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Luxury real estate prices soar in Manila

Prime property prices surged by 27% in Manila. — BLOOMBERG

Luxury home prices in select Asian cities are soaring, bucking a downward trend in more established markets including New York and London.

Prime property prices — defined as the top 5% of the market — fell more than 2% in New York and London in the first quarter compared to the same period a year ago, according to real estate consultancy Knight Frank. Hong Kong, Frankfurt and Berlin also posted declines. But in Manila, Tokyo and Mumbai, luxury home prices surged, gaining 27%, 13% and 12%, respectively.

Higher borrowing costs and recession fears have hampered some high-end property markets in the US and Europe. But globally, prime real estate prices have bounced back this year amid strong economic growth and demand from wealthy investors, posting average annual growth of 4% in the 44 cities analyzed in the report.

Housing prices have soared in Manila, with the overall economy in the Philippines growing at the strongest rate in all of Southeast Asia. In Tokyo, a weaker yen and lower borrowing costs have boosted demand from foreign investors. And in Mumbai, luxury housing growth has been in line with India’s booming economy, which is expected to become the world’s top contributor to global GDP growth by 2028.

Knight Frank’s prime property posted zero growth at the end of 2022, as higher interest rates cooled demand. But now, 78% of markets are seeing annual price growth. With those recent gains, Knight Frank’s prime property index is inching closer to its long-term annual growth rate of 5.4%.

“Rather than heralding a return to boom conditions, the index indicates that upwards price pressures are stemming from relatively healthy demand, set against continued low supply volumes,” said Liam Bailey, Knight Frank’s global head of research. — Bloomberg

Mexico’s ‘heat dome’ has already killed dozens of people as hotter days loom

 – The extreme heat smothering much of Mexico has killed dozens of people across multiple states over recent weeks, the country’s health ministry said in a report published on Thursday, with hotter temperatures forecast for coming days.

Mexico has been reeling from a high-pressure weather phenomenon known as a “heat dome,” which has trapped hot air over much of the country, creating record-breaking temperatures that have surpassed 45 degrees Celsius (113 degrees Fahrenheit) in some places.

Heat-related causes killed 22 people between May 12 and 21, according to preliminary figures shared by Mexico’s health ministry.

The 10-day period overlapped with the second and third heat waves out of five forecast for March to July by the country’s top weather agencies. The third heat wave is ongoing.

The new deaths bring the toll from the extreme temperatures to 48 since the hot season began on March 17, mostly due to heat stroke and some to dehydration. At the same point in Mexico’s hot seasons of 2022 and 2023, the health ministry had reported just two and three heat-related deaths, respectively.

Health ministry data also shows hundreds more people have survived heat stroke, sunburn, dehydration and other heat-related conditions.

Sweltering heat has exacerbated a nationwide drought and strained Mexico’s power grid, with monkeys dropping dead from trees due to suspected dehydration.

Imminent relief is not yet on the horizon, according to researchers at the National Autonomous University of Mexico.

Mexico could experience its hottest temperatures on record in the next 10-15 days, the researchers said on Wednesday. – Reuters

Trump, without evidence, claims migrants in US illegally ‘building army’ to attack Americans

REUTERS

 – Republican presidential candidate Donald Trump claimed without evidence on Thursday that immigrants from Africa, the Middle East and elsewhere were “building an army” to attack Americans “from within,” once again using inflammatory rhetoric about migrants in the US illegally.

During a rally in the mainly Hispanic and Black neighborhood of New York City’s South Bronx, Mr. Trump sought to portray migrants from China, the Democratic Republic of the Congo and other countries as a violent threat, even as studies show immigrants are not more likely to engage in criminality.

“Almost everyone is a male and they look like fighting age. I think they’re building an army,” Mr. Trump said to a few thousand supporters who gathered to hear him in the South Bronx’s Crotona Park. “They want to get us from within.”

Throughout his campaign, Mr. Trump has repeatedly used incendiary language to accuse immigrants in the US illegally of fueling violent crime, calling them “animals” responsible for “poisoning the blood” of the country. As evidence, he points to individual instances of crimes, rather than aggregate data.

“We are not going to let these people come in and take our city away from us and take our country away,” Trump said, vowing to carry out “the largest criminal deportation operation in our country’s history” if re-elected to the White House.

Mr. Trump also sought to tie record levels of migrants caught crossing the US-Mexico border illegally with the economic plight of Black and Hispanic voters, arguing, without evidence, that migrants were taking their jobs.

Mr. Trump’s decision to speak in the Bronx was in part a matter of convenience. His campaign schedule has been crimped by his trial in New York on charges he falsified business records to hide a hush money payment to a porn star. In April, he made a campaign appearance at a convenience store in Harlem, New York.

Mr. Trump is locked in a tight race with Democratic President Joe Biden ahead of the Nov. 5 election. The Bronx rally was part of his effort to exploit Biden’s weakening support among Hispanic and Black voters.

Roughly 55% of Bronx County residents are Hispanic and about one-third are Black, and the crowd on Thursday was more racially mixed than his usual rallies, which are predominantly white.

Mr. Trump’s campaign had a permit for up to 3,500 people to attend the rally, the New York City Parks Department said.

 

‘HISTORIC’ RALLY IN THE BRONX

Recent polls suggest the Trump is gaining ground with Blacks and Hispanics, who were critical to Mr. Biden’s win in 2020. Trump strategists see a chance to grab enough of their votes to make the difference in swing states in November.

Mr. Biden has had a flurry of actions and events focused on bolstering support among African American voters. He has singled out Mr. Trump and other Republicans for attacking programs aimed at improving diversity, equity and inclusion, and on Thursday the president’s campaign released a pair of TV and radio ads criticizing Mr. Trump’s treatment of Black people.

Reuters interviewed nine Hispanic and Black rally attendees who said they will vote for Mr. Trump in 2024. Of the seven who were voting age in 2020, six voted for Mr. Trump. They cited the economy and immigration as their main reasons for supporting him.

“It’s historic that he’s here,” said Steven Suarez, 46, who is Puerto Rican, a reference to Mr. Trump being the first Republican presidential candidate to make a stop in the Bronx since Ronald Reagan in the 1980s. “He could have gone anywhere in New York City. He could have gone to Manhattan. He chose to come here.”

In a New York Times/Siena College poll in March, Mr. Trump was selected by 23% of Black and 46% of Hispanic respondents in a one-on-one matchup with Mr. Biden. That is far higher than the 12% of Black and 32% of Hispanic voters Trump won in 2020, according to Edison Research exit polls.

Political analysts have attributed weakening support for Mr. Biden among voters of color in part to the outsized impact of inflation on people living paycheck to paycheck.

Attending his first Mr. Trump rally on Thursday, Ed Rosa, 60, said he was a longtime Democratic voter but felt his vote for Biden in 2020 was a mistake. He said the Democratic Party had “become too socialist” and was not handling the economy or the southern border well. – Reuters

What OpenAI’s deal with News Corp means for journalism (and for you)

REUTERS

Disclaimer: This asset – including all text, audio and imagery – is provided by The Conversation. Reuters Connect has not verified or endorsed the material, which is being made available to professional media customers to facilitate the free flow of global news and information.

SOURCE: THE CONVERSATION

 

by Senior Lecturer in Visual Communication & Digital Media, RMIT University, and Research Fellow, Technology, Communication and Policy Lab, RMIT University

OpenAI, the makers of ChatGPT, and News Corp, the international media conglomerate, have signed a deal that will let OpenAI use and learn from News Corp’s content.

In practical terms, this means when a user asks ChatGPT a question, the results might be informed by previous reporting in News Corp outlets, including Australian mastheads such as The Australian and The Daily Telegraph. It’s unclear whether the agreement includes only editorial or also opinion content.

OpenAI has licensed News Corp content because generative artificial intelligence (AI) is a ravenous beast: it needs data to learn from and generate useful outputs in return. Its ability to do this is impacted by the size and quality of its training data.

But could the media be signing its own death warrant by sharing its journalism? Or do we all benefit from the wider availability of reliable information?

ChatGPT, OpenAI’s major service, has learned from consuming books, articles and publicly available web content. This includes online news articles from across the internet.

However, there are unresolved questions over who owns the content. The New York Times, for example, is suing OpenAI over alleged copyright infringement. By inking deals with media companies, generative AI services like ChatGPT can ensure they stay clear of legal questions by paying to learn from their content.

The quality and provenance of the training data also matter and can lead to biases in what generative AI produces. So it is notable that while some news media organizations are trying to stop their content from being used, others, including Associated Press, are signing deals.

ChatGPT is a complex technical system. Just because some outlets opt in to licensing deals and others don’t won’t mean the technology will sound more like The Australian than The New York Times.

However, at a broader level, where ChatGPT gets its news content from may affect how it responds to questions about current events.

Working out what sort of news content gets included from each publication may also have an impact on how ChatGPT answers queries. Opinion articles are often more sensationalist than straight news, for example, and sometimes do not accurately reflect current issues.

It also remains to be seen how deals like these will affect the human labor of journalists and editors.

On one hand, since generative AI needs more and better content to provide better answers, journalists and content creators will be needed to ensure there is ongoing training data for AI to learn from.

On the other hand, it’s not clear how many journalists organizations like News Corp think are necessary to do that job as further cuts at the organization are expected next week.

At the same time, the ability for AI to “hallucinate,” or make things up, is well-known. The role of editors in fact-checking content, and critical thinking among those consuming content, is paramount.

In all this, small and medium-sized players in the media landscape seem once more to be pushed to the side, as the big players battle for lucrative content deals while smaller organizations fight for scraps or are left hungry.

These deals also raise questions about the role of ABC and SBS in a changing media environment. Australians pay for public service media through their taxes, but OpenAI is not rushing to do deals with these organizations.

However, companies like OpenAI are gradually accepting the principle that producing quality news costs money and that they need to secure licenses to use content. If they want to be consistent, there is strong case to be made that such companies should not just include public service media content in their models, but recompense these organizations in the process, much like Google and Meta organized deals with the ABC through the News Media Bargaining Code.

Where you get your news matters. More people may use AI services for news in the future, but right now it is an underwhelming source of reliable information. Signing content-sharing agreements with companies like News Corp may help improve the quality of answers and increase the relevance of ChatGPT outputs for Australian users.

News Corp also doesn’t have journalists in every community, so supporting independent media in your local area can help you get quality information and prevent news deserts from increasing.

At the end of the day, generative AI doesn’t always get it right (and often gets it wrong) so treat outputs with a healthy level of caution and compare results with those from reputable sources before using AI-generated content to make decisions.

We analysed 30 years of Australian media articles – and unearthed some glaring gaps in the coverage

STOCK PHOTO | Photo by Suzy Hazelwood: https://www.pexels.com/photo/red-framed-eyeglasses-on-newspapers-3886870/

Disclaimer: This asset – including all text, audio and imagery – is provided by The Conversation. Reuters Connect has not verified or endorsed the material, which is being made available to professional media customers to facilitate the free flow of global news and information.

SOURCE: THE CONVERSATION

 

by Associate Professor, Journalism, RMIT University

The news media play a vital role in shaping the public conversation and covering complex issues such as war, the economy, climate change and technology.

Yet our new research has found the news media in Australia have failed to meet the news coverage needs of those often most affected by these issues.

Our multidisciplinary team gathered by RMIT’s Innovation Catalyst used machine learning techniques to examine 114,739 articles on financial wellbeing (including personal and family finance) published since 1990. We unearthed new insights on how Australian media coverage leaves behind key groups – particularly women and those struggling financially – when covering society’s big issues.

The findings, published this week, are detailed in a report focused on how the media has covered financial wellbeing.

Data scientists working with the team at RMIT accessed the Dow Jones database of all news stories printed or published online in the Australian media in the past three decades. They employed a machine learning technique called topic modelling.

This method groups articles into topics, which are then interpreted by subject matter experts from the research team. This approach allowed us to examine a much larger data set than human researchers could alone.

We found the news media have consistently allowed their coverage to be dominated by male voices and high and middle income earners.

Coverage has also tended to overlook a range of equity issues impacting women, financially disadvantaged people, and the environment.

Our team was particularly interested in how the media covered financial wellbeing. This includes people’s ability to manage day-to-day and future expenses, and to live free from financial stress. It also means having resilience to cope financially with life’s unexpected events.

Stable housing is one vital component of financial wellbeing.

We found media coverage of household financial issues over the past 30 years has focused overwhelmingly on the needs of middle and upper income earners. Three topics tended to dominate Australia’s financial coverage: property, investment advice and retirement funds.

General investing advice (on issues such as the stock markets, exchange traded funds or bonds) was the most dominant topic covered by the financial media articles we studied, until September 2016 when it was overtaken by property as the dominant topic.

Social services, welfare and financial services coverage made up a very small proportion of Australia’s financial journalism.

Coverage of investment advice peaked at 140 articles in February 2013, constituting almost 45% of the total number of financial wellbeing articles we analyzed from that month.

Coverage of retirement funds peaked at 72 articles per month in May 2015. That topic constituted almost 22% of the total number of financial wellbeing articles we analyzed from that month. The top financial wellbeing topic for that month was investment advice (at 37%).

Property articles peaked at almost 175 per month in May 2022, constituting almost 51% of all financial wellbeing articles we analyzed for that month.

Our analysis also showed the media can play an important role in providing trusted information when trust in financial institutions is low.

As trust in financial institutions was eroded during the banking royal commission and financial services inquiries of the 2010s, the media stepped up their coverage of money matters to help people negotiate complex financial decision-making.

But as we note in the report:

There is lots of room for the financial media to report more on the financial wellbeing of a greater range of people in our communities, not just women and gender minorities, but First Nations people, cultural and racial minorities, people with disabilities, and many others. The healthiest economies are those in which all citizens enjoy financial wellbeing, not just the wealthy.

Reporting on workplace gender equality in the context of financial wellbeing peaked at a meagre 13 articles in December 2017, according to our study.

And Australian media coverage has, over the past 30 years, largely missed the critical financial and social issues associated with financial abuse and family violence. However, this has started to change.

We presented our data to a roundtable of academics and community groups, which included Good Shepherd, Infoxchange and Brotherhood of St Laurence. The resulting discussion revealed an intersection between various topics not readily seen in general media coverage.

For example, as lower income Australians struggle to afford insurance in areas affected by storms, floods and fire disasters (which have become more frequent and more severe as the climate changes), agencies and governments are increasingly called on to support people who have lost everything. Lower income people are disproportionately affected by natural disasters.

The rising costs of energy are making it harder (or, for some, impossible) to cool houses during heatwaves built to standards based on outdated temperatures. This means higher living costs and a more pronounced burden on the health system. This impact, however, is not generally felt by wealthier Australians, whose issues and interests are more often represented in the news media.

This analysis showed issues such as financial wellbeing, media coverage and climate change do not exist in silos. They are interconnected. And the media has a role to play in promoting financial wellbeing for all, not just the already wealthy.

Canva gets new UI makeover, AI-powered magic studio upgrade

Source: www.canva.com

All-in-one visual communication platform Canva, Inc. announced its new user interface makeover, workforce tools, and upgraded artificial intelligence (AI) powered magic studio feature.

“Every part of Canva from the editor to the homepage has had a glow-up. It’s a clutter-free editor, we’ve thought about hero in your content and making sure that you can personalize the experience” Cameron Adams, Canva Co-founder and Chief Product Officer, said in a virtual press briefing on May 21.

The revamped UI design features a new contextual editing toolbar and customizable workspaces on the homepage.

Canva said users can favorite top designs, folders, and brand templates, while organizations can pin company or team-wide content to the top of the page.

“Our AI products, which were most recently launched have been used over 6.5 billion times. There’s been over 25 billion designs created,” said Mr. Adams.

Improved features

Among the newest improvements is the expansion of the “supercharged” AI-generation tool Magic Studio, which has been used more than five billion times since its launch in Oct. 2023.

The upgrade capabilities are magic media, text to graphic tool, magic design generating three times higher quality presentations, and the resize and magic switch.

This converts any design to any custom document, by entering a prompt or choosing from new options like a video script, LinkedIn post, or presentation outline.

Aside from its renowned AI-powered photo editor, the AI-powered Highlights cuts a selection of eye-catching clips from longer videos, while Enhance Voice reduces background noise.

“AI tools are very fragmented, having texts and videos and images and coding and 3d in speech means a whole another tool to learn and hold another platform… which is challenging,” said Canva Co-founder and Chief Executive Officer Melanie Perkins.

Mr. Adams added that Canva “truly sees AI as the next wave of democratizing design and creating a beautifully simple but powerful experience for every type of design user.”

Additionally, the platform introduced Canva Work Kits, an industry-curated collection of hundreds of craft-specific templates, from presentations to documents.

The Work Kits offer resources customized for the needs of marketing, human resources, sales, and creative departments.

Meanwhile, upgrades on Visual Suite include suggested editing, where users will be able to track changes and collaborate in edits. There have been 375 million Canva Docs created since 2022.

Applications built by the largest ad platforms offer instant feedback on designs, data autofill, and uploading CSV or Excel files to bulk create to speed up marketing workflow.

 

Canva Enterprise

The newly introduced Canva Enterprise has a subscription offering designed for large organizations with complex security, reporting, administration, and brand management requirements.

“Canva for enterprise allows organizations to do that with all the security and trust they need for such a large scale and important projects,” he said.

Mr. Adams noted that Canva is the trusted platform of over 90% of Fortune 500 companies across the globe.

“FedEx has great decreased brand, review submissions by 77% and increased productivity workdays saved over 33,000 hours by implementing Canva and allowing a lot of their design to scale,” he added.

According to the company, the new homepage and editing experience will be available to the first one million users who will find the ‘secret portal’ hidden in their homepage while general availability is set to start in August.

Canva has 20 million paying subscribers which led to over $2.2 billion annual revenue.

The platform has more than 185 million monthly users across 190 countries in more than 100 languages. – Aubrey Rose A. Inosente

US senators urge Canada to increase defense spending to NATO guideline

CHRIS ROBERT-UNSPLASH

 – US Democratic and Republican senators signed a letter to Canadian Prime Minister Justin Trudeau on Thursday urging his government to increase its defense spending to the 2% of gross domestic product agreed to by NATO allies in 2023.

The letter from the 23 senators called Canada a valued ally that has contributed to NATO operations around the world but added that the alliance “now faces one of the most severe threat landscapes in its history.”

The letter urged all NATO allies and Canada specifically to uphold their NATO commitment and accelerate efforts to reach the 2% defense spending target.

Sent ahead of a NATO summit in July in Washington, the letter writers were led by Democratic Senator Jeanne Shaheen and Republican Senator Thom Tillis, the co-chairs of the US Senate NATO Observers Group.

Canada’s Defense Minister Bill Blair, asked about the letter on Thursday, pointed to a policy update announced in April in which the Trudeau government pledged billions more for the armed forces and said military spending was set to hit 1.76% of GDP by 2030, up from the current 1.4%.

“We recently came up with a defense policy that I think applies a very significant and necessary focus on continental defense, which I would share with the concerned senators,” Mr. Blair told reporters in Ottawa.

The failure of many of NATO’s 31 members to meet a defense spending target of at least 2% of gross domestic product has long been a source of tension with the United States, whose armed forces form the core of the alliance’s military power. NATO estimates have shown that only 11 members are spending at the target level.

Canadian government officials have previously said there was no target date to hit the 2% threshold.

Mr. Blair said Canada would inevitably get to the 2% mark as the government works on bolstering defense capabilities and its “timeline will be based on the requirements of our Armed Forces, and we do that in consultation very closely with our Allies and then determine what’s available on the market.” – Reuters

Cher, Demi Moore entertain guests at glamorous Cannes fundraiser for AIDS

Demi Moore and Cher pose during a photocall for guest arrivals at the amfAR Gala Cannes 2024 in Antibes, France, May 23, 2024. (Reuters/Clodagh Kilcoyne)

 – From Cher to Demi Moore and Magic Johnson, the fashion and entertainment industry’s biggest names decamped to Antibes on Thursday night to raise money for AIDS research in one of the most luxurious, and secluded, settings on the French Riviera.

This year’s gala, where a seat at dinner costs at least $25,000, marked the 30th edition of the glitzy charity gala organized by amfAR, The Foundation for AIDS Research, that is held annually alongside the nearby Cannes Film Festival.

Pop icon Cher, who helped cement the event as a must-attend party in its early years, was the evening’s main attraction, while Demi Moore, also an early supporter, opened the event.

“This is close to my heart and this is not my first amfAR and I have been working for a long time with my friends,” Cher told Reuters on the red carpet ahead of her performance.

The legendary singer and Oscar, Grammy and Emmy awards winner chaired the gala alongside Elizabeth Taylor, a founding member, in 1996, shortly after the event was first held in 1993.

She was honored with amfAR’s award of inspiration in 2015.

Other celebrities who walked the red carpet included Michelle Yeoh, Heidi Klum and her daughter Leni, Kelly Rowland, Sarah Ferguson, Duchess of York, Bella Thorne and Paris Jackson.

With an eye to the gala’s 30th edition, Yeoh said she hoped that the next 30 years would make its driving cause redundant.

“We want to eradicate AIDS, we want to be able to say it’s no longer unable to cure, so let’s hope we don’t need amfAR in 30 years’ time,” said the actor known for 2022’s “Everything Everywhere All at Once” and who is an amfAR ambassador.

Following a cocktail on the hotel’s pristine grounds with a view of the azure waters off Antibes, guests were treated to dinner and a show by Cher as well as Nick Jonas and Jess Glynne.

The acts were broken up by a live auction, with an Andy Warhol print of Taylor netting 350,000 euros ($378,490.00).

For those seeking a unique souvenir, a double black-and-white portrait of Cher taken by renowned photography duo Mert Alas and Marcus Piggott fetched 125,000 euros, while an afternoon with her and signed magazine went for 150,000 euros.

amfAR said that the benefit has to date raised $264 million for its research programs on Acquired Immune Deficiency Syndrome (AIDS), caused by the human immunodeficiency virus (HIV). – Reuters

Rural India’s economic distress poses post-election challenge

STOCK PHOTO | Image by Rinku Jareda from Pixabay

 – At home in one of India’s poorest districts, 35-year-old Vandana has been trying to come up with new ways to cook potatoes – the only food she has been able to buy for months as pulses and vegetables become an occasional treat.

Vandana’s husband, who works as a construction laborer in Delhi, used to be able to send her 3,000-4,000 rupees ($36-$48) each month, but that has been much harder over the last five years, she said.

“When food prices are high and there’s no work, sometimes we have to cut down on the number of meals and take on debt,” she told the Thomson Reuters Foundation in her village in Banda in northern India, which voted on May 20 in the country’s ongoing election.

The 200 residents of Vandana’s village, like millions of others, are struggling with an economic slowdown in rural India, which stands in stark contrast to the country’s spectacular economic growth and the prosperity of its urban population.

Rural areas are home to 60% of India’s 1.4 billion people, making tough economic conditions in the countryside a key issue as voters choose the nation’s next government. Results are due by June 4, with exit polls showing the ruling Bharatiya Janata Party (BJP) on track to win a rare third term.

Once the mammoth voting exercise is finished, the new government will need to tackle unemployment, stagnant wages and losses linked to climate change in the countryside, said Benoy Peter, executive director of Centre for Migration and Inclusive Development (CMID), an India-based non-profit.

“Rural parts of the country are going through an economic distress that all successive governments have miserably failed to address,” Peter said.

Despite world-beating economic growth, India has not been able to create enough work for rural dwellers – many of whom, like Vandana’s husband, migrate to urban areas in search of jobs.

Recent economic studies have shown that after adjusting for price hikes, real earnings and wages for people working in agriculture, construction, manufacturing and services – which employ most of India’s rural poor – have stagnated in the past five years.

At the same time, debt levels have increased. The average amount of debt among rural households increased from about 32,500 rupees in 2012 to 59,700 in 2018, according to the State Bank of India (SBI).

Adding to the distress, inflation in rural areas was higher than in the cities between 2019 and 2024, official data shows, mainly due to the impact of rising prices for food – which accounts for half of rural households’ total spending.

 

WORK DRIES UP, WAGES FALL

In Banda, which lies in Uttar Pradesh state, the Thomson Reuters Foundation interviewed members of nearly 30 low-income families, many of whom said a lack of regular work, and inflation, was eroding their stagnant or shrinking incomes.

Wages sent home by migrant workers in the cities are one of the main sources of family income in rural India. But since the COVID-19 pandemic, workers say they have been struggling.

Laborer Ram Kishor, who is in his mid-40s, said he used to be able to find 15 days of construction work per month, but is now lucky to get 10.

Another migrant construction laborer, 25-year-old Kalka Prasad, said wages were being driven down due to a tough labor market, especially among the young.

“The going wage is 400 rupees (per day)But contractors start offering 200, when they see more people. So, either you accept a lower wage or go back home without work,” Prasad said.

In their campaign manifestos, the BJP party of Prime Minister Narendra Modi and the main opposition parties have pledged various measures aimed at easing rural economic hardship – from distributing free food rations to hundreds of millions of families to raising the minimum wage.

But neither side in the election has spelled out how they would tackle climate change losses if elected, Peter said.

“Both parties are silent on how they plan to tackle the loss of livelihoods in rural India due to climate change,” he said.

Villagers in Banda and elsewhere in the wider Bundelkhand region have become increasingly dependent on money sent home from migrant laborers in the cities due to frequent droughts and erratic rainfall linked to climate change.

“Migration has become a common survival strategy for many in Bundelkhand, driven by the collapse of their agricultural livelihoods,” said Ritu Bharadwaj, a researcher with International Institute for Environment and Development (IIED), a London-based think-tank.

 

CLIMATE CHANGE PAIN

In Bhaggu Purva village, Urmila Devi grows wheat and rice on two acres (0.81 hectares), but her earnings are being squeezed by multiple problems.

Disease and pest damage to crops have become frequent, likely due to climate change, pushing her to spend more on pesticides to deal with these attacks, adding to already high growing costs.

“On average my farm income is about 10,000 (rupees) annually. But even that is not assured,” Devi said.

That is only enough for the family to cover their food needs for three or four months, forcing Devi’s husband to migrate for daily wage work to substitute their income.

Agriculture’s gross value added (GVA), a metric of the sector’s economic health, fell to 14.5% in the current financial year from 16.3% in 2021, official data shows.

In Banda, the housewife Vandana is among many villagers who have no land of their own to fall back on – meaning she and her husband must earn money in order to buy food. She sometimes picks up jobs as a farm laborer.

For now though, her biggest worry is the future of her 17-year-old son, who will soon enter the job market.

Watching other youngsters toiling on construction sites and getting exploited by contractors, she hopes brighter prospects await him.

“We have cut on our essentials to get him an education, so that he gets a good job in the city and has a better life than us,” she said. – Reuters

Government to counter the rise of cybercrime rate

FREEPIK

Aligned with the Philippine Development Plan (PDP) 2023 to 2028, President Ferdinand R. Marcos Jr. adopted the National Cybersecurity Plan (NCSP) 2023 to 2028 to address the rising number of cyber threats and serve as a whole-of-nation roadmap in cyberspace.  

“We are strengthening all our efforts anti-cybercrime, from detection and response to case build-up and to resolution. We will continue to train our personnel in combatting cybercrime and enhance our cybersecurity capabilities,” President Marcos mentioned in his speech at the oath-taking of the Philippine National Police (PNP) star-rank officials last March 18. 

The Department of Information and Communications Technology’s (DICT) NCSP 2023 – 2028 outlined the country’s policy direction and operational guidelines, creating a trusted, secure, and resilient cyberspace for Filipinos.  

“The latest threat that we have is cybercrime, where the emerging and evolving digital landscape faces threats that can undo its potential contribution to national growth,” the President said on leveraging technology to further protect the people from cyber threats. 

Aside from NCSP, the DICT amended its Cloud First Policy in 2020 to provide “clearer directives on policy coverage, data classification, and data security.” This policy mandated government departments and agencies to prioritize cloud computing solutions. 

“Understanding that cyber security, sovereign data, and artificial intelligence, of course, is of a critical need,” CTO Cloud Chief Operating Officer shared last May 9 at the 2nd Philippine CTO Summit. 

DICT Undersecretary Jeffrey Ian Dy stated that commitment to the Cloud First Policy established proper classification schemes in government data – essential to mitigate the risks of unauthorized access or disclosure. 

“Cloud services offer flexibility, security, and cost efficiency,” Mr. Dy added.

 

Online scams as the top cybercrime in Q1 

In April, the PNP Anti-Cybercrime Group (ACG) revealed 4,469 cybercrime incidents in the first quarter of 2024, a 21.84% rise compared to the previous quarter. 

Further, ACG chief Maj. Gen. Sidney S. Hernia asserted that online scam is the top cybercrime this Q1, with 990 documented cases followed by investment scams and debit/credit card fraud. 

“Increased online activity and the advancement of technology are some of the reasons why online sales scams increased. People diverted to online shopping instead of going to the mall. The rise in e-commerce and online platforms provides scammers with more opportunities to perpetrate their schemes,” Mr. Hernia explained on the rising cases of online fraud. 

Additionally, DICT Cybercrime Investigation and Coordinating Center Executive Director Alexander K. Ramos warned the public in an interview during the BusinessWorld Economic Forum 2024 to use their mobile phones wisely. 

“Everybody uses a cellphone, and this is the most vulnerable tool that everybody uses, regardless of what application you have for as long as you are cell phone base, you’re subject to attacks… Please stop clicking your phones very fast. Read carefully.”Almira Louise S. Martinez

Can solar power be farmer-friendly?

The 94-MWp Cayanga-Bugallon Solar Power Plant in Pangasinan (pictured) was built on non-arable sloping ground instead of the usual flat fields used for food production. Such innovations help minimize the displacement of farmers.

Now that technological breakthroughs have revealed solar power’s potential as a source of electricity and have scaled its development across countries looking to decarbonize their energy systems, an opportunity cost in land use has inevitably emerged. While sunlight can be inexhaustible during sunny days, solar facilities require a lot of land, possessing a particular bias on flat, sunny terrains that also characterize the fields used for farming.

In the Philippines, a net food and energy importer, the growth of solar photovoltaic (PV) technology is projected to take up significant agricultural space. As a rule of thumb, a hectare of land can be used to build a megawatt of solar energy capacity or produce about four metric tons of rice each year.

The Philippine context

As of May 2024, solar energy accounted for 8% of installed capacity and 3.8% of gross electricity generation in the Philippines. With a target of raising renewable energy’s share in the power generation mix from 22% to 50% by 2040 under the Clean Energy Scenario of the Department of Energy (DoE), the installed solar capacity is aimed to populate 39% of the power pie, requiring a growth of 20 times what it is today.

According to the Department of Energy (DoE), expanding solar’s share to the projected gigawatts will require 46,140 hectares of land, with agricultural flatlands at the risk of being reduced as it is the most viable land for capturing solar radiation. For context, the land area required is equivalent to about 2.86 times the land area of Quezon City, which is the largest city in Metro Manila, and about three-fifths of Singapore.

Comparing land use of energy sources per unit of electricity — which also accounts for a life-cycle assessment from the mining of materials to the handling of waste — a foreign study found that solar PVs installed on-ground uses 19 square meters per megawatt-hour (MWh) when it is made of silicon. For comparison, a gas plant uses just 1 square meter per MWh.

Consequently, as solar PVs are more land-intensive, capital costs are high and land leases can take up close to a fifth of operating expenses.

Recognizing the importance of both food and energy to sustaining economic growth and development, the DoE raised the necessity of a land use policy for agriculture to mitigate the negative impact of solar power plant development on food security.

As it is, the Philippines already shoulders supply and price risks as a net food importer. In 2022, agricultural imports comprised 14.1% of total imports, contributing to an agricultural trade imbalance of US$11.8 billion. The following year, 2023, agricultural imports made up 14.2% of all imports, leading to an agricultural trade deficit of US$11.5 billion.

Meanwhile, the Philippines is also a net energy importer. While the country’s primary energy supply mix was mostly comprised of indigenous energy (49.4%) as of 2022, net imported oil (31.6%) and coal (18.6%) also figured significantly in the mix. Moreover, 59% of gross generation in the Philippines is still produced by coal, compared to just 22% from all renewable energy sources combined.

The allure of harnessing indigenous sources like solar in the Philippines is not just driven by efforts towards decarbonization. Already preceding a moratorium on greenfield coal power projects, utilizing indigenous and renewable sources was already seen as a way to reduce dependence on imported energy, as was articulated in the Electric Power Industry Reform Act of 2001.

Farmer-friendly solar power plants 

Amidst this brewing dilemma in land use, a vast space of ingenuity has emerged in generation companies and service providers looking to expand solar power generation in the Philippines with minimal farmer displacement as much as possible.

Some solar facilities opted to co-locate solar power generation and agriculture on the same land by allowing crops to grow below or beside solar panels. Several have built “floatovoltaics” or floating solar, which are solar panels on bodies of water like lakes and dams.

Then there are power producers not located in farmland or bodies of water altogether. A growing number of end-users have grabbed the opportunity to mount solar panels on their rooftops to save on utility costs. At the same time, larger producers have also focused on repurposing non-arable, sloping grounds instead of arable soil.

In particular, the 159-megawatt peak (MWp) Laoag and the 94-MWp Cayanga-Bugallon solar power plants in Pangasinan belong to the category of the latter, as both were built on non-agricultural land and were recently energized to provide much-needed additional power to the Philippine grid. Both projects belong to Aboitiz Renewables, Inc., the renewable energy arm of Aboitiz Power Corp.

While the topography is not the ideal flat surface typical for solar power generation, both facilities are still able to deliver about 200 megawatts of total sellable capacity. Laoag recently started exporting power to the grid, helping elevate the total supply as yellow and red alerts hound the country’s major grids.

Ultimately, while more solar panels offer a promising solution for clean energy and energy independence, it is also a potential competition for farmers looking to keep their land. Private developers and policy makers should take a hard look at the direction of food security amidst the shift to cleaner energy sources.

 


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BSP seeks to curb forex speculation

BW FILE PHOTO

By Luisa Maria Jacinta C. Jocson, Reporter

THE BANGKO SENTRAL ng Pilipinas (BSP) will only intervene in the foreign exchange (forex) market to “control the speculation,” its top official said.

BSP Governor Eli M. Remolona, Jr. also said the peso’s recent weakness will not prompt the need for any rate hike.

“In situations in which the peso depreciates, there’s a tendency for stress. The dealers, the traders, they tend to offer big amounts when they’re trying to sell the peso and sometimes the prices fluctuate more than before. So, we try to control that,” he told reporters late on Wednesday.

“We want those who really need dollars to get the dollars at a reasonable price. We’re just trying to control the speculation,” he added.

The peso closed at P58.13 against the dollar on Thursday, weakening by seven centavos from its P58.06 finish on Wednesday.

Mr. Remolona said that the central bank intervened by small amounts on Tuesday, when the peso sank to the P58 level for the first time in over 18 months or since Nov. 10, 2022.

“So far, it has been steady. There is still no stress. The market remained orderly… we haven’t been intervening every day and when we do intervene, it’s very modest amounts,” he added.

Asked if the peso’s depreciation would open up the possibility of a rate hike, Mr. Remolona said this was “not likely” as inflation expectations remain the key consideration for further tightening.

“Actually, raising the policy rate would entail the inflation expectations getting de-anchored, there we might consider raising but as long as inflation expectations behave and the data going forward are similar to what has been happening, highly unlikely that we will tighten,” he added.

The Monetary Board kept its benchmark rate at a 17-year high 6.5% for a fifth straight meeting last week.

The central bank has raised borrowing costs to a cumulative 450 basis points (bps) from May 2022 to October 2023.

Mr. Remolona reiterated that the earliest the BSP could begin policy easing is by August, with “possibly” another cut before the end of the year.

The central bank could cut by up to 25-50 bps for this year, depending on the data, he added.

NO NEED TO WAIT FOR FED
Despite the peso weakness, Mr. Remolona maintained that the BSP does not need to wait for the Fed to cut rates.

“We don’t care that much when the Fed cuts. We care more about our data,” he said. “Of course, we follow the Fed very closely and what they decide is one data point for us, it’s one among many other data points.”

The central bank is also comfortable with its level of dollar reserves, the BSP chief said.

“We are comfortable with the amount of reserves that we have. The reserves we have exceed what the International Monetary Fund (IMF) considers as adequate. They give us a measure of the reserve adequacy. We’re above that,” he added.

Separate data from the BSP showed the country’s gross international reserves inched down by 0.6% to $103.44 billion as of end-April from $104.07 billion at end-March.

As of end-April, the level of dollar reserves was enough to cover about 5.9 times the country’s short-term external debt based on original maturity and 3.6 times based on residual maturity.

It was also equivalent to 7.7 months’ worth of imports of goods and payments of services and primary income.

FINANCIAL INCLUSION
Meanwhile, Queen Máxima of the Netherlands said that the Philippines has made strides in expanding financial inclusion but that the government must continue to accelerate its efforts.

“Since my last visit in 2015, Filipinos have much more access to financial inclusion,” she said at a press conference organized by the BSP on Thursday.

Queen Máxima is visiting the Philippines in her capacity as the United Nations Secretary-General’s Special Advocate for Inclusive Finance for Development (UNSGSA).

She noted that financial inclusion may face challenges such as affordability of services and connectivity.

“One of the things is that we see that the cost of connectivity is still very high… We need to really go to the poorest and to the most distant places. We need to make a lot of investments jointly with the private sector to basically improve connectivity, quality, speed and also reduce the prices. That’s how we’re also going to make payments more affordable for people,” she said.

She also noted the need for competition to encourage innovation.

The share of Filipinos with bank accounts reached 65% of the adult population in 2022, the BSP reported earlier.

Mr. Remolona said the BSP talked about open finance with Queen Máxima, adding this is a “very promising way to get more and more people involved in the financial system.”

“What we have in the Philippines is the big banks, they each have their own API (application programming interface) platform. That’s not open finance. Open finance means it’s not just connected to one bank, that API is connected to several banks, so that the consumer has a choice of which bank, which financial service would be involved,” he said.