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Pag-IBIG Fund approves P815-M funding to construct more than 4,500 homes in Rizal under 4PH

The Pag-IBIG Fund has approved an P815-million developmental loan to construct a total of 17 medium- to high-rise condominium buildings in San Mateo, Rizal under the government’s Pambansang Pabahay para sa Pilipino Housing (4PH) Program. Once completed, the Juan Tahanan project will provide a total of 4,670 units for Pag-IBIG members living in the area, officials announced on June 4.

“I am pleased to report that there is a consistent growth of proponents partnering with Pag-IBIG Fund in building sustainable and self-sufficient communities through the 4PH Program. Buyer-beneficiaries of the 4PH will now have access to more affordable and decent homes, in line with President Marcos’ vision to address the housing needs of Filipino workers, especially the underserved,” said Secretary Jose Rizalino L. Acuzar, who heads the Department of Human Settlements and Urban Development (DHSUD) and the 11-member Pag-IBIG Fund Board of Trustees.

Located in Brgy. Guitnang Bayan I, San Mateo, Rizal, the Juan Tahanan — San Mateo, Rizal project has already made significant progress through the construction of buildings 1 to 6 with a total of 1,080 condo units, within just seven months from the signing of the contract between the developer and the Municipality of San Mateo.

Aligned with Pag-IBIG’s commitment to integrity and proper fiscal management, safeguards are implemented including the developer-contractor’s compliance with required permits and accreditations, application of a maximum payment term of three (3) years for the developmental loan, and provisions ensuring the release of funds only for the intended projects.

Pag-IBIG Fund Chief Executive Officer Marilene C. Acosta highlighted the benefits for Pambansang Pabahay (4PH) buyer-borrowers, including lower payment terms through subsidies and acquiring properties in a sustainable community with access to essential infrastructure and services.

“Pag-IBIG Fund members will greatly benefit from availing of projects under the Pambansang Pabahay (4PH) program, which include affordable monthly payments due to interest and price subsidies as package price is regulated. This will ensure affordability while enjoying quality living in a well-designed township with vertical infrastructure in proximity to commerce centers, educational institutions, and healthcare centers. These buildings ensure that residents will have comfortable and improved living conditions through green features, communal open spaces and gardens, as well as amenities such as swimming pools and basketball courts. Our aim is to elevate the quality of life for Filipino workers through the opportunity of homeownership,” Acosta said.

 

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April factory output rises in April

Workers are seen inside a manufacturing facility in Sto. Tomas, Batangas, March 1, 2023. — PHILIPPINE STAR/KJ ROSALES

Manufacturing output climbed in April, fueled by seasonal demand rise and the growth in the production of food products, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary results of the Monthly Integrated Survey of Selected Industries showed that April factory output — as measured by volume of production index (VoPI) — rose by 6.7% year on year, a reversal from the revised 5.8% contraction in March but still slower than the 8% growth last year.

On a monthly basis, the April VoPI fell by 0.5% from the revised 0.7% growth in March. Stripping out seasonality factors, output grew by 1.8%, a turnaround from the 4.7% decline the previous month.

For the January to April period, VoPI growth averaged 0.5%, slower than 5.9% in the same period a year ago.

Analysts said that the faster April manufacturing output growth was due to the seasonal demand.

“It’s the cyclical pattern,” Philippine Exporters Confederation, Inc. (Philexport) President Sergio R. Ortiz-Luis, Jr. said in a phone call interview. “Demand falls in the first quarter as orders at yearend were met, and it rebounds after. This led to the higher April manufacturing output.”

Similarly, Cristina S. Ulang, research head at First Metro Investment Corp., said in a Viber message that the growth was due to factory production picking up during the April season.

“April is the start of the summer vacation. [It is a] positive backdrop for travel, driving and tourism, leisure, construction, and a notable catch up in [infrastructure] spending and the start of the seasonal second quarter mining shipments,” she added.

In comparison, the country’s April manufacturing purchasing managers’ index (PMI) by S&P Global that month also grew, reaching 52.2 from 50.9 in March. However, it eased to 51.9 in May.

A PMI reading below 50 marks a contraction in the manufacturing sector, while 50 marks an expansion.

The PSA attributed the leap in April’s factory output to the growth in the industry division of food products which rose by 6.8% from a 13.2% decline in March. Food products account for the the bulk (18.7%) of total manufacturing.

Also contributing to the rise in April’s factory output growth was the production of transport equipment, which grew by 5.1% from -12.0 %, and fabricated metal products, except machinery and equipment (up by 32.3% from -3.1%).

Out of the remaining 19 industry divisions,12 posted annual growth, while seven declined.

The capacity utilization rate in April eased to 75.2%, higher than the 72.5% rate last year but a tad slower than March’s 75.3%.

All 22 sectors had rates higher than 60% capacity utilization rate in April, surpassing the minimum 50% threshold.

Ms. Ulang expects expansion to continue in the coming months, albeit in slight moderation, due to the volatility of the peso.

The peso finished at P58.61 per dollar on Thursday, strengthening by 16.9 centavos from its Wednesday close. The Wednesday finish of P58.78 of the local unit was its lowest in 19 months.

“Inflation further accelerating in May and interest rates yet to adjust lower [are also factors to consider],” she said.

May inflation accelerated to a six-month high of 3.9%, faster than the 3.8% recorded in April.

The Bangko Sentral ng Pilipinas kept its benchmark rate at 6.5% in the May policy meeting. The central bank raised borrowing costs by a cumulative 450 bps from May 2022 to October 2023 to combat inflation.

Meanwhile, Mr. Ortiz-Luis expects continued growth in the manufacturing sector in spite of the weakening peso and given that no disruption occurs in the supply chain. — Andrea C. Abestano

Philippine Citicore shares open higher vs IPO price in market debut

Shares in Citicore Renewable Energy Corp. (CREC), one of the Philippines’ biggest solar power producers, opened at a price of P2.75 ($0.047) each in their market debut on Friday, slightly above their initial public offer price of P2.70.

Citicore raised P5.3 billion ($90.58 million) in what was only the Philippines’ second listing this year, to finance new solar power plants and a battery energy storage system.

The firm has a market value of $412 million and plans to build and commission 1,000 megawattts (MW) of solar power capacity every year for the next five years, company CEO Oliver Y. Tan told a press conference.

Citicore shares opened 1.85% higher and never went below the initial public offer price of P2.70 each, which was also the closing price.

The Philippines’ broader stock market index ended 0.14% higher.

Citicore, which has a current gross installed capacity of 285 MW, is targeting issuance of green bonds and to tap banks to fund future projects that will include hydro and wind projects, Mr. Tan said.

The Philippines, an archipelago of more than 7,600 islands that is among the most vulnerable to climate change, aims to increase renewables in its power mix from 22% in 2022 to 35% by 2030 and to 50% by 2040.

Coal accounted for nearly 60% in 2020 and 43.9% in 2023. — Reuters

BDO, SM launch Kabayan Tuesday for Overseas Filipino families, cap off celebration with heartwarming surprise from Piolo Pascual

Avail up to 10% discount from your favorite stores, every first Tuesday of the month

As Overseas Filipinos (OFs) tirelessly work day in and out for their nearest and dearest, weathering the distance for months and years at a time, not only do they sacrifice merely for their families, but their home country.

In expressing gratitude, BDO and SM launched Kabayan Tuesday — an exclusive promo for OF families to make their shopping experiences more rewarding. Applicable every first Tuesday of the month this 2024, OF families just need to present their Kabayan ATM card or passbook or BDO remittance payment slip to avail discounts of up to 10% off from all branches nationwide of the SM Store, SM Appliance, Watsons, Miniso, Toy Kingdom, Surplus, Baby Company, Sports Central, ACE Hardware, SM Cinema, SM Game Park, SM Bowling, and SM Skating.

The special offer was celebrated through a fun-filled event “Kabayan Tuesday Mall Show with Piolo” last June 4 at the newly-opened SM City Caloocan.

A celebration befitting OFs’ contributions

Both BDO and SM have long shared the vision of making everyday experiences more meaningful, convenient, and rewarding for Filipino families.

Kabayan Tuesday is one of BDO’s ways of saying thank you to OF families and to let them know that they always have a partner in BDO.

With Kabayan Tuesday, SM puts the spotlight on OF families, who make up a great part of their community — and expresses its gratitude for making SM a part of their family bonding moments.

But in what had been the event’s biggest surprise and yet most heartwarming segment, BDO ambassador Piolo Pascual also paid a visit not only to greet mall-goers and to be part of the launch — but also give an unforgettable surprise to an OF family. 

Sweet serenade-slash-shopping-spree surprise

Halfway through the event, Piolo wove his way through the crowd, making his way towards the son and sister of Japan-based Filipino worker, Maritess Magtabog.

After dedicating a few songs, Piolo invited them to a shopping spree at SM Store and other stores participating in Kabayan Tuesday to honor their loyalty as BDO Kabayan Savings account holders over the years.

The Magtabog family, with their mother’s hard work abroad for 22 years, has earned them the opportunity to buy their own house through BDO in Caloocan.

Says Piolo of the experience, “Spending time with the Magtabog family was a very refreshing and fun experience. As a fellow OF before, I’m aware of the sacrifices our kabayans make all year long, and it was an honor to spend time with them. I hope more OFs can seize the opportunity to make their loved ones’ shopping experiences even more rewarding, and always remember that they have a partner in both BDO and SM.”

Kabayan Tuesday is an initiative of BDO, in partnership with SM, that gives special discounts of up to 10% off from all branches nationwide of the SM Store, SM Appliance, Watsons, Miniso, Toy Kingdom, Surplus, Baby Company, Sports Central, ACE Hardware, SM Cinema, SM Game Park, SM Bowling, and SM Skating. For more details, visit https://www.bdo.com.ph/personal/remittance or stay up-to-date via the BDO Kabayan Facebook page.

The start of a lasting relationship between BDO and Overseas Filipino Families

BDO Remit, the international remittance service brand of BDO, goes beyond sending money by providing tools that help customers easily manage their remittances as they pursue their goals abroad.

Opening a BDO Kabayan Savings is the start of a lasting relationship between BDO Remit & Overseas Filipino families. BDO Remit is not just a channel to send & receive money. As customers remit or receive funds & save through their account, they may eventually avail of other products of the bank such as loans & investment — wherein we help them realize their financial goals for themselves & their families.

Our convenience, accessibility & reliable service — worldwide 

BDO Kabayan Savings makes remittance easy, safe and affordable as remittance is directly credited to the account.

Overseas Filipinos and their beneficiaries may open a BDO Kabayan Savings Account at any BDO Unibank branch in the Philippines. 

  • Only one (1) valid government-issued ID
  • Minimum initial deposit of ₱100 (peso account) & US$100 (for dollar account)
  • With passbook & ATM debit card
  • Withdraw remittances from over 23,000 ATMs in the Philippines, 24/7
  • Debit payments in just one swipe at local & international establishments

While BDO Unibank serves clients in key cities, the bank can likewise reach the unserved & underserved markets through BDO Network Bank — the rural bank subsidiary of BDO — to serve customers in the countryside.

Remit to Kabayan Savings through BDO Remit offices in Hong Kong, Macau, Japan, UK, & Canada or any of BDO Remit’s over 400 remittance partners worldwide. Visit www.bdo.com.ph & click Remittance for more details. 

Our service beyond remittance: Financial literacy efforts

Training millions of Filipinos prior to their departure 

We service our kabayans even before they leave the country through the Pre-departure Orientation Seminars (PDOS) in partnership with government agencies, wherein we educate them how to handle their finances wisely, and plan their life & financial goals to achieve a better life for themselves & their families back home.

Grassroots marketing caravans in over 30 provinces nationwide

Since 2014, we have been running a grassroots marketing campaign as part of our efforts to reach out to the unserved & underserved markets in the provinces.

We launched activities aimed at increasing awareness of our services in public markets & transport terminals.

We reach out to barangays and hold financial literacy talks in their offices as well as in public schools in far-flung areas.

We educate our kabayans the value of receiving remittances & saving in a bank account with a stable & trusted bank. Opening an account is the start of our relationship with the client, which can grow further into realizing their financial goals through the help of other bank products such loans & investments.

Our way of giving back to the Overseas Filipino families

We end our grassroots campaign in each province with a special concert featuring the country’s most requested celebrities along with games & raffle prizes as a way of thanking them for choosing BDO as their financial partner.

Since 2012, Pamaskong Handog has been our commitment to the Overseas Filipino families in partnership with the SM Supermalls. It is our way of giving honor & recognizing them for their hard work & sacrifice for their families back home.

Easy & convenient withdrawals outside key cities with CASH AGAD terminals

Withdraw proceeds via CASH AGAD — a service that allows ATM cardholders to withdraw cash and do balance inquiry through partner locations in the Philippines — without having to go to the bank or look for the nearest ATM.

BDO Online makes monitoring of remittances & savings in the account 

Download the BDO Unibank app or visit online.bdo.com.ph to: 

•      Monitor remittance transactions 

•      Transfer funds 

 •      Pay bills 

•      Reload cash card & cellphone 

For customers with no account, claim remittances at thousands of Cash Pick-up Anywhere locations

  •     Peso or dollar, cash is always available  at over 1,200 branches nationwide
  • The only bank that has branches inside SM Supermalls, the largest chain of shopping malls in the Philippines
  • BDO Unibank branches inside SM Supermalls are open as late as 7:00 p.m. and are open even on weekends and select holidays

  • Customers may claim remittances in peso from over 300 BDO Network Bank branches nationwide.
  • BDO Network Bank is the country’s largest rural bank and is a subsidiary of BDO Unibank
  • Most branches are open Mondays to Saturdays from 8:30 a.m. to 5:30 p.m.

BDO Remit is the global remittance service brand of BDO Unibank. In Asia, BDO Remit has a subsidiary office located in Hong Kong; three (3) in Macau; and one (1) in Tokyo. BDO Unibank also has a representative office in Beijing, China; Taipei, Taiwan; Seoul, Korea; a full branch in Hong Kong and Singapore; as well as a representative office in Dubai, United Arab Emirates. In North America, BDO Remit holds a remittance office in Toronto, Canada; while in Europe, BDO Remit has a subdiary office in London, UK and a representative office both in Milan, Italy and Paris, France.

BDO Unibank holds the largest Overseas Filipino market share for remittances coursed through banks as it has been named the “Commercial Bank that Generated the Largest Overseas Filipino Remittances” by the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) since 2008. Going beyond serving as a remittance channel, BDO Remit aims to nurture a lasting relationship with its clients through its efforts to empower them with financial literacy and by making BDO Unibank’s products and services available to Filipinos wherever they may be.

BDO Remit goes beyond serving as a remittance channel. In recent years, it has been focused on providing financial literacy events and webinars to help educate the Overseas Filipinos in protecting & investing their hard-earned money. All these efforts are anchored on the Bank’s mission to help its clients achieve a better life for their families back home and ensure their future. For more information, visit www.bdo.com.ph.

​BDO Unibank, Inc. (BDO) is a full-service universal bank in the Philippines, providing a complete array of industry-leading products and services including Lending (corporate and consumer), Deposit-taking, Foreign Exchange, Brokering, Trust and Investments, Credit Cards, Retail Cash Cards, Corporate Cash Management and Remittances. Through its local subsidiaries, the Bank offers Investment Banking, Private Banking, Leasing and Finance, Rural Banking, Life Insurance, Insurance Brokerage, and Online and Traditional Stock Brokerage services.

The Bank has the largest distribution network with over 1,600 operating branches and more than 4,600 ATMs nationwide. The Bank also offers digital banking solutions to make banking easier, faster, and more secure for its clients.

As of March 31, 2023, BDO Unibank is the country’s largest bank in terms of total resources, customer loans, deposits, assets under management and capital, as well as branch and ATM network nationwide.

BDO Unibank is a member of the SM Group, one of the country’s largest and most successful conglomerates with businesses spanning retail, mall operations, property development (residential, commercial, hotels and resorts), and financial services.

Overseas, BDO Unibank has 16 offices (including full-service branches in Hong Kong and Singapore) spread across Asia, Europe, North America, and the Middle East. 

For more information on BDO Unibank and BDO Remit products and services, log on to www.bdo.com.ph.

 

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China’s exports rise solidly, but slower imports temper outlook

A WOMAN walks across the street during morning rush hour in Chaoyang District, Beijing, China Nov. 21, 2022. — REUTERS

BEIJING – China’s exports grew more quickly and for a second month in May, suggesting factory owners are managing to find buyers overseas and providing some relief to the economy as it battles to mount a durable recovery.

The jury is still out, however, on whether the export sales are sustainable while a protracted property crisis has led to persistent weakness in domestic demand – a factor highlighted again in last month’s imports figures.

Outbound shipments from the world’s second-largest economy grew 7.6% year-on-year in value last month, customs data showed on Friday.

But imports increased at a slower 1.8% pace in May, from a 8.4% jump in the previous demand, highlighting the fragility of domestic consumption.

The export figure beat a forecast 6.0% increase in a Reuters poll of economists and a 1.5% rise seen in April, but was likely also aided by a lower base of comparison, after rising interest rates and inflation in the U.S. and Europe squeezed external demand in the previous year.

Friday’s shipments data possibly also suggests a global cyclical upturn in the electronics sector is helping China’s sales of components and finished manufactured goods.

Over recent months, a flurry of data has shown different parts of the $18.6 trillion economy recovering at varying speeds, heightening uncertainty about the outlook.

While first quarter growth blew past forecasts and strong March export and output data suggested improving global demand might aid officials‘ efforts to get the economy back on a more even keel, more recent indicators reflecting soft domestic consumption have eroded much of that earlier optimism.

A protracted property sector crisis remains the biggest drag on China’s economy, with low investor and consumer confidence hurting domestic consumption and undermining business activity.

Adding to the worries for policymakers, both the new orders and new exports orders sub-indices of a factory owners survey run by the National Bureau of Statistics for May tipped back into contraction after two months of growth.

However, Friday’s trade data should give authorities some breathing space as they continue their efforts to foster a broad-based economic recovery.

The International Monetary Fund last month upgraded its China growth forecast for 2024 in line with Beijing’s growth target of “around” 5%, but warned of risks to the economy from the property troubles.

China’s trade surplus grew to $82.62 billion last month, compared with a forecast of $73 billion and $72.35 in April. – Reuters

Australia renewables investment picks up but faster growth needed, industry body says

FREEPIK

SYDNEY – Investment in major renewable energy projects in Australia bounced back in the first quarter from the lows of last year, but that has to ramp up even further to hit a key 2030 clean energy target, a report by an industry body said on Friday.

 

BY THE NUMBERS

A total A$1.1 billion ($733.5 million) was invested in large-scale renewable energy projects in the first quarter of 2024, boosting the 12-month quarterly average investment by 73% to A$659 million, the Clean Energy Council said in a quarterly report.

Five projects with a combined 895 megawatts capacity received financial commitments during the quarter.

However, the report said the country needs investments in 6-7 gigawatts of capacity each year between now and 2030 to meet the government’s renewables target.

 

WHY IT’S IMPORTANT

Australia’s center-left government is targeting 82% of power supply to come from renewables by 2030, but remains well short of the target, at 40% now, even after pledging to underwrite new wind, solar and battery projects with more than A$40 billion.

Meeting the renewables target will also be key to meeting the government’s Paris Climate Accord commitment to cutting carbon emissions by 43% from 2005 levels by 2030.

 

KEY QUOTES

“These results are an encouraging sign that Australia’s clean energy transformation is moving in a positive direction and on the road to recovery,” Clean Energy Council Chief Executive Kane Thornton said in a statement.

“Landmark commitments made by the federal government in recent months have been designed to build certainty for renewable energy investors, which we expect will drive a resurgence for the large-scale generation we need.” – Reuters

War over Taiwan would change world, says Australia ambassador to US Kevin Rudd

WINSTON CHEN-UNSPLASH

Australia’s ambassador to the United States, Kevin Rudd, cautioned in a speech that the global consequences of a war over Taiwan would be as great as the impact of the Second World War, making the world “a radically different place”.

If Chinese President Xi Jinping, who turns 71 this month, wanted to achieve reunification of Taiwan he would likely act in the next decade before he reaches his 80s, Rudd said in a speech in Honolulu on Thursday.

The United States has expressed concern about Chinese military activity near democratically governed Taiwan, including after the island’s presidential election and the inauguration of President Lai Ching-te last month. China has warned the U.S. should not interfere in China’s affairs with Taiwan.

Taiwan and the United States have no official diplomatic relationship, as Washington formally recognizes Beijing but is bound by law to provide Taiwan with the means to defend itself and is the island’s most important international backer.

“We would be foolish to ignore the increasing clarity of China’s military signaling, including the pattern of its most recent military exercises,” said Mr. Rudd, who was twice Australia’s prime minister in the previous decade.

Whether China acts will depend on its perception of the strength of US deterrence, he said.

The United States recognized that if China was successful in annexing Taiwan it would impact US credibility and have “profound, and potentially irreversible effect on the perceived reliability of US alliances worldwide”, he said.

The United States, China and Taiwan have a common interest in avoiding open military confrontation on the future of Taiwan, said Rudd, a China scholar who was president of the Asia Society in New York until last year.

“The economic costs, domestic political impacts, and unknowable geo-strategic consequences that such a war would generate would likely be of an order of magnitude that we have not seen since the Second World War,” he said.

“Whatever the outcome (an American victory, a Chinese victory, or a bloody stalemate), the world is likely to become a radically different place after such a war than it was before.” – Reuters

Russia, China wrangle with US over UN resolution on Gaza ceasefire plan

A view shows houses and buildings destroyed by Israeli strikes in Gaza City, Oct. 10, 2023. — REUTERS

UNITED NATIONS – Russia and China, which hold veto powers in the UN Security Council, raised concerns on Thursday with a US draft resolution that would back a proposal – outlined by President Joe Biden – for a ceasefire between Israel and Palestinian militants Hamas.

The council’s only Arab member, Algeria, also signaled it was not ready to back the text, diplomats said. A resolution needs at least nine votes in favor and no vetoes by the US, France, Britain, China or Russia to pass.

Mr. Biden laid out a three-phase ceasefire plan for the Gaza Strip a week ago that he described as an Israeli initiative.

The US is seeking international support for the plan that Hamas is still studying. It circulated a one-page draft resolution to the 15-member UN Security Council on Monday and a revised version on Wednesday, both seen by Reuters.

The current draft welcomes the ceasefire proposal, describes it as “acceptable” to Israel, “calls upon Hamas to also accept it, and urges both parties to fully implement its terms without delay and without condition.”

It lists some details of the proposal – with “a full and complete ceasefire” in the Gaza Strip as part of phase one and “upon agreement of the parties, a permanent end to hostilities” in phase two.

But some council members have raised questions about whether Israel has actually accepted the plan and want the council to stick to a demand made in March for an immediate ceasefire and unconditional release of all hostages, diplomats said.

Russia proposed amendments to the US text, which were seen by Reuters, that included calling upon both Hamas and Israel to accept the proposal and demanding an immediate, unconditional and permanent ceasefire respected by all parties.

Moscow also wants the draft to stress that the phase one ceasefire will remain in place as long as negotiations continue on phase two, reflecting remarks made by Mr. Biden last week.

For months, negotiators from the US, Egypt and Qatar have been trying to mediate a ceasefire. Hamas says it wants a permanent end to the war in the Gaza Strip and Israeli withdrawal from the enclave of 2.3 million people.

Israel is retaliating against Hamas, which rules Gaza, over an Oct. 7 attack by its militants.

More than 1,200 people were killed and over 250 taken hostage by Hamas on Oct. 7, according to Israeli tallies. More than 100 hostages are believed to remain captive in Gaza.

Israel launched an air, ground and sea assault on the blockaded Palestinian territory, killing more than 36,000 Palestinians, according to Gaza health authorities. – Reuters

Trump suggests tariffs against nations including China over illegal immigration

Former U.S. President Donald Trump — REUTERS/LEAH MILLIS/FILE PHOTO

WASHINGTON – Republican presidential candidate Donald Trump said on Thursday he may impose tariffs on countries, including China, that do not curb the flow of undocumented immigrants from their territory to the United States, if he wins the US election in November.

Mr. Trump made the remarks at an event in the border election battleground state of Arizona while responding to an audience question and did not specify the size of tariff he would impose in such a scenario.

Asked about ways he would curb the flow of migrants crossing into the US illegally, Mr. Trump said: “We have tremendous economic power.” Mr. Trump said if a country, such as China, does not help to curb the flow of immigrants into the US, “we have these things called tariffs.”

Mr. Trump warned if other countries do not help to reduce it, then he could “tariff the hell out of that country” if re-elected.

Border security and immigration have emerged as top issues for Americans in the run-up to the Nov. 5 election where Trump will face US President Joe Biden, a Democrat, in a rematch of their 2020 White House contest.

The majority of people crossing into the US illegally are from Latin America. According to US government data the US Border Patrol arrested more than 27,000 Chinese migrants caught illegally crossing the border with Mexico from Oct. 1, 2023-April 30, 2024, part of a sharp increase in Chinese arrivals.

It was Mr. Trump’s first campaign event since a Manhattan jury on May 30 found him guilty on all 34 counts he faced of falsifying business records to cover up a $130,000 payment his former lawyer Michael Cohen made to adult film actress Stormy Daniels before the 2016 election for her silence about a sexual encounter she says they had.

Mr. Trump has denied any wrongdoing and vowed to appeal the verdict. On Thursday he called the trial “rigged”.

Mr. Trump lambasted Mr. Biden’s latest effort to crack down on people crossing America’s southern border illegally, an asylum ban similar to restrictions Trump tried to implement when he was president.

Mr. Biden took executive action on Tuesday that instituted a broad asylum ban on migrants caught illegally crossing the US-Mexico border.

Mr. Trump claimed Mr. Biden’s new plan was “outrageous” and a concession of “death and defeat” at the border, even though the Biden measure mirrored Trump-era policies to deter would-be migrants.

Mr. Biden has toughened his approach to border security as immigration has emerged as a major political problem for him.

Mr. Trump made a hardline stance on immigration a centerpiece of his administration and has vowed a wide-ranging crackdown if reelected.

Under Mr. Biden’s order, migrants caught crossing illegally could be quickly deported or turned back to Mexico under the measure, which took effect on Wednesday.

There are exceptions for unaccompanied children, people who face serious medical or safety threats and victims of trafficking, the US Department of Homeland Security said.

Mr. Trump called Mr. Biden’s measure “bullshit”, eliciting a chant of “bullshit” from his friendly audience in Phoenix. Mr. Trump said he would rescind Mr. Biden’s measure on his first day in office if reelected.

Mr. Trump claimed without evidence that Mr. Biden’s asylum ban would allow a minimum of 2 million “illegal alien border crossers” into the US each year.

Asked how Mr. Trump reached that figure, Mr. Trump’s campaign did not immediately respond.

US Border Patrol arrested some 2 million migrants crossing illegally in the fiscal year ending Sept. 30, 2023, and the country has seen similar figures this year. But Biden’s latest move aims to reduce attempted crossings, not maintain current levels.

Mr. Trump also said he could move US troops stationed abroad back home to patrol the southern border.

Mr. Biden has pushed unsuccessfully for months to pass a Senate bill crafted by a bipartisan group that would toughen border security but Republicans rejected it after Trump opposed it.

Kevin Munoz, a Biden campaign spokesman, said in a statement: “Donald Trump blocked the toughest, fairest bipartisan border legislation in a generation. He did it because he thinks it will help him politically”. Mr. Munoz added Mr. Trump’s role in killing the bill allows him to claim the immigration system is “broken”.

Several people were seen being taken out on stretchers from Mr. Trump’s event due to heat exhaustion after lining up for hours in temperatures approaching 110 degrees Fahrenheit (43 degrees Celsius). – Reuters

Philippines accuses Chinese coast guard of ‘barbaric’ blocking of medical evacuation

PHILIPPINE COAST GUARD/HANDOUT VIA REUTERS

MANILA – The Philippine coast guard on Friday accused its Chinese counterpart of blocking efforts to evacuate a sick member of its armed forces in the South China Sea, calling its actions “barbaric and inhumane”.

The incident, which the Philippines said took place last month, involved a member of a small contingent of marines posted to guard the BRP Sierra Madre, a Philippine vessel grounded at the disputed Second Thomas Shoal, the site of repeated confrontations with China this past year.

Coast Guard spokesperson Jay Tarriela said coast guard and navy boats were harassed by Chinese vessels, despite having informed them the operation was of a medical nature.

“The barbaric and inhumane behavior displayed by the China Coast Guard has no place in our society,” Mr. Tarriela said in a statement.

China’s embassy in the Philippines has acknowledged a request for comment, but did not immediately respond with a statement.

Mr. Tarriela said the Chinese coast guard “engaged in dangerous manoeuvres and even intentionally rammed” a navy boat while it was transporting the sick personnel.

“What should have been a simple medical evacuation operation was subjected to harassment,” Mr. Tarriela said.

Philippine military chief Romeo Brawner said on Tuesday the first attempt to transport the sick soldier to the western province of Palawan failed after they were blocked by the Chinese.

Another attempt was made the next day with the help of the Philippine coast guard and the soldier was successfully evacuated, Brawner said.

China claims almost the entire South China Sea, a conduit for more than $3 trillion in annual ship commerce, and has deployed hundreds of coast guard vessels as far as 1,000 km off its mainland to police what it says is its jurisdiction.

The Philippines and China have sparred repeatedly this past year near disputed features that fall in Manila’s exclusive economic zone. China routinely accuses the Philippines of encroachment while Manila and its allies have condemned what they calls aggression by Beijing.

In 2016, the Permanent Court of Arbitration in the Hague said China’s claims had no legal basis, a decision Beijing has rejected. – Reuters

APM LEAD Executive Summit 2024: Uniting visionary leaders for sustainable progress

On May 10, 2024, Erudite Reliability Services OPC hosted its first Executive Summit, a premier event for leaders in asset-intensive industries.

The event aimed to accelerate progress towards the UN Sustainable Development Goals (SDGs) by unifying leaders and innovators to collaborate and talk about Sustainable Futures: “Pathways to Progress: Unifying Strategies, Management, and Innovation for SDG Success.” The event served as a platform for showcasing sustainability initiatives and discussing strategies to propel businesses toward a sustainable future.

The APM LEAD Executive Summit began with an inspiring message from Wins Bernal, president of Erudite Reliability Services and event producer, emphasizing the crucial role of collaboration in achieving SDGs. Bernal shared his motivation for initiating this event, driven by “a vision of a better Philippines and a fervent desire to contribute to positive change.” He also acknowledged the presence of distinguished guests and eight of the 12 esteemed members of the APM LEAD Conference and Exhibition 2024 Advisory Council, who attended to support the event’s vision. Among the industry leaders who have attended and contributed to the discussions are Shireen Prince from Aboitiz Power, Dr. Abegail Tongco from Profiles Group, Thomas Goodwin from Manila International Container Terminal, Toribio Noel Ilao from the Department of Public Works and Highways (DPWH), Rolando Pacquiao of Hedcor, and more. The event was also supported by industry leading providers in technology and certification such as Nanoprecise, DQS Enterprise, GHD, and PECB who have showcased their sustainable products and solutions as well.

The event was a resounding success, highlighting the critical role of asset management in achieving sustainability goals. By unifying strategies, management, and innovation, it provided a roadmap for organizations to navigate the complexities of sustainable development. It not only showcased the challenges faced by leaders but also offered a platform for sharing innovative solutions and best practices. As the global landscape continues to evolve, the insights and connections gained from this summit will be instrumental in propelling businesses forward on their sustainability journeys.

The APM LEAD Executive Summit 2024 successfully addressed the challenges contemporary leaders face by presenting pioneer and sustainable solutions. The discussions and presentations offered practical strategies that organizations could implement to achieve SDG success. Attendees left the summit with a renewed sense of purpose and actionable insights to drive sustainability initiatives within their organizations. High-profile attendees, including industry executives and thought leaders, praised the summit for its comprehensive approach and the quality of the content delivered. This positive feedback underscored the event’s effectiveness in providing valuable knowledge and fostering collaboration among industry leaders.

In essence, the APM LEAD Executive Summit 2024 receiving high praise from its guests as well as panelists for the initiative and vision of the event in unifying and accelerating the global goals opens a greater and more in depth collaboration on July 3-5, 2024 for the APM LEAD Conference and Exhibition 2024: Sustainable Futures.

 

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Jobless rate rises to 3-month high

People attend a job fair at a mall in Pasay City. The unemployment rate rose to a three-month high in April, the statistics agency said. — PHILIPPINE STAR/JOHN RYAN BALDEMOR

By Abigail Marie P. Yraola, Deputy Research Head

THE PHILIPPINE unemployment rate climbed to a three-month high in April, while the quality of jobs deteriorated, the Philippine Statistics Authority (PSA) reported on Thursday.

Preliminary data of the PSA’s latest Labor Force Survey (LFS) showed national unemployment rate — the share of the jobless Filipinos to the total labor force — inched up to 4% in April from 3.9% in March but lower than 4.5% a year ago.

April saw the highest unemployment rate in three months or since 4.5% in January.

Philippine Labor Force Situation

This translated to 2.04 million unemployed Filipinos in April, up by 41,000 from March. It was 215,000 lower than the 2.26 million jobless a year ago.

For the first four months, the unemployment rate averaged 4%, lower than  4.7% in the same period a year ago.

PSA Undersecretary and National Statistician Claire Dennis S. Mapa said El Niño was the main culprit for the rise in the unemployment rate, especially in the agriculture sector.

“We saw that the crop production in the first quarter declined due to the impact of El Niño. Because the production was lower, you have that decrease in (the number of) employed,” Mr. Mapa said in a mix of English and Filipino during the briefing.

The agriculture sector is the second-largest employer in the country and contributes over a tenth to the economy.

“The slight increase in the unemployment rate, along with the sharp rise in the underemployment rate, reflects economic and seasonal fluctuations, sector-specific downturns, and possible structural changes within the economy,” Security Bank Corp. Chief Economist Robert Dan J. Roces said in a Viber message.

Mr. Roces said the impact of El Niño has reduced labor demand in the agricultural sector, which will eventually affect related industries such as food processing and distribution.

At the same time, job quality deteriorated in April as the underemployment rate went up to 14.6% from 11% in March and 12.9% in April 2023.

PSA data showed the April underemployment rate was the highest in nine months or since the 15.9% recorded in July 2023.

The ranks of underemployed Filipinos — those who want longer work hours or an additional job — rose to 7.04 million in April, up by 1.65 million from March.

Year to date, the average underemployment rate was 13%.

“The rise in underemployment may be attributed to certain subsectors, namely wholesale and retail trade, agriculture and forestry and accommodation and food service activities,” PSA’s Mr. Mapa said.

The employment rate, on the other hand, dipped to 96% in April from 96.1% in March but still an improvement from 95.5% in April last year.

This was equivalent to 48.36 million employed Filipinos in April, a decrease of 798,000 from 49.15 million employed individuals in the prior month.

Year on year, 297,000 Filipinos gained employment.

The employment rate averaged 96% in the first four months compared with 95.3% a year earlier.

PSA data also showed that 50.40 million people were part of the labor force in April 2024. The labor force size fell by 757,000 month on month but grew by 82,000 from 50.31 million in April 2023.

As a result, the labor force participation rate (LFPR) — the proportion of the working-age population (15 years old and over) that is part of the total labor force — slipped to 64.1 % in April, lower than 65.3% in March and 65.1% a year ago.

Year to date, the average LFPR was 63.8%.

“The government aims to assist Filipino workers in the digital age. Initiatives include reducing job search duration, upskilling the workforce, and facilitating the transition towards higher-income jobs,” he said.

By sector, services remained the top employer in April with an employment rate of 61.4%, followed by agriculture with 20.3% and industry with 18.3%.

In April, agriculture and forestry saw jobs fall by 684,000 to 8.35 million, the biggest monthly loss among sectors. It was followed by wholesale and retail trade (down 602,000 down to 10.14 million) and public administration and defense (down 466,000 to 2.82 million).

Meanwhile, month-on-month job gains were recorded in fishing and aquaculture (up 413,000 to 1.44 million), transportation and storage (up 192,000 to 3.75 million), and accommodation and food service activities (up 192,000 to 2.75 million).

On an annual basis, agriculture and forestry shed the most workers at 818,000, followed by wholesale and retail trade (down 587,000) and human health and social work activities (down 85,000).

On the other hand, accommodation and food service activities posted the biggest yearly job gains in April, adding 638,000 workers. Construction saw an increase of 378,000 workers while transportation and storage were up by 289,000.

Wage and salary workers still had the largest share of the labor force at 63.6% in April.

The average Filipino employee worked for 40.5 hours a week in April, slipping from 40.7 hours in March but still more than the 36.9 hours in April last year.

Makoto Tsuchiya, an economist at Oxford Economics, expects the country’s unemployment rate to edge higher and peak at around 4.5% this year amid softening domestic demand and tepid global growth.

Julius H. Cainglet, vice-president for Research, Advocacy and Partnerships at the Federation of Free Workers, said the continued importation of agricultural products has hurt employment in the domestic agricultural sector.

In an e-mail, he said it is critical for key industries and small businesses to receive government support to improve labor conditions and create more decent employment opportunities.

For Mr. Roces, the labor market outlook will depend on several factors such as potential economic recovery, policy interventions, seasonal trends, and the ongoing impact of El Niño.

“While emerging sectors might provide new opportunities, stability will hinge on how these variables play out in the coming months,” Mr. Roces said.

The latest LFS was conducted from April 8 to 20, with 44,890 sample households.

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