Home Blog Page 3448

‘Staunch’ friend of Taiwan’s to become top US diplomat in Taipei, sources say

WINSTON CHEN-UNSPLASH

 – A staunch friend of Taiwan’s will this summer take over as the top US diplomat in Taipei, three sources briefed on the matter said, roughly coinciding with the island’s new president taking office at a time of rising tensions with China.

Like most nations, the United States has no formal diplomatic ties with Chinese-claimed Taiwan, but is its most important international backer and arms supplier, to Beijing’s anger. China has ramped up political and military pressure against Taiwan.

The sources, who spoke on condition of anonymity as they were not authorized to speak to the media, told Reuters that Raymond Greene, currently deputy chief of mission at the US embassy in Tokyo, will replace Sandra Oudkirk as director of the American Institute in Taiwan, or AIT.

AIT handles relations between the United States and Taiwan in the absence of official relations. Career diplomat Greene, who was deputy head of AIT before going to Japan, will be the de facto U.S. ambassador in Taipei.

AIT referred questions to the US State Department, which did not respond to a request for comment.

“Greene is viewed here as a staunch friend of Taiwan’s and knows Taiwan well,” one of the sources said.

A second source said Greene, who speaks both Japanese and Mandarin, would also be able to serve as a useful conduit between Taiwan and Japan, given Tokyo’s concerns about possible Chinese military action against the island.

Greene will be assuming his new role as Taiwan’s new president, Lai Ching-te, takes charge. Lai, who won election in January but is not inaugurated until May 20, is detested by China which views him as a dangerous separatist and has rebuffed his offers of talks.

Lai says only Taiwan’s people can decide their future, and rejects Beijing’s sovereignty claims.

It was not clear exactly when Greene would take up his role, but the sources said it would be this summer when Oudkirk’s term is up. She took the role in July 2021.

Greene was previously the U.S. consul general in the southwestern Chinese city of Chengdu and Japan’s Okinawa, home to a US military base that lies not far from Taiwan.

In 2021, shortly before moving from Taipei to Tokyo, Greene said in a speech that when he first worked in Taiwan two decades ago, everything AIT did related back to cross-Taiwan Strait issues and how Taiwan fit into the US-China relationship.

But over the preceding three years, efforts had been overwhelmingly focused on deepening ties and working together to help other countries develop their economies and democratic institutions, he said.

“The United States no longer sees Taiwan as a ‘problem’ in our relations with China, we see it as an opportunity to advance our shared vision for a free and open Indo-Pacific and also as a beacon to peoples around the world who aspire for a more just, safe, prosperous, and democratic world,” added Greene.

China considers Taiwan the most sensitive and important topic in its relations with the United States.

The United States holds its presidential election in November, in what could be another uncertain factor for US-Taiwan relations, though Taiwan’s foreign ministry said last week it believed US support would remain unchanged no matter who won. – Reuters

 

Apple services restored after brief outages globally

UNSPLASH

Issues with Apple services including its App Store, video and music streaming platforms Apple TV+ and Apple Music, were resolved after outages that affected users across multiple regions, the company’s website showed.

Issues were also reported on Apple’s fitness service Apple Fitness+, as well as Arcade, Audiobooks, Books and Podcasts, according to Apple’s system status pages for several countries reviewed by Reuters.

Apple services were down for users in countries including the United States, Britain, India, China and Australia. The outage began at about 2213 GMT on Wednesday and lasted for more than an hour, the status pages showed.

More than 6,400 users flagged issues they faced while using the App Store, and both Apple TV+ and Apple Music had over 1,000 reports at the peak of the outage in the United States, according to Downdetector, which tracks outages by collating status reports from several sources, including users.

Apple did not respond to a Reuters request for comment on the cause of the outages. – Reuters

Meta’s WhatsApp back up after global outage

UNSPLASH

Meta Platforms-owned WhatsApp was back up on Wednesday after an hours-long outage at the smartphone messaging app disrupted services for thousands of people globally.

WhatsApp said in a post on the social media platform X that the issues had been resolved.

At its peak, the outage impacted more than 24,000 WhatsApp users in the United States, while Instagram users also reported over 5,000 outages, Downdetector data showed.

Around 1,000 people were still facing issues with Instagram in the United States, per Downdetector, which tracks outages by collating status reports from a number of sources including user-submitted errors on its platform.

The WhatsApp outage had impacted thousands of users in India, the United Kingdom and Brazil, per Downdetector data.

Meta did not immediately respond to a Reuters request for comment.

Last month, hundreds of thousands of users of the social media company’s Facebook and Instagram were impacted globally for more than two hours following an outage that was caused by a technical issue.

Meta has about 3.19 billion daily active users across its family of apps, which also includes Threads. – Reuters

Sanofi to settle 4,000 Zantac cancer lawsuits in US state courts

 – Sanofi has reached an agreement in principle to settle 4,000 US lawsuits linking the discontinued heartburn drug Zantac to cancer, the company said on Wednesday.

Sanofi did not disclose the financial terms of the deal. The agreement, which still needs to be finalized, will resolve most of the lawsuits against the French pharmaceutical company in US state courts, with the exception of Delaware where the majority of the cases are pending.

Sanofi did not admit any liability in the settlement, and said it is settling to avoid the expense and ongoing distraction of the litigation.

“Sanofi has vigorously defended the Zantac litigation since the outset and will continue to do so,” the company said in a statement.

Sanofi still faces about 20,000 lawsuits over Zantac in Delaware state court. A judge in Delaware Superior Court in Wilmington is weighing the fate of about 70,000 cases filed against Sanofi and other defendants, including GSK, Pfizer, and Boehringer Ingelheim.

GSK, Boehringer Ingelheim and Pfizer did not immediately respond to requests for comment.

Plaintiffs and defendants are awaiting a ruling from the judge on whether there is sufficient scientific evidence to support plaintiffs’ claims that Zantac causes cancer.

The drugmakers notched a significant win in 2022, when another judge dismissed about 50,000 lawsuits making similar claims that had been consolidated in federal court in Florida.

That judge concluded that the opinions of the plaintiffs’ expert witnesses that Zantac can cause cancer were not supported by sound science. Plaintiffs are appealing that ruling.

The drugmakers have maintained that there is no evidence Zantac exposed users to harmful levels of the carcinogenic chemical NDMA.

Jennifer Moore and Brent Wisner, who are the lead plaintiffs’ attorneys in the Delaware and California litigation, said on Wednesday that they were pleased that Sanofi had reached a settlement while litigation continues against other defendants.

“We are pushing forward aggressively against GSK and Boehringer Ingelheim and are preparing for multiple trials in California state court this year,” Ms. Moore said.

First approved in 1983, Zantac became the world’s best- selling medicine in 1988 and one of the first-ever drugs to top $1 billion in annual sales. Originally marketed by a forerunner of GSK, it was later sold successively to Pfizer, Boehringer and finally to Sanofi.

In 2019, some manufacturers and pharmacies halted Zantac sales after NDMA was detected in some pills. Some tests showed that Zantac’s active ingredient, ranitidine, could degrade into NDMA over time or when exposed to heat.

Lawsuits began piling up from people who said they developed cancer after taking Zantac. Plaintiffs said the companies knew, or should have known, that ranitidine posed a cancer risk and that they failed to warn consumers.

The US Food and Drug Administration asked manufacturers to pull the drug off the market in 2020.

Sanofi now sells Zantac360, a reformulated heartburn medicine whose active ingredient is famotidine. – Reuters

Google plans to charge for AI-powered search engine, FT reports

REUTERS

Alphabet’s Google is considering charging for premium features on its generative AIpowered search engine, the Financial Times reported on Wednesday, citing people familiar with the plan.

The tech giant is looking at a variety of options, including incorporating AI-powered search features to its premium subscription services, which already provide access to its new Gemini AI assistant in Gmail and Docs, the report said.

Alphabet’s shares dipped about 1% in extended trade.

The move would mark Google’s first time in putting any of its core products behind a paywall, as it seeks to gain ground in the fast-moving AI space. Its traditional search engine would remain free of charge and ads would continue to appear alongside search results even for subscribers, the report added.

“We’re not working on or considering an ad-free search experience. As we’ve done many times before, we’ll continue to build new premium capabilities and services to enhance our subscription offerings across Google,” the company told Reuters in an emailed statement.

Google, which invented the foundational technology for today’s AI boom, is also locked in battle with two industry players that have captured the business world’s attention – ChatGPT’s creator OpenAI and its backer Microsoft. – Reuters

Singlife Philippines secures P600-million funding to fuel innovation and growth

Singlife Philippines, a leading digital insurer, is pleased to announce that it has secured P600 million in funding from its parent and majority shareholder, Singapore Life Holdings Pte. Ltd. (Singlife or the Group). The capital injection is set to further support the company’s growth and innovation, particularly in the digital technology sphere.

Singlife Group recently became a wholly owned subsidiary of Sumitomo Life Insurance Company (Sumitomo Life). The Group is key to Sumitomo Life’s regional plans and has set its sights to become an integrated omnichannel financial services firm in the region with a focus on customer centricity.

“This funding underscores the strong confidence Singlife and other shareholders have in the vast potential of the Philippines market as well as Singlife Philippines’ focus on technological innovation, to disrupt how insurance is experienced and delivered,” Richard Vargo, chairman of Singlife Philippines, said.

He added, “This is in line with our larger group’s mission in pushing boundaries in the digital insurtech space.”

“This milestone propels and expands our capacity to introduce more cutting-edge digital insurance solutions, such as embedded and bundled insurance and enhancing our platform with AI capabilities. It’s a launchpad for aggressive market expansion and forging new strategic partnerships,” Sherie Ng, executive director of Singlife Philippines, said.

She added, “We are one step closer to our mission to democratise financial protection. With this support, we’re geared to continue our transformative journey, enriching customer value and driving sector-wide innovation and growth.”

The P600-million capital injection will fuel investments in:

  • Digital Platform: Leveraging AI to enhance our acclaimed platform, elevating efficiency and user personalization.
  • Product Innovation: Pioneering the market with disruptive offerings, adding on embedded and bundled programs.
  • Partnership Growth: Broadening our reach through innovative partnerships and collaborations. 

With nearly 1 million policies incepted, consistently high customer reviews and trust scores, Singlife Philippines is poised to amplify its impact in the market, offering pivotal insurance solutions that resonate with modern consumer needs — from income loss protection and medical coverage to investment solutions for critical life events. Its approach ensures affordability and accessibility, redefining how insurance supports everyday lives.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

Philippines lowers growth target for 2024, raises deficit ceilings

ECONOMY SECRETARY Arsenio M. Balisacan — PHILIPPINE STAR/KRIZ JOHN ROSALES

MANILA – The Philippines has lowered its target growth range for this year and also turned slightly less optimistic about next year’s outlook due to high inflation and an anticipated slowdown in the global economy, its economic planning minister said on Thursday.

The Philippines now expects the economy to grow between 6.0% and 7.0% in 2024, from a 6.5%-7.5% projection last December, with the target range for next year narrowed to 6.5%-7.5% from 6.5%-8%, Arsenio Balisacan told a media briefing.

The 6.5%-8.0% growth projections for 2026 to 2028 were kept unchanged.

The government also raised its budget deficit ceilings for 2024 to 2028 to allow for greater flexibility so it could fund its infrastructure programme.

Foreign exchange assumptions this year were narrowed to P55 to P57 against the dollar, but were kept at P55 to P58 against the greenback from 2025 to 2028.

Inflation targets were kept at 2% to 4% until 2028.

Next year, the government plans to propose to Congress a 7.5% increase in the national budget to P6.2 trillion ($109.91 billion) from this year’s P5.77 trillion. — Reuters

LT Group, Inc. to conduct 2024 Annual Stockholders’ Meeting on May 3 via remote communication

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

The new Changan CS15: Unveiling the ultimate subcompact SUV experience at an unbeatable price point

Changan Auto Philippines is thrilled to introduce the latest addition to its esteemed SUV lineup: the Changan CS15. Designed to meet the diverse needs of today’s car buyers, the CS15 combines practicality, versatility, and style, all at a remarkably competitive price point of only PHP799,000.

The CS15 emerges as the smartest choice in its segment, addressing the demands of modern Filipino drivers who seek both excitement and practicality in their daily commute. With its compact size ideal for urban driving and boasting class-leading features, the CS15 promises a driving experience that is both thrilling and dependable.

Changan has meticulously crafted the CS15 to cater to the varied preferences of car buyers. From the desire for an exhilarating driving experience to the need for connectivity and safety, the CS15 ticks all the boxes. With its advanced features and well-engineered design, Changan remains true to its commitment to “lasting safety,” providing drivers with not only a secure ride, but also peace of mind on the road.

Under the hood, the CS15 packs a punch with its 1.5-liter inline 4-cylinder engine paired with a 5-speed dual clutch transmission, delivering 105 horsepower and 145 Nm of torque. Whether cruising through city streets or embarking on out-of-town adventures, the CS15 offers a blend of efficiency and performance that exceeds expectations.

Inside the cabin, drivers are treated to a range of thoughtful features that prioritize comfort and convenience, including keyless entry, standard leather seats, and an infotainment system compatible with iOS and Android devices. Multi-function steering remote controls and automatic headlights with a follow-me-home function and height adjustment further enhance the driving experience, ensuring that every journey is as effortless as it is enjoyable.

Style takes center stage with the CS15, boasting eye-catching design elements that are sure to turn heads wherever it goes. Striking LED daytime running lights, a sleek sunroof, and stylish blacked-out taillamps contribute to the CS15’s distinctive look. The vehicle’s muscular haunches house large two-tone 17-inch wheels, while satin silver roof rails and a sleek shark fin antenna add a touch of sophistication to its profile.

For those with an adventurous spirit, the CS15 offers unmatched versatility and practicality. With ample headroom and legroom, along with a rear seat featuring 60/40 split folding capability, the CS15 easily accommodates large or bulky cargo. Standard roof rails make the CS15 car-camping ready, capable of accommodating an awning or roof rack for outdoor adventures. With a generous ground clearance of 190 mm, a tire pressure monitoring system, and rugged design elements, including large wheels and rocker panels, the CS15 is ready to tackle light floods or venture off the beaten path with ease.

When it comes to safety, the CS15 leaves no room for compromise. Equipped with disc brakes on all four wheels, Anti-lock Braking System (ABS) with Electronic Brakeforce Distribution (EBD) and Brake Assist, dual front and side air bags, child safety locks, and a suite of driver assistance features such as Hill-Hold Control (HHC) and tire pressure monitoring system, the CS15 ensures a secure and protected journey for all passengers. 

For a subcompact SUV packed with impressive features found in premium vehicles, the CS15 is difficult to resist at its price. It is undoubtedly the perfect choice for discerning car buyers seeking unparalleled value for money. Backed by Changan’s 5-year (or 150,000-km) warranty and a complimentary checkup within the first 5,000 km, the CS15 offers both peace of mind and exceptional ownership experience.

The CS15 will be available in the Philippines beginning April 2024 in an array of captivating colors including Flame Red, Aurora Blue, Blizzard White, Cosmic Silver, and Galaxy Black. 

Don’t miss the opportunity to experience the future of driving with the Changan CS15. Visit the Changan booth at the 2024 Manila International Auto Show (MIAS) from April 4 to 7, 2023, where the CS15 is available for test drives. Irresistible special offers are up for grabs exclusively for MIAS visitors. Those who will reserve the CS15 at the Auto Show will receive a PHP50,000 cash discount and a FREE 2-year Preventive Maintenance Service (PMS). In partnership with BPI, driving home a CS15 is made even easier with flexible payment terms, low down payment and low monthly payment options.

Visit www.changan.ph and follow Changan Auto Philippines on Facebook (@ChangaAutoPH) for more details. For media inquiries and more information, please contact Grace E. Roces, PR Director of Imagi Manila, at +63 917-848-9884 or via email grace.roces@imagimanila.com.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by publishing their stories on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.

Join us on Viber at https://bit.ly/3hv6bLA to get more updates and subscribe to BusinessWorld’s titles and get exclusive content through www.bworld-x.com.

NG debt hits record P15.18 trillion

A Philippines peso note is seen in this picture illustration on June 2, 2017. — REUTERS

By Luisa Maria Jacinta C. Jocson, Reporter

THE National Government’s (NG) outstanding debt hit a fresh high of P15.18 trillion as of end-February, the Bureau of the Treasury (BTr) reported.

Data from the BTr on Wednesday showed that the NG’s debt portfolio rose by 2.63% from the P14.79 trillion recorded as of end-January.

“The NG’s debt stock increased by P388.51 billion or 2.63% month over month which was primarily attributed to domestic debt issuances, though partially tempered by the effect of the stronger peso on foreign debt valuation,” the BTr said in a statement.

National Government outstanding debtYear on year, outstanding debt increased by 10.37% from P13.75 trillion in February 2023.

More than two-thirds or 69.68% of the NG’s debt came from domestic sources.

As of end-February, domestic debt went up by 4.08% to P10.58 trillion from P10.16 trillion in the previous month due to the net issuance of government securities.

It also jumped by 12.02% from P9.44 trillion in the same period a year ago.

“Meanwhile, peso appreciation trimmed P0.66 billion from domestic debt through downward revaluation of foreign currency denominated domestic debt,” the Treasury said.

Data from the BTr showed the peso finished at P56.174 versus the greenback at end-February, stronger than its P56.403 close at end-January.

Government securities made up almost the entire domestic debt in the first two months of 2024.

On the other hand, external debt dipped by 0.56% to P4.6 trillion from P4.63 trillion as of end-January.

“The decrease was attributed to favorable foreign exchange movements by both local and third currencies against the US dollar amounting to P18.79 billion and P9.96 billion, respectively. These more than offset the P2.75-billion net availment of foreign loans,” it said.

Year on year, foreign debt climbed by 6.76% from P4.31 trillion in the same two-month period in 2023.

Broken down, external debt was composed of P2.18 trillion in loans and P2.42 trillion in global bonds.

The NG’s guaranteed obligations edged lower by 1.07% to P344.93 billion as of end-February from P348.66 billion in the previous month.

Year on year, guaranteed obligations declined by 10.91% from P387.19 billion.

“The lower level of NG guarantees was due to the net repayment of external guarantees amounting to P3.23 billion as well as favorable foreign exchange movements by both local currencies and third currencies against the US dollar amounting to P0.69 billion and P1.1 billion, respectively,” the BTr said.

“Moreover, the net adjustment in domestic guarantees further offset P1.29 billion from the outstanding balance as of end-February 2024,” it added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the rise in outstanding debt was expected given the retail Treasury bond (RTB) issuance in February.

The Philippine government raised a record P584.86 billion from its offering of five-year RTBs in February, surpassing the P400-billion target set by the Treasury.

“The large maturities of government securities in March 2024, especially the P700-billion maturing RTBs, could potentially lead to some decrease in the outstanding NG debt by March,” Mr. Ricafort said.

“However, new global bond issuance for the coming weeks or as early as the second quarter of 2024 could add to the foreign debts and overall NG debt stock by then,” he added.

Finance Secretary Ralph G. Recto has said that the BTr is finalizing its first global bond issuance of the year but has yet to announce specific details of the offering.

The government’s borrowing program for this year is set at P2.46 trillion, with P1.85 trillion to be raised from the domestic market and P606.85 billion from foreign sources.

Latest data from the Budget department showed that the NG’s outstanding debt is projected to reach P15.84 trillion as of end-2024.

Rice prices to remain high until midyear — DA

PHILIPPINE STAR/WALTER BOLLOZOS

By Luisa Maria Jacinta C. Jocson and Adrian H. Halili, Reporters

THE DEPARTMENT of Agriculture (DA) said on Wednesday that rice prices are expected to remain high until midyear, as the agriculture sector reels from the impact of the El Niño weather event.

At the same time, analysts warned elevated prices of the staple may add to inflationary pressures.

“Hopefully, prices go down during the second half of the year. But as of the moment, since there are still the lingering effects of El Niño, I don’t think it will go down,” Agriculture Secretary Francisco P. Tiu Laurel, Jr. told reporters.

Agricultural damage caused by the El Niño has risen to P2.63 billion, affecting 54,203 farmers and 53,879 hectares of farmland, according to the DA.

“We expect that (agricultural damage) would increase. We are at the height of El Niño now. Hopefully, by the end of May, it will decrease,” Mr. Tiu Laurel said.

Rice was the most affected crop with 72,733 metric tons (MT) of damage, equivalent to P1.7 billion or about 65% of total agricultural losses.

“Rice is heavily water and rainfall dependent, so if the rice areas are affected (by El Niño) then it is a major issue. Also, if the drought hits at stages in the crop’s life when it most needs water then that worsens the issue,” Monetary Board member V. Bruce J. Tolentino said in a Viber message.

Federation of Free Farmers National Manager Raul Q. Montemayor said that agricultural damage from the El Niño may rise further. 

“Some crops that are still on the ground have already been affected by the lack of water and this will result in lower output and yields when these crops are harvested (assuming they survive),” he said in a Viber message.

The El Niño across the tropical Pacific Ocean is showing signs of weakening and is expected to persist until May, according to the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA).

“Based on reports from PAGASA, the El Niño decay started in March. We are expecting that by May, it will be gone. We can expect additional agricultural damage but not by a lot,” DA spokesperson Arnel V. de Mesa said in mixed English and Filipino in a phone call on Wednesday.

Latest PAGASA data showed that 24 provinces from Luzon and one in Visayas are experiencing meteorological drought; 16 provinces are under dry spells; and 10 reported dry conditions.

Provinces that are in a drought include Cagayan, Nueva Ecija, Isabela, Pangasinan, and Negros Occidental, which are among the top rice-producing provinces in the country. 

“Farmers will be able to replant only when the rains come, and the lingering effects of El Niño may delay the onset of rains by about a month (from its usual onset in May),” Mr. Montemayor said.

“Dam levels may also be too low to sustain irrigation to crops even if El Niño subsides. Lower output means less supply and could lead to higher food prices,” he added.

SCARCE WATER SUPPLY
Former Agriculture Undersecretary Fermin D. Adriano also noted the effect of scarce water supply on agriculture.

“Because of inadequate supply of water, local supply will not be enough and hence food prices might increase,” he said in a Viber message.

Rice inflation surged to 23.7% in February, its fastest pace since the 24.6% seen in February 2009.

Mr. Tolentino said it is difficult to forecast the full impact of the dry weather event on agriculture and food prices.

“The impact depends on exactly where the drought hits -—whether or not the areas affected are heavily agricultural or not, and at what growing stage the crop is,” he added.

However, he noted that rice prices in general have been elevated for some time now due to rising fertilizer prices, supply chain disruptions and India’s ban on exports.

As of April 2, the average retail price of local well-milled rice ranged from P48 to P55 per kilogram from P39 to P46 per kilogram a year ago. Regular milled rice also rose to P50 per kilogram from the P34 to P40 range a year earlier.

The Philippine Statistics Authority data showed the national average price for well milled rice was P56.95 per kilogram as of mid-March.

The highest retail price during the period was reported in the Central Visayas, with the average at P59.27 per kilogram.

The Ilocos Region, on the other hand, reported the lowest price for well milled rice at P52.89 per kilogram.

MORE IMPORTS?
Meanwhile, Mr. Tiu Laurel said stocks may remain sufficient for the country’s rice requirements, due to the ongoing harvest season and continued purchase of palay or unmilled rice by the National Food Authority (NFA).

“Well, the NFA has already bought a certain amount… it’s harvest season, as we all know, (which) will continue until May. So, there’s enough stock,” he added.

Mr. Tiu Laurel said that rice imports have also been regularly arriving to bolster local supply.

Rice imports have reached 995,841 MT as of March 21, according to the Bureau of Plant Industry.

To help ease price pressures in the short term, the government should consider allowing more imports.

“In the medium term, pressure can ease if trade policies are stabilized, and tariff reductions made permanent.  Long term, the sustainable solution is improved domestic productivity through research and development,” Mr. Tolentino said.

The US Department of Agriculture projects Philippine rice imports to reach 4 million MT this year.

Still richest in the Philippines: Villar’s net worth surges to $11 billion this year

MANUEL B. VILLAR, JR.

FILIPINO TYCOON Manuel B. Villar, Jr. is now ranked among the top 200 richest people in the world, as his estimated net worth surged to a record $11 billion (around P621 billion) this year, according to Forbes.

At 190th spot, Mr. Villar was the highest-ranking Filipino tycoon in the World’s Billionaires List released by Forbes on Tuesday evening. He was also the only Filipino who landed in the top 200.

Mr. Villar saw his net worth climb by 28% to $11 billion this year from $8.6 billion in 2023 when he ranked 232nd on the list.

16 Richest Filipinos in Forbes’ 2024 World’s Billionaires ListA former Senate president and House speaker, Mr. Villar is currently the chairman of listed companies Vista Land & Lifescapes, Inc.; Golden MV Holdings, Inc.; supermarket chain AllDay Marts, Inc.; home improvement chain AllHome Corp.; and Vistamalls, Inc.

“Mr. Villar is diversifying his business with new investments in free-to-air TV and plans to build a casino and a theme park in southern Metro Manila,” Forbes said.

Forbes computed the net worth of the billionaires using stock prices and exchange rates from March 8.

The list, which features 2,781 billionaires, includes 16 from the Philippines. Ten of the Filipino billionaires on the list saw an increase in their net worth, while two billionaires reported a drop, and another one had the same net worth from last year.

The three Filipino newcomers to the list are Cosco Capital, Inc. Chairman Lucio L. Co and Vice-Chairman Susan P. Co, and Wilcon Depot Chairman Emeritus William T. Belo.

Enrique K. Razon, Jr., chairman of port operator International Container Terminal Services, Inc. (ICTSI), ranked 224th on the Forbes list with a $10-billion net worth in 2024. His net worth jumped by 37% from $7.3 billion in 2023.

Mr. Razon also owns Bloomberry Resorts Corp., which operates Solaire Resort and Casino.

San Miguel Corp. President and Chief Executive Officer (CEO) Ramon S. Ang landed in 920th place with a net worth of $3.5 billion, up by 3% from $3.4 billion a year ago.

The six Sy siblings of the SM Group had a combined net worth of $14.4 billion in 2024, but they were ranked individually in the Forbes list.

Hans T. Sy ranked 1,286th with a $2.6-billion net worth, followed by Henry T. Sy, Jr. and Herbert T. Sy both at 1,330th with $2.5-billion net worth each.

Harley T. Sy ranked 1,380th with a $2.4-billion net worth, followed by Teresita T. Sy-Coson at 1,438th with $2.3 billion. Elizabeth T. Sy landed on 1,545th spot with $2.1 billion.

On 1,330th spot was LT Group, Inc. Chairman Lucio C. Tan with a $2.5-billion net worth.

Megaworld Corp. Chairman Andrew L. Tan ranked 1,623rd with a $2-billion net worth.

Jollibee Foods Corp. Chairman Tony Tan Caktiong came in on 2,152nd spot with a net worth of $1.4 billion.

Cosco’s Mr. Co ranked 2,410th with a $1.2-billion net worth, while his wife Susan placed 2,545th with a net worth of $1.1 billion.

JG Summit Holdings, Inc. President and Chief Executive Officer Lance Y. Gokongwei also landed on 2,545th spot with a $1.1-billion net worth. 

Wilcon’s Mr. Belo placed 2,692nd with a net worth of $1 billion.

Meanwhile, French luxury goods titan Bernard Arnault topped the Forbes’ list of richest people after his net worth rose by 10% to $233 billion.

Tesla CEO Elon Musk ranked second on the list as his net worth jumped by 8% to $195 billion.

The top five includes Amazon founder and Executive Chairman Jeff Bezos ($194 billion), Meta founder and CEO Mark Zuckerberg ($177 billion) and Oracle Executive Chairman Larry Ellison ($141 billion).

The richest woman on the list is Francoise Bettencourt Meyers, the granddaughter of the founder of L’Oreal, with a net worth of $99.5 billion.

“It’s been an amazing year for the world’s richest people, with more billionaires around the world than ever before. A record-breaking 14 centibillionaires have 12-figure fortunes. Even during times of financial uncertainty for many, the superrich continue to thrive,” Forbes Senior Editor for Wealth Chase Peterson-Withorn said in a statement.

Forbes said the world’s billionaires are collectively worth a record $14.2 trillion, $2 trillion more than last year.

This year’s list included 265 newcomers such as fashion designer Christian Louboutin ($1.2 billion), NBA legend Magic Johnson ($1.2 billon), TV producer Dick Wolf ($1.2 billion), pop star Taylor Swift ($1.1 billion), and OpenAI’s Sam Altman ($1 billion). — R.M.D.Ochave