Author: Michael Chen

Amid the current focus on the response and recovery from the COVID-19 pandemic and the numerous global issues and impediments, the Department of Information and Communications Technology (DICT) is one with the Association of Southeast Asian Nations (ASEAN) in commemorating its 54th anniversary under the chairmanship of Brunei Darussalam with the theme, “We Care, We Prepare, We Prosper.” and the ASEAN Month this August in recognizing the significant role of ICT in the response to and recovery from the pandemic. To support the ASEAN Digital Ministers (ADGMIN) Meeting’s aspirations, the DICT actively participated in the fulfillment of the ASEAN ICT…

After the President’s decision on the start date for the incoming school year, the Department of Education (DepEd) has finalized the School Calendar for SY 2021-2022, which will still feature blended learning approach in the delivery of basic education. As previously announced, the opening date for SY 2021-2022 is on September 13, 2021. It will end on June 24, 2022, for a total of 209 school days in adherence to Republic Act 7797 (An Act to Lengthen the School Calendar from Two Hundred (200) Days to Not More Than Two Hundred Twenty (220) Class Days). The conduct of face-to-face classes,…

PCA Administrator Benjamin R. Madrigal, Jr. has invited businessmen to invest in the Philippine coconut industry to increase exports and provide the coconut farmers livelihood thereby lifting them from poverty. Speaking during the opening ceremony of the 35th National Coconut Week held virtually on August 3, 2021, Administrator Benjamin R. Madrigal, Jr. sought the investments as he shared that despite the continuous challenges brought by the pandemic, the coconut industry sees opportunities and favorable developments happening as PCA pursues its commitment to be a globally recognized institution championing a market-driven industry. Madrigal mentioned that with the passage of the Coconut…

As part of the intensified effort of the Bureau of Customs to fight smuggling and the proliferation of counterfeit goods, the Intellectual Property Rights Division (IPRD) – Customs Intelligence and Investigation Service (CIIS) under the Intelligence Group (IG) and Port of Manila District Office in coordination with the Armed Forces of the Philippines and the Philippine Coast Guard seized various counterfeit items in Bagong Milenyo, Pasay City on July 28, 2021. The team was armed with a Letter of Authority and Mission Order issued by Commissioner Rey Leonardo Guerrero. Upon inspection of the storage facilities, the team discovered various items…

Philippine Savings Bank (PSBank), the thrift banking arm of the Metrobank Group, registered a net income of Php 879 million for the first half of 2021, primarily driven by an increase in fee income, reduction in expenses, and lower provisioning. Year-on-year, total assets grew 17% to Php 271.7 billion. Total deposits increased by 24% to Php 220.4 billion with low-cost CASA growing by 9%. With muted consumer loan demand, net interest income slipped by 14% from the same period last year. This was compensated by an increase in fee income by 26% and a reduction in operating expenses by 5%,…

The Asian Development Bank (ADB) today approved a $500 million loan to help the Government of Pakistan procure and deploy safe and effective coronavirus disease (COVID-19) vaccines and strengthen the country’s capacity to implement its vaccination program. The project will support Pakistan’s National Deployment and Vaccination Plan by purchasing and delivering an estimated 39.8 million doses of COVID-19 vaccine, safety boxes, and syringes. It is financed through ADB’s $9 billion Asia Pacific Vaccine Access Facility launched in December 2020 to offer rapid and equitable vaccine-related support to ADB developing member countries. “Vaccines help to reduce the spread and mortality of…

Global investment firm Goldman Sachs has expressed confidence over the Philippines’ resilience and strong positioning against its credit rating peers in recovering from the pandemic damage, on the back of the country’s low debt burden, expected current account surplus and projected robust and sustainable growth rebound over the next two years. It said Moody’s Investor Service’s affirmation of the Philippines’ ‘Baa2’ rating with ‘stable’ outlook is a vote of confidence in the country’s fiscal and external buffers plus policy flexibility during crisis, and which this investment firm attributed to the “astute management” by President Duterte’s economic team led by Finance…

Local tourism recovery continues to gain momentum as the Department of Tourism (DOT) strengthens its cooperation with public and private sector to bring more vaccine doses to the country’s key tourism destinations. A total of 5,000 out of 13,000 tourism workers in Bohol have already received their first dose of the Sputnik V, while 2,500 tourism workers in Tagbilaran are awaiting their first and second Sinovac shots. An additional 11,000 doses has been requested for the entire Bohol covering DOT-accredited establishment and service providers. In Boracay, 7,634 frontline workers and other tourism related workers were already inoculated out of the…

San Miguel Corporation (SMC) sustained its growth momentum throughout the first six months of the year, registering a net income of P29.6 billion—a significant turnaround from its P4.0 billion net loss in the same period last year—as all major businesses posted robust recoveries amid the continuing COVID-19 restrictions nationwide. SMC’s consolidated revenues grew 16% to P410.1 billion, driven by higher sales from Petron Corp., up by 14%, SMC Global Power by 5%, SMC Infrastructure by 27%, and San Miguel Food and Beverage by 20%. Operating income surged 309% to P61.0 billion, brought about by improved margins, effective company-wide cost savings…

As an innovative global trading platform for various crypto assets, founded in 2015. LBank officially launched the Philippine Ambassadors Recruitment in August 2021. LBank provides its users with safe crypto trading, specialized financial derivatives and professional assets management services. It has become one of the most popular and trusted crypto trading platforms with over 5.6 million users in more than 50 countries around the world. Digging out promising projects to benefit users has been the consistent goal of LBank. Perfect coordination among various departments in LBank and efficient decision-making has laid a concrete foundation to dig out new promising projects…

The Center for International Trade Expositions and Missions (CITEM) organized via Zoom a series of digital business-to-business (B2B) matchmaking events with the Philippine delegation for FOODEX and Japanese buyers, as part of the agency’s ongoing efforts to leverage borderless communication in facilitating trade and export promotion. During meetings with Japanese buyers, the Philippine delegation for FOODEX showcased healthy, organic, and natural food products. Presented to the health-conscious Japanese market were products including mango-infused vegetable drink mixes by Business Innovations Gateway, Inc., varied coconut-based products by Eau de Coco Inc., Limketkai Manufacturing Corporation, and Pasciolco Agri Ventures, snacktime favorites by Magic…

Philippine National Police (PNP) Chief, Police General Guillermo Lorenzo T Eleazar tasked police units and offices to investigate and be vigilant against the possible hoarding of oxygen tanks and other medical supplies amid the continuing threat of COVID-19. PGen Eleazar issued the order after Cebu City Vice Mayor Michael Rama called on the police and the Department of Trade and Industry to look into the supposed hoarding of oxygen tanks. “Makikipagugnayan at tulungan ang PNP sa DTI para silipin ang sinasabing hoarding ng oxygen tanks, lalo na sa Cebu City,” PGen Eleazar said. “I have directed the Cebu City Police…

AC Energy Corporation (ACEN), through its wholly-owned subsidiary, AC Renewables International (ACRI), has obtained board approval to enter into a joint venture with NEFIN Holding Limited (NEFIN), a leading solar photovoltaic developer and investor in carbon neutrality solutions. ACEN and NEFIN will establish a 50/50 joint venture holding company that will develop, construct, and operate rooftop solar projects across Asia. The joint venture will own 21 MW of operating assets and has a robust near-term project pipeline. NEFIN, as an expert in rooftop solar PV system engineering and management, has collectively delivered over 300 MW of utility-scale, commercial, and industrial…

“After two years of grinding labor and sacrifice, we have made strong and hopeful steps forward,” Secretary William Dar said during his State of the Philippine Agriculture report on August 4, 2021. Marking his second year at the helm of the Department of Agriculture (DA), Secretary Dar reported the achievements of the Philippine agriculture and fisheries sector despite the “perfect storm” that badly hit the country in the previous year. “We can say with renewed confidence that Philippine agriculture is back, and our nation’s food security is stronger,” the agri chief said emphasizing that the established new way of thinking…

Phoenix Petroleum recorded in the second quarter of 2021 its all-time-high quarterly volume, while maintaining prudence in OPEX and CAPEX management, accelerating the Company’s growth with EBITDA up 73% from the prior quarter to P1.07 billion. Revenues rose 38%, while OPEX per liter was down by 17%. Net Income was up 9% to P132 million. Overall volume grew 32% from the prior quarter as the growth of the domestic business picks up pace. Domestic volume rose 27% q-o-q. Commercial, alongside other B2B segments, strengthened from the prior quarter as select industries such as manufacturing and trading drive the momentum. This…

Our country’s transport infrastructure development is in full swing across regions, and one project which is being keenly awaited for completion is the Bicol International Airport (BIA) in Daraga, Albay. Now coming closer to reality, the BIA’s overall accomplishment rate is at 89%, as of 28 July 2021. Today, Department of Transportation (DOTr) Secretary Art Tugade delivers on his pledge to land on the gateway’s runway, as his symbolic act of his relentless pursuit to fast-track the completion of this long delayed aviation project. Dubbed as the “country’s most scenic gateway”, the BIA will be operational before the year ends,…

Bureau of Customs (BOC) Port of Cebu-Subport of Mactan cleared last Monday, July 26, another 51,480 doses of Pfizer-BioNTech COVID-19 vaccine from Belgium. Prior to their arrival at Mactan-Cebu International Airport, the vaccines underwent advance clearance process to facilitate their immediate release. After ramp release, the vaccines were underguarded by the BOC CoVax Special Handling Team and DOH VII Convoy Team to the designated storage facility in Cebu City.Last week, the Subport also cleared 51,480 doses of Pfizer-Bio NTech COVID-19 vaccine. A total of 313,560 doses have been cleared by the Subport since June of this year. The Port gives…

Tax reform, which has provided income tax cuts for individuals and corporations to unleash their economic potential while raising funds for the administration’s unprecedented “Build, Build, Build” infrastructure modernization program, is among the key achievements of the Duterte presidency, Finance Secretary Carlos Dominguez III has said. Dominguez said that with several packages of the Duterte administration’s comprehensive tax reform program (CTRP) and other economic reform measures in place, the Duterte administration has now accomplished “85 percent of what we have set out to do” on “the economic side.” As head of the government’s economic team, Dominguez led efforts in getting…

The second batch of health experts from Israel’s Ministry of Health kicked off their weeklong visit here in the Philippines with a meeting on Tuesday with the country’s top COVID-19 task force officials. The Israeli delegation was invited to look into the national government’s COVID-19 response and mitigation efforts and offer recommendations on how these methods can be further improved to address the challenges of the highly-transmissible coronavirus Delta variant. The Israeli delegation was led by Dr. Guy Choshen, an infectious diseases and COVID-19 specialist from the Tel Aviv Sourasky Medical Center. Other members of the delegation included Shira Peleg,…

The Philippines and Brunei Darussalam have signed an agreement aimed at eliminating double taxation and preventing fiscal evasion on taxes on income arising from cross-border transactions between these two Southeast Asian countries. The agreement was signed by Philippine Finance Secretary Carlos Dominguez III and Yang Berhormat Dato Seri Setia Dr. Awang Haji Mohd Amin Liew bin Abdullah, the Minister at the Prime Minister’s Office and Minister of Finance and Economy II of Brunei, this morning, July 16, on behalf of their respective governments. Secretary Dominguez said this Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion…