Facebook Instagram Linkedin X Youtube
Home Blog Page 10154

Nomura’s incoming CEO to speed up reform with retail business in focus

TOKYO/HONG KONG — Nomura Holdings, Inc.’s incoming Chief Executive Officer (CEO) Kentaro Okuda said on Tuesday he wanted to speed up the pace of reform at the country’s largest brokerage, which has long struggled to make its mark globally and must deal with a shrinking retail business at home.

A three-decade bank veteran and currently co-chief operating officer, Mr. Okuda, 56, is tasked with remaking Nomura into a firm that can better compete with the hordes of fintech and other non-traditional rivals breaking into financial services. Never realizing its ambition of becoming a global investment bank or even gaining a strong footing after its 2008 disastrous acquisition of Lehman Brothers’ Asian and European businesses, Nomura last year posted its first annual loss in a decade.

In April, it announced $1 billion in cost cuts for its wholesale business, which serves corporations and institutional investors, and said it would shut 20% of domestic retail branches.

“I have a sense of crisis over whether today’s main players in the financial industry can remain so down the road,” Mr. Okuda told a gathering of investors, a day after he was named to succeed CEO Koji Nagai from April.

“I want to speed up our pace of reform, taking it into account the change that is affecting our customers and financial markets,” he said.

Mr. Okuda did not go into details. But a senior company source said the bank was likely to first sharpen its focus on its domestic retail business as that has the potential to be a strong source of revenue generation for the bank in the next few years.

In Nomura’s strategy update to investors in April, Mr. Okuda said the bank needed to overhaul its wholesale business structure and reduce lower growth, lower profitability businesses.

To date, he has been mainly focused on Nomura’s investment banking business, which has been hit by a shrinking fee pool as banks chase fewer deals as well as by new regulations that have increased costs.

While Nomura is expanding into China, with its majority-owned securities joint venture securing regulatory approval last month, boosting revenue from overseas businesses will remain a challenge said the company source, who was not authorized to speak on the matter and declined to identified.

Overseas, Nomura remains a midsized player seeking to compete with much larger and better established US, European and homegrown rivals in those markets. — Reuters

ABS-CBN tops nationwide ratings; GMA Network leads in Urban Luzon

ABS-CBN Corp. said it continued to lead in national television ratings in November, while GMA Network, Inc. said it beat its rival in Urban Luzon and Mega Manila, citing different ratings providers.

Citing data from Kantar Media, the Lopez-led media giant said its nationwide TV audience share stood at 42% in November, versus GMA’s 30%.

Kantar Media used a nationwide panel composed of 2,610 urban and rural homes, which it says represent 100% of the total TV viewing population of the country.

ABS-CBN said its audience share stood at 40% in Metro Manila compared to GMA’s 26%, while in Mega Manila, it had a share of 34% versus GMA’s 31%. In Total Luzon, ABS-CBN recorded an audience share of 38% against its rival’s 32%, while in Total Visayas, it had a share of 52% against GMA’s 23%. In Total Mindanao, it had a 47% share against GMA’s 28%.

On the other hand, GMA said it recorded an average of 33.3% total day people audience share in Urban Luzon last month, against ABS-CBN’s 29.6%, citing Nielsen TV Audience Management. The network said Urban Luzon accounts for 72% of all urban TV viewers in the Philippines.

For Mega Manila (with official data from November 1 to 23), GMA said it posted a 33.9% average total day people audience share, versus its rival’s 27%.

Arts & Culture (12/04/19)

The PPO’s Christmas concert

CELEBRATE the Yuletide season with a concert by the Philippine Philharmonic Orchestra (PPO) on Dec. 20, 8 p.m., at the Main Theater of the Cultural Center of the Philippines (CCP). Guest soloists are percussionist Aimee De la Cruz, child soprano Alexa Kaufman, and clarinetist Franz Jensen Andra. Maestro Herminigildo Ranera leads the PPO. The evening’s program includes two works by Samuel Barber (Adagio for Strings and Die Natali op.36), Carl Maria von Weber’s Concertino for Clarinet and Orchestra, op.26, Cesar Franck’s Panis Angelicus, Felipe De Leon’s “Payapang Daigdig”, Pietro Yon’s “Gesu Bambino,” Darius Milhaud’s Concerto for Percussion and Small Orchestra, and Peter Ilich Tchaikovsky’s Capriccio Italien op.45. Ticket prices range from P400 to P1,500 with discounts available to students, senior citizens and groups. For inquiries, call the CCP Box Office at 8832-3704.

Four exhibits at West Gallery

THE West Gallery will be opening four exhibits tonight at 6 p.m., The shows, which run until Jan. 4, are: To Scale, featuring works by Francis Bejar, Gino Bueza, Don Dalmacio, Neil DC, Nicole Tee, and Marija Vicente; Isabel Santos’ Yes, but Bigger; Carina Santos’ Here as Elsewhere; and Soler Santos’ Raw Material. The gallery is at 48 West Ave., Quezon City. For details call 3411-0336.

BenCab Museum’s last 2019 show

THE BenCab Museum in Baguio caps the year with RE:VIEW 2019, a group exhibition by 45 artists, including young emerging painters and established artists, working in diverse styles from figurative to non-figurative, and showing a wide range of subject matter and techniques. The exhibit will open at the museum’s Gallery Indigo on Dec. 7, and it will be on view until Feb. 2. The massive group show includes works by Antipas Delotavo, Azor Pazcoguin, BenCab, Charlie Co, Elmer Borlongan, Imelda Cajipe Endaya, Justin Nuyda, Kawayan de Guia, Leonard Aguinaldo, Lynyrd Paras, Mark Justiniani, Nona Garcia, Ofelia Gelvezon-Tequi, Plet Bolipata, Renato Habulan, Virgilio Almario, Winner Jumalon, and Yeo Kaa, among many others. The museum is located at 6 Asin Road, Tuba, Metro Baguio.

Experimental 360 Lens exhibit

THE Cultural Center of the Philippines (CCP) closes off the decade with a new media exhibition by Gericho Iniel Cruz. The exhibit, #AngAlamatNgMalikhaingKonsyumer or Ang Alamat ng Malikhaing Konsyumer, opens on Dec. 5, 6 p.m., at the CCP’s Pasilyo Vicente Manansala (2F Hallway Gallery). This three-part show presents 360 degree videos of different aspects of, or “spectacles” at the CCP. Viewers can experience the physical exhibits through a virtual tour using a Google cardboard virtual reality device placed on three church pews at the exhibition area. This is the first time that Cruz will exhibit his work at the CCP, and he conceptualized it to support the ongoing 50th anniversary celebration of the Center. The exhibit will run until Jan. 19. For details, contact the Visual Arts and Museum Division, Production and Exhibition Department at 8832-1125 loc. 1504/1505 and (632) 8832-3702, mobile 0917-6033-809, or e-mail ccp.exhibits@gmail.com.

Ballet Philippines book out

Ballet Philippines marked its 50th anniversary with the launch of the coffee table book, Alice Reyes & Ballet Philippines: A 50-Year Legacy in Dance, a celebration of the ballet company’s rich history and influence on Filipino culture through dance. The book, published under ABS-CBN Books, casts a spotlight upon National Artist for Dance Alice Reyes, who founded Ballet Philippines and is now back as its artistic director. It features seven personal essays that trace Reyes’ legacy. It also chronicles the ballet company with photographs of shows that have been produced since it started out as a summer dance workshop at the Cultural Center of the Philippines five decades ago. It also pays tribute to the ballet company’s former artistic directors. The book will be available soon in leading bookstores. For updates, follow @abscbnpr on Facebook, Twitter, and Instagram or visit www.abs-cbn.com/newsroom.

PRURide PH set for another exciting edition in March in Clark

THE country’s biggest cycling festival — PRURide PH — is set for another exciting staging next year in Clark, Pampanga.

Happening from March 11 to 15, the cycling festival is expected to welcome more than 2,500 cyclists, including 18 local and international professional teams, who will race in 10 categories.

Among the categories on offer are the Virtual PRURide, and PRURide Criterium which feature different races, including fixed gear, road bike, and mountain bike races.

Also to be featured are non-competitive rides, namely, the Gran Fondo, which is perfect for families, beginners and hobbyists; and the Striders Cup, for children aged two to six, who will race using non-pedal bikes.

The event next year will also include the Fun Cycle, a new cycling activity meant for Pru Life UK agents and employees.

Bannering the PRURide PH 2020 is the PRURide UCI 2.2 Stage Races, a three-day race accredited by world governing body Union Cycliste Internationale (UCI), which will allow cyclists to chalk up points to advance to bigger international competitions.

The event will mark the second year that PRURide is included in the UCI World Calendar.

“We are excited to launch PRURide PH 2020 after the success of our first three editions. Since becoming UCI 2.2-accredited in 2019, PRURide PH is expected to grow bigger and become more exciting,” said Pru Life UK Senior Vice President and Chief Customer Marketing Officer Allan Tumbaga at the event’s press launch on Nov. 28.

“It is now a five-day marquee event featuring recurring cycling activities made more thrilling with the addition of new routes in Clark and Tarlac. With these, we aim to offer the best PRURide PH yet to our recreational and professional cyclists from the Philippines and Asia,” he added.

PRURide PH was launched in 2016 and was designed by Pru Life UK to promote cycling as an avenue for leading a healthy lifestyle and a sustainable form of transportation.

Company officials said they are very satisfied with how things have panned out for their thrust and reaffirmed their commitment to it.

To register and know more about PRURide PH 2020, visit https://www.pruride.ph.

Early-bird discounts and limited-edition freebies are also offered to participants who will register on or before Dec. 31 this year. All registered participants will receive a PRURide PH 2020 race kit, while all finishers will be given a finisher medal. Over P2 million worth of cash prizes will also be given away. — Michael Angelo S. Murillo

How PSEi member stocks performed — December 3, 2019

Here’s a quick glance at how PSEi stocks fared on Tuesday, December 3, 2019.

 

Seahawks hold off Vikings, grab share of NFC West lead

LOS ANGELES — Chris Carson and Rashaad Penny combined for 176 rushing yards and totaled three touchdowns as the Seattle Seahawks held on to defeat the visiting Minnesota Vikings 37-30 on Monday night in a key NFC matchup.

Russell Wilson completed 21 of 31 passes for 240 yards and two touchdowns, including a 60-yarder to David Moore late in the third quarter, as the Seahawks (10-2) moved into a tie with the 49ers atop the NFC West. Seattle holds the tiebreaker edge based on a win at San Francisco.

Wilson, who threw one interception, improved to 9-2 in Monday night games.

Carson rushed for a game-high 102 yards and a touchdown on 23 carries. Penny had 74 yards and a score on 15 attempts, and he also caught a touchdown pass.

The Vikings (8-4) fell a game behind the Green Bay Packers in the NFC North. Quarterback Kirk Cousins, who dropped to 0-8 on Monday nights, was 22 of 38 for 276 yards with two touchdowns and one interception.

The key play came with 8:50 remaining in the third quarter and the score tied at 17.

Minnesota’s Dalvin Cook rushed up the middle, but the ball was knocked loose by Seahawks defensive lineman Rasheem Green and recovered by safety Bradley McDougald at the Vikings 26-yard line. Cook, who entered the weekend ranked second in the NFL in all-purpose yards, sustained a shoulder injury on the play and didn’t return.

Shortly thereafter, Jason Myers kicked his second 29-yard field goal of the game to give Seattle its first lead at 20-17.

Cook finished with nine carries for 29 yards and a touchdown. He also logged three receptions for 35 yards.

With Seattle trailing 17-10 at the half, Penny scored on a 1-yard run to tie it on the Seahawks’ first possession of the third quarter.

Wilson hit Moore with the 60-yard TD pass and Penny with a 13-yard scoring strike early in the fourth to extend the lead to 34-17.

Cousins found a wide-open Laquon Treadwell for a 58-yard touchdown pass early in the fourth quarter to make it 34-24. He hit Kyle Rudolph with a 3-yard score to pull the Vikings within four with 7:14 remaining after a Seattle turnover.

Myers kicked a 36-yarder to cap the scoring with 25 seconds left, and the Vikings fumbled the ensuing kickoff to effectively end the game.

Cook capped Minnesota’s first possession of the game with a 2-yard touchdown run. The Seahawks responded with an 8-minute, 1-second drive, with Carson scoring from 1 yard out.

The Vikings took a 14-7 lead on Anthony Harris’ 20-yard interception return in the second quarter. Wilson’s pass was deflected at the line by Minnesota’s Armon Watts. Wilson attempted to spike the ball out of midair, but he ran into two linemen while doing so with the ball going higher into the air and into Harris’ arms. — Reuters

DoE touts new investor-friendly policies for renewables, off-grid areas

THE Department of Energy (DoE) said it expects new policies now in place to encourage investment in renewable-powered facilities serving remote areas.

“Recognizing the need to break barriers to investment, we have put in place additional policies that will dispel fears of potential investors,” according to Energy Undersecretary William B. Fuentebella, who delivered the message of Secretary Alfonso G. Cusi on Tuesday during the DoE’s energy investment forum at the Hilton Manila Hotel in Pasay City.

The forum is the DoE’s annual event to announce investment opportunities in the energy sector.

“In October, we issued the omnibus guidelines governing the award and administration of renewable energy (RE) contracts and the registration of renewable energy developers to harmonize and enhance existing guidelines and procedures governing the transparent and competitive system of registering and awarding RE projects,” Mr. Fuentebella said.

He said the DoE has also come up with “competitive RE zones” to address investor concerns on the availability of transmission lines for power projects.

“Come and invest in our country. We are open for business. We look forward to welcoming you as our partner for development. We have the investment promotion office to guide,” he told the forum’s participants, who included representative of foreign embassies.

The DoE expects demand for power to hit 43,765 megawatts (MW) by 2040. It projects added capacity of 25,265 MW from baseload plants or those that are running continually, and 14,500 MW from mid-merit plants or facilities that can easily be switched on or off.

The department expects Luzon to require 24,385 MW of additional capacity by 2040. The forecasts for the Visayas and Mindanao are 9,180 MW and 10,200 MW.

Based on DoE figures, only 6,239.20 MW in “committed” capacity is expected in the coming years, well below the demand projections. “Indicative” projects or those that have yet to finalize their financing are estimated at 42,507.1 MW.

During the forum, Mr. Fuentebella again talked about the DoE’s policy of being technology agnostic, saying there is no “one-size-fits-all” approach for an ideal energy mix “so both conventional and non-conventional sources must be considered.”

“Developing countries, like the Philippines, will need cost-efficient and reliable energy to meet its economic potential,” he said.

He also called for investment in remote areas where electricity remains unreliable. The administration aspires for 100% electrification by 2022.

“The Philippines’ unique situation of being archipelagic and prone to natural disasters must delve into electrification options that will provide continued electricity service. In the case of off-grid areas, solutions may be the implementation of micro-grid and distributed generation system,” he said.

Mr. Fuentebella said of the country’s 7,641 islands, up to 1,702 potential off-grid sites are available for investors to develop. These sites will potentially serve 2,399,108 households.

Asked to comment, Ma. Theresa C. Capellan, who chairs the Philippine Solar and Storage Energy Alliance, said: “Mas tapos na lahat ng policies ngayon. (The policies are comprehensive). They (will end) the year on a positive note because all the policies which they started three years ago have been executed and published in a circular.”

“In the next three years before the end of the term ni Presidente (Rodrigo R. Duterte) the challenge is for them to implement it,” she said.

Ms. Capellan said challenges remain, including harmonizing the rules issued by the regulator, Energy Regulatory Commission (ERC), and policy maker DoE.

“CSP (competitive selection process), for example. There are four different versions. There is the Senate version, there is the DoE version, there is an ERC version and there is a NEA (National Electrification Administration) version,” she said.

Rufino B. Bomasang, chairman of the Philippine Petroleum Association, said times have changed since the 1990s when power developers had guaranteed buyers. But he said big investors seem to be absent in oil and gas exploration.

“I don’t see much response to the government’s call for exploration. Wala pa akong nakikita major, major oil companies, karamihan locals and small foreign companies (I do not see oil majors. Most of them are locals and small foreign countries),” he said. — Victor V. Saulon

Milwaukee Bucks extend winning streak to 12

LOS ANGELES — Giannis Antetokounmpo totaled 29 points and 15 rebounds in 22 minutes Monday night as the host Milwaukee Bucks easily extended their winning streak to 12 games with a wire-to-wire, 132-88 rout of the New York Knicks.

Antetokounmpo recorded his 20th double-double in 21 games, getting his latest one in 15 minutes into the first half when the Bucks asserted their will. The only time Antetokounmpo failed to get a double-double was two nights ago, when he finished a rebound shy on Saturday in Milwaukee’s 41-point win over Charlotte.

Antetokounmpo shot 10 of 14 from the floor, hit three 3-pointers and did not play for the final 16:54, spending the entire fourth quarter cheering on his teammates, including his brother Thanasis.

The Bucks scored the game’s first seven points and led by double digits for the final 38:48. They held an 18-point lead after the opening quarter, led 72-45 at halftime, built a 100-62 lead through three quarters and posted their most lopsided win of the season.

Milwaukee improved to an NBA-best 18-3 and won a 12th straight game for the first time since 1982. The Bucks matched the fifth-longest winning streak in team history.

D.J. Wilson added a career-high 19 points and Khris Middleton finished with 16 points for Milwaukee, which shot 55.8 percent and hit 16 3-pointers. Thirteen different players scored for the Bucks, who beat the Knicks for the ninth time in the last 10 meetings.

George Hill contributed 14, Donte DiVincenzo had 11 and Thanasis Antetokounmpo finished with a career-high 10.

New York dropped to 4-17 and lost its seventh straight game. The Knicks played without leading scorer Marcus Morris (neck strain) and starting point guard Frank Ntilikina (back) and spent the first three quarters threatening to the break the team record for lowest shooting percentage — 27.4 percent on March 11, 2013, at Golden State.

Julius Randle led the Knicks with 19 points, but New York’s other four starters — Kevin Knox, Taj Gibson, RJ Barrett, and Dennis Smith Jr. — combined for 18 points on 5-of-33 shooting. Barrett finished 0-for-9 from the floor and did not hit a field goal for the first time in his career.

The Knicks missed 20 of their first 24 shots, shot 27.1% in the first half and were shooting 25.7% through the third quarter before finishing at 30.8%. — Reuters

Blistering start

It has been a blistering start for Team Philippines in the 30th Southeast Asian Games with gold medals, and medals in general, steadily flowing from different sources.

As of this writing, in just two days of competition, the host country has collected 38 gold, 20 silver and 13 bronze for a total 71 medals.

The gold haul was 23 more than what second-running Vietnam has, with Malaysia the other country with double-digit numbers for the top hardware with 10.

Arnis has been a rock-solid source of medals for the country with 12 gold medals, and counting we must add, to go along with two silver and two bronze medals.

The sport was absent in the Games for 14 years and it is surely making up very well for it just as it shows that the local federation for the sport has been doing its job of keeping the game of the athletes at a high level.

Dancesport was impressive, too, with its 10 gold and two silver haul, which really went a long way in setting the tone for the great start for the Philippines on Day One on Sunday.

I was not surprised by this though for I always believe that the Filipinos are among the best in dancing in the world, apart from being great as well in singing.

Endurance sports have been a boon in our campaign no doubt.

In the first two days of competition they paced the country’s gold conquests with triathletes John Chicano and Kim Mangrobang giving Team Philippines its first gold medals in the Games on Dec. 1 and duathlete Monica Torres handing the first gold on the second day.

The Philippine triathlon mixed relay team also snatched gold.

Along the way endurance sports also produced two silver medals.

The Subic and Clark clusters of the Games have been good as well for Team Philippines with sepak takraw (2) and pencak silat (1) in Subic and kurash (1) in Pampanga producing golds.

Olympians Hidilyn Diaz (weightlifting) and Caloy Yulo (gymnastics) have flexed their muscles on their way to the top of their respective divisions.

Diaz, a silver medallist in the 2016 Rio Olympics, won her first SEA Games gold medal by winning the women’s 55-kilogram weightlifting division on Monday.

Yulo, Tokyo 2020 Games qualifier, meanwhile, dazzled the hometown fans by bagging the men’s artistic gymnastics individual all-around on Day One.

Wushu’s Agatha Wong, for her part, successfully defended her title in the taolu taijiquan event.

Then there were our 3×3 basketball teams who ruled the competition in the debuting SEA Games sport.

The men, in particular, were solid as they swept their way to the gold. The team was composed of Philippine Basketball Association stars CJ Perez, Mo Tautuaa, Chris Newsome and Jason Perkins. Coach was Ronnie Magsanoc.

The women’s team, coached by Pat Aquino, was made up of Jack Animam, Clare Castro, Afril Bernardino and Janine Pontejos.

Downhill cycling (2) and lawn bowls (1) were also big winners on the second day.

Following the “intramurals” that hounded the Games in the lead-up, it is truly a breath of fresh air to have the focus now channelled to the athletes, the true heroes in this event.

The issues thrown at the hosting of the Games, of course, still need to be looked at but it can wait for now as our athletes do their thing. All the way, Filipino athletes!

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Trending upward

The Sixers won yesterday for the 10th straight time since the season began, and in convincing fashion against the vaunted Jazz to boot. The victory enables them to keep pace with the Raptors, Heat, and Celtics as the only remaining National Basketball Association contenders with blemish-free slates at home. And, if nothing else, it consolidates the progress they’ve made since their unexpected stumble early last month. Five losses in seven outings, even over a long season, set alarm bells ringing, and to the point where head coach Brett Brown’s job status, hitherto solid, was called to question. To his credit, he promptly righted the ship, and they’re back to competing with conviction.

Not that the Sixers are trouble-free. Far from it. For one thing, their one-two punch of Joel Embiid and Ben Simmons continues to be a work in progress. The unique skill sets that precisely enable them to stand out in a league full of talents are also what make a seamless fit tenuous at best so far. Then again, the annals of pro hoops are replete with examples of the best ultimately managing to find ways to make music together in pursuit of collective objectives. The successes these examples have generated are what fuel the optimism within the organization that they will inevitably figure things out.

Admittedly, the Sixers’ progress featuring their resident All-Stars was stunted by the roster changes dating back to their previous campaign. Effective but demanding Jimmy Butler came and went, and with him, seemingly, their capacity to produce with consistency in the crunch. Thankfully, steady Tobias Harris stayed, and the veteran smarts lost following the departure of perimeter threat JJ Redick were more than offset by the acquisition of all-around Al Horford. In short, their premise looks sounder, and their promise appears on the way to being fulfilled.

Yesterday, for instance, the Sixers made the otherwise-outstanding Jazz look decidedly pedestrian. They were, if anything, so good that Embiid’s so-so showing and iffy conditioning proved immaterial to the bottom line. So, yes, they’re trending upward, albeit with much room for improvement. Once they’re able to do as well on the road, where they have more setbacks than triumphs, look out. And, at this point, their development seems to be a matter of when, not if. No wonder fans in the City of Brotherly Love, invariably jaded, have found cause to cast moist eyes on the hardware anew.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is a consultant on strategic planning, operations and Human Resources management, corporate communications, and business development.

High tribunal voids law admission test

THE Supreme Court has voided a memo by the Legal Education Board (LEB) requiring students to pass an admission test before they can enter law schools.

In a 107-page decision dated Sept. 10 but released only on Tuesday, the high court said the admission test goes beyond supervision and regulation and violates academic freedom.

The court said the test is not only unreasonable but also illegal because it is used to exclude, qualify and restrict admissions to law schools.

“In striking down these objectionable clauses in the Philippine Law School Admission Test, the state’s inherent power to protect public interest by improving legal education is neither emasculate not compromised,” the tribunal said. “Rather, the institutional academic freedom of law schools to determine for itself who admit pursuant to their respective admissions policies is merely protected.”

The court also nullified the practice of the Legal Education Board to impose qualifications on faculty members and deans of graduate schools of law in violation of “institutional academic freedom on who may teach.”

The court said it treats the law admission test differently from the National Medical Admission Test (NMAT) because they operate differently, noting that the latter is evaluated by medical schools in relation to their own cut-off scores.

It also said the medical admission test score is not the only factor in the admission of a student to medical school. Rather, it is only “one of the bases for evaluating applicants for admission to a college of medicine.”

“Medical schools further enjoy the discretion to determine how much weight should be assigned to an NMAT score relative to the schools’ own admissions policy,” it said.

The validity of the law school admission test was first questioned on April 7, 2017, days before the first examinations. Another petition was filed in November 2018. — Vann Marlo M. Villegas

Philippines, China have entered ‘Golden Age,’ Chinese envoy says

RELATIONS between the Philippines and China have entered a “Golden Age,” newly appointed Chinese Ambassador to the Philippines Huang Xilian said upon his arrival in Manila on Tuesday.

Mr. Huang, who served as Chinese ambassador to the Association of Southeast Asian Nations, will take the place of Zhao Jianhua.

Philippine-China relations under President Rodrigo R. Duterte and Chinese President Xi Jinping “have gone through a trilogy of turn-around, consolidation and elevation in the past three years, ushering in a fresh Golden Age for the two countries,” Mr. Huang said in a statement.

“Truly delighted for the Philippines’ accomplishment, I have every reason to believe and expect that the country will achieve greater strength and prosperity in the coming years and decades,” he added.

Mr. Huang received his Bachelor’s degree at the Beijing Foreign Studies University and his Master’s degree at the University of Manchester. He served as a Chinese envoy in Brunei and India.

The embassy noted that Mr. Huang’s appointment comes ahead of the 45th anniversary of the establishment of the China-Philippines diplomatic relations in 2020.

Mr. Duterte has sought closer investment and trade ties with Beijing, including over resources in the disputed sea, since he became president in June 2016.

He has tried to befriend Mr. Xi, hoping to secure billions of dollars of investment, avoiding challenging China over its activities in the South China Sea including its militarized artificial islands.

Senator Risa N. Hontiveros-Baraquel earlier filed a resolution seeking a national security audit over concerns that China might be accessing the country’s power grid system.

The State Grid Corp. of China was part of the group that was awarded the 25-year concession agreement to operate Transco’s power transmission facilities

China has belied the claims. — Charmaine A. Tadalan

1...10,15310,15410,155...14,238Page 10,154 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube