Shell Recharge now available on TPLEX

September 18, 2023 | 12:03 am

VELO_PAGE2_CHARGE_image1 — A new Lexus RZ 450e was charged from 25% to 80% in less than 30 minutes through the 180-kW Ultra Rapid Shell Recharge charger at Shell Mobility TPLEX site. — PHOTO FROM SHELL PILIPINAS CORP.

SHELL PILIPINAS CORP. (SPC) has opened its second Shell Recharge site located along a major tollway. The Shell Mobility TPLEX junction site in Rosario, La Union aims to “alleviate range anxiety for electric vehicle (EV) riders going up north, marking a significant step towards establishing an EV highway equipped with fast-charging infrastructure across the country’s main routes,” the company said in a release.

The site is a four-hour drive (or 250 kilometers) north of Metro Manila, and is a crucial charge point for EVs heading to popular travel destinations such as La Union, Baguio, and Vigan. Shell Recharge TPLEX is equipped with chargers capable of charging four EVs simultaneously. It features a 180-kW DC ultra-rapid charger with two CCS2 charging points, suitable for most EV brands such as Hyundai, Lexus, Kia, Audi, Porsche, Jaguar, Land Rover, and BMW, and can charge an EV from 10% to 80% battery life in under 30 minutes. In addition, there are two 22-kW AC charging points for those who want to take a longer break at the Shell Mobility station.

While recharging their vehicles, customers may also get a snack from Shell Select or coffee from the newly launched Shell Café located on-site. Customers can also indulge in a variety of offerings from Cha-Time, Potato Corner, and Peppa Wings, and stay connected for personal or work tasks using the local Wi-Fi.

“To ensure a seamless charging experience for long-distance EV journeys, it’s crucial to have fast, high-performance charging infrastructure and on-site convenience amenities. Shell is ready to evolve its Mobility offers aligned to the needs of our customers today and the future,” said SPC Vice-President for Mobility Randy Del Valle.

The new Shell Recharge chargers are fully registered with and accredited by the Department of Energy (DoE). Furthermore, SPC’s commitment to sustainable mobility aligns with the DoE’s Philippine Energy Plan 2020-2040 and various government initiatives aimed at fostering the adoption of EVs and promoting clean, sustainable, and energy-efficient technologies in the Philippines. Earlier this year, Shell Pilipinas signed a tripartite agreement with Shell Energy Philippines, Inc. (SEPH) and the DoE to conduct a pilot study on EV charging stations powered by renewable energy such as solar.

In July 2022, Shell Pilipinas launched its first Shell Recharge station at South Luzon Expressway Northbound in Biñan, Laguna. This milestone is in response to the growing demand for EVs in the country and is aligned with SPC’s commitment to decarbonize mobility through more alternative and sustainable mobility options for customers.

For more information, visit shell.com.ph/energy-and-innovation/powering-an-electric-future.

H&M to sell second-hand clothes at London store

September 18, 2023 | 12:03 am

LONDON — H&M plans to sell second-hand clothes and accessories at its flagship store in London from Oct. 5, as pressure increases on fast fashion companies to curb their environmental impact by encouraging the reuse and recycling of garments. With the European Union planning new regulation to crack down on textile waste in the bloc, H&M has said it is “part of the problem” and that the way fashion is produced and consumed needs to change.

The “PRE-LOVED” womenswear collection, at H&M’s Regent Street store, will include garments from several other brands and designers as well as H&M group brands, which include Arket, Cos, Monki, and Weekday.

It will be the second H&M store to offer second-hand clothes, after Barcelona which opened earlier this year. H&M also has an online second-hand offering in Sweden and Germany.

The autumn-winter 2023 collection of the second-hand offerings will include metallic dresses and shirts, trench coats, and “trendy knits,” H&M said, with new items added every day.

The garments will be sourced from Flamingos Vintage Kilo, a company that runs second-hand vintage clothes stores in Europe and the United States, and will be priced from £29.99 ($37) to £189, H&M said.

H&M launched a clothing rental service at its Regent Street store in November last year.

Peer-to-peer resale of second-hand garments has become big business, with online platforms like thredUP, Vinted, and Depop multiplying and brands following suit by launching their own services. Zara last week launched its online second-hand service in France, having trialed it in Britain since November last year. — Reuters

Tatak Pinoy: Recovering tools for industrial policy

September 18, 2023 | 12:03 am

Presently advancing in the Senate is a measure titled “An Act Mandating the Formulation, Funding, Implementation, Monitoring, and Evaluation of a Comprehensive and Multi-Year ‘Tatak Pinoy” (Proudly Filipino) Strategy, Establishing a Tatak Pinoy Council, Appropriating Funds Therefor, and For Other Purposes.” The measure, championed principally by Senator Juan Edgardo “Sonny” Angara, with Senators Tolentino, Legarda, Binay, Estrada, and Mark Villar as co-authors, was reported out by the Senate Committee on Finance on Aug. 24 as Senate Bill 24261. It is presently under plenary consideration on second reading. Counterpart measures in the House of Representatives, authored by Representatives Stella Quimbo, Keith Micah Tan, Gus Tambunting, Luis Raymund, Miguel Luis Villafuerte, Tsuyoshi Anthony Horibata, and Brian Raymund Yamsuan, are undergoing committee deliberations.

The proposed Tatak Pinoy Act seeks to promote the production of Philippine products and services of increasing diversity, sophistication, and quality. Its operationalization will be overseen by a Tatak Pinoy Council (TP Council) composed of the heads of relevant government agencies and representatives from the private sector. The TP Council shall be chaired by the Secretary of the Department of Trade and Industry (DTI), while the Secretaries of the National Economic and Development Authority and of Finance shall serve as Vice-Chairpersons.

The TP Council shall be responsible for formulating a multi-year Tatak Pinoy Strategy (TPS) that will embody the plan to expand the productive capabilities of domestic enterprises. The TPS shall include plans and programs to be organized according to the five specified pillars of human resources, infrastructure, technology and innovation, investments, and sound financial management. The measure provides for preference for domestically produced and manufactured products that meet the specified or desired quality. It also mandates government financial institutions to ensure availability of credit to domestic enterprises producing or providing services covered by the TPS. Finally, the TP Council is tasked with market access facilitation in both domestic and international markets.

Since nearly four decades ago, the Philippines has progressively pursued market-oriented reforms, dismantling intensive government intervention in the economy through liberalization, deregulation, and privatization policies. What remains may be regarded as vestiges of old programs that have endured either because of sectoral resistance or deemed to be more market friendly, such as fiscal incentives for investment promotion, as well as those covered by constitutional restrictions. These policies, along with an economic perspective that disdains government intervention to favor specific industries, have limited the space for industrial policy as a component of development planning.

Tatak Pinoy represents a recovery of major tools for industrial policy.

First, the TPS shall not only identify national priorities and strategic goals, but also a list of target sectors and economic and investment activities. This is at the heart of industrial policy, which essentially refers to a set of government policies designed to promote the development of specific industries or types of industries, also intended ultimately to steer economic transformation towards strategic goals. In the case of Tatak Pinoy, the stated strategic goal is to systematically expand and diversify the productive capabilities of domestic enterprises to enable them to produce increasingly diverse and sophisticated products and services, and to compete in the global market.

Second, Tatak Pinoy identifies and provides a legal basis for the use of policy instruments to support the target sectors and economic and investment activities. These include the orientation of education and training towards ensuring adequate and skilled human resources for the target sectors and economic activities, the provision of required infrastructure, and the mobilization of scientific and technological research. Tatak Pinoy investment activities and projects are directed to be included in the Strategic Investments Priority Plan, making them eligible for fiscal and non-fiscal incentives. Government financial institutions are mandated to ensure credit availability through innovative financing mechanisms, including low interest or flexible term loan programs, credit guarantee programs, and leasing and venture capital. Finally, a bold provision is the grant of domestic preference in government procurement activities for products and services covered by the TPS.

Third, a key tool for industrial policy is an institutionalized and empowered coordination and governance mechanism. Tatak Pinoy addresses this through the TP Council. In addition to membership by key government agencies and representation from the private sector, the TP Council is authorized, among others, to ensure the harmonization of development plans, policies and programs towards TPS priorities, and to avoid overlaps. The TP Council thus has the potential of being able to bring together fragmented industrial promotion initiatives, some of which are mainly coordination efforts with limited support instruments, such as the DTI’s Industry Roadmaps process.

Tatak Pinoy deserves broad support. When passed, it will add industrial policy as a recovered dimension in Philippine development planning. However, recovering tools for industrial policy does not equate with industrial policy. The crucial next step is the “what” and the “how.” While this next step will be complex and perilous, it is a next step that we should actively engage, and not be afraid to take.

Nepomuceno Malaluan is a senior fellow and trustee at Action for Economic Reforms.

China Bank looks to expand consumer loans

September 18, 2023 | 12:03 am

CHINA BANKING Corp. (China Bank) is looking to “substantially” increase its consumer financing by targeting business owners and the business sector.

The Sy-led bank’s consumer loans are smaller compared with its corporate lending segment, China Bank Executive Vice-President and Consumer Banking Segment Head Aloysius C. Alday, Jr. said in an e-mail to BusinessWorld.

“Consumer lending, as compared with corporate, makes up a smaller portion of China Bank’s lending portfolio. We aim to increase the consumer lending portfolio substantially with focus on our depositors, the employed sector and business owners,” he said.

He added that China Bank is focusing on growing its housing and auto loan portfolios, as well as credit cards, for the development of its consumer lending segment.

“We will continue to leverage on our housing loans, auto loans, and credit cards for the growth of the consumer lending portfolio. Our branches will endeavor to grow deposits as well,” Mr. Alday said.

The lender last month launched three travel-rewards credit cards in partnership with Mastercard to leverage the coming holiday period, when an increase in spending is expected.

China Bank’s board of directors on Aug. 2 also approved an additional P2-billion capital infusion to its thrift banking arm China Bank Savings, Inc. (CBSI).

The capital will be used to support its “sustained loan expansion and enhance its ability to cover and serve more segments of the banking and unbanked population.”

As of August, China Bank tallied 643 branches and 1,062 automated teller machines, including those of its thrift arm.

The lender saw its attributable net income rise by 11.88% year on year to P5.81 billion in the second quarter due to higher interest income.

This brought its first-half attributable net income to P10.83 billion, up by 7% year on year amid higher revenues and as it set aside lower loan loss provisions.

Its shares last went down by 45 centavos or 1.45% to end at P30.55 apiece on Friday. — Aaron Michael C. Sy

Meralco energizes livelihood facility in Bohol

September 18, 2023 | 12:02 am

MANILA ELECTRIC Co. (Meralco), through its corporate social development arm One Meralco Foundation (OMF), has energized a livelihood facility in Pilar, Bohol to improve the food processing operations of a cooperative.

In a media release over the weekend, the company said the project involves the installation of a 2.2-kilowatt-per-peak solar photovoltaic (PV) system with a 5.1-kilowatt-hour battery system.

The electrification project seeks to power the operations of Lundag Eskaya Tribe Multipurpose Cooperative, which processes sweet potato or kamote into chips, ketchup, and juice.

“With electricity, we can use the sweet potato chipper and produce one sack of chopped kamote in only an hour,” said Jenelie Sandigan, the cooperative’s learning and enterprise manager. “Now, we can expand our operations to accommodate more and bigger orders because we already have electricity.”

According to Meralco, the use of the electric potato chipper has increased the production of kamote chips to 200 packs a day from 50 packs done manually. This has also enabled the cooperative’s members to increase their daily income to P7,000 from P2,000.

“The community electrification programs of Meralco, through OMF, are our humble contribution to help underprivileged communities improve their lives. By harnessing the power of renewable energy, we can support their livelihood and empower them to be productive contributors to society,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho said.

The town of Pilar is among the latest beneficiaries of OMF’s electrification and environmental sustainability programs in Bohol province, along with the 18 remote and off-grid island schools that it has energized using solar PV systems in the past years.

Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc.

Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera

Indonesia reports massive rise in rice imports to refresh stockpiles

September 18, 2023 | 12:02 am

JAKARTA — Indonesia had a large rise in rice imports for the first eight months of the year compared to the same period in 2022, the country’s statistics agency reported, as the government aims to replenish stockpiles.

Indonesia, Southeast Asia’s most populous country with 270 million people, imported 1.59 million metric tons of rice in the January-August period, up from 237,146 tons imported during the same period a year ago, said Amalia Adininggar Widyasanti, the acting chief of Statistics Indonesia, during a briefing on the country’s trade data.

More than a half of the shipments originated from Thailand at 802,000 tons, she said, followed by shipments from Vietnam at 674,000 tons, 66,000 tons from India and 45,000 tons from Pakistan.

The government assigned state procurement food company Bulog to import 2.3 million tons of rice this year to blunt the impact of the El Niño weather pattern, which causes dry weather in Southeast Asia.

However 453,000 tons is yet to be contracted, a Bulog official said earlier.

“Global rice price is rising. We want to increase our strategic rice reserve, but even to import it is difficult to get,” Indonesian President Joko Widodo said at a separate event on Friday, adding that the difficulties of securing rice from overseas are driven by export restrictions by some countries.

Hot weather in key growing regions across Asia threatens harvests, driving up rice prices by as much as 20%, with countries led by top exporter India limiting shipments to rein in inflation and ensure food security for their people.

Indonesia’s total rice imports for 2023, including for hotels and restaurants, are estimated at 2.9 million tons, the National Food Agency said earlier this week. — Reuters

Mober grows EV fleet to 60

September 18, 2023 | 12:02 am

VELO_PAGE2_CHARGE_image2 — These three-wheeled electric vehicles are set to join Mober’s fleet. — PHOTO FROM MOBER

LOGISTICS SERVICE provider Mober recently announced the expansion of its fleet, with the acquisition of 30 new six-wheeler electric trucks and four three-wheelers — further augmenting its capability to offer sustainable delivery solutions in the region.

Mober now boasts a total of 60 electric vehicles (EVs), comprised of 39 e-trucks, 17 e-vans, and four three-wheelers. The company is setting its sights on the “Southeast Asian green delivery market,” with plans of increasing the count to 100 electric vans and trucks by yearend, and 500 units within the next two years.

Earlier this year, Mober increased its dedicated fleet for IKEA Philippines. This strategic partnership continues to positions Mober as “a valuable partner” to large FMCG firms such as Unilever Philippines and Nestlé Philippines. The company also revealed that it is “commencing a pilot delivery program with the largest chain of coffee shops in the world, underlining its commitment to sustainable initiatives.” Mober also partnered with Nespresso for a carbon-neutral delivery initiative, and forged an alliance location technology enterprise, What3words, to optimize its delivery process, granting customers the ability to specify exact delivery locations with a unique three-word combination, ensuring precision and promptness.

Mober is also finalizing a loan application with Land Bank of the Philippines and the Development Bank of the Philippines (DBP). Both institutions are advocates of the Electric Vehicle Industry Development Act (EVIDA Law), or Republic Act No. 1169, which encourages the adoption of EVs in the country.

Said Mober CEO Dennis Ng, “Our unwavering dedication to merging efficiency with sustainability is evident in our aggressive push for electric vehicles. With each addition to our fleet, we’re not merely growing (but) leading a shift toward a more sustainable Philippine logistics landscape.”

He added, “We aim to be synonymous with green logistics. When businesses contemplate eco-friendly delivery solutions, Mober should invariably be their first thought.”

Alexander McQueen’s creative director Burton to leave

September 18, 2023 | 12:02 am

PARIS — Alexander McQueen creative director Sarah Burton will leave the Kering-owned fashion label after two decades, the latest in a series of management changes at the French luxury group.

New creative direction for the British fashion house will be named “in due course,” the company said in a statement last week.

The announcement of Ms. Burton’s departure comes amid a broad restructuring at Kering aimed at reviving sales of its star label Gucci.

Ms. Burton, who worked with the British label’s founder Lee McQueen for over 14 years before becoming creative director in 2010, will present her last show for the label at Paris Fashion Week this month.

Famously discreet, Ms. Burton, who took on the delicate task of replacing Mr. McQueen after his death, is known for flattering, deconstructed styles and designed Kate Middleton’s lace-backed wedding dress.

The group, which does not break out the label’s financial results, has been pushing it further upmarket and named former LVMH executive Gianfilippo Testa CEO in May last year with a mandate to accelerate expansion.

The McQueen label is one of several brands that Kering has flagged for development into beauty products, alongside Bottega Veneta and Balenciaga. — Reuters

BSP posts double-digit drop in first-half net income

September 18, 2023 | 12:02 am

THE BANGKO SENTRAL ng Pilipinas (BSP) recorded a lower net income in the first half of the year as expenses and revenues went up compared with a year ago.

Preliminary data posted on the BSP’s website showed the central bank’s net income fell by 63.6% to P19.86 billion in the January-to-June period from P54.62 billion in the same period last year.

The BSP’s expenses surged by 78.3% to P102.58 billion from P57.53 billion a year ago. Interest expenses more than doubled (171%) to P80.15 billion, while other central bank expenses went down by 19.9% to P22.43 billion.

Revenues edged higher by 6.7% to P90.63 billion in the first semester from P84.96 billion in the comparable year-ago period. Interest income rose by 31.7% to P93.41 billion.

However, the central bank posted a P2.78-billion loss from miscellaneous sources, which include trading gains, fees and penalties. This is a reversal of the P14.07-billion gain a year earlier.

Still, the central bank swung to a net income in the second quarter after posting a net loss of P1.4 billion in the first quarter of the year.

The BSP’s net gains from foreign exchange (FX) rate fluctuations in the first half of the year reached P31.81 billion, 16.9% higher than the P27.21 billion seen in the comparable period in 2022.

According to the BSP, these are realized gains from fluctuations in FX rates arising from its foreign currency-denominated transactions.

The BSP’s assets hit P7.294 trillion as of end-June, decreasing by 2.1% from the P7.449 trillion a year earlier. Total liabilities inched down by 3.3% to P7.127 trillion as of June from P7.373 trillion in the previous year.

With this, the BSP’s net worth climbed by 119% to P167.34 billion at end-June, more than double from P76.36 billion a year ago. — Keisha B. Ta-asan

Don’t mock Gen Z’s #LazyGirlJobs. Be envious

September 18, 2023 | 12:02 am

The latest TikTok fad seems to involve combining “girl” with a host of other words to communicate a concept or movement. There’s #GirlMath aka the justifications women use to spend on non-essentials. There’s #GirlDinner, which is dinner for one that looks like a chaotic plate of what you want or leftovers or essentially riffing on a charcuterie board. Then we have the recent #GirlHammer trend in which TikTokers complete a handyman task without the use of a hammer, such as using a rolling pin to bang a nail into a wall. Some of these trends are silly. Some are helpful. But the one facing the most backlash is the #LazyGirlJob. It’s a term that’s united elder millennials, Gen X, and boomers against Gen Z because what does an early twenty-something know about burn out and struggling with work-life balance?

Honestly, maybe we should take a cue from Gen Z on this one.

A lazy girl job focuses on the holy trinity of fair pay, only working within your defined hours, and flexibility such as remote work. There’s an air of irreverence with the term “lazy” in this context. People are still doing their jobs, but they’re aiming to find jobs that fit into their overall lifestyle design — which means more than just fixating on a career. The elusive balance of being able to leave work at work and not be pinged by your manager at 8:30 p.m. or get an urgent call while on vacation. As a woman who started my career during the era of #GirlBoss and #HustleHarder, this is a refreshing change of pace and probably much better for our collective mental health.

Of course, the word “lazy” makes it sound like the aim is to find a job with no career trajectory. You’re clocking in, doing what’s required, and clocking out to go live your best life. This is certainly how some people are interpreting the trend, which nestles nicely under last year’s viral #QuietQuitting. A lazy girl job isn’t the same as quiet quitting. The latter is about putting in the bare minimum to not get fired or even withholding your abilities on the job. A lazy girl job isn’t about minimum effort, but about boundaries.

Frankly, I see this as an excellent idea with a branding problem. The difficulty with branding a concept is that you want it to be catchy and memorable, but going for irreverence can obscure the actual meaning of a movement. And this is from a woman who created a financial literacy brand called Broke Millennial.

There are moments when it seems as though Gen Z has become jaded far too young. Gen X were known as cynics too, but Gen Z has had more access to information than the two generations prior. Gen X and millennials were sold and bought into similar dreams about achieving a comfortable life if you just get a college degree and work hard. Perhaps Gen Z saw that millennials hustled and still couldn’t get a toehold to build a stable life. Even after following the rules, they were barely able to keep from drowning in financial obligations.

Some millennials, and younger Gen Xers, responded to a rigged game by joining the Financial Independence Retire Early, or FIRE, movement. That meant working even harder and living frugally to amass the wealth needed to opt out. Gen Z decided to be more chill. Part of me believes that being the first generation truly raised in the digital era and on the internet, they’re simply doing what youth internet culture does best: trolling.

The lazy girl job jabs at the heart of capitalism, pushing back against deeply entrenched beliefs about work and career. It’s about setting boundaries around time and prioritizing mental health. It’s only working the hours for which a person is fairly compensated. It’s opting out of mind-numbing, senseless meetings. It’s demanding companies evolve to the reality of today by offering more flexibility because a lot of jobs don’t need people physically in an office five days a week. The lazy girl job is Gen Z’s answer to FIRE, but it just feels less ambitious.

One significant criticism is that the lazy girl job is only available to some. There are careers that simply cannot — or currently do not — offer a healthy work-life balance. This is true for professions like doctors or lawyers and many working-class jobs. Tip workers certainly don’t have the luxury of living that lazy-girl-job life. To add insult to injury, the generation likely to tip the worst are the lazy girls themselves — Gen Z. Only 35% tip at sit-down restaurants, according to a BankRate survey.

Another criticism is that seeming lack of ambition. No matter which generation you spring from, you’ll spend a significant percentage of your life working. Depending on your hours, you’ll probably spend almost 10 years in meetings, answering e-mails, and sitting at your desk. It’s good to have challenges and not become too mired in routine. Yes, I’m a millennial who largely supports this particular Gen Z trend, but here’s a little unsolicited advice: It’s shockingly easy to stop learning and growing as you age. Gen Z should be careful to not tap out too soon.

BLOOMBERG OPINION

Converge rises after regulatory nod on expanded Wi-Fi services

September 18, 2023 | 12:01 am

INVESTORS snapped up shares in Converge ICT Solutions, Inc. last week after the Department of Information and Communications Technology (DICT) greenlit the internet provider’s expansion of free Wi-Fi services in Northern Luzon.

According to Philippine Stock Exchange data, a total of 45.65 million Converge shares worth P397.23 million were exchanged on the market from Sept. 11 to 15, making it the 19^th most actively traded stock last week.

The Dennis Anthony H. Uy-led internet provider closed at P9 last Friday, up by 9.2% from P8.24 per share on Sept. 8. Year to date, the price has dropped by 43.3%.

Toby Allan C. Arce, head of sales trading at Globalinks Securities and Stocks, Inc., said news on Converge’s partnership with the DICT boosted the company’s shares last week.

“The partnership with the DICT is a significant development for Converge, as it will expand the company’s reach to a new and growing market,” Mr. Arce said via e-mail on Friday.

The DICT, under its program “Free Wi-Fi for All,” has allowed Converge to expand its coverage to the provinces of Ilocos Sur, La Union, and the second district of Ilocos Norte. The program has opened more than 4,000 public Wi-Fi stations in 75 provinces across 17 regions in the country.

Meanwhile, Adrian Alexander N. Yu, an analyst at COL Financial Group, Inc., said the significant pickup in Converge’s share price could be traced to “bottom fishing.”

Bottom fishing is a short-term price action where the investor buys a stock that has seen a sharp fall in prices over a short period of time, with or without any big fundamental change in a company’s prospects.

“[Converge] is already down 43% year to date and is prime for a rally once the selling pressure eases. Note that foreigners have already sold [about] P2 billion since January,” Mr. Yu said in an e-mail interview.

He added that fundamentally, Converge is already attractive from a valuation perspective.

“[Converge] is trading at just 3.5x forward EV/EBITDA (enterprise value to earnings before interest, taxes, depreciation, and amortization ratio), much cheaper than Globe Telecom, Inc. (6.2x) and PLDT Inc. (4.7x). Moreover, from a technical perspective, the stock is prone for a mean reversion rally to its next resistances,” Mr. Yu said.

In the second quarter, Converge’s consolidated revenues inched up by 4.9% to P8.72 billion from P8.31 billion in the same period last year.

Its profit attributable to owners of the parent company rose by 6.6% to P2.11 billion in the second quarter from P1.98 billion a year ago.

In the first semester, its revenues increased by 8.2% to P17.36 billion from P16.05 billion previously, boosting its attributable net income by 8.4% to P4.28 billion from P3.95 billion in the first half of last year.

If positive results from prospects are achieved, Converge’s full-year revenues are estimated to grow by 9.1% to P36.7 billion, said Mr. Arce.

For Mr. Yu, the company this year could see revenues grow by 8.1% to P36.4 billion and its net income by 12.2% to P8 billion.

“Converge stock support is valued at P8.2 and resistance at P10.2,” he added.

“We believe that investor sentiment in the stock will pick up as the interest in the overall market picks up,” Mr. Yu said.

Mr. Arce placed Converge’s support level this week at P8.10 to P7.93 and its resistance at P9 to P9.50. — A.C. Abestano

Global hunger worse today than in 2015, FAO says

September 18, 2023 | 12:01 am

WASHINGTON — There are 745 million more moderately to severely hungry people in the world today than in 2015, and the world is far off track in its efforts to meet an ambitious United Nations (UN) goal to end hunger by 2030, the UN said in a report.

At the halfway point to the deadline set for achieving the 2030 Agenda for Sustainable Development, the world is seeing little to no improvement in most of the food and agriculture-related goals, said the report by the Food and Agriculture Organization (FAO), released ahead of a UN sustainable development summit next week in New York.

“The lingering effects of the COVID-19 pandemic, along with other crises such as climate change and armed conflicts, are having widespread impacts,” the report said.

“Progress made in the past two decades has stagnated, and in some cases even reversed.” Global food insecurity spiked sharply in 2020 as the pandemic disrupted food markets and drove up unemployment, but hunger has not returned to pre-pandemic levels. About 29.6% of the global population — 2.4 billion people — was moderately or severely food insecure in 2022, up from 1.75 billion in 2015, the report said.

Undernourishment is worst in the global south, with hunger rising most in Sub-Saharan Africa. The world has also seen no improvement towards a goal to halve food waste, which has remained at about 13% since 2016.

Countries should craft policy to reduce food loss, the report said.

Reuters reported in November that the lack of global progress on food waste is due to low public investment and clear policy, and wasteful consumer habits.

The world is also far from achieving goals to protect fish stocks, conserve forests, and reverse land degradation. Some progress has been made on water use efficiency and curbing illegal fishing. — Reuters