SYDNEY – Growth across the Pacific Islands is expected to slow to 3.6% this year, down from 5.8% in 2023, as a post-pandemic rebound fades and Fiji, contributing half of the region’s output, slowed significantly, the World Bank said on Tuesday.
A long-term slowdown was caused by weaker investment, increasing climate risks, and structural challenges, a report said. Without immediate action to ramp up investment, Pacific Island nations may struggle to reduce poverty and generate new economic opportunities, it added.
The Washington-based global lender said investment had shrunk on average across Pacific Island countries in seven out of the past 15 years.
In a “troubling outlook”, investment growth in 11 Pacific Island countries is expected to be around 1% annually this decade, significantly lower than the 4.2% average growth from 2000 to 2019, the report said.
Natural disasters cost an average 1.5% of gross domestic product per year, and many Pacific Island countries struggle to manage economic shocks after disasters such as cyclones, and are locked into a cycle of “construction, destruction, and repair”, the report said.
While several smaller Pacific Island countries reliant on tourism saw growth, as tourists from Australia and New Zealand returned, Fiji’s growth is expected to slow to 3% in 2024.
Fiji’s public debt, at 79% of GDP in 2024, is among the region’s highest and one-third higher than pre-pandemic levels.
In Vanuatu, the liquidation of national airline Air Vanuatu hit tourism, causing a significant economic shock and growth to slow to 0.9%.
Vanuatu has experienced 10 years of shrinking investment, the World Bank said.
As well as investment in sustainable tourism and agriculture, the region needs investment in ports, inter-island shipping, and digital connectivity, it said.
Despite having some of the largest maritime zones in the world, Pacific Islands have been unable to fully capitalise on sustainable fishing, aquaculture, and marine biotechnology, it said.
The cost of internet connectivity is relatively high and speeds are poor, compared to the rest of the world, said World Bank senior economist Dana Vorisek.
“Digital connectivity really has to be addressed,” she told a media briefing in Suva.
Reforms to payment systems and more digital payment services are needed to boost the impact of remittances sent back home to families by offshore workers, officials said. – Reuters
SEAN ‘DIDDY’ COMBS apologizes on an Instagram video after the release of hotel surveillance video that appeared to show him attacking his ex-girlfriend. — INSTAGRAM.COM/DIDDY
Sean “Diddy” Combs was confronted with six new sexual abuse lawsuits on Monday, including one accusing the rap mogul of assaulting a minor.
The civil lawsuits were filed a month after Mr. Combs was criminally charged for what prosecutors describe as a long-running scheme of sex trafficking and racketeering.
Mr. Combs has denied wrongdoing in other civil cases against him and pleaded not guilty in his criminal case.
“In court, the truth will prevail: that Mr. Combs has never sexually assaulted anyone – adult or minor, man or woman,” Mr. Combs’ lawyers said in a statement Monday.
The lawsuits were filed in New York federal court by anonymous plaintiffs, including one man who accuses Mr. Combs of assaulting him when he was a minor.
“For decades, Sean Combs abused, molested, raped, assaulted, threatened and coerced women, men and minors for sexual gratification, to assert dominance, and to conceal his abhorrent conduct,” said one of the lawsuits, filed by a John Doe plaintiff.
The plaintiff alleged that during a party at Mr. Combs’ Hamptons mansion in 1998, the rapper directed him to drop his pants and then fondled his genitals. He said he was 16 years old at the time.
Mr. Combs was arrested in September and charged with three felony counts for racketeering conspiracy, sex trafficking and transportation to engage in prostitution. He pleaded not guilty on Sept. 17.
A judge denied Mr. Combs’ request for bail on Oct. 10 and set a trial date of May 5, 2025.
The lawsuits on Monday were filed by Houston-based lawyer Tony Buzbee, who has said he is representing 120 people who accuse Mr. Combs of abuse.
The Buzbee Law Firm said in a statement that it plans to file additional lawsuits against Mr. Combs in the coming weeks. – Reuters
GUATAVITA, Colombia/PALUGUILLO, Ecuador – Rural communities in the Andes of Colombia and Ecuador are fighting to protect fragile high-altitude wetlands that regulate the area’s water cycles, as sharp water and energy rationing hit both nations.
Colombia and Ecuador — both largely dependent on hydroelectric dams for energy — have been battered by a strong El Nino weather pattern that has caused drought conditions, which scientists say were further exacerbated by climate change and damaging human activity.
Grassroots activists in the two countries, aided by international advocacy groups like Conservation International, have been working to protect the high-altitude wetlands, called paramos, and save water, especially through efforts to restore native plants.
Most of the world’s paramos – which regulate the water cycle by absorbing and slowly releasing rain – are found in the Andes in Colombia, Ecuador and Peru.
“Deforestation in the Amazon, combined with variations that are being caused by climate change and the degradation of the soils is what has caused water dynamics to change,” said Patricia Bejarano, director of the sustainable high mountain landscapes program run by Conservation International’s Colombian chapter.
The crisis comes as Colombia prepares to host the United Nations’ conference on biodiversity in the city of Cali at the end of October.
The paramos illustrate how protecting nature is vital to fighting climate change, as well as protecting water and ensuring the future of agriculture.
Drought has led to rotating water rationing in Bogota, Colombia’s capital of almost 10 million people, while Ecuador’s energy grid has been pushed to the brink, prompting power cuts to conserve water in dams.
Colombia suspended electricity exports to its neighbor to shore up its own power reserves.
Thirteen members of El Tablon, a rural community on the outskirts of Quito, work in a nursery in Paluguillo paramo to rear paper trees, a species of polylepis, which are then replanted.
“They’re plants native to the paramo that help us conserve water,” said Diana Sopalo, 29, who has been working for four years in the Fund for Protecting Water (FONAG) nursery, set up by international advocacy group The Nature Conservancy.
A WATER FACTORY
Paper trees, with their large surface area, are great for capturing and storing water, Sopalo said, adding that during dry season the species begins to slowly release water into the earth where it rejoins the water cycle.
The nursery, led by women, has planted 40,000 trees and is growing another 100,000.
“It’s a water factory,” Sopalo said.
Quito depends on water from the paramos, said FONAG’s Paola Fuentes, a water analysis specialist.
“The water originates in this area and conserving these paramos, these wetlands, is essential for the low areas in the city,” Fuentes said.
Some 26 rangers work to protect and monitor the region for FONAG.
“If the paramos weren’t being managed, we would simply have much less water than we have now,” said Galo Medina, Ecuador lead for The Nature Conservancy.
In Colombia’s Guatavita, local activists and regional authorities are developing plans for Vista Hermosa de Monquentiva, a protected area within the Chingaza paramo, including expanding its borders.
Protecting the park and its species — including plants like frailejones, or espeletia, famed for their ability to conserve water — is vitally important for keeping drinking water and hydroelectric reservoirs full, said Doris Ramos, 52, who works on environmental issues for the Guatavita mayor’s office.
The park, once used for cattle farming, has been a protected area since 2018 and precious frailejones and other species have slowly grown on the land.
“While we are restoring this ecosystem, it brings great potential for water, flora and fauna. It is also vulnerable to all the consequences of climate change,” she said. – Reuters
CHICKENS walk on top of rubble, at the site of Israeli strikes on houses, amid the ongoing conflict between Israel and the Palestinian Islamist group Hamas, in Khan Younis in the southern Gaza Strip, Dec. 10, 2023. — REUTERS
WASHINGTON – The Arab American Political Action Committee said on Monday it will not endorse Democratic Vice President Kamala Harris or Republican former President Donald Trump citing what it called their “blind support” for Israel in wars in Gaza and Lebanon.
The Nov. 5 U.S. elections will mark the first time AAPAC has chosen not to endorse a candidate since the group’s 1998 inception. It usually endorses Democrats.
Polls show the race between Ms. Harris and Mr. Trump as tight. Arab and Muslim Americans overwhelmingly backed President Joe Biden in 2020 but have been vocal opponents of U.S. support for Israel, which has eroded their backing of Democrats.
Mr. Trump has historically had low approval from that community due to past statements and his policy of a travel ban targeting Muslim-majority nations when he was in office. Like Ms. Harris and Mr. Biden, Mr. Trump has also been a vocal supporter of Israel.
Analysts said Ms. Harris’ chances could be hurt if Arab and Muslim Americans did not vote or voted for a third party. Many from those communities have lost relatives in Gaza and Lebanon and have urged supporters to not vote for Trump or Harris. Some like advocacy group Emgage Action have backed Harris, citing Trump as a bigger threat.
“Both candidates have endorsed genocide in Gaza and war in Lebanon,” AAPAC said in a statement. “We simply cannot give our votes to either Democrat Kamala Harris or Republican Donald Trump, who blindly support the criminal Israeli government.”
Israel has denied genocide allegations at the World Court and said it is defending itself after an Oct. 7, 2023, attack by Palestinian Hamas militants that it estimated killed about 1,200 people and in which around 250 were taken hostage.
Israel’s assault on Hamas-governed Gaza has killed nearly 42,000 people, the local health ministry said, while displacing nearly its entire population and causing a hunger crisis. In Lebanon, where Israel said it is targeting Iran-backed Hezbollah militants, the death toll is over 2,000, the Lebanese government said. – Reuters
US Vice-President Kamala Harris and former US President Donald Trump are seen in a combination of file photographs. — REUTERS FILE PHOTO
ERIE, Pennsylvania – Democratic presidential candidate Kamala Harris on Monday slammed Donald Trump for his ominous comments about “the enemy within” the United States and threat to deploy the military domestically, in a renewed effort to paint her Republican opponent as a threat to democracy.
In a rare move at her own campaign rally in the political swing state Pennsylvania, the U.S. vice president showed a clip of Trump, the former president, telling his supporters “those people are more dangerous – the enemy from within – than Russia.”
Ms. Harris, 59, has recently pressed Mr. Trump to release his health records, as she has, and knocked him for meandering tangents and focus on fictional characters such as Hannibal Lecter.
“A second Trump term would be a huge risk for America, and dangerous. Donald Trump is increasingly unstable and unhinged,” Ms. Harris told the Erie crowd after playing the clip.
She went on to say that Mr. Trump poses a danger because he believes those who do not agree with him are the enemy.
Mr. Trump in recent rally speeches has hinted about facing “an enemy from within,” more dangerous than a foreign adversary. His campaign did not immediately return a request for comment.
In an interview on Sunday on the Fox News program “Sunday Morning Futures,” host Maria Bartiromo asked Trump if he was expecting “chaos” on Election Day, and he appeared to suggest the military could be deployed against citizens.
“I think the bigger problem is the enemy from within,” Mr. Trump said. “We have some very bad people. We have some sick people, radical left lunatics.”
He added: “It should be very easily handled by, if necessary, by National Guard, or if really necessary, by the military, because they can’t let that happen.”
Mr. Trump would not be able to give orders to either National Guard or active-duty military units on Election Day on Nov. 5 because he is not president.
Ms. Harris’ trip to Pennsylvania on Monday is her 10th to the battleground state since becoming the Democratic candidate in July. The state’s 19 electoral college votes will be pivotal to the election outcome.
She kicked off her trip to Erie with a stop at a Black-owned coffee shop for a sit-down discussion with Black men. Her campaign is concerned about slipping support from Black voters.
Ms. Harris unveiled new policy proposals aimed at Black men on Monday that include forgivable small business loans and access to a new legal recreational marijuana industry.
The Harris campaign and Democrats – including former President Barack Obama – have expressed deep concern about whether Black men will turn out in numbers seen in past elections and whether they will support Ms. Harris or Mr. Trump.
Over a quarter of young Black men say they would support Trump in the election race, according to a September poll by the NAACP, the nation’s largest civil rights organization. President Joe Biden got about 80% of the Black male vote in 2020.
The new slate of policy proposals is part of Ms. Harris’ effort to make a direct pitch at Black men and make them a more central part of her campaign during the final stretch. Reuters was first to report the plan.
The new policies include 1 million loans that are fully forgivable of up to $20,000 to entrepreneurs in underserved communities, and a promise to legalize recreational marijuana and help ensure Black entrepreneurs have access to the new industry.
Other Ms. Harris proposals include boosting access to the cryptocurrency industry for Black Americans and launching a national health equity initiative focused on Black men that addresses diseases like sickle cell anemia, which disproportionately affects the community.
If elected, Harris would be the second Black president and first Black woman, and first person of South Asian descent in the office.
The policy rollout came a day before Ms. Harris is expected to be interviewed by Charlamagne tha God, a comedian and author whose nationally syndicated radio show is popular with Black millennials. – Reuters
CHINESE AND TAIWANESE flags are seen in this illustration, Aug. 6, 2022. — REUTERS
China said on Monday it would punish and sanction Taiwanese businessman Robert Tsao and lawmaker Puma Shen for alleged criminal and pro-Taiwan independence activities.
In a statement, the Taiwan Affairs Office said the “Black Bear Academy” that both men were associated with was seeking to incite separatism that would endanger cross-strait ties.
Mr. Tsao is one of Taiwan’s richest men who pledged two years ago to provide millions to two civilian defense training programs, including the Black Bear Academy. Mr. Shen, a lawmaker with the ruling Democratic Progressive Party (DPP), helps run Black Bear Academy training.
The State Council-level Taiwan Affairs Office said it would include Mr. Tsao and Mr. Shen on a list of “Taiwan independence” diehards and impose sanctions on them and the academy.
The move comes as China on Monday launched fresh military drills around the democratically governed island that China claims as its own. Beijing said the drills were a warning against “separatist acts of Taiwan independence forces” while denouncing Taiwan leader Lai Ching-te of the DPP.
“This is one of China’s many acts of intimidation against Taiwan, including economic coercion, military threats…,” a DPP spokesperson said in a statement to Reuters.
“These irrational acts will only further hurt the feelings of the Taiwanese people and damage cross-strait relations.”
Mr. Tsao and Mr. Shen would be barred from traveling to China, Hong Kong and Macau, the statement added, while all affiliated enterprises and businesses linked to the pair would not be allowed to “seek profit” in China.
“The Black Bear Academy with the support of the DPP authorities and external interference forces, has brazenly cultivated violent Taiwan independence elements and openly engaged in “Taiwan independence” separatist activities under the guise of lectures, training, outdoor drills,” the statement read, citing spokesman Chen Binhua.
Mr. Shen, speaking to reporters, described this as a provocation from China, rather than the other way round, and said it reflected Beijing’s great sensitivity towards any civilian defense initiatives in Taiwan.
“They will definitely use the threat of (economic) sanctions to conduct further grey zone warfare against Taiwan,” he said.
The Black Bear Academy, also known as the Kuma Academy, said in a statement the moves are “nothing more than politically motivated attempts to undermine our mission and silence those who support Taiwan’s right to self-determination and democratic values.”
Mr. Tsao is the founder and former chairman of chip maker United Microelectronics Corp 2303.TW, and has said he hoped his programs would help train millions of “civilian warriors” through a mix of survival, military and counter surveillance and technology courses.
Mr. Tsao, in a lengthy Facebook post on Monday, denounced China’s Communist Party, saying the country was on the verge of economic collapse and is being “besieged” by the United States, Europe and Japan.
“They understand that using force against Taiwan will lead to consequences they can hardly bear,” he added.
UMC declined comment, saying that Mr. Tsao had retired a decade ago and no longer had any connection with the company. – Reuters
The complete lineup for the upcoming 2025 Puregold CinePanalo has now been finalized, with the announcement of the 25 student films to be showcased at the festival under the short film category. The promising young filmmakers will each receive a P150,000 production grant.
Finalists were selected from the hundreds of initial applicants to the contest. While the finalists come from various schools nationwide, two dominate the current lineup. Polytechnic University of the Philippines holds the record, with six students selected for the festival. The University of the Philippines Diliman followed close behind, with five representatives making it into the festival, and an additional two from UP Visayas were also selected.
The complete list of selected student finalists includes:
Abrigonda, Adelbert — Polytechnic University of the Philippines
Balance, Jr., Allan M. — Polytechnic University of the Philippines
Cruz, Angel Allizon — University of Santo Tomas
Dala, Carlos — University of the Philippines Diliman
Dolim, Roniño — University of Eastern Philippines
Flores, Kenneth — Far Eastern University
Fresnido, Austine Rae R. — FAITH Colleges
Gamale, Clyde Cuizon — University of the Philippines Diliman
Herrera, Bjorn M. — Central Philippine University
Javier, Maria Eleanor P. — University of the Philippines Visayas
Malaya, Mae — University of the Philippines Diliman
Malit, Ira Corinne Esquerra — University of Caloocan City
Mendoza, Naiah Nicole — Polytechnic University of the Philippines
Molacruz, Vhan Marco B. — Colegio de San Juan Letran
Morales, Jadrien — University of the Philippines Diliman
Narciso, Regene — Dalubhasaan ng Lunsod ng San Pablo
Pardo, Alexie Nicole — Polytechnic University of the Philippines
Rebaño, Kieth Earl B. — University of the Philippines Visayas
Rimorin, John Lester — University of the Philippines Diliman
Sales, Jose Andy — University of San Carlos
Sanchez, Mark Joseph — Polytechnic University of the Philippines
Soriano, Aubrey — Polytechnic University of the Philippines
Tan, Jasper — Far Eastern University
Tejero, Johannes — University of San Carlos
Verdejo, Sean Rafael A. — National University Laguna
“Puregold CinePanalo aims to champion the future visionaries of Philippine cinema,” said Puregold President Vincent Co. “We are here to provide a platform and support for these talented young artists, and we look forward to sharing their panalo stories with the public.”
On top of the twenty-five finalists, Puregold also released a list of five honorable mentions. If any selected finalists cannot proceed with the competition, their place in the festival will be granted to one of the honorable mentions instead.
The five honorable mentions include:
Arroyo, Victoriano L. — University of the Philippines Visayas
Baulo, Jamal M. — Mindanao State University
Delos Reyes, Donnie C. — University of the Philippines Visayas
Llera, Vannece — Polytechnic University of the Philippines
Serad, Abdul Hakhem R. — Mindanao State University
“The student short film category was highly competitive this year,” said Puregold Senior Marketing Manager Ivy Hayagan-Piedad. “With so many exceptional entries from across the country, we’re proud to highlight our honorable mentions. We’re confident these student filmmakers will be ready to step up and shine at the festival should the opportunity arise.”
Ms. Hayagan-Piedad also acts as one of the festival directors for the Puregold CinePanalo. She also was part of the Selection Committee that put together the festival lineup. Joining her on the Selection Committee were fellow festival director Chris Cahilig, award-winning director Kurt Soberano, screenplay writer Jinkee Laurel, and representatives of Republic Creative Creations, Inc. Sonny Bautista and Lyle Gonzales.
The 25 student shorts will be screened alongside eight feature films at the festival proper at Gateway Cinemas from March 14 to 25, 2025.
For the latest updates on promos and events, subscribe to Puregold’s YouTube channel, follow @puregold.shopping on Facebook, and check out @puregold_ph on Instagram, Twitter, and TikTok.
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PayMongo, a leading financial technology platform for Filipino entrepreneurs, has recently partnered with Boost Capital, a leader in digital technology solutions, to streamline merchant onboarding, lower barriers to financial services, and reinforce PayMongo’s position as a top player in the Philippines’ fintech space.
“Together, we’re taking a big step towards improving the onboarding experience for Filipino merchants, making it easier for small businesses to access the financial services they need to grow and succeed,” said PayMongo Chief Executive Officer (CEO) Jojo Malolos regarding the partnership.
Mr. Malolos emphasized that at the core of this collaboration is Boost Capital’s advanced, AI-powered chat technology, which seamlessly integrates into PayMongo’s ecosystem.
“This chat-based platform allows merchants to sign up through familiar channels like Facebook Messenger — without the need to download an app or learn new technology,” Mr. Malolos said. “For small and medium-sized enterprises (SMEs), this eliminates the traditional barriers of complicated paperwork, lengthy verification processes, and unfamiliar tools.”
One merchant, Maria L., a restaurant owner, shared her experience with the onboarding system: “This was so much easier than any of my US bank experiences. I signed up and submitted my documents through a quick chat on my phone. It was fast and hassle-free.”
“We’ve listened to merchants who find the onboarding process overwhelming, and through this partnership, we’re providing a solution that simplifies it,” the PayMongo CEO said, highlighting that merchants can easily onboard through a quick chat, upload documents using their smartphone, and be approved in record time.
Enhanced financial access for Filipino entrepreneurs
Meanwhile, PayMongo Co-Founder and Chairperson Luis Sia explained that the partnership with Boost Capital reinforces PayMongo’s mission to make financial services more accessible to a wider range of businesses, from startups to established enterprises.
“By simplifying the onboarding process, more SMEs can now access essential financial tools that help them scale their operations and drive growth,” Mr. Sia said.
“Boost Capital’s technology, integrated with PayMongo, simplifies digital transactions through intuitive chat and web-based interfaces, removing traditional barriers to financial entry,” he added.
Mr. Sia said that the collaboration allows SMEs to navigate the financial system easily, allowing them to focus on their core business without the usual friction of accessing financial services.
Mr. Sia then pointed out that PayMongo is a leading financial infrastructure platform in the Philippines, offering businesses a comprehensive suite of digital financial services to boost their revenue.
“Our services include payment processing, business wallets, and flexible capital solutions, all designed to simplify financial operations for SMEs. PayMongo is dedicated to empowering Filipino businesses by making financial services more accessible, secure, and user-friendly,” he said.
First-to-Market Innovation in Merchant Signup
Boost Capital CEO Gordon Peters explained the company’s role in assisting entrepreneurs, particularly in streamlining the onboarding process within the financial services sector.
“By integrating Boost Capital’s chat-driven, AI-powered technology, PayMongo allows merchants to complete their onboarding process in just minutes — anytime, anywhere. This streamlined, fully automated solution accelerates onboarding while ensuring compliance and security at every step,” Mr. Peters said.
“With this innovative approach, PayMongo is the first among its competitors in the financial space to offer a chat-based onboarding experience, setting a new standard for ease and accessibility,” Mr. Peters added.
Mr. Peters emphasized that Boost Capital is at the forefront of technology solutions that revolutionize how businesses digitally onboard and manage customer interactions. It provides financial service providers with white-labeled onboarding systems for loans, savings, merchant acquisition, and insurance.
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More than 900 cybersecurity professionals gathered for the second season of the ISOGx Cybersecurity Solution Pitch & Exhibition on Oct. 2, 2024 at the SMX Convention Center Aura. Hosted by the Information Security Officers Group (ISOG) under the theme “Cyber Resilience is the Key,” the event equipped attendees with cutting-edge information and practical tools in the ever-evolving field of cybersecurity.
The event, inspired by the TEDx format, featured concise, impactful presentations designed to engage and inform. “Our first season was a resounding success, attracting hundreds of security experts. This year, we’ve returned with more relevant content to help our community stay ahead,” said ISOG President Archie Tolentino.
The keynote speaker, Senator Mark Villar, chairperson of the Senate Committee on Banks, Financial Institutions, and Currencies, emphasized the importance of legislative efforts to arm the country’s digital systems in order to augment cybersecurity and consumer protection. “As your senator, I have particular focus on arming our digital market by enacting bills and laws that address the evolving challenges and trends in cyberspace,” he said. Senator Villar co-authored and sponsored the Anti-Financial Account Scamming Act (AFASA), a landmark legislation designed to implement robust safeguards that protect both consumers and financial institutions from deceptive scams and online fraud.
During the plenary session, hosted by Christine Jacob-Sandejas, attendees were treated to dynamic presentations from industry experts on topics like ransomware resilience, fortifying digital supply chains, proactive cyber defense, and more. The event featured an impressive lineup of industry experts, including Arnie S. Alvarez, Chief Technology Officer of Huawei; Atty. Jon O. Bello, Partner at Medialdea Bello and Suarez Law Offices who represented NM Network Manager Sales, Inc.; William Phuah, Sangfor’s Security Services Team Leader; and Jayesh Panicker, Global Solutions Engineer at Sophos, who shared their expertise, along with Benjo Aganon, Sales Director at F5; and Nick Low, Solution Engineer at Cisco; Fredric Lance Ong, Systems Engineer at Fortinet; and Dalton Tan, Vice-President for Asia-Pacific & Middle East at Eclypsium, also gave engaging presentations, while Jessica Bernardo, Senior Pre-sales Consultant; and Alex Hudelot, CEO of Theos Cyber, brought valuable insights. Victor Bides, Cybersecurity Consultant at Check Point; Rob Dooley, General Manager for Asia-Pacific at Rapid7; and Cyril Villanueva, Forcepoint’s Security Consultant, were among the notable presenters. Other key speakers included Michael Gioia, Solutions Engineer for APAC at Pentera; David Bochsler, KnowBe4’s Vice-President of Sales for Asia-Pacific and Japan; Han Yang Lau, Senior Manager of Solutions Architects for APAC at SecurityScorecard; and Derek Lok, Director at Yubico Asia. Jobert David, Head of Technical Solutions at Palo Alto Networks Philippines; Charles Repain, Transformation Architect at Zscaler; Mic Mandapat, Presales Manager at Exclusive Networks who represented Vectra; Patrick Reyes, Solutions Engineer at Netskope, and Ivan Lo, Channel Lead, ASEAN for Tehtris, also played critical roles in the event’s success.
Later in the event, participants joined breakout sessions that provided an in-depth exploration of key cybersecurity topics. Through sessions led by industry experts representing Gold, Silver, Special Exhibitor event sponsors, attendees gained practical insights and solutions to current cyber threats. Speakers were Marlon Gino-gino, Senior Engineer at Tenable; Philip Alvic Cagunot, Systems Engineer at Fortinet; Cristofer Quek, Regional Sales Manager, APAC at Gatewatcher; Katherine Rose Fernandez, Country Sales Manager at Cyble; Edwin Koh, Regional Sales Director, SEA at Edgio; Nhorgeelen R. Narra, Country Manager at Blancco; Jennifer Tan, Country Manager at Gigamon; Joel Tian, Sales Engineer, APAC at XM Cyber; Apol Salud, Country Manager at Arista Networks; Jonathan Pascual, Territory Sales Manager at Cloudflare Philippines; and Ajay Kumar, Practice Lead, APAC at Trellix Cyber Operation.
A standout highlight of the event was the LEGO-themed displays, which infused creativity and fun while fostering collaboration among participants. This playful yet strategic approach inspired delegates to think outside the box, sparking innovation in problem-solving. To heighten the excitement, the event featured networking tea breaks, raffle prizes, and fellowship, creating a lively atmosphere where cybersecurity professionals could network, learn, and enjoy a memorable experience together.
“While ISOGx’s format is dynamic and engaging, combining both information and entertainment, its core purpose remains steadfast — to equip our members with the latest tools and knowledge to effectively counter the ever-evolving cyber threats we face,” said ISOG Vice-President Chito Jacinto.
Institutional alliances played a crucial role in the success of the event, with the support of key government agencies such as the Bangko Sentral ng Pilipinas through the office of Fintech Innovation and Policy Research Group, National Privacy Commission through Public Information and Assistance Division (PIAD), Department of Information and Communications Technology (DICT), Armed Forces of the Philippines (AFP) through the office of the Spokesperson and AFP Radio, and the Philippine Navy’s Naval Reserve Center, National Capital Region(NRCen-NCR) through the Naval Forces Reserve-NCR.
The event organized by XMS was sponsored by leading global technology companies, showcasing a robust commitment to cybersecurity. Titanium Sponsors included Huawei, NM Network Manager Sales Inc., Cisco through Trends, Sophos through WSI, Sangfor through WSI, F5 through Westcon, Fortinet through Netsec and VST-ECS, Eclypsium through Netsec and MDI, TrendMicro through CTLink and VST-ECS, Theos Cyber, Check Point, and Rapid7. Platinum Sponsors featured Forcepoint, Pentera, KnowBe4, SecurityScorecard through WSI, Palo Alto through Trends and Westcon, Yubico through WSI, Vectra through Exclusive Networks, Netskope through Exclusive Networks, and Zscaler through Westcon, as well as Tehtris. Gold Sponsors included Tenable through Westcon, Cyble through Exclusive Networks, Gatewatcher through Wallix and Bizsecure, Fortinet through Netsec, and Edgio through WSI. Silver Sponsors comprised Blancco, Gigamon through Westcon, Arista through Exclusive Networks, and XM Cyber, while special exhibitors included Cloudflare through Exclusive Networks and Trellix. Supported by media partners BusinessWorld, Digi PH, and Back End News, ISOGx Season 2 reinforced its commitment to enhancing cybersecurity resilience in the Philippines.
For more details about ISOG, visit its official website at www.isog-org.ph and socials at LinkedIn: ISOG (Information Security Officers Group), Facebook: ISOGPH, YouTube Channel: ISOG SUMMIT.
ISOGx overview:
#ISOG #ISOGx #Cybersecurity
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People flock to Divisoria, Oct. 12, 2024. — PHILIPPINE STAR/RYAN BALDEMOR
THE PHILIPPINES’ gross domestic product (GDP) growth will likely settle below the 6-7% target range this year, analysts said.
“The economy is in need of further support. Looking forward, fiscal tightening and weak export demand should keep growth subdued,” Capital Economics said in a report.
Capital Economics expects GDP growth to average 5.1% this year, well below the government’s 6-7% target.
For its part, Nomura Global Markets Research said it forecasts GDP growth to average 5.6% this year.
“We maintain our forecast for GDP growth to improve only marginally to 5.6% year on year in 2024 from 5.5% last year, before picking up to 6.1% in 2025,” it said in a report by Nomura research analysts Euben Paracuelles and Nabila Amani.
The Philippine economy grew by 6% in the first half. In order to meet the lower end of the target, GDP expansion should average 6% for the remainder of the year.
Third-quarter economic data will be released on Nov. 7.
Nomura noted that second-quarter growth was “disappointing and showed weakening growth momentum, led by another sequential contraction in private consumption.”
In the second quarter, GDP expanded by 6.3%, faster than 5.8% a quarter earlier and 4.3% a year ago. However, household final consumption rose by 4.6%, slowing from 5.5% in the previous year.
“Public investment spending remains the main engine, as the government makes progress on infrastructure projects. The midterm elections in May 2025 will also likely provide an additional impetus into next year,” Nomura said.
Meanwhile, inflation is seen to remain well within the Bangko Sentral ng Pilipinas’ (BSP) 2-4% target band this year.
“Inflationary pressures are weak… our forecast is that a combination of weak economic growth and falling food price inflation will keep inflation low,” Capital Economics said.
Nomura expects headline inflation to average 3.1% this year, below the central bank’s 3.4% full-year forecast.
“Our forecast assumes headline inflation remains low at around 1.9% in the fourth quarter, partly reflecting the impact of the rice import tariff cuts,” it added.
Headline inflation sharply eased to an over four-year low of 1.9% in September from 3.3% in August. In the first nine months, inflation averaged 3.4%.
“After BSP’s 25-bp (basis point) cut to 6.25% in mid-August, the further decline in inflation reinforces our view that BSP will continue to cut rates,” it added.
The Monetary Board is expected to cut policy rates by 25 bps this week (Oct. 16).
“We expect another 25-bp cut in its scheduled meeting (on) Wednesday,” Capital Economics said.
“We reiterate our forecast for BSP to cut by 25 bps at each of the last two meetings of the year (i.e., in October and December),” Nomura said.
This is in line with a BusinessWorld poll conducted last week, which showed that 16 out of 19 analysts expect the BSP to reduce the target reverse repurchase (RRP) rate by 25 bps.
If realized, this would bring the target RRP rate to 6% from the current 6.25%.
“Looking beyond Wednesday’s meeting, we expect further cuts over the remainder of this year and in 2025. Our forecast that rates will finish next year at 4.75% makes us more dovish than the consensus,” Capital Economics said.
MORE CUTS IN 2025 Meanwhile, Nomura expects the Monetary Board to cut by 25 bps at each of its first three meetings next year before pausing.
“This would bring the RRP rate to 5% by May 2025 (i.e., a total of 150 bps in cuts in this cycle). The ongoing Fed cutting cycle also supports easing by BSP, but we still think BSP is unlikely to be more aggressive with 50-bp clips,” it said.
“The substantial RRR (reserve requirement ratio) cut is already providing additional easing and Governor Remolona said he prefers 25-bp cuts to the policy rate,” it added.
The BSP will reduce the RRR for universal and commercial banks and nonbank financial institutions with quasi-banking functions by 250 bps to 7% from 9.5%, effective on Oct. 25.
BSP Governor Eli M. Remolona, Jr. earlier said they are looking to bring the reserve requirement to as low as 0% by the end of his term.
Meanwhile, Nomura said the government will also struggle to meet its fiscal targets.
“We continue to forecast a fiscal deficit of 5.9% of GDP in 2024, above the revised medium-term fiscal framework (MTFF) target of 5.6%.”
“We think these MTFF targets will be challenging to meet due to spending priorities, such as the flagship infrastructure projects,” it added.
In the first eight months of the year, the budget deficit narrowed by 4.86% to P697 billion.
This year’s budget deficit ceiling is set at 5.6% of GDP. The government aims to reduce the deficit-to-GDP ratio to 3.7% by 2028.
“Expenditure disbursements tend to speed up towards yearend and revenue growth likely slows, in line with more modest GDP growth,” Nomura said.
“The passage of the bill implementing a VAT (value-added tax) on imported digital services is encouraging but will have a small revenue impact of 0.1% of GDP next year. We think political risks could rise in the run-up to the midterms and prove a distraction to enacting larger fiscal reform measures.” — Luisa Maria Jacinta C. Jocson
A Philippine flag is seen along Aguinaldo Highway in Imus City. — PHILIPPINE STAR/EDD GUMBAN
THE PHILIPPINES posted the fourth-highest net inflows of foreign direct investments (FDIs) in Southeast Asia, although this may have been dampened by delays in value-added tax (VAT) rebates, according to the Association of Southeast Asian Nations (ASEAN) Investment Report 2024.
The Philippines saw FDI net inflows decline by 7% to $8.9 billion in 2023 from $9.5 billion in 2022.
Despite the drop, FDI net inflows into the Philippines were the fourth highest in terms of value among ASEAN member countries in 2023. It was behind Singapore, which posted net inflows of $160 billion, Indonesia with $21.6 billion and Vietnam with $18.5 billion
However, the Philippines surpassed Malaysia ($8.8 billion), Thailand ($4.5 billion), Cambodia ($4 billion), Myanmar ($2.2 billion) and Lao PDR ($1.8 billion).Brunei Darussalam posted a net outflow of $57 million in 2023.
Net FDI inflows in the ASEAN region reached a record $230 billion last year, up 0.3% from $229 billion in 2022.
According to the report, the Philippines saw a drop in investments in most of the industries, except for manufacturing and renewable energy (RE).
“Large wind power projects involving companies from Europe sustained investment in RE,” the report said.
Investments in RE projects increased after the Philippine government allowed full foreign ownership in the sector, which was previously capped at 40%.
However, issues related to the delays in the Philippine government’s repayment of VAT refunds affected investor sentiment.
“Divestment or scaling down of operations by some multinational enterprises in the face of challenges related to a VAT rebate also contributed to the declining situation,” the report said.
The Philippines, under Section 12 of the Tax Code, allows VAT-registered entities whose sales are zero-rated to apply for the issuance of a tax credit certificate or refund of creditable input tax.
Under the law, the Bureau of Internal Revenue (BIR) commissioner shall grant a refund for creditable input taxes within 90 days.
However, there was confusion over VAT exemptions and VAT zero-rating of local purchases of registered business entities due to inconsistencies between the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and its implementing rules and regulations.
The Philippine government hopes to address this issue with the proposed CREATE MORE (Maximize Opportunities for Reinvigorating the Economy), which was ratified by the Congress last month.
Under CREATE MORE, the government plans to establish an enhanced VAT refund system that grants refunds of creditable input taxes within 90 days from the filing of the applications.
The measure also mandates the Department of Finance to establish a VAT refund center in the BIR and the Bureau of Customs to handle the electronic processing and granting of refunds of creditable input taxes.
The Bangko Sentral ng Pilipinas expects FDI net inflows to hit $10 billion at end-2024.
INVESTMENT TRENDS Within ASEAN, the number of megadeals or international project finance deals exceeding $500 million fell to 38 last year from 60 in 2022, the report said. The Philippines and Indonesia received three-quarters of these mega-deals last year.
“Half (19) were in activities related to RE, such as electricity generation, battery production, and critical minerals mining and processing,” it said.
From 2020 to 2023, RE-related industries attracted an average of $27 billion in investments annually. These include critical minerals extraction and processing, renewables manufacturing, and renewable power generation.
“The five largest deals during this period were in solar and wind power generation. Most of the top 20 projects were in Vietnam, Indonesia, and the Philippines, in that order,” the report said.
The largest international project finance during the period was BlueFloat Energy’s Philippine Offshore Wind Portfolio, which has an estimated cost of $38 billion.
OUTLOOK Meanwhile, net FDI inflows in the ASEAN region are projected to exceed an annual average of $300 billion from 2024 to 2030, the report said.
“The FDI outlook for the region is promising, with robust growth in announced greenfield investment in 2023, ongoing regional integration, and growing favorable investment sentiment,” said the report.
The stabilization of interest rates could also lead to a recovery in global international project finance, which may boost investments in the region.
Multinational enterprises in the region have continued to report higher profits and are optimistic about growth, the report said.
“Many reported plans to further invest in the region over the next few years because of the improving investment environment and expanding investment opportunities,” it added.
However, greater competition, concern over global economic growth and fracturing, financial tightening, inflationary pressures, and geopolitical tensions are among headwinds that could hamper FDI inflows into the region, the report said.
At the same time, internal challenges, including limitations on absorptive capacity, lack of skills development, will continue to pose concerns.
“Although these are longer-term structural challenges, actions to address them need to begin now to facilitate deeper integration and a post-ASEAN Economic Community 2025 era more conducive to investment,” it said.
The ASEAN Investment report was prepared by the ASEAN Secretariat and the United Nations Trade and Development. — Justine Irish D. Tabile
THE PHILIPPINE Stock Exchange (PSE) will likely miss its target of six initial public offerings (IPOs) this year, as analysts expect better market conditions in 2025.
“This year, definitely there’s not enough time remaining for the PSE to reach its target of 6 IPOs,” AP Securities, Inc. Research Head Alfred Benjamin R. Garcia told BusinessWorld in a Viber message.
So far this year, there have only been three IPOs, namely, gold and copper mining company OceanaGold (Philippines), Inc., renewable energy companies Citicore Renewable Energy Corp., and NexGen Energy Corp.
The Securities and Exchange Commission has cleared the P2.87-billion IPO of Top Line Business Development Corp. The Cebu-based fuel retailer is planning to go public in November.
“Given the trend so far, it appears unlikely that any major IPO will occur before the end of 2024. However, this cannot be completely ruled out, as smaller-scale listings may still emerge unexpectedly,” Globalinks Securities and Stocks, Inc. Trader Mark V. Santarina said in a Viber message.
Mr. Santarina said the window for companies to prepare and launch an IPO this year is shrinking.
China Bank Capital Corp. Managing Director Juan Paolo E. Colet said more equity deals are expected in 2025 amid the current bullishness in the stock market.
“If we sustain the momentum into 2025, then we should anticipate more equity deals — IPOs, follow-on offerings, and stock rights offerings — next year,” Mr. Colet said in a Viber message.
Mr. Colet said there could be six IPOs in 2025, with candidates coming from the gaming, renewable energy, infrastructure, consumer, and real estate investment trust (REIT) sectors.
“If the stock market stays strong till next year, and economic conditions really improve next year, conditions will be more conducive for IPOs,” COL Financial Group, Inc. Chief Equity Strategist April Lynn C. Lee-Tan said in a Viber message.
The PSE index surged past the 7,500 level on Oct. 7, posting its best finish since January 2020. Investor sentiment has been improving amid expectations of further easing by the Philippine central bank.
The Bangko Sentral ng Pilipinas (BSP) began its easing cycle with a 25-basis-point cut at its Aug. 15 meeting, bringing the key rate to 6.25% from a 17-year high of 6.5%.
Meanwhile, Mr. Garcia said he expects a minimum of four IPOs next year, but his optimistic forecast is six to seven IPOs.
“For next year, we’re hoping that Razon’s Prime Infrastructure Capital, Inc. (Prime Infra) will finally push through with its massive IPO. Other than that, we’re seeing more consumer-centric IPOs like restaurants, retail and gaming,” he said.
Mr. Santarina said the outlook for IPOs is more promising next year amid the improving macroeconomic environment.
“With the PSE looking into new rules for Global Philippine Depositary Receipts (GPDR) and an improving macroeconomic environment, 2025 could see a return of IPO activity. This would be in line with broader market recovery expectations and companies waiting for a more favorable investment climate,” he said.
The PSE recently issued the draft guidelines for the GPDR, which refers to peso-denominated instruments representing economic interest in an underlying security listed on an overseas stock exchange.
The market operator said that GPDR’s introduction to the local bourse will allow for cross-border trading in the PSE and will enable investors to diversify their portfolio and hold foreign securities without having to directly trade in overseas markets.
Mr. Santarina said he expects several big names to go public next year.
“In 2025, GCash, Prime Infra, and SM Prime Holdings, Inc.’s REIT could lead major IPOs in the Philippines. GCash may go public, leveraging its large user base and financial tech services. Prime Infra might list to support its sustainable infrastructure projects, while SM Prime could offer another REIT, capitalizing on its extensive real estate assets for income-seeking investors,” he said.
SM Prime has deferred its planned REIT IPO, while Razon-led Prime Infra also postponed its first share sale, citing lackluster market conditions.
GCash is still waiting for the right market conditions to conduct an IPO at the local bourse but has floated the possibility of an overseas listing as well.
