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OMEGA marks the 55th anniversary of the first moon landing

OMEGA Speedmaster

55 years ago, the astronauts of Apollo 11 took humankind’s first daring steps onto the moon — a moment that changed history, and the limits of possibility, forever. It was during this famous moment, that the OMEGA Speedmaster Professional also became the first watch worn on the moon, establishing the timepiece’s iconic legacy.

On this special anniversary, OMEGA remembers that incredible mission, and the unique journey that the “Moonwatch” took in order to reach the lunar surface.

OMEGA Moonwatch

It was in 1964 that NASA officially went in search of one watch that it could rely on for all of its manned-missions. Flight Crew Operations Director Deke Slayton issued a request for wrist-worn chronographs from different watch manufacturers around the world. Several brands, including OMEGA, submitted their timepieces for the punishing tests — such as thermal, shock, vibration and vacuum examinations, amongst others. Only the OMEGA Speedmaster survived these tests and, as a result, it was declared “Flight Qualified for all Manned Space Missions” on the 1st of March, 1965.

From that moment, OMEGA was the only supplier of watches for NASA’s Human Space Flight Program. It was trusted throughout the Mercury Missions, Gemini Program, and, of course, the Apollo Program — which had its sights set on the moon.

With the eyes of the world on Apollo 11 in 1969, every piece of technology and kit had to be just right. There was no room for error. That’s why it is such an honor for OMEGA to look back and know that its watches were implicitly trusted by everyone involved.

Buzz Aldrin — Photo from NASA

Neil Armstrong and Buzz Aldrin became the first humans to walk on the lunar surface, starting at 02:56 UTC on the 21st of July, 1969. Their moonwalk lasted just two and a half hours, but their achievements left a defining footprint on the history of space exploration.

55 years later, OMEGA is still incredibly proud to have timed mankind’s greatest hour, and to have been a central part of that pioneering story.

 

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World’s oldest cave painting in Indonesia shows a pig and people

A painting created at least 51,200 years ago in the limestone cave of Leang Karampuang in the Maros-Pangkep region of the Indonesian island of Sulawesi portrays three human-like figures interacting with a wild pig, in this undated handout image. — BRIN/HANDOUT VIA REUTERS

ON THE CEILING of a limestone cave on the Indonesian island of Sulawesi, scientists have discovered artwork depicting three human-like figures interacting with a wild pig in what they have determined is the world’s oldest-known confidently dated cave painting — created at least 51,200 years ago.

The researchers used a new scientific approach to determine the minimum age of the newly disclosed painting inside the Leang Karampuang cave in the Maros-Pangkep region of South Sulawesi province by using a laser to date a type of crystal called calcium carbonate that formed naturally on top of the painting.

“The method is a significant improvement over other methods and should revolutionize rock art dating worldwide,” said Maxime Aubert, a specialist in archaeological science at Griffith University in Australia and one of the leaders of the research published on Wednesday in the journal Nature.

The scene, dominated by a representation of a pig measuring 36 inches by 15 inches (92 cm by 38 cm) that is standing upright along with three smaller human-like figures, is painted in a single shade of dark red pigment. There are other images of pigs in the cave as well.

The researchers interpreted the painting as a narrative scene, which they said would make it the oldest-known evidence of storytelling in art.

“The three human-like figures and the pig figure were clearly not depicted in isolation in separate parts of the rock art panel,” said Griffith University archeologist Adam Brumm, another of the study leaders.

“Rather, the juxtaposition of the figures — how they are positioned in relation to each other — and the manner in which they are interacting were clearly deliberate, and it conveys an unmistakable sense of action. There is something happening between these figures. A story is being told. Obviously, we don’t know what that story was,” Mr. Brumm added. 

The researchers used the same dating method to reassess the age of another Sulawesi cave painting from a site called Leang Bulu’ Sipong 4, also depicting a narrative scene, this time depicting apparent part-human, part-animal figures hunting pigs and dwarf buffalo. It turned out to be at least 48,000 years old, upwards of 4,000 years earlier than previously thought.

“We, as humans, define ourselves as a species that tells stories, and these are the oldest evidence of us doing that,” Maxime Aubert said.

In the Leang Karampuang painting, the interaction between the human-like figures and the pig, a species still inhabiting the island, is somewhat cryptic.

“Two of these figures are holding objects of some kind, and at least one figure seems to be reaching towards the pig’s face. Another figure is positioned directly above the pig’s head in an upside down position,” Mr. Brumm said.

Little is known about the people who created the Sulawesi cave paintings. Aubert said the paintings may turn out to be older than the minimum age determined by the new testing and possibly date to the first Homo sapiens wave to sweep through the region, eventually reaching Australia about 65,000 years ago, on their migration out of Africa.

Until now, the oldest-known cave painting was one at Leang Tedongnge cave, also in Sulawesi, from at least 45,500 years ago.

The Leang Karampuang painting, the researchers said, predates the cave paintings of Europe, the earliest of which is at El Castillo in Spain, dating to about 40,800 years ago.

There is a hand stencil painting from Spain’s Maltravieso cave that some scientists have dated to around 64,000 years ago and attributed to Neanderthals. Other scientists have disputed the age of the painting and have argued that it was created by Homo sapiens.

“This discovery of very old cave art in Indonesia drives home the point that Europe was not the birthplace of cave art, as had long been assumed. It also suggests that storytelling was a much older part of human history, and the history of art in particular, than previously recognized,” Mr. Brumm said.

“The earliest Sulawesi rock art is not ‘simple,’” Aubert added. “It is quite advanced and shows the mental capacity of people at the time.” — Reuters

Biden vows to stay in presidential race ‘to the end’

US PRESIDENT JOSEPH R. BIDEN, JR. — IMAGE VIA GAGE SKIDMORE/CC BY-SA 2.0/FLICKR

WASHINGTON — United States President Joseph R. Biden vowed to stay in the 2024 presidential race during calls with campaign staff and meetings with Democratic lawmakers and governors on Wednesday, as he sought to shake off calls for him to drop out after his shaky debate performance last week.

Mr. Biden dialed in to a call with worried members of his campaign team and told them he wasn’t going anywhere, according to two sources familiar with the call.

“No one is pushing me out. I’m not leaving. I’m in this race to the end,” Mr. Biden said in a separate email blast by his campaign, urging supporters to “pitch in a few bucks” to help defeat his Republican rival Donald Trump in the Nov. 5 presidential election.

The president met virtually and in person with 24 Democratic governors and the mayor of Washington, D.C., on Wednesday evening to reassure them he is up to the job of standard-bearer for the party after the faltering debate performance.

Only three of the governors — the leaders of New York, Minnesota and Maryland — met with reporters afterwards, vowing to stand with Mr. Biden after what they called an honest discussion about his bad performance in last week’s debate.

“The president has always had our backs. We’re going to have his back as well,” Maryland Governor Wes Moore said.

Minnesota Governor Tim Walz, the chair of the Democratic Governors Association, said Biden’s Thursday night debate performance against former President Trump was bad, but added that he felt Mr. Biden was fit for office.

Concerns about Mr. Biden’s age and mental acuity exploded after Thursday’s debate with Mr. Trump, in which the president mumbled under his breath, lost his train of thought at times and, at one point, talked of beating Medicare. The president has said that he was tired after two foreign trips and the White House has said he had a cold.

Asked Wednesday if Mr. Biden was considering stepping down, White House press secretary Karine Jean-Pierre said: “Absolutely not.”

Soon after she spoke, two national polls suggested Mr. Biden’s chances against Mr. Trump — who rattled off a series of well-worn falsehoods during the debate — had deteriorated.

A Wall Street Journal survey found Mr. Trump beating Mr. Biden by a margin of 48% to 42%, up one percentage point, while a New York Times/Siena poll found Mr. Trump’s lead over Mr. Biden had widened by three points to 49% to 43%.

In a call among House Democrats on Wednesday, Arizona’s Raúl Grijalva called for Mr. Biden to drop out of the race while Representative Seth Moulton from Massachusetts pointed to Mr. Biden’s age as a liability.

“The unfortunate reality is that the status quo will likely deliver us President Trump,” Seth Moulton said in a statement. “President Biden is not going to get younger.”

While the campaign has highlighted fundraising successes with grassroots donors and held damage control calls with donors, Reed Hastings, a major Democratic Party donor and a co-founder of streaming platform Netflix called for Mr. Biden to step aside.

Vice President Kamala Harris has meanwhile gained support as his potential replacement.

Dmitri Mehlhorn, an adviser to LinkedIn co-founder and Democratic megadonor Reid Hoffman, told Reuters his team would “enthusiastically support a ticket led by our tough and savvy vice president if Biden were to step aside for any reason.”

Mr. Melhorn said Ms. Harris was the only serious national contender who had already been subjected to major attacks by Mr. Trump’s “Make America Great Again” supporters.

“We would lose Joe’s superpower brand, but we would gain other benefits and would still be competitive,” he said.

GOVERNORS AS ALTERNATIVES?
Democrats and donors concerned about Biden’s viability in the November election will be closely watching an interview with ABC News expected to be taped and aired Friday during a campaign visit to Madison, Wisconsin.

The White House said Mr. Biden has spoken with Democratic leaders in Congress as well as Democratic Representative Jim Clyburn, who was instrumental in Mr. Biden’s 2020 win.

Mr. Clyburn, who has said he would back Ms. Harris as the presidential candidate if Mr. Biden stepped aside, told CNN on Wednesday that the party should hold a “mini-primary” if Mr. Biden steps aside, the first senior party member to talk publicly about how replacing Mr. Biden as a candidate could work.

Some of the governors who met with Mr. Biden on Wednesday could be potential rivals if pressure for him to step aside were to increase, but many of them also speak on Mr. Biden’s behalf on the campaign trail.

Michigan Governor Gretchen Whitmer, California Governor Gavin Newsom, Illinois Governor J.B. Pritzker, Pennsylvania Governor Josh Shapiro and Kentucky Governor Andy Beshear have all been mentioned as possible replacements to Mr. Biden. — Reuters

China’s Xi greets EU Council president ahead of EV tariffs taking effect

Chinese President Xi Jinping. — WIKIPEDIA.ORG

BEIJING – China’s President Xi Jinping made a congratulatory call on Thursday to incoming European Council President Antonio Costa, Chinese state media said, a few hours before European Commission curbs on Chinese electric cars are scheduled to take effect.

The Commission is set to confirm provisional import tariffs of up to 37.6% on Chinese-manufactured electric vehicles (EVs), after the bloc accused the world’s No.2 economy of providing its firms with heavy state subsidies.

Mr. Xi said he “attaches great importance to the development of China-EU relations” as Europe braces for retaliatory measures from Beijing and the possible opening up of a new front in the West’s tariff war with the $18.6 trillion economy.

EU trade policy has turned increasingly protective over concerns that China’s production-focused development model could see it flooded with cheap goods as Chinese firms look to step up exports amid weak domestic demand.

China and the European Commission have been in negotiations since last week over the curbs that Beijing and some European automakers want scrapped. Beijing rejects accusations that Chinese EVs are unfairly subsidized.

Mr. Xi said China “is committed to developing the China-EU comprehensive strategic partnership,” according to the report. “China has always regarded Europe as an important pole in the multipolar order,” he added.

It will fall to Costa, a former Portuguese prime minister, to find common cause among the Council’s 27 member states, as they waver over whether to back the Commission on the EV tariffs in an advisory vote in coming weeks.

Germany, whose carmakers made a third of their sales last year in China, reportedly wants to stop the tariffs, while France has been among the firmest backers.

China is currently undertaking an anti-dumping probe into European brandy imports. Almost all EU brandy exports to China came from France last year, Chinese customs data shows.

Beijing has also opened an anti-dumping investigation into imports of European pork and its by-products, which analysts say is aimed at pressuring Spain, the Netherlands and Denmark to break with the Commission over the curbs. – Reuters

Australia spy agency moves intelligence data to cloud in Amazon deal

Image via Tony Webster/Flickr/CC BY 2.0

SYDNEY – Australia will move its top secret intelligence data to the cloud under a A$2 billion deal with Amazon Web Services that Defense Minister Richard Marles said would boost defense force interoperability with the United States.

The Director General of the Australian Signals Directorate, Rachel Noble, said the national security agency would also increase its use of artificial intelligence (AI) to analyze data under the shift, which would see top secret data centers built in Australia.

“Artificial intelligence is an important game changer for all of us in the intelligence community, and we are working to embrace the use of it in an ethical, well governed and well understood manner, where we understand very carefully when we bring AI tools into our environment how are they being used, what are they doing to the data and do we understand how carefully they need to be governed?” Noble said in Canberra on Thursday.

The move to cloud services run by Amazon Web Services, using distributed, purpose-built facilities, would give greater resilience to data used to support the defense force, Mr. Marles said at a press conference.

“If one server goes down you are still able to operate,” he said. “This is what will ensure we have a common computing operating environment with the United States defense forces in the future.”

Director-General of National Intelligence, Andrew Shearer, told reporters interoperability with security partners such as the United States was a priority.

Prime Minister Anthony Albanese said in a statement the partnership between the Australian Signals Directorate and Amazon Web Services would upgrade national security capabilities and create 2,000 local jobs. – Reuters

India’s solar output grows at slowest pace in six years in first half of 2024

UNSPLASH

SINGAPORE – India’s solar power generation grew at the slowest pace in six years in the first half of 2024, an analysis of data from the federal grid regulator showed, as the country further stepped up reliance on coal to address surging power demand.

Electricity generated from coal grew 10.4% during six months ended June 30, a review of daily load dispatch data from Grid-India showed, outpacing overall power generation growth of 9.7% during the period.

Solar power generation in the third-largest producer of electricity from the sun rose to 63.6 billion kilowatt-hours (kWh) in the first half of 2024, the data showed, up 14.7% compared with the same period last year and 18.5% in the calendar year 2023.

The world’s fastest growing major economy has prioritized coal to address a surge in power demand in recent years, with coal-fired power output last year outpacing renewable energy output for the first time since the Paris accord in 2015.

The south Asian nation’s fuel use patterns since emerging from the COVID-19 pandemic have largely been in line with trends in the region, with Indonesia, Philippines, Vietnam and Bangladesh all firing up coal for generating inexpensive power.

The share of the fossil fuel in power output rose to 77.1% in the first half of 2024, compared with 76.6% in the same period last year, putting it on track to rise for the fourth straight year.

India expects total electricity generation during the fiscal year ended March 2025 to grow at the fastest pace in over a decade, forecast to be mainly powered by an 8.9% growth in coal-fired power output, outpacing renewable energy growth of 8.2%.

Analysts expect renewable generation to grow faster from the next fiscal year, as tendering and commissioning of green energy projects have started picking up steam.

Moody’s unit ICRA expects renewable energy installations to rise by over a third to 25 gigawatts (GW) this fiscal year ending March 2025. – Reuters

Democratic governors vow to stand with Biden after shaky debate performance

US PRESIDENT JOSEPH R. BIDEN — WHITEHOUSE.GOV

WASHINGTON – The Democratic governors of New York, Minnesota and Maryland on Wednesday said they would support President Joe Biden’s reelection bid after a candid discussion with him about his weak performance in last week’s debate.

“The president has always had our backs. We’re going to have his back as well,” Maryland Governor Wes Moore told reporters after a meeting with Mr. Biden and Vice President Kamala Harris at the White House that included 24 Democratic governors and the mayor of Washington, D.C., some joining online.

Moore said the governors were frank in relaying negative feedback from constituents about Mr. Biden’s poor performance during the debate with Republican rival Donald Trump. He said there was clearly work to do before the Nov. 5 election, but Biden had made it clear he would stay in the race.

“The president … he’s our nominee. The president is our party leader,” Mr. Moore said. There has been growing talk among Democrats in recent days that 81-year-old Biden should drop out of the race.

New York Governor Kathy Hochul said she felt confident after the meeting and all the governors pledged their support to Mr. Biden. The president is “in it to win it,” she said.

Minnesota Governor Tim Walz, the chair of the Democratic Governors Association, said Biden’s debate performance on Thursday was bad but he felt Mr. Biden was fit for office.

“Obviously we, like many Americans, are a little worried. We’re worried because the threat of a Trump presidency is not theoretical,” Mr. Walz said, adding that the previous Trump presidency was marked by “chaos, destruction.”

Nearly a dozen of the state leaders attended the meeting in person, but only three spoke with reporters afterwards.

California Governor Gavin Newsom, who participated in person, posted his reaction on social platform X: “I heard three words from the President tonight — he’s all in. And so am I.”

Mr. Biden’s campaign said the president reiterated his determination “to defeat the existential threat of Donald Trump at the ballot box in November” and discussed the importance of electing Democrats up and down the ballot.

“All participants reiterated their shared commitment to do everything possible to make sure President Biden and Vice President Harris beat Donald Trump in November,” it said.  – Reuters

Philippines president orders de-escalation in South China Sea, military chief says

IMELDA “IMEE” R. MARCOS — SENATE PRIB
MANILA – Philippines President Ferdinand Marcos Jr has instructed the armed forces to de-escalate tensions in the South China Sea, Manila’s military chief said on Thursday, in line with recent consultations held between Chinese and Filipino officials.
General Romeo Brawner told reporters that the military presented the president with several options on its operations in the South China Sea, including routine resupply missions to troops in a disputed shoal that have raised tensions with Beijing.
The Philippines and China, longstanding rivals in the strategic waterway, agreed on Tuesday for the need to “restore trust” and “rebuild confidence” following a high-level meeting.
The Philippines’ armed forces will also coordinate with a senator who claimed to have knowledge of a Chinese plan to target her country with hypersonic missiles, Mr. Brawner said.
Senator Imee Marcos, the president’s sister and head of the senate foreign relations committee, created a stir earlier this week with her video, posted on Tik Tok. She has provided no evidence for the claim. – Reuters

Asia Responsible Enterprise Awards 2024 spearheading sustainable development in Asia by recognizing 81 ESG champions

The Asia Responsible Enterprise Awards (AREA) 2024 celebrated a cohort of 81 exemplary ESG champions dedicated to shaping a sustainable future for the region and beyond, setting new benchmarks for corporate responsibility. Presented by regional NGO Enterprise Asia, the AREA is widely regarded as the gold standard for ESG and sustainability practices across Asia.

Beholding over 5,000 ESG programs for more than a decade, the AREA serves as a platform to showcase and provide well-deserved recognition to businesses and organizations championing sustainability, ultimately inspiring more enterprises to integrate sustainable business practices into their business strategies. Over 1 million individuals’ lives throughout Asia have been touched by the award-winning initiatives of this year’s ESG champions.

Richard Tsang, President of Enterprise Asia, stated in his welcome speech, “The interconnected challenges of climate change and social inequity underscore the urgent need for a comprehensive approach to sustainability. By adopting ESG principles, companies can innovate boldly, reduce operational risks, attract purpose-driven talent, and earn consumer loyalty through ethical practices. This holistic approach not only aligns with global sustainability goals, but also positions businesses as champions of lasting transformative change across borders and generations.”

Since 2011, the AREA has been recognizing businesses from various industries while honoring their achievements in the categories of Social Empowerment, Investment in People, Health Promotion, Green Leadership, Corporate Governance, Circular Economy Leadership, Corporate Sustainability Reporting, and Responsible Business Leadership. This year, over 300 submissions across 19 countries and markets have undergone a grueling judging process based on three criteria: relevance, effectiveness and reach, and sustainability.

The recipients of the Responsible Business Leadership Category, which recognizes visionary leaders who champion responsible entrepreneurship and embed sustainable practices in their business strategy, include Taiwan’s John Yu, Group Chairman of CTCI Group; Philby Lee, Chairperson of Far Eastern Big City Shopping Malls Co., Ltd.; Joseph Huang, Chairman of E.SUN Bank; and Shi-kuan, Chen, of SinoPac Holdings.

Other notable award recipients are Bank Of China (Hong Kong) Limited, Thailand’s Central Retail Corporation Public Company Limited and the Philippines’ SM Store under the Social Empowerment Category; Taiwan’s Pacific SOGO Department Stores Co., Ltd., Cambodia’s Nagaworld Limited and Thailand’s Krungthai Bank PCL. under the Investment In People Category; Malaysia’s Sarawak Energy Berhad and Taiwan Life Insurance Co., Ltd. under the Health Promotion Category; Indonesia’s PT Pertamina Gas and Chugai Pharma Taiwan, and Vietnam Dairy Products Joint Stock Company under the Green Leadership Category; Taiwan’s Excellence Optoelectronics, Inc. and Thailand’s Government Housing Bank under the Corporate Governance Category; CPC Corp., Taiwan and Thailand’s Siam Kubota Corp. Co., Ltd. under the Circular Economy Leadership Category; and the Philippines’ Energy Development Corp. and Taiwan’s Qisda Corp. under the Corporate Sustainability Reporting Category.

In addition to the eight categories, the AREA bestowed the Emblem of Sustainability to businesses with a longstanding commitment to sustainability. The Silver Emblem of Sustainability is awarded exclusively to companies that have received the AREA honor for four years or more, including Apex International Co., Ltd., Bangchak Corporation Public Company Limited, CPC Corp., Taiwan, E.SUN Bank, Far Eastern Big City Shopping Malls Co., Ltd., Metropolitan Electricity Authority, Provincial Electricity Authority, PT Pupuk Kalimantan Timur, Sinopac Holdings, and Taiwan Depository & Clearing Corp. The Gold Emblem of Sustainability is reserved for businesses that have been honored by AREA for eight years or more, including IRPC Public Company Limited and Thai Life Insurance Public Company Limited.

Prior to the AREA, the International CSR & Sustainability (ICS) Summit 2024 was held in the day. The summit convened with over 300 C-suite-level executives, business leaders, and CSR practitioners from 19 countries.

Themed “Embracing The Green Shift: Maximizing Business Opportunities In Sustainability,” the summit provided a regional platform for leading thought leaders and CSR practitioners to explore and implement sustainable practices. The summit equipped attendees with the necessary tools and insights to navigate the ever-evolving sustainability landscape while also leveraging and unlocking new opportunities for growth and expansion.

The Chairman of Enterprise Asia, Tan Sri Dr. Fong Chan Onn, expressed at the summit’s opening that “Sustainability is no longer a mere option but a necessity, a driving force that shapes how we operate, innovate, and grow. Embracing this green shift means acknowledging that our environmental responsibilities go hand-in-hand with our economic goals. By integrating sustainable practices into our business models, we not only protect our environment but also enhance our competitiveness, resilience, and long-term success.”

The speakers were Amalia Goux, Management Consultant and Customer Strategy Expert at AMG Consulting; Alexandra Tracy, President of Hoi Ping Ventures, Hong Kong; Dr. Eugene Chien, Advisor to Enterprise Asia and President and Chairman of the Taiwan Institute for Sustainable Energy (TAISE); Dr. Naoki Adachi, CEO & Founder of Response Ability, Inc. and Executive Director of Japan Business Initiative for Biodiversity (JBIB); Dr. Nguyen Hong Quan, Director of the Institute for Circular Economy Development (ICED) and Associate Professor at the Vietnam National University – Ho Chi Minh City; Dr. Niven Huang, Managing Director of KPMG Sustainability Consulting, Taiwan; Dr. Truong Thi Ai Nhi, Senior Project Manager at the Institute for Circular Economy Development (ICED); Duong Tu Uyen Thao (Tracy), Sales Director of DUYTAN Recycling; Ken Machado Sugita, Head of Sustainability APAC at On; Linh Pham Thanh Dai, Consulting Director of FPT Digital; M.Ed. Nguyen Dinh Quyen, Founder of ESGA and ESG, Green Label, LCA, EPD, Carbon Neutral & Net Zero Advisory Expert; and Nguyen Cong Minh Bao, Vice-Chairman of Eurocham Green Growth Sector Committee, Co-Chairman of the French Chamber of Commerce ESG Task Force (CCIFV), and Co-Founder & COO of ESGs & Climate Consulting.

The AREA and ICS Summit 2024 are supported by CSRone, ESG Malaysia, India CSR, the Kuala Lumpur Malay Chamber of Commerce (KLMCC), Malaysian Alliance of Corporate Directors (MACD), Malaysian Business Chamber of Cambodia (MBCC), Singapore-Thai Chamber of Commerce (STCC) and Taiwan Institute for Sustainable Energy (TAISE).

PR Newswire is the Official News Release Distribution Partner. Bangkok Post, BusinessWorld, Commercial Times, Dailywire.asia, Hong Kong Economic Times, and SME Magazine are the media partners, and Door Gift Sponsors are Cocoon Vietnam and Anessa — No.1 Asia suncare brand.

 

AWARD RECIPIENT LIST OF THE ASIA RESPONSIBLE ENTERPRISE AWARDS 2024

RESPONSIBLE BUSINESS LEADERSHIP CATEGORY
NAME AND DESIGNATION ORGANIZATION

COUNTRY

JOHN T. YU
GROUP CHAIRMAN

 CTCI GROUP TAIWAN
JOSEPH N.C. HUANG
CHAIRMAN		 E.SUN BANK

TAIWAN

PHILBY LEE
CHAIRPERSON

 FAR EASTERN BIG CITY SHOPPING MALLS CO., LTD. TAIWAN
SHI-KUAN, CHEN
CHAIRMAN		 SINOPAC HOLDINGS

TAIWAN

 

SOCIAL EMPOWERMENT CATEGORY 
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

ADATA TECHNOLOGY CO., LTD.

 INNOVATE TODAY, EMBRACE TOMORROW TAIWAN
BANK OF CHINA (HONG KONG) LIMITED AN IMPACTFUL CULTURAL EDUCATION PROGRAMME FOR DIFFERENT STAKEHOLDERS OF SOCIETY

HONG KONG

CATHAY UNITED BANK CO., LTD.

 FINANCIAL HEALTH TAIWAN
CENTRAL RETAIL CORPORATION PUBLIC COMPANY LIMITED NA MUEN SRI PROJECT

THAILAND

CHUGAI PHARMA TAIWAN

 PROMISE OF EQUALITY: LIGHT UP EVERY CORNER WITH SOCIAL CARE TAIWAN
CK POWER PUBLIC COMPANY LIMITED HINGHOI PROJECT: RENEWABLE ENERGY FOR SUSTAINABLE COMMUNITY

THAILAND

ENERGY DEVELOPMENT CORPORATION

 EDC’S BASLAY COFFEE FARM: BREWING A REGENERATIVE FUTURE PHILIPPINES
EXCELLENCE OPTOELECTRONICS, INC. SHARE LOVE, WARM THE HEART

TAIWAN

FAR EASTERN BIG CITY SHOPPING MALLS CO., LTD.

 BIG CITY, BIG STAGE TAIWAN

FAR EASTERN DEPARTMENT STORES LTD.

 SHARE FEDS’S LOVE BY CHRISTMAS CHARITY LIGHTING IN 2023

TAIWAN
FARGLORY LIFE INSURANCE CO., LTD. “TAKE A BREATH, EMPOWERMENT” FAMILY RESPITE SERVICE PROGRAM

TAIWAN

FDC INTERNATIONAL HOTELS CORPORATION

 VAKANGAN HOT SPRING PARK — BUILDING A SUSTAINABLE TRAVEL EXPERIENCE IN BEAUTIFUL INDIGENOUS TAIWAN TAIWAN
GOODYEAR ASIA PACIFIC TIRE DONATION PROJECT IN THAILAND

CHINA

GREENFEED VIETNAM CORPORATION

 TIẾP SỨC NHÀ NÔNG — SUPPORTING FARMERS VIETNAM
HOTAI FINANCE CORPORATION BUILD ROAD SAFETY ECOSYSTEM, HFC PROMOTES THE MOTORCYCLE SAFETY PROJECT

TAIWAN

IRPC PUBLIC COMPANY LIMITED

 IRPC YOUNG SMART FARMERS THAILAND
KGI LIFE INSURANCE CO., LTD. EMPOWERING FUTURE GENERATIONS IN REVITALIZING REGIONS

TAIWAN

KINDOM GROUP

 “KIND-REPAIR” CYCLING PROJECT TAIWAN
KRUNGTHAI BANK PCL. KRUNGTHAI LOVES COMMUNITY: BAAN POLTAI SUSTAINABLE TOURISM COMMUNITY

THAILAND

MITSUBISHI ELEVATOR (THAILAND) CO., LTD.

 HOMETOWN SCHOOL DEVELOPMENT THAILAND
NAGAWORLD LIMITED INTEGRATED SUSTAINABLE DEVELOPMENT: EMPOWERING COMMUNITIES THROUGH EDUCATION, SPORTS AND ENVIRONMENTAL CARE

CAMBODIA

PACIFIC SOGO DEPARTMENT STORES CO., LTD.

 EMPOWERING SMALLHOLDERS AND SOCIAL ENTERPRISES AND CREATING A SUSTAINABLE ECOSYSTEM TAIWAN
PRESIDENT CHAIN STORE CORP. GOOD NEIGHBOR MEAL DELIVERY TEAM — SETTING OUT FOR LOVE

TAIWAN

PROVINCIAL ELECTRICITY AUTHORITY

 PEA CARES FOR YOU THAILAND
PT PERTAMINA EP LIMAU FIELD ANGGREK DEWATA

INDONESIA

PT PLN NUSANTARA POWER UP CIRATA

 CIECRA (CIRATA ECENG CRAFT)

INDONESIA

PT PUPUK ISKANDAR MUDA

 EMPOWERMENT OF COMMUNITIES BASED ON PEATLAND CONSERVATION IN PAYA NIE INDONESIA
PT PUPUK KALIMANTAN TIMUR PKT BISA (INTEGRATED AGRICULTURAL PROGRAM FOR INNOVATIVE AND PROSPEROUS BABADAN)

INDONESIA

PT PUPUK SRIWIDJAJA PALEMBANG

 HEALTHY AND PROSPEROUS KEMARO ISLAND INDONESIA
PUPUK KUJANG KUJANG NURTURING FORESTS, ENRICHING VILLAGES

INDONESIA

SARAWAK ENERGY BERHAD

 BALEH HYDROELECTRIC PROJECT (HEP): EMPOWERING THE COMMUNITY THROUGH RESPONSIBLE DEVELOPMENT AND SUSTAINABLE PRESERVATION OF LOCAL CULTURE AND HERITAGE MALAYSIA

SIAM KUBOTA CORPORATION CO., LTD.

 NONG PHAKBUNG MODEL THAILAND
SIAM PIWAT COMPANY LIMITED SIAM PIWAT SUPPORTS THAI CRAFTSMANSHIP

THAILAND

SINOPAC HOLDINGS

 SINOPAC STORE POWER UP PROJECT TAIWAN
SINYI REALTY, INC. FROM BUSINESS ETHICS TO A HOLISTIC SUSTAINABILITY CIRCLE

TAIWAN

SM STORE

 SHOP&SHARE MOVEMENT PHILIPPINES
STANDARD CHARTERED BANK (TAIWAN) LIMITED WOMEN IN ENTREPRENEURSHIP

TAIWAN

TAIWAN BUSINESS BANK

 TAIWAN BUSINESS BANK DIGITAL FRIENDLY FINANCE ECOSYSTEM, ESG WITH LOVE ~ BARRIER-FREE LIVING

TAIWAN

TAIWAN LIFE INSURANCE CO., LTD.

 SUPPORT BATHING AT HOME ELDERS “BATH” BACK TO HAPPINESS TAIWAN
TCP GROUP ‘TCP EMBRACING THAILAND’S RIVER BASIN’ PROJECT

THAILAND

VIEON CORPORATION

 ACCOMPANYING NAM PHUONG FOUNDATION

VIETNAM

 

INVESTMENT IN PEOPLE CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

ARVATO SYSTEMS MALAYSIA SDN BHD

 DRIVING SUCCESS THROUGH EVER-EVOLVING INVESTMENT IN PEOPLE FOR GROWTH MALAYSIA
EEI CORPORATION EEI FOR THE PEOPLE

PHILIPPINES

KRUNGTHAI BANK PCL.

 BUILDING SUSTAINABLE GROWTH THROUGH EMPLOYEE EXCELLENCE AND COLLABORATION THAILAND
NAGAWORLD LIMITED TRAINING FOR SUCCESS, ENGAGING FOR GROWTH

CAMBODIA

PACIFIC SOGO DEPARTMENT STORES CO., LTD.

 FIVE-YEAR VISION PROJECT: FOSTERING A SUSTAINABILITY MINDSET AMONG ALL EMPLOYEES

TAIWAN

PRESIDENT CHAIN STORE CORP.

 INCREASE SAFETY MOTIVATION AND BUILD AN INCLUSIVE FUTURE TAIWAN
ROX GROUP SOWING THE SEEDS OF HAPPINESS IN THE WORKPLACE

VIETNAM

SINOPAC HOLDINGS

 SINOPAC’S SEED CULTIVATION AND DEVELOPMENT PROGRAM TAIWAN
SINYI REALTY, INC. EMPOWERING DIVERSE DIGITAL CAPABILITIES TO CREATE LOW-CARBON TALENTS

TAIWAN

STANDARD CHARTERED BANK (TAIWAN) LIMITED

 BEST ADVANCE IN DIVERSITY, EQUITY, AND INCLUSION INITIATIVES TAIWAN
TAIWAN LIFE INSURANCE CO., LTD. INSURANCE SERVICE PROFESSIONAL PROGRAM

TAIWAN

TAIWAN POWER COMPANY

 METICULOUS TRAINING GROUND FOR TOMORROW’S ELECTRICAL EXPERTISE

TAIWAN
TVBS MEDIA, INC. TVBS DIGITAL TALENT SUSTAINABILITY PROJECT

TAIWAN

 

HEALTH PROMOTION CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

AIA THAILAND

 AIA ONE BILLION TRAIL THAILAND
ASIA CEMENT CORPORATION PROMOTE THE WORKPLACE HEALTH AND SAFETY SYSTEM AND IMPLEMENT WORKPLACE WELL-BEING

TAIWAN

DARFON ELECTRONICS CORP.

 GOOD HEALTH AND WELL-BEING TAIWAN
KRUNGTHAI-AXA LIFE INSURANCE PCL. CARAVAN HEALTH CHECK

THAILAND

NAN SHAN LIFE INSURANCE

 MOMMY AND BABY CARE SERVICE TAIWAN
SARAWAK ENERGY BERHAD BALEH HYDROELECTRIC PROJECT (HEP): ENSURING GOOD HEALTH & WELL-BEING OF INDIGENOUS COMMUNITIES THROUGH EQUITABLE HEALTH ACCESS

MALAYSIA

TAIWAN LIFE INSURANCE CO., LTD.

 TEAMWALK HEALTHY ENTERPRISE ECOSYSTEM

TAIWAN

 

GREEN LEADERSHIP CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

AMTRAN TECHNOLOGY CO., LTD.

 SAVING THE WORLD, SEEING BETTER WORLD TAIWAN
BANGCHAK CORPORATION PUBLIC COMPANY LIMITED CARBON MARKETS CLUB

THAILAND

CHUGAI PHARMA TAIWAN

 COMMITMENT TO ECOLOGY: TRANSFORMATIVE GREEN ACTIONS FOR LASTING INFLUENCE TAIWAN
CPC CORPORATION, TAIWAN GREEN REMEDIATION AT TAICHUNG OIL SUPPLY CENTER: SAFEGUARDING A CLEAN LAND

TAIWAN
CTCI GROUP INTELLIGENT EPC LEADS A NEW ERA OF CLIMATE NET ZERO

TAIWAN

EDL-GENERATION PUBLIC COMPANY

 SOCIAL ENGAGEMENT & ENVIRONMENTAL CONSERVATION LAOS
ENERGY ABSOLUTE PUBLIC COMPANY LIMITED PRODUCTION OF THE SYNTHESIZED BIOFUEL USING VARIOUS TYPES OF WASTE OIL

THAILAND

ENERGY DEVELOPMENT CORPORATION

 EDC BINHI: 15 YEARS OF GREENING THE FUTURE PHILIPPINES
FAR EASTERN BIG CITY SHOPPING MALLS CO., LTD. BIG CITY, BIG GREEN

TAIWAN

FDC INTERNATIONAL HOTELS CORPORATION

 GO GREEN INITIATIVE— ACHIEVING LOW-CARBON LUXURY AND SUSTAINABLE HOSPITALITY AT FDC INTERNATIONAL HOTELS TAIWAN
FORMOSA SOLAR RENEWABLE POWER GROUP THE MOST RELIABLE AND LEADING PARTNER IN TAIWAN’S ENERGY TRANSITION

TAIWAN

FRASERS PROPERTY INDUSTRIAL (THAILAND)

 SPX EXPRESS (THAILAND) SORTING CENTER THAILAND
FUBON LIFE INSURANCE CO., LTD. BE POSITIVE AND ENRICH LIFE: THE LEADER IN SUSTAINABLE OPERATIONS — FUBON LIFE

TAIWAN

GOODYEAR ASIA PACIFIC

 SOLAR PANEL PROJECT AT PLD CHINA
GREENFEED VIETNAM CORPORATION SUSTAINABLE RESOURCE MANAGEMENT

VIETNAM

HANDONG ENGINEERING & CONSTRUCTION JSC (HANDONG E&C)

 HANDONG’S INITIATIVE FOR A GREENER FUTURE VIETNAM
HD RENEWABLE ENERGY CO., LTD. CO-PROSPERITY OF FISHERY AND ELECTRICITY SYMBIOSIS PLANT AND MIGRANT BIRDS

TAIWAN

HYLIFE DEVELOPMENTS CO., LTD.

 HYFIVE FIREBREAK FIRELINE THAILAND
IGC GROUP GREEN SCHOOLS FOR SUSTAINABLE DEVELOPMENT

VIETNAM

KINDOM GROUP

 IMPLEMENT SCIENTIFIC CARBON REDUCTION AND COMPREHENSIVE NET-ZERO BUILDINGS TAIWAN
KING STELLA GROUP CO., LTD. KSG EMPOWERING FAMILY LOVER

THAILAND

KRUNGTHAI-AXA LIFE INSURANCE PCL.

 SAVE OUR SEA 2023 THAILAND
MICROCHIP TECHNOLOGY (THAILAND) CO., LTD. RENEWABLE ENERGY FOR THE FUTURE

THAILAND
NAGAWORLD LIMITED A SUSTAINABLE AND GREEN CAMBODIA THROUGH NAGAWORLD KIND HEARTS CAMBODIA

PACIFIC SOGO DEPARTMENT STORES CO., LTD.

 SUSTAINABLE DEPARTMENT STORE 2.0: ALIGNING WITH INTERNATIONAL STANDARDS AND STRENGTHENING CLIMATE RESILIENCE TAIWAN
PRESIDENT CHAIN STORE CORP. ZERO-WASTE AND LOW-CARBON DIET

TAIWAN

PT PERTAMINA GAS

 EMPOWERING GREEN BUSINESS THROUGH PROPER INDONESIA
SINOPAC HOLDINGS OPERATIONAL ENERGY SAVINGS, CARBON REDUCTION AND SUSTAINABLE SUPPLY CHAIN MANAGEMENT

TAIWAN
TAIWAN DEPOSITORY & CLEARING CORPORATION TDCC ENOTICE PLATFORM TAIWAN
TAIWAN POWER COMPANY ECO-FRIENDLY POWER PLANTS: HARMONIZING WITH NATURE FOR A SUSTAINABLE FUTURE

TAIWAN

TEX YEAR INDUSTRIES, INC.

 TEX YEAR GPS GREEN PLATFORM STRATEGY – THE GREEN NAVIGATOR OF SUSTAINABILITY TAIWAN
VIETNAM DAIRY PRODUCTS JOINT STOCK COMPANY VINAMILK PATHWAYS TO DAIRY NET-ZERO 2050

VIETNAM

VINCOM RETAIL JOINT STOCK COMPANY

 THE NATIONWIDE IMPACT ON PIONEERING GREEN LIFESTYLES VIETNAM
WATSONS PERSONAL CARE STORES (PHILS.), INC. SUSTAINABILITY INITIATIVES 2023: PLANET, PEOPLE, PRODUCTS

PHILIPPINES

 

CORPORATE GOVERNANCE CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

CHAILEASE INTERNATIONAL LEASING COMPANY

 EXCELLENT CORPORATE GOVERNANCE ENTERPRISE

VIETNAM

EXCELLENCE OPTOELECTRONICS, INC.

 EOI’S SUSTAINABLE CORPORATE GOVERNANCE TAIWAN
GOVERNMENT HOUSING BANK GOOD GOVERNANCE TOWARDS SUSTAINABLE HOUSING [G H] BANK

THAILAND

METROPOLITAN ELECTRICITY AUTHORITY

 MEA FROM GOOD TO GREA THAILAND
THAIPLASTIC RECYCLE GROUP CO., LTD. YOU SORT, WE RECYCLE

THAILAND

 

CIRCULAR ECONOMY LEADERSHIP CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

CPC CORPORATION, TAIWAN

 THE GREEN RENOVATION OF THE HSINCHU OIL SUPPLY CENTER CREATES A CIRCULAR ECONOMY OF LAND AND RESOURCES

TAIWAN

SIAM KUBOTA CORPORATION CO., LTD.

 KUBOTA ZERO BURN PROJECT THAILAND
THAIPLASTIC RECYCLE GROUP CO., LTD. EARTHWORM SOIL PROJECT FROM INDUSTRIAL SLUDGE TOWARDS A SUSTAINABLE COMMUNITY

THAILAND

 

CORPORATE SUSTAINABILITY REPORTING CATEGORY
ORGANIZATION WINNING CSR PROGRAM

COUNTRY

APEX INTERNATIONAL CO., LTD.

 APEX 2022 ESG REPORT THAILAND
CPC CORPORATION, TAIWAN CPC INNOVATES GREEN PROCUREMENT; LEADING SUSTAINABILITY INTO THE FUTURE

TAIWAN

CTCI GROUP

 A GUARDIAN OF SUSTAINABLE EARTH: ENHANCING INNOVATIVE ESG IMPACT TAIWAN
ENERGY DEVELOPMENT CORPORATION EDC 2022 INTEGRATED REPORT: REGENERATING A DAMAGED WORLD

PHILIPPINES

EUPE CORPORATION BERHAD

 EUPE SUSTAINABILITY REPORT FY2023 MALAYSIA
EXCELLENCE OPTOELECTRONICS, INC. EXCELLENCE OPTOELECTRONICS INC. SUSTAINABILITY REPORT 2022

TAIWAN

FAR EASTERN DEPARTMENT STORES LTD.

 SUSTAIN FOR A GOOD LIFE TAIWAN
FARGLORY LIFE INSURANCE CO., LTD. 2022 FGLIFE SUSTAINABILITY REPORT

TAIWAN

FDC INTERNATIONAL HOTELS CORPORATION

 FDC 2022 SUSTAINABILITY REPORT — BUILDING SUSTAINABILITY & HERITAGE IN TOURISM TAIWAN
FUBON LIFE INSURANCE CO., LTD. FUBON LIFE INSURANCE 2022 CORPORATE SUSTAINABILITY REPORT

TAIWAN

HD RENEWABLE ENERGY CO., LTD.

 2022 SUSTAINABILITY REPORT ~ PIONEER OF CLEAN ENERGY, FORGING A NEW WORLD OF GREEN ENERGY TAIWAN
METROPOLITAN ELECTRICITY AUTHORITY CREATING A DECARBONIZING SOCIETY FOR ALL

THAILAND

NAN SHAN LIFE INSURANCE

 NAN SHAN LIFE 2023 CORPORATE SUSTAINABILITY REPORT TAIWAN
PROVINCIAL ELECTRICITY AUTHORITY SUSTAINABILITY REPORT 2022

THAILAND

QISDA CORPORATION

 TOGETHER, MAKE THE WORLD BETTER TAIWAN
SINOPAC HOLDINGS TOGETHER, A BETTER LIFE

TAIWAN

SINYI REALTY, INC.

 SINYI REALTY 2022 SUSTAINABILITY REPORT TAIWAN
THAI LIFE INSURANCE PUBLIC COMPANY LIMITED TLI’S SUSTAINABILITY REPORT 2023

THAILAND

 

 

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On Philippine-American Friendship Day we celebrate a year of historic achievements

By MaryKay Carlson

On the Fourth of July – US Independence Day and Philippine-American Friendship Day – we look back on what the US-Philippine partnership has achieved over the past 12 months. We’ve reached incredible milestones together as friends, partners, and allies, setting a bold agenda to build a more secure and prosperous future for our peoples.

The Trilateral Leaders’ Summit among President Biden, President Marcos, and Japanese Prime Minister Kishida in Washington was a historic moment in a year of exceptional achievements. The leaders committed to advancing the security and prosperity of all three nations, the Indo-Pacific region, and the world through cooperation on economic growth, critical technologies, the digital economy, climate and clean energy, infrastructure, and peace and security. They announced the Luzon Economic Corridor under the Partnership for Global Infrastructure and Investment and the Indo-Pacific Economic Framework (IPEF) Investment Accelerator, which will support transformative public and private investments from Subic Bay to Batangas – home to 40% of the Philippines’ population and 50% of its economic activity. The three leaders also announced $8 million for Open Radio Access Network (RAN) field trials that will pave the way for more affordable and secure telecommunications.

As President Marcos has said, economic security is national security. Our commitment to bring greater private investment to the Philippines is multifaceted. In March, Secretary of Commerce Raimondo led the first-ever Presidential Trade and Investment Mission to the Philippines, where US firms announced more than $1 billion in investments in key sectors and new partnerships to help develop a future-ready Philippine workforce. We built on these engagements in May during the Indo-Pacific Business Forum in Manila, where the US Trade and Development Agency awarded a grant to a Filipino company to deliver affordable, high-quality internet connectivity to underserved communities in the Philippines.

We are accelerating investment in the Philippines with the introduction of new tools and resources. Later this year, the US Development Finance Corp. (DFC) plans to open a Manila office, its fifth location in the Indo-Pacific region. This new office underscores DFC’s growing focus on the Philippines in critical sectors such as renewable energy, agriculture, critical minerals, and infrastructure.

The Millennium Challenge Corp. returned to the Philippines this year and now has a team on the ground to co-develop a threshold program. This program identifies key constraints to economic growth and creates favorable conditions for new investments from the private sector and development partners.

The United States is committed to supporting the Philippines’ clean energy transition. Last November, at the Asia-Pacific Economic Cooperation Leaders’ Week in San Francisco, Secretaries Lotilla and Blinken signed a civil nuclear cooperation agreement, or “123 Agreement,” facilitating US-Philippine cooperation to responsibly develop a peaceful, sustainable nuclear energy program. The Philippines Department of Energy (DoE) and the Philippine-American Educational Foundation are creating scholarships and academic exchanges on nuclear power and clean energy, and the US Agency for International Development (USAID) is partnering with DoE to develop a comprehensive civil nuclear energy policy.

USAID partnered with the Philippine government to launch its first Green Energy Auction Program, in which private sector companies compete to offer the most affordable prices to supply renewable energy to the grid, driving billions of dollars in investments and increasing renewable energy capacity by 65% by 2026. The US Departments of State and Energy also launched the US-Philippine Energy Policy Dialogue to deepen cooperation in this field.

Our military alliance continues to flourish. We have improved our bilateral exercises and established new ways to work together to address 21st century security challenges, such as cyber defense. We have reinvigorated our maritime cooperation, conducting joint naval engagements alongside Australia, Canada, France, and Japan. The United States continues to expand funding to help modernize the Armed Forces of the Philippines.

Underpinning all these important endeavors are close and meaningful bonds of friendship and family ties that form not only the foundation upon which our relations are based, but a springboard for reaching new heights in the future.

On this day last year, I hailed the positive momentum in US-Philippine relations. Since then, that momentum has accelerated significantly. As Secretary Blinken described it during his most recent visit to Manila, the US-Philippine relationship is on hyperdrive and has never been stronger. Let’s see what we can accomplish in the next 12 months!

MaryKay Carlson is US Ambassador to the Philippines.

House eyes budget approval by Sept.

PHILSTAR FILE PHOTO

THE HOUSE of Representatives is looking to approve the proposed P6.352-trillion national budget for 2025 before Congress goes on a break in September, House Speaker and Leyte Rep. Ferdinand Martin G. Romualdez said on Wednesday.

“Aside from our commitment in approving the few remaining LEDAC (Legislative-Executive Development Advisory Council) priority measures agreed upon during the June 25 council hearing, the House will again work doubly hard to pass the proposed P6.352-trillion 2025 General Appropriations Bill before we go on break this end of September 2024,” Mr. Romualdez said in a statement.

The Development Budget Coordination Committee last week proposed a P6.352-trillion budget for 2025, a 10% increase from this year’s P5.768-trillion budget.

Budget Secretary Amenah F. Pangandaman last week said the proposed National Expenditure Program for 2025 will be submitted to the House on July 29, one week after Congress reopens on July 22.

“The National Expenditure Program will undergo rigorous scrutiny to ensure that every peso allocated is judiciously spent and aligned with our national priorities,” Party-list Rep. Elizaldy S. Co, who heads the House Appropriations Committee, said in a separate statement.

Mr. Romualdez said the House will conduct budget hearings but also deliberate on the LEDAC priority measures.

These include amendments to a law that privatized the power industry and a proposal to extend the lease period for foreign investors. Other pending measures include amendments to the agrarian reform law and bills seeking to modernize public budgeting and national defense.

Analysts said the higher allocation for next year’s budget could drive economic growth. Economic managers are targeting 6.5-7.5% gross domestic product growth in 2025.

“The growth of more than +10% in the 2025 national budget… would bode well for faster economic and GDP (gross domestic product) growth. The largest allocation for education, infrastructure, social services, among others, would help expedite economic growth and development,” Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

The government should ensure that its budget is efficiently spent to reap the economic benefits, Leonardo A. Lanzona, an economics professor at the Ateneo de Manila University told BusinessWorld in a Facebook Messenger chat.

“The huge budget does not guarantee any improvement in the Philippine economy. A lot will depend on how efficiently it will be used and distributed,” he said.

Mr. Lanzona said economic managers should look at reducing the country’s “high debt-to-GDP ratio” to meet sustained economic growth.

The debt-to-GDP ratio stood at 60.2% as of the first quarter. This year, the government’s debt-to-GDP ratio target was set at 60.3%, slightly higher than the 60% threshold considered by multilateral lenders to be manageable for developing economies.

“Tax and fiscal reform measures would be realistically needed to bring down the country’s debt-to-GDP ratio to below the 60% international threshold, helping sustain the country’s relatively favorable credit ratings,” Mr. Ricafort said.

The government should intensify tax collections before considering new tax laws, he added.

“Priority would be to intensify tax collections from existing tax laws and encourage compliance with the payment of correct taxes,” Mr. Ricafort said. “Last option would be new and higher taxes, especially if inflation stabilizes in the coming months and years.” — Kenneth Christiane L. Basilio

PHL could reap P2.6T annually from AI — Balisacan

Artificial Intelligence words are seen in this illustration taken March 31, 2023. — REUTERS/DADO RUVIC/ILLUSTRATION/FILE PHOTO

THE PHILIPPINE ECONOMY could gain P2.6 trillion annually if domestic businesses adopt artificial intelligence (AI), the National Economic and Development Authority (NEDA) said.

“The technology is estimated to contribute $15.7 trillion to the global economy by 2030, with the Philippines potentially gaining P2.6 trillion annually if businesses adopt AI-powered solutions,” NEDA Secretary Arsenio M. Balisacan said during the launch of the National AI Strategy Roadmap 2.0 and Center for AI Research (CAIR) on Wednesday.

“Sectors such as retail, logistics, manufacturing, and financial services can revolutionize operations and enhance performance through the use of AI,” he added.

The AI roadmap and the CAIR were launched by the Department of Trade and Industry (DTI) and the Asian Development Bank on Wednesday. The center is tasked to “transform the Philippines into a premier destination for AI-driven innovation and investments.”

“This upgraded roadmap incorporates the latest technologies, recalibrates our strategic actions, and addresses emerging concerns such as ethics and governance,” Trade Secretary Alfredo E. Pascual said at the event.

The roadmap, which is targeted to be finalized next month, will focus on strategic imperatives such as building a networked environment, improving data access, transforming education and nurturing future AI talents, upskilling and reskilling the workforce, building an AI ecosystem “conscience,” pushing the boundaries of AI, and accelerating innovation.

In terms of immediate priorities, Mr. Pascual said that the DTI is targeting to increase the country’s gross expenditure on research and development, which is only 0.3% of the gross domestic product (GDP), to meet UNESCO’s recommended target of 1%.

“Another immediate priority is the upskilling and reskilling of our current workforce. Concurrently, increasing the number of AI and data science graduates is crucial and a compelling priority,” he said.

Mr. Balisacan said the roadmap would help ensure a fair transition to the adoption of AI by supporting displaced workers through upskilling, reskilling, and training.

“We should have done that earlier,” he told reporters on the sidelines of the launch. “Just like any disruptive innovation, if you prepare well, it should be a boon. [If] you don’t prepare well, it becomes a bane.”

In 2023, the Philippines ranked 65th out of 193 countries in the Government AI Readiness Index by Oxford Insights.

The NEDA chief said that integrating AI in education will equip Filipinos with the necessary skills to “capitalize on emerging technologies, giving the country a competitive advantage, attracting more investments, and fueling economic growth.”

“By integrating generative AI, the Philippines can take a leading role in creative industries, software development, and other high value-adding services, further boosting our economic potential.”

Mr. Balisacan also said that the proposed Open Access in Data Transmission Act or the Konektadong Pinoy Bill would help the Philippines maximize the benefits of AI. The House of Representatives approved the bill in 2022, while a counterpart bill is still pending before a Senate committee.

“By promoting access to affordable and better-quality internet services, this legislation will allow the country to harness the full benefits of AI,” he added.

Mr. Pascual said the DTI is also spearheading the formulation of a national AI governance framework in partnership with the Analytics Association of the Philippines. It is targeted for completion by the end of 2024.

“The ethical use of AI must be addressed. In public policy, the rapid diffusion of AI innovations calls for governance frameworks balancing AI innovation and responsible adoption,” Mr. Pascual said.

The National AI Governance Framework will establish the approved scope and limitations of what developers and stakeholders can do, he said.

UPPER MIDDLE-INCOME COUNTRY
Meanwhile, gross national income (GNI) per capita should grow by at least 6.7% this year to ensure the Philippines becomes an upper middle-income country by next year, Mr. Balisacan said.

“We are now $4,230 [in terms of GNI]. So, you only need 6.7% (GNI) growth,” he told reporters.

According to the World Bank’s latest income classification data, the Philippines remained a lower middle-income country with a GNI per capita of $4,230 in 2023.

To become an upper middle-income country, the Philippines needs to have an estimated GNI per capita of $4,516 to $14,005, according to the World Bank.

Despite this, Mr. Balisacan said that achieving upper middle-income status by late 2025 or early 2026 is still “within reach” as the government is projecting 6-7% economic growth this year.

The World Bank has classified the Philippines as a lower middle-income country since 1987. It earlier said the country would likely cross the upper middle-income threshold by 2026. — Beatriz Marie D. Cruz and Justine Irish D. Tabile

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