Facebook Instagram Linkedin X Youtube
Home Blog Page 4445

British Museum sacks member of staff over missing and stolen items

LONDON — The British Museum said on Wednesday a member of staff had been dismissed after items from its collection, including gold jewelry and gems, had been found to be missing, stolen, or damaged.

The museum, one of the most visited in the world, said it was taking legal action against the individual and had also launched a review of security. London’s Metropolitan Police is also investigating, the museum said.

It said the majority of the items involved were small pieces kept in a storeroom and included gold jewelry, gems and semi-precious stones and glass dating from the 15th century BC to the 19th century AD.

None of the items had recently been on public display and were kept primarily for academic and research purposes, it added.

“This is a highly unusual incident. I know I speak for all colleagues when I say that we take the safeguarding of all the items in our care extremely seriously,” said Hartwig Fischer, Director of the British Museum.

“We have already tightened our security arrangements and we are working alongside outside experts to complete a definitive account of what is missing, damaged and stolen. This will allow us to throw our efforts into the recovery of objects.”

The museum’s chair, former finance minister George Osborne, Chair of the British Museum, said the trustees were extremely concerned when they had learnt of the theft “earlier this year.” — Reuters

All in that budget process

MARI GIMENEZ-UNSPLASH

On Aug. 10, the House of Representatives at the Batasan initiated the hearings on the macroeconomic assumptions behind the proposed P5.768-trillion Philippine national budget. As members of the Development Budget Coordination Committee (DBCC), our economic managers took turns briefing the members of the Lower House on how the economy performed in the previous year through the latest period in 2023 against the backdrop of persistent challenges in the global economy. For budget purposes, the DBCC members and staff gave a heads-up on what the Filipino people could expect in terms of economic growth, inflation, the peso, external payments position, and the banking system. Both the budget and finance departments presented before the Lower House how the government intends to hit its macroeconomic targets in terms of spending on projects and programs, revenue support, and planned borrowing.

The Senate started its own budget process last Tuesday, Aug. 15.

As in past budget hearings, excessive optimism could be infectious. For instance, the chief economic manager who is the finance secretary announced his happiness that the Philippines was on track to meet the Medium-Term Fiscal Plan (MTFP) targets. He assured the Lower House that “the Department of Finance and the economic team are working hard in support of the President’s agenda of attaining a future-proof and sustainable economy through the 2024 proposed budget.”

But on the same day, the Philippine Statistics Authority announced that the Philippine economy slowed down to 4.3% in the 2nd quarter, in sharp contrast to the 1st quarter’s 6.4% and the year-ago quarter’s 7.5%.

Public spending was rather weak so that instead of advancing growth, it actually pulled it down. Yes, some P4.89 trillion or 93% of the 2023 P5.268-trillion budget has been released, yet government failed to spend as programmed. It even declined by 7.1% from the 1st quarter 2022 expansion of 10.9%. Despite the budget department’s constant reminder for various government agencies to ramp up their expenditure, weak public spending turned out to be a strong argument against the higher budget proposal for 2024.

It would boost the credibility of our macroeconomic targets if we stick to science, and acknowledge the emerging risks to both growth and inflation. Perhaps we need to avoid blaming the lack of election-related spending in 2023 and temper our propensity to describe everything adverse as temporary. Blaming the tight monetary policy of the Bangko Sentral ng Pilipinas (BSP) seems improper because without managing domestic demand, domestic inflation should still be raging, restraining consumption and reining in investment. Blame inflation, rather than the tool being used to keep it under control. What happened to the non-monetary measures that should be the more appropriate instrument in addressing the supply pressures? As the BSP clarified during the other day’s Senate hearing, for each basis point increase of the policy rate, the impact on growth remains manageable.

It was the House minority leader who asked the questions more fitting to the initial budget session. He queried the economic managers on the fund sourcing of the Maharlika Investment Fund. Based on his line of questioning, the answers from his counterparts in the executive reflected the priorities of government. At a time that we need to address such basic issues as providing social and economic services in health and education, strengthening our infrastructure to keep our growth resilient and more inclusive, we would rather consolidate public funds and invest in an uncertain global market.

Given this, more and higher taxes or heavier borrowings become unavoidable. If improperly deployed, they are anti-growth.

We need to inspire our people that we are on top of the hard rock by going beyond requiring various public agencies “to develop delivery and execution strategies.” It would have been more useful if this fundamental management tool was determined and deployed yesterday rather than tomorrow.

While the budget hearings are in progress, this broadsheet reported that “more research firms cut Philippine growth estimates after disappointing 2nd quarter print.”

HSBC Global Research, for instance, slashed the country’s growth projection for 2023 from 5.3% to 4.8% against the official target of 6%-7%. Next year’s forecast was also downgraded from 5.6% to 5.2%. For HSBC, the 2nd quarter performance was a “significant downside surprise.”

Nomura Global Markets Research was in the same order of adjustment, reducing its expectation from 5.5% to 5.2% for this year. Euben Paracuelles and Charnon Boonuch noted that the Philippines has been “losing momentum in the last few quarters.”

Another broadsheet reported that Oxford Economics was more pessimistic by cutting its growth forecasts from 5.4% to only 4.5% due to what it called “lagged impact of monetary tightening on domestic demand.” This outfit expects this to continue in the coming quarters.

What we have to achieve in the second half of 2023 to hit the official target is difficult. The global and domestic risks are increasing, especially the slowdown of the global economy this year and the impending petroleum price increases in the second half. Yet, we need to grow by at least 6.6% which to NEDA “is still attainable.”

But some red flags remain up.

We had an underperforming economy due to weaker gross domestic capital formation, or investment in general. The balance of payments and the national income accounts may tell us the actual flows of investments, but it takes time to determine their composition. The BSP has just reported on it for only the first five months of the year.

Net inflows in foreign direct investment (FDI) dropped successively for three months up to May. During the month, FDI retreated by 34% from a year-ago’s $739 million to only $488 million. The BSP attributed this to “the effects of relatively higher price and interest rate levels globally.” Despite the equity FDIs from Germany, Japan, and the US, January-May net FDIs aggregated $3.4 billion, down from last year’s $4.3 billion.

FDI pledges approved by investment promotion agencies including the Board of Investments, the Clark Development Corp., the Philippine Economic Zone Authority, and the Subic Bay Metropolitan Authority reached P59.1 billion, up from P46.3 billion a year ago, but the lowest since the 3rd quarter contraction in 2022. Quarter on quarter, this level was seven times lower than the 1st quarter approved FDIs of P408.2 billion.

If the government is underspending and private investment is underflowing, from where then do we draw growth? If high commodity prices are bound to gain momentum in the next few months due to higher petroleum prices and wages, as well as the impact of the rice export ban by our neighbors, what would happen to private consumption? If the national budget is cast in stone, where do we get the money to fund a large part of it?

When we used to attend the annual budget process, it was always Senator Ping Lacson who would argue that keeping the national budget fat-free be the focus of the whole exercise. Even during the discussion of the macroeconomic assumptions, he would always succeed in flushing out some fat from the national expenditure program, even quoting the cost of corruption estimated by then Deputy Ombudsman Cyril Ramos at P700 billion a year. If this is allowed to persist, it would be difficult to reach the “overarching goal to attain upper-middle-income status while bringing down the deficit to 3% and reducing the poverty rate to 9% or single digit by 2028.”

It would be most interesting to watch the time of reckoning during the budget process for 2028, and its sequel.

 

Diwa C. Guinigundo is the former deputy governor for the Monetary and Economics Sector, the Bangko Sentral ng Pilipinas (BSP). He served the BSP for 41 years. In 2001-2003, he was alternate executive director at the International Monetary Fund in Washington, DC. He is the senior pastor of the Fullness of Christ International Ministries in Mandaluyong.

PAL expands tie-up with Emirates to include Cebu, Clark

PHILIPPINE AIRLINES (PAL) has expanded its interline agreement with the Middle East’s airline Emirates to enable the latter’s access to the flag carrier’s network via Clark and Cebu hubs.

With the expansion, passengers of Emirates will be able to access domestic points in Philippine Airlines’ network via Mactan-Cebu International Airport and Clark International Airport.

“This partnership expansion will provide seamless connectivity for passengers to reach even more destinations in the Philippines using a single ticket and a convenient baggage policy,” the local carrier said in a press release.

Through the Cebu hub, Emirates’ passengers can be connected to Bacolod, Butuan, Cagayan de Oro, Davao, Iloilo, Caticlan, and Puerto Galera, while they can also make use of Philippine Airlines’ network to Cebu, Caticlan, and Busuanga via Clark airport.

Meanwhile, Philippine Airlines’ passengers can also fly via Dubai International Airport to connect seamlessly to Emirates’ network to cities in Europe, Africa, and other parts of the Middle East.

These Emirates-operated flights include routes to Amman, Birmingham, Cape Town, Dammam, Dublin, Lisbon, Manchester, Muscat, and Riyadh.

In March, the two airlines announced the signing of an interline agreement to share networks via Dubai and Manila, which Emirates Chief Commercial Officer Adnan Kazim said was to be expanded to include additional points.

“The expansion comes months after Philippine Airlines and Emirates first announced their interline agreement, reaffirming the commitment of both airlines to serve growing demand by providing travelers with more choice and flexibility, as well as enhanced customer experiences,” said Philippine Airlines. 

Philippine Airlines operates 24 weekly flights to three countries in the Middle East as well as nonstop services to the east and west coasts of Canada and the US, while Emirates operates 25 weekly flights to Manila, Cebu, and Clark.

Emirates has 29 codeshare and 110 interline partners, which allows it to increase its connectivity and offer more convenient options to its passengers. — Justine Irish D. Tabile

Burger King says tomatoes on ‘vacation’ as India battles food inflation

NEW DELHI/CHENNAI — Burger King has scrapped tomatoes from its wraps and burgers in many Indian outlets after prices more than quadrupled, the latest symptom of surging food inflation that is hitting consumers hard across the world’s most populous nation.

“Even tomatoes need a vacation … we are unable to add tomatoes to our food,” read notices pasted at two Burger King India outlets. The chain has cited quality issues in explaining the shortfall.

The burger chain, one of India’s biggest with nearly 400 outlets, joins many McDonald’s and Subway stores that have removed tomatoes from menus as India’s food inflation this week hit its highest since January 2020.

The US sandwich chain even canceled the free cheese slices it offered for years.

Rival Domino’s, meanwhile, has tried bringing down prices to appeal to struggling consumers with a $0.60 pizza — its cheapest in the world.

The tomato supply crisis has coincided with a surge in prices by as much as 450% to record highs as monsoon rains disrupted crop and supply chains — although they have since eased.

“Why are there no tomatoes in my burgers?” reads a question on the support page of Burger King India’s web site. The answer states its Indian franchisee follows “very high standards of quality” and that tomatoes will be back soon. “We request your patience and understanding,” it says.

Restaurant Brands Asia, which operates Burger King in India, did not respond to requests for comment.

To manage the supply crisis, India has started tomato imports from Nepal, and has organized vans to distribute the staple at cheaper rates across the nation, with social media posts showing huge queues. — Reuters

Realizing Philippines’ full potential as a tech powerhouse in Southeast Asia

Sabin M. Aboitiz

By Bjorn Biel M. Beltran, Special Features and Content Assistant Editor

It has long been known that the Philippines as a market is among the most welcoming in the world when it comes to technology. It is a country of digital natives, who thrive on social media, internet trends, and tech adoption.

In 2021, the government made a statement reinforcing this inherent strength of the Philippine market in the wake of the pandemic by claiming that the country can become “a future technological leader in Southeast Asia.”

That potential has yet to be realized. Digitalization brought about by the rise of e-wallets and digital marketplaces has certainly helped. According to data and analytics firm GlobalData, e-commerce sales in the Philippines are expected to continue to grow and hit P969 billion by 2026 amid increasing consumer preference for online channels.

This year alone, the firm expects to see 22.9% sales growth to P615.7 billion — a slower, but still significant increase after an estimated 31.3% jump to P500.9 billion in 2022.

Yet, there is no indication that the Philippines is close to reaching its full potential as a technological leader. According to the Association of Southeast Asian Nations (ASEAN) Investment Report 2022, venture capital (VC) investments in Southeast Asia continued to grow from the mid-2010s, to reach more than $66 billion in mid-2022. This puts VC investment in the region rose by a factor of 2.6 between 2015 and 2020, outperforming both China and India.

“This phenomenon shows the great innovation potential of ASEAN. The significant growth of VC investments has helped the region to give origin to more than 40 ‘unicorns’ — startups valued at over $1 billion. The now famous post-initial public offering (IPO) of digital giants, the large majority of which operate in the digital economy sector, can also be credited to this growth,” the Asian Development Bank (ADB) wrote in an analysis.

However, such VC investments in ASEAN remain primarily concentrated in Singapore, ASEAN’s leading innovation hub, and Indonesia, ASEAN’s biggest market. It is only recently that the proportion of investments going to countries like Vietnam, Thailand, Malaysia, or the Philippines has grown.

The investments themselves are slowing down, owing to a difficult global environment for investors, but the amounts raised by ASEAN startups were down by around 40% during the second quarter of 2022 compared with the previous year.

“The digital economy so far appears to have remained resilient. Startups and deals related to tech and internet sectors were affected by smaller declines, if any. But investors are now more cautious, especially vis-a-vis late-stage investments, as IPO gains are becoming less likely in the current macroeconomic scenario.”

According to the ADB, Southeast Asia is characterized by strong macroeconomic performance that is expected to grow above 5% in 2022 and 2023, outperforming China for the first time in recent history — a fact that will certainly pique the interest of international and regional investors.

“ASEAN is still perceived by international investors as a high-growth potential and less known Asian market when compared not only to developed Asian economies, like Japan or the Republic of Korea, but also to large emerging ones, like [China] and India,” the ADB said.

“There is also room to expand the role of regional investors. ASEAN-based private equity and VC firms are a growing source of funding for startups and for cross-border activities, but in 2021 they accounted for less than a quarter of investment into ASEAN-focused venture capital funds.”

Creating the first Philippine ‘techglomerate’

Aboitiz Group President and CEO Sabin M. Aboitiz recognizes this opportunity and has since made headlines by proclaiming the “Great Transformation” of the Aboitiz Group into the country’s first ‘techglomerate.’

“There is no better time for conglomerates to start building their techglomerate capabilities in the Philippines than now, because we have a President and administration that cares deeply about building the infrastructure needed for techglomerates to exist and support economic transformation,” Mr. Aboitiz said in an interview.

“This kind of outcome-producing collaborations between the government and the private sector to improve digital infrastructure, for example, has never been seen — at least not at this level. Can you imagine all the techglomerates in our country working together with the full support and collaboration of the government? All that innovation and out-of-the-box thinking — we can really turn the economy around. Which is, of course, what we are trying to do with the Private Sector Advisory Council (PSAC).”

Mr. Aboitiz is one of the business leaders and experts comprising the PSAC who are tasked with supporting the government in meeting its economic objectives across six main sectoral groups. He leads the infrastructure sector.

Other designated sector leads include Aileen Uygongco-Ongkauko, director of La Filipina Uy Gongco Group of Companies, for agriculture; Jose Ma. “Joey” Concepcion III, the president of RFM Corp. and founder of Go Negosyo, an advocacy group for small businesses, who is the sectoral lead for jobs; Henry Rhoel R. Aguda, president and CEO of UnionDigital Bank, for digital infrastructure; Paolo Borromeo, Ayala Healthcare Holdings, Inc. president and CEO, who leads for healthcare; and Lance Y. Gokongwei, JG Summit president and chief executive officer, for tourism.

According to Mr. Aboitiz, their goals of creating the country’s first ‘techglomerate’ aligns with the government’s vision for the country — a future driven by both innovation and by people.

“One of the more defining characteristics of a techglomerate is its ability and responsibility to use innovation, speed, synergy, creative thinking, and all the other techglomerate traits, to benefit the greater good,” Mr. Aboitiz said.

“Whether you’re ‘advancing business and communities’ like we are, or you’re trying to save the planet or improve the lives of people, techglomerates have the ability to do these things faster, better, and stronger. The impact of this then quadruples when you have the government and other techglomerates as partners. So, there’s really no other way. It has to be done together and with everyone at the same caliber and level of commitment.”

It is by no means an easy goal to strive for. Much of the opportunities highlighted by organizations like the ADB hinges on improvements that will enable rapid growth, such as more coherent and cohesive regulations, especially in the digital space, and enhanced improvements in physical and digital infrastructure and cross-country connectivity.

“There are two sides,” Mr. Aboitiz noted. “First, you have the technology aspect of it, which is of course reliant on proper digital infrastructure and access to the latest tech. This issue can only be addressed, as I said, if the Philippine government and the Philippine techglomerates of the 21st century continue to work well together, sharing their resources, support, and expertise.”

“The more difficult obstacle is opening our minds to new and better ideas and ways of doing things — the techglomerate mindset,” he continued. “This can be challenging because it dares us to move out of our comfort zones and try things that might seem intimidating but are actually just unfamiliar to us. It’s just a matter of diving into the pool and realizing swimming isn’t that difficult. Or learning to drive a car or use your new smart phone — seems like a lot of work at first, but becomes second nature in no time.”

Should the Philippines succeed in implementing such a change, Mr. Aboitiz said, it could change everything.

“In terms of the future of work, we have already accepted radical changes, thanks to the pandemic. So, hybrid working is an obvious techglomerate model. Conglomerates never heard of it, while techglomerates embrace it without flinching.”

“But the picture is so much bigger than that,” he added. “If, for example, we know that artificial intelligence will change the world, and if, by definition, a techglomerate optimizes the use of AI, then it would make sense to say that techglomerates, in partnership with the government, will shape or reshape the future of business in the Philippines. Can you imagine how MSMEs (micro, small, and medium enterprises) will change with AI?”

Cybersecurity is an oxymoron for the Digital Age

FLY D-UNSPLASH

THE digital era has enriched the list of outstanding oxymorons that already includes “military intelligence” and “competent authorities” with a new contradiction in terms: “cybersecurity.”

Last week, in response to a freedom of information request, an official from the Police Service of Northern Ireland (PSNI) mistakenly posted the personal details of 10,000 officers on the internet. For three hours, a digital free-for-all ensued; anyone could access the surname and first initial of officers, their rank and grade, where they are based and with whom they work — including with the domestic intelligence service, MI5.

The chief constable of the PSNI, Simon Byrne, has confirmed that republican terrorists downloaded the information. It is certainly one of the most serious breaches of secret data experienced by any police force in the United Kingdom. But will it be the last?

Sensitive data breaches are becoming commonplace. Cyberattacks by hostile state actors like Russia and China are a clear and present danger. Just this week, it was revealed that records held by the British Electoral Commission from August 2021 have been filched by hackers, but, as in Northern Ireland, technical incompetence and human error are serious threats too. An infinite amount of data is supervised by finite talents and the police who, to put it mildly, are stretched to recruit the best and the brightest — especially in areas where there is acute competition for technological talent.

The risks are plain. Up to 2,000 PSNI officers are now considering taking legal action following the breach, according to their union, the Police Federation. As well they might, since 319 police officers were murdered and almost 9,000 injured, mostly by the Irish Republican Army (IRA), during the 30 years of violence known as the Troubles. By some measures, it was the most dangerous force in the world in which to serve in the 1980s. Even today, there are police officers who don’t let their friends know their occupation for fear of retribution. No wonder staff panicked and desperately tried to wipe their data from the web once the alarm spread. This is hardly an atmosphere that promotes what HR would call talent retention.

Dissident republican paramilitaries who broke away from the IRA to reject the 1998 Good Friday Agreement still target PSNI officers. Although the worst of the violence has ended, two police officers and two prison officers have been killed since then. In February, terrorists shot Detective Chief Inspector John Caldwell several times in front of his young son and other children, causing “life-changing” injuries. The official threat level has gone back up from “substantial” to “severe” as a result of the leak, meaning another attack is judged imminent.

It was also revealed on Wednesday that in July a police superintendent’s car had been broken into by thieves who removed a laptop and sensitive documents. Why did it take so long to admit the theft to the 200 officers and staff affected? The temporary news blackout added to paranoia in the ranks.

Members of the armed services and their families risk their lives for the British Crown on the understanding that they will be supported by the state in the event of their injury or death — the military contract. Given the historic casualties they have suffered and the continuing terrorist threat, Northern Ireland’s police officers deserve equal regard. Without their bravery, the edifice of the state would collapse. Gangsterism and the sectarian conflict of Protestant against Catholic that has historically bedeviled the province would be endemic.

Roman Catholic officers, some 30% of the total, are particularly fearful for their personal safety and the pressure that could be placed on their families living in nationalist communities. Republican extremists regard them as traitors; the terrorists would prefer that police ranks contained only the Protestant “enemy” that favors Northern Ireland’s continued membership of the UK. In fact, the Royal Ulster Constabulary was reconstituted as the PSNI in 2001 to counteract its perceived sectarian bias. Republican parties like the IRA’s political wing, Sinn Fein, that have renounced the armed struggle now accept the PSNI’s bona fides. Yet some Catholics in the PSNI have told the BBC that this breach of their security will force them to quit.

The authorities are investigating what training was given to staff who handle freedom of information requests. As with other security breaches around the world — from those of Edward Snowden to Bradley (now Chelsea) Manning — it will be asked who was entitled to such high-level security clearance and why. At the very least, the supervisory Police Board needs a good answer to the question of who signs off on this stuff before it goes out. And how many police officers will now have to relocate their homes and alter their work patterns? The fate of the chief constable hangs in the balance, although he has already declared he isn’t the resigning type.

The UK, like most advanced societies, is increasingly reliant on detailed databases to operate its public services and infrastructure. But without a better-trained workforce, these will be highly vulnerable to hacking and sloppy leaks. In Estonia, I have seen schoolchildren trained from an early age to game cyberattacks from their malevolent Russian neighbor and learn advanced digital skills in the process. Elsewhere in the West, we show no such urgency or foresight. Yet the US, India, and France, like Britain, have all suffered from catastrophic data breaches, intended or not.

Last month, a cyberattack on the Swedish medical company Ortivus AB led to two British health service ambulance trusts reverting to old-fashioned paper records to do their routine work. Old fixes for new problems — but back to the future can’t be the solution to our digital deficits.

BLOOMBERG OPINION

Supreme Court affirms seafarer disability ruling

WIKIMEDIA/PATRICKROQUE01

THE Supreme Court has affirmed a Court of Appeals ruling that found a seafarer to be entitled to permanent disability benefits after he suffered a hand and shoulder injury while on duty.

In a resolution dated Jan. 23 and made public on Aug. 10, the tribunal concurred with the appellate court’s decision to uphold the findings of company-designated physicians, who had concluded that Dennis R. Villamor’s carpal-tunnel syndrome and rotator cuff tendinopathy entitled him disability benefits.

It said the doctors’ findings were deemed final after the seafarer had been unable to work following the 120-day period required under law.

Under the Labor Code, a disability is total and permanent if the employee is unable to perform any “gainful” occupation for a continuous period exceeding 120 days.

Only doctors chosen by employers may determine if a worker has sustained a permanent disability while on duty.

The seafarer’s employers, Transocean Shipmanagement (Philippines), Inc. and Companhia Portuguesa de Navagacao International SA., had offered to pay $9,000 for the shoulder injury, arguing that his hand injury was not work related, citing the opinion of third-party doctor.

Mr. Villamor’s hand injury had been diagnosed as a Grade 10 disability, which under Philippine Overseas Employment Administration’s rules entitles the worker to $10,075 in compensation.

The shoulder on the other hand was classified as a Grade 11 injury, making the seafarer eligible for $7,465 in compensation, subject to the legal interest rate of 6%.

“The opinions of the company-designated and the independent physicians are rendered irrelevant because the seafarer is already conclusively presumed to be suffering from a permanent and total disability” the tribunal said.

“It must be consistently reiterated that the law governing the entitlement of a seafarer to disability benefits consists of an interplay between the Labor Code (and) the Amended Rules on Employee Compensation,” the court said. — John Victor D. Ordoñez

Century Properties says results hit or beat pre-pandemic levels

CENTURY PROPERTIES Group, Inc. said on Thursday that financial results have returned to pre-pandemic levels, allowing the real estate developer to pursue growth opportunities.

“Our financial and operating results for the first half of the year are comparable if not better than the pre-pandemic levels which puts us in a very good position to pursue opportunities in this growing and robust segment of the industry through organic growth, acquisitions or consolidation,” said Century Properties Treasurer and Chief Finance Officer Ponciano S. Carreon in a media release.

In a regulatory filing, the company said second-quarter attributable net income reached P219.23 million, up 25.5% from P174.75 million a year earlier.

Gross revenues for the three months ending in June, hit P3.77 billion, higher by 39.6% than P2.7 billion previously.

In the first half of the year, it reported P656 million in net income, 20% higher than the P548 million in the same period last year, driven by higher revenues.

It reported a 27% increase in its top line to P6.7 billion from P5.3 billion due to higher sales from its first-home residential brand PHirst.

The company’s PHirst brand contributed 52% to first semester revenues or P3.5 billion, 48% higher than the P2.6 billion reported the previous year.

“The demand for quality and strategically located first homes have proven to be resilient and even stronger and [Century Properties] was well-prepared to serve this market with its First-Home Brand,” said Century Properties President and Chief Executive Officer Marco R. Antonio.

The company added that the rest of the revenues, at P2.4 billion, came from its in-city vertical developments commercial leasing, and property management segments at P670 million and P217 million, respectively.

“We are aiming to maintain this growth trajectory as we launch new projects,” Mr. Antonio added.

For the second half of the year, the company said it is planning to launch two more projects, which include the brand’s foray into the Visayas region.

During the first half, it launched its development project PHirst Park Homes Gapan in Nueva Ecija and opened PHirst Impressions Batulao in Nasugbu, Batangas.

“We are taking a very calculated stance in managing our leasing portfolio and high-rise vertical residential developments aligned with our view of a moderate and gradual growth for this segment of the industry,” the company said.

The properties would bring Century Properties’ active projects to 20, “on its way to achieving the programmed nationwide presence,” it said.

On Thursday, Century Properties closed unchanged at P0.34 per share. — Adrian H. Halili

DC superhero Blue Beetle brings Latino family team to big screen

ELPIDIA CARRILLO, Damián Alcázar, George Lopez, Xolo Maridueña, and Belissa Escobedo in a scene from Blue Beetle. -IMDB.COM

LOS ANGELES — Xolo Mariduena quickly learned that he and his character in the latest DC Studios film Blue Beetle have one big thing in common — they cannot hide anything from their families.

The Cobra Kai actor plays college graduate-turned-superhero Jaime Reyes, the first Latino superhero in a DC movie, who finds it impossible to keep his alter-ego a secret.

“There’s no hiding from mom and dad that I’m Blue Beetle. As a Latino, I know that there’s no secrets in my family, so I felt it resonated with me and the fact that the superhero in this movie is really the family,” Mr. Mariduena told Reuters last month before film promotion was halted by the Screen Actors Guild strike.

In the film, Jaime returns to his hometown of Palmera City after graduating from college and has his life turned upside down when he is chosen by a blue scarab from an alien planet to become the Blue Beetle.

Jaime bonds with the scarab, which transforms into protective armor for him. He must ensure the scarab does not fall into the wrong hands while also trying to protect his family.

Blue Beetle arrives in theaters on Friday and also features comedian George Lopez as Uncle Rudy and Susan Sarandon as the main villain.

Focusing on the importance of a Latino family was always a top priority for the Puerto Rican director of the Warner Bros. film, Angel Manuel Soto.

“The resilience of our people is represented in each of those characters, from the dad to the mom to the sister and when it comes to the uncle, for example, Uncle Rudy is inspired 100% on the uncle of the writer (Gareth Dunnet-Alcocer) who passed away last year,” Soto told Reuters. “He wanted to immortalize him in this film and bring this dark brown energy to the family.”

For Soto, making the film would not have been possible without emerging equity in entertainment. As the most underrepresented group in the industry, Latino talent is keen to change their narrative.

Last week, Variety reported that 27 Latino Hollywood organizations signed an open letter calling on the community to amplify Latino work, especially Blue Beetle.

Mr. Mariduena believes that Blue Beetle is “just the first step” to hopefully open the door for other Latino superheroes to reach the big screen. — Reuters

CTA denies Manulife Data Services’ claim of P99-M excess VAT

CTA.JUDICIARY.GOV.PH

THE COURT of Tax Appeals (CTA) has denied Manulife Data Services, Inc.’s refund claim worth P98.84 million representing its excess value-added tax (VAT) payments for the fiscal year of 2017.

In a 13-page decision dated Aug. 10, the tribunal said it did not have jurisdiction over the case since the firm failed to appeal the commissioner of internal revenue’s (CIR) denial of its claim on time.

“Upon its receipt, petitioner (Manulife Data Services) could have simply and immediately furnished the BIR’s letter to its counsel informing it that its refund/tax credit claim has been denied,” Associate Justice Lanee S. Cui-David said in the ruling.

Under the Tax Code, taxpayers have 30 days to dispute the CIR’s denial of a refund claim before the CTA, upon receipt of the decision.

Manulife Data Services argued that the internal revenue commissioner’s denial letter was invalid since it was addressed directly to the firm instead of an authorized representative. 

The tax tribunal disagreed, saying the firm failed to show any provision or law that supported its claim that denial letters can only be presented to a company’s appointed tax representative.

“When the provisions of the law are clear, plain, and free from ambiguity, they must be given their literal meaning and applied without any interpretation,” the tax court said.

“Lack of jurisdiction of the court over an action or the subject matter of an action cannot be cured by silence, acquiescence, or even by express consent of the parties.” — John Victor D. Ordoñez

Philippine Airlines soars into the world of blockchain art collectibles

I am thrilled to witness Philippine Airlines (PAL) taking a bold step into the world of blockchain with its limited-edition digital art collectible collection. This collaboration with Philippine Blockchain Week marks a significant milestone, not just for PAL but for the entire blockchain ecosystem in the Philippines.

The introduction of this collection comes at a pivotal moment when Web3 technology is reshaping various industries and revolutionizing the way we interact with digital assets.

The collection, featuring eight unique digital art pieces designed by the talented artist Patricia (Trace) Orozco, showcases the iconic elements of PAL’s aviation legacy, adding a touch of artistic charm to the world of digital collectibles. Each art piece will be minted on the Ethereum blockchain platform, providing a secure and transparent means of ownership and verification for art enthusiasts and collectors alike.

What makes the PAL collectibles even more appealing is the value they hold. Each collectible includes $1,500 worth of Mabuhay Miles for redemption, providing buyers the opportunity to enjoy PAL’s services at their convenience. Additionally, buyers receive a ticket to the prestigious Michael Cinco Metaverse Fashion Gala 2023, an exclusive event featuring the designer’s first-ever non-fungible tokens collection.

Moreover, PAL’s strategic partnership with Philippine Blockchain Week adds further value to these digital art collectibles. Buyers will be treated to a VIP ticket to the blockchain event annually for the next three years, enabling them to delve deeper into the world of blockchain technology and its vast potential.

As we look ahead to the upcoming Blockchain Week conference at the Marriott Grand Ballroom from Sept. 19 to 21, we anticipate an exciting convergence of blockchain enthusiasts, industry leaders, and visionaries. This year’s event will serve as a platform to showcase real-world applications of blockchain technology, bridging the gap between traditional industries and the world of Web3.

PAL’s entry into the world of blockchain art collectibles signifies a progressive mindset, embracing innovation, and exploring the potential of blockchain technology in new and exciting ways. This initiative not only enriches the PAL brand but also serves as an inspiring example for other organizations in the Philippines to leverage blockchain technology and explore the infinite possibilities of Web3.

Lufthansa, a global leader in the airline industry, is also making strides in the NFT space. The airline’s Uptrip app transforms flights into rewarding experiences, offering travelers digital trading cards that unlock privileges such as in-flight Wi-Fi, lounge access, and upgrades. These trading cards are stored as unique NFTs on the Polygon blockchain, showcasing Lufthansa’s commitment to embracing blockchain’s potential to redefine customer rewards. The 1st Edition of these NFT trading cards, launched last March, offers users the chance to receive rewards worth €3,000. This innovative move highlights Lufthansa’s dedication to delivering exceptional travel experiences while harnessing the transformative power of blockchain technology.

Etihad Airways, a renowned airline from the United Arab Emirates, is also making waves in the NFT space. The airline just recently announced an expansion of its loyalty and rewards programs. Holders of these NFTs can expect a range of appealing privileges, including a 12-month Etihad Guest Silver Tier Status, priority check-in, a 25% increase in earning Etihad Guest Miles, exclusive lounge access at the Abu Dhabi International Airport, and membership to the Etihad: Virtual Club. With plans to introduce a staking-for-miles feature through their upcoming Web3 loyalty program, Horizon Club, set to launch in September, Etihad is taking innovative steps to reward its community, showcasing their commitment to embracing cutting-edge technologies.

These initiatives reflect a dynamic shift in the airline industry, showcasing a commitment to embracing cutting-edge technologies and redefining customer engagement. The Blockchain Council of the Philippines is committed to supporting and collaborating with visionary companies to unlock the immense potential of blockchain in reshaping our digital landscape, contributing to a more inclusive and prosperous future for the Philippines.

As we look ahead to the rapidly evolving landscape of Southeast Asia’s digital economy, these developments provide an inspiring glimpse into the future possibilities of blockchain technology and its transformative power.

 

Dr. Donald Lim is the founding president of the Blockchain Council of the Philippines and the lead convenor of the Philippine Blockchain Week. He is also the Asian anchor of FintechTV.

China suspends youth jobless data after record high readings

REUTERS

CHINA has suspended publication of its youth jobless data, saying it needed to review the methodology behind the closely watched benchmark, which has hit record highs in one of many warning signs for the world’s second-largest economy.

The decision announced shortly after the release of weaker-than-expected factory and retail sales data sparked rare backlash on social media amid growing frustration about employment prospects in the country.

It also marks the latest move by Chinese authorities to restrict access to key data and information, a trend that is unnerving overseas investors.

Fu Linghui, a spokesman for the National Bureau of Statistics (NBS), said the release of data would be suspended while authorities look to “optimize” collection methods.

“In recent years, the number of university students has continued to expand,” Mr. Fu said. “The main responsibility of current students is studying. Society has different views on whether students looking for jobs before graduation should be included in labor force surveys and statistics.”

This issue, as well as the definition of the age range currently set at 16-24, “needs further research,” Mr. Fu said.

In recent months, China has restricted foreign users’ access to some corporate registries and academic journals, and cracked down on due diligence firms operating in the country, a vital source of information on China for overseas businesses.

“The declining availability of macro data may further weaken global investors’ confidence in China,” said Ting Lu, chief China economist at Nomura, adding that youth unemployment was expected to have risen in July.

At the height of its COVID-19 outbreak late last year, China abruptly changed the way it classified deaths from the disease, a move that fueled criticism abroad and at home.

This week’s move has also been met with skepticism at home as young Chinese face their toughest summer job-hunting season.

The most recent NBS data on youth unemployment, published last month, showed the jobless rate jumping to a record 21.3% in June.

Some 47% of graduates returned home within six months of graduation in 2022, up from 43% in 2018, state-run China News Service reported last week, citing a private-sector survey.

“If you close your eyes then it doesn’t exist,” one user wrote on microblogging site Weibo, where a hashtag related to the NBS decision received over 10 million views.

“There is a saying called ‘burying your head in the sand’,” wrote another user. — Reuters

1...4,4444,4454,446...14,238Page 4,445 of 14,238
ADVERTISEMENT
ADVERTISEMENT
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin X Youtube