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Explore the world through education with The Travel Club

Studying abroad offers a passport to limitless possibilities. It’s an enriching journey that can create a lasting impact on the way a person views the world and navigates life.

On June 29, 2024, The Travel Club, in partnership with World Traveller, Hedgren and JanSport, hosted the third installment of The Travel Guide Series at the Activity Center of the Ayala Malls Manila Bay. The theme of the event was Exploring the World Through Education.

Meeting of the minds: Top-notch resource speakers shared their insights and know-how as guests inquired about how to get started in their dreams to study abroad.

The event offered valuable insights and helpful preparation tips from global education specialists, including IDP, British Council, and IELTS. Filipino international school alumni Richard Carvajal from the University of Oxford, Ivan Bernardo from the University of Singapore, and Chiara Abaquin from Harvard Graduate School, also shared their first-hand experiences studying abroad to educate and inspire our aspiring global students.

“While traveling is fun, there are also a lot of pain points,” said Sheena Valencia, The Travel Club’s Marketing Manager, during her opening remarks. “Today, our goal is to help you with the challenges and guide you to prepare on your study abroad journey.”

IDP Team, the country’s leading resource for studying abroad, is ready to answer guests’ queries.

Students eyeing a global education in Australia, Canada, the United Kingdom and New Zealand received a comprehensive guide from IDP’s Country Destination Manager for Canada, Romina Puno-Romero. She discussed crucial factors such as location, study level, weather, tuition costs, and the overall cost of living when studying abroad.

“When you study abroad and you do it with IDP, you will be guided all throughout your journey,” Ms. Puno-Romero assured. IDP has a presence worldwide and offers personalized assistance depending on a student’s needs — from selecting a destination or school to handling applications, health insurance, student visas, and even emergency support in the study destination.

Primer Groups, The Travel Club and Digworx Teams made the event a resounding success.

The British Council, represented by its Senior Cluster Marketing Manager for Exams Danica Tuliao, highlighted the importance of the IELTS test, a key requirement for many international academic programs.

“IELTS helps you unlock opportunities for work, study, and migration,” Tuliao said. “It’s required when you study abroad to know how well-versed [you are] in an environment where you’ll meet people in different parts of the world.”

During the panel discussion, guest speakers shared their ultimate tips for global students. Ivan Bernardo encouraged attendees to “always ask for help,” Chiara Abaquin advised to “be open to unlocking new opportunities,” and Richard Carvajal urged everyone to “Carpe diem! And enjoy the experience of a lifetime!”

Nearly 300 guests had the chance for one-on-one consultations with IDP, British Council and IELTS. Aside from this, the event also featured fun activities from World Traveller, JanSport, and Hedgren. PNB offered sign-ups for the PNB-The Travel Club Platinum Mastercard, and Pioneer Insurance promoted its Safetrip Study Abroad Insurance.

Attendees had the chance to win thousands of prizes, including luggage from World Traveller, school bags from Hedgren, JanSport, and Travel Blue, insulated tumblers from Hydro Flask, IDP travel kits, Klook vouchers, PNB gift certificates, and an overnight stay at Seda Hotel from Pioneer Insurance. Lucky winners also received an IELTS premium voucher worth ₱40,000 from the British Council.

It was a day filled with discovery and preparation, providing attendees with practical tips and a deeper understanding of what it takes to succeed in international studies. Watch the entire live video in The Travel Club’s Facebook page to know everything that went down during the event.

Stay tuned for upcoming The Travel Guide events! Follow The Travel Club on Facebook, Instagram, and TikTok for updates.

 

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‘CONNECTED’: Globe Business highlights collaboration, innovation in GSummit 2024

In photo (L-R): RJ Ledesma, event host; KD Dizon, Vice-President and Head of Globe Business; Rishad Tobaccowala, author and former Chief Strategist and Growth Officer of Publicis Groupe; Capt. Stanley Ng, Philippine Airlines COO; Margot Torres, Managing Director of Golden Arches Development Corporation; and Steve Sy, Founder and CEO of Great Deals E-Commerce

Globe Business brought together the brightest minds and influential leaders from key sectors at the GSummit 2024, transforming the Marriott Grand Ballroom into a dynamic center of innovation, insights, and collaborative opportunities.

The premier on-ground event, with its theme “CONNECTED,” highlighted the importance of building strong relationships, exploring how interconnectedness can drive business growth and improve lives.

GSummit 2024 showcased an outstanding lineup of speakers led by KD Dizon, VP and Head of Globe Business. In her presentation, “Collaborative Ecosystems: Globe Business Partnerships for Digital Success,” Dizon shared how innovative solutions foster a collaborative environment, empowering companies to thrive in a rapidly evolving landscape.

“At its core, a collaborative ecosystem is a dynamic network of internal and external stakeholders working together to drive innovation, efficiency, and sustainability. Bringing in technology within this ecosystem elevates workplace dynamics through advanced tools and platforms that enable seamless communication, data-sharing, and real-time problem-solving,” Dizon said.

“The collaborative ecosystem at Globe has yielded substantial benefits. Improved communication, streamlined processes, and data-driven decision-making have enhanced operational excellence, reduced costs, and increased productivity. Customer satisfaction has also risen due to more personalized and efficient services enabled by Globe’s advanced analytics and digital solutions,” Dizon said.

In his keynote “Thriving in a Connected World,” Rishad Tobaccowala, author and former Chief Strategist and Growth Officer of Publicis Groupe, offered insights on driving business growth through connections, innovation, and strategic foresight.

“Think from the perspective of the human beings you serve. Think solutions. Think accessibility. Think value. Think experience,” Tobaccowala said.

Other speakers shared their own experience on collaboration and its impact on their respective organizations. Capt. Stanley Ng, President and COO of Philippine Airlines, talked about the airline’s growth through strategic partnerships and innovations under his leadership, while Margot Torres, Managing Director of Golden Arches Development Corporation, talked about how McDonald’s Philippines leveraged relationships and innovation to achieve sustained growth.

The event also included breakout sessions that delved into critical areas of business and technology, including the importance of synergy, building enterprise growth through tech, and enhancing enterprise security.

The sessions featured technology leaders from Globe portfolio companies Inquiro, m360, Adspark, and global names in tech such as Fortinet, Genesys, Huawei, Google, Navagis, Orca, Samsung and Snowflake explaining how these powerful technologies can be harnessed to create a robust growth engine for enterprises.

The summit reaffirmed Globe Business’ commitment to understanding customer challenges, providing reliable business-grade connectivity, and partnering with best-in-class providers to support various industry and business needs. This dedication positions Globe Business as the premier partner for business growth, offering cutting-edge innovations and top-tier learning experiences to unlock your full business potential.

To learn more about Globe Business, visit https://glbe.co/globebiz.

 

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New US rule on foreign chip equipment exports to China to exempt some allies, sources say

STOCK PHOTO

NEW YORK – The Biden administration plans to unveil a new rule next month that will expand US powers to stop exports of semiconductor manufacturing equipment from some foreign countries to Chinese chipmakers, two sources familiar with the rule said.

But shipments from allies that export key chipmaking equipment – including Japan, the Netherlands and South Korea – will be excluded, limiting the impact of the rule, said the sources who were not authorized to speak to media and declined to be identified.

As such, major chip equipment manufacturers such as ASML and Tokyo Electron will not be affected.

The rule, an expansion of what is known as the Foreign Direct Product rule, would bar about half a dozen Chinese fabs at the center of China’s most sophisticated chipmaking efforts from receiving exports from many countries, according to one of the sources.

Countries whose exports would be affected would include Israel, Taiwan, Singapore and Malaysia.

Reuters could not determine which Chinese chip fabs would be impacted.

A spokesperson for the US Commerce Department, which oversees export controls, declined to comment.

Aiming to impede supercomputing and AI breakthroughs that could benefit the Chinese military, the US imposed export controls on chips and chipmaking equipment for China in 2022 and 2023.

The new rule, currently in draft form, shows how Washington is seeking to keep up the pressure on China’s burgeoning semiconductor industry but without antagonizing allies.

The Foreign Direct Product rule stipulates that if a product is made using American technology, the US government has the power to stop it from being sold – including products made in a foreign country.

The rule has been used for several years to keep chips made abroad from Chinese tech giant Huawei, which re-invented itself after it struggled with the US restrictions, and is now at the center of China’s advanced chip production and development.

Another part of this latest export control package will lower the amount of US content that determines when foreign items are subject to US control, sources said, adding that it closes a loophole in the Foreign Direct Product rule.

Equipment, for example, could be designated as falling under export controls simply because a chip containing US technology is incorporated into it, they said.

The US also plans to add about 120 Chinese entities to its restricted trade list which will include a half dozen chipmaking factories known as fabs, plus toolmakers, providers of EDA (electronic design automation) software and related companies.

The planned new rule is only in draft form and could change, but the aim is to publish it in some form next month, the sources said.

Aside from Japan, the Netherlands and South Korea, the draft rule exempts over 30 other countries which are part of the same A:5 group.

The Commerce Department says on its website that it categorizes countries “based on factors like diplomatic relationships and security concerns. These classifications help determine licensing requirements and simplify export control regulations, ensuring lawful and secure international trade.”

The planned exemptions are a sign the US needs to be diplomatic when implementing restrictions.

“Effective export controls rely on multilateral buy-in,” said a separate US official who declined to be identified. “We continually work with like-minded countries to achieve our shared national security objectives.” – Reuters

Harris to hold Philadelphia rally with vice president pick Tuesday

US Vice President Kamala Harris speaking at a forum in October. — VICE PRESIDENT KAMALA HARRIS/TWITTER

Vice President Kamala Harris will hold her first rally with her new vice presidential nominee on Tuesday Aug. 6 in Philadelphia, Pennsylvania, launching a four day battleground tour that includes Michigan and Arizona, the campaign said.

The location of the first stop suggests Pennsylvania Governor Josh Shapiro has moved to the top of a short list of running mates, and that the Harris campaign had decided the state that Democrats won back from Republicans in 2020 is a must-win once again.

After Philadelphia, Ms. Harris and her vice presidential pick will travel to six other locations including western Wisconsin, Detroit and Las Vegas, the campaign said in a statement late Tuesday night, adding a “strong reminder” that Harris has “made no decision on a running mate.”

The high-stakes decision on who will run with Harris has taken center stage since she became the Democratic frontrunner for the Nov. 5 election when US President Joe Biden ended his White House bid just over a week ago.

Ms. Harris is expected to announce the decision as soon as Monday, ahead of Tuesday’s event, the sources said.

The short list of candidates under consideration include Mr. Shapiro, Kentucky Governor Andy Beshear, US Senator Mark Kelly of Arizona, Minnesota Governor Tim Walz and Secretary of Transportation Pete Buttigieg.

If Mr. Shapiro is the pick, the Harris campaign is likely counting on the popular, 51-year-old governor to help win the state in November.

Mr. Shapiro’s stock among Democrats rose after he swamped his Republican opponent for governor, Doug Mastriano, winning over 56 percent of the vote in a state known for tight elections.

Mr. Shapiro would also become the second Jewish nominee for vice president on a major ticket in U.S. history, following Joe Lieberman’s failed 2000 bid with Al Gore.

A handful of US states, often called battlegrounds, have decided the presidential election in recent years, including Michigan, Pennsylvania and Wisconsin.

Typically, campaigns begin thinking about their vice-presidential pick after the primary race ends in the spring, giving them months to vet candidates and make a decision on who the candidate meshes with best personally and politically.

Ms. Harris is being forced to select her running mate on a highly compressed timeline. She faces an Aug. 7 deadline set by the Democratic National Committee, but the decision is likely to come sooner, according to the sources.

Eric Holder Jr., the former attorney general who led the vice-presidential vetting process for Barack Obama in 2008, is vetting Harris’ picks through his law firm, Covington & Burling.

The candidates are informally auditioning for the job, hitting the airwaves and campaign stops to showcase what they would bring to the Harris ticket.

Mr. Shapiro, for example, delivered a rousing testimonial about Harris in the Philadelphia suburbs on Monday.

“She’s not only ready, she’s damned ready,” he said to a cheering crowd. “And you know who else knows she’s ready? Donald Trump knows she’s ready.”

Mr. Walz, the governor of Minnesota, is credited with pushing the Democrats’ new criticism of Trump and his running mate J.D. Vance – that they are “weird.”

“The fascists depend on us going back, but we’re not afraid of weird people,” Mr. Walz said on Saturday of the Republican ticket. “We’re a little bit creeped out, but we’re not afraid.” – Reuters

BOJ raises interest rates, lays out bond taper plan

FLICKR.COM

TOKYO – The Bank of Japan raised interest rates on Wednesday and projected inflation to stay around its 2% target in coming years, signaling its resolve to steadily unwind a decade of massive monetary stimulus.

At the two-day policy meeting that ended on Wednesday, the central bank also laid out a detailed quantitative tightening plan that will reduce monthly bond buying in several stages to around 3 trillion yen ($19.6 billion) as of January-March 2026.

The nine-member board decided to hike the overnight call rate target at 0.25% from 0-0.1% by a 7-2 vote.

BOJ Governor Kazuo Ueda will hold a news conference at 0630 GMT to explain the decision. – Reuters

China to gradually implement consumption tax reform, minister says

A GENERAL VIEW shows Beijing’s skyline on a sunny day in this file photo. — REUTERS

BEIJING – China will gradually implement consumption tax reform through different items and standardize management of local governments’ non-tax revenues, Vice Finance Minister Wang Dongwei said at a press conference in Beijing on Wednesday.

Local administrations will gradually be allowed to retain more of the consumption tax, which is currently collected by the central government and accounts for almost a tenth of China’s total tax revenues, according to a Communist Party agenda-setting meeting this month known as a plenum.

China currently collects consumption taxes based on the value of a good when it is produced but there are plans to widen the assessment of the tax to include the value at its consumption.

Wang said in his remarks to media outlining government steps to enact policy made at the plenum that “we are considering moving the consumption tax collection stage backwards”.

“We will consider the division of central and local government revenues and their tax collection and administration capabilities, and steadily implement the reform by different product items step-by-step, in a bid to expand local governments’ revenue sources and guide them to improve consumption environment,” said Wang.

China is attempting to overhaul its tax regime, under which the central government gets most revenues but saddles local authorities with most expenditures, as municipalities are making less income form land sales amid a prolonged property crisis.

Policymakers also hope to ease concerns over municipal debt of more than $13 trillion that poses risks to the financial system.

Official data on Wednesday showed China’s manufacturing activity in July shrank for a third month, highlighting the still sluggish domestic demand.

At a key policy meeting on economy held on Tuesday, Chinese leaders signaled the stimulus measures needed to reach this year’s economic growth target will be directed at consumers.

The state planner and finance ministry said last week some funds raised through this year’s ultra-long sovereign bonds issuance would be shifted towards supporting a consumer goods trade-in scheme. – Reuters

Okada Manila launches ‘Embrace Your Own Greatness’ campaign to celebrate athletic excellence

Okada Manila continues to redefine extraordinary as the Philippines’ true Forbes 5-star integrated resort — now a 6-time Forbes 5-star awardee.

Okada Manila, Asia’s premier integrated resort, joins in the celebration and the spirit of the highly anticipated summer games with its latest campaign, “Embrace Your Own Greatness.” The campaign underlines the resort’s commitment to provide exceptional guest experiences and world-class amenities, designed to make every guest feel like a champion every time they stay at the five-time Forbes five-star integrated resort.

Okada Manila invites everyone to join in the celebration as the world witnesses the greatness of sport and spectacle.

“For every guest, every moment spent at Okada Manila is a milestone, every stay a victory lap,” said Robert Scott, Vice-President of Hotel Operations at Okada Manila. “Our goal is to create an environment where the world’s finest comforts meet heartfelt Filipino warmth and Japanese hospitality, celebrating the most important part of our story — our guests.”

The “Embrace Your Own Greatness” campaign will feature a series of events and promotions for guests to mark their achievements and enjoy personal wins. The Okada Manila experience is made even better with championship-caliber promotions such as the Stay and Dine package, which includes complimentary dining credits worth P2,500; and the Stay, Flex, Fly offer, providing flexible check-in and check-out times along with round-trip airport transfers.

From Aug. 17 to Sept. 22, families, car enthusiasts, and staycation lovers are in for an unforgettable time at The Ultimate Hot Wheels Experience at Cove Manila, Asia’s largest indoor beach club. To top off these amazing offers, guests can go on a gastronomic journey beyond flavors and explore a feast for the soul at more than 40 dining options, offering a culinary marathon that caters to every palate.

Okada Manila invites everyone to join in the celebration as the world witnesses the greatness of sport and spectacle. Guests are welcome to experience the unparalleled leisure and hospitality that has made Okada Manila a premier destination in the region. Whether guests are looking for a relaxing getaway, a culinary adventure, or a vibrant cultural experience, Okada Manila offers something for everyone.

For more information about the “Embrace Your Own Greatness” campaign and to make reservations, please visit  https://www.okadamanila.com/embrace-your-own-greatness.

 

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Castrol distributor holds 2024 Reignite Event

North Trend Marketing Corp. (NTM), the master distributor of Castrol in the Philippines, held its 2024 Reignite Event at Manila Hotel last July 6, 2024.

The event was attended by Castrol executives, NTM Executives, partners, stakeholders and Castrol Key Opinion Leaders. The event aims to reintroduce Castrol’s new branding, from packaging to its future plans.

The program kicked off with the opening remarks of Chief Operating Officer Ronald Ang. His opening remarks focused on the importance of overseeing change, and discussed certain external factors that might affect the growth of business. He also tackled the reason for the need to change and be ready for any circumstances. He also emphasized that Castrol will always look for long-term solutions and always move forward not only on the innovation of the products but also improve commitment towards partners with what Castrol offers.

The program proper began with the launching of Castrol Reignite. This was conducted by the Growth Unit Manager of Castrol Asia Pacific, Marlina Kamaruddin. She started with featuring the milestones of Castrol for the past 125 years and what Castrol changed for the lives of our community. She also covered the top facts about Castrol like the involvement of the brand to the space industry. She is also proud that Castrol is now serving over 150 countries around the world. Another thing that Marlina was proud of is that Castrol is touching 200,000,000 customers all over the world.

Next presenter was Castrol Vice-President for Castrol Asia Pacific Mike Zhi Qiang Zhang. His presentation tackled the long-term strategic success which they oversee an opportunity for Castrol product lines. He emphasized that by 2040, engine oil will still be one of the major important factors for a vehicle, an increase on Marine market services with a forecast of 2% per annum growth. He also discussed that Castrol is now boosting its effort for industrial by an expected growth of 3% per annum by 2030. Lastly, he ensured that Castrol is matching new technologies by putting renewable energy to its effort.

The program moved to PH Market Liason for Castrol Allan Cinco. He defined some changes with Castrol. First is a fresh and modern branding of Castrol, which is congruent to the changing needs of Castrol customers; a little change on the tone but not a stranger to Land, Sea, Air and Space challenges. Allan ended his presentation by a statement of Forward to a Stronger partnership. Castrol will help its commercial customers with their sustainability goals related to energy, waste and water, accelerating progress, onward, upward and forward with Castrol.

Final presenter for 2024 Reignite event was the Sales Director for Castrol-NTM, Grace Lao-Torrejas. Her discussion focused on the connection of Gen Z to the market as they make up 27% of the workforce. Also, Ms. Lao-Torrejas centered the discussion on the usage of Gen Z of social media, in which the Philippines ranked first with the highest social media usage rate of 60%. As a future customer, they are highly opinionated with high likelihood of “cancel culture” if brand issues are not properly attended. Ms. Lao-Torrejas also shared that Asian Gen Z, despite their objection, are forgiving and might support the brand again so long as the brand’s promise is lived by. The presentation concluded on Castrol being equipped on these changes in the market and is ready to move forward.

 

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Mondelēz International and industry experts tackle responsible marketing to kids

(L-R) Nutrition Officer II from the Nutrition Policy and Planning Division at the National Nutrition Council Kristian Jebsen Bandong, David & Golyat President and Ad Standards Council Vice-President of External Affairs Vice-President Mike David, Philippine Association of National Advertisers (PANA) Vice-President Chrissy Roa, Center for Peace Education’s Dr. Gail Reyes Galang, and Mondelēz International’s Managing Director in the Philippines Aleli Arcilla shared insights on crafting age-appropriate and responsible marketing during the “Responsible Marketing to Children” session last July 5.

Amid growing concerns over the impact of advertising on children, industry leaders including global snacks company Mondelēz International took proactive steps to support and redefine ethical standards in children’s marketing during the educational session, “Responsible Marketing to Children” last July 5, 2024.

Hosted with adobo Magazine and joined by the National Nutrition Council, Philippine Association of National Advertisers (PANA), the Ad Standards Council (ASC), Center for Peace Education, and KMC Solutions, the session seeks to spark discourse on ethical marketing to children and explore strategies for crafting age-appropriate and responsible marketing campaigns that resonate with families while safeguarding their best interests and well-being.

“We should all be advocates for our children, then we can be advocates for the products we are trying to sell,” said Center for Peace Education’s Dr. Gail Reyes Galang. She also suggested seeking insights from parents or child experts to ensure ethical marketing practices aimed at children.

Kristian Jebsen Bandong, Nutrition Officer II from the Nutrition Policy and Planning Division at the National Nutrition Council, shared the government’s initiatives on regulating advertising and marketing, including developing the Philippine Nutrient Profile Model which they plan to use for several purposes such as regulating treats and alcoholic beverage marketing and implementing front-of-pack nutrient-specific warning labels.

Aleli Arcilla, Mondelēz International’s Managing Director in the Philippines, shares insights from the company’s State of Snacking report, a global consumer snack trends study examining the evolving trends of snacking globally.

Meanwhile, Mondelēz International explored the ethical imperatives in today’s market, emphasizing the delicate balance between business objectives and safeguarding family and children’s well-being. Aleli Arcilla, Mondelēz International’s Managing Director in the Philippines, also revealed the company’s industry-leading efforts and advocacy for well-being, Mindful Snacking.

“We believe it is the gatekeepers — the parents or the guardians — who should make the decision on what food their children should consume,” Arcilla emphasized. “To grow our business means growing it the right way by being responsible in our marketing and encouraging other companies to do the same,” she emphasized.

At the same time, Miko David, President of David & Golyat and Vice-President of External Affairs at the Ad Standards Council, discussed how the organization regulates marketing to children through its regulatory guidelines.

The esteemed experts also opened up to the possibility of reviving and improving the Philippines’ Responsible Advertising to Children pledge, which was signed in 2014. This pledge aims to formalize the minimum standards for advertising to children, to protect their wellbeing. Mondelēz International is one of the companies that signed this pledge.

“Through this discussion, we are advancing significantly toward our goal. By fostering collaboration in designing marketing strategies for families, we envision a world where businesses thrive alongside the well-being of our consumers,” said Arcilla. 

 

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Kinetix Lab launches ‘Strong is Beautiful’ campaign: Strong women, strong community

Strong Women, Strong Community

Strong women unite for a day of exercise and camaraderie at Kinetix Lab One Ayala

Neither inclement weather nor the dreadful traffic on the Metro did anything to discourage the participants of the “Strong is Beautiful” Campaign Launch, which took place on July 22, 2024 at Kinetix Lab One Ayala. Registration started at around 1 p.m. and the event, which was hosted by Liza Guillion, began at 2 p.m. The event gathered a diverse group of empowered women who celebrated strength, fitness, and self-love.

Host Liza Guillion with Kinetix Lab’s Regional Manager of the South Coach Nelson Ancheta

Liza extended a warm welcome to all attendees and proceeded to present Coach Nelson Ancheta, Kinetix Lab’s Regional Director, who provided a brief overview of Kinetix Lab. Coach Nelson emphasized that Kinetix Lab is deeply committed to the training methods and concept of strength and conditioning. Furthermore, he emphasized the importance of strength and conditioning training for women and men alike, as it is crucial for developing and maintaining physical strength in both the present and the future. Coach Nelson concluded by emphasizing that Kinetix Lab is the best gym to start your fitness journey due to its top-notch coaches, best equipment, and recovery services.

“Strong is Beautiful“ seeks to redefine beauty standards and encourage women to prioritize their physical and mental health. Kinetix Lab thinks that strength is more than simply physical skills; it also includes inner resilience and confidence. To exemplify this uplifting message, Kinetix Lab chose five influential and inspiring women to be the faces of the campaign and were introduced during the event:

Kinetix Lab’s Strong is Beautiful Campaign Faces Janina Manipol, KC Leyco, Kai Honasan-Del Rio and Max Eigenmann

Max Eigenmann: a celebrated actress known for her versatility and dedication to fitness.

Janina Manipol: a lifestyle content creator who promotes a healthy and balanced lifestyle.

Angeline Rodriguez: a talented writer who uses her words to entertain and inspire.

KC Leyco: a fashion stylist who exudes confidence and style.

Kai Honasan-Del Rio: a gifted musician who embodies strength and artistry.

These women exemplify strength in every aspect and also find pleasure from engaging in strength and conditioning training as part of their physical fitness regimen. One of the female coaches of Kinetix Lab, Coach Jules Pajaron, talked about the “Strong is Beautiful” membership packages:

Conquer PCOS Membership — A comprehensive training program tailored for women with PCOS, focusing on mitigating symptoms related to hormonal imbalance through targeted exercises

Fit & Fierce Weight Loss Membership — A training program crafted for women seeking effective weight loss and body fat reduction

The Strong Moms Membership — A program for mothers who want to build strength, vitality, and healthy lifestyle changes to keep up with physical demands of parenting.

Rising Star Membership — A training program designed for empowered women who want to achieve work-life balance, who lead active and competitive lifestyles.

Train Like an Athlete Membership — A Phase-Based training program for female athletes designed to optimize performance and recovery by synchronizing training phases with hormonal fluctuations across the menstrual cycle.

After the brief program, attendees including actress Glaiza de Castro, lifestyle content creators Jackie Go, Bianca Santiago-Reinoso, Aliza Apostol-Goco, Samantha Valenciano, makeup artist Jia Achacruz, and the members of the flag football team PH Hurricanes consisting of Nina Juan, Bea Ignacio, Nikki Manalo, Pia Reyes, and Gaby Dela Merced joined the core and mobility group training that was coordinated by the women coaches of Kinetix Lab.

To know more about the “Strong is Beautiful” membership packages, Kinetix Lab is encouraging you to visit either of their branches: UP Town Center, The Podium, and One Ayala to have the opportunity to engage in conversation with one of their coaches. Follow them on Facebook and Instagram or visit their official website at https://kinetixlab.com.ph/.

The event was sponsored by Orly Nail Polish, Naturtint Hair Color, Groove Activewear, and Sip & Chugs Coffee.

 

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NG debt hits new high of P15.48-T

A Philippines peso note is seen in this picture illustration on June 2, 2017. — REUTERS

By Beatriz Marie D. Cruz, Reporter

THE NATIONAL Government’s (NG) outstanding debt jumped to a fresh high of P15.48 trillion as of end-June, reflecting the impact of the peso depreciation against the US dollar, the Bureau of the Treasury (BTr) said.

Data from the BTr on Tuesday showed that outstanding debt inched up by 0.9% to P15.48 trillion as of end-June from P15.35 trillion as of end-May.

Year on year, the debt stock increased by 9.4% from P14.15 trillion a year ago.

National Government outstanding debtIn a statement, the BTr said that the rise in debt was “due to the net issuance of both domestic and external debt and the effect of peso depreciation.”

“This was partially offset by the impact of third-currency depreciation on the valuation of corresponding debt denominated in those currencies,” it added.

According to the BTr, the peso depreciated by 13.4 centavos to P58.658 per dollar as of end-June from P58.524 per dollar as of end-May.

The bulk or 68.29% of the total debt stock came from domestic sources.

As of end-June, outstanding domestic debt edged up by 1.2% to P10.57 trillion from P10.44 trillion in the previous month. Year on year, it increased by 9% from P9.7 trillion.

“The increase in domestic debt was primarily driven by the P129.89-billion net issuance of government securities and the P0.39-billion effect of peso depreciation on foreign currency-denominated domestic debt,” the Treasury said.

Government securities accounted for nearly all of domestic debt at end-June.

Meanwhile, external debt, which accounted for 31.71% of the total, inched up by 0.1% to P4.91 trillion as of end-June from P4.9 trillion in the previous month.

External debt jumped by 10.5% from P4.45 trillion in June 2023.

“The increment is attributed to P7.95 billion in net availment and the P11.23 billion upward revaluation of US dollar-denominated debt due to peso depreciation. This was partially offset by the P13.56-billion effect of favorable third-currency adjustments,” the BTr said.

External debt was composed of P2.29 trillion in loans and P2.62 trillion in global bonds.

This consisted of P2.22 trillion in US dollar bonds, P217.39 billion in Euro bonds, P62.92 billion in Japanese yen bonds, P58.66 billion in Islamic certificates and P54.77 billion in peso global bonds.

Meanwhile, the NG’s guaranteed obligations dropped by 1.9% to P343.65 billion as of end-June from P350.2 billion as of end-May. It also declined by 7.1% from P369.73 billion in the same period in 2023.

“The decline was primarily driven by the net repayment of both domestic and external guarantees amounting to P5.02 billion and P0.73 billion, respectively,” the BTr said.

“Additionally, the impact of third-currency adjustments against the US dollar amounting to P1.18 billion was able to offset the P0.37-billion increase caused by peso depreciation.”

Security Bank Corp. Chief Economist Robert Dan J. Roces said that the higher debt as of end-June was partly due to the peso’s depreciation against the US dollar, “which inflated the value of foreign-denominated debt.”

“To manage this, the government may need to boost revenue through efficient tax collection and spending and prioritize economic growth to increase its capacity to repay debt,” he said in a Viber message.

Jonathan L. Ravelas, senior adviser at Reyes Tacandong & Co., said the higher debt stock could also be attributed to “increased economic recovery efforts (subsidies and infrastructure spending).”

Ruben Carlo O. Asuncion, chief economist at Union Bank of the Philippines, Inc., said the higher debt level can be blamed on elevated interest rates.

UNPROGRAMMED APPROPRIATIONS
Meanwhile, Finance Secretary Ralph G. Recto on Tuesday warned against additional borrowings to fund unprogrammed appropriations next year, saying these could raise the country’s debt-to-gross domestic product (GDP) ratio to 61.4% by end of the year, from the targeted 60.3%.

As of the first quarter, the NG’s debt as a share of GDP stood at 60.2%, slightly above the 60% threshold deemed manageable for developing economies.

At a Senate Health and Demography Committee hearing, Mr. Recto said using debt to fund mostly official development assistance (ODA) projects would hike the deficit-to-GDP ratio to 6.4% by end-2024. The government has set the deficit ceiling at 5.6% of GDP this year.

“In effect, we will not hit our medium-term fiscal program, and this may put pressure on our investment grade rating. If we deny (foreign-assisted projects) of funding, the implementation is delayed, and we rack up opportunity costs that will be borne by the public deprived of the convenience such projects bring,” he said.

The Finance chief said the additional borrowings would mean interest payments would rise by P12.7 billion annually.

Projects funded by unprogrammed appropriations include the Davao City By-Pass Construction Project, Samal Island Davao City Connector Project, Panay-Guimaras-Negros Island Bridges, Bataan-Cavite Interlink Bridge Project and the Metro Manila Subway Project among others, according to a DoF statement.

Mr. Recto was defending the Department of Finance’s (DoF) order to withdraw from the idle funds of government-owned and -controlled corporations (GOCCs), which he said was aboveboard.

The DoF had consulted the Commission on Audit, the Governance Commission for GOCCs, and the Office of the Government Corporate Counsel before making the fund transfers, he said.

“But please curate the expenditure program without inflating the unprogrammed appropriations side, because this distorts the country’s fiscal plan,” Mr. Recto urged lawmakers at the hearing. — with John Victor D. Ordoñez

DoF to wait for rate cuts before borrowing abroad

REUTERS

By John Victor D. Ordoñez, Reporter

THE PHILIPPINE government will wait for rate cuts from the US Federal Reserve and Bangko Sentral ng Pilipinas (BSP) before its planned external borrowings next year, according to the Finance chief.

“We’re waiting for the Fed to reduce interest rates, and I think the Philippines, our central bank, will also reduce policy rates,” Finance Secretary Ralph G. Recto told reporters at the Senate when asked about the government’s planned borrowings next year.

For 2025, the National Government set its borrowing program at P2.55 trillion, 0.97% lower than P2.57 trillion this year.

Gross domestic borrowings were set at P2.04 trillion for 2025, while gross external borrowings were set at P507.41 billion.

Mr. Recto told reporters earlier this month that the government is planning on issuing Japanese yen-dominated and US dollar-denominated bonds within the year.

Asked on Tuesday on the plans to issue these bonds, he replied: “We will be starting now.”

The Philippine central bank, which has kept interest rates steady at 6.5% in its past six meetings, earlier flagged a possible 25-basis-point (bp) cut at its meeting on Aug. 15.

The US Federal Reserve is expected to keep interest rates steady at a two-day policy meeting this week, Reuters reported.

“By awaiting potential rate cuts from both the Fed and BSP, the government aims to secure more favorable terms for its international debt issuance,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Vibes message.

“To maintain low interest rates for its substantial domestic borrowing plan, the government could focus on…implementing fiscal consolidation, fostering investor confidence, which can help the country achieve its financing goals while managing debt costs effectively.”

Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message that the government should focus on boosting its revenue collection and efficiency to lower debt.

“There should a balance in infrastructure spending to push growth, while reigning the spending of agencies,” he said.

Mr. Recto, who is a member of the central bank’s policy-setting Monetary Board, earlier said the country is on track for a cut in benchmark interest rates this year.

The BSP’s next policy meeting is on Aug. 15.

“In view of the National Government’s limited financial resources, it (government) needs to better manage the country’s debt over the long-term,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

“Foreign borrowings also need to be reduced and we need to increase local borrowings to manage foreign exchange risks, as a matter of prudence.”

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