Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 2311

Holcim opens virtual reality innovation hub in Davao

HOLCIM Philippines, Inc. has opened a virtual reality (VR) innovation hub in Davao City showcasing construction innovations.

The VR facility, “The Hub,” located at Holcim Davao Plant in Barangay Ilang, Bunawan District, Davao City, takes visitors to Holcim’s research center in Lyon, France, company officials said during a briefing on Tuesday.

The facility allows customers to explore construction innovations for decarbonizing buildings, the company noted.

Among the solutions displayed are low-carbon materials such as ECOPact concrete and ECOPlanet cement, and circular construction solutions such as Holcim’s proprietary ECOCycle circular technology platform, which recycles construction demolition materials into new building solutions.

“What we are going to do is make available to anybody who would like to see the latest innovations in terms of construction techniques, sustainability, and performance in construction, as well as the way of building materials right here in Davao,” said Holcim Philippines President and Chief Executive Officer Horia Adrian.

Ramakrishna Maganti, Holcim senior vice president for infrastructure and industrial sales, said: “What this innovation hub is going to do is to give people exactly the experience.”

Mr. Maganti also said that, besides customers, The Hub aims to engage with policy makers, like government agencies, to let them experience innovations in the industry and offer ideas for adjusting policies.

He added that the company is also targeting structural engineers and architects.

“These are the people whom we want to come here and experience the solutions, and hopefully, they will have a better perspective on their experience.”

The company can open The Hub for small enterprises and students, Mr. Maganti also said.

Holcim Philippines said it is accelerating its transformation as a sustainable and innovative building solutions provider, with a focus on advancing decarbonization and the circular economy in the construction industry. — Maya M. Padillo

Madrid museum welcomes ruling it can keep painting looted by Nazis

RUE SAINT-HONORÉ in the Afternoon. Effect of Rain - Pissarro, Camille. Museo Nacional Thyssen-Bornemisza —MUSEOTHYSSEN.ORG

MADRID — One of Spain’s top museums welcomed a US court decision allowing it to keep a French impressionist painting looted from a Jewish woman by the Nazis, which the museum said it had bought decades later in a transparent way.

RUE SAINT-HONORÉ in the Afternoon. Effect of Rain – Pissarro, Camille. Museo Nacional Thyssen-Bornemisza —MUSEOTHYSSEN.ORG

Last week’s decision by a California appeals court concerned one of the oldest Nazi art theft cases, which began in 2005 after the heirs of Jewish woman Lilly Neubauer brought forward an ownership claim for Camille Pissarro’s Rue Saint Honore, apres midi, effet de pluie (Rue Saint Honore, Afternoon, Rain Effect), depicting a Paris street scene.

“It is a regrettable story like everything else related to the Nazi plunder,” the general director of Madrid’s Thyssen-Bornemisza Museum, Evelio Acevedo, told Reuters. “(But) it is a very important decision because… it does justice.

“The Spanish state bought the painting with all legitimacy and in good faith,” he added.

Ms. Neubauer was forced to sell the artwork in 1939 for 900 Reichsmarks ($360) to obtain a visa and flee Germany, but was never paid.

According to Acevedo, Ms. Neubauer’s heirs, the Cassirer family, later “obtained compensation for the market value of the painting from the German government.”

Ownership passed through several hands until 1993, when the state-owned Thyssen-Bornemisza Museum bought it and put it on display, where it remains. After learning where the painting was, the Cassirers petitioned for its return and sued. The case reached the US Supreme Court two years ago.

In last week’s decision, Circuit Judge Carlos Bea said Spain’s interest in providing “certainty of title” to its museums outweighed California’s interest in deterring theft and obtaining recoveries for victims of stolen art who live there.

Another judge, Consuelo Callahan, said Spain should have voluntarily relinquished the painting but the law compelled a different outcome.

Lawyers for the Cassirers said the family sought to “challenge Spain’s continuing insistence on harboring Nazi looted art,” especially amid a recent resurgence in anti-Semitism around the world.

Acevedo said current circumstances have nothing to do with the history of the case and there was absolutely no anti-Semitic sentiment. — Reuters

Philippines falls in Global Knowledge Index

The Philippines dropped by three places to 80th out of 133 countries in the 2023 edition of Global Knowledge Index (GKI) by Knowledge 4 All Foundation, a nonprofit organization and advocate of artificial intelligence (AI) applications and open education. The index is a referential tool in supporting knowledge-based development and country-level performances in different knowledge sectors. The country has a GKI score of 44.68 (out of 100 as highest possible score), below the world average of 47.54.

 

Philippines falls in Global Knowledge Index

How PSEi member stocks performed — January 16, 2024

Here’s a quick glance at how PSEi stocks fared on Tuesday, January 16, 2024.

PSEi breaks three-day rally amid profit taking

REUTERS

By Revin Mikhael D. Ochave, Reporter

THE Philippine Stock Exchange Index (PSEi) fell on Tuesday as investors booked profits amid tensions in the Red Sea, breaking its three-day rally.

The 30-member stock Index dropped by 0.65% or 43.45 points to close at 6,637. The broader all-share index fell by 0.49% or 17.54 points to 3,506.23.

“The market declined as the main index approached a major technical resistance,” AB Capital Securities, Inc. Vice-President Jovis L. Vistan said in a Viber message. “The PSEi was hovering near a major downtrend line and a potential double as its current levels.”

“This prompted traders to take some profits following the recent run-up of the market,” he added. 

The local bourse declined as investors monitored tensions in the Red Sea, Mikhail Philippe Q. Plopenio, research and engagement officer at Philstocks Financial, Inc. said in a Viber message. 

“Tensions in the Red Sea is also being monitored by many because this poses an upside risk to oil prices,” he said. “This comes amid reports that oil tankers are avoiding the area amid the turmoil between United States forces and the Houthis.”

Investors were also waiting for a positive catalyst to emerge first before pushing through with a sustainable rally, Mr. Plopenio said. 

Last week, US and British warplanes, ships and submarines launched air strikes across Yemen in retaliation against Houthi attacks in the Red Sea, which is one of the world’s busiest shipping lanes. 

The Islamist militants said its attacks in the Red Sea aim to show its alliance with Palestinians amid the Israel-Hamas war.

All sectoral indexes fell on Tuesday. Mining and oil declined by 1.45% or 140.10 points to 9,497.39; industrials by 0.93% or 86.62 points to 9,139.20; holding firms by 0.64% or 41.43 points to 6,366.19; and property by 0.63% or 18.36 points to 2,882.57.

The service index also fell by 0.5% or 8.31 points to 1,636.40, while financials dropped by 0.22% or 4.18 points to 1,838.97.

“Among the index members, JG Summit Holdings, Inc. was at the top, climbing 2.2% to P41.90. ACEN Corp. lost the most, dropping 2.96% to P4.26,” Mr. Plopenio said. 

Value turnover improved to P5.98 billion with 501.41 million issues changing hands from P5.82 billion and 460.92 million issues on Monday.

Decliners outnumbered advancers 114 to 67, while 58 stocks were unchanged.

Net foreign buying reached P461.86 million, a turnaround from the P244.01 million net foreign outflows a day earlier.

Peso weakens amid Red Sea tensions and hawkish ECB

BW FILE PHOTO

By Keisha B. Ta-asan, Reporter

THE PESO weakened against the dollar on Tuesday as market players flocked to the safe-haven currency amid heightened tensions in the Red Sea and hawkish signals from the European Central Bank (ECB).   

The local currency closed at P55.83, six centavos weaker than a day earlier, data from the Bankers Association of the Philippines website showed.

The peso opened Tuesday’s session at P55.85 a dollar, appreciated to as much as P55.795 and weakened to as much as P55.99 against the greenback. Dollars traded rose to $1.62 billion from $1.31 billion on Monday.

The peso weakened after strengthening for three straight trading days as tensions increased in the Middle East, Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

Attacks on ships in the Red Sea weighed on risk sentiment, as Houthi militants hit a US-owned container vessel with a missile in the Gulf of Aden, although the ship did not suffer significant damage. Iran also launched attacks against targets in Syria and Northern Iraq.

The peso also declined after hawkish comments from ECB officials, Mr. Ricafort said.

ECB Governing Council member Joachim Nagel has said it is too soon for market players to discuss policy rate cuts as inflation remained elevated. 

Robert Holzmann, another policy maker from the ECB, said no one should count on the ECB cutting rates at all this year given the conflict in the Red Sea, which could push up shipping costs through the Suez Canal.

The peso also weakened after government announcements that the strong El Niño episode could last until February, Mr. Ricafort said. 

In an advisory, the state weather agency said El Niño could persist through next month, advising government agencies and Filipinos to take precautionary measures to mitigate its impact. 

The Department of Agriculture has begun cluster meetings nationwide to discuss strategies on how to ease the impact of El Niño on rice output.

“The peso weakened amid potentially hawkish remarks on US policy from Fed official [Christopher J.] Waller tonight,” a trader said in an e-mail.

Markets are pricing in a 25-basis-point (bp) cut in March from the US Federal Reserve, which could be the first rate cut from the US Fed since it started hiking rates in March 2022. 

The Fed raised borrowing costs by 525 bps from March 2022 to July 2023, bringing the target Fed fund rate to 5.25-5.5%.

The trader expects the peso to continue weakening against the dollar on Wednesday as the market stays cautious before the release of China’s economic output report.

Mr. Ricafort expects the peso to move between P55.75 and P55.95 a dollar, while the trader sees it ranging from P55.75 to P56. — with Reuters

Marcos to sign 5-year rice supply deal during Vietnam state visit

REUTERS

PRESIDENT Ferdinand R. Marcos, Jr. is expected to sign a five-year rice supply agreement with Vietnam when he visits that country later this month, Agriculture Secretary Francisco Tiu Laurel, Jr. said.

The proposed deal ensures a reliable supply of rice from Vietnam even when supply is constrained, Mr. Laurel said at a Palace briefing.

“It basically guarantees us that they will be continuously supplying us rice, even in a calamity situation,” he said.

Mr. Marcos in September said Vietnamese Prime Minister Pham Minh Chinh had proposed the five-year rice supply deal on the sidelines of the 43rd Association of Southeast Asian Nations Summit in Indonesia in September.

“There was an agreement to draft a memorandum of agreement (MoA) or memorandum of understanding and we were given instructions (by the President) when we were in the ASEAN meeting in Japan to draft, finalize the MoA with Vietnam,” Mr. Laurel said, “so that during his trip at the end of January, the state visit to Vietnam, it will be signed.”

The Philippines imported 3.5 million tons of rice last year.

Mr. Laurel described the supply of rice in December as “healthy,” due to the expected arrival of imports to bridge the period of scarcity between domestic harvests.

But rice prices have been increasing all over the region mainly due to El Niño, he noted.

“We have to really manage the situation and we are looking at it on a day-to-day basis.”

Mr. Laurel added that tensions between the Philippines and China over territorial disputes have had no impact on agricultural trade between the two countries.

“As of now, there is no impact.”

Mr. Laurel added that the Philippines has been “shipping durian to China and it looks promising.”

The durian export deal was signed during a state visit to China in January.

The Philippine pineapple industry is also heavily reliant on China, with Chinese imports of Philippine pineapple up 22% year on year in the first seven months of 2023.

Mr. Laurel said the Philippines is seeking to address food security by mitigating post-harvest losses.

Mr. Laurel said the government will need P93 billion to build post-harvest facilities over the next three years, to keep P10.7 billion worth of rice and corn a year from going to waste.

“No major post-harvest facility was funded by the government in the last 40 years,” he said, adding that any such projects were “actually irrelevant or useless.”

“That’s why we need really to fund these projects, but we cannot build small, we have to build bigger,” adding that “mini” projects of limited scale have been ruled out.

He said the Department of Agriculture has a P1-billion budget this year to build cold storage for vegetable produce, but the funds “can only cover part of Luzon.

“If we try to solve the problem as soon as possible, assuming 2025… I need an additional P5 billion to address the vegetable cold storage issue of the entire country,” he said. “How to get the money? I’m still new at the government, so I’m still trying to figure that out.” — Kyle Aristophere T. Atienza

Clark airport set for P2.5-B upgrade to accommodate more logistics companies

THE Bases Conversion and Development Authority (BCDA) said it will be expanding the facilities of Clark International Airport to accommodate more logistics companies.

“Clark … is the only economic zone that has its own international airport, and we continue to look into programs (to leverage that asset),” BCDA President and Chief Executive Officer Joshua M. Bingcang said at a briefing on Tuesday.

“We need to build an apron and taxiway for the logistics companies to access the runway. This needs to be done immediately. This year we have to start the construction because we were only given two years by the logistics companies,” he said.

The expansion of the air side facilities is expected to cost P2.5 billion, which he said the BCDA has yet to source, adding that the project will be proposed to the Maharlika Investment Corp.

Mr. Bingcang said that the master plan for the overall expansion at the airport will cover 70 hectares, housing at least eight logistics companies.

“On our part, we want to make sure that we provide a conducive environment for them when they come in. That’s why we will continue to expand the assets of Clark, especially on the air side,” he said.

BCDA is expecting over $1 billion in investment from three global logistics companies, which will occupy at least 20 hectares. The three companies are hoping to start operations in two years.

“Right now, we are at the tail end of finalizing agreements with at least three big global logistics companies that will make Clark their Asian hub, so that’s how important Clark will be,” Mr. Bingcang said.

He said that the BCDA has signed non-disclosure agreements as well as term sheets with the three logistics firms.

“The three companies are expected to bring in at least an additional P1 billion in revenue annually only from the lease and landing and take-off fees,” he added.

“For the longest time, we have been (beaten) by Vietnam and Thailand for these kinds of investments. So these three being here serves as a seal of approval of foreign investment choosing Clark and basically, the Philippines,” he said.

“It is just so they chose Clark to be their Asian hub going to Japan, Singapore, South Korea and even China and Hong Kong,” he added.

Mr. Bingcang said that the BCDA is ironing out the necessary Customs arrangements for their operations here.

“What we are doing now is I have a team who is working with Customs to make sure that they support this also because this involves the movement of goods,” he said.

“We have to make sure that the regulatory environment is supportive and conducive to this kind of business … Once we get that, we will announce everything. Our target is to announce it by March,” he added.

The three logistics companies are expected to bring in 3,000-4,000 jobs. Currently, Clark houses FedEx Express Philippines, a subsidiary of one of the world’s largest express transportation companies, FedEx Corp. — Justine Irish D. Tabile

Wearables rebound to depend on US market access

REUTERS

By Justine Irish D. Tabile, Reporter

THE Confederation of Wearable Exporters of the Philippines (CONWEP) said that the key to a rebound in Philippine wearables exports, which have declined 20%, is improving access to markets like the US.

“Key to the industry’s survival is market access to the US. Philippine (wearables exports) to the US without preferential tariff treatment remain uncompetitive at a duty of 17%- 32%,” CONWEP Executive Director Maritess Jocson-Agoncillo said in an e-mail.

“Orders were simply not coming in in the second or third quarter of 2023. The stores were cutting down on inventory. Even at the height of the Christmas season, a major brand pulled out and moved production to Vietnam,” she said.

Ms. Jocson-Agoncillo has said the Philippine apparel industry typically banks on spring and summer orders which start shipping between September and November.

However, exports declined sharply last year as consumer confidence in key markets took a hit as prices rose, and wars pressured supply chains for many goods.

CONWEP reported that wearables exports fell 20.1% in the 11 months to November to $1.22 billion.

“The wearables sector continues to swim through a critical distressed phase, considering the double-digit drop in our 2023 export performance,” she said.

In November, wearables exports declined 18% year on year to $99.94 million.

If the downtrend is confirmed over the full year, it would break the two-year run of export growth. Shipments grew 29% and 8% in 2021 and 2022, respectively.

Apparel, CONWEP’s top export item, declined 17% to $635.8 million in the first 11 months, while leather goods and handbag exports dropped 23.6% to $501.21 million.

Textiles exports fell 13.5% in the first 11 months to $231.16 million.

“Footwear (exports were valued at) $78.4 million in the 11 months to November,” Ms. Jocson-Agoncillo said.

“The industry’s competitive advantage was significantly eroded by the consecutive increases in mandated minimum wages after COVID and the cost of utilities such as power,” she added.

“During the second to third quarter of 2023, we experienced major downsizing of firms and a few closures,” she added.

Due to the closures, Ms. Jocson-Agoncillo said CONWEP’s current workforce estimate is a maximum of 200,000 from about 280,000 in 2019.

Pineapple export growth estimated at 5% due to strong demand — FAO

PHILSTAR FILE PHOTO

PHILIPPINE pineapple exports may have increased year on year by 5.04% to 611,873 metric tons (MT) in 2023 due to increasing demand, according to preliminary data from the Food and Agriculture Organization (FAO).

In its market review, the FAO said that long shelf life, a strong price-to-quality ratio, and the year-round production cycle were behind the attractiveness of pineapple exports.

It added that the average export unit value of Philippine pineapple is $585 per MT, based on preliminary data for the first seven months of 2023.

The Philippines is the second-largest exporter of pineapple after Costa Rica.

China was the market for 46% of Philippine pineapple exports.

“Imports of pineapple from the Philippines to China benefited from higher Chinese demand for premium-quality pineapple,” the FAO said.

It added that imports by China may have increased by 7% last year to about 250,000 MT.

“Amid changing consumer preferences, import growth in recent years has been driven by growing demand for more premium pineapple, with the MD2 variety from the Philippines particularly sought after,” the FAO said.

MD2 is the most commonly planted pineapple variety in the Philippines.

Other export markets, like Japan and South Korea, also expanded between 5-7% in 2023. Japan accounted for about 30% of the Philippine pineapple exports, and South Korea 13%.

The FAO said global pineapple exports likely grew 4% in 2023, to 3.2 million MT. This was due to higher output from Costa Rica, which has a market share of 65%.

“Weather conditions in key Costa Rican growing areas were favorable for the cultivation of pineapple… resulting in higher yields and thus higher supplies for export,” it added. — Adrian H. Halili

Regional fishport volumes up 10.6% in Dec.

PHILIPPINE STAR/ MICHAEL VARCAS

FISH volumes landed at regional fish ports rose 10.6% year on year in December to 47,952.79 metric tons (MT), the Philippine Fisheries Development Authority (PFDA) said.

In a statement, the PFDA said the General Santos Fish Port Complex landed 25,005.44 MT of fish during the period, up 2.58% from a year earlier.

It added that the Bulan Fish Port Complex in Sorsogon recorded a 2.59% jump in landed fish at 1,174.00 MT.

The Davao Fish Port Complex landed 1,215.12 MT, up sharply from 310.72 MT a year earlier.

The PFDA said that the Iloilo and Lucena fish ports landed 1,724.49 MT and 1,521.27 MT, respectively, with volumes recovering from the previous month’s decline.

Due to the closed fishing season in Visayan and Northern Palawan waters, the Navotas Fish Port reported a decline in landed fish in December at 16,506.60 MT.

The Zamboanga Fish Port Complex landed 772.975 MT of fish for the month, due to the closed sardine fishing season in the Zamboanga Peninsula, the PFDA reported.

Closed fishing seasons also affected the fish port in Sual, Pangasinan, which landed 32.9 MT of fish for the month.

The closed fishing season occurs annually as a means of replenishing the population of fish, according to the Bureau of Fisheries and Aquatic Resources (BFAR).

BFAR announced early last year that sardine fishing was banned between Nov. 15 and Feb. 15. This coincided with the closed fishing in the Visayan Sea for small pelagic fish, including sardines.

Sardine fishing was also banned in northern Palawan between Nov. 1 and Jan. 31, while a closed season for herring and mackerel in the Visayan Sea was declared between Nov. 15 and Feb. 15. — Adrian H. Halili

Calamity funds worth P19.74B released in 2023

ILIGAN CITY DRRMO

CALAMITY FUNDS worth P19.74 billion were released from the National Disaster Risk Reduction and Management Fund in 2023, according to the Department of Budget and Management (DBM).

Some 82.6% of the P23.205-billion disaster fund had been released as of Dec. 31.

The fund is tapped to provide relief and rehabilitation assistance to communities or areas affected by human-induced and natural calamities and other capital expenditure for disaster operations.

National Government agencies received P18.05 billion of the fund releases, with the Department of Public Works and Highways getting P11.08 billion.

This was followed by the Departments of Social Welfare and Development (P5.05 billion), the Agriculture (P1 billion), Transportation (P342.47 million), National Defense (P207.64 million), and Science and Technology (P35.18 million).

Some P688.89 million was released to government-owned and -controlled corporations at the end of November.

As of the end of the year, P3.47 billion remained undistributed from the disaster fund.

Under the 2024 National Expenditure Plan, calamity funding has been set at P31 billion for this year. — Luisa Maria Jacinta C. Jocson

1...2,3102,3112,312...12,768Page 2,311 of 12,768
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube