The Global Youth Summit (GYS), held annually by SM Cares and Global Peace Foundation (GPF) to inspire youth leaders to become catalysts for change, recently concluded its South Luzon leg which took place from June 8 to June 22, 2024 across SM Malls in Southern Luzon.
The GYS is an annual event that provides the youth with opportunities to use your voice, share your ideas, and help create long-term and sustainable solutions to the most pressing problems and challenges affecting you today.
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SM Cares and GPF kicked off the South Luzon leg of this year's GYS in Legazpi City, Albay last June 8, 2024, which focused on "SDG 11: Sustainable Cities and Economies." The event tackled the role of sustainability in ensuring the long-term viability of cities and economies.
The second GYS event in South Luzon was held in Sorsogon City, Sorsogon last June 9, 2024. Focusing on "SDG 14: Life Below Water," the event underscored the importance of protecting our waters and marine life, a vital part of our planet's ecosystem.
Last June 15, 2024, GYS visited Sta. Rosa, Laguna for its third South Luzon leg event. The focus was "SDG 7: Affordable and Clean Energy," highlighting the importance of exploring renewable and sustainable energy sources.
The fourth GYS event in South Luzon, held in Tanza, Cavite last June 16, 2024, focused on "SDG 8: Decent Work and Economic Growth." The event emphasized creating equal opportunities for quality employment and supporting micro, small, and medium enterprises (MSMEs).
SM Cares and GPF concluded the GYS South Luzon Leg in Sto. Tomas City, Batangas last June 22, 2024. The event centered on "SDG 4: Quality Education," highlighting its role as the foundation of a thriving society with equal access to lifelong learning opportunities.
With the South Luzon leg concluded successfully, SM Cares and GPF are now gearing up for the Mindanao Leg of GYS. If you’re a Mindanaoan youth leader and you want to use your voice to help address the problems affecting you, you can join GYS events to be held in the following venues: SM CDO Downtown on July 6, 2024; SM City General Santos on July 9, 2024; and SM Lanang Premier on July 11, 2024.
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This year's 17-leg event aims to represent all 17 of the United Nations’ Sustainable Development Goals (SDGs). Each location highlighted a specific SDG, featuring insightful talks and engaging activities to empower the youth.
This year's 17-leg event aims to represent all 17 of the United Nations’ Sustainable Development Goals (SDGs). Each location highlighted a specific SDG, featuring insightful talks and engaging activities to empower the youth.
Please visit https://bit.ly/GYSRegistration to learn more about how you can be part of the movement towards a better world for youth like you!
The GYS is one of SM Cares’ numerous Programs on Children and Youth, supporting all 17 UN SDGs. Others include supporting projects with UNICEF and the Book Nook, a free library and community hub where parents and children can bond over books, workshops and activities.
Aside from its Programs on Children and Youth, SM Cares also has programs on the environment, women and breast-feeding mothers, senior citizens, and persons with disabilities.
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On July 9, 2024, Babae Ako Partylist hosted its inaugural “Empower Her: Nurture, Pamper, and Wellness Day” at the GMA Sports Complex in General Mariano Alvarez, Cavite. The event kicked off with an energetic motorcade led by Babae Ako Partylist’s first nominee Rossel “Shantal D.” Dimayuga, alongside her fellow nominee Geeian “Ghie” Gambala, and board members Loreta “Lorence” Caburnay and Michelle “Mitch” Velitario.
Following the motorcade, multiple enthusiastic Zumba groups and their supporters took the stage, setting a lively tone for the rest of the event. The day was filled with over 1,000 supporters engaging in wellness activities designed to pamper and empower women. Attendees enjoyed free haircuts, manicures, pedicures, and massages, all aimed at promoting wellness among women.
Ms. Dimayuga emphasized the importance of wellness for women, stating, “We know the importance of providing self-care and wellness for women, inside and out.” This event was a testament to Babae Ako Partylist’s commitment to supporting and uplifting women in the community.
A highlight of the event was the Zumba contest, featuring 10 energetic Zumba groups competing for exciting prizes. The contest added a fun and competitive element to the day’s activities, encouraging physical fitness and camaraderie among participants.
Babae Ako Partylist expressed gratitude to all the organizers, volunteers, and supporters who made the event a success. Special thanks were extended to General Mariano Alvarez Mayor Maricel Echeverria Torres for her support in making the event possible.
Ms. Dimayuga concluded the event with a hopeful message: “We hope that this event will be the first of many more activities aimed at empowering all women.”
The “Empower Her: Nurture, Pamper, and Wellness Day” event marked a significant milestone for Babae Ako Partylist in its ongoing mission to support and uplift women through meaningful and impactful initiatives. With such a successful launch, the future looks bright for Babae Ako Partylist’s continued efforts to uplift and empower women through similar initiatives.
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Salmon, a company committed to improvingaccess to credit, savings, and investments for over 500 million underserved customers in Southeast Asia, has been awarded the prestigious 2024 Asian Banking and Finance (ABF) Fintech Start-Up Award – Philippines.
The ceremony took place on July 4, 2024, at the Marina Bay Sands Expo and Convention Centre in Singapore, celebrating outstanding achievements in the fintech sector. The award was judged by a distinguished panel of experts, including Alessandro Magarini Montenero, Partner for Financial Services at Bain & Company; Ho Kok Young, Audit and Assurance Partner at Deloitte Singapore and CFO Program Leader of Deloitte Southeast Asia; Liew Nam Soon, Regional Managing Partner of EY ASEAN; and Mansi Singh, Financial Services Strategy and Operations Partner at PwC Southeast Asia Consulting.
This award recognizes the company’s innovative approach, cutting-edge AI-centered technology and commitment to transforming the traditionally exclusive banking landscape of the Philippines, where legacy banks have long catered to a limited group of customers, neglecting the needs of the mass customer in the country.
Co-Founder and Chairman of its bank subsidiary, Raffy Montemayor, expressed his gratitude, saying, “We are deeply honored to be recognized by Asian Banking and Finance. This award is a testament to our dedication to transforming the financial landscape in the Philippines. We are excited to build on this success and it motivates us to keep going forward and continue providing cutting-edge financial solutions that truly make a difference in people’s lives.”
Salmon has rapidly emerged and gained recognition as a “different bank,” building its operations with a focus on the quality of customer care and service. Since its inception in 2022, the company has introduced a roster of AI-enabled products that cater to a broad range of financial needs, including Salmon Financing, a point-of-sale loan service; Salmon Credit, a 100% digital revolving credit line; and Salmon Time Deposit under the Rural Bank of Sta. Rosa (Laguna), Inc., which offers 8.88% interest for deposits of more than PHP500,000 for a 12-month period.
The ABF Fintech Start-Up Award also highlights Salmon’s success in leveraging technology to make financial services more accessible. By using advanced AI-driven credit evaluation methods and alternative data, Salmon makes fast and responsible lending decisions, even to those without previous credit histories. This approach not only sets a new standard in the industry but also opens opportunities for many who were previously excluded.
The company’s success is also due to its strong partnerships with key stakeholders and investors. With over $60 million raised in funding from prominent investors like the International Finance Corp. (IFC), which led the Series A-1 financing round and Abu Dhabi Developmental Holding Company (ADQ), as well as the Northstar Group, Salmon is well-positioned to scale its operations and introduce new financial products to the market, such as debit solutions, to enrich its offerings and deliver more value to customers, growing around 10x on key operational and financial metrics in 2024 vs 2023.
As Salmon continues to push boundaries of what is possible in the fintech industry, the recognition from ABF is a testament to Salmon’s significant impact and its potential to become the leading credit-led technology-centric bank in Southeast Asia within the next five years.
About Asian Banking & Finance (ABF)
Asian Banking & Finance (ABF) is the premier magazine dedicated to Asia’s dynamic financial services sector. As the leading source of news, features, profiles, and sector analyses, ABF caters to commercial, retail, and investment banking professionals across the region.
Published quarterly, the print edition boasts a circulation of 7,250 copies, reaching an audience of 29,000 senior executives and decision-makers in Asia’s financial firms. Complementing the print magazine, the ABF website delivers daily updates and insights, ensuring comprehensive coverage of industry developments.
ABF is part of the Charlton Media Group, a prominent B2B publication and events company in Asia, with renowned titles including Singapore Business Review, Hong Kong Business, and Insurance Asia.
About the Salmon Group Ltd. Salmon Group Ltd., founded in 2022 by fintech and banking veterans Pavel Fedorov, George Chesakov and Raffy Montemayor, owns and operates its subsidiaries in the Philippines, including Sunprime Finance, Inc. and the Rural Bank of Sta. Rosa (Laguna), Inc., which was established in 1963. The Group is dedicated to expanding financial inclusion by providing customers with cutting-edge, customer-centric, AI and data-driven banking and financial services. It is on a mission to empower clients underserved by legacy banks across Southeast Asia and is supported by world-class shareholders including International Finance Corp., the sovereign wealth fund of Abu Dhabi (ADQ) and other blue-chip international and Filipino investors.
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Britain’s economic output rose by 0.4% in May, a bigger rise than expected and helped by a jump in housing construction, according to official data that will be welcomed by the new government of Prime Minister Keir Starmer.
A Reuters poll of economists had pointed to a 0.2% increase for monthly gross domestic product in May.
The data from the Office for National Statistics revealed a broad-based increase in economic output, with the services, manufacturing and construction industries all growing, the latter up by 1.9% on the month, driven by the housing sector.
Over the three months to May, the economy expanded by 0.9%, the strongest reading since the three months to January 2022, compared with the consensus forecast for a 0.7% expansion.
The Bank of England last month said it expected the economy would grow by 0.5% over the second quarter.
“The economy grew strongly in May with all the main sectors seeing increases,” ONS Director of Economic Statistics Liz McKeown said. “Many retailers and wholesalers had a good month, with both bouncing back from a weak April.” – Reuters
KAMPALA – Uganda’s central bank has begun buying locally-produced gold to bolster its depleted foreign reserves and tackle emerging challenges in international financial markets.
The move could lower the country’s growing gold exports, whose shipments brought in $2.3 billion last year from $201 million in the previous year.
“The BoU (Bank of Uganda), in consultation with relevant key stakeholders, has initiated a domestic gold purchase program,” the bank said in its June state of the economy report seen by Reuters on Thursday.
“The gold purchase program will help in accumulating foreign currency reserves and address the associated risks in the international financial markets.”
BoU did not specify the risks in international financial markets it was referring to.
The bank said in its June report that Uganda’s foreign exchange reserves stood at about $3.5 billion as at April 30, equivalent to 3.2 months of import cover, down from 3.4 months a year earlier.
In April the central bank said the country’s foreign exchange reserves had fallen due to rising external debt repayments and the central bank’s inability to buy foreign currency due to a slide in the local currency.
Uganda’s gold production capacity has surged in recent years as various investors, including Belgian refiner Alain Goetz, set up processing facilities in the country although critics have said some of the gold may also be flowing in from eastern Democratic Republic of Congo. – Reuters
BEIJING – Almost two-thirds of big wind and solar plants under construction globally are in China, where surging renewable capacity has squeezed coal’s generation share to new lows, research released on Thursday showed.
China is building 339 gigawatts (GW) of utility-scale wind and solar, or 64% of the global total, a report from US-based think tank Global Energy Monitor (GEM) found. That is more than eight times the project pipeline of the second-place US, with 40 GW.
China’s pace puts the global goal to triple renewable capacity by the end of 2030 “well within reach” even without more hydropower, the report’s authors said, calling on China to lift its targets in climate pledges to the U.N. next year.
Beijing is also on track to meet its own 2030 goal to install 1,200 GW of wind and solar by this month – six years early – Sydney-based think tank Climate Energy Finance said last week.
Absorbing the boom in renewables remains a challenge for China’s coal-centered grid and faster development of transmission lines is needed, GEM research analyst Aiqun Yu said.
Still, the new capacity pushed renewable generation to record highs recently, according to a separate analysis published by Carbon Brief on Thursday.
China generated 53% of its electricity from coal in May, a record low, while a record 44% came from non-fossil fuel sources, indicating its carbon emissions may have peaked last year if the trend continues, according to the analysis conducted by Lauri Myllyvirta, senior fellow at Asia Society Policy Institute.
Coal’s share was down from 60% in May 2023.
Solar rose to 12% of power generation in May and wind to 11% as China added large amounts of new capacity. Hydropower at 15%, nuclear with 5% and biomass at 2% made up the rest of the non-fossil fuel power.
The increased renewable generation led carbon dioxide emissions from the power sector, which make up some 40% of China’s overall emissions, to fall 3.6% in May.
“If current rapid wind and solar deployment continues, then China’s CO2 output is likely to continue falling, making 2023 the peak year for the country’s emissions,” Mr. Myllyvirta wrote.
His analysis found solar power generation soared by a record 78% year-on-year in May to 94 terrawatt hours (TWh).
Data from China’s National Bureau of Statistics showed a 29% increase, but that excluded rooftop solar panels and therefore missed about half of the electricity from solar.
The new analysis calculated wind and solar output using power generating capacity data and utilization figures from the China Electricity Council, an industry association.
Wind power generation rose 5% on the year to 83 TWh as a 21% increase in capacity was offset by lower utilization because of variations in wind conditions. Hydropower generation rose 39% from last year, when hydropower was hit by a drought.
Gas-fired generation fell 16%, and power generation from coal fell 3.7%, even as total electricity demand increased 7.2% year-on-year. – Reuters
The heavy weight of expectations from both consumers and experts alike naturally comes with being labeled as the flagship series of any mobile phone brand. For Huawei, that would be their Pura 70 series.
Released in April, the Pura 70 is the first flagship under the rebranded Huawei P Series that “perfectly demonstrates the brand’s unique style.”
“With its cutting-edge aesthetic design, a leap forward in imaging technology and powerful performance, it brings consumers an unprecedented experience,” Huawei said in its website.
The BusinessWorld Digital Team is fortunate to get its hands on the Huawei Pura 70 Pro for two weeks. During that time, the team decided to put the phone to the test through real-life, practical situations across different kinds of users.
Does the Huawei Pura 70 Pro live up to being a flagship phone?
The Executive
“Feels solid while being held and has some weight to it. The camera layout at the back makes up the uniqueness of the design. The ‘Forward Symbol Design’ shows off a progressive outlook.”
Huawei has surely put a lot of thought into the design of the Pura 70 Pro.
Admittedly, the round corners and grip can make one reminisce about an older model of a very popular smart phone, but the camera layout at the back is unique and refreshing to look at. It has style, no doubt about it.
photo by Jae Queral, Jayson Marinas
The ‘Forward Symbol Design’ is interesting. Semiotically, it shows off a progressive line of thinking, which is quite interesting and applicable for this flagship series.
The camera layout can also be interpreted as a ‘Play Symbol Design.’ Honestly, who wouldn’t want to play with the camera features of the Huawei Pura 70 Pro?
The Pura 70 Pro feels quite solid and has some weight to it. A far cry from much cheaper phones wherein some are featherlight. Weighing approximately 220 grams, the weight and feel of this phone gives a sense of premium considering all the hardware inside, which is quite evident in its performance as well.
The phone is 162.6 mm (about 6.4 in) in height, 75.1 mm (about 2.96 in) in width, and 8.4 mm (about 0.33 in) in depth. It’s not too big or small which makes it suitable for the average Filipino build. However, for the plus-size, the Pura 70 Pro will probably become more comfortable to hold if one of those shock-proof cases is used.
photo by Jae Queral, Jayson Marinas
The screen size (6.8-inch) and quality (OLED) are great. Images are crisp and UI animations are smooth. Watching videos are also quite delightful as the screen displays deep blacks and vivid colors.
The round corners, however, might have taken too much of what could have been a bigger screen and more real estate for apps and media. It is not a big deal, though.
The sound quality and volume are outstanding. Binge listening to music after a hard day’s work would surely be quite a treat.
Overall, the Huawei Pura 70 Pro is built well and provides that premium feel and look. Maybe less rounded corners in succeeding models.
The Reporter
“Being out on coverage daily requires quick action in highly impromptu situations. Taking photos in the heat of things is usually difficult and results in blurred pics. Not the case with this phone.”
The nature of the job demands that one should always be ready and on the go. This also means that reporters should have the right equipment whenever they’re on field work.
For reporters who do not have their own camera crew in tow, it would be too taxing to be carrying around a camera and a tripod.
The go-to tool? The smartphone.
photo by Jae Queral, Jayson Marinas
With its Optical Image Stabilization (OIS) feature, Huawei Pura 70 Pro’s 50MP main sensor will ensure high-quality photos even in low-light conditions.
Be it a landscape shot or a close-up image, the smart phone handles photography like a real pro with its 16MP ultra-wide sensor and a remarkable zoom feature.
The phone has a PRO mode where you can change the aperture, exposure, ISO etc. like a DSLR.
Wide shot from M.I.C.E. 2024 at SMX Clark Pampang | Shot with the Huawei Pura 70 Pro | Photo by Jae Queral
Equally important, it has a fast shutter that really helps vividly capture fast movements and real emotions, whether the coverage is at a press conference, a rally, or an event like concerts.
Case in point: being at a coverage with multiple media outlets each scrambling to get in position to take the money shot. The Huawei Pura 7 Pro was up to the challenge.
For multimedia reports where videos are required, the phone’s stabilization features also ensure smooth video footage, with solid recording capabilities of 4k video at 30fps in its arsenal.
Stylish, not too heavy, and dependable. Any reporter would enjoy using this phone for coverages.
“The UI is smooth and responsive, and multitasking is not an issue. Battery life is great even for a heavy user.”
In this day and age, it would be particularly difficult for the working class not to learn to handle multiple tasks at the same time.
From brick-and-mortar operations to digital and social media, businesses have to cover multiple fronts across multiple platforms. Everything is faster, and an employee should be able to keep up with the pace.
More than laptops and desktop computers, smartphones have become a multitasking tool. Gone are the days when phones are just used for communication, now it is an enabling device for productivity.
photo by Jae Queral, Jay Marinas
The Huawei Pura 70 Pro did not disappoint.
Running on EMUI 14.2 that is based on Android 14, the user interface is clean and intuitive.
Customization for themes and layout of the UI is good. A user can always change things up the way they want the Pura 70 Pro presents and switches apps.
Having multiple apps open is also not a problem. Switching from one to another is fast and smooth thanks to the 12gb of RAM.
The usual hurdle in deciding to get a Huawei phone is the absence of the Google Playstore.
As such, the usual misconception is that Huawei phones have no apps. That’s entirely untrue.
Having used the Huawei Pura 70 Pro, there was no lack of productivity apps available for users of the phone.
The Huawei AppGallery is the phone maker’s own version of the Playstore. It has productivity apps that are available on the Google Playstore, and some viable alternatives to actual Google applications.
Using alternatives to well-known applications only available in the Google Playstore takes some adjustment, but at the end of the day, a PDF is a PDF.
The Gamer
“GPU lag or stutter usually happens when playing on settings too high for the phone. The Pura 70 Pro showed no signs of struggle with ML and PUBG in ultra or high settings.”
Any gamer would want to use high or ultra settings when playing games on their phone. It’s not uncommon to try and push your hardware and experience its limits.
For gamers, one of the biggest things that can take the fun away is technostress.
Playing Mobile Legends (ML) on settings too high for your phone will either result in stuttering due to dropped frames or delays in the control interface (i.e. delayed movement or commands).
The Huawei Pura 70 Pro does not have that problem.
Animations and character models are smooth and well-defined. Even during team clashes, where animation effects are triggered at the same time or on top of each other, the Pura 70 Pro has no trouble rendering such even in ultra settings.
The same can be said when playing PUBG Mobile on the Huawei Pura 70 Pro. There were no lags or frame drops even in intense battles at high or maximum settings.
The 90Hz refresh rate enhances the gaming experience, providing fluid visuals.
The Huawei Pura 70 Pro is equipped with the Kirin 9010 chipset manufactured by Huawei. It is comparable to Snapdragon 888 regarding the CPU and GPU performance. Considering its performance with some of the games tested, the chipset lives up to the hype.
The high-performance chipset makes it suitable for demanding applications and games.
When it comes to heat, after playing six consecutive ranked matches on ML, the Huawei Pura 70 Pro does get hot, but not to the point where it feels like it is getting overworked.
As a phone used for gaming, the Huawei Pura 70 Pro runs fast, efficient, and smooth.
CONCLUSION
The Huawei Pura 70 Pro is an all-around smartphone that can satisfy the different demands of various types of users.
photo by Jae Queral, Jayson Marinas
It can support high productivity and heavy gamers because of its fast and efficient chipset and a very reliable battery.
The main hero, though, are the cameras. Highly detailed and crisp photos, and stabilized videos.
Huawei’s Pura 70 Pro is a worthy flagship model. – Jino Nicolas, Mira Martinez, Jae Queral, and Jayson Marinas
What began as a labor of love in a home kitchen has blossomed into a thriving success story for Cley’s Food Products, thanks to the transformative power of TikTok Shop. Founded by Mia Velasco-Reyes, Cley’s journey began as a small home-based business with a single product: a crab paste recipe, crafted during the early months of her child Cley’s life. This humble beginning has since evolved into a testament to innovation and resilience in the digital age.
“I discovered TikTok Shop in October 2022, and it was a revelation. What started with a simple idea and a heartfelt product has grown exponentially. We’ve gone from fulfilling one or two orders a day to handling thousands,” said Mia. “TikTok Shop helped us a lot because our sales were low before. Now, our sales have increased by almost 60-70%, and we can ship to any part of the Philippines.”
The partnership with TikTok Shop has been instrumental in Cley’s rapid growth, propelling the brand into the mainstream. Furthermore, the surge in sales has boosted the business and created employment opportunities, transforming Cley’s from a single-employee operation to a thriving enterprise with a dynamic workforce that can reach up to 15 employees during peak order times.
@sellwithtiktokshop_ph🌟 Discover Cley’s Food Products! 🌟 We’re excited to share @cleysfoodproducts’ journey with TikTok Shop. Taste the delicious, authentic flavors of their products and see how they’ve achieved incredible business growth with us. 🍴 Buy Local, Shop Local. Sariling Atin. 🇵🇭 #CleysFoodProducts #BuyLocalShopLocal #SarilingAtin #SupportLocal #FoodLovers♬ original sound – Sell with TikTok Shop PH
Leveraging TikTok Shop’s ACE Indicator System
One of the critical success factors for Cley’s has been its utilization of TikTok Shop’s ACE (Assortment, Content, and Empowerment) indicator system. This comprehensive approach has enabled Cley’s to optimize its product offerings, enhance content creation, and participate in empowering campaigns and advertisements. According to Mia, the ACE system has significantly helped Cley’s improve its performance and increase its sales.
Cley’s has leveraged the ACE system to provide exclusive discounts, ensure product availability, and optimize its product presentation. For instance, during the recent 6.6 sale, Cley’s offered a 30% discount, which contributed to a 16% increase in gross merchandise value (GMV) for its crab paste. The brand’s commitment to aligning its product assortment with market trends, such as launching its version of chicken pastil, has further propelled their success.
Content has also been a cornerstone of Cley’s strategy on TikTok Shop. By partnering with over 18,000 Key Opinion Leaders (KOLs) and engaging in extensive live selling sessions, Cley’s significantly increased its brand awareness and sales, collectively driving 49% of the brand’s GMV. “Through the help of affiliates, live selling, and short videos, we’ve been able to introduce our products to a broader audience,” Mia explained.
Engaging inImpactful Campaigns and Growth Initiatives
Cley’s participation in TikTok Shop’s Buy Local, Shop Local campaign has provided valuable exposure and growth opportunities. The brand has also strategically invested in shop advertisements, resulting in a 35% increase in ad revenue and a remarkable return on ad spend (ROAS) of 8.71. According to Mia, “These campaigns and advertisements offer us guidelines and support that are crucial for small entrepreneurs like us. It’s a blessing to be part of TikTok Shop Philippines.”
Looking ahead, Cley’s plans to leverage TikTok Shop’s ACE indicator system to sustain its growth. By continuously aligning its product assortment with market trends, optimizing content through live selling and affiliate partnerships, and engaging in empowering campaigns, Cley’s aims to maintain its upward trajectory.
“I believe in hard work, perseverance, and integrity. By staying true to these values and leveraging the tools provided by TikTok Shop, we’re confident in our continued success,” claimed Mia.
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Edit feature available on SIM registration platform
Globe reminds its customers to remain compliant with the SIM Registration Act by keeping their data up to date in its online SIM registration platform in case some of their details have changed since they first registered their SIM.
The SIM Registration Act, enacted in December 2022, mandates the registration of all SIMs to enhance public safety and security by serving as a deterrent against SIM-aided criminal activity.
The law requires SIM users to register using correct and complete details, including the submission of a verifiable photo ID. Customers may easily update their registration details as needed:
Change in residential address
Change in last name after getting married or legally changing it.
Updated valid government ID
“We understand that life circumstances may change, and it’s essential for customers to reflect those changes in their SIM registration information,” said Darius Delgado, Globe Vice-President and Head of Consumer Mobile Business. “Our goal is to make the update process as convenient as possible, ensuring that they remain compliant with the law while minimizing any potential disruptions to their mobile services.”
Globe encourages all its customers to take advantage of this easy edit option, launched in June last year, to remain compliant with the law. Globe also reminds customers to submit accurate details and a real photo ID as providing false information or failing to update SIM registration details could result in penalties under the law.
Each customer may update SIM Registration details for up to two times a year.
To update SIM registration details on the portal, customers can follow these simple steps:
Log in to the Globe SIM registration portal.
Navigate to the registration section and select the “Edit” option.
Make the necessary changes to personal information, such as name, address, email, and profile photo.
Save the updated information and ensure that the changes are correctly stored.
Globe is committed to maintaining a secure and reliable SIM registration system. The company continuously improves its systems to safeguard user data and maintain the integrity of its services.
Key security measures that Globe has initiated for SIM registration include advanced encryption protocols to secure data transmitted during the registration process, live photo capture technology to prevent the use of stock or pre-existing photos, and limited ID submission retries to prevent random or repeated attempts to register with fictitious documents.
By ensuring that all SIM registration details are up to date, Globe and its customers can work together to create a safer and more secure telecommunications environment in the country.
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THE PHILIPPINES’ trade gap widened slightly in May, as exportsand imports contracted on an annual basis, the statistics agency said on Wednesday.
Preliminary data from the Philippine Statistics Authority (PSA) showed that the country’s trade-in-goods balance — the difference between exports and imports — stood at a $4.601-billion deficit in May, slightly wider than the $4.4-billion gap a year ago.
However, the May trade gap narrowed from the $4.73-billion deficit in April.
“The modest narrowing of the trade deficit was exactly in line with our expectations and was driven primarily by an unwinding of adverse export and import seasonal effects,” Pantheon Macroeconomics Chief Emerging Asia Economist Miguel Chanco said in an e-mailed note.
For the January-to-May period, the trade deficit shrank by 13.08% to $20.59 billion from the $23.69-billion gap a year ago.
The country’s balance of trade in goods has been in the red for 108 straight months (nine years) or since the $64.95-million surplus in May 2015.
PSA data showed the value of exports declined by 3.1% to $6.33 billion in May from $6.53 billion in the same month a year ago. Month on month, exports inched up by 0.6% from $6.29 billion in April.
Despite the drop, May saw the highest export value in seven months or since $6.52 billion in October 2023.
Year to date, exports grew by an annual 7.81% to $30.84 billion.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said exports benefited from the weaker peso against the US dollar in May.
In mid-May, the peso sank to the P58-per-dollar level for the first time in 18 months or since November 2022. The peso closed at P58.52 against the dollar as of end-May, depreciating by P0.94 from its P57.58 finish as of end-April.
Meanwhile, PSA data showed imports dipped by 0.03% to $10.929 billion in May from $10.93 billion a year ago, and by 0.8% from $11.02 billion in April.
For the first five months, imports fell by 1.66% to $51.43 billion.
“Imports were flat in year-on-year terms, and down only slightly in US dollars from April, resulting in a less favorable deficit than we had been hoping to see. However, the net result of no change in the deficit was in line with expectations and should have no substantial or lasting consequences for the Philippine peso,” Robert Carnell, regional head of research, Asia-Pacific at ING Economics, said in an e-mail.
The Development Budget Coordination Committee projects 5% and 2% growth in exports and imports, respectively, this year.
ELECTRONIC EXPORTS DECLINE Manufactured products, which made up 80.3% of total exports, fell 3.5% to $5.08 billion in May from $5.27 billion last year, PSA said.
Exports of electronic goods, which accounted for more than half of manufactured products, declined by 5.1% to $3.56 billion in May from $3.75 billion a year ago. Semiconductor exports dropped by 13.3% to $2.75 billion in May.
“By major component, electronic exports, which make up the lion’s share of the Philippine export basket, were fractionally lower than the previous month, but nothing to be alarmed by. There were also some better figures for manufactured exports,” Mr. Carnell said.
Exports of mineral products, which accounted for 10% of total exports, declined by 8.4% to $633.63 million in May.
The United States was once again the top destination for Philippine-made goods, with exports valued at $1.08 billion or 17% of the total exports in May.
Hong Kong, which was the top exports destination in April, fell to second spot with exports valued at $904.79 million or 14.3% of the total in May. This was followed by Japan ($882.7 million or 13.9%) and China ($847.12 million or 13.4%).
“By country, exports to Mainland China remain weak, falling by 9.1% year on year, but imports to Hong Kong are holding up much better and these are probably destined for Mainland China too,” Mr. Carnell said.
Mr. Chanco noted that shipments to other markets were stable, if not up slightly month on month.
“Overall export momentum has ebbed in recent months, but the sturdy year on year performance of exports in Korea — a bigger player in semiconductors — suggests that Philippine export growth should bounce in the short run,” he said.
Philippine exports to South Korea stood at $265.23 million in May.
Meanwhile, PSA data showed imports of raw materials and intermediate goods, which accounted for 37% of the total imports, inched up by 0.6% to $4.09 billion in May.
Imports of capital goods, which had a share of 25.6%, fell by 11.5% to $2.8 billion, while imported consumer goods edged up by 0.4% to $2.14 billion.
In terms of import value, the top three commodity groups were electronic products ($2.15 billion); mineral fuels, lubricants and related materials ($1.85 billion); and transport equipment ($891.7 million).
In May, China was the main source of imported goods, which were valued at $2.73 billion or 25% of total imports.
This was followed by South Korea ($989.6 million or 9.1% of the total), Indonesia ($972.15 million or 8.9%), and the United States ($748.19 million or 6.8%). — Beatriz Marie D. Cruz
US dollar and euro banknotes are seen in this illustration taken on July 17, 2022. — REUTERS/DADO RUVIC/ILLUSTRATION
By Luisa Maria Jacinta C. Jocson, Reporter
THE PHILIPPINES’ foreign direct investment (FDI) net inflows slumped to a 10-month low in April, the Bangko Sentral ng Pilipinas (BSP) reported on Wednesday.
Preliminary data from the BSP showed that FDI net inflows fell by 36.9% to $556 million in April from $881 million in the same period a year ago.
This was the lowest level of monthly FDI inflows in 10 months or since $541 million in June 2023.
Month on month, net inflows dropped by 19% from $686 million in March.
Data from the central bank showed that nonresidents’ net investments in debt instruments declined by 38.8% to $407 million in April from $665 million in the same month a year ago.
Net investments in debt instruments consist mainly of intercompany borrowing or lending between foreign direct investors and their subsidiaries or affiliates in the Philippines, according to the BSP.
Net investments in equity capital other than reinvestment of earnings plunged by 48.1% to $68 million in April from $132 million a year ago.
Broken down, equity capital placements slid by 47% to $84 million while withdrawals dropped by 41.7% to $16 million.
Reinvestment of earnings decreased by 4.2% to $81 million in April from $84 million a year ago.
Investments in equity and investment fund shares dropped by 30.9% to $149 million in April from $216 million in the same month in 2023.
By source, investments in equity capital placements were mainly from Japan (47%), followed by the United States (21%), Malaysia (11%) and Singapore (9%).
These were invested mostly in the manufacturing (36%), real estate (26%), wholesale and retail trade (13%) and financial and insurance (10%) sectors.
IMPROVED CONFIDENCE In the January-April period, FDI net inflows jumped by 18.7% to $3.525 billion from $2.971 billion in the same period a year earlier.
“This improvement reflects investor confidence in the Philippine economy’s resilience amid global uncertainties,” the BSP said.
Central bank data showed foreign investments in debt instruments slipped by 1.4% to $2.237 billion in the four-month period from $2.268 billion a year ago.
Investments in equity and investment fund shares surged by 83.2% to $1.288 billion in the January-to-April period from $703 million last year.
Net foreign investments in equity capital more than doubled to $978 million in the four-month period, as placements surged by 126.8% to $1.213 billion while withdrawals went up by 65.2% to $235 million.
Reinvestment of earnings dipped by 0.1% to $310 million in the four-month period.
At end-April, the Netherlands accounted for the majority (63%) of overall net FDI inflows. This was followed by Japan (22%) and the United States (6%).
These were mostly invested in financial and insurance (67%), manufacturing (18%), and the real estate (7%) industries.
“Global economic uncertainty, characterized by inflation, mixed policy rate messaging, and geopolitical tensions, dampened investor confidence,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that net FDI inflows dropped in April “at the height of risk aversion largely brought about by the geopolitical risks in view of the unprecedented direct attacks between Iran and Israel.”
Mr. Roces said that FDIs have slowed to below pre-pandemic levels due to rising prices and high interest rates.
The Monetary Board has kept policy rates at an over 17-year high of 6.5% since October 2023. Headline inflation quickened to 3.8% in April from 3.7% in March. The central bank expects inflation to average 3.3% this year.
“Sector-specific performance, likely influenced by a slowdown in manufacturing or services, could also have contributed to the decline,” Mr. Roces added.
For the coming months, Mr. Ricafort said that FDI inflows may improve as the BSP is widely expected to cut rates.
BSP Governor Eli M. Remolona, Jr. has said the central bank is on track to begin policy easing by August with a possible 25-basis-point (bp) cut. He earlier said the BSP can reduce rates by a total of 50 bps this year.
The central bank last cut policy rates in November 2020 when the benchmark rate was slashed by 25 bps to a record-low 2%. At that time, the economy was struggling with the coronavirus disease 2019 (COVID-19) pandemic and the aftermath of typhoons.
“Improving the business environment, promoting key sectors, and strengthening diplomatic relations will be crucial for attracting more FDI and stimulating economic growth, especially with better economic metrics emerging, and the BSP signaling an August rate cut,” Mr. Roces added.
The BSP expects to end the year with $9.5 billion in FDI net inflows.
In 2023, FDI net inflows fell by 6.6% to $8.9 billion from $9.5 billion in 2022.
MORE COMPANIES are open to hiring senior high school graduates. — PHILIPPINE STAR/WALTER BOLLOZOS
By Kyle Aristophere T. Atienza, Reporter
A BUSINESS SURVEY released on Wednesday showed there is an increasing number of companies willing to hire senior high school (SHS) graduates, although many employers still prefer college graduates over them.
The Philippine Business for Education (PBEd) said its 2024 Jobs Outlook for K-12 Graduates Study showed there is now “a growing openness among employers to hire K-12 graduates.”
The survey, which covered 299 participants, showed four out of five companies are willing to hire SHS graduates. This is an improvement from a similar survey in 2018 which found that only three out of five companies were willing to hire finishers of the curriculum that added two more years to secondary education.
The survey also showed 46% of the respondents currently employ SHS graduates, with large firms more likely to hire compared with micro, small, and medium enterprises.
Almost half of the companies had available job openings for SHS graduates, specifically in areas of personal service work (cooks, waiters and housekeeping workers), sales, and clerical support.
Still, only 27% of entry-level jobs in 2024 were projected to be filled by them due to a preference for applicants with college degrees, PBEd said.
One out of five employers still look for work experience among applicants, even for entry-level positions. Employers expect that 12,544 of their 17,273 entry-level jobs would be filled by college graduates this year.
“Things are looking up for senior high school graduates compared to five years ago, but there’s still much to do,” PBEd Executive Director Justine B. Raagas said in a press release.
“Looking at how the K-12 program is being put into practice, our study confirms what we have been saying all along: the problem with K-12 is not by design, but in its implementation.”
The K-12 program institutionalized by a 2013 law added two more years to secondary education in a bid to make Filipino students “globally competitive.”
But the curriculum’s failure to produce job-ready graduates has sparked calls for either a revision or scrapping of the program.
The Department of Education (DepEd) in 2023 moved to review the K-12 program but the review was still unfinished when Vice-President Sara Duterte-Carpio filed her resignation on June 19 as the agency’s secretary.
On July 5, President Ferdinand R. Marcos, Jr. said he had instructed incoming Education Secretary Juan Edgardo M. Angara to focus on improving the employability of K-12 graduates, noting that their curriculum has not equipped them with the necessary job skills.
The Philippine leader cited the need to implement some changes under the K-12 curriculum, such as the inclusion of short courses that would give students “specialization” options.
Ms. Raagas of PBEd urged the government to continue its review of the SHS curriculum “to ensure its practical implementation,” with the goal of aligning competencies with industry needs, strengthening work immersion, and providing better career guidance and labor market information.
The survey showed that employers consider academic and technical vocational livelihood tracks in SHS as the most valuable for securing job opportunities. These include accountancy, business and management; and science, technology, engineering, and mathematics strands, as well as information and communication technology (ICT).
“While the K-12 program remains sound, the question is still whether or not our curriculum design is adequate in meeting industrial work requirements,” said Leonardo A. Lanzona, who teaches economics at the Ateneo de Manila University.
“The highly centralized process in the implementation of the curriculum makes it difficult for schools to adjust to the needs of industry.This is on top of resource constraints that limit the number of schools and good teachers in the basic education system,” he said in a Facebook Messenger chat.
Mr. Lanzona said DepEd should simply act as a regulatory agency and give the school administrations and local government units more autonomy in designing and implementing the curriculum with the help of the private sector.
“The goal is to let the local schools decide how best to achieve their objectives and standards subject to their budget constraints.”
Aside from the supposed loopholes of the K-12 curriculum, the Education department also struggles with addressing a learning poverty worsened by class disruptions caused by the coronavirus disease 2019 (COVID-19) pandemic and extreme weather events.
Filipino students were still among the world’s weakest in math, reading and science, according to the 2022 Program for International Student Assessment (PISA), with the Philippines ranking 77th out of 81 countries and performing worse than the global average in all categories.
In a recent report on PISA 2022 earlier this month, the Organization for Economic Cooperation and Development said 15-year-old Filipino students also ranked 63rd out of 64 countries in terms of creative thinking.
Nine in 10 Filipino students aged 10 can’t read basic text, according to a 2022 World Bank report.
Bills seeking to establish a national learning intervention program in response to the deteriorating quality of Philippine education and harmonize enterprise-based education and training programs are among the Legislative-Executive Development Advisory Council’s top 18 priority bills.
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