would support the NFA proposal but at a level of P23 a kilo. The agency added that at P22 or P23, farmers are satisfied with it since they are now being paid P16 to P19. DA noted that P25 is just too high. Asked by the President on the influence of NFA’s buying price as well as the public reaction, National Economic and Development Authority (NEDA) chief Secretary Arsenio Balisacan said that at the farm gate level, NFA procurement will be concentrated in areas where there is excess supply relative to local demand. “In that case, it can help elevate farm gate price,” Balisacan said. The post Malacañang reviewing proposed rice tariff reduction appeared first on Daily Tribune......»»
Upskill Filipino workers
For the past years, labor has been the country’s biggest and most reliable export that brings in billions of dollars to the Philippine economy every year, according to the Bureau of Investment. As the world becomes more interconnected and interdependent, the Government Academe Industry Network pointed out the need to elevate Filipino talent and ensure that they maintain their competitive advantage on the global stage. Monette Iturralde-Hamlin, president of GAIN, led the call for a meaningful collaboration among the key players and stakeholders to empower the mobilization of Filipino talent during the recent 6th GAIN National Convention at the AIM Conference Center — which focused on the theme “Internalization of Workforce: Global Talent Mobility through International Standards.” “Things are changing so fast. We are making space for a more interconnected and interdependent world, and we need to make sure that Filipinos are prepared to get those jobs that they need to take care of their families and thrive,” she said in her opening remarks. Dr. Jose Cueto Jr., commissioner of the Professional Regulation Commission, explained how the Philippine Qualifications Framework is used to measure skills of Filipino professionals to determine their level of knowledge, skills, and their ability to apply them in the real world. The PQF, according to Cueto, is designed to support academic and worker mobility and to address mismatches on job skills. He also described how the Asean Qualifications Reference Framework can be used in comparison to the country’s own framework to determine how the skills of a Filipino professional measures up to professionals of other countries. However, Cueto admitted that, “Not many organizations in the government, academe, and industry have the mastery of the PQF/AQRF qualifications.” Meanwhile, a highly skilled workforce is one that adheres to international standards, said BOI governor Atty. Marjorie Ramos-Samaniego. “Trends are changing, and new industries developed will change the way we look at the workforce. Our goals and targets might change, but our objective will remain the same: to uplift the ideal that the Filipino workforce is the best in the world,” she added. Compliance with international standards is non-negotiable in industries such as banking and healthcare, said Roderick Danao, chairman of PwC Philippines. He highlighted that with the banking and financial industry hinging on consumer trust, standards ensure that financial transactions are conducted fairly and efficiently. The healthcare sector, meanwhile, is a “complex, dynamic sector driven by demographic changes, technological disruptions, and evolving healthcare needs,” according to Nora Terrado, CEO of Carelon Global Solutions. She noted that Filipinos have already set the standard for healthcare professionals abroad, citing the top performance of Filipino nurses in the US National Council Licensure Examination from 2022 to 2023. The post Upskill Filipino workers appeared first on Daily Tribune......»»
Cloud aids banks scale up operations
One of the world’s leading open platforms for composable banking, Temenos, underlined that cloud applications can help banking institutions efficiently scale up operations. Temenos serves 3000 banks from the largest to challengers and community banks in 150-plus countries by helping them build new banking services and state-of-the-art customer experiences. Temenos Banking Cloud, the company’s SaaS offering, is used by over 700 clients across more than 30 jurisdictions. During Temenos Cloud Forum 2023 forum for bank professionals in the Philippines, graced by representatives from the leading banks in the country, Temenos Financial Services Partner for Ernst and Young, Anurag Mishra, discussed “Banking Transformation” explaining that the cloud could help banks to efficiently scale their operations and design customer experiences which are more engaging. “One of the most important shifts that is happening is on the customer side. Banking is going to transition while customers are demanding ‘hyper-personalization’ and that requires new technologies. Today is the best time to shift from a technology perspective because the number of options to deliver on customer experience is huge and the cloud can solve specific problems,” according to Mishra in his presentation. On the other hand, Temenos Business Solution Lead for ASEAN, Rishi Sarin, explained the changing landscape and the challenges in the banking industry. “In a recent report published by Accenture “The ultimate guide to banking in the Cloud 2022,” 94 percent of banking respondents said that about 50 percent of all their banking business and technologies will migrate to the cloud in the next three years, while cloud adoption increased 2x in 2022 compared to 2021. There are currently huge investments by Cloud providers in the market so when we offer it as a service, it’s not only the reliability that comes in, but we can also provide security, stability and resilience,” Sarin said. He reiterated that the traditional set-up in which banks usually manufacture and distribute their own products, is changing fast as end-customers are demanding financial services at the point of need and it doesn’t necessarily matter to them who is providing those services. This fundamental shift is giving rise to new business models like embedded finance or Banking-as-a-Service. Temenos Principal Solution Consultant for Digital Banking Solutions for Asia-Pacific, Bala Carcharla, highlighted the three stages of “Lifestyle Banking.” The post Cloud aids banks scale up operations appeared first on Daily Tribune......»»
Sun Life executives bag back-to-back wins
Two top executives of Sun Life Philippines, namely Sun Life Investment Management and Trust Corporation president Michael Gerard Enriquez and Sun Life general counsel Atty. Edgar Tordesillas, recently received acclaim for their work in their respective films. Enriquez was dubbed as among the Top 25 ASEAN Selectors, an honor given to the most influential product gatekeepers and investment professionals in the ASEAN region, by financial publishing and data group Citywire. The recognition program uses quantitative and qualitative criteria to recognize those who take the lead in investment and product conversations throughout the region and have made tangible improvements in their respective organizations' product selection, digital platform or personnel. “It is a great honor to be among the Top 25 ASEAN Selectors,” said Enriquez. “This award is a testament to our commitment to providing clients with the best investing experience possible. I am proud of the accomplishments we have achieved through steady and confident strides." [caption id="attachment_180613" align="aligncenter" width="511"] Sun Life general counsel Atty. Edgar Tordesillas[/caption] Meanwhile, Tordesillas joins the roster of the vaunted members of the Philippines’ first ever GC Powerlist, a recognition program for the country’s top in-house lawyers as evaluated by publisher The Legal 500. It recognizes in-house lawyers that have been instrumental in changing or forming opinions within their company or industry, developing brilliant technical solutions to complex issues, creating innovative structures to ensure that the in-house function is driving the business and providing a business working model worthy of emulation by other corporate counsel. “Integrity is non-negotiable for us at Sun Life. Along with my Legal Team, it is my privilege to help bring this to life as the company's General Counsel,” said Tordesillas. “This recognition will further inspire us to become instruments of change for our clients' brighter future." The post Sun Life executives bag back-to-back wins appeared first on Daily Tribune......»»
Marcos: Give rice retailers aid
President Ferdinand “Bongbong” Marcos Jr. directed the Department of Trade and Industry, or DTI, to speed up the distribution of financial aid to retailers who are expected to reel from the effects of Executive Order 39 which imposed price ceilings on regular-milled rice at P41.00 per kilogram and well-milled rice at P45.00/kg. “We anticipated that some retailers will be affected since they bought rice at a higher price. DTI, the Department of Agriculture are taking steps to list all rice retailers,” President Marcos Jr. said in his departure statement ahead of his attendance to the 43rd ASEAN Summit and Related Summits in Jakarta, Indonesia. With this, Trade and Industry Secretary Fred Pascual ordered the creation of a Special Task Force that will ensure the efficient implementation of the EO. Subsidies farmed out In coordination with other government agencies and stakeholders, the DTI will implement assistance to rice retailers/wholesalers, including small supermarkets that will be affected by the price ceiling which are financial assistance; loan programs; logistics support and market linkages and support. Through the Department of Social Welfare and Development, financial aid or compensation will be given to retailers/wholesalers in wet markets and neighborhood sundry stores to cover the difference between the cost of the current inventory of rice and the price ceiling. The government will likewise provide transportation in delivering rice from traders to retailers to reduce logistical costs. Market linkages will be established to link local farmers with supermarket chains and other retailers and promote bulk buying or advance purchase of supermarkets, restaurants, hotels, resorts, and other commercial establishments. Members of the Special Task Force agreed to start the conduct of the profiling and validation of retailers in coordination with the DA, local government units, and the local price coordinating councils. Likewise, DTI will mobilize associations to gather list of retailers and properly identify potential beneficiaries. The post Marcos: Give rice retailers aid appeared first on Daily Tribune......»»
More German firms eyeing Phl investments
More German firms are inclined to invest in the country given the Philippines’ good economic and investment posture, according to a recent survey from the German-Philippine Chamber of Commerce and Industry Inc. This was revealed by GPCCI President Stefan Schmitz during his meeting with Philippine Economic Zone Authority director general Tereso Panga last Tuesday, 22 August. During the meeting, GPCCI presented to PEZA the results of its bi-annual AHK World Business Outlook survey conducted among the GPCCI members. According to GPCCI, the results of the Spring 2023 survey revealed that the Philippines generally exhibited a better/higher result in the areas of economy, investments, employment, overall situation and expectations. In terms of investments, the survey revealed that 46 percent of the participating GPCCI members are likely to invest more in the country within the next 12 months. Recent advancements in EU-Phl FTA Given the recent advancements in the EU-Philippines free trade agreement and the positive outcome of a successful economic briefing in Germany back in July, we are confident that many German businesses will increasingly consider investing in the Philippines,” stated GPCCI president Schmitz. Despite this, GPCCI also raised some issues and concerns affecting German investors including the amendment of the Corporate Recovery and Tax Incentives for Enterprises or CREATE Law, as well as the PEZA Law, the high cost of doing business in the country, and the swift implementation of Executive Order 18. Issued on 23 February 2023, EO 18 is part of the Marcos administration’s eight-point agenda, which mandates all government offices, including the local government units, to expedite the processes involved in the issuance of permits, licenses, and certifications required to implement. The policy also directs the Board of Investments’ One-Stop Action Center as a Single Point of Entry further ensuring efficiency and ease of doing business in the country. PEZA accedes In response to this, Panga shared that PEZA is happy with surveys that compare the Philippines across ASEAN as it shows a vibrant outlook for the country as an investment destination. Highest growth rate in ASEAN “In ASEAN now, the Philippines is projected to have the highest GDP growth rate, making the Philippines one of the best-performing economies in the region and we need to take advantage of that. We don’t want to pass up on these opportunities. We can only realize these FDI leads if we’re able to improve our ease and cost of doing business,” he explained. Further, Panga said that they are glad that the President has already issued a compelling statement, directing concerned government offices to look into the CREATE, with the objective of amending it “… so that immediately we can provide relief to our locators who are unable to fully enjoy their incentives.” “These are the investors we have attracted to invest in the Philippines because of that promise of benefits and incentives as contained in the CREATE and in our registration agreements with PEZA. I think that should be the starting point before we can echo the call of the President to global investors that the Philippines is the smart investment destination in the region and that the best time to invest in the Philippines is now. We need to honor our commitments,” he explained. Panga also mentioned that PEZA will ask Congress to amend the 28-year-old PEZA Law to be able to cope with the demands of agile locators and remain competitive worldwide amid the fast-changing market trends. PEZA and the GPCCI both vowed to strengthen their collaborations to continuously attract German investors and other foreign investments in the country and even encourage existing investors to expand operations in the ecozones. GPCCI president Schmitz said, “With our longstanding partnership with PEZA, we eagerly anticipate offering our unwavering support to foster the promotion of the Philippines among German investors.” “We are positive that with your help, we can amplify our brand of service so that as we promote ecozones, we create connectivity until such time that the Philippines is dotted with all ecozones and we can see, at best, ease of doing business in the country so that investors will be able to maximize their investments in the Philippines and we can be more competitive in the region,” expressed the PEZA chief. PEZA currently hosts 40 registered German locator companies/projects which contribute P42.865 billion in investments (1.57 percent of the total PEZA investments), $412.664 million in exports, and 21,005 direct jobs. The post More German firms eyeing Phl investments appeared first on Daily Tribune......»»
Vote-buyers’ arrest sans warrant soon
Persons engaged in vote-buying or vote-selling may soon be arrested sans a warrant. This as the Commission on Elections is set to come out this month with new rules on vote-buying and vote-selling including citizen’s arrest of violators. Atty. John Rex Laudiangco, Comelec spokesperson, during Wednesday’s Laging Handa press briefing in Malacañang, said a temporary committee was revitalized into Committee on Anti-Kontra Bigay headed by Commissioner Ernesto Ferdinand Maceda Jr. The guidelines, Laudiangco said, will aid law enforcement and prosecution officials in pinning down those who would engage in vote-buying or vote-selling, during the Barangay and Sangguniang Kabataan Elections in October. “The resolution on this is coming out in the coming week and it will be a deterrent to those planning to violate Section 261-A of the Omnibus Election Code,” he said. Comelec chairperson George Garcia, during the signing of a memorandum of agreement with the Philippine National Police and Philippine Coast Guard, said the rules may include warrantless arrest. Comelec, PNP and PCG committed to doing their best for fair and peaceful elections on 30 October. He issued a warning to stop the practice of vote-buying as a warrantless arrest will be implemented starting the campaign of the BSK elections. “In the guidelines that we will issue, we will allow the PNP to arrest if the person is caught in the act. We will authorize that now with the full backing of the Comelec because it is our belief that under our Constitution a warrantless arrest is allowed,” he said. Garcia said these revisions are needed because of the changing times and stop the long-time practice of vote-buying. The post Vote-buyers’ arrest sans warrant soon appeared first on Daily Tribune......»»
Proposed P5.768T 2024 budget 9.8% higher than 2023
The Philippines would be "one step closer" to realizing the government's "transformative vision" for the country once Congress accepts the proposed National Budget for 2024, President Ferdinand Marcos Jr. said. The Chief Executive made the remarks in his Budget Message on Wednesday as the Department of Budget and Management turned over the Marcos administration’s proposed 2024 budget or National Expenditure Program worth P5.768 trillion to Congress. In his message, Marcos explained that the proposed budget aims to provide the resources required for government operations and the ongoing pursuit of economic reform. Initial information from the DBM showed that the proposed budget is 9.8 percent higher than the P5.268 trillion General Appropriations Act or the enacted budget for 2023. "With the Congress's approval of the proposed (Fiscal Year) 2024 National Budget, we will be one step closer to achieving our transformative vision for the country, the Agenda of Prosperity," Marcos said. "Our journey has just begun. We will march on — one nation, one people building a better future together," he added. The President said that the proposed budget for 2024 was a key part of the Philippine Development Plan 2023–2028, which aims to strengthen the country's capabilities, protect the buying power of Filipinos, and improve output sectors to create more good jobs and products that can compete globally. "In turn, these strategies are to be supported by an enabling environment characterized by macroeconomic stability, infrastructure development, bureaucratic efficiency, strong rule of law and effective climate action," Marcos said. The President also highlighted the "strong headwinds" the country had to deal with last year as it tried to get its economy back on track. He pointed out that his economic managers made the Medium-Term Fiscal Framework, which is now the "bedrock" of the plan to change the economy, to deal with these problems. The Chief Executive said that the Philippines' gross domestic product grew by 7.6 percent for the whole year of 2022, the biggest since 1976. Marcos said that the country's growth "set the stage" for continued growth in 2023, mentioning that the country's economy expanded by 6.4 percent for the first quarter of 2023, surpassing its Asian peers such as Indonesia, China and Vietnam. The World Bank, he also said, declared that the country could reach above-middle-income status within two years. "Likewise expressing confidence in our country's economic growth, the International Monetary Fund said that it was 'highest among the ASEAN-5', noting its resilience to global pressures," the Filipino leader added. Marcos Jr. likewise cited the country's good credit quality standing, improved revenue performance and high employment rate. "Our immediate economic recovery was the result of the collective effort of the Filipinos. Unity was what made it happen," Marcos said. "For the next five years, we must do more, building on all the gains that we have made – through the same whole-of-government and whole-of-society approach. We need this not only to be effective but to be transformative," he concluded. The post Proposed P5.768T 2024 budget 9.8% higher than 2023 appeared first on Daily Tribune......»»
Former Twitter exec says a mercurial Musk rules by ‘gut’
A fired Twitter product manager said Elon Musk ran the company newly renamed X by instinct not data, surrounded by sycophants with his mood changing unpredictably. Esther Crawford, whose picture sleeping in a Twitter office late last year made her a viral sensation, shared her thoughts on Wednesday in a lengthy post at X. "I disagree with many of his decisions and am surprised by his willingness to burn so much down, but with enough money and time, something new and innovative may emerge," Crawford said in the post. Crawford joined Twitter when it bought her startup in 2020, before Musk bought the social media platform for $44 billion. "In person Elon is oddly charming and he's genuinely funny," Crawford said. "The challenge is his personality and demeanor can turn on a dime going from excited to angry." Twitter employees feared being called into meetings with him or having to deliver negative news, according to Crawford. "At times it felt like the inner circle was too zealous and fanatical in their unwavering support of everything he said," Crawford wrote. "Product and business decisions were nearly always the result of him following his gut instinct, and he didn't seem compelled to seek out or rely on a lot of data or expertise to inform it." Musk seemed to trust random feedback and Twitter polls more than employees working to solve problems at the company, according to Crawford. "His boldness, passion and storytelling is inspiring, but his lack of process and empathy is painful." Musk has proven success tackling engineering problems, but a social networking platform requires emotional intelligence, Crawford said. She did not spare the previous management, calling it "bloated" and "soft and entitled" where "teams could spend months building a feature and then some last-minute kerfuffle meant it'd get killed for being too risky." Musk killed off the Twitter logo this week, replacing the world-recognized blue bird with a white X. After buying Twitter, Musk had said that he wanted to create a super-app inspired by China's WeChat, which would function as a social media platform and offer messaging and payments. Since Musk bought Twitter last October, the platform's advertising business has collapsed as marketers soured on Musk's management style and mass firings at the company that gutted content moderation. In response, the billionaire has moved toward building a subscriber base and pay model in a search for new revenue. Many users and advertisers alike have responded adversely to the social media site's new charges for previously free services, its changes to content moderation, and the return of previously banned right-wing accounts. The post Former Twitter exec says a mercurial Musk rules by ‘gut’ appeared first on Daily Tribune......»»
Malaysia offers halal, banking help
MALAYSIA — Filipino officials will soon get a helping hand from their Malaysian counterparts in terms of running the halal industry and Islamic banking. In his statement during his meeting with Malaysian Prime Minister Anwar Ibrahim, President Ferdinand Marcos Jr. on Wednesday said, “Malaysia has warmly offered its expertise to train Philippine personnel and officials to strengthen our capabilities in these increasingly important sectors.” “Cooperation in this sector would mutually benefit the growth of our respective halal ecosystems,” Marcos said. “Malaysia has warmly offered its expertise to train Philippine personnel and officials to strengthen our capabilities in these increasingly important sectors.” Halal is a dietary law derived from Islamic teachings, meaning “lawful or permitted. Of the 110 million Filipinos, Muslims in the Philippines make up about 6 percent of the population. The two leaders also agreed to enhance their trade and investment ties, with Marcos noting that Malaysia is one of the leading halal economies in the world. The Philippines and Malaysia, he said, have “longstanding relations and strong economic linkages” and “commonalities between our peoples which make our friendship easy.” Both leaders affirmed they would fortify further the bilateral ties between the two nations, geared toward the post-pandemic transformation. As he thanked the Malaysian government for its assistance in the development of the Bangsamoro Autonomous Region in Muslim Mindanao, Marcos said it is time to examine and strengthen the relationship between both Southeast Asian countries. Plans for joint meeting He added that he and the Prime Minister agreed to convene the next Philippines-Malaysia Joint Commission Meeting in the near future. “We do this so that our government agencies will have an avenue to discuss priority cooperation in detail, most especially in the areas of transnational crimes, agriculture, the halal industry, Islamic banking, education, tourism and culture, sports and the digital economy,” Marcos said. Ibrahim, for his part, welcomed Marcos to Malaysia and said the two countries have a long history of close ties. Meanwhile, Marcos and Malaysian King Al-Sultan Abdullah expressed hope the warm relationship enjoyed by Malaysia and the Philippines will continue to blossom for the mutual benefit of their people and nations. In his remarks during the state banquet in honor of Marcos and First Lady Louise Araneta-Marcos, the Malaysian King said the Philippines is an essential partner to Malaysia, given the Philippines’ proximity and active involvement in the Association of Southeast Asian Nations. “Bound by our shared aspirations of progress, peace, and prosperity, our two countries share many commonalities and strong people-to-people ties to this day. We have faced many common challenges, but we have also achieved much more together,” the King said. [caption id="attachment_162690" align="aligncenter" width="1600"] Warm welcome President Ferdinand R. Marcos Jr. (seated) and First Lady Liza Araneta-Marcos (right) are graciously received in a State Welcoming Ceremony at the Istana Negara on Wednesday. Honored by the presence of His Majesty Al-Sultan Abdullah (2nd from left), the King of Malaysia and Queen Azizah (left), the visit signifies the strengthening of diplomatic ties. | PHOTOGRAPH COURTESY OF PCO[/caption] Re-strengthened ties The Philippines and Malaysia “re-strengthened” their relationship as the two Southeast Asian nations prepare for a post-pandemic recovery where they will play an important role in the region, Marcos Jr. Marcos made the statement in a meeting with Malaysia’s King Al-Sultan Abdullah and Queen Azizah, where he and First Lady Marie Louise “Liza” Araneta-Marcos received a State welcome, including a 21-gun salute, on their arrival at Istana Negara, Malaysia’s National Palace. The King and Queen of Malaysia, as well as Prime Minister Dato’ Seri Anwar Ibrahim and his wife, Dato’ Seri Dr. Wan Azizah Wan Ismail, welcomed the Philippine President and the First Lady. “It is time for us to really examine that relationship and re-strengthen that relationship, and that, for me, is the most important aspect of this visit that I have made to Kuala Lumpur, to Malaysia,” Marcos said in the meeting. “I believe that it is the way for us to refocus our efforts together to mutually beneficial initiatives for our two countries and to see how we can help one another as we face the post-pandemic future,” he added. The post-pandemic scenario is a very different road that the two nations face compared to what we had before the pandemic. According to Marcos, their membership in ASEAN and BIMP-EAGA continue to strengthen their relationship as they come back and start to emerge from the difficult period of the last two and a half years of the pandemic. The two countries must recreate and transform themselves to be competitive and to be part of a new world order as it is happening and changing now, he said. “We will play a huge part in that transformation. And that transformation is going to strengthen and be made more stable by this partnership that we make with each other,” Marcos asserted. “And so it becomes more and more important for me that these partnerships we will foster on a cultural level and people-to-people (diplomacy) will continue to be expanded and gain stature in the way that we promote that relationship between our two countries,” he said. This partnership is essential not only for Malaysia, the Philippines, and ASEAN but also for the rest of the world, Marcos pointed out. Whatever beginnings they have made, they all proved to be of importance to the continuing relationship between Malaysia and the Philippines, he added. The President arrived in Kuala Lumpur on Tuesday afternoon for a state visit that include meetings with the Malaysian king, government officials, as well as business leaders to strengthen the relationship between the Philippines and Malaysia. The post Malaysia offers halal, banking help appeared first on Daily Tribune......»»
PHL and MAL strenghten partnership towards post pandemic recovery
MALAYSIA – The Philippines and Malaysia restrengthen their relationship as the two Southeast Asian countries prepare toward post-pandemic recovery, wherein both countries will play an important role, President Ferdinand Marcos Jr. said on Wednesday. Marcos made this statement in a meeting with Malaysia's King Al-Sultan Abdullah and Queen Azizah, where the Philippine President and First Lady Marie Louise "Liza" Araneta-Marcos had a State Welcome Ceremony, including a 21-gun salute, upon their arrival at Istana Negara (Malaysia's National Palace). The King and Queen of Malaysia, as well as Prime Minister Dato' Seri Anwar Ibrahim and his wife, Dato' Seri Dr. Wan Azizah Wan Ismail, welcomed the Philippine President and the First Lady. "It is time for us to really examine that relationship and restrengthen that relationship, and that, for me, is the most important aspect of this visit that I have made to Kuala Lumpur, to Malaysia," President Marcos said in their meeting. "I believe that it is the way for us to refocus our efforts together to mutually beneficial initiatives for our two countries and to see how we can help one another as we face the post-pandemic future," he added. The President said that the post-pandemic scenario is a very different road that the two nations now face compared to what we met before the pandemic. According to the President, their memberships in ASEAN and in the BIMP-EAGA still continue to strengthen their relationship as they come back and start to emerge from the difficult period in the last two and a half years of the pandemic. The two countries must recreate and transform themselves to be competitive and to be part of a new world order as it is happening and changing now. "We will play a huge part in that transformation. And that transformation is going to strengthen and made more stable by this partnership that we make with each other," he said. "And so, it becomes more and more important for me that these partnerships we will foster on a cultural level and the people-to-people (diplomacy) now continue to be expanded and to gain stature in the way that we promote that relationship between our two countries." This partnership is essential not only to Malaysia, the Philippines, and the ASEAN but also to the rest of the world, Marcos pointed out. Whatever beginnings they have made, they all proved to be of importance to the continuing relationship between Malaysia and the Philippines, said Marcos. The President arrived in Kuala Lumpur on Tuesday afternoon for a state visit that included meeting the Malaysian king, government officials, as well as business leaders with the goal of strengthening the relationship between the Philippines and Malaysia. The post PHL and MAL strenghten partnership towards post pandemic recovery appeared first on Daily Tribune......»»
PAGCOR strengthens controls to make Phl a significant gaming destination
Philippine Amusement and Gaming Corporation chairman and CEO Alejandro H. Tengco discussed the agency's plans and programs to make the Philippines a leading gaming destination in the ASEAN region. Chairman Tengco was invited to deliver the keynote address on the third day of the G2E Asian IR Summit in Macau on 13 July 2023. In his speech, the PAGCOR chief expressed optimism that with the gaming regulatory reforms which the agency is undertaking, the Philippine gaming industry will be more responsive to the needs of the changing times while addressing the social ills that come with gaming operations. The Philippine gaming industry started to bounce back as it gradually transitioned into the new normal. Following its mandate to regulate and uphold the integrity of gaming operations in the Philippines, PAGCOR generated P58.96 billion in 2022, an impressive 66.16 percent year-on-year increase from its P35.48 billion total income in 2021. Net income last year reached P4.45 billion, a 2,000% leap from P203.57 million recorded in 2021. This achievement enabled the agency to fulfill its other role as the government's partner in generating revenues for socio-civic programs by increasing its contributions to nation-building from P22.91 billion in 2021 to P34.67 billion in 2022. Given PAGCOR's dual role as operator and regulator, its operations have been scrutinized by crucial decision-makers and major gaming industry players. Thus, since its assumption a year ago, the new PAGCOR Board of Directors has started strengthening the agency's regulatory function and has promoted the privatization of PAGCOR-run Casino Filipino facilities. Such a move will allow the corporation to grow and compete in both domestic and international markets by infusing new capital and advanced technologies, which can facilitate expansions, upgrades, and innovations. "By focusing on its regulatory functions, PAGCOR will be able to avoid the complexities of running two different shows. It can also streamline its processes and create more revenues to fund more high-impact government projects," Tengco said. However, before PAGCOR gaming venues are privatized, they will be upgraded to add value to the properties. Programs include the modernization of Information and Communication Technology and Cybersecurity infrastructure, including its Casino Management System and introduction of the Casino Filipino Online; upgrading of more than 3,000 electronic gaming machines (EGMs); and updating PAGCOR Technical Standards for EGMs. To combat the proliferation of illegal gambling in the country, PAGCOR coordinates with various law enforcement agencies. It has instituted reforms to address the Philippine Offshore Gaming Operations, recently associated with crime, money laundering, and corruption. It has canceled the contract entered by the previous Board with the third-party auditor for offshore gaming operations, introduced new fees, and imposed heavy fines and penalties on licensees and service providers engaged in criminal activities. Furthermore, accreditations were suspended and canceled, and licensees were held responsible for the conduct of their service providers. Despite these, online gaming operations' gross revenue is projected to reach P24 billion by the end of this year, more than double last year's P11 billion. Tengco stated, "We shall undertake this painstaking process to weed out the unscrupulous companies and individuals using the PAGCOR license for illegal activities, tainting the name of the whole industry, especially the Philippines." PAGCOR has likewise accredited Gaming System Service Providers for Traditional Bingo, Electronic Bingo, Electronic (eCasino) Games, Sports Betting, and E-Billiards. Its licensed casinos were recently allowed to use remote gaming platforms for live casino games catering to their registered casino players. PAGCOR is studying the possibility of regulating other facets of overseas gaming operations or regulating a particular class of business process outsourcing. Through closed borders during the COVID-19 pandemic, PAGCOR has evolved and continues to adapt to the changing times by licensing new gaming options within its jurisdiction and adequately regulating them. "I know much still needs to be done, but I believe that we are on the right track towards making the Philippines a prime gaming destination in the ASEAN region," Tengco concluded. The post PAGCOR strengthens controls to make Phl a significant gaming destination appeared first on Daily Tribune......»»
Malaysia, your good neighbor
Editor’s note: The ambassador has the refreshing modesty of Mr. Fix It, the proverbial heart of a statesman, and an outstanding track record, the last being his visionary representation of Malaysia in Italy. The newly minted head of mission shares his overtures in improving Malaysia’s kindred ties with the Philippines and communal aspirations for the region, with the same bounded optimism that inspired Kuala Lumpur’s winning deeds in the development of the Bangsamoro. While Malaysia’s foreign-policy approaches may have differed over the years due to changing domestic and external factors, the basic principles have continued since independence. Asean remains the cornerstone of Malaysia’s foreign policy; the establishment of the Asean community in 2015 has significantly elevated the country’s approach and engagement regionally. Malaysia has shared to countries like the Philippines its experience and knowledge through various foreign-policy mechanisms, including the Malaysian Technical Cooperation Program, and linkages such as the Langkawi International Dialogue and bilateral humanitarian assistance. The country advocates the “Prosper thy neighbor” policy to enhance economic relations and cooperation with its adjacent countries through Brunei-Indonesia-Malaysia-the Philippines East Asean Growth Area, Indonesia-Malaysia-Thailand Growth Triangle and other entities. The predominantly Muslim country and the Philippines have been friendly nations since the establishment of the diplomatic relations in 1959. Bilateral cooperation between Malaysia and the Philippines covers education; culture, arts and heritage; communication; defense; health; youth and sports; trade; agriculture; labor, and security. Malaysia’s last high-level visit was when Prime Minister Anwar Ibrahim met with President Marcos in March this year. Malaysia regards the Philippines as a very important trading partner, the 15th-largest globally and 5th-largest among Asean countries, with total bilateral trade reaching almost $8 billion. Our close and long-existing relations provide a strong foundation for a more active and meaningful economic cooperation in the future that would bring tremendous benefits to our people. Two practical and viable areas that would benefit from closer cooperation are the halal industry and digital economy. In 2022, total trade between the two countries increased by 27.3 percent to $9.42 billion, compared to $7.85 billion in 2021. Malaysia’s exports to the Philippines increased by 24.6 percent to $6.41 billion. Main exports include electrical products, petroleum, palm oil and ancillary agricultural products. Malaysia remains a major global leader in the halal economy, sustaining its top position in the Global lslamic Economic Indicators for the 9th consecutive year. It has exported $13.51 billion to the world in 2022, up by 63.8 percent from the previous year. Major exports of halal products include food and beverages, ingredients, cosmetics and healthcare. Thus, with the Philippine government encouraging more halal business expansion and investment to serve 12 million Muslims, as well as non-Muslims, here, it is definitely one of the areas where Malaysians and Filipinos can collaborate. Acquiring quality education through world-class institutions is essential, from undergraduate to postgraduate levels. Malaysia is home to more than 200 universities and colleges with 10 international university branch campuses. Malaysian universities are not only ranked top in Asia; it is also progressing in international world rankings, providing a conducive academic environment with affordable international exposure and global career gateways. The country also takes pride in being one of the global pioneers in Islamic banking. Leveraging on existing capacities and expertise, Malaysia is offering tertiary education in Islamic banking and finance through International Center for Education in Islamic Finance. INCEIF has been collaborating with government institutions, such as the Malaysian Technical Cooperation Program, in providing training on Islamic banking products like Islamic securities, unit trust funds, stock broking and financial derivatives. Since Philippines and Malaysia have so many common denominators, Filipinos would feel at home studying in Malaysia. In tourism, last year we saw 80,046 Filipino tourists coming to Malaysia and 46,805 Malaysians coming to the Philippines. We have high hopes that the numbers will increase this year, looking forward to working together with the Philippine government on this front. Asean remains the cornerstone of Malaysia’s foreign policy and the establishment of the Asean community in 2015 has significantly elevated the country’s approach and engagement at the regional level, the nation’s well-being founded on the strong and friendly relations with other countries and its commitment to the multilateral system. The country’s record in peacekeeping under the UN is a testimony of its dedication in carrying out the mandate of the international community in advancing global peace and security. The post Malaysia, your good neighbor appeared first on Daily Tribune......»»
Rape allegation against Trump heads to civil trial
A civil trial over an allegation that ex-president Donald Trump raped a prominent former American columnist three decades ago got underway Tuesday with jury selection. The writer E. Jean Carroll says Trump sexually assaulted her in a New York department store and then defamed her after she went public with the allegation years later. Trump, who is facing a barrage of legal woes that threaten to derail his 2024 run for a second presidential term, has repeatedly denied the allegations. The start of the trial, which stems from a lawsuit Carroll filed against Trump, comes just weeks after Trump's historic arraignment on criminal charges related to a hush-money payment made to a porn star. Carroll, a former columnist for Elle magazine, says she was raped by Trump in the changing room at the luxury Bergdorf Goodman department store on Fifth Avenue in Manhattan in 1995 or 1996. The now-79-year-old said the attack came after Trump asked her for advice on buying a women's lingerie gift. Carroll, who was in court for the start of proceedings Tuesday, first made the allegation in an excerpt from her book published by New York Magazine in 2019. Trump responded then by saying he has never met her, that she was "not my type" and that she was "totally lying." Carroll initially sued Trump for defamation in 2019 but was unable to include the rape claim because the statute of limitations for the alleged offense had expired. But a new law took effect in November last year in New York that gave victims of sexual assault a one-year window to sue their alleged abusers decades after attacks may have occurred. Lawyers for Carroll filed a new suit that accused Trump of battery, "when he forcibly raped and groped" her. It also included defamation for a post that Trump made on his Truth Social platform in October where he denied the alleged rape and referred to Carroll as a "complete con job." Psychological harm The suit seeks unspecified damages for "significant pain and suffering, lasting psychological and pecuniary harms, loss of dignity and self-esteem, and invasion of her privacy." It also asks that Trump retracts his comments. Around a dozen women have accused Trump of sexual misconduct. He has denied all the allegations and has never been prosecuted over any of them. No criminal prosecution can stem from the Carroll case but if Trump loses it will be the first time he has ever been held legally liable for an allegation of sexual assault. Trump has provided sworn testimony in the case and is not expected to take the witness stand during the trial as Carroll's lawyers have said they do not intend to call him. The trial in Manhattan is likely to last between one to two weeks. Trump became the first sitting or former president to have ever been charged with a crime when he was arrested in the hush-money case earlier this month. He pleaded not guilty to 34 counts related to the payment made just before the 2016 election that propelled him to the White House. Trump is also being investigated over his efforts to overturn his 2020 election loss in the southern state of Georgia, his alleged mishandling of classified documents taken from the White House, and his involvement in the storming of the US Capitol on 6 January 2021. The post Rape allegation against Trump heads to civil trial appeared first on Daily Tribune......»»
E-wallets cause deep disruptions
Digital or e-wallets and peer-to-peer lending are changing how people conduct business, from buying to selling. Data from WNS DecisionPoint estimated that global mobile payments reached $1 trillion in 2020, highlighting the growing influence of FinTech. The mass adoption of e-wallets during and post-pandemic allowed financial institutions to tap into the data gained from these digital wallets. More importantly, financial service providers are given the leverage to make smarter lending decisions in lieu of the absence of financial documents from traditional sources. “E-wallets are a good source of users’ transaction data that can facilitate financial service providers to underwrite loan applications and collection process better,” Henry Aguda, president and CEO of UnionDigital Bank, said during the signing of a partnership with Tala Financing Philippines for the launch of the Tala e-wallet. Answer to inclusion quiz E-wallets allow the unbanked and underserved to create digital footprints that banks, both digital and legacy, could use to establish their credit scoring and include in their database. “The digital footprint will give the unbanked and underserved access to financial instruments, investments, lending facilities, insurance and other services,” Aguda said. According to Aguda, the partnership provides a perfect synergy between UnionDigital and Tala because they are “mission-aligned business-wise and in the execution” of both their plans. Both companies are committed to empowering individuals with access to seamless, secure, and reliable financial services, in addition to enabling customers to achieve their financial goals and build a better future for themselves and their families. Mike Singh, chief commercial and revenue officer at UnionDigital, added the union is also an example of a “perfect marriage” with both parties benefiting from the partnership. “Tala’s maximum loan approval is P100,000. But what if their customer needs to upscale their operations and requires a bigger loan amount? That is where UnionDigital will come in. We can extend a higher loan amount. And the same goes for some credit applicants from our end that we cannot process, and we can send them to Tala,” Singh said, describing the mutual benefits of the collaboration. The post E-wallets cause deep disruptions appeared first on Daily Tribune......»»
ASEAN & Australia: partners, but above all friends
As we confront an increasingly complex and changing international landscape, it is more important than ever for us to seek a strategic equilibrium and to uphold a rulesbased regional order with ASEAN at the center......»»
High prices of school supplies has parents changing buying habits
CEBU CITY, Philippines — The rising cost of school supplies has some parents adjusting their buying habits. Instead of buying a dozen notebooks at once for her daughter, who is in high school, Marrisa Cagnaan, 48, chose to simply buy enough for the classes that already had their own set of school requirements for the […] The post High prices of school supplies has parents changing buying habits appeared first on Cebu Daily News......»»