Senate OKs on 3rd reading bill allowing school opening after August
MANILA, Philippines — The Senate has approved on third and final reading a measure that would allow the President to move the opening of classes beyond August during times of emergency. The bill’s approval comes amid concerns from officials and the public about the Aug. 24 schedule of the opening of classes, which may be […] The post Senate OKs on 3rd reading bill allowing school opening after August appeared first on Cebu Daily News......»»
How nations allow or restrict legal gender change
A small number of countries have made it easier for transgender people to change their legal gender, while other nations have restricted such changes, notably Russia and Pakistan. Here is a snapshot of the situation around the world. Exception, not the rule According to the International Lesbian and Gay Association (ILGA), 24 UN member states have legally allowed people to change their gender on the basis of self-identification. In about 40 other countries, the legal and administrative process can take years and may include requirements such as psychiatric diagnosis, hormone treatment, gender confirmation surgery, or even sterilization. Making it easier Argentina has led the way on transgender rights, allowing a change of gender on national ID cards with a simple declaration since 2012. Several Latin American countries have followed suit. Denmark was the first European country in 2014 to allow adults to apply for a gender change without undergoing medical or psychological assessments, with Belgium, Ireland, Malta, Norway, Portugal, and most recently Spain following suit. Since 2017, France has allowed transgender people to change their status on their ID documents without treatment, surgery, or sterilization but they must receive court approval. The issue of trans rights sparked a fierce row in 2022 in Scotland, where parliament passed a bill making it easier for people to self-identify their gender that was sensationally vetoed by London. The German cabinet in August 2023 signed off plans under which Germans will be able to change their name or legal gender by making a simple application to their local registry office. The law still has to go to parliament. Hesitating Sweden, one of the world's most liberal countries, was the first in the world to authorize physical and legal gender reassignment for adults in 1972. But last year it began restricting hormone therapy available for children diagnosed with gender dysphoria, such as puberty blockers, citing the need for caution following a strong increase in demand. It also restricted access to mastectomies for teenage girls wanting to transition. Finland in 2020 had already restricted hormone treatment for minors. Making it harder Russia adopted new legislation in July 2023 banning "medical interventions aimed at changing the sex of a person" and "the state registration of a change of gender without an operation". President Vladimir Putin has repeatedly railed against transgender rights in his speeches. Pakistan's religious judiciary ruled in May that landmark transgender legal protections from 2018 are un-Islamic and therefore void. An appeal is being sought with the Supreme Court. Pakistan continues to recognize the existence of a third gender, neither masculine nor feminine, as do India and Nepal. Restricting gender-affirming treatment, such as puberty blockers for minors, has become a major campaign of US conservatives. Arkansas in 2021 became the first US state to ban physicians and health workers from offering transition-related treatment to transgender minors. A federal judge in June overturned the ban. Around 20 states, including Florida and Texas, have passed similar laws. Anti-LGBTQ sentiment in Hungary has escalated during the rule of Viktor Orban's right-wing government. In May 2020, the country passed a law making it impossible for transgender people to change their name and gender on their ID documents. The post How nations allow or restrict legal gender change appeared first on Daily Tribune......»»
Phl tourism industry needs sustainable champions
Senator Christopher "Bong" Go emphasized the importance of sustainable tourism and environmental protection during the Philippine Councilor's League Occidental Mindoro General Assembly held on 3 August at Acacia Hotel in Davao City. A Davaoeño, Go began his speech by warmly welcoming the participants to his home city of Davao and expressing his gratitude for the trust and opportunity to serve the Filipino people. “Alam n’yo, parati naming naririnig kasi na pinapasalamatan kami ni dating pangulong (Rodrigo) Duterte sa mga tulong, sa mga proyekto, sa mga Malasakit (Center) o ano pa man,” said Go. “Huwag ho kayong magpasalamat sa akin. Sa totoo lang po, kami po ang dapat magpasalamat sa inyo dahil binigyan n’yo po kami ng pagkakataon na makapagserbisyo po sa inyo," he added. Go, known for his relentless work ethic, recounted his travels across the country and his efforts to provide assistance during natural disasters such as typhoons, earthquakes, and volcanic eruptions. "Kung trabaho naman po ang pinag-uusapan, wala akong pili. Twenty-four hours po, mula umaga, tanghali, hapunan, kahit sa panaginip, kahit sa kubeta, nagtatrabaho ako,” he said. The senator's speech took a focused turn toward the theme of the assembly, "Mobilizing Legislation and Governance through Sustainable Tourism and Environmental Protection," emphasizing the importance of sustainable tourism practices and the need to preserve the country's natural resources. "Tourism can be a powerful catalyst for economic growth, creating jobs and generating revenue. However, it must be done in a manner that respects our ecosystems and preserves the very attractions that draw visitors to our shores," Go stated. He also emphasized the importance of community-based tourism initiatives, saying, “Engaging in community-based tourism initiatives can empower our people, allowing them to actively participate in decision-making processes and benefit equitably from tourism-related activities.” In addition to tourism, Go talked about the critical importance of environmental protection. He called on the councilors to pass ordinances that safeguard natural heritage, regulate land use, and curb activities that degrade the environment. "Our biodiversity is a treasure that must be preserved for future generations. From our lush forests to our pristine beaches, every ecosystem plays a crucial role in maintaining ecological balance," he said. Go co-authored Senate Bill No. 1841, which seeks to enhance the preservation and safeguarding of the cultural heritage of the Philippines by means of cultural mapping. Meanwhile, Go also shared his priorities as chairperson of the Committee on Health, including the expansion of the Malasakit Center program and the establishment of Super Health Centers (SHCs). Malasakit Centers bring together representatives from the Department of Social Welfare and Development, Department of Health (DOH), Philippine Health Insurance Corporation, and Philippine Charity Sweepstakes Office. These one-stop shops aim to support impoverished patients in reducing their hospital costs to the least possible amount. Go is the principal author and sponsor of Republic Act No. 11463 or the Malasakit Centers Act of 2019, which institutionalized the Malasakit Centers program. To date, 158 operational centers have helped more than seven million Filipinos nationwide, according to DOH. He also reiterated his commitment to support the establishment of more SHCs across the country, considering how they can significantly help reduce hospital occupancy rates while bringing government medical services closer to the grassroots. Services offered in the SHCs include database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation center, and telemedicine. "Nalulungkot po ako tuwing naririnig ko ‘yung mga kababayan nating mga mahihirap po na ayaw magpa-checkup, ayaw pumunta ng hospital dahil sa takot sa babayaran sa ospital... Tulungan po natin ang mga mahihirap po nating kababayan," he urged. Go then took the time to acknowledge all local officials present at the assembly, expressing his gratitude for their support and trust. He called for unity and collaboration across political affiliations and geographical boundaries. He likewise encouraged the councilors to learn from successful initiatives in other regions and adapt them to the unique needs of Occidental Mindoro. “Let us unite and rise to the occasion, embracing the theme of this assembly with determination and dedication. Together, we can create a legacy of responsible stewardship that will leave a lasting impact on future generations," he said. "Mahalin po natin ang ating kapwa Pilipino, hinding-hindi po tayo magkakamali. Iyan po ang natutunan ko kay dating pangulong Duterte,” concluded Go. The post Phl tourism industry needs sustainable champions appeared first on Daily Tribune......»»
Senate OKs on 3rd reading bill allowing school opening after August
MANILA, Philippines — The Senate has approved on third and final reading a measure that would allow the President to move the opening of classes beyond August during times of emergency. The bill’s approval comes amid concerns from officials and the public about the Aug. 24 schedule of the opening of classes, which may be […] The post Senate OKs on 3rd reading bill allowing school opening after August appeared first on Cebu Daily News......»»
Medical marijuana bill reaches Senate plenary
The bill seeking to legalize medical marijuana in the Philippines has reached the Senate plenary, the first time in the history of the upper chamber, according to a cannabis lawyer......»»
Lapid urges legislation of early voting for seniors, PWDs during BSKE
Senator Manuel “Lito” Lapid is pushing the passage of a measure that would allow qualified senior citizens and persons with disabilities to vote earlier than the dates scheduled for local and national elections. Senate Bill 2361 grants the “vulnerable sectors” to cast their votes at more accessible establishments or areas—duly designated by the Commission on Elections—within seven working days before the dates set for local and national polls. Lapid reiterated this call for the Barangay and Sangguniang Kabataan elections on 30 October. “Eleksyon na naman po sa Oktubre 30. Ako po ang nahihirapan na makita ang ating mga lolo at lola, kasama na ang mga may kapansanan, na nakikipaggitgitan sa pilahan upang magamit lamang ang kanyang karapatang bumoto (Elections are coming up on October 30. It’s hard to see our grandparents, including those with disabilities, struggling in line just to exercise their right to vote),” he said. Senator Cynthia Villar also made the same call, allowing elderly people and PWDs to early voting. Citing the 2021 estimated data from the Philippine Statistics Authority, Lapid said there are 2,754,813 females and 3,635,271 males with ages ranging from 65 years and above, who are qualified voters nationwide. “We don’t want to disenfranchise these millions of our countrymen this coming election. I hope we can pass this bill before the next elections,” Lapid stressed. He emphasized that the right to vote is a fundamental pillar of any democratic society. Lapid said it is imperative for the government to ensure that every eligible citizen “has the opportunity to participate in the electoral process and have their voices be heard.” “In our country, senior citizens and PWDs comprise a significant portion of the population and deserve special attention to guarantee the realization of their voting rights,” he added. He lamented that elders and PWDs are experiencing physical limitations or health conditions, making it difficult for them to participate in the regular voting process with the general population on the designated election day. These challenges, he added, may include mobility issues, visual impairments, or other conditions that require additional attention or accommodations Hence, the passage of the SB 2361 is crucial, Lapid underscored. “By providing an opportunity for senior citizens and PWDs to vote on a separate day prior to the national election, we can ensure that these individuals are given the necessary time and support to exercise their voting rights,” he explained. For the senator, allowing early voting for senior citizens and PWDs is not “only safe but also practical, noting that separate voting days will alleviate overcrowding at polling stations on the national election day and will reduce potential long queues as well as waiting times. “With COVID-19 still around, this arrangement will also help mitigate the risk of exposure to contagious diseases, as senior citizens and PWDs would be able to vote in a less crowded environment, where health and safety measures can be implemented more effectively,” Lapid said. The SB 2361 “hereby declared the policy of the State to make voting convenient for senior citizens and PWDs by giving them the option to vote earlier than the date set for the election.” It mandates the conduct of a nationwide registration for senior citizens, PWDs, lawyers, and human resources for health to qualify them to avail of this early voting privilege. Those who are not registered under this Act shall vote with the rest of the eligible population on election day. The post Lapid urges legislation of early voting for seniors, PWDs during BSKE appeared first on Daily Tribune......»»
Crypto crackdown intensifies on Hamas finance
Cryptocurrency has become the latest front in the conflict between Israel and Hamas, analysts say. Israeli and US authorities have intensified their financial hunt into Hamas in recent days as they track illicit funds via digital currencies. Ari Redbord, global policy head at crypto tracking specialist TRM Labs, said there is now less crypto transfer activity on pro-Hamas support networks as a result. "We are seeing a lot less activity in some respects since the war began," Redbord told AFP. This is "primarily because Israel has been very aggressive and successful in taking down these fundraising efforts", he added. Israel has bombed Gaza in response to an unprecedented cross-border attack by Hamas militants who, while firing a massive rocket barrage, killed more than 1,400 people and took 222 hostages on 7 October, according to Israeli authorities. Israeli strikes have now killed more than 6,500 people in Gaza, according to the Hamas-run health ministry. Shadowy world Cryptocurrency is regarded as a speedy way to move cash that is unregulated by any central bank and is less traceable than a traditional bank transfer. The shadowy world of digital units, based on decentralized blockchain technology, has gained notoriety for illicit transactions due to its under-the-radar appeal. Two weeks ago, Israeli police revealed they had located and frozen accounts linked to Hamas that sought "to solicit donations on social networks" via Binance, the world's biggest cryptocurrency exchange. A Binance spokeswoman said it "follows internationally recognized sanctions rules, blocking the small number of accounts linked to illicit funds". Redbord, formerly a senior US government adviser, said Hamas had adopted crypto from 2019 at the latest, to seek funding via the Telegram messaging network and even on its own website. Hamas decided in April that it would no longer accept cash via Bitcoin due to increased global surveillance of the world's biggest digital unit. Crypto fundraising is now operated via a network of Hamas-linked support groups. TRM Labs has closely monitored virtual crypto wallets linked to such support groups since the start of the war. And it has concluded that much smaller amounts of cash than usual are being moved. Two weeks after the attacks, support group Gaza Now received less than $6,000 in one of its crypto wallets, Redbord noted. That compared with $800,000 in total since the wallet's creation in August 2021. Meanwhile, authorities are well aware that digital assets are a minor part of a complex funding picture. The US State Department estimates that Iran funnels $100 million per year to Palestinian groups including Hamas. 'Small piece of puzzle' "Cryptocurrency is a very small piece of a larger financing puzzle for Hamas," said Redbord. "They are looking to Iran; they're... imposing taxes on the Palestinians; they have a network of charities and a diaspora of supporters who are sending donations not in cryptocurrencies." "But crypto does play a role," he said. Digital currencies still represent a significant revenue stream for Hamas and other allied groups. Crypto addresses identified by Israel as being linked to Hamas received about $41 million between August 2020 and July 2023, according to Israeli analytics and software firm BitOK. Other crypto addresses linked to Islamic Jihad received in excess of $154 million between October 2022 and September 2023, with some still active, it adds. Some players in the sector simply turn a blind eye. "Some cryptoasset businesses are intentionally or unwittingly allowing misuse of the crypto ecosystem," said Joby Carpenter, an expert on the industry. "This trend is magnified where exchanges are based in lightly or unregulated jurisdictions," he told AFP. The post Crypto crackdown intensifies on Hamas finance appeared first on Daily Tribune......»»
Belarusian exiles lose hope
When police in Belarus began knocking on doors and interrogating citizens suspected to have taken part in pro-democracy rallies three years ago, Maxim Isayev knew he could never go back. Like thousands of others, the 32-year-old engineer and father of two peacefully protested against the disputed re-election of strongman leader Alexander Lukashenko in 2020 and is currently wanted by the country’s authorities. “I know that they came to my address in Belarus and searched for me,” Maxim told AFP in Warsaw, where he now lives with his wife and children. More than 100,000 people are thought to have left Belarus since security forces began violently cracking down on dissidents, many of whom fled to neighboring Poland and the Baltic states. Lukashenko now wants to shut them out for good. In January, he signed a law allowing courts to strip “extremist” dissidents living abroad of their citizenship, and in September he blocked Belarusian embassies from issuing passports. The decision effectively deprives thousands of Belarusian dissidents of the ability to renew their passports unless they return, making it difficult for them to travel internationally, access public services, open bank accounts or obtain employment. “If people are forced to return to Belarus, many of them will be exposed to rights violations, like arbitrary arrest, and torture,” UN rights expert Anais Marin told AFP after the decision. Describing Lukashenko’s decree as “outrageous,” she called on all governments to refrain from sending Belarusians back to their country over invalidated or expired passports. For Maxim, who fears he faces multiple criminal charges including terrorism, returning is not an option. “I took part in the protests. Rallies, marches, calls for sanctions,” he said. “There are more than ten counts I could be charged with.” Since 1994, Lukashenko has ruled Belarus with an iron fist, in what critics have called Europe’s last dictatorship. Elections held in August 2020 resulted in another landslide victory for the long-time leader, a result which the opposition decried as blatantly falsified. The fallout from the vote led to the biggest protests in Belarus’ modern history, which were soon followed by a record number of arrests. “There are situations where people were travelling to the funeral of their relatives. They were detained and put in jail,” said Helena Niedzwiecka, founder of the Belarusian Solidarity Center that supports exiles in Poland. “You can be imprisoned for liking a post in 2020.” Maxim, whose families’ passports expire in 2024, debated with his wife whether it was safe for her to go back, given she had made fewer political posts. “I said okay, if you want to go, you are an adult... Take one of the children.” “You will get a few years for your political views,” Maxim said. “And they will put the child into an orphanage.” They decided against the idea. Lukashenko has criticized those who have sought refuge abroad as disloyal, casting them as “criminals” who do not deserve citizenship. “Are these people worthy to remain citizens of Belarus if they have fled their native country and actually severed ties with it?” he asked at a government meeting last year. Most dissidents say it is the state that severed ties with them. “My contract with my country was terminated in 2020,” said Inga Okava, a 49-year-old former volunteer who was jailed for trying to independently monitor the 2020 elections. “They falsified everything that everybody wanted,” she sighed. WITH AFP The post Belarusian exiles lose hope appeared first on Daily Tribune......»»
Maritime bills aligned with UNCLOS — OSG
The country’s goal to pass a maritime zone law may oblige other countries to fully comply with the United Nations Convention on the Law of the Sea, or UNCLOS. The Office of the Solicitor General and the Philippine Coast Guard emphasized this during Monday’s hearing on the Special Committee on Philippine Maritime and Admiralty Zones. Solicitor General Menardo Guevarra said it could be the country’s “domestic version” of an international agreement. “These are the laws of the coastal state, and therefore all flag states with vessels plying, for example, our maritime waters would also have a duty to comply with the (said) laws,” Guevarra explained. Guevarra said a maritime zone law for the Philippines could “essentially become a reflection” of an international convention where the members comprise practically the entire international community. “There is an expectation of an obligation on the part of these member-states to comply with our own laws since these are, as I said, a reflection essentially of an international convention of which they are members,” he added. Citing the latest collision incident at the Ayungin Shoal, Philippine Coast Guard spokesperson Commodore Jay Tarriela said a maritime zones law would benefit law enforcement institutions “in clearly identifying the Maritime Zones of the Philippines.” “With respect to the incident that happened in the Ayungin Shoal which falls within the exclusive economic zone of our country, I think the passage of a maritime zone law will clearly strengthen our defined zones in our maritime jurisdiction,” he said. Article 76 of UNCLOS mandates all signatory states to respect maritime jurisdictions, which can be up to a distance of 200 nautical miles from the baselines of a country where the breadth of the territorial sea is measured. The Senate is currently tackling eight proposed measures seeking to define and declare the maritime zones of the Philippines. In May, the House of Representatives unanimously approved House Bill 7819, declaring the maritime zones under the jurisdiction of the Philippines. HB 7819, which prompted the Senate to create the Special Committee on Philippine Maritime and Admiralty Zones, provides for a general declaration of the maritime zones under the jurisdiction of the Philippines. The maritime zones include the internal waters, archipelagic waters, territorial sea, contiguous zone, exclusive economic zones, and continental shelf. It aims to define the maximum extent of territorial sea (12 nautical miles), contiguous zone (24 nautical miles), EEZ (200 nautical miles), and continental shelf, allowing the delineation of continental shelves extending beyond 200 nautical miles, in accordance with UNCLOS. The bill also provides for sovereign rights over these maritime zones, thus establishing the Philippines’ exclusive rights to explore and exploit living and nonliving resources found in these zones. The post Maritime bills aligned with UNCLOS — OSG appeared first on Daily Tribune......»»
Lapid pushes early voting for seniors, PWDs
With the barangay and Sangguniang Kabataan elections set next week, a senator renewed calls for the passage of a bill allowing over six million qualified senior citizens and persons with disabilities to vote early in local and national elections......»»
Lenovo treats Phl as top Southeast Asian market
Even if neighboring countries in the Southeast Asian region are advantageous in terms of being technology savvy, the Philippines remains an integral market according to an official of Lenovo, a Chinese multinational technology company specializing in designing, manufacturing, and marketing consumer electronics, personal computers, software, business solutions, and related services. “We see strong demand for the Philippines, the only question is how the consumers get the technology. The pandemic has even made the demand for the Philippines surge because of the digital transformation, unlike pre-pandemic where everyone is scrambling. Right now, because of the transformation, growth is very evident. In other words, investments, including Lenovo technologies are still in demand in the market,” according to Giancarlo Nogales from the Infrastructure Solutions Services Sales of Lenovo Philippines at the sidelines of the VST ECS CXO Tech Summit at the Dusit Thani in Mactan Cebu. “In terms of devices, the Philippines is actually doing well,” he added. Last August, the company said that over the next three years, Lenovo is committing a further $1 billion in investment for artificial intelligence that will focus on providing AI devices, AI-ready, and AI-optimized computing infrastructure, and embedded AI-generated content into the intelligent solutions of vertical industries to help customers improve their productivity. Lenovo in September 2023 has unveiled new cutting-edge tech tools and essentials tailored to empower the dynamic, evolving needs of today’s business end-users. It said that the new monitor, software, and accessories are not only designed to boost the capabilities of today’s remote and hybrid workforces but also to address significant challenges faced by businesses as they digitize operations across departments. “Lenovo research shows that managing a remote workforce and global teams remain central tasks for CIOs.1. That is why the new offerings integrate impressive processing power, immersive 3D, and advanced security to create a unified, human-centered experience,” the company said. Further, Nogales added that sales for Lenovo in the Philippines will continue to soar as the country has a bigger population which connotes demand compared to other nations in SE Asia. What Lenovo can count on with the Philippines is the demand for laptops and tablets that are now being used by students, educators, workers, and even the government. “Actually, we have an ongoing engagement with the government sector. I was at an event with the DICT (Department of Information and Communications) and we had discussions with the Department of Education as well, but we still understand what they are looking for. Of course, with DepEd, it’s a big agency, and what I can say is we are working with them across whatever we can offer—cloud technologies, among others,” he told the DAILY TRIBUNE. Nogales said he sees an ongoing digital transformation within organizations and will continue over the coming years. Digital transformation is an ongoing journey Meanwhile, VST ECS president and CEO Jimmy Go stressed that in the ever-evolving world of technology, organizations are charting a course - through a landscape that has seen profound advancement in recent years. “It's important to understand that digital transformation is not a one-time event but an ongoing journey. Every day, we bear witness to the unveiling of new digital technologies. In this dynamic environment, the lines between the physical and digital worlds are blurring, creating a phenomenon known as phygital convergence," he said. He said organizations nowadays stand at the threshold of a remarkable technological revolution. “Generative AI is the talk of the town with Chat GPT and other AI, offering organizations the power to intelligently automate customer experiences and streamline internal operations. The implications of this technology are far-reaching. Microsoft is launching CoPilot and most software applications are incorporating AI in their applications. Gartner predicts that by 2030, a staggering 80 percent of people will interact with smart robots daily, and in just two years, these smart robots will become workforce partners for 90 percent of global companies,” he said. Further, Go stressed that AI and machine learning, once a novel concept, have become integral to the products and services offered by major companies. “A mere decade ago, we were learning to communicate with machines. Today, machines understand and adapt to our language, erasing the boundaries between humans and technology. While AI is currently the headline in the tech world, we must not lose sight of the critical need to modernize our IT infrastructure,” he stated. For organizations to embrace technology, he said it’s a pivotal step in allowing organizations to embrace the latest technology trends, including Multi Clouds, Quantum computing, Data explosion, RPA, Generative AI, and more. “Investments in Connectivity solutions, Digital Infrastructure, Cloud technologies, Cybersecurity, Big data, Storage, Automation, and Collaboration tools remain vital to prepare for the ever-evolving Tech landscape. In the Israel-Hamas and Ukraine-Russia wars, Technology plays a very important and critical role in their war strategies. Computers, AI, Starlink, and drones are heavily used in their strategies,” he said. The post Lenovo treats Phl as top Southeast Asian market appeared first on Daily Tribune......»»
BoC-NAIA turns 63
Beyond Borders: A New Era for Digitalization and Customs Excellence was the theme chosen by the Bureau of Customs -Ninoy Aquino International Airport to commemorate its 63rd founding anniversary and over 60 years of dedicated public service. District Collector Atty. Yasmin Mapa emphasized the BoC-NAIA’s impressive accomplishments and development while Collector Mapa praised the port’s exceptional revenue collection record, which generated a total of P31.3 billion in revenue from January to September this year. This represented an increase of P1.3 billion over the prior year and outperformed the collection target for the time by P1.1 billion. This success demonstrates BoC-NAIA’s ongoing dedication to assisting the Bureau in achieving its broad objectives. Collector Mapa stated that in August 2023, BoC-NAIA passed its second surveillance audit for ISO quality management system certification, recognizing the value of simplified customs procedures. With 23 enrolled ISO-certified processes and 10 ISO support processes, the port has the most certified processes of any BOC port. With this accreditation, cargo clearance procedures are guaranteed to be recognized internationally, facilitating trade for stakeholders and customers. She added that BoC-NAIA will remain steadfast in its enforcement policies, intercepting narcotics with an estimated street value of P994 million in 2023. Collector Mapa highlighted the port’s role in preventing the entry of illicit goods, seizing a total of P1 billion worth of drugs, jewellery, wildlife, currencies, medicines, and other regulated items. The port received commendations from the Department of Environment and Natural Resources for curbing wildlife smuggling. BoC-NAIA is aggressively advancing digitization initiatives in keeping with the celebration’s theme. The port is organizing consultative discussions for the electronic tracking of air cargo and is currently in the pilot testing phase of the electronic airwaybill filing. In addition, there are plans to categorize goods and work with pertinent organizations to integrate iDeclare into the e-travel system to provide a centralised platform for trip declarations. A memorandum of agreement between the BoC and the Philippine Postal Corporation was ceremonially signed during this celebration in an effort to speed up, secure and enhance the quality of customs clearance for postal commodities. At the ceremony, BoC-NAIA showcased its newly revamped website and E-Airway Bill System, showcasing its dedication to operating more efficiently. The event was capped off with awards for top imports and standout personnel, underscoring their critical contribution to the port’s development and prosperity. Collector Mapa expressed appreciation to Commissioner Bienvenido Y. Rubio, Deputy Commissioners, and Bureau of Customs employees for their assistance and the chance to assist stakeholders. Collector Mapa stressed the port’s commitment, saying, “This is who we are. This is the customary excellence we are honoured to exude. Unfazed by any threat. Straightforward in the application of policies and loyal to the direction of the agency Performing our duties even beyond borders and striving to introduce digitalization programs tailored for the unique operations of the airport.” Rubio, who graced the celebration, commended the BoC-NAIA for their hard work and dedication in forging economic growth and serving as a vital gateway for trade. “Reflecting upon the journey that brought us to this milestone after six eventful decades, we must acknowledge the individuals who have dedicated themselves to the development of the Port of NAIA — from the pioneers who envisioned its potential to the diligent officers who labor tirelessly day in and day out,” he said. The post BoC-NAIA turns 63 appeared first on Daily Tribune......»»
Canada firm on online news act, but ‘optimistic’ of Google buy-in
Canada "will not back down" in the face of opposition from tech giants to a new law requiring companies like Google and Meta to pay publishers for news content, Heritage Minister Pascale St-Onge said Friday. She said she was "optimistic" that Google would come around, while Meta continues to take a hard line against the bill. The Online News Act builds on similar legislation introduced in Australia and aims to support a struggling Canadian news sector that has seen a flight of advertising dollars and hundreds of publications closed in the last decade. "We've seen two different types of reactions," St-Onge told press bosses gathered in Toronto for a media conference. "Google has been participating and collaborating throughout the entire process and on the other hand, Meta chose to ban news in Canada even though the act is not even currently enforced." Meta has called Bill C-18 "fundamentally flawed" and, starting in August, blocked news access in Canada to news articles on its Facebook and Instagram platforms. Google has also voiced opposition to the Online News Act, adopted in June but only set to come into force in December. The two companies control about 80 percent of all online advertising revenues in Canada. The government has estimated it could cost the pair a combined Can$230 million (US$170 million) by requiring them to make fair commercial deals with Canadian outlets for the news and information that is shared on their platforms, or face binding arbitration. St-Onge acknowledged that Google "does not wish to end up in an arbitration process" for commercial agreements, while Facebook "doesn't want to regulate content." "We are trying to strike the right balance," she said, aware that other nations are watching and interested in how this will play out. The minister commented that this is "new territory." "Canada is only the second jurisdiction in the world to enact this type of bargaining framework," after Australia. "We are leading the way but we're also facing a lot of resistance from tech giants," she said. Contacted by AFP, Google Canada maintained Friday that "critical structural issues" with the bill "have not been sufficiently addressed." "We continue to be concerned that these fundamental issues cannot be resolved through regulation and that legislative changes may be necessary," a spokesman said in an email. The post Canada firm on online news act, but ‘optimistic’ of Google buy-in appeared first on Daily Tribune......»»
Musk’s X strips headlines from news links
Elon Musk's social media platform X has stripped headlines from news articles shared by users, in a move likely to further worsen relations with media groups. The tycoon has long railed against the "legacy media" and claims X, formerly Twitter, is a better source of information. However, he said the latest change was for "aesthetic" reasons -- news and other links now appear only as pictures with no accompanying text. Musk took over Twitter last year in a $44 billion deal and has since renamed it X, sacked thousands of staff and drawn criticism for allowing banned conspiracy theorists and extremists back on the platform, sending advertisers fleeing. He has also banned -- and reinstated -- various journalists with mainstream outlets including the Washington Post and CNN, as well as appearing to delay posts from accounts including the New York Times. "I almost never read legacy news anymore," Musk posted on Tuesday. "What's the point of reading 1,000 words about something that was already posted on X several days ago?" Souring relations Some media groups have stopped posting to X altogether because of the rise in hate speech and the behavior of Musk. AFP and other French news outlets launched a legal case in early August accusing X of copyright breaches. When the changes to links were first mooted in August, Musk posted: "This is coming from me directly. Will greatly improve the esthetics." The changes appear to have been introduced gradually this week. Instead of seeing a headline along with a picture, users now see only a picture with a small watermark. The changes brought a good deal of criticism, journalist Tom Warren of The Verge website posting on X: "It's the latest in a long line of dumb changes on this platform." Some users have already commented that it is now difficult to distinguish between news and other kinds of information, which is likely to raise questions about the trustworthiness of the site. In September, the European Commission said X had a higher ratio of misinformation and disinformation than any other social media. The souring relationship between media and tech companies is not limited to X. Both Google and Meta have pushed back against laws forcing them to pay media companies to show stories. The changes are having a real-world effect, with Axios news site reporting on Tuesday that referrals to media websites from X and Meta's Facebook had collapsed in the past three years. Ads 'decimated' Musk said in July the platform had lost roughly half its advertising revenue, though a month earlier he had claimed that almost all advertisers had returned and that 90 percent of bots had been removed. According to a Media Matters report released Wednesday, most of the top 100 advertisers at Twitter in the weeks prior to Musk's takeover are spending dramatically less at the platform. "Media Matters found that the company's ad revenue is still decimated," the report stated. Since Musk purchased the company, it has earned 42 percent less ad revenue than before his tenure, according to Media Matters. Market tracker Insider Intelligence estimates that X's share of the worldwide digital ad market has fallen nearly 28 percent to about a half a percent in the past year. Musk has suggested charging all users of X, which would be the biggest shake-up since he took over the site, but experts say he might struggle to get most users on board. The post Musk’s X strips headlines from news links appeared first on Daily Tribune......»»
Budgetary leverage
By passing a financing bill at the last minute, the United States Congress avoided a federal government shutdown this week. However, the Biden administration’s top priorities, including defense financing for Ukraine, were left out of the final package. For countries like the Philippines, which has cozied up anew to Uncle Sam, this is cause for concern because America has practically left Ukraine high and dry without the full backing it needs to defend itself against Russia. Okay, so Biden said they “will not walk out of Ukraine.” Still, without funding, that’s just lip service. Having perfected the art of emotional suasion at one end of the pole and brinkmanship on the other, we would not be surprised if Ukraine President Volodymyr Zelensky would tell Biden: “Show us the money.” Sacrificing Ukraine casts doubt on America’s dependability as a coalition partner and ally, even as it stakes a claim to a long tradition of backing democracies in their fight for independence. The Philippines should take note. In the US, it’s clear that whatever the executive branch pledges, the US Congress can always override or, as made apparent again now, starve of funding. That’s the power of holding the purse string that could certainly affect America the mighty’s projection of power. From propping up South Vietnam with billions of dollars in war materiel only to leave Saigon in a huff — with choppers flying off the rooftop of the US Embassy in a hasty, humiliating retreat in 1975 — to giving substantial aid to Israel and Middle Eastern countries, the US has not stopped its posturing as the “policeman of the world.” As in Vietnam and Afghanistan, where in the latter it also abruptly pulled out its forces, thereby allowing the Taliban to retake the country in 2021, the US, for all its fire-and-brimstone statements at the start of the Ukraine-Russia war, may have turned its back on its legal and moral responsibility to aid Kyiv. As an adversarial state under madman Vladimir Putin, Russia has been destabilizing international norms, and Ukraine, by fighting back, has been sending the strong message that autocratic governments cannot make the globe their playground. By not including money for Ukraine’s defense in the 2024 spending bill, the US has lost the chance to demonstrate its dedication to the defense of democracy. But such are the vagaries of the budgeting process in the United States and, of course, the Philippines, with the latter’s form of government and jurisprudence loosely patterned after America’s. In the US, government shutdowns have happened before and will happen again when the legislature and the executive branches are unable to reach an agreement on priorities and lawmakers do not enact a budget in a timely manner. The budget can also be wielded as a political baton with which to make the executive branch more malleable. An example would be the 2013 shutdown in an attempt to defund the Affordable Care Act. Frequent disagreements on spending priorities between the two parties in the US Congress have led to stalemates, with neither side willing to pass the budget unless their demands were met. Budget delays had caused negative effects on the economy and public services. Some may argue that past shutdowns of the US federal government would show the Philippines has a more mature budgetary system in place, as a failure to pass the budget for a new fiscal year only results in a reenacted budget. But the problems associated with a reenacted budget abound. There’s the delayed implementation of new programs and projects. This, as a reenacted budget only allows for the funding of existing programs and projects. A reenacted budget also limits government flexibility to respond to changing needs. For example, if the economy experiences a downturn, the government may need to increase spending on social programs or infrastructure projects. However, this is not possible under a reenacted budget. But probably the biggest risk associated with a reenacted budget would be corruption, as it can give the executive branch more leeway or elbow room to fund projects while reallocating “savings” from projects that had been funded previously. In the shadow of budgetary bludgeoning and political brinkmanship, the recent passage of the US funding bill left Ukraine’s defense hanging by a thread, a stark reminder of the capriciousness of budgeting processes in both the United States and the Philippines, where legislative complexities often take precedence over strategic imperatives. The budget’s power to shape policy and dictate priorities, as seen in the Philippines with past reenacted budgets, illustrates the pitfalls of wielding fiscal levers as political weapons. In both nations, the budgeting process, while designed to reflect the will of the people, is susceptible to political posturing, causing disruptions and imperiling the very ideals of democracy it should be upholding. The post Budgetary leverage appeared first on Daily Tribune......»»
Use of father’s surname, the child’s decision
The misdeeds or oversights of parents cannot and should not disgrace their children. It is for this basic precept that Philippine laws have granted non-marital children (formerly called “illegitimate” children) a myriad of rights akin to — if not totally similar — those of marital children (formerly called “legitimate” children). Notably, their appellation has been changed to a more appropriate description of their parents’ civil status at the time of their birth rather than the birth’s supposed “legitimacy.” Non-marital children are now permitted to carry their father’s surname upon compliance with requirements set by law and related regulations. While Article 176 of the Family Code of the Philippines provides non-marital children’s successional rights, Republic Act 9255, which took effect in 2004, boosted these rights by allowing them to use their father’s surname if their filiation has been recognized by the latter in accordance with some preconditions. The Philippine Statistics Authority or PSA, consequently, revised the implementing rules of RA 9255 in 2016 to better effectuate the wisdom of the law, especially considering the ruling of the Supreme Court in the case of Grace M. Grande v Patricio T. Antonio (G.R. No. 206248, 18 February 2014), which states that neither the father nor the mother is granted the right to dictate the surname of their non-marital children. Instead, the law gives non-marital children the right to decide whether or not they will use their father’s surname. Just recently, PSA issued Memorandum Circular No. 2023-14, which further revised the implementing rules, providing that prevailing rules shall have retroactive effect for all births occurring within or outside the Philippines where a Filipino is concerned. The Office of the Civil Registrar General also amended the same implementing rules through Administrative Order No. 1, series of 2023, so that existing laws and regulations about the use of non-marital children of the surname of their father shall apply to those born during the effectivity of the Family Code of the Philippines or from 3 August 1988 with (a) unregistered births and (b) registered births, where non-marital children use the surname of their mother. Considering these changes, should non-marital children prefer to use the surname of their father, there must exist an express acknowledgment by the latter of the former through any of the following: (a) affidavit of admission of paternity found at the back of the child’s certificate of live birth; (b) affidavit of acknowledgment; or (c) private handwritten instrument signed by the father with his express recognition of the child as his for the rest of his life. These documents shall be filed before the local civil registry where the birth is registered or, in case of unregistered births, where the child is born. Absent the express acknowledgment from the father, the non-martial child cannot use the father’s surname. How, then, is an admission of paternity filed? The father, mother, or non-marital child of legal age may file the affidavit of admission of paternity or affidavit of acknowledgement. In the case of a private handwritten instrument, the same should be personally filed by the father. If the father is deceased, the private handwritten instrument may be filed by the non-marital child, who is of legal age, or the non-marital child’s mother. Should the local civil registry find the requirements complete and without issue after review, the non-marital child’s new surname shall be annotated on the existing certificate of live birth; it shall not be supplied on the portion intended for the last name. The above rules do not include the assignment of a middle name for a non-marital child. An additional Supplemental Report should be filed to supply the child’s middle name on the certificate of live birth. It must be remembered, however, that the non-marital children’s use of the surname of their father does not necessarily make them marital children in legal contemplation — it plainly permits them to publicly use such surname, e.g., in their identity documents like passport, school and employment records, and other documents. There is a separate process for the conversion of a child’s status from non-marital to marital called legitimation. *** For more of Dean Nilo Divina’s legal tidbits, please visit www.divinalaw.com. For comments and questions, please send an email to cabdo@divinalaw.com. The post Use of father’s surname, the child’s decision appeared first on Daily Tribune......»»
Senate OKs taxation reform bill mandating easier tax payments
The Senate on Monday approved a measure that would introduce administrative reforms in the country’s taxation, including easier processing of tax payments. Senate Bill 2224, or the Ease of Paying Tax Act authored by Senator Win Gatchalian, made it to the upper chamber’s third and final reading during the plenary session, with 20 senators voting in favor of its passage. Gatchalian, chairman of the Senate ways and means committee, said the bill targets to establish a tax administration system that will not only encourage taxpayers to pay their taxes truthfully and promptly but also facilitate a more efficient tax collection to fund various government programs. “Mahalaga na maisabatas kung paano natin mapapagaan ang proseso para sa ating mga taxpayers dahil sa kanila nanggagaling ang pondo na kailangan natin para magpatupad ng mga programa para sa ikauunlad ng bansa,” he said. Once enacted into law, SB 2224 will introduce administrative reforms that would simplify tax compliance and strengthen taxpayer rights by amending certain provisions of the National Internal Revenue Code of 1997. The proposed measure also aims to revolutionize the current process of filing tax returns and paying taxes by allowing taxpayers to have the flexibility to file their returns and make payments at any Revenue District Office, or any authorized agent bank, regardless of whether it's located within the jurisdiction of the RDO where they are registered. Gatchalian noted the need for the taxpayers to be allowed to settle estate tax and donor’s tax in any RDO. “This would alleviate the burden placed on taxpayers who have to travel long distances or encounter logistical challenges to fulfill their tax obligations,” he said. In addition, the measure also seeks to institutionalize the use of digital filing and payment through any accredited payment channels or platforms. Gatchalian said the digitalization of filing tax returns and payment of taxes is expected to enhance the compliance of taxpayers. It would make it easier and more convenient for taxpayers to fulfill their obligations, he added. The post Senate OKs taxation reform bill mandating easier tax payments appeared first on Daily Tribune......»»
Major asteroid sample brought to Earth in NASA first
A seven-year space voyage came to its climactic end Sunday when a NASA capsule landed in the desert in the US state of Utah, carrying to Earth the largest asteroid samples ever collected. Scientists have high hopes for the sample, saying it will provide a better understanding of the formation of our solar system and how Earth became habitable. When they learned that the capsule's main parachute had deployed, "I literally broke into tears," the Osiris-Rex mission's principal investigator Dante Lauretta told a press conference. "That was the moment I knew we made it home... For me, the real science is just beginning." The 3.86-billion-mile (6.21-billion-kilometer) journey marked the United States' first sample return mission of its kind, the US space agency said in a post on X, formerly Twitter. NASA chief Bill Nelson hailed the mission and said the asteroid dust "will give scientists an extraordinary glimpse into the beginnings of our solar system." The Osiris-Rex probe's final, fiery descent through Earth's atmosphere was perilous, but NASA managed to engineer a soft landing at 8:52 am local time (1452 GMT), in the military's Utah Test and Training Range. Four years after its 2016 launch, the probe landed on the asteroid Bennu and collected what NASA estimated is roughly nine ounces (250 grams) of dust from its rocky surface. Even that small amount, NASA says, should "help us better understand the types of asteroids that could threaten Earth." The sample return "is really historic," NASA scientist Amy Simon told AFP. "This is going to be the biggest sample we've brought back since the Apollo moon rocks" were returned to Earth. Osiris-Rex released its capsule early Sunday from an altitude of more than 67,000 miles. The fiery passage through the atmosphere came only in the last 13 minutes, as the capsule hurtled downward at a speed of more than 27,000 miles per hour, with temperatures of up to 5,000 degrees Fahrenheit (2,760 degrees Celsius). NASA images showed the tire-sized capsule on the ground in a desert wash, with scientists approaching the device and taking readings. Eventually, they concluded the capsule was not breached, meaning its all-important air-tight seal remained intact, avoiding any contamination of the sample with desert sands. The team then lifted the capsule by helicopter to a nearby "clean room." Meanwhile, the probe that made the space journey fired its engines and shifted course away from Earth, NASA said, "on its way" for a date with another asteroid. Japanese samples On Monday, the sample heads to the Johnson Space Center in Houston for additional study, and NASA plans to announce its first results at a news conference 11 October. Roughly one-fourth of the sample will be immediately used in experiments, and a small amount will be sent to mission partners Japan and Canada. But most of it will be saved for future generations -- a "treasure for scientific analysis for years and years and years to come, to our kids and grandkids and people that haven't even been born yet," Lori Glaze, director of NASA's Planetary Sciences division, said. Japan had earlier given NASA a few grains from asteroid Ryugu, after bringing 0.2 ounces of dust to Earth in 2020 during the Hayabusa-2 mission. Ten years before, it had brought back a microscopic quantity from another asteroid. But the sample from Bennu is much larger, allowing for significantly more testing, Simon said. Earth's origin story Asteroids are composed of the original materials of the solar system, dating back some 4.5 billion years, and have remained relatively intact. They "can give us clues about how the solar system formed and evolved," said Osiris-Rex program executive Melissa Morris. "It's our own origin story." By striking Earth's surface, "we do believe asteroids and comets delivered organic material, potentially water, that helped life flourish here on Earth," Simon said. Scientists believe Bennu, about 500 meters (1,640 feet) in diameter, is rich in carbon -- a building block of life on Earth -- and contains water molecules locked in minerals. Bennu surprised scientists in 2020 when the probe, during its brief contact with the asteroid's surface, sank into the soil, revealing an unexpectedly low density, like a children's pool filled with plastic balls. Understanding its composition could come in handy, for there is a slight -- but non-zero -- chance (one in 2,700) that Bennu could collide catastrophically with Earth, though not until 2182. NASA last year successfully deviated the course of an asteroid by crashing a probe into it in a test, and it might at some point need to repeat that exercise -- but with much higher stakes. The post Major asteroid sample brought to Earth in NASA first appeared first on Daily Tribune......»»
Brazil opens first ‘ExpoCannabis’ amid pot debate
Bubbling with euphoria as thick as the haze in the air, marijuana enthusiasts flocked this weekend to Brazil's first "ExpoCannabis," amid a national debate over decriminalizing the drug for personal use. Launched in Uruguay a decade ago, the huge marijuana fair opened its first international edition Friday in Sao Paulo, complete with DJs, guest speakers, myriad pot products and a large outdoor space packed with hundreds of visitors, nearly all of them smoking up. Organizers said they expected 20,000 people to attend the three-day event, which aims to showcase cannabis in its many uses, and not just recreational and medicinal. "We want to show the public all the plant's capabilities. We're not just talking about the pharmaceutical industry. The plant can also work in the food and beverage industry, the construction industry, the textile industry and biofuels," organizer Larissa Uchida told AFP. "It's a plant that has been demonized for many years, so there needs to be a whole deconstruction of this idea." Uchida said the event respected Brazilian legislation, with vendors selling cannabis accessories, extracts and derivatives -- but not the actual drug. Those smoking it at the fair likely purchased it illegally, but authorities appeared willing to turn a blind eye. Brazil’s 2006 drug law imposes prison terms for drug trafficking, and lighter penalties such as community service for possession, but has faced criticism for a lack of clarity over the line between the two. - Landmark court case - ExpoCannabis got its start in Uruguay in 2013, the same year the small South American country became the first in the world to fully legalize the regulated production and sale of recreational marijuana. The event in neighboring Brazil comes as the Latin American economic powerhouse re-evaluates its own prohibitionist drug laws. Brazil's Supreme Court is currently hearing a case that could decriminalize small-scale possession and use of cannabis and certain other drugs in the nation of 203 million people. Five of the court's 11 justices have so far ruled for decriminalizing marijuana for personal use, just one vote short of the majority needed. Ruling to decriminalize in August, Justice Alexandre de Moraes condemned existing anti-narcotics laws, which he said principally penalized "young people, especially uneducated Blacks, who are treated as drug traffickers for possessing small quantities." However, in a sign of how controversial the subject remains, Senate president Rodrigo Pacheco announced plans Thursday to introduce legislation to amend the constitution to explicitly make the possession of any amount of cannabis a crime. - Budding mega-industry - "I think it's very important to have the first edition (of ExpoCannabis) in Brazil right now," Sao Paulo state legislator Caio Franca told AFP at the fair. "We're at a very opportune moment for a conversation on cannabis-based medicines and recreational use, both from a legislative point of view and also in the courts," said Franca, who has introduced a bill to include medical marijuana in the Sao Paulo public health system. Marijuana for medical use also remains a touchy subject in Brazil. Patients have had to go to court to win the right to use the active ingredient cannabidiol, or CBD, for treatment of conditions such as epilepsy. Gabriel Vieira, an exhibitor at the fair, called for Brazil to join the growing number of countries that have partially or fully legalized cannabis. "We have to see the truth: there are a lot of people who consume it, whether it's medicinal or recreational. I think we need to follow in the footsteps of countries like Germany, the United States," said Vieira, who is 29. The economic potential of the budding global cannabis industry -- valued at $43.7 billion last year, and projected to grow to more than 10 times that by 2030 -- was on full display at the fair. Visitor Luciano Narita, 40, grinned as he showed off his haul of products. "I came here looking for new products, like this chocolate I bought, pipes, leaves," he said with a smile. "I like it for recreational use." fg-jhb/bbk/tjj © Agence France-Presse The post Brazil opens first ‘ExpoCannabis’ amid pot debate appeared first on Daily Tribune......»»
BayaniPay expands North American reach
Backed by an additional funding round of $2.1 million, Filipino-owned financial technology firm BayaniPay is expanding its services in North America to better serve more Asian American immigrants. Speaking to reporters on Wednesday, BayaniPay CEO Winston Damarillo said the company will leverage the large concentration of Filipinos in Canada to grow its reach. Filipino immigrants in Canada recorded a population of almost one million in 2021, while Filipino immigrants in the United States or US numbered around 2 million, comprising more than 4 percent out of over 45.3 million US immigrants. “We aim to sustain this momentum and explore new territories. Our commitment towards improving and growing our platform is driven by the desire to make the lives of Filipinos easier, wherever they may be found,” Damarillo said. BayaniPay currently serves customers in California, Hawaii, New Jersey, and Alaska by allowing them to remit funds to their loved ones and make direct payments to service providers in the Philippines. Its platform allows customers to have easy access to a digital checking account, a debit card that maximizes their spending power, zero fee remittance fees, and market-leading forex rates. According to Damarillo, the company will utilize its new funding, which brought the total seed round of BayaniPay to $6.6 million to date, for the planned expansion. BayaniPay previously raised $4.5 million in seed funding, allowing it to scale its product features and explore new territories. During the first half of the year, BayaniPay saw its average transaction value surge to over P100 million per month, a huge jump from only P30.64 million in average transactions last year. Damarillo attributed this to the strong demand for cross-border payment solutions, including remittances as well as bill payments. BayaniPay thus targets to reach P1 billion in total transaction value before the end of the year. “We are on track to meet this milestone, as we continue to acquire more customers each month. The demand for BayaniPay continues to grow as more and more Filipinos see the value and benefit of convenience while allowing them to enjoy zero fees and competitive foreign exchange rates,” Damarillo said. Early this year, BayaniPay, in partnership with BDO Remit USA, launched its Buena Mano Rate program of $1 = P60 forex rate for its first-time remitters, which exponentially increased BayaniPay’s customer acquisition. The Buena Mano Rate program is applicable for up to $500 of every first remittance or first remittance in six months. BayaniPay plans to launch its loyalty program for active users this fourth quarter, which would grant them preferential high forex rates as incentives. As of end-June, BayaniPay recorded a 36-percent growth in new users. It is also strengthening its partnerships with other institutions to further expand its portfolio of services. BayaniPay targets to increase its current 10,000 user base to 100,000 in the next two years. The post BayaniPay expands North American reach appeared first on Daily Tribune......»»
UBS’s Credit Suisse takeover, ‘deal of the century’?
Did banking giant UBS make "the deal of the century" when it bought one of the world's biggest banks for a pittance as it teetered on the edge of the abyss? Switzerland's largest bank was in March strong-armed by Swiss authorities into a $3.25-billion takeover of Credit Suisse, to keep its closest domestic rival from going under. At the time, investors gasped at the risks UBS was taking on with the purchase. But by August, the bank said it would not need the billions in support offered by the Swiss government and central bank to offset any surprises that might pop up in its stricken rival's accounts. That must mean that Credit Suisse's situation was "much better than described in March", Thomas Aeschi, a member of parliament with the populist rightwing Swiss People's Party (SVP), wrote on X, formerly Twitter. UBS seemed to prove him right when it unveiled its second-quarter results on August 31. The bank posted a towering net profit of $29.2 billion for the three-month period, thanks to an exceptional gain due to the gulf between the amount paid for Credit Suisse and its book value. 'Godsend' "UBS has pulled off the deal of the century," Switzerland's Socialist Party said, maintaining the "rescue" was more of a "godsend", allowing it to snatch up a bank at a dramatically reduced rate. "If we had chosen another path, (like) a temporary or partial nationalization," said Samuel Bendahan, a Socialist MP and economics professor at the University of Lausanne, the Swiss state "would have taken on the risk, but those $29 billion would have gone to the population". Instead, the takeover has created "a monopolistic situation", he told AFP, warning that while this might strengthen UBS, it puts Switzerland in an extremely risky position if the new mega-bank were to one day face a crisis. Politicians are not the only ones taking issue with the takeover. Gisele Vlietstra, founder of the Swiss Investor Protection Association, told public broadcaster RTS that UBS's towering quarterly profit confirms that the "intrinsic value" of Credit Suisse was "far higher" than the purchase price. She said she hoped that the lawsuits brought by her association and others on behalf of thousands of Credit Suisse shareholders will help determine "the correct value" that they should be compensated. 'Nickel and dime' "UBS paid a nickel and dime" and "got rid of its main competitor" in one fell swoop, Carlo Lombardini, a lawyer and banking law professor at Lausanne University, told AFP. The coming restructuring will clearly carry risks, "but having paid just three billion, it can't go wrong", he said, slamming the option chosen by the Swiss authorities. Like UBS, Credit Suisse was listed among 30 international banks deemed too big to fail because of their importance in the global banking architecture. But the collapse of three US regional lenders in March left the firm looking like the next weakest link in the chain. The Swiss government feared Credit Suisse would have quickly defaulted and triggered a global crisis, shredding Switzerland's reputation for sound banking. But its chosen option for dealing with the issue was certainly a boon to UBS, which will now swell to manage $5 trillion of invested assets. Confidence 'evaporated' UBS chief Sergio Ermotti acknowledged in a recent interview with the SonntagsZeitung weekly that the bank had been "worried" about its competitor since 2016, and had among other things looked into the possibilities of buying it, for fear a foreign lender might snap it up. He acknowledged that Credit Suisse may have survived for a time if the central bank had injected more cash, "but it would not have been enough, since confidence had evaporated". Since the takeover announcement in March, UBS has seen its share price soar 31 percent. But the bank still faces significant challenges, Vontobel analyst Andreas Venditti told AFP. The $29 billion "is a huge one-off gain, but this is just accounting", he said, stressing that "the losses and costs will come later". The analyst, who a few months ago wondered in a note whether UBS had secured "the deal of the decade or a decade of headaches", stressed that "it's going to be a huge task". He said it would only become clear "whether it was worth it" after most of the restructuring is done three years down the line. Parts of the business are continuing to "produce huge losses", he said, warning "many things can still go wrong". Swissquote analyst Ipek Ozkardeskaya agreed, recalling that "UBS was forced" into the merger. Now it is up to the bank to "transform an 'obligation' to its advantage". The post UBS’s Credit Suisse takeover, ‘deal of the century’? appeared first on Daily Tribune......»»