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Business groups commit to hiring K-12 graduates

Business groups on Friday, April 20, reaffirmed their commitment to hire senior high school graduates under the K to 12 program amid concerns over their job readiness earlier raised by employers.
“We in the private sector therefore reaffirm our strong support for the K to 12 reform by taking affirmative action and opening employment positions for K to 12 graduates and rethinking our hiring guidelines to put a premium on competencies instead of credentials,” Philippine Business for Education (PBEd) chairman Ramon Del Rosario, Jr. said in a press briefing, reading the joint statement of business associations, such as Philippine Chamber of Commerce Inc. (PCCI), Makati Business Club (MBC), IT and Business Process Association of the Philippines (IBPAP), Management Association of the Philippines (MAP), People Management Association of the Philippines (PMAP), and the Joint Foreign Chamber of the Philippines (JFCCP). — Camille A. Aguinaldo

ASEAN summit in Singapore to include talks on South China Sea

The South China Sea issue will be one of the topics to be discussed by leaders of the Association of Southeast Asian Nations (ASEAN) during the two-day summit this month, a top Palace official said.
“Definitely the South China Sea is always a regular feature of our discussions,” Department of Foreign Affairs (DFA) Assistant Secretary Hellen B. de la Vega said in a press briefing on Friday, April 20.
President Rodrigo R. Duterte is set to attend the ASEAN Summit on April 27 to 28 upon the invitation of Singapore Prime Minister Lee Hsien Loong, who took over the chairmanship of the 10-member association this year.
The Philippines, meanwhile, will be the coordinator of the dialogue with China for three years starting in August, according to Ms. de la Vega. — Minde Nyl R. Dela Cruz

PNB raises $300 million from term notes offer

The Philippine National Bank (PNB) has raised $300 million worth of medium-term notes amid overwhelming demand from offshore investors, it said in a disclosure on Friday, April 20.
PNB said it issued $300 million in fixed-rate senior notes under the bank’s Medium Term Note (MTN) program.
“Proceeds of the Notes will be used for PNB’s general corporate purposes,” the bank owned by Lucio C. Tan said. — Melissa Luz T. Lopez

BDO profit steady in first quarter

Sy-led BDO Unibank, Inc. reported flat growth in its net income during the first quarter, as the bank sets sights to rake in P31 billion for 2018.
The bank made P5.9 billion in net profits between January-March, slightly higher than the P5.8 billion which it made during the same period in 2017.
“Additionally, BDO disclosed its earnings guidance of P31 billion for the full-year 2018, as it leverages on its strong business franchise and expands in underserved markets amid a challenging and competitive operating landscape,” the country’s biggest lender said in a disclosure on Friday, April 20.
The country’s biggest bank is also looking to raise P5 billion worth of long-term notes to raise fresh capital to manage debts and fund expansion plans.
The listed lender told the Philippine Stock Exchange on Friday that they have started offering long-term negotiable certificates of deposit (LNTCDs), which will mature in 5.5 years. The latest tranche of debt papers are initially priced at 4.5%, with the final coupon rate to be set as the offer period ends on April 30. — Melissa Luz T. Lopez

Balance of payments deficit narrows in March

The Philippines’ external payments position saw a narrower deficit in March reflecting a wider but “manageable” trade gap, the Bangko Sentral ng Pilipinas (BSP) said on Friday, April 20.
The country’s balance of payments (BoP) position settled at a $266-million deficit last month, improving from a $429-million deficit in February and a $550-million surfeit in March 2017. — Melissa Luz T. Lopez

Ayala Corp pouring more money into emerging technologies

Ayala Corp. (AC) is increasing investments in emerging disruptive technologies to help the country’s oldest conglomerate stay relevant amid a rapidly changing business landscape.
During the company’s stockholders’ meeting on Friday, April 20, AC Chairman Jaime Augusto Zobel de Ayala said the holding firm has created a new subsidiary AC Ventures Holdings Corp., which is pouring in $250 million to make minority investments in emerging technologies.
So far, about $150 million of the total amount has been deployed in the last 18 months, AC Chief Financial Officer Teodoro K. Limcaoco said in a briefing.
AC Ventures is also the Ayala group’s vehicle for previous investments in e-commerce platform Zalora Philippines and Mynt, the fintech arm of Ayala subsidiary Globe Telecom Inc. — Krista Angela M. Montealegre

Sparktionary: Competition


A millennial from the Philippine Competition Commission explains “competition,” a term that’s been used lately because of the Grab-Uber deal.
Photography by Paolo Lacambra Lopez
Editing by Samantha Gonzales

Podcasts to help you keep a healthy mind

The work day is over and you just want to get home. But traffic is a killer and the MRT is jam-packed. You need something to keep you from turning into a seething ball of rage, but you’re afraid of pulling out your phone to play games or read an e-book because someone might snatch it for you. And you’ve grown tired of listening to the same songs play in the Top 50 Charts for the nth time.
That, my friend, is what podcasts are for. Here are some podcasts to listen to (all of them available on Spotify) to get through your stressful trip while lowering your stress levels.

New Year, New You

This podcast is a great place to start in looking for things to listen to depending on what part of your life you want to improve. It’s a sampler of episodes from different podcasts—tackling both physical and mental health improvement—and links to them if you want to listen to more.

Savvy Psychologist

Dr. Ellen Henderiksen answers questions about psychology and mental health in bite-sized 10- to 20-minute episodes. From ways to take care of yourself to ways of dealing with other people, Dr. Henderiksen talks about these issues in an approachable and candid manner. And if that’s not enough, you can get free exercises and resources from her website. The Mountains to Molehills Challenge is definitely worth a try.

Affirmation Pod

Self-affirmations may seem cheesy when you start, but there are many people who attest to the effectivity of being your own cheerleader. Admittedly, saying the same one sentence to yourself over and over again can get tiresome and that’s where this podcast comes in. Let the soothing voice of Josie Ong guide you through five minutes of self-care and self-belief. The great thing about this podcast is that you don’t have to listen to it sequentially. Select the episode that you need for you, listen to it, reflect on it, and maybe download it legally using your podcast app of choice for future use.

The Hilarious World of Depression

As the old adage goes, “comedy comes from a dark place,” and perhaps a testament to that is the tragic loss of renowned actor and comedian Robin Williams. In this podcast, stand-up comedians talk about their own personal struggles with mental illness, how they draw strength from it, and how they prevent it from controlling their lives.

The One You Feed

There’s this old Native American tale, and maybe you’ve heard about it before, about how each person has two wolves—a good wolf and a bad wolf—and they’re in a constant battle against each other. And the one who wins is the one that you feed the most. The One You Feed is a podcast about feeding your good wolf, through inspiring interviews with people from different fields on how they keep themselves mentally healthy despite everything life throws at them.

The Bright Sessions

The Bright Sessions is an audio drama about Dr. Bright, a psychologist offering “therapy for the strange and unusual” to individuals with psychic powers—atypicals as the show calls them. Among her roster of patients are Sam, a time traveller whose abilities are triggered by her anxiety attacks, Caleb, a teenage jock who deals with his increased empathy through football, and Chloe, an artist who claims that she can hear the voices of angels. The patients are unique but relatable, and it’s nice to get the side of a psychologist as someone who’s capable of doing her job and showing genuine care for her patients. The show is written by Lauren Shippen (who voices Sam), hand-in-hand with Elizabeth Laird (who voices Dr. Brigh’s secretary) as the show’s psychological consultant.

Conversations with People Who Hate Me

The internet can be a very toxic place. And sometimes it’s just super tempting to fight with the people who have sent you hateful comments online. In Conversations with People Who Hate Me, internet content creator and social justice advocate Dylan Marron contacts the people who have sent him such comments to see their side of the story without devolving into heated arguments. This podcast is produced by Night Vale Presents, which also produces the popular surrealist audio drama Welcome to Night Vale (where Marron voices Carlos the Scientist).
Do you have more podcast recs? Hit us up on Facebook, Twitter, and Instagram. We really want to know.

A city of hope

For a brief period between October 1944 to February 1945, the city of Tacloban had become the temporary seat of the Commonwealth Government and temporary capital of the Philippines. The pronouncement signified the first victory of the Filipino and American troops led by General Douglas MacArthur, the first city to be liberated from the Japanese Occupation in the second world war.

For that brief period, Tacloban signified hope.

In recent times, Tacloban’s proud history is marred by calamity, namely the devastation caused by Typhoon Yolanda (international name: Haiyan) — one of the strongest typhoons ever to make landfall across the Philippines’ central islands. Yolanda triggered the largest humanitarian crisis the Philippines has ever faced since World War II when it brought Category 5 hurricane winds and storm surges that flattened coastal areas, uprooted trees, and ravaged communities with floods.

Tacloban City suffered tremendous casualties and billions of pesos worth of damage to roads, business, and infrastructure. For a time, it had seemed hopeless. Now, nearly five years after the typhoon, Tacloban is making a comeback.

“In the long run, this tragedy only served to bolster the indomitable spirit of the Waray people,” the City of Tacloban wrote on its government Web site. “After a short period of mourning and sifting through the rubble, armed with an inventory of lessons learned from the Yolanda experience, Tacloban City promptly began the difficult recovery process, simultaneously reviewing its development plans for a resilient, sustainable, and vibrant future even in the face of new climate realities.”

With the generous partnership of development agencies such as the United States for International Development, the United Nations Human Settlements Programme, and the Japan International Cooperation Agency, Tacloban is gaining back its lost momentum as one of the country’s fastest developing cities.

The revival is further being spurred by investors from the private sector. One of such investors is Wilcon Depot, which is opening its newest branch in Tacloban City today, its 42nd operating store in the country.

“Wilcon Depot Tacloban is our 42nd operating store with a total sales area of over 11,000 square meters,” Wilcon Senior Executive Vice-President and Chief Operating Officer Rosemarie Bosch-Ong told BusinessWorld.

“It is Wilcon’s fifth branch in Visayas region, our first in the Eastern Visayas. Like other Wilcon Depot stores, our Tacloban branch carries wide array of home building products under several categories such as Tiles, Sanitarywares, Plumbing, Furniture, Home Interior, Building Materials, Hardware, Electrical, Appliances and other DIY items. It also has our ABCDE (Architects Builders Contractors Designers Engineers) Lounge, a dedicated space where professionals can meet with their clients, conceptualize and create projects together inside the store,” she said.

Ms. Ong believes that the economic revitalization of Tacloban City will continue towards the foreseeable future. Due to the evident recovery efforts of the local government, she believes that the city is on track to become a booming investment hub in the Eastern Visayas region.

“Wilcon is privileged to be part of Tacloban’s fast, dynamic and growing economy. Tacloban City was recognized by the National Competitiveness Council (NCC) as the Most Improved Highly Urbanized City of the Philippines in August 2017,” she said.

“As the city remains the center of trade and commerce, and the strategic hub in Eastern Visayas, Wilcon is committed to be Tacloban’s partner in building a more progressive and resilient city.”

A catalyst for redevelopment

Wilcon envisions to become a mobilizing force to further hasten the redevelopment of Tacloban City through the provision of home building solutions for the people of Tacloban.

“Wilcon recognizes Taclobanons’ actions in rebuilding their city. And Wilcon Depot extends its support to help Tacloban City in their endeavor to regain their status,” Ms. Ong said.

“The company believes its entry to the city will receive a positive feedback in which Wilcon can actively support and contribute in assisting the growth Tacloban’s economy. We are excited to have a shared success with them. Wilcon supports Tacloban City as it fulfills its vision in being a globally competitive, green and resilient city,” she added.

Through its newest branch, Wilcon aims to provide Filipino homeowners the capability to build, improve, and refine their homes for a sustainable and comfortable life through its extensive, innovative, efficient and high-grade products, as well as the company’s exceptional value-added services. With the opening of this new branch, Wilcon was also able to provide more than a hundred of jobs for local residents of Tacloban.

“With Wilcon’s commitment to establish its stores in key cities and localities in the Philippines, there’s no better time to be part of city’s efforts in infrastructure improvements, future proofing and building sustainable homes by providing high-quality and innovative products,” Ms. Ong said.

As Filipinos once more begin to believe that Tacloban City is a valuable place to live and do business, so too can the world. Tacloban once used to be a symbol of hope for the country’s future. It still can be.

Queen Elizabeth II: A life dedicated to service

Queen Elizabeth II, or Elizabeth Alexandra Mary in full, is known for reigning longer than any other monarch in British history. About to turn 92 years old on April 21 of this year, the much loved and respected queen has been reigning for more than 60 years.

Born in 1926 as the elder daughter of Prince Albert, Duke of York, and his wife, Lady Elizabeth Bowes-Lyon at 17 Bruton Street in Mayfair, London; Queen Elizabeth II was not expected to be a monarch, not until her uncle, King Edward VIII abdicated from the throne. After the abdication in 1936, Elizabeth II’s father, then the Duke of York, acceded to the throne as King George VI.

It was on Feb. 6, 1952 when Queen Elizabeth II, then a princess, acceded to the throne as queen following the death of King George VI due to a prolonged illness. On June 2, 1953, a coronation ceremony took place in Westminster Abbey, which was attended by 8,251 guests. About 129 nations and territories were officially represented at the ceremony.

The Queen’s official title, by virtue of the Royal Titles Act of 1953 is “Elizabeth The Second, by the Grace of God, of the United Kingdom of Great Britain and Northern Ireland and of her other realms and territories Queen, Head of the Commonwealth, Defender of the Faith.”

As the Queen, some of her duties include opening each new session of Parliament, granting Royal Assent to legislation, and approving Orders and Proclamations through the Privy Council. Moreover, she also retains the right to appoint and also meeting the Prime Minister on a regular basis.

Aside from the title “Defender of Faith,” the Queen holds the title of “Supreme Governor of the Church of England.”

Queen Elizabeth II officially became Britain’s longest reigning Monarch on Sept. 9, 2015, surpassing her great-great grandmother Queen Victoria who reigned for 63 years, seven months, and two days. For decades, she continues to be known for her sense of duty and her devotion to a life of service.

A year after, in 2016, the Queen was also considered as the world’s longest-reigning living monarch following the death of Thailand’s King Bhumibol Adulyadej.

Also in 2016, the longest reigning monarch celebrated another milestone, which is her 90th birthday, marked by various festivities. Apart from her long years ruling as a queen, she is also known to have traveled more widely than any other monarch. During these trips, she was able to undertake many historic overseas visits.

Along with her enduring reign as queen, Elizabeth II’s marriage was equally long enduring. Prior to her coronation in 1952, she was married to Prince Philip, Duke of Edinburgh on Nov. 20, 1947. The simple event, which was held at a time when Britain was still recovering from the war, were attended by foreign royals including the King of Iraq, Princess Juliana and Prince Bernhard of the Netherlands, and The Hereditary Grand Duke of Luxembourg and Princess Elisabeth of Luxembourg.

It was said that the Queen became the first British Monarch to have celebrated a Diamond Wedding anniversary in 2007 for a successful union of 60 years. Queen Elizabeth’s and Prince Philip’s union gave birth to four sons and daughters namely: Prince Charles, the heir apparent and The Prince of Wales; Princess Anne, the Princess Royal; Prince Andrew; and Prince Edward. Now, the couple has eight grandchildren and five great-grandchildren. 

According to the official Web site of the British Royal Family, Queen Elizabeth II sees public and voluntary service as one of the most important elements of her work. As Queen, she continues to carry out various engagements including visits to charities and schools, hosting visiting Heads of State, leading the nation in Remembrance and celebratory events, among others as supported by other members of the Royal Family. 

Moreover, the Web site said that the Queen has links — as Royal Patron or President — with over 600 charities, military associations, professional bodies and public service organisations — ranging from well-established international charities to smaller bodies working in a specialist area or on a local basis.

On the other hand, apart from fulfilling her duties as Head of State, Queen Elizabeth II also manages to take part in various hobbies. She is known to be an animal lover since her childhood, and has the greatest passions for horses and dogs. It is said that the Queen annually attends the Derby at Epsom, which is considered as one of the classic flat races in Britain. Queen Elizabeth also attends the Summer Race Meeting at Ascot, which has been a Royal occasion since 1911.

She is known to be an owner and breeder of thoroughbreds, and frequents equestrian events. Queen Elizabeth II is also notable for her fondness for dogs. She is known to take care of corgis.

This year, Queen Elizabeth II together with the Royal Family and the world, will be celebrating her 92nd birthday. Although the Queen is known for spending her actual birthday privately, the occasion is publicly celebrated by observing various traditions and activities.

During this special day, gun salutes in central London at midday were being held: a 41-gun salute in Hyde Park, a 21-gun salute in Windsor Great Park, and a 62-gun salute at the Tower of London.

Meanwhile, Queen Elizabeth II, who celebrates two birthdays each year, will also be celebrating her official on the second Saturday in June. The practice of having two birthdays dates back from Edward VII, who ruled between 1901 and 1910. It said that an official celebration for a Sovereign’s birthday is being held on another day than the actual birthday when the actual birthday has not been in the summer. This will allow good weather for a birthday parade, also known as Trooping the Colour.

During the Trooping the Colour, where the Queen is joined by other members of the Royal Family, over 1400 parading soldiers, 200 horses, and 400 musicians come together for a great display of military precision, horsemanship, and fanfare. — Romsanne R. Ortiguero

BSP minutes: Q1 GDP growth on target

FIRST-QUARTER economic growth likely settled within target on a boost from state infrastructure spending, the Bangko Sentral ng Pilipinas (BSP) said, with robust activity capable of absorbing future interest rate hikes.
Monetary policy makers expect Philippine gross domestic product (GDP) to have sustained its momentum, saying growth likely settled close to or within the 7-8% goal set for the year by the administration of President Rodrigo R. Duterte.
The Philippine Statistics Authority (PSA) is scheduled to report first-quarter GDP growth on May 10, hours before the BSP’s Monetary Board conducts its third policy review for the year.
“The government’s commitment to sustain implementation of the programmed infrastructure spending could also provide a boost to domestic activity. GDP growth in Q1 2018 is projected to be consistent with the government’s target and remains within the estimated potential output for the past six years,” read the highlights of the Monetary Board’s March 22 policy meeting that were released on Thursday.
The policy-setting body opted to keep borrowing rates unchanged at 2.5-3.5% last month, unfazed by accelerating inflation despite mounting calls that the central bank is already behind the curve as far as interest rates are concerned. Policy makers had then cited robust domestic economic activity and little concern over faster inflation as reasons for keeping interest rates steady.
Economic managers have said that the 7-8% growth goal appears attainable over the medium term, with the government’s “Build, Build, Build” initiative likely to drive stronger activity in both the public and private sectors.
The state plans to pour P1.068 trillion on infrastructure projects this year alone, nearly double the P568.8 billion spent last year. Public spending surged to P469 billion as of end-February, up 26% from 2017’s first two months, according to Treasury data.
The Asian Development Bank expects Philippine GDP growth at 6.8% for 2018, while the World Bank and the International Monetary Fund have projected 6.7% expansion, keeping the Philippines among Asia’s fastest-growing major economies.
Despite the sanguine growth outlook, the BSP cautioned that inflation is likely to keep rising over the months ahead.
“[T]he Monetary Board noted that inflation expectations have started to rise and will therefore need to be monitored closely in the coming months,” the BSP said.
Price increases of widely used goods accelerated to 4.3% in March, led by a surge in the prices of cigarettes, alcohol products and rice, according to the PSA. This is the fastest price pickup in at least five years, bringing the three-month average to 3.8%, close to the ceiling of the BSP’s 2-4% target.
The Monetary Board said it was ready to “take immediate and appropriate measures” to carry out the central bank’s mandate of price and financial stability.
“It was also observed that economic growth remained solid enough to absorb some policy tightening if warranted,” it added.
BSP Governor Nestor A. Espenilla, Jr. has said that the BSP is prepared to raise interest rates should price increases turn more broad-based. Monetary authorities are particularly watching out for proposals to increase minimum wages and raise public transport fares as a result of the higher prices of goods due to the tax reform law that took effect in January. — Melissa Luz T. Lopez

Infrastructure spending, other outlays surge

GOVERNMENT SPENDING on infrastructure and capital outlays jumped in February with the completion of Department of Public Works and Highways (DPWH) projects, as well as facilities of the Bureau of Internal Revenue (BIR) and the Department of National Defense (DND).
The Department of Budget and Management (DBM) in its National Government Disbursement Performance report for February said that infrastructure and other capital outlays amounted to P50.5 billion, 44% more than P35.1 billion in the same month in 2017.
It also picked up from January’s P43.3 billion that saw a 25.2% year-on-year uptick. February’s reading was also the fastest pace since November 2017’s 44.8%.
The report said this was a “result of completed road infrastructure projects of the DPWH such as improvement and rehabilitation of dike systems, flood control and mitigation structures, and construction of roads, bridges and school buildings.”
It added that “[t]he higher infrastructure spending also stemmed from the acquisition of office building of the BIR Revenue Region VIII, the construction of dry dock facility of the DND-Philippine Navy, as well as the opening of Letter of Credit in connection with the COMELEC’s option to purchase of vote counting machines for the 2019 National and Local Elections.”
For the January-February period, infrastructure and other capital outlays grew 34.6% as the government spent P93.8 billion compared to P69.7 billion in the first two months of 2017.
The DBM noted that infrastructure and other capital outlays as a segment was a “major growth driver of government spending” in February, accounting for 20% of the total disbursements that month and 25% for the two-month period.
Overall disbursements in February amounted to P240.3 billion, 37% up from last year — the biggest increase since June 2014’s 44.1%.
Moreover, the Budget department said that spending likely sped up last month.
“Disbursements are also expected to further quicken in March as agencies seek to utilize their remaining cash allocations that have been fully credited during the quarter, since the same are only valid until the last working day of March,” the report read.
“In all, spending will remain upbeat owing to the implementation of various infrastructure projects and banner social programs, as well as from the settlement of billings and claims from prior year’s obligations.”
DBM said in a separate statement that it sought expanded US Export-Import Bank support for the Philippines’ infrastructure drive during consultations at the sidelines of this month’s World Bank Group-International Monetary Fund Spring Meetings.
BRIDGES
Thursday also saw the Department of Finance (DoF) saying that eight bridges connecting Luzon and the Visayas are advancing in the state approval pipeline.
“We will also look to build a number of large bridges that will link islands within the Visayas, as well as connect the Visayas islands to Luzon. Among these projects to be submitted to the Investment Coordination Committee are the construction of a bridge to connect Samar provinces to the main island of Luzon; a bridge connecting Leyte to Mindanao Island through either an Underwater Tunnel Bridge or a Long-Span Overhead Bridge; the Panay-Guimaras-Iloilo Link Bridge; the Bohol-Lapinig Island bridge; Cebu to Negros Link Bridge, and; the Cebu to Bohol Link Bridge,” Finance Secretary Carlos G. Dominguez III said in a speech read for him by Finance Undersecretary Bayani H. Agabin during the third leg of the Philippine Economic Briefing in Cebu City yesterday.
Mr. Dominguez said that the government will push through with the construction of the New Cebu International Container Port this year, as well as improvements of the Iloilo International Airport and the Bacolod-Silay International Airport in 2019.
State infrastructure investments until 2022 are estimated to reach $170 billion, Mr. Dominguez said, as the government seeks overall economic growth of “seven percent or better” for 2018 that is seen to be “achievable.” The government also aims to cut unemployment rate to 3-5% by the end of its term in 2022 from 5.5% in 2016 and poverty incidence to 14% from 21.6% in 2015. — Elijah Joseph C. Tubayan

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