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  • Philippines Opens First Lithium-iron-Phosphate Battery Factory

    Philippines Opens First Lithium-iron-Phosphate Battery Factory

    New Clark City, Tarlac – Philippine President Ferdinand R. Marcos Jr. on Monday inaugurated the country’s first manufacturing plant for lithium-iron-phosphate batteries, a major step towards sustainable energy.

    The StBattalion (StB) Giga Factory, located at the Filinvest Innovation Park in New Clark City, Tarlac, was funded by Australian investment firm St Baker Energy.

    The project was part of the investment commitments announced at the ASEAN-Australia Special Summit in March, where President Marcos Jr. secured P86 billion pesos (around 1.5 billion USD) worth of business deals.

    The factory, the first locator at the Filinvest Innovation Park, is expected to generate around P5 billion pesos (around 85 million USD) annually once it reaches full capacity, providing 2,500 jobs for local engineers, technicians, and administrative staff.

    StB Giga aims to produce two gigawatt-hours (GWh) of batteries annually by 2030, enough to support around 18,000 electric vehicles (EVs) or nearly half a million home battery systems, positioning the Philippines as a key player in Southeast Asia’s clean energy storage landscape.

    The company also plans to expand into the EV market, aligning with the administration’s vision to develop a local EV industry and reduce dependence on imported fuels.

    Once StB Giga reaches its target capacity, the company will have invested around 35 million USD in the Philippines.

  • LTO Launches Online Driver’s License Renewal for OFWs in Taiwan

    LTO Launches Online Driver’s License Renewal for OFWs in Taiwan

    The Land Transportation Office (LTO) has successfully launched a pilot program allowing overseas Filipino workers (OFWs) in Taiwan to renew their driver’s licenses online.

    The two-day pilot implementation, which began Saturday, drew around 500 OFWs on its first day, with 200 of them successfully processing their renewals. One of the first to complete the online renewal was Angelito Maderia, a Taiwan-based worker who expressed gratitude for the convenient process.

    “I’m happy because the process was easy and fast,” Maderia said. “Unlike before, I didn’t have to go back to the Philippines just to renew my license.”

    Maderia, who complied with the requirements using his cellular phone during his break time, said the entire transaction was smooth. The requirements included an active LTO Portal account, online CDE certification, and a medical certificate from an LTO-accredited telemedical facility.

    LTO Assistant Secretary Vigor D. Mendoza said the goal of the program is to provide fast and comfortable services for driver’s renewal, in line with President Ferdinand “Bongbong” Marcos Jr.’s advocacy to digitalize all government services under the Bagong Pilipinas.

    Mendoza expressed gratitude to Secretary Jaime J. Bautista for his support and to the Department of Migrant Workers Secretary Hans Leo Cacdac and the Manila Economic and Cultural Office (MECO)-Taiching Extension Office Director Sabrina P. Aaron for assisting the LTO.

    The entire process, from application to delivery of the license card, can take anywhere from 3-5 days, Mendoza said. The pilot implementation aims to test the system and gather feedback from OFWs before expanding to the United States and other countries in Europe and the Middle East.

    LTO plans to print the license card and notify the OFW once it is ready for shipping. Maderia, who used GCash for payment, said he was grateful for the convenient service.

    “I would like to thank LTO Chief, Assistant Secretary Vigor D. Mendoza, Secretary Jaime J. Bautista, and President BBM for this kind of service, which is a big help to us OFWs,” Maderia said.

  • AUB First Philippine Bank to Integrate National ID eVerify System

    AUB First Philippine Bank to Integrate National ID eVerify System

    Asia United Bank (AUB) has become the first local bank to integrate the National ID eVerify system into its identity verification processes, the bank announced.

    AUB has been issued an Application Programming Interface (API) key, a security credential that enables the bank’s systems to interact with the National ID API, facilitating secure and efficient verification of clients’ identities in various banking transactions.

    The integration is expected to streamline AUB’s operations, reducing paperwork and expediting account opening procedures while maintaining robust security measures.

  • Logistics Conference Draws Large Crowd in Mandaue City

    Logistics Conference Draws Large Crowd in Mandaue City

    Cebu, Philippines – A high-profile logistics conference drew a large and enthusiastic crowd in Mandaue City on September 12, 2024, featuring a lineup of top industry experts who shared their insights on the future of logistics.

    The event, held at the Waterworld Hotel Cebu, brought together distinguished speakers including Emilio “Jun” Neri, lead economist of the Bank of the Philippine Islands (BPI), Eugenio P. Ibo Jr., transportation development officer of the Land Transportation Franchising and Regulatory Board (LTFRB)-7, and Atty. Marc Anthony Patriarca, deputy district collector for assessment of the Bureau of Customs-Port of Cebu.

    Other notable speakers included Ankush Kumar Banathia, country manager of Stackbox Services Private Limited, Capt. Rodien Paca, president of the Supply Chain Management Association of the Philippines (SCMAP), and Glen Galario, regional director of the Land Transportation Office (LTO).

    The conference was marked by an electric atmosphere as the thought leaders shared their expertise and perspectives on the future of logistics. The event was organized by the Mandaue Chamber of Commerce and Industry (MCCI).

    Those interested in participating in upcoming MCCI events or becoming a member can contact the MCCI Secretariat at (032) 343 3491 or (032) 236 8245, or reach out to Cyruz Honoridez at 0917 314 7912. More information is available on the MCCI website at www.mandauechamber.org or on Facebook at www.facebook.com/MandaueChamber.

  • Ayala Corp Included in Time’s World’s Best Companies 2024 List

    Ayala Corp Included in Time’s World’s Best Companies 2024 List

    Ayala Corporation has been named the Philippines’ top company in Time Magazine’s World’s Best Companies 2024 list, marking the second consecutive year the conglomerate has achieved the distinction.

    The recognition comes as Ayala Corporation celebrates its 190th anniversary, with President and CEO Cezar Consing expressing gratitude for the acknowledgement of the company’s commitment to quality.

    “We are delighted to be recognized for the second year in a row, and we believe that by continuing to build businesses that enable people to thrive, we will remain among the world’s leading companies,” Consing said.

    The World’s Best Companies 2024 list, compiled by Time and Statista, evaluates top-performing companies globally based on three key dimensions: employee satisfaction, sustainability, and revenue growth.

    Ayala Corporation’s ranking reflects its strong performance across these areas.

    Consing attributed the recognition to the company’s employees, shareholders, and the communities it serves, saying, “We share this recognition with all of you, and we thank you for your sustained trust and commitment to our purpose of building businesses that enable people to thrive.”

    Ayala Corporation’s subsidiaries, including Ayala Land, Inc., BPI, Globe Telecom, ACEN, AC Health, ACMobility, AC Logistics, and Ayala Foundation, Inc., contribute to the company’s diversified portfolio and commitment to sustainable growth.

  • LTO Issues Show Cause Order Against Vlogger for Violating Motorcycle Rule on Expressway

    LTO Issues Show Cause Order Against Vlogger for Violating Motorcycle Rule on Expressway

    The Land Transportation Office (LTO) has issued a Show Cause Order (SCO) against a vlogger who deliberately entered the South Luzon Expressway (SLEX) on a motorcycle that is not allowed on the expressway.

    According to the LTO, the vlogger, who is from Quezon City, uploaded a video on social media showing him entering the expressway on a 250cc motorcycle, despite knowing that motorcycles under 400cc are strictly prohibited on the expressway.

    LTO said the vlogger’s actions were not only irresponsible but also dangerous, as it may have endangered not only his life but also the lives of other motorists on the expressway.

    LTO chief Assistant Secretary Atty. Vigor D. Mendoza II condemned the vlogger’s actions, saying it was a clear disregard for the rules and regulations of the expressway, which are in place for the safety of all motorists.

    The SCO, signed by Renante Melitante, head of the LTO-Intelligence and Investigation Division, directs the vlogger to show cause in writing why he should not be administratively charged for disregarding traffic signs, reckless driving, and why his driver’s license should not be suspended or revoked.

    The vlogger has been ordered to appear before the LTO Intelligence and Investigation Division on September 16, 2024 and bring all registration documents of the motorcycle.

    LTO has also placed the vlogger’s driver’s license and the motorcycle under alarm, pending the result of the investigation.

    The incident has triggered outrage on social media, with many netizens calling for the vlogger to be held accountable for his actions.

  • Philippines Returns to Global Markets with $2.5 Billion Bond Offering

    Philippines Returns to Global Markets with $2.5 Billion Bond Offering

    MANILA: The Philippines has successfully re-entered the international capital markets with a $2.5 billion triple-tranche global bond offering, consisting of 5.5-year, 10.5-year, and 25-year bonds.

    The 25-year tranche marks the country’s sixth environmental, social, and governance (ESG) bond offering in major global markets, underscoring the government’s commitment to sustainable finance.

    The latest issuance achieved among the best and tightest pricing in all its tranches this year, compared to the Philippines’ regional peers. This means that the government was able to raise funds at very affordable costs, which will support various programs and projects benefiting the Filipino people.

    According to the Department of Finance, the proceeds of the 5.5-year and 10.5-year bond offerings will be used for general budget financing, while funds from the 25-year bond will support both general budget financing and projects aligned with the country’s Sustainable Finance Framework.

    The successful bond offering is considered as a manifestation to the country’s strong economic fundamentals and its ability to attract foreign investors. The Department of Finance said the issuance was well-received by investors, with strong demand from major global markets.

    The bond offering is part of the government’s plans to diversify its funding sources and reduce its reliance on domestic borrowing. The move is also expected to help support the country’s economic growth and development goals.

    For more information, visit the Department of Finance website at www.dof.gov.ph.

  • US Embassy in Philippines to Launch New Visa Application Center, Expand Consular Services

    US Embassy in Philippines to Launch New Visa Application Center, Expand Consular Services

    The US Embassy in the Philippines announced Thursday it will open a new Visa Application Center (VAC) and launch an updated visa appointment system, as well as expand call center services to US citizens in the country.

    The new VAC, located in Parqal Building 8 in Parañaque City, will begin operations on September 28, requiring immigrant and nonimmigrant visa applicants to schedule a separate appointment for photo capture and fingerprint scanning prior to their interview at the US Embassy.

    A new online appointment system, available on ustraveldocs.com/ph, will feature a secure and user-friendly interface for visa applicants. Existing account holders will need to sign in to the new system to retrieve their user profile.

    The VAC will offer appointment slots from 7:00 a.m. to 4:00 p.m., Monday to Friday, and from 7:00 a.m. to 11:00 a.m. on Saturdays. No appointment is needed for applicants who wish to pick up their passports or drop off interview waiver visa applications and other required documents.

    Additionally, the US Embassy will launch a call center for customers with general, non-emergency American Citizen Services (ACS) inquiries. US citizens can call consular hotlines at (+632) 7792-8988 or (+632) 8548-8223, or (703) 520-2235 for callers in the United States.

    The US Embassy will also launch a new website (ustraveldocs.com/ph/en/american-citizens-services) and email (support-acs-philippines@usvisascheduling.com) for ACS services on September 28.

    Updates on these changes will be posted on the US Embassy website (ph.usembassy.gov) and on the Embassy’s social media accounts.

  • Lessons from Kodak’s Death

    Lessons from Kodak’s Death

    By Anonymous / Source Unknown

    Remember the Kodak company? In 1997, Kodak had about 160,000 employees.
    And about 85% of the world’s photography was done with Kodak cameras. With the rise of mobile cameras over the past few years, Kodak Camera Company is out of the market. Even Kodak went completely bankrupt and all his employees were fired.

    At the same time many more famous companies had to stop themselves. Like

    HMT (clock)
    BAJAJ (स्कूटर)
    DYANORA (TV)
    MURPHY (RADIO)
    NOKIA (Mobile)
    RAJDOOT (Bike)
    Ambassador (car)

    None of the above companies had bad quality. Why are these companies out yet? Because they could not change themselves over time.

    Standing in the present moment you probably don’t think how much the world could change in the next 10 years! And today’s 70%-90% jobs will be completely over in the next 10 years. We are slowly entering the era of “Fourth Industrial Revolution”.

    Check out today’s famous companies-

    UBER is just a software name. No, they have no cars of their own. Yet today the world’s largest taxi-fair company is UBER.

    Airbnb is the largest hotel company in the world today. But funny thing is they don’t own a single hotel in the world.

    Similarly, examples of countless companies like Paytm, Ola Cab, Oyo rooms etc can be given.

    There is no work for new lawyers in America today, because a legal software called IBM Watson can advocate much better than any new lawyer. Thus, almost 90% of Americans will not have any jobs in the next 10 years. The remaining 10% will be saved. These will be 10% experts.

    The new doctor is also sitting down to work. Watson software can detect cancer and other diseases 4 times more accurately than humans. Computer intelligence will surpass human intelligence by 2030.

    90% of today’s cars will not be seen on the roads in the next 20 years. Leftover cars will either run by electricity or hybrid cars. The roads will slowly become empty. Gasoline consumption will decrease and oil producing Arab countries will slowly become bankrupt.

    If you want a car you have to ask for a car from a software like Uber. And as soon as you ask for a car, a completely driverless car will come and park in front of your door. If you travel with several people in the same car, the rent of a car per person will be less than a bike.

    Driving without driver will reduce the number of accidents by 99%. And this is why car insurance will stop and car insurance companies will be out.

    Things like driving on earth will no longer survive. Traffic police and parking staff won’t be required when 90% of vehicles disappear from the road.

    Just think, there used to be STD booths in the streets even 10 years ago. All these STD booths were forced to close after the mobile revolution came in the country. Those who survived have become mobile recharge shops. Again online revolution in mobile recharge. People started recharging their mobile online sitting at home. Had to replace these recharge shops again. Now these are just mobile phones to buy and sell and repair shops. But this will also change very soon. Mobile phone sales are increasing directly from Amazon, Flipkart.

    The definition of money is also changing. There used to be cash but in today’s age it has become “plastic money”. Credit card and debit card round was a few days ago. Now that too is changing and the era of mobile wallet is coming. Growing market of Paytm, one click of mobile money.

    Those who cannot change with age, age removes them from the earth. So keep changing with the times.

    Keep creating great content, keep moving with time.

    copied

  • Digital Libraries Reach Remote Philippine Schools

    Digital Libraries Reach Remote Philippine Schools

    Four schools in remote areas of Central Luzon have received digital libraries as part of a government program to improve access to educational resources.

    The project, called STARBOOKS (Science and Technology Academic and Research-Based Openly Operated Kiosks), is a partnership between the Department of Science and Technology (DOST) and BPI Foundation, the charitable arm of the Bank of the Philippine Islands.

    What is STARBOOKS?

    STARBOOKS is a digital library system that works offline, providing access to thousands of educational materials, including:

    • K-12 resources
    • Scientific and technological information
    • Research papers

    The system is designed to work without an internet connection, making it suitable for areas with limited connectivity.

    Which schools benefited?

    The four schools that received STARBOOKS systems are:

    • Lauis National Highschool in Zambales
    • Sto. Tomas National High School in Pampanga
    • Dueg Resettlement Elementary School in Tarlac
    • Pantabangan West Integrated School in Nueva Ecija

    These installations took place over three days from 27-29 August 2024.

    Who will benefit?

    • More than 2,600 students
    • 128 teachers

    These beneficiaries now have access to a wide range of educational materials that were previously unavailable to them.

    Training provided

    DOST officers conducted comprehensive training sessions for teachers at each school. This ensures that staff can effectively use the STARBOOKS system and incorporate it into their teaching.

    Wider context

    This project is part of a larger donation worth P2.1 million pesos from BPI Foundation. The donation will fund STARBOOKS installations in 30 remote schools across the Philippines.

    The project will address the educational divide between urban and rural areas in the country, where students in remote locations often have limited access to up-to-date learning resources.

    What they say

    A spokesperson for DOST-STII said: “Our mission is to disseminate science, technology, and innovation learning resources through STARBOOKS, especially to underserved areas.”

    BPI Foundation said that this project supports their “Kasama Lahat sa Pag-unlad” (Everyone Included in Progress) advocacy, which aims to build a more inclusive Philippines.

    What’s next?

    The success of this project will depend on how effectively schools integrate these digital libraries into their curriculum. Education experts will be watching closely to see if this technology-driven approach can help bridge the educational gap in the Philippines.

  • PAGASA Planetarium Reopens After Renovation

    PAGASA Planetarium Reopens After Renovation

    The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) announced today that its planetarium at the PAGASA Central Office in Quezon City has completed renovations and is now open to the public.

    The renovated planetarium, with a 90-seat capacity, will continue to offer educational and entertaining shows about basic astronomy and the night sky. The venue will also host lectures on the basics of astronomy and celestial navigation for students and the general public.

    For more information, contact Engr. Ma. Rosario C. Ramos, chief of the Space Science and Astronomy Section, at (02) 8284-0800, ext. 3015, 3016, or 3017.

  • PNP Chief Urges Quiboloy Supporters to Respect Rule of Law

    PNP Chief Urges Quiboloy Supporters to Respect Rule of Law

    Philippine National Police (PNP) Chief General Rommel Francisco D. Marbil on Monday urged political backers and supporters of fugitive religious leader Apollo C. Quiboloy to advise him to face the accusations against him through legal channels.

    In a statement, Marbil emphasized that all citizens, regardless of status, are bound by the rule of law. He warned that obstruction of justice and harboring a fugitive are serious offenses.

    The police chief called on Quiboloy’s Kingdom of Jesus Christ (KOJC) church and its members to align their actions with biblical teachings on respecting authority.

    Marbil also addressed a fatality during recent operations related to KOJC, describing it as an isolated incident not directly connected to the operation. He expressed condolences to the family of the deceased.

    “The law applies equally to all, and any attempt to evade justice undermines the very foundation of our society,” Marbil said.

    Quiboloy, a self-proclaimed “appointed son of God,” is wanted on charges including sex trafficking. He has been in hiding since authorities attempted to serve arrest warrants at his church compound in Davao City last month.

    The PNP chief reaffirmed the police force’s commitment to enforcing the law fairly and ensuring justice is served for all.

  • Ayala Corp signs deal with Philippine jail bureau for staff benefits

    Ayala Corp signs deal with Philippine jail bureau for staff benefits

    Ayala Corp (AC.PS) has signed a Memorandum of Understanding (MOU) with the Bureau of Jail Management and Penology (BJMP) to provide exclusive access to its products and services for BJMP personnel, the company said on Saturday.

    The program, called “Saludo sa Serbisyo,” offers benefits including home and car ownership assistance, financial education, livelihood training, health and wellness caravans, and product discounts.

    Ayala has previously signed similar agreements with other uniformed services, including the Armed Forces of the Philippines, Philippine National Police, Philippine Coast Guard, and Bureau of Fire Protection.

    Fernando Zobel de Ayala, board member of Ayala Corporation, said the partnership aims to empower communities and create an environment where individuals can thrive regardless of circumstances.

    The MOU signing was attended by Department of the Interior and Local Government Secretary Benhur Abalos.

    Ayala subsidiaries involved in the program include Ayala Land Inc (ALI.PS), Bank of the Philippine Islands (BPI.PS), AC Health, AC Mobility, Healthway Medical Network, Generika Drugstore, and MDC.

  • NBI Arrests Man for Impersonating Presidential Secretary

    NBI Arrests Man for Impersonating Presidential Secretary

    The National Bureau of Investigation (NBI) has arrested a man for impersonating a secretary in the Office of the President, the agency announced Tuesday.

    Juanito Tan De Veyra was apprehended on August 16, 2024 while applying for a special license plate at the Land Transportation Office (LTO) in Quezon City.

    He allegedly introduced himself as a secretary under the Office of the President and presented a business card identifying him as “Secretary” of the Presidential Committee on Flagship Programs and Projects.

    NBI Director Jaime B. Santiago said the arrest followed a tip-off from the Office of the President about De Veyra’s fraudulent claims. An entrapment operation was set up at the LTO office, where De Veyra reportedly boasted about his ability to award infrastructure projects to government contractors.

    “The Office of the President has confirmed that De Veyra is not appointed by the President as Secretary of any Presidential Committee,” Santiago said. “Furthermore, there is no such office as the Presidential Committee on Flagship Programs & Projects.”

    De Veyra faces charges of usurpation of authority under Article 177 of the Revised Penal Code. He has been presented for inquest proceedings at the Department of Justice in Quezon City.

  • President Marcos Praises Philippine National Police for Transformative Efforts on 123rd Anniversary

    President Marcos Praises Philippine National Police for Transformative Efforts on 123rd Anniversary

    MANILA, Philippines — President Ferdinand R. Marcos Jr. on Tuesday praised the Philippine National Police (PNP) for its transformative efforts, saying the force has become more disciplined, transparent, and fair.

    Marcos made the remarks during the PNP’s 123rd Police Service Anniversary celebration at the PNP Multi-Purpose Center in Quezon City. The event was themed “Sa Bagong Pilipinas, ang Gusto ng Pulis Ligtas Ka” (In a new Philippines, the police’s desire is for you to be safe).

    PNP Chief Police General Rommel Francisco D. Marbil highlighted the force’s advancements in operational capabilities, innovations, and frontline services, which have contributed to a notable reduction in focus crimes and cybercrime incidents. He also cited significant achievements in the fight against illegal drugs, including the historic seizure of 9.68 billion pesos (approximately $170 million) worth of illegal drugs.

    Marcos commended the PNP for its long-standing dedication to maintaining peace, order, and safety. He urged the police force to uphold discipline, transparency, and fairness, and encouraged personnel to support Marbil’s leadership.

    The president also recognized the sacrifices and dedication of the police force, saying the nation is progressing toward a safe and empowered “Bagong Pilipinas” (new Philippines).

    During the ceremony, the PNP honored the exemplary performance and dedication of its personnel and units with various awards. Among the recipients were PCOL Samuel S. Delorino, recognized as the Best Senior Police Commissioned Officer for Administration, and PCOL Jess B. Mendez, awarded as the Best Senior Police Commissioned Officer for Operations.

    The PNP also recognized outstanding units and individuals, including the National Capital Region Police Office, which received the Special Unit Award (PNP Unit-PRO Level), and Davao Norte PPO, which was honored as the Special Unit Award (PNP Unit-PPO Level).

    The Police Service Anniversary commemorates the founding of the Philippine Constabulary, established as the country’s insular police force on August 8, 1901.

  • Job Creation Drives Philippine Economic Growth, Government Reports

    Job Creation Drives Philippine Economic Growth, Government Reports

    The Philippine government is leveraging employment generation as a key strategy to boost economic growth, with recent data showing promising results.

    President Ferdinand Marcos Jr. reported a 6.3% economic growth in the second quarter, placing the Philippines among the top performers in Asia and ASEAN. The unemployment rate dropped to 3.1%, one of the lowest levels recorded in two decades. Over 50.3 million Filipinos are now employed, with 63.8% in the formal sector, according to the President’s statement.

    This focus on job creation aligns with World Bank findings that indicate a 1% increase in employment correlates with a 0.6% rise in GDP growth. The strategy follows Keynesian multiplier theory, which posits that employed individuals stimulate economic activity through increased consumer spending.

    The Philippine Economic Zone Authority (PEZA) plays a crucial role in this job-centric approach. From January to August 2024, PEZA approved 144 projects, creating 29,524 new jobs—a 60.4% increase compared to the same period in 2023. PEZA currently oversees 423 operating economic zones nationwide, hosting 4,380 primarily export-oriented projects and directly employing over 1.8 million Filipinos.

    The National Economic and Development Authority (NEDA) estimates that each direct job in these economic zones generates five indirect employment opportunities, underscoring the multiplier effect of PEZA’s initiatives.

    PEZA Director General Tereso Panga emphasized the agency’s commitment to collaborating with the Department of Trade and Industry, other government agencies, and the private sector to generate more jobs, particularly in rural areas. The goal is to support the administration’s target of achieving upper-middle-income status within President Marcos’s term.

    As the Philippines continues to attract foreign direct investment, the government aims to capitalize on this momentum to further reduce unemployment and expand the middle class. However, challenges remain in ensuring that job growth is sustainable and aligned with the skills required in an evolving global economy.

  • Philippines Leads Asian Economic Growth in Q2 2024

    Philippines Leads Asian Economic Growth in Q2 2024

    MANILA, Philippines – The Philippine economy accelerated its growth in the second quarter of 2024, reaching a robust 6.3% expansion compared to the revised 5.8% in the first quarter. This stronger-than-expected performance has the country well on its way to achieve its 2024 targets and transition to upper-middle income status by 2025.

    According to the preliminary assessment by the country’s economic managers, the Philippines’ economic growth exceeded the 6.0% median forecast of private-sector analysts. On a seasonally adjusted quarter-on-quarter basis, the country’s GDP grew by 0.5% during the period.

    The Q2 2024 growth also represents a significant uptick from the 4.3% expansion seen in the second quarter of 2023. With a projected 6.0% growth in the second half of the year, the Philippines is poised to hit its annual targets and make substantial progress towards becoming an upper-middle income economy by 2025.

    “This robust economic performance underscores the resilience and dynamism of the Philippine economy, even in the face of global headwinds,” said the country’s chief economist. “We are confident that with the right policies and continued reform efforts, the Philippines can sustain this growth trajectory and achieve our development goals.”

    The strong second-quarter growth was driven by broad-based improvements across various sectors, including services, industry, and agriculture. Household consumption remained strong, while investment and exports also contributed significantly to the overall expansion.

    Economists say the Philippines’ economic growth has now outpaced most of its Asian neighbors that have already released their Q2 2024 data, making it the second fastest-growing economy in the region after Vietnam’s 6.9% expansion. Other countries’ Q2 2024 growth rates include Malaysia at 5.8%, Indonesia at 5.0%, China at 4.7%, and Singapore at 2.9%.

  • Philippine Tax Academy Officials Visit Customs Port in Cebu

    Philippine Tax Academy Officials Visit Customs Port in Cebu

    CEBU CITY, Philippines — Representatives from the Department of Finance’s Philippine Tax Academy visited the Bureau of Customs Port of Cebu on Thursday to discuss potential collaboration on training and development for customs officers.

    PTA Chancellor Atty. Noemi B. Alcala-Garcia led the delegation, which met with District Collector Romeo Allan R. Rosales and other customs officials.

    The discussions focused on enhancing customs officers’ skills to meet evolving operational demands.

    Rosales emphasized the PTA’s role in elevating public service standards within the customs bureau, citing its contribution to efficient and transparent administration.

    The Port of Cebu said it remains committed to improving personnel capabilities through ongoing education and training.

  • Equipment Rental Startup 2Quip Launches AI-Powered Marketplace

    Equipment Rental Startup 2Quip Launches AI-Powered Marketplace

    US-based startup 2Quip on Tuesday launched an artificial intelligence-powered marketplace aimed at modernizing the equipment rental industry.

    The platform, dubbed “Platform 3.0”, introduces features including AI-assisted equipment listing and search capabilities, a rental protection plan, and business activation subscription services.

    2Quip, which describes itself as a peer-to-peer equipment-sharing marketplace, seeks to connect equipment owners with renters in a market it values at $127.9 billion.

    “Equipment ownership is only getting more expensive and the antiquated rental experience isn’t keeping pace with what today’s generations are demanding,” 2Quip CEO and co-founder Mark Costa said in a statement.

    The company’s new offering includes three subscription tiers: a free “Starter” option with transaction fees, a “Growth” tier at $49 monthly, and a “Business” tier at $249 monthly with reduced fees and increased support.

    2Quip claims its platform will help equipment owners generate income from underutilized assets while providing renters with more convenient and cost-effective options compared to traditional rental services.

    The startup did not disclose its current user base or financial projections.

  • Central Bank Opens New Branch in Cotabato City

    Central Bank Opens New Branch in Cotabato City

    COTABATO CITY – The Bangko Sentral ng Pilipinas inaugurated a new branch building in Cotabato City on Monday, expanding its facilities and operational capabilities in Mindanao.

    BSP Deputy Governor Bernadette Romulo-Puyat led the ceremony, joined by government officials including Secretary Carlito G. Galvez Jr. of the Office of the Presidential Adviser on Peace, Reconciliation and Unity, and Bangsamoro Autonomous Region in Muslim Mindanao Chief Minister Ahod B. Ebrahim.

    The new building, located on Governor Gutierrez Avenue, will support currency requirements for Cotabato City and nearby areas in Maguindanao, Cotabato, and Sultan Kudarat. It will also serve as a hub for BSP stakeholder relations and advocacies in BARMM.

    Featuring energy-, water-, and material-efficient systems, the structure aligns with BSP’s Sustainable Central Banking agenda and Next Generation Design Building concept.

    The Cotabato Branch is part of BSP’s Mindanao Regional network, which includes offices in Davao City, Butuan, Cagayan de Oro, General Santos, Ozamiz, and Zamboanga.

    BSP regional offices and branches handle cash operations, gold-buying operations in select areas, branch accounting, economic and financial learning, and regional economic surveillance.

    The central bank previously operated from the Tison Building in Cotabato City since 2000, after occupying rented space from 1983 to 2000.

  • Philippine Navy’s Homegrown Hero: BRP Tagbanua Completes Epic 2,370-Mile Journey

    Philippine Navy’s Homegrown Hero: BRP Tagbanua Completes Epic 2,370-Mile Journey

    The Philippine Navy’s BRP Tagbanua (LC296) has completed an extensive 2,370.2 nautical mile journey across the archipelago, showcasing the vessel’s crucial role in military operations and supply distribution.

    The mission, which spanned from May 27 to June 16, 2024, saw the Tagbanua navigating through key strategic points across the nation.

    Beginning in General Santos, the ship embarked on its first leg, transporting an impressive 52 tons of Armed Forces of the Philippines (AFP) units and equipment to Currimao, Ilocos Norte. This northern delivery highlighted the vessel’s capacity to support military operations across vast distances.

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    Following its initial voyage, the Tagbanua didn’t rest on its laurels. The ship swiftly pivoted to Cavite, where it loaded an additional 32 tons of AFP resources. These vital supplies were then distributed to multiple destinations including Cebu, Zamboanga, and ultimately Davao City, where the mission concluded.

    The successful completion of this multi-stop voyage shows the strategic importance of vessels like the Tagbanua in an archipelagic nation like the Philippines.

    As the largest Filipino-made navy ship to date, measuring 51 meters in length with a displacement of 576 tons, the Tagbanua represents a significant achievement in domestic shipbuilding capabilities.

    Commissioned in December 2011, this marvel of Filipino engineering boasts an impressive cargo capacity of 110 tons and can maintain a maximum cruising speed of 12 knots.

    The ship’s construction was a collaborative effort between Philippine Iron Construction and Marine Works in Jasaan, Misamis Oriental, and Propmech, a Subic-based Filipino company responsible for the engine and propulsion systems.

    Despite its proven track record and relatively modest price tag of P178 million, questions arise about the Navy’s acquisition strategy. Maritime experts and defense analysts are now calling for an increase in the fleet of Tagbanua-class vessels, citing their effectiveness in inter-island logistics and military support operations.

    As geopolitical tensions in the West Philippine Sea continue to simmer, the importance of a robust and self-reliant naval force becomes increasingly apparent.

    Tagbanua’s recent mission not only demonstrates the vessel’s capabilities but also highlights the potential for the Philippines to expand its naval assets through domestic production.

  • Philippine Central Bank Holds Rates Steady, Sees Downside Risks to Inflation

    Philippine Central Bank Holds Rates Steady, Sees Downside Risks to Inflation

    The Philippine central bank kept its benchmark interest rate unchanged at 6.50% on Thursday, citing easing inflation pressures and downside risks to the outlook following recent policy measures to lower rice prices.

    The Bangko Sentral ng Pilipinas (BSP) maintained the overnight deposit facility rate at 6.00% and the overnight lending rate at 7.00%, as widely expected by economists.

    “The Monetary Board decided to maintain the BSP’s Target Reverse Repurchase (RRP) Rate at 6.50 percent,” the central bank said in a statement. “The balance of risks to the inflation outlook has shifted toward the downside due to the impact of the tariff adjustment on rice prices under Executive Order No. 62 (EO 62).”

    The decision comes as inflation in the Southeast Asian nation eased to 3.9% in May, within the government’s 2-4% target range. The BSP noted that inflation expectations remain well-anchored for 2024 to 2026, based on its latest survey of private sector forecasters.

    BSP Governor Eli Remolona told reporters after the meeting that while price pressures are expected to dissipate in the near term, lingering pressures on food items other than rice, transport charges, and electricity rates continue to pose upside risks to inflation.

    “If sustained, an improvement in inflation outlook would allow the Monetary Board to consider a less restrictive monetary policy stance,” Remolona said. “However, uncertainty in the external environment requires continued caution against potential spillovers, including those in the financial markets.”

    The central bank’s latest baseline inflation forecasts for 2024 and 2025 have been revised lower compared to previous projections in May. The risk-adjusted inflation forecast is now estimated at 3.1% for both years, significantly lower than in the previous forecast round.

    The BSP attributed the downward revision primarily to the implementation of reduced tariffs on rice imports under Executive Order 62, signed by President Ferdinand Marcos Jr. on June 20. The order is expected to lower domestic retail prices of imported rice by 14.8% or about 6.67 pesos per kilogram.

    “The lower tariff on rice is one of the primary contributors to the downward revision in the inflation forecasts for 2024-2025 and the shift to the balance of risks towards the downside,” the central bank said.

    Despite holding rates steady, the BSP warned that GDP growth is expected to decelerate in the second half of 2024, partly due to the impact of positive real interest rates following its tightening cycle. The central bank has raised rates by a cumulative 425 basis points since May 2022 to tame inflation.

    “Prospects for domestic output growth are largely intact over the medium term, supported by improved labor market conditions and robust export growth,” the BSP statement said.

    The peso has weakened by 1.49% against the U.S. dollar since the previous policy meeting, trading at an average of 58.19 to the greenback between May 16 and June 5. The central bank cited expectations that the U.S. Federal Reserve will keep interest rates higher for longer amid slow disinflation progress as a factor weighing on the local currency.

    On the fiscal front, the national government’s spending rose by 16.2% year-on-year in the January-April period, while revenues increased by 16.8%. The fiscal deficit widened to 229.9 billion pesos from 204.1 billion pesos in the same period last year.

    The BSP noted that bank lending activity has shown signs of increasing momentum in the first half of 2024. Outstanding loans of universal and commercial banks expanded by 9.6% year-on-year in April, up from 9.4% in March.

    Globally, the central bank observed improved prospects for economic activity, citing the JP Morgan All-Industry Output Index increase in May as new business activity and new orders strengthened.

    “While many central banks continue to assess inflation dynamics and the impact of previous monetary policy tightening, several major central banks have begun reducing their respective key interest rates as inflationary pressures eased further in their respective economies,” the BSP said.

    The next monetary policy meeting is scheduled for August 15, where the BSP will continue to assess domestic and global economic developments to ensure price and financial stability.

  • Ransomware Costs Soar for Energy, Water Sectors: Report

    Ransomware Costs Soar for Energy, Water Sectors: Report

    Recovery costs from ransomware attacks on energy and water sectors have quadrupled to $3 million over the past year, a new report reveals.

    Cybersecurity firm Sophos’s “State of Ransomware in Critical Infrastructure 2024” study found these costs are four times higher than the global cross-sector median.

    Nearly half (49%) of ransomware attacks against these critical infrastructure sectors exploited vulnerabilities, the report said.

    Chester Wisniewski, Sophos’s global Field CTO, said criminals target utilities to cause maximum disruption, hoping for quick ransom payments to restore essential services.

    Recovery times have lengthened significantly. Only 20% of affected organizations recovered within a week in 2024, down from 41% in 2023 and 50% in 2022. Over half (55%) took more than a month to recover, up from 36% in 2023.

    This contrasts with other sectors, where 35% of companies took over a month to recover.

    The energy and water sectors also reported the highest rate of backup compromise (79%) and third-highest rate of successful encryption (80%) among surveyed industries.

    These findings underscore the growing cybersecurity challenges faced by critical infrastructure, particularly in energy and water sectors. The steep rise in recovery costs and extended downtime highlight the urgent need for improved security measures and resilience strategies.

  • Deepak Chopra Partners with GetSmarter for Online Courses

    Deepak Chopra Partners with GetSmarter for Online Courses

    Deepak Chopra, renowned author and expert in integrative medicine, is teaming up with online education platform GetSmarter to launch a series of immersive digital courses.

    Chopra, a multiple New York Times bestselling author and one of TIME magazine’s “Top 100 Most Influential People,” has spent decades studying consciousness, leadership and wellbeing. These topics will form the core of the new course offerings.

    “edX is the premier global destination for high-quality, enriching education programs that help people learn everything from philosophy to calculus,” Chopra said. “These new courses will help leaders and learners everywhere on their journey to personal and professional fulfillment.”

    The first course in the series, titled “Deepak Chopra: Soul of Leadership and Wellbeing,” is now open for registration. GetSmarter is offering a 20% discount for early enrollees who sign up before Aug. 16, 2024, using the promo code CHOSLWEMAILER24.

    GetSmarter, a part of edX, specializes in providing online courses from leading global universities and institutions for working professionals seeking to enhance their skills.

    For more information about the courses or enrollment process, interested individuals can contact GetSmarter’s Enrollment Advisers.