Manila economy – APASL 2019 Manila http://apasl2019manila.org/ Tue, 25 Oct 2022 05:16:50 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://apasl2019manila.org/wp-content/uploads/2021/10/icon-120x120.jpg Manila economy – APASL 2019 Manila http://apasl2019manila.org/ 32 32 Wilcon Depot’s third-quarter net profit soars as economy reopens https://apasl2019manila.org/wilcon-depots-third-quarter-net-profit-soars-as-economy-reopens/ Tue, 25 Oct 2022 04:55:00 +0000 https://apasl2019manila.org/wilcon-depots-third-quarter-net-profit-soars-as-economy-reopens/ Ramon Royandoyan – Philstar.com October 25, 2022 | 12:55 p.m. MANILA, Philippines — Wilcon Depot Inc. reported double-digit third-quarter profit growth as the building supplies retailer reaped the benefits of a reopened Philippine economy. In a statement sent to the Philippine Stock Exchange on Tuesday, the building supplies retailer said its net profit jumped 77.5% […]]]>
Ramon Royandoyan – Philstar.com

October 25, 2022 | 12:55 p.m.

MANILA, Philippines — Wilcon Depot Inc. reported double-digit third-quarter profit growth as the building supplies retailer reaped the benefits of a reopened Philippine economy.

In a statement sent to the Philippine Stock Exchange on Tuesday, the building supplies retailer said its net profit jumped 77.5% year-on-year to 1.1 billion pesos in the third quarter.

Wilcon noted that the growth in their gross profit margins outpaced the increase in operating expenses, which jumped 19.7% year-over-year in the third quarter.

Net sales increased by 32.6% year on year to P8.78 billion. This expansion was prompted by the reopening of its Metro Manila stores and some of its new stores. As it stands, the home improvement company opened four new stores in the third quarter, bringing their total to 80 stores nationwide.

“This is the reopening scenario that we hoped would happen last year, but which was thwarted by the push for the Delta variant. Many more private constructions have indeed resumed this year, in particular those that have been delayed due to mobility restrictions and lack of manpower, despite inflation,” said Lorraine Belo-Cincochan, President and CEO of the company.

Year-to-date, Wilcon’s net profit soared 58.3 percent from a year ago to 2.960 billion pesos.

Gross profits rose 37.4 percent year-on-year to 3.459 billion pesos from July to September.

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The often overlooked, but so important – Manila Bulletin https://apasl2019manila.org/the-often-overlooked-but-so-important-manila-bulletin/ Sat, 22 Oct 2022 16:05:00 +0000 https://apasl2019manila.org/the-often-overlooked-but-so-important-manila-bulletin/ HEARD THROUGH THE VINE FLU: OUR ABNORMAL NEWS Two events I attended the other week made me think about how often the unsung and those lurking behind the scenes deserve more of the spotlight. When the coverage and social media posts of these events are scanned, we’ll see the beautiful people, the noted personalities and […]]]>

HEARD THROUGH THE VINE FLU: OUR ABNORMAL NEWS

Two events I attended the other week made me think about how often the unsung and those lurking behind the scenes deserve more of the spotlight. When the coverage and social media posts of these events are scanned, we’ll see the beautiful people, the noted personalities and celebrities, the “name-droppables”, monopolizing the coverage; and that’s normal for the course, because they create a reminder for events. But those who conceptualized the event, the tireless workers – those who organized the event; I would like this column to act as a well-deserved dedication to them.

Estée Lauder’s pink balloon was set up for breast cancer awareness and early detection, with the Philippine Foundation for Breast Care Inc. (Kasuso) and free mammograms benefiting from the money raised. Kasuso does a great volunteer job and has now evolved into a patient navigation model tailored to the Philippine context. The afflicted who come from marginalized or economically disadvantaged communities are the beneficiaries of their tireless work.

This year’s Pink Ball was dreamed up by Estée Lauder’s Country General Manager Sharyn Wong from Malaysia. Prior to taking the reins here in the Philippines, Estée Lauder was instrumental in helping the foundation my sister Libet C. Virata chairs, Helping Women and Others (HWAO), set up a new Chemotherapy Prep Room in the Philippine General Hospital (PGH); so there is a common history between Estée and HWAO. We met Sharyn in March 2022, and the pink balloon was just the germ of an idea at the time.

Your columnist and Jordan Tan are joined by Sharyn Wong, general manager of Estée Lauder Country.
Some members of the Estée Lauder team who tirelessly created The Pink Ball!

The fact that in just six months Sharyn has organized an event of this magnitude speaks volumes about her ingenuity and determination. This marks 30 years of Estée’s breast cancer campaign and Evelyn H. Lauder’s co-creation of the now-iconic pink ribbon — and Sharyn didn’t want to let those milestones pass without doing something monumental on behalf of breast cancer awareness here in the Philippines. .
While Sharyn has kept the fundraising target close to her chest, I know the more than £9million raised overnight will go a long way towards supporting the free mammograms Kasuso can provide to cancer patients under their supervision. The tireless work of the Estée team in the months leading up to the ball cannot be ignored. It’s easy to witness the culmination of their concerted efforts and mistakenly think it’s just one night; when the meticulous work of planning, organization and logistics stretched over several months. We salute Estée Lauder Philippines and wish Sharyn more success.

The next day, I attended Coca-Cola Philippines’ progress report on year four of their Waste Free goals. The event aimed to highlight the partnerships made during the four-year journey and provide an update on PETValue Philippines, their recycling and sustainable packaging initiative. PETValue Philippines, a partnership between Coca-Cola Beverages Inc. and Indorama Ventures, is the country’s first bottle-to-bottle food-grade recycling facility and started operations this year in Cavite.
Senator Cynthia Villar and DENR Secretary Toni Yulo-Loyzaga were the special guests that morning, and for us, the media, this may have had particular significance, given the acrimonious Senate hearing. on the Manila Bay reclamation projects earlier in the week. In fact, the two were very good friends during the event.

Left to right: Sanjay Ahuja, Gareth McGeown, President of Coca-Cola Beverages Philippines, Senator Cynthia Villar, DENR Sec. Toni Yulo-Loyzaga and Jonas from Lumen-Pernia.

The two champions of Coca-Cola’s sustainability initiatives here in the Philippines spoke about milestones and ongoing achievements. Tony del Rosario, President of Coca-Cola Philippines/VP of Franchise Operations for the Eastern Region of Coca-Cola Far East Ltd. was in Singapore, but was happy to host guests virtually. “As a global beverage company, we focus on the full lifecycle of our packaging, and we recognize our role and responsibility in helping to solve the problem of plastic packaging waste. collaboration, innovation and continuous effort, and we are making progress, and there is still a lot to do.”

Coca-Cola Philippines President Tony del Rosario, who was in Singapore for the event.

Gareth McGeown, President and CEO of Coca-Cola Beverages Philippines, was on hand and gave an insightful talk on their Recycle Me message and how they introduced brands whose bottles are made from 100% plastic. % recycled. They have their Tapon to Ipon project, which works with LGUs and encourages people in communities to practice proper waste separation and bring their empty, clear PET plastic bottles to collection centers.

As Gareth reminded us, “Throughout our operations, there are various opportunities to minimize waste and accelerate the shift to a circular economy…we are working towards our goal of collecting and recycling every can or bottle we we will sell by 2030!”

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Marga Montemayor-Nograles and TPB – Manila Bulletin https://apasl2019manila.org/marga-montemayor-nograles-and-tpb-manila-bulletin/ Thu, 20 Oct 2022 02:00:00 +0000 https://apasl2019manila.org/marga-montemayor-nograles-and-tpb-manila-bulletin/ Nurturing and enhancing a brand is nothing new for Marga Montemayor-Nograles. It’s not just written in his blood, but it’s part of his DNA. Growing up, she watched her mother promote their hotel and restaurant in Davao and worked with a number of indigenous tribes in Mindanao. Marga also started her own fashion brand, Kaayo, […]]]>

Nurturing and enhancing a brand is nothing new for Marga Montemayor-Nograles. It’s not just written in his blood, but it’s part of his DNA. Growing up, she watched her mother promote their hotel and restaurant in Davao and worked with a number of indigenous tribes in Mindanao.

Marga also started her own fashion brand, Kaayo, in 2017. A brand that has strong elements of sustainability even before the word became a buzzword here. He championed artisanal communities of hand weavers and revived what was then a dying textile sub-industry. Kaayo’s success over five fruitful years is a testament to Marga’s determination, ingenuity, and business and marketing acumen.

As the new Chief Operating Officer (COO) of our Tourism Promotions Board (TPB), Marga will have a new brand to guide to success. This time it’s not a clothing or craft line, but our country, the Philippines. In particular, Philippine tourism. And it is a challenge that she accepts!

I’ve known Marga for decades now, so there’s no beating around the bush or flirting between us. I underline the fact that before the pandemic, while we always spoke encouragingly of the increase in the number of foreign visitors year on year, the sad truth is that we came in at a low sixth among eight countries of ASEAN. Thailand, Malaysia, Indonesia, Vietnam and Singapore rank above us, and it’s only Cambodia and Myanmar that we would have an advantage.

While we are already up 86% from 2021 numbers and surpassed conservative 2022 targets with three good months still to come, let’s also accept that 2021 was a pandemic year. So my question is what do we plan to do differently that can see us win over those countries above us? Vietnam only opened its country to foreign visitors in 1997, but quickly transformed from an agrarian economy to a service economy.

Marga replies, “I agree, let’s always be realistic. We can be confident and optimistic but don’t hide from the truth. Before we can talk about comparisons, it is clear that we have to work from within and solve what we can identify as real problems with tourism here. Infrastructure, on the other hand, remains an issue, as our airports are the first impression visitors will have of our country.

“We are now emerging from the shadow of the pandemic situation that has harassed us for more than two long years. We are recovering, can enjoy face-to-face activities, and the 2022 numbers are already a great achievement that we should rally behind and hope for. With self-confidence and a positive attitude, we must act quickly to make up for lost ground.

A robust calendar of tourism promotion here is expected to keep Marga busy over the next few months. There are the ongoing Phitex shows, then London and Berlin. There is also a dive fair in Florida, and Marga is optimistic about MICE (Meetings, Incentives, Conferences and Exhibitions) to boost visitor arrivals. These are the multidimensional tourism-related conventions and events such as those centered on medical tourism, global travel influencers, and regional trade fairs. As can be seen, it is about creating a wealth of profitable and diverse touchpoints with the global travel community, and ensuring that the Philippines will be front and center.

In my opinion, this is a great strategy because there are so many types and niches of tourists and visitors. What is essential is that we are perceived as accessible, convenient and value for money. Marga also talks about sustainable tourism – how in the Philippine scenario, one aspect of it is strategic partnerships. In making the Philippines an attractive proposition for global hotel and resort chains, we say, “It’s a beautiful country and an opportunity, help us take care of it.” Come visit and help improve it.

This all goes back to what our president said, which is that tourism should be one of the main drivers of economic recovery. There was a time when tourism accounted for up to 12% of our GDP, and there’s no reason why we can’t reach or even exceed it in the near future.

For Marga, one way to achieve this goal is to unearth hidden gems and promote new destinations for travelers. From what I understand, this means that Boracay, Cebu/Mactan, Bohol and even a resurrected Siargao can be considered assets to attract visitors. It is now important that we develop and promote other areas properly.

Siquijor, as a wellness and retirement destination, is a top priority. Then there is Dumaguete with its diving and snorkeling sites, and its five-star accommodations. The Davao to Bukidnon highway offers stellar activities such as strawberry picking, an ATV (all-terrain vehicle) trail, and quaint restaurants. Vigan to Laoag is the ‘jewel’ of North Luzon and there are offers from Calabarzon that take you from Tagaytay, Cavite and to Laguna. It’s about packaging and marketing these destinations so that a variety of options are now compelling reasons to return home again and again.

The Philippine brand is a strong value proposition that needs to be nurtured. It should be experiential – the weave you wear, the food you taste and crave, the memories that are created. The brand is uniquely ours, and every Filipino should be a living ambassador of that collective aura. We are rich in culture and traditions, and we should be proud and celebrate them. It is now a question of telling stories, and of making the world aware of these riches.

With her wealth of experience, her history of doing her best and her best, and the genuine love for our traditions, culture and people that she shares with her husband Karlo, Marga is the perfect person to lead TPB. at this particular stage. Her success is our success, and I know she will dig up literally every rock and pebble to make that success happen.

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SM Supermalls Chairman Wins Global Filipino Leader of the Year – Manila Bulletin https://apasl2019manila.org/sm-supermalls-chairman-wins-global-filipino-leader-of-the-year-manila-bulletin/ Tue, 18 Oct 2022 03:31:27 +0000 https://apasl2019manila.org/sm-supermalls-chairman-wins-global-filipino-leader-of-the-year-manila-bulletin/ Steven Tan, Chairman of SM Supermalls, was awarded the Overall Winner of Global Filipino Executive of the Year at the recent Asia CEO Awards. The Asia CEO Awards honor Filipino companies, entrepreneurs and leaders who have excelled and made a significant positive impact on society. Finalists are included in a circle of excellence from which […]]]>

Steven Tan, Chairman of SM Supermalls, was awarded the Overall Winner of Global Filipino Executive of the Year at the recent Asia CEO Awards.

The Asia CEO Awards honor Filipino companies, entrepreneurs and leaders who have excelled and made a significant positive impact on society. Finalists are included in a circle of excellence from which an overall winner is chosen.

Under Tan’s leadership, SM Supermalls withstood the difficulties of the pandemic and experienced a strong rebound and the economy opened up. The company was successful in recouping its revenue, occupancy and foot traffic targets in the mall. SM continued to be the first choice for market entry for new global brands in the Philippines, with the opening of the world’s largest IKEA at the SM Mall of Asia Complex. SM was the only mall operator to open new developments from 2020 to 2022. SM Supermalls has also partnered with LGUs (Local Government Units) nationwide and has become a key player in helping the country and the economy to bounce back from the pandemic thanks to its Covid-19 tests. and vaccination program with more than 10.5 million injections administered.

Committed to continuing to serve communities, SM Supermalls has embraced the changes brought about by the pandemic with agility, innovation and responsiveness to the needs of its employees, customers and tenants.

“We are simply people who help others, and giving back to our communities has always been part of SM’s mission and DNA,” said Steven Tan.

Emerging stronger from the pandemic, SM launched ‘Safe Malling at SM’, a comprehensive campaign that reinvented the mall experience, ensuring that every customer is safe and protected from Covid-19 in all of its malls. Part of this campaign is the launch of its e-commerce platform, SM Malls Online, offering customers the chance to shop essentials from home. New safe shopping mall experiences such as DOH Farmers Markets, Paw Parks, Outdoor Dining, and Bike Lanes, among others, have also been introduced.

“On behalf of SM Supermalls and the Sy family, I am honored and grateful to receive this recognition, and I dedicate it to our team, the Sy family and Mr. Henry Sy for his inspiration. With this award, at SM Supermalls, we promise to remain committed to serving our communities, constantly evolving and innovating to build a better future for Filipinos,” Tan said.

The announcement of the winners of the Asia CEO Award 2022 took place on October 11 at the Manila Marriott Grand Ballroom.

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KUWTT: No VIP treatment for Remulla’s son – PDEA | October 16, 2022 https://apasl2019manila.org/kuwtt-no-vip-treatment-for-remullas-son-pdea-october-16-2022/ Sat, 15 Oct 2022 17:30:44 +0000 https://apasl2019manila.org/kuwtt-no-vip-treatment-for-remullas-son-pdea-october-16-2022/ Have a good day. Here are the stories from the Manila Times for Sunday, October 16, 2022. READ: No VIP treatment for Remulla’s son – PDEA There is no VIP treatment for Justice Secretary Jesus Crispin “Boying” Remulla’s son who is in prison for drug trafficking, a spokesman for the Philippine Drug Enforcement Agency said […]]]>

Have a good day. Here are the stories from the Manila Times for Sunday, October 16, 2022.

READ: No VIP treatment for Remulla’s son – PDEA

There is no VIP treatment for Justice Secretary Jesus Crispin “Boying” Remulla’s son who is in prison for drug trafficking, a spokesman for the Philippine Drug Enforcement Agency said on Saturday ( PDEA). Derrick Carreon told the Manila Times in a telephone interview that Juanito Jose Remulla, 3rd, 38, followed normal procedure that any ordinary inmate at the PDEA detention center followed. Carreon said that procedure includes placing Remulla in an isolation center “for a few days as part of Covid-19 protocols for new inmates.” He said, “In fact, he was with more than 30 other inmates at the isolation center. He was not alone, he was with other inmates. Carreon ensured to clear suspicions that Remulla was getting VIP treatment because of her relationship with the Justice Secretary. He said that after his isolation, Remulla 3e would be locked up with more than 50 people, although he did not say when that would be. The Justice Secretary’s eldest son was charged with violating Republic Law 9165, also known as the ‘Comprehensive Dangerous Drugs Act of 2022,’ before the Las Piñas City Attorney’s Office . He also faces charges of violating RA 9165 Section 2 Section 4 for importing dangerous drugs after he was arrested for demanding 1.25 million pesos worth of “kush” during a a controlled delivery operation in the city last week. The operation began at Ninoy Aquino International Airport where police, acting on a tip, seized 893.91 grams of marijuana kush, a package with an invoice showing the sender/receiver, two brown paper pouches, each wrapped in bubble wrap and where the plastic pouches of kush were found, a blue notepad, a parcel receipt and a driver’s license card. Remulla was arrested at Block 6, Lot 7, Primrose St., Ponte Verde BF Resort Village, Talon Doson on October 11 but not made public until two days later.

READ: Vietnam: Military power won’t solve maritime conflict

VIETNAM maintains that disputes in the South China Sea (SCS) should be resolved through diplomatic and peaceful means, as a military option will not benefit anyone. This was pointed out on Saturday by Tran Dac Loi, vice chairman of the Communist Party of Vietnam Central Committee’s External Relations Commission, at the Pandesal Forum, the 83-year-old Kamuning Bakery Cafe in Kamuning, Quezon City, where he was a special foreign guest. Vietnam and the Philippines have territorial disputes over the Spratly Islands, as well as Brunei, China, Malaysia and Taiwan. Loi said that, like the Philippines, Vietnam disapproves of the Chinese nine-dash map that China uses as justification for its claim in the South China Sea. He said Vietnam is also committed to a multilateral diplomatic approach to resolving disputes in the South China Sea with the United Nations Convention on the Law of the Sea (Unclos). In 2016, after a legal battle in The Hague, the United Nations International Court of Justice ruled in favor of all of the Philippines’ arguments against China’s claims in the South China Sea, thereby nullifying China’s claims in the South China Sea. the international legal arena.

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READ: Only 2% of PH coral reefs remain healthy – watchdog

An environmental group said only 2% of the country’s coral reefs remain healthy. In a webinar titled “Today is the Time for the Seas: A Deeper Connection with the Ocean,” Anna Varona, Chief Operating Officer of the Haribon Foundation, added that there are 5 trillion plastics in the world’s surface waters.

READ: “Public-private partnerships to boost PH Internet services”

PRESIDENT Ferdinand “Bongbong” Marcos Jr. hopes to see more public-private partnerships (PPPs) to help boost interconnectivity in the Philippines. Marcos made the statement following his meeting with executives from telecommunications companies Converge ICT and South Korean telecommunications giant KT Corp. to discuss Internet services in the country. In his post, the president shared a photo of him meeting with Converge CEO Dennis Anthony Uy and Korean Executives CEO Ku Hyeon-mo and KT Corp Chairman Yun Kyoung-lim. in Malacañang on Friday evening. The Office of the Press Secretary (OPS) also shared on Facebook several photos of Marcos’ meeting with information and communication technology leaders. The SPO said KT is also in talks with other governments regarding its investment plans.

READ: Concepcion: Vacations to boost the PH economy

THE fourth quarter of 2022 will be crucial for the country’s economy, said Go Negosyo founder Jose Maria “Joey” Concepcion 3rd, expressing hope that mobility will be maintained to boost economic activity and micro, small and medium-sized enterprises (MSMEs) in the country. . Concepcion, a member of President Ferdinand “Bongbong” Marcos Jr.’s Private Sector Advisory Council, said mobility is expected to be faster in the final quarter of the year amid the country’s inflation concerns and depreciation. weight.

READ: Negros bans pork from Panay

Amid reports of suspected cases of African swine fever (ASF) in Iloilo province, the provincial government of Negros Occidental has banned the entry of live pigs and pork products from the nearby islands of Panay and Guimaras. The ban was ordered by Negros Occidental Governor Eugenio Jose Lacson through a memorandum to the provincial ASF task force released on Friday.

READ: BSP accepts $178m foreign loan

On to business, the Bangko Sentral ng Pilipinas (BSP) announced on Friday that for the period from July to September 2022, i.e. the third quarter of this year, the Monetary Board (MB) has approved only one foreign loan from the public sector of $178.10 million. According to the BSP, this is 96% less than borrowings approved during the same period in 2021, which amounted to $4.66 billion, and 95% less than quarterly approvals in 2022, which s amounted to $3.54 billion. PASB said this loan from the Republic of the Philippines will be used to finance the national government’s multi-sector nutrition project. The project aims to support the delivery of nutrition and health care services at primary and community care levels to help reduce stunting, which is characterized by prolonged nutritional deficiency among infants and young children in 235 municipalities. countries that are known to have high incidence rates of poverty and malnutrition. This nutrition project is also supported by the World Bank, which approved the loan. It intends to deliver a package of nutrition-specific and nutrition-sensitive interventions across the various local government platforms

READ: SMB battles determined Bay Area

Sports top new Philippine Cup champion San Miguel Beer is looking to become the second team to beat guest team Bay Area as the two teams face off in the 2022 PBA Commissioner’s Cup on Sunday- 23 at Araneta Coliseum. The Beermen (1-1) earned their first win in this conference after claiming a 113-105 triumph over the Rain or Shine Elasto Painters in a heated game last week. Import Diamond Stone atoned for his ineffective PBA debut against Blackwater after exploding for 42 points and grabbing 12 rebounds in the win over ROS. The Beermen will take on the Dragons (4-1) in their 4.30pm encounter with added inspiration, having seen sister team Barangay Ginebra Kings whip the guest side, 111-93 last Sunday.

READ: Opinion and Editorial

Marlen Ronquillo is today’s front-page columnist as he tackles the economic case for the release of former Senator Leila de Lima.

Today’s editorial does not favor calls for Justice Secretary Jesus Crispin Remulla to step down from his post, amid his son’s arrest over drug offences. Read the full version in the opinion section of the newspaper or listen to the Voice of the Times.

For more news and information, get a copy of The Manila Times on paper, subscribe to his digital edition or log on to www.manilatimes.net. follow us on Twitter, Facebook Where instagram and Track times.

For The Manila TimesThis is Paulo Dimaapi.

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Counting the global cost of the war in Ukraine https://apasl2019manila.org/counting-the-global-cost-of-the-war-in-ukraine/ Thu, 13 Oct 2022 16:42:24 +0000 https://apasl2019manila.org/counting-the-global-cost-of-the-war-in-ukraine/ Read this in the Manila Times digital edition. Screens display the results of the vote of an emergency meeting of the United Nations General Assembly on Russia’s annexations of four Ukrainian regions at the organization’s headquarters in New York on Wednesday, October 12, 2022. PHOTO AFP The United Nations General Assembly on Wednesday passed a […]]]>

Screens display the results of the vote of an emergency meeting of the United Nations General Assembly on Russia’s annexations of four Ukrainian regions at the organization’s headquarters in New York on Wednesday, October 12, 2022. PHOTO AFP

The United Nations General Assembly on Wednesday passed a resolution calling on countries not to recognize parts of Ukraine claimed by Russia and demanding that Moscow end their “illegal annexation attempt”.

A large majority of 143 member states – including the Philippines – voted in favor of the resolution. Five voted against and 35 abstained.

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This is an important step, but the General Assembly resolution will not be a game-changer in the search for a peaceful end to the war in Ukraine.

Nine months after Russian forces crossed the Ukrainian border, Vladimir Putin’s “special military operation” has shown no signs of de-escalating.

Many were lulled into a false sense of hope after the Russians began to withdraw from Ukrainian territory they had occupied at the start of the invasion, and Ukrainian officials proclaimed that the tide of battle had turned.

But Putin is not a man to be underestimated. When it emerged he was stuck with setbacks in Ukraine and growing dissent in his country sparked by a call for compulsory military service, he announced that Russia had “various weapons of destruction” and that he would use “all the means at our disposal”, to win the war in Ukraine.

Putin’s message was clear: he will not hesitate to use nuclear weapons on the Ukrainian battlefield. “I’m not bluffing,” he stressed.

To emphasize that Russia was not retreating in Ukraine, he ordered missile and drone attacks on key Ukrainian cities. The new offensive was aimed at “liberating” Donetsk, Kherson, Luhansk and Zaporizhzhia, regions that have reportedly held referendums declaring their desire to be part of the Russian “motherland”.

It is the annexation of these regions that the UN General Assembly has ruled illegal.

The conflict in Ukraine could turn into an “eternal war” – an escalating struggle that continues for years with no clear wins for the opposing sides. Vietnam, Afghanistan and Iraq have been caught up in such a protracted war that has left an indelible effect on world politics.

The world, however, cannot afford an eternal war in Ukraine, as the ripple effects worldwide will be catastrophic.

The Organization for Economic Co-operation and Development, a Paris-based group of advanced economies, estimates that Russia’s invasion of Ukraine will cost the global economy $2.8 trillion in lost production by the end next year.

Losses will be greater if a harsh winter forces energy rationing in Europe, he said.

The invasion has already disrupted supply chains, caused shortages of food and other essentials, and rattled markets around the world.

It has triggered an unprecedented cost of living crisis as soaring prices disrupt global food, energy and fertilizer markets.

An estimated 1.6 billion people in 94 countries are at risk of food, fuel or financial crises resulting from the war in Ukraine, according to the UN Secretary-General’s Global Crisis Response Group.

The war, “along with other crises, threatens to unleash an unprecedented wave of hunger and misery, leaving behind social and economic chaos,” said UN Secretary-General António Guterres.

“Vulnerable people and vulnerable countries are already being hit hard, but make no mistake: no country or community will be spared from this cost of living crisis,” Guterres added.

There are more serious consequences. The World Food Program said the number of severely food insecure people had doubled from 135 million in the pre-pandemic period to 276 million in just two years. Fallout from the war in Ukraine is expected to push that number to 323 million this year.

One man holds the magic wand that can make all these problems go away, but Vladimir Putin has instead chosen to put the nuclear card on the table.

The General Assembly called for dialogue, negotiation and mediation to restore peace in Ukraine. To say it will be a difficult task is an understatement.

Winston Churchill once described Russia as “an enigma, shrouded in mystery, inside an enigma”.

The same description fits Putin perfectly. And that makes him a dangerous man to deal with.

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What can Manila really offer Beijing? https://apasl2019manila.org/what-can-manila-really-offer-beijing/ Tue, 11 Oct 2022 20:30:00 +0000 https://apasl2019manila.org/what-can-manila-really-offer-beijing/ Since colonial times and, who knows, maybe even earlier, the history of the Chinese in the Philippines has been one of extortion at the hands of the authorities. Let’s combine this sweeping generalization with another, best expressed by a US congressman: that all politics is local. Both of these lenses are useful when visualizing the […]]]>

Since colonial times and, who knows, maybe even earlier, the history of the Chinese in the Philippines has been one of extortion at the hands of the authorities. Let’s combine this sweeping generalization with another, best expressed by a US congressman: that all politics is local. Both of these lenses are useful when visualizing the history of Filipino Offshore Gambling (Pogos) operators in our country.

To recap my view on the matter, whatever lofty political goals regarding Sino-Philippine relations our general managers may have, in recent years the proliferation of Pogos has created a complication that will not go away. Pogos have proven to be a boon to many industries, from local governments, to security providers (official and unofficial, shall we say), to middle and upper class homeowners, to all kinds of service providers (above ground and underground, we will also say). Whenever there is talk (ritually) of suppressing them, dire warnings are sounded about the economic consequences of such measures. Leechiu Property Consultants issued a press release on the subject: this will result in 18.9 billion pesos of rental losses on office buildings (plus 52.5 billion pesos lost annually in terms of office development contracts) and 28.6 billion pesos in housing rental losses, not to mention 9.8 billion pesos in unrealized revenue for electricity distribution companies and 11.4 billion pesos in losses for the service sector for consumption meals alone, and an additional 952 million pesos in daily expenses, not to mention 5.25 billion pesos lost in regulatory fees and 5.8 billion pesos in lost tax revenue from the Pogos – and 54 to 57 billion pesos in taxes from Pogos employees. And they learned to organize and lobby for themselves: the Association of Service Providers and Pogos said 23,000 Filipinos would lose their jobs if the Pogos left (a big difference from the 347,000 jobs claimed by Leechiu depends on the Pogos).

The Pogo sauce train means these national benefits are more than enough to turn relations around with Beijing, which has found Manila far from cooperative when it comes to its drive to suppress – crush – the Pogos who, for Beijing , are a drain on domestic wealth, and a continuing affront to state (and party, one and the same) control.

Comments about China, its economy, the ruling Communist Party, and the expected mid-October achievement of an unprecedented third term for Xi Jinping all point to what one comment describes as “an amalgam staggering from pervasive emergencies that the party is ignoring or getting worse.These range from problems in real estate, to public dissatisfaction with a relentless and tough Zero COVID-19 policy, to a crackdown on the independence of tycoons and their businesses, and to corresponding measures by the government to restrict the opportunities for its citizens to be exposed to ideas and tendencies of which it disapproves.

So when in March 2020 China imposed strict travel restrictions, which so far show little sign of lifting, compounded, in May this year, by the government’s announcement that “travel not essentials” were prohibited (which also meant obtaining passports and other travel documents would be more difficult), some observers suggested that this was not a temporary policy, but rather a policy probably permanent. At this time, the government also decided to cancel international sporting events planned for the middle of next year, which only reinforced these assumptions. At the very least, even a selective easing of restrictions allows China to take advantage of its enormous tourism potential in bilateral relations.

This is probably what is happening now. Yesterday Senate President Miguel Zubiri in a hearing said that last Monday the Chinese Ambassador informed him that the Philippines had been blacklisted as our acceptable travel destination for Chinese tourists. Ambassador Huang Xilian is believed to have told Zubiri and other senators that many mainland Chinese have died, committed suicide or ended up in jail for theft and burglary because of the Pogos, especially those here. . Zubiri, during the hearing, mentioned that the country has seen a “significant decline” in Chinese tourism, which may have less to do with an outright blacklist than with a general policy by China prohibiting its citizens to engage in foreign tourism, period. But that might have been an unnecessary dose of reality.

Officially, of course, originally the government’s perspective seemed to focus on eliminating Pogos who no longer paid dues. Justice Secretary Jesus Crispin Remulla originally quantified this as follows: (September 27) 216 previously authorized Pogos with an estimate on the back of the envelope of 200 employees each, meaning 40,000 people ripe for eviction proceedings ; this appears to have subsequently been calculated more carefully (October 2) at 48,782 – the number of visas the Bureau of Immigration says it intends to cancel (the fine print? The same office says it is checking whether these people are still in the country or not). This is a sharp increase from the 2,000 Pogo workers the government originally announced it would evict.

The justice secretary is due to meet the Chinese ambassador tomorrow. An official said it was the first time the Philippine government had met with its Chinese counterparts on the issue. It could actually be defined, from a Filipino perspective, as a win-win: it could appease Beijing while sending a message to the remaining Pogos: pay or ship. But if that were the case, it would be a deaf message to China. Because, as understood and implemented by more cooperative countries like Cambodia, what China wants is active cooperation to close all Pogos, without exception. How can Remulla make meaningful gestures towards China, when the Philippine Amusement and Gaming Corp. (Pagcor) (in which his brother, Gilbert, sits on the board of directors, as we were reminded when he showed a marked reluctance to consider joining his brother in the Cabinet as a potential press secretary ) continues to regard the Pogos as an invaluable source of income? Without forgetting the province of Cavite (country of Remulla) in which the old Island Cove belonging to Remulla was transformed into Pogo city?

For his part, Finance Secretary Benjamin Diokno was more adamant, proposing the total elimination of the Pogos, based on social ills and damage to the country’s reputation, as well as declining revenues. Pagcor countered by saying the recent arrests of foreigners involved individuals unrelated to the legitimate Pogos.

E-mail: [email protected]; Twitter: @mlq3

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Can BBM weather the storms? If the war in Ukraine is not the cause, what is? https://apasl2019manila.org/can-bbm-weather-the-storms-if-the-war-in-ukraine-is-not-the-cause-what-is/ Sat, 08 Oct 2022 12:37:57 +0000 https://apasl2019manila.org/can-bbm-weather-the-storms-if-the-war-in-ukraine-is-not-the-cause-what-is/ The last two weeks have seen successive thunderbolts strike geopolitics and global finance. Not since the combined plagues, calamities, barbarian invasions of ancient times, or pre-World War I, have there been such waves of earth-shattering events that occurred in such a short time, creating a presentiment that titans could roam the earth. punish the man. […]]]>

The last two weeks have seen successive thunderbolts strike geopolitics and global finance. Not since the combined plagues, calamities, barbarian invasions of ancient times, or pre-World War I, have there been such waves of earth-shattering events that occurred in such a short time, creating a presentiment that titans could roam the earth. punish the man.

Ukrainian President Volodymyr Zelensky this week called on NATO to preemptively attack Russia directly, potentially calling for the outbreak of a direct global war. This after the tension of the previous week when he publicly asked again to join NATO, a direct public challenge to Russian President Vladimir Putin, which, fortunately for the world, was rejected.

Just two weeks ago, the United States destroyed the dreams of Germany and France by blowing up, as the world now suspects, two Nord Stream oil pipelines which were the biggest source of energy for the world. ‘Europe. With these pipes in place, Germany stood a chance of becoming a top world power again when its industry is combined with vast Russian resources. It has been revealed that one of the main written geopolitical strategic goals of the United States was to keep the Germans grounded, never to rise above being an American wingman like the United Kingdom.

Initially, all American and European media, without investigation, immediately blamed Russia for the sabotaged pipes. It was clear to everyone that only a powerful state actor could have the technology and the access to damage the pipes of four adjacent locations in one week. The other suspects were the United States and the United Kingdom but, although suspected by everyone, no one wanted to mention it. Ukraine had a motive, but not the independent ability to do this damage.

The United States became the main alleged culprit in this act of war, war even against its own European allies, as analysts around the world were quick to point out, for the following reasons: 1) Russia had no reason to continue major efforts to destroy the energy pipes; he could easily just turn off the pipes. Destroying the pipes would destroy Russia’s chances of future revenues and the cooperations that Russia and Europe hoped for. 2) US Navy helicopters had been flying in the area where the damage was caused, for hours at a time the previous days, and US Navy vessels have been conducting underwater device tests in the area these past few days. past periods, which is the generally accepted way sabotage has been carried through. 3) US President Biden was on video directly promising to destroy the pipelines in a war. 4) Blinken, instead of bemoaning the event, happily called it a “tremendous opportunity.” 5) Germany and other European countries were suspected by the United States to be reluctant to buy Russian gas again due to growing citizen protests and intense financial and winter pressures and blowing the pipes would remove the choice . 6) The biggest beneficiary of sabotage has been the US, selling energy and weapons very profitably to the EU while banning all other sources.

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Furthermore, the EU and the US REFUSE TO ALLOW RUSSIA TO PARTICIPATE IN THE INVESTIGATION into the pipeline explosion, even though Russia was the first to request a joint investigation. The United States is now clearly the prime suspect in the world, even in Europe, except in the American media.

Amid high, albeit falling, global oil prices, which have fallen from $120 to $80 a barrel, OPEC decided last week to cut production by 2 million barrels a day – which would plunge the world deeper into recession than the EU and US are already on the brink of.

The United States then decided this week that President Maduro of Venezuela was a friend after all. The United States tried for years to destroy it and even installed a rival government and a president of Venezuela in the United States. So the United States did what it is famous for, turned on itself. They will allow Venezuela to operate, to export oil again, but only through and only to the United States.

Venezuela could even use some of its money that was frozen by the United States, returned for food and medicine. (Venezuela should be grateful that the United States allows them to use their own money?) The United States has destroyed the Venezuelan economy for years, with oil production of over 3 million barrels a day falling to only 450,000.

Maybe Venezuela should also ask the UK for its $2 billion in gold. All of these funds and gold are held illegally, based on international agreements and practices.

Russia and four Ukrainian regions signed accession treaties for Donetsk, Luhansk, Kherson and Zaporizhzhia, which agreed to join the Russian state, after elections the West called a sham. Those in the know all know that these areas are populated largely by ethnic Russians who would vote for membership, given that Ukraine had banned them even from speaking their own language and had frequently bombed (Western media refuse to cover them), instead of giving autonomy to as committed to in the Minsk agreements signed by Ukraine, Germany and France.

Rumors have spread of a coup against Xi Jinping in China, based on insinuations from a Falun Gong Zeng, The Epoch Times, a group that annually generates news about the collapsing economy and Chinese business. This invention was spread with great enthusiasm by several American websites and by some Indian websites which spread crazy rumors about China.

Global currencies tumble against the United States as they continue to raise interest rates, after more than a decade of recklessly lowering rates and releasing trillions of US dollars without producing goods. Australia’s central bank is moving deep into notional negative equity territory. The Japanese yen depreciates by more than 25%! from around 114 yen per US dollar at the end of 2021 to less than 142 yen per US dollar in September 2022; except for the Russian ruble, all currencies, including the Philippine peso, are down.

Britain’s new Prime Minister Liz Truss takes the UK from first-world to near-third-world status as the pound tumbles 21% to an all-time low against the US dollar as inflation hits nearly by 9.9%. In this context, against all economic theory except political expediency, it cuts taxes even for the rich, plans to free up even more money in inflation, has frozen energy prices regardless of the level of consumption , with a government subsidy estimated at 130 billion pounds. All these measures have heavily indebted the British finances.

The war in Ukraine is not the reason for the woes of global inflation, currency volatility, world hunger, supply chain disruptions.

The cause of all this is that the United States is militarizing everything to remain the world’s sole superpower. Its sanctions, sequestration of sovereign wealth funds, blocking direct supplies, printing money to buy global goods without producing, blocking the flow of alternative information to allow people to intelligently judge issues, fake news US intelligence agencies to cause wars, insisting countries not involved should participate in the war… These are the causes of the downfall of the world today, disguised by preaching about the defense of human rights , a level playing field and peace.

The Philippine DFA and DND don’t have to side with Russia or China, they just have to act smart based on facts and history. Failing to listen to broader sets of informed parties on different dimensions of the issues, declaring as some foreign affairs and defense leaders have done, preemptively, that the Philippines will participate in any US-led war that might be an indication of the control the United States has over our current agency heads, led by a public relations operation, their lack of knowledge of the facts, even their basic ability to position themselves and negotiate well for the Filipino people.

New Worlds by IDSI, for smart, progressive readers who want to see the world beyond the headlines ([email protected])!

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Romualdez assesses first 100 days of PBBM – Manila Bulletin https://apasl2019manila.org/romualdez-assesses-first-100-days-of-pbbm-manila-bulletin/ Thu, 06 Oct 2022 04:29:00 +0000 https://apasl2019manila.org/romualdez-assesses-first-100-days-of-pbbm-manila-bulletin/ Speaker Ferdinand “Bongbong” Marcos Jr., who is about to reach his first 100 days in office, has done a “great job” so far as a leader, according to House Speaker Martin Romualdez . Speaker of the House Martin Romualdez (left) looks on as Speaker Ferdinand “Bongbong” Marcos Jr. at the recent UNGA in New York […]]]>

Speaker Ferdinand “Bongbong” Marcos Jr., who is about to reach his first 100 days in office, has done a “great job” so far as a leader, according to House Speaker Martin Romualdez .

Speaker of the House Martin Romualdez (left) looks on as Speaker Ferdinand “Bongbong” Marcos Jr. at the recent UNGA in New York City (Speaker’s office)

“I think the president has done great things…in government, especially in his cabinet, and his policies are very clear,” Romualdez told reporters Thursday morning (October 6) in a chance interview on the sidelines of the coup. sending of the month HRep.

“On behalf of the House of Representatives, we have confirmed its budgetary framework with the Senate. We passed its budget at third reading, so we are on the right track. This is the most important bill, this is the national budget for 2023,” the Leyte 1st District MP said.

The General Appropriations Bill (GAB) of 5.268 billion pesos for 2023 or the proposed national budget is the first full annual expenditure of the Marcos administration.

“So my assessment is that he did a great job and he also did a terrific job engaging our friends in the international community where foreign direct investment (FDI) would come in,” the leader said. in the room.

As proof, Romualdez cited the results of Marcos’ recent trips to Indonesia, Singapore and the United States (US), all of which turned out to be the country’s major trading partners.

“Singapore being the number one source of foreign direct investment has generated so much excitement and they are very happy with his (Marcos) presidency and his administration,” he said.

Romualdez further said he was “very excited” for the Marcos administration to move forward.

“So we are looking for a quick recovery despite all the pressures and the global economy…so we are very excited for his administration. And on behalf of the House, we wholeheartedly support him and wish him good luck and congratulations [on] its first 100 days,” he said of the general manager.

Marcos will celebrate his first 100 days in Malacañang on Saturday October 8th.

Right on Track

In a later statement on Thursday, Romualdez said the Philippines was “on track and sprinting steadily through the first 100 days of the president’s administration.” [Marcos]”.

“Our economy has rebounded from the devastation caused by the global pandemic and has already reached the first stage of a full recovery… The future indeed looks brighter under the Marcos administration. Businesses are now ramping up their business , new jobs are being created and lost jobs are being restored, and economic activities have become vibrant again,” noted Romualdez, who accompanied Marcos on his recent business trips.

Romualdez cited the bilateral meeting between Marcos and US President Joe Biden on the sidelines of the 77th session of the United Nations General Assembly (UNGA) in New York, where the two leaders cemented a stronger security alliance and discussed opportunities to expand cooperation on a wide range of issues, including energy security, climate action and infrastructure.

During his trip to Indonesia, Marcos and Indonesian President Joko Widodo witnessed the signing of agreements on defence, security, creative economy and culture. They also renewed their commitment to enhanced bilateral cooperation as members of the Association of Southeast Asian Nations (ASEAN).

During his state visit to Singapore, Marcos and Prime Minister Lee witnessed the signing and exchange of agreements on counter-terrorism, personal data protection, digital cooperation, resource management in water and investment.

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The US dollar takes the world on a journey – Manila Bulletin https://apasl2019manila.org/the-us-dollar-takes-the-world-on-a-journey-manila-bulletin/ Sun, 02 Oct 2022 23:12:00 +0000 https://apasl2019manila.org/the-us-dollar-takes-the-world-on-a-journey-manila-bulletin/ To say that the US dollar has soared is an understatement. It’s become ballistic! The US dollar sneezed and all other currencies not only caught a cold, they are now supported. Even the mighty British pound has fallen to once unthinkable parity levels against the US dollar. Of course, it can be argued that the […]]]>

To say that the US dollar has soared is an understatement. It’s become ballistic!

The US dollar sneezed and all other currencies not only caught a cold, they are now supported. Even the mighty British pound has fallen to once unthinkable parity levels against the US dollar. Of course, it can be argued that the pound’s fall is also due, in part, to recent fiscal policy pronouncements by newly installed Prime Minister Liz Truss. I think, however, that the tax measures were only an accelerator of what was already a definitive fall in the pound. Similarly, the Japanese yen has fallen to disconcerting levels approaching 150 yen per US dollar. The British and Japanese governments have taken the unusual step of intervening in the foreign exchange market to help stabilize the value of their currencies.

Obviously, the Philippine peso was not spared. A year ago, the peso was trading at around 50 to the US dollar. At the time of this writing at the end of the day, September 29, the peso was trading at 59.20 to the US dollar. This is a drop of nearly 20% in value. A hard and debilitating blow, especially for importers.

The fall in currencies against the US dollar was inevitable. The US Federal Reserve had to adopt a very aggressive interest rate policy to curb runaway inflation which peaked at 9.1% in June before falling back to 8.3% at the end of August. To contain the historic rise in inflation, interest rates have risen from near zero at the start of the year to 3% for the first time since 2018. And this is not the end of rate hikes. Forecasts indicate that it could climb to 4.4% by the end of the year, continuing to rise in 2023. The US Fed’s inflation target is 2%, so it still has a long way to go to achieve this.

Inflationary pressures are not expected to subside any time soon. It all started with supply chain disruptions resulting from the COVID-19 pandemic. This was then fueled by an increase in demand with revenge spending, an increase in employment and an increase in monetary circulation. The nail in the coffin, so to speak, was the Ukraine-Russo conflict. This is the most compelling pressure of all, as it is likely to drive up energy and grain prices. The effects were widespread and immediate, not creeping. As the conflict has no foreseeable resolution, it continues to fuel speculation and therefore imbalances in traditional supply and demand equations.

Sustained levels of high inflation and, therefore, interest rates will almost certainly push the US economy into recession. The Fed itself has admitted that there is no painless way to get inflation under control. He prefers to risk a recession rather than a second wave of rising prices which will be even more difficult to control in the future. Given the still high levels of interest rates in the United States, the flight to the dollar should remain vigorous. Therefore, other countries will have to raise their own interest rates to defend their currency. This leads to a downward revision of the global economic growth forecast for 2023.

The strength of the US dollar is an unintended consequence of their fight against inflation. They also fear they will nip their post-COVID economic recovery in the bud and slide back into recession. The rest of the world therefore has no choice but to defend itself and rely on its own internal remedies to reduce the impact of US monetary policy.

In the Philippines, the peso’s fall to record lows is of great concern due to our import dependency for many of our essentials – oil, food, medicine. Moreover, there is little underlying support for the peso since we do not have a large export base nor can we boast of foreign domestic investment (FDI). Tourism is still struggling to take off to bring in the foreign currency it so badly needs. Our most important safety net is our OFW currency remittances which, thankfully, are increasing in the last quarter of the year, in time for the holiday season.

What is crucial now is not how much further the peso – or other global currencies – will fall. The most important question is how fast he can recover. The strength of the US dollar happened so quickly that companies didn’t have a chance to fully digest it. Many companies have absorbed rising import costs hoping that exchange rates will stabilize. If currency destabilization spreads, the Philippines will need to implement more belt-tightening and currency controls. Hopefully the risk to our GDP growth will not be significant.

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