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S. Korean doctors on mass walkout say they’re overworked, unheard

A MEDICAL WORKER walks at Pusan National University Hospital in Busan, South Korea, Feb. 21, 2024. — REUTERS

SEOUL — Ryu Ok Hada always wanted to help people, but now the South Korean trainee doctor has walked off the job and stands outside the hospital where he worked, holding his medical gown in his hand.

Park Dan, who recently realized his childhood dream of being an emergency physician, is also one of over 7,800 interns and residents who have resigned in a confrontation with the government, which threatens to arrest them.

Mr. Ryu and Mr. Park say the junior doctors, a crucial cog in South Korea’s highly regarded medical system, are overworked, underpaid and unheard.

Hospitals have turned away patients and canceled surgeries after about two-thirds of the country’s young doctors walked off the job this month in protest.

The young doctors say their pay and working conditions should be the priority, rather than the government’s plan to boost the number of physicians. The authorities say more staff are needed to increase healthcare services in remote areas and meet the growing demands of one of the world’s most rapidly ageing societies.

“The current medical system in South Korea, which is a great one, is run by making cheap trainee doctors keep grinding,” Mr. Ryu, 25, told Reuters.

Senior doctors and private practitioners have not walked out but have held rallies urging the government to scrap its plan, with 400 gathering in Seoul on Sunday.

But the government’s plan to boost medical school admissions is popular, with about 76% of respondents in favor, regardless of political affiliation, a recent Gallup Korea poll found.

TORN BETWEEN PATIENTS, POLICY
Intern and resident doctors in South Korea work 36-hour shifts, compared to shifts of less than 24 hours in the US, according to the Korean Intern Resident Association. It says half the young US physicians work 60 hours a week or less, while Korean doctors often work more than 100 hours.

Mr. Ryu said he worked more than 100 hours a week at one of the country’s most prestigious university hospitals, for 2 million won to 4 million won ($1,500-$3,000) a month including overtime pay. A first-year US resident averages about $5,000 a month, according to American Medical Association data.

Hospitals have not processed the resignations of the protesting doctors, who say they are not on strike. The government has ordered them back to work, threatening to arrest them or revoke their licenses, saying their collective action cannot be justified and people’s lives must come first. Mr. Park and other doctors say the order is unconstitutional, forcing them to work against their will.

The doctors on walkout represent just a fraction of South Korea’s 100,000 doctors, but they can make up more than 40% of staff at large teaching hospitals, performing crucial tasks in emergency rooms, intensive care units and operating rooms.

Emergency rooms at South Korea’s five biggest hospitals were on “red alert” on Sunday, meaning they were running out of beds. Prime Minister Han Duck-soo said on Friday that public hospitals would stay open longer and on weekends and holidays to meet demand.

Mr. Park, 33, who heads the Korean Intern Resident Association, wants the authorities to bring doctors into essential disciplines such as pediatrics and emergency departments at large hospitals.

Doctors want better legal protection from malpractice suits and changes to a system where many hospitals rely on a low-paid workforce and off-insurance services to stay afloat in a country often praised for providing universal quality medical coverage affordably, Mr. Park said.

He said he was torn between his patients and a government enforcing policy without listening to the doctors, but that he had little choice. “With pride to save patients I came this far. As many doctors say, it was heartbreaking and difficult to leave patients behind,” Mr. Park said. “But the current system is distorted, so we need better than that.” — Reuters

Zelensky says Russia will try new offensive in Ukraine as early as May

PRESIDENT.GOV.UA

KYIV — Russia is preparing a new offensive against Ukraine starting in late May or summer, but Kyiv has a clear battlefield plan of its own, President Volodymyr Zelensky said on Sunday.

Speaking a day after the second anniversary of Russia’s invasion of Ukraine, Mr. Zelensky said it was vital for Kyiv and its Western allies to remain united and reiterated that Ukraine’s victory depends on continued Western support.

“We will prepare for their assault. Their assault that began on Oct. 8 has not brought any results, I believe. We, for our part, will prepare our plan and follow it,” Mr. Zelensky told reporters in Kyiv.

Mr. Zelensky said that 31,000 Ukrainian soldiers had been killed since February 2022, giving the first official toll in more than a year. The Russian foreign ministry rejected the Ukraine figure as untrue.

Mr. Zelensky said that troop rotations would be critically important for the war effort and emphasized that Ukraine needed to better prepare its reserve forces.

A New York Times report in August cited US officials as putting the Ukrainian death toll at close to 70,000. The same report said as many as 120,000 Russian troops had died during the war.

The tallies could not be independently verified. Both Russia and Ukraine have often underestimated their military casualties in the war, while exaggerated the losses they claim to have inflicted upon each other.

Two years into the war, Moscow’s troops bear down along the sprawling 600-mile (960-km) front line in Ukraine’s east and south and problems pile up — from shortages of artillery shells and the need for longer-range missiles to a lack of fresh troops.

Mr. Zelensky said he was confident that the US Congress would approve a major new batch of military and financial assistance and that Ukraine needed that decision within a month.

The Ukrainian war effort depended on Western support, he said, adding that the European Union had only supplied 30% of the 1 million ammunition shells that were promised.

Russia secured its biggest battlefield gains since May 2023 this month as it captured the town of Avdiivka, which Ukrainian troops retreated from to avoid being surrounded.

President Vladimir Putin said on Tuesday Russian troops would push farther into Ukraine to build on their success in Avdiivka and on Sunday Russian defense ministry said its forces had taken more advantageous positions near the town.

‘THERE IS A PLAN’
On Ukraine’s battlefield intentions, Mr. Zelensky said Kyiv had a clear plan to counter Russian forces, but that he would not disclose details that could compromise it.

“There is a plan, the plan is clear, I can’t tell you the details,” he said.

Kyiv’s troops conducted a much-vaunted counteroffensive last year but were unable to pierce Russia’s defensive lines.

Mr. Zelensky said replacing his popular armed forces chief in a dramatic military shake-up this month was part of his military strategy that would remain under wraps.

The Ukrainian leader said earlier that Kyiv’s plans for last year’s counteroffensive had ended up “on a desk in the Kremlin” before the operation had even begun but did not say how.

Kyiv hopes to hold a summit in Switzerland this spring to discuss its vision for peace with its allies, he said, adding that the peace blueprint would later be presented to Russia.

“I hope it will take place this spring. We must not lose this diplomatic initiative,” he said. — Reuters

Early jacaranda bloom sparks debate about climate change in Mexico

A bird rests on a jacaranda tree branch in Mexico City, Mexico. February 19, 2024. — REUTERS

MEXICO CITY — Every spring, the streets of Mexico’s capital are painted purple with the flowering of thousands of jacaranda trees. Their spectacular colors not only attract the eyes of residents and tourists, but also birds, bees and butterflies that find food and shelter in them.

But this year something changed.

Some jacarandas began blooming in early January, when they normally awaken in spring. The early onset bloom has set off alarm bells among residents and scientists in Mexico City, where the trees have become an iconic, photogenic mainstay of city streets.

Local scientists have begun investigating how widespread the early-bloom phenomenon is, but they point to climate change as the first culprit.

“We’ve always seen the jacaranda beginning to bloom towards the end of March, in spring, when we see the flowers change to violet,” said Constantino Gonzalez, a researcher at the Institute of Atmospheric Sciences and Climate Change Research at the National Autonomous University of Mexico (UNAM).

“They are starting to flower in January, February, which is winter, when it is not yet their time,” said the biologist of 48 years.

Mr. Gonzalez explained that in order to draw a correlation between climate change and the early flowering of jacarandas his team needs a representative sample and compare blooms year to year. To do this, he has started to lead a group of young people who are collecting data throughout the city and using satellite imagery.

He noted rising temperatures caused winter in the Mexican capital to end early this year, in mid-January, instead of late March when it is supposed to end.

ADAPTATION
Enthralled by the Japanese cherry trees that cover Washington, D.C. in pink and white every spring, Mexican President Pascual Ortiz (1930-1932) set out to replicate the same landscape in his nation’s capital.

But Tatsugoro Matsumoto, a Japanese landscape architect who settled in Mexico in the late 19th century, told him they would not survive the city’s temperate climate for long, so he advocated for jacarandas, a tropical tree he had learnt about during a brief stay in Peru.

Since then, the tree has become a staple for Mexico City’s nine million inhabitants.

In January alarm spread when users on social networks started to publish photos of flowering jacarandas and began to wonder about the effects of climate change.

“Like never before (…) people have started to say ‘this is serious, it’s real’ and it’s no longer just a polar bear floating adrift’,” said Cristina Ayala, biologist and doctor in Sustainability Sciences.

“It is very good that people are beginning to become aware of what climate change is going to bring to us as urbanites,” she added.

Although they are not native to Mexico, for Ms. Ayala, jacarandas fulfill an important function for the city. They attract more hummingbirds and bees than many native trees, so a change in flowering could lead to a decrease in these populations.

“One would like the jacarandas to bloom all year round, they brighten the city,” said Alex Estrada, a resident of the Mexican capital, while observing a tree that was beginning to turn purple. “But something is not right here: jacarandas in winter?” he wondered. — Reuters

Meta to set up team to counter disinformation, AI abuse in EU elections

DESIGN.FACEBOOK.COM

BRUSSELS — Facebook owner Meta will set up a team to tackle disinformation and the abuse of generative artificial intelligence in the run-up to European Parliament elections in June amid concerns about election interference and misleading AI-generated content.

The rapid growth of generative artificial intelligence (AI), which can create text, images and video in seconds in response to prompts, has triggered fears that the new technology could be used to disrupt major elections across the world this year.

European Parliament elections will take place June 6-9. Its 720 lawmakers, together with European Union (EU) governments, pass new EU policies and laws. “As the election approaches, we’ll activate an Elections Operations Center to identify potential threats and put mitigations in place in real time,” Marco Pancini, Meta’s head of EU affairs, said in a blogpost.

He said experts from the company’s intelligence, data science, engineering, research, operations, content policy and legal teams will focus on combating misinformation, tackling influence operations and counter the risks related to the abuse of generative AI.

Meta, which currently works with 26 independent fact-checking organizations across the European Union covering 22 languages, will add three new partners in Bulgaria, France, and Slovakia, Pancini said.

Meta, Microsoft, OpenAI and 17 other tech companies earlier this month agreed to work together to prevent deceptive artificial-intelligence content from interfering with elections across the globe this year. — Reuters

Good sex is secret to Joe Biden’s long marriage, new book on first lady says

US first lady Jill Biden —FLICKR.COM/ US DOD

WASHINGTON — President Joseph R. Biden has joked to aides that the key to a long and lasting marriage is “good sex,” according to a new book about first lady Jill Biden that casts a spotlight on their 47-year romance.

American Woman – The Transformation of the Modern First Lady, from Hillary Clinton to Jill Biden, was authored by New York Times White House correspondent Katie Rogers and comes out this week.

The part about sex takes up only a few paragraphs in the 276-page book but has already generated headlines.

Ms. Rogers writes that Mr. Biden opted against running for president in 2004, a decision punctuated to aides when Jill Biden entered the room wearing a halter top with the word “NO” scrawled on her stomach.

Joe Biden, now 81, told a group of supporters that year that he had little interest in running for president. “I’d rather be at home making love to my wife while my children are asleep,” he said.

The comment drew a shrug from a spokesperson at the time who said then-Senator Biden was “frankly totally in love with his wife,” Mr. Rogers writes.

“Joe may have tamped down on his public bedroom declarations (in) winning the presidency, but he has joked to aides that ‘good sex’ is the key to a lasting and happy marriage, much to his wife’s chagrin,” according to Ms. Rogers.

The book describes the anguish Joe Biden experienced when his first wife, Neilia, died in a 1972 car crash along with their daughter Naomi.

He and Jill married in 1977, but it took five proposals from Biden to get Jill to agree.

“I’ve been as patient as I know how to be, but this has got my Irish up. Either you decide to marry me or that’s it — I’m out. I’m not asking again,” Mr. Biden said on the fifth try, Ms. Rogers writes. — Reuters

Qatar plans new gas output boost amid global price collapse

Model of LNG tanker is seen in front of Qatar's flag in this illustration taken May 19, 2022. -- REUTERS/Dado Ruvic/File Photo

DOHA – Qatar will raise natural gas production despite a recent steep drop in global prices, in a long-term bet on rising demand for the less polluting fuel in Europe and Asia.

QatarEnergy chief Saad al-Kaabi said on Sunday a new expansion of its liquefied natural gas (LNG) production will add 16 million metric tons per year to its expansion plans, bringing total capacity to 142 million tons per year (tpy).

The Qatari announcement comes as Asian LNG prices have recently collapsed to a nearly three-year low as higher-than-usual temperatures during the Northern Hemisphere winter have slashed demand. LNG is gas that is super-cooled to a liquid, which reduces its volume to allow for transport by ship.

Asian and European gas prices surged to a record in 2022 following Russia’s invasion of Ukraine and the subsequent cutoff of Russian gas supplies to Europe.

Amid the price surge, U.S. gas suppliers filled the supply vacuum, establishing themselves as the world’s biggest LNG exporter in 2023, surpassing Qatar, though Qatari supplies also helped to replace the volumes.

The Qatari announcement also follows a decision from U.S. President Joe Biden to pause approvals for applications for new LNG export terminals for environmental reviews, prompting warnings from gas importers that the move would compromise future energy security worldwide.

In the announcement, Kaabi said Asian gas markets would continue to grow and Europe would still need more gas for the foreseeable future.

“We still think there’s a big future for gas for at least 50 years forward and whenever we can technically do more, we’ll do more,” he said at a news conference in Doha.

“We see that Europe is going to need gas for a very, very long time. But the growth in Asia is definitely going to be bigger than the growth in Europe, basically driven by population growth.”

With this added boost, output from Qatar’s North Field will rise from 77 million tpy of LNG currently to 142 million tpy by 2030, an 85% increase in production.

Even as prices have dropped, major gas producers such as the U.S., Australia and Russia are seeking to increase output, betting on further demand growth and to profit from their gas supplies amid worries that it might not be needed decades from now if the energy transition makes green energy cheaper.

This latest expansion may not be the last for Qatar as Kaabi said appraisals of its gas reservoirs would continue and production would be further expanded if there is a market need.

BEARISH CYCLE

Analysts at Goldman Sachs said in a note on Sunday the Qatari expansion will extend the “bearish cycle” they see for LNG markets for the second half of this decade.

New global capacity expected to come by the end of the decade is equal to half of the global LNG supply in 2023, they said.

The “oversupply will in our view lead to increasing risks, especially from 2026, when we expect the Qatari expansion to start to come online, that global gas prices decline to supply cash costs, potentially leading to the cancellation of U.S. LNG exports, much like in 2020,” they said.

But, they said, Qatar benefits from the expansion announcement since it is a low-cost LNG supplier and it adds to the image of Qatar as a dependable supplier, especially after the U.S. pause was announced.

State-owned QatarEnergy has already signed some supply deals with European and Asian partners for the North Field expansion project, which was expected – prior to Sunday’s announcement – to begin producing 126 million tpy of LNG per annum by 2027, from the current 77 million tpy.

Exploration activities in the west of the North Field prompted the company’s decision to expand further.

Kaabi did not give a cost for the project but said it would be in the billions of dollars.

“We will start preliminary engineering studies for the project and then at the right time we will announce how much is the cost when the project is settled.”

In December, Kaabi told Reuters that QatarEnergy had been drilling wells to assess expansion opportunities beyond the North Field East and North Field South phases.

This latest expansion will require the construction of two LNG trains, in addition to six already underway for the earlier expansions.

On partnerships for the new trains, Kaabi said QatarEnergy will go ahead and begin the engineering phase of this project on its own without seeking partners and then take a decision on partnerships later.

The North Field is part of the world’s largest gas field which Qatar shares with Iran, which calls its share South Pars. — Reuters

‘Not in dreamland’: WTO aims for modest outcomes at Abu Dhabi meeting

REUTERS

ABU DHABI – Trade ministers from nearly every country in the world gather in Abu Dhabi on Monday for a World Trade Organization meeting that aims to set new global commerce rules, but even its ambitious chief Ngozi Okonjo-Iweala has sought to curb expectations.

The almost 30-year-old global watchdog, whose rules underpin 75% of global commerce, tries to strike deals by consensus, but such efforts are becoming more and more difficult as signs grow that the global economy is fragmenting into separate blocs.

“Politically it’s quite a tough time,” Ngozi Okonjo-Iweala told reporters before the meeting, referring to wars, tensions and upcoming elections. “(But) I’m hopeful we will still be able to pull out some of the deliverables.”

While a deal among some 160 ministers on getting important internal reforms is plagued with obstacles, negotiators are still hoping for an agreement that could buoy global fish stocks and protect fishermen by banning government subsidies.

“We are not in dreamland here. International cooperation is in bad shape. Real success would be fish, plus two or three things,” one trade delegate told Reuters.

Other outcomes from the four-day meeting that are either definite or achievable are the accession of two new members – Comoros and East Timor – and a deal among some 120 countries to remove development-hampering investment barriers.

Tougher areas are extending a 25-year moratorium on applying tariffs on digital trade, which South Africa and India oppose, and an agreement on agriculture trade rules that has eluded negotiators for decades.

FUTURE RELEVANCE

Thani Al Zeyoudi, UAE trade minister and conference chair, said that trade and sustainability would be on the agenda as part of an effort to ensure the body’s future relevance.

“The next generation will not have the same trade ecosystem that we have nowadays and we don’t want the organisation to be outdated when the next generation is running the trade dossier,” he told Reuters.

One factor that could help is the determination of Okonjo-Iweala, a former Nigerian finance minister, whose insistence on all-night meetings helped deliver a package of deals in Geneva in 2022.

“What makes me a bit more optimistic than others at this point is that the director-general is a very proactive person and is prepared to push ministers. Also, the UAE trade minister is very results-orientated,” said Alan Yanovich, partner at law firm Akin Gump Strauss.

John Denton, International Chamber of Commerce Secretary General, said even a modest outcome such as a forward-looking ministerial statement that showed common purpose among governments would be worth taking.

“The WTO is a public good ultimately, and our view is that there is a major cost to the real economy from any erosion of that system,” he said. — Reuters

PLDT Enterprise empowers SMEs towards long-term growth with tailored solutions

PLDT, Smart, and TikTok Philippines discussed how technology can empower local SMEs under its eBiz Bazaar and SMBiz programs.

As a beacon of digital progress in the Philippines, PLDT Enterprise remains committed in promoting digital innovation and inclusion for businesses nationwide, especially for small and medium-sized enterprises (SMEs).

Euan Toralballa, Head of Small and Micro Business at PLDT Enterprise, remarked, “At PLDT Enterprise, we don’t just see ourselves as service providers but as Visionaries. Our commitment to digital innovation and inclusion represents a fundamental shift in how we empower our stakeholders, particularly SMEs, in this rapidly evolving digital landscape.”

Furthermore, Toralballa emphasized, “Our role in this digitalization journey is to ensure that every Filipino, regardless of their economic status, has access to the digital world. This aligns perfectly with our goal of facilitating greater participation in e-commerce and ensuring collective progress.”

Catering to the Small and Medium-Sized Enterprises: Sulong, SME!

To further support SMEs in their digital transformation journey, PLDT Enterprise enables these businesses to achieve long-term growth with tailor-fit solutions fit for their needs through its “Sulong, SME!” campaign.

The campaign aims to help these businesses move forward in their digital transformation journey, enjoying smooth and fast surfing for their business anytime, anywhere with solutions such as BEYOND FIBER, Enterprise Broadband Plans, and Smart Enterprise Postpaid.

Road to a Digital Nation

Dedicated to enabling businesses digitally, PLDT, through its corporate arm, PLDT Enterprise, supported Cashless Expo 2023 to help advocate financial innovation for businesses.

The Cashless Expo 2023, a landmark event organized by GoDigital Pilipinas (GDP), showcased a wide array of digital financial services, payment solutions, and contactless innovations for consumers and SMEs, driving them towards the new era of digital economy.

The event was a collective effort with key government bodies like the Department of Trade and Industry, the Bangko Sentral ng Pilipinas, and the Department of Agriculture.

During the event, PLDT Enterprise shared its strategies on empowering SMEs and transforming small businesses to adapt to the digital realm. Acknowledging that internet penetration has already reached 73% in the Philippines at the start of 2023, according to Manila Bulletin’s Digital 2023, PLDT Enterprise has taken advantage of the new era of omnichannel sales, boosting and supporting SMEs to the maximum this past year.

Included in the overall SME Revival plan were the following steps presented during the program: Improvement of Business Climate, Access to Finance, Access to Management and Labor, Access to Market, and Access to Technology and Innovation.

PLDT Enterprise’s implementation of these steps has been fast-tracked with many milestones already achieved in the past year. For example, PLDT, Smart, and TikTok PH recently collaborated to promote digital upskilling among local farmers and SMEs as they joined the 6th Bicol Agri Summit.

Highlighting the vital role of technology in empowering Filipino SMEs, the PLDT Group also showcased its ‘eBiznovation’ initiative, a digital upskilling-to-e-commerce program that aims to provide local entrepreneurs, including those in the agricultural and fishery sector, with the right digital tools to help them grow their businesses online. PLDT and Smart also promoted the homegrown ‘Buy Local Bazaar’ program, which educates local SMEs to boost their income and increase their market reach by putting them on e-commerce platforms such as TikTok Shop.

PLDT Enterprise also recently joined the Provincial Government of Laguna, Laguna Chamber of Commerce and Industry, Inc.-LCCI, the Department of Trade and Industry Provincial Office of Laguna, and Enchanted Kingdom in the first-ever province-wide summit for SMEs. This platform has enabled attendees and partners to collaborate and gain access to learning opportunities on market reach, e-commerce, and financial technology.

The PLDT Group also showcased its ‘eBiz Buy Local Bazaar’ on TikTok Shop, a digital upskilling-to-e-commerce program designed to equip local business owners with the right digital tools to enhance their online business expansion.

Parallel to these efforts, PLDT Enterprise has also empowered the Transport Sector at the Bicol Cooperative Congress, introducing the Automated Fare Collection System.

“We, at PLDT and Smart, are committed to helping bridge the digital divide for farmers and SMEs. Through our capacity-building programs and connectivity packages and solutions, we aim to empower them to maximize the potential of technology and grow their businesses online,” said Kristine Magadia, Stakeholder Management Lead for Livelihood and Food Security at PLDT and Smart, during the Cashless Expo.

Uplifting Lives through Digital Adoption

PLDT’s recent involvement in the Cashless Expo is a testament to its commitment to the GDP movement and the Presidential Private Sector Advisory Council’s initiatives. This commitment is also reflected in PLDT’s multi-year transformation plan, focusing on elevating customer experiences and uplifting lives through digital adoption.

Included in this mission of PLDT is, of course, its choice of partners, who share the same vision and values. One such partnership is with the country’s no. 1 digital bank, Maya. The collaboration between PLDT Enterprise and Maya symbolizes a significant step towards a more digitally inclusive society. Their joint venture is not just a business alignment but a fusion of mutual goals and aspirations.

This synergy was prominently showcased at the Cashless Expo, where both Maya and PLDT Enterprise demonstrated their commitment to advancing digital finance and enhancing customer experiences. At this event, the two brands united their message: Embracing digital technology is key to fostering progress and accessibility in today’s fast-paced world. This partnership serves as a beacon of innovation, showcasing how collaborative efforts can lead to greater digital empowerment and societal upliftment.

PLDT Enterprise and Maya led the charge in championing the government’s push for greater financial services adoption as proud co-presenters of the pioneering Cashless Expo 2023, which was organized by GDP.

Underlining Maya’s active participation in the Expo and its dedication to advancing financial services adoption, Shailesh Baidwan, President of the Maya Group and Co-Founder of Maya Bank, stated, “Our goal is to catalyze the widespread adoption of digital transactions, thereby enabling more Filipinos to access advanced banking services like savings and credit.”

PLDT’s support for the GDP movement and the PSAC aligns with its aspirational transformation, focusing on elevating customer experience. This commitment dovetails with the PLDT Group’s goal to uplift Filipinos’ lives through digital services, ensuring the highest quality of internet and connectivity service for all.

In conclusion, PLDT Enterprise’s participation in the Cashless Expo 2023 is a bold step towards a digitally inclusive Philippines. Through such initiatives, PLDT continues to pave the way for a future where digital innovation is not just a concept but a reality accessible to every Filipino.

 

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Feast of flavors: 16th Philippine Food Expo returns this April 2024

The biggest and most comprehensive Filipino food and beverage show is back and is now all set to take place annually, making every year a delectable opportunity to showcase the best of locally-sourced fresh and processed produce.

Taking place on April 12-14, 2024, the 16th Philippine Food Expo is gathering over 300 food and beverage exhibitors to consist the Exporters, Retailers, Equipment, and Franchisors Pavilions at the World Trade Center Metro Manila, actively stepping up to meet the growing demands and emerging trends in the agri-food sector.

Organized by the Philippine Food Processors and Exporters Organization (Philfoodex), Inc., the 3-day event promises a thriving platform for information exchange, market opportunities, and the latest in the food and beverage market trends.

Suppliers, manufacturers and buyers from the food & beverage industry will do well to participate and attend in the exhibition that has assisted micro, small and large-scale food processors, exporters and allied industry players in the country through incomparable sales generation, networking opportunities, and brand recognition.

Proud to be Pinoy, the expo remains to be a flourishing meeting point for the B2B marketplace, supporting local growers and entrepreneurs in the F&B industry by allowing them to showcase their products and produce in a unique gastronomic event expected to be attended by over 20,000 local and foreign trade buyers, consumers, and visitors.

This year, the Philippine Food Expo continues its remarkable endeavor to bridge ties across the archipelago, partnering with the Department of Agriculture (DA) to bring 15 Regional participants and promote the nationwide Young Farmers Challenge and Kadiwa Center programs. The Department of Agriculture’s annual Filipino Food Month is also set to coincide with the expo which will serve as its media launch platform, enforcing DA Secretary Francis Tiu Laurel, Jr.’s mandate of increased productivity and modernized agriculture.

Elevating the 3-day exhibition experience, an engaging series of technical and business sessions, fiery Culinary Challenge competitions, and entertaining cooking demos and workshops from renowned chefs also await all visitors from the everyday Filipino consumer, members of the academe, to international traders and importers of food products.

Co-presented by the Department of Agriculture and in cooperation with the Department of Trade & Industry, the Philippine Exporters Confederation, Inc. and Union Bank of the Philippines, the 16th Philippine Food Expo continues to be a must-visit, delectable event for all, so mark your calendars as Pre-Registration opens this Feb. 26. Avail a 20% discount when you sign-up by March 22, 2024.

Walk-ins will also be welcomed as exhibition halls open on April 12, 9 a.m. to 7 p.m. and on April 13-14, 10 a.m. to 7 p.m.

The 16th Philippine Food Expo is supported by the Philippine Amalgamated Supermarkets Association, Inc. (PAGASA), Hotel and Restaurant Chefs’ Association of the Philippines (HRCAP),  The Council of Hotel and Restaurant Educators of the Philippines (COHREP), Hotel and Restaurant Association of the Philippines (HRAP), Philippine Association of Food Technologists, Inc. (PAFT,Inc.), and the Philippine Tour Operators Association (PHILTOA); and is in partnership with the University of Santo Tomas, College of Tourism and Hotel Management, Merit Stainless Steel, Everest Appliances, and Waters Philippines.

Official Media Partners include the Inquirer Group of Companies, Philippine Daily Inquirer, Inquirer.net, Megamobile, BusinessWorld, Chinese Commercial News, Business Mirror, Pilipino Mirror, Philippine Graphic, SunStar Cebu, Exhibits Today, Digiboards, Inc., WhenInManila.com, Village Pipol Magazine, and DiscoverMNL.

For event updates, follow #PhilFoodExpo2024 on Facebook and Instagram. To participate as an exhibitor or for any event inquiries, contact the official event manager at info@eventsbycut.com / cut.eventsph@gmail.com or through direct lines 8363-5192 / 8363-4900 / 8362-2266.

 

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Gov’t raises P585B from RTB offering

REUTERS

THE GOVERNMENT raised a record P584.86 billion from its offering of five-year retail Treasury bonds (RTBs), exceeding the Bureau of the Treasury’s (BTr) target.

The final amount raised was above the P400-billion target mentioned by BTr Officer-in-Charge Sharon P. Almanza during the Feb. 13 rate-setting auction.

The government initially raised P212.719 billion through the RTB 30 during the rate-setting auction.

The BTr raised an additional P372.14 billion during the nine-day public offer period. Of this amount, the government raised P243.45 billion from the bond switch program, while P128.69 billion came from “new money.”

Under the bond exchange program, holders of RTB 03-11, maturing on March 9, 2024, and RTB 05-12, maturing on March 12, 2024, could swap their maturing bonds for the new RTBs.

The five-year RTBs fetched a coupon rate of 6.25%, 12.5 basis points (bps) higher than the 6.125% quoted for the five-and-a-half-year RTBs offered in February 2023, but was lower than the government’s expectations.

“Proceeds from the RTB 30 issuance will be directed towards much needed funding support for the Republic’s various programs under the agriculture, infrastructure, education, and healthcare sectors, among others,” it said.

The RTBs’ maturity date is on Feb. 28, 2029.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort noted in a Viber message that the amount raised from RTB 30 was still lower than the maturing RTBs in March worth P700 billion.

“The amount, which may include the exchange program would siphon off some of the excess peso liquidity in the financial system and add to the supply of government securities in the market for the meantime,” he said.

“The RTB issuance could also lead to some foreign investments, with US dollar inflows that could have partly supported the peso exchange rate recently.”

The RTB 30 was sold in minimum denominations of P5,000 and in multiples of P5,000 thereafter, with a maximum investment amount of P500,000, while each exchange offer will have a minimum amount of P5,000 in multiples of P0.01.

“The RTBs have allowed the investing public/individuals/households to invest a minimum of P5,000 with a relatively higher coupon of 6.25%, thereby encouraging savings/investments, while help in financing the various government infrastructure and other priority spending/projects/programs such as education, nutrition, healthcare, among others,” Mr. Ricafort said.

RTBs were available through over-the-counter placement in bank branches and digital channels such as the BTr Online Ordering Facility, the Bonds.PH mobile app, the Overseas Filipino Bank mobile banking app, and the Land Bank of the Philippines (LANDBANK) mobile banking app.

The joint lead issue managers for the RTB 30 were the Development Bank of the Philippines and LANDBANK, while BDO Capital & Investment Corp., BPI Capital Corp, China Bank Capital Corp., First Metro Investment Corp., PNB Capital and Investment Corp., and Union Bank of the Philippines, Inc. were the Joint Issue Managers.

The RTBs target small investors who want low-risk, higher-yielding savings instruments backed by the National Government.

The government’s borrowing program for this year is set at P2.4 trillion, with P1.85 trillion to be raised from the domestic market and P606.85 billion from foreign sources.

These borrowings are meant to help fund the government’s budget deficit, which is capped at 5.1% of gross domestic product this year or P1.39 trillion. — A.M.C.Sy

Philippines urged to strengthen its measures against money laundering, terrorism financing

THE LOGO of the Financial Action Task Force (FATF) is seen at the OECD headquarters in Paris, France, Oct. 18, 2019. — REUTERS

THE Philippines needs to strengthen its anti-money laundering (AML) and combating financing of terrorism (CFT) regime, as it again failed to exit the “gray list” of the Financial Action Task Force (FATF).

Based on its February update released on Saturday morning, the FATF said that even if the Philippines has taken steps in improving its AML/CFT regime, the country should continue implementing action plans to address strategic deficiencies.

This includes effective risk-based supervision of designated nonfinancial businesses and professions (DNFBPs) and implementation of controls to mitigate risks linked to casino junket operations.

“The FATF urges the Philippines to swiftly implement its action plan to address the above-mentioned strategic deficiencies as soon as possible as all deadlines expired in January 2023,” the FATF said.

In a statement following the release of the FATF February update, the Anti-Money Laundering Council (AMLC) said the FATF does not call for enhanced due diligence measures against countries in the gray list.

“In the case of the Philippines, while still in the gray list, FATF’s latest recognition of the country’s progress in accomplishing the recommended action plans sends a positive signal to the international community on the country’s commitment to enhance its AML/CFT regime,” it said.

AMLC Secretariat Executive Director Matthew M. David said the improvements in the AML/CFT regime of the Philippines reflects the government’s efforts in curbing terrorism and incidents related to terrorism financing.

Still, the AMLC said the Philippines needs to strengthen supervision on DNFBPs, casino junkets, beneficial ownership information, money laundering and terrorism financing prosecution, and cross border declaration measures.

The support and compliance of the private sector is also crucial in strengthening the country’s AML/CFT regime, the AMLC said.

“This includes registration of DNFBPs with the AMLC, increased compliance with AML/CFT obligations, including filing of covered and suspicious transaction reports,” the dirty money watchdog said.

Companies should also submit beneficial ownership declarations with the Securities and Exchange Commission (SEC), it added.

In January, President Ferdinand R. Marcos, Jr. directed all concerned government agencies to complete their respective deliverables within 2024 to hasten the country’s exit from the gray list.

All the deliverables are in the government’s National Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing Strategy 2023-2027.

“As we continue following the marching orders set by the President, a whole-of-nation approach remains vital moving forward. We are happy that the collaborative effort among agencies in addressing areas for improvement as suggested by the FATF has been cited,” Mr. David said.

He said the government is committed to strengthening its fight against financial crimes.

The FATF is a Paris-based inter-governmental body that was established in 1989. It sets global standards against money laundering and terrorist financing.

The gray list, or jurisdictions under increased monitoring, is a list of countries which are actively working with the FATF to improve their AML/CFT regimes.

As of February 2024, there are 21 countries in the list, including the Philippines. Barbados, Gibraltar, Uganda, and the United Arab Emirates were removed from the gray list and are no longer subjected to increased monitoring by the FATF.

Democratic People’s Republic of Korea, Iran, and Myanmar are in the FATF blacklist. These are high-risk jurisdictions subject to an FATF call on its members and other jurisdictions to apply countermeasures or enhanced due diligence measures. — Keisha B. Ta-asan

PHL needs to grow by at least 8% to reduce poverty

THE PHILIPPINES’ poverty incidence slipped to 22.4% in the first half of 2023 from 23.7% two years earlier, data from the statistics agency showed. — PHILIPPINE STAR/MIGUEL DE GUZMAN

THE Philippine economy should grow by 8% or more annually to bring down the poverty incidence rate, which is currently the highest in the region, an economist said.

However, significant and rapid economic growth rates in the last four decades have not been accompanied by large reductions in poverty, another analyst said.

Bernardo M. Villegas, an economist from the University of Asia and the Pacific, said the Philippines’ 6-7% annual growth rate is not enough to bring down the poverty incidence to single digit.

“A 6-7% growth, no matter if it’s one of the highest in the region, will not bring down our poverty incidence to single digit. We have to grow at least 8% or higher,” he said during a BusinessWorld Insights webinar on Thursday.

Latest data from the Philippine Statistics Authority (PSA) showed that the Philippines’ poverty incidence, or the proportion of poor Filipinos whose per capita income is not sufficient to meet their basic food and nonfood needs, decreased to 22.4% in the first half of 2023 from 23.7% two years earlier.

This was equivalent to 25.24 million poor Filipinos in 2023, lower than 26.137 million two years earlier.

To grow by 8% or higher, the Philippine government needs to boost productivity in the agriculture sector, which should expand by at least 3% annually over the next five years.

Based on PSA data, the Philippine economy grew by 5.6% in 2023, slower than the 7.6% growth in 2022. The agriculture, forestry and fishing sector posted growth of 1.2%, better than 0.5% in 2022.

Mr. Villegas said the government needs to attract more foreign direct investments to ensure long-term capital that is needed for at least 8% annual growth.

“Our investment-to-GDP ratio is still at a low of 22% and we must be able to increase that. It is quite clear that it will not come from local sources because we are highly indebted and our savings rate is also one of the lowest in this region,” he said.

Latest central bank data showed net inflows of FDIs into the Philippines rose by 27.8% to $1.048 billion in November 2023 from $820 million in the same month in 2022. This was the highest monthly FDI net inflow recorded since $2.662 billion in December 2021.

For the first 11 months of 2023, FDI net inflows went down by 13.3% to $7.58 billion from $8.74 billion in the comparable year-ago period. The BSP expects to record FDI net inflows of $8 billion at end-2023 and $10 billion at end-2024.

“We have to make sure that every year until the end of the present administration, we get an average of $15-20 billion worth of FDIs and that is not difficult to attain,” Mr. Villegas said, citing the Maharlika Investment Fund and an amended law for public-private partnerships.

The Marcos administration should also enhance its governance and boost the business environment in the Philippines, Mr. Villegas said.

“Oftentimes when I talk to foreign investors, the word is the left hand of the government does not know what the right hand is doing. That there is no coordination and sometimes even policies go against one another,” he said.

“So, if the present administration is able to improve business sentiment, fight against corruption, enhance agriculture productivity, and attract more foreign investments, we can bring down poverty incidence to single digit.”

Meanwhile, Jose Enrique “Sonny” A. Africa, executive director of think tank IBON Foundation, said a decrease in official poverty statistics was mostly due to changes in methodology rather than improvements in the income of the poorest households.

“For instance, changes in methodology in 2000 and 2009 in effect reduced poverty incidence by 6.5 and 6.1 percentage points, respectively,” he said. “Some portion of the gains from economic growth probably trickled down but definitely much less than official poverty figures would indicate.”

Mr. Africa also said that the recent decline in poverty incidence could be attributed to the short-term income boost that was provided by the Pantawid Pamilyang Pilipino Program, and not the creation of enough quality jobs.

“To be blunt — it is completely wrong to fixate on economic growth as if this headline statistic is what will reduce poverty incidence,” Mr. Africa said.

“The more important metrics to look at for really broad-based, equitable and sustainable development are more productive agriculture, more extensive Filipino industrialization, and more extensive publicly provided social services and social protection,” he said.

Foreign industrial firms that operate as low value-added links of global value chains in export territories is not industrialization, he said.

“The structural reason for chronic poverty is that decades of reckless globalization have caused manufacturing to fall to its smallest share of the economy in 75 years, and agriculture to its smallest in history,” he said.

“This is because narrow-minded neoliberal thinking has wrongly dismissed the critical importance of responsible state intervention to develop the economy and reduce poverty.”

Mr. Africa said the government should address inequality to help reduce poverty. This includes wage increases to redistribute a portion of profits to workers, or a wealth tax for billionaires to expand social services. — Keisha B. Ta-asan

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