Home Blog Page 4513

DMW may get private insurance 

THE DEPARTMENT of Migrant Workers (DMW) may avail itself of insurance for government-hired overseas Filipino workers (OFW) from private companies, according to the Department of Justice (DoJ). 

In a legal opinion addressed to Migrant Workers Undersecretary Bernard P. Olalia dated July 19, Justice Secretary Jesus Crispin C. Remulla said the practice is allowed by the Constitution. 

“It is a constitutional mandate to afford full protection to labor, local and overseas, organized and unorganized, and promote full employment and equality of employment opportunities for all,” he said. 

Mr. Olalia earlier sought the DoJ’s opinion after the Philippine Overseas Employment Administration, which is under DMW, drafted the rules for insurance policies for migrant workers hired under a government-to-government arrangement. 

“The dignity and fundamental rights of OFWs in general, whether agency-hired or hired on a government-to-government arrangement, should at all times be protected by securing the best possible terms and conditions of employment,” Mr. Remulla said. —John Victor D. Ordoñez

LTO eyes random inspections 

THELAND Transportation Office (LTO) would conduct road worthiness inspections of public utility vehicles (PUV), chiefVigor Mendoza II said on Sunday. 

“The move is part of the instruction of Transportation Secretary Jaime Bautista to protect motorists, commuters and other road users by lessening, if not totally preventing, road accidents,” he said in a statement. 

The inspection should be done as frequently as possible, not only on long weekends due to holidays, he said. 

Future inspections would include surprise and random drug testing of PUV drivers as mandated by the Anti-Drunk and Drugged Driving Act of 2013,” he added. 

Mr. Mendoza also said he wants to expand the appointment system and shorten the waiting time for driver’s license application and motor vehicle registration. These should eventually be done online, he added. —Justine Irish D. Tabile

Metropolitan Naga bill filed

CAMARINES Sur Rep. Gabriel H. Bordado has filed a bill that seeks tocreate a Metropolitan Naga Development Authority (MNDA). 

“Without undermining local autonomy, the MNDA will accelerate the crafting of solutions to the longstanding problems plaguing the area… towards a more effective and equitable economic development within Metropolitan Naga,” he said in the explanatory note of House Bill 8613. 

The measure aims to solve bottlenecks at the Metro Naga Development Council, which was set up in 1993 through Executive Order 102. 

“While it has been effective in delivering certain basic services, challenges unique to each local government unit and the region persisted, hindering the full realization of the vision for a prosperous Metropolitan Naga,” the congressman said. —Beatriz Marie D. Cruz 

Putin says Russia does not reject talks with Ukraine

Russian President Vladimir Putin

RUSSIAN President Vladimir Putin said on Saturday that an African initiative could be a basis for peace in Ukraine but that Ukrainian attacks made it hard to realize.

He was speaking at a press conference after meeting African leaders in St Petersburg on Friday and hearing their calls for Moscow to move ahead with their plan.

“There are provisions of this peace initiative that are being implemented,” he said. “But there are things that are difficult or impossible to implement.”

Reuters reported in June that African mediation in the conflict could begin with confidence-building measures followed by a cessation of hostilities agreement accompanied by negotiations between Russia and the West.

Mr. Putin said that one of the points in the initiative was a ceasefire. “But the Ukrainian army is on the offensive, they are attacking, they are implementing a large-scale strategic offensive operation… We cannot cease fire when we are under attack.”

On the question of starting peace talks, he said, “We did not reject them… In order for this process to begin, there needs to be agreement on both sides.”

Ukrainian President Volodymyr Zelensky has rejected the idea of a ceasefire now that would leave Russia in control of nearly a fifth of his country and give its forces time to regroup after 17 grinding months of war. — Reuters

Olympics threaten to erase a symbol of Paris, say riverside booksellers

REUTERS

PARIS — Booksellers along the river Seine say the Olympics threaten to erase a symbol of Paris, after they were told by local authorities that they will have to remove their stalls for the Summer Games opening ceremony in 2024 for security reasons.

Around 570 of the famous old stalls that line the river in the capital need to be dismantled and moved, or almost 60% of the riverside booksellers, according to the city authorities.

“People come to see us like they come to see the Eiffel Tower and Notre Dame, (but) they want to hide us during a ceremony that is supposed to represent Paris,” said Jerome Callais, the president of the Paris booksellers association.

Paris police have told the booksellers their stalls are within the perimeter of protection for the opening ceremony and need to be removed for “obvious security reasons,” the police said in a statement.

Paris 2024 organizers expect at least 600,000 people to attend the opening ceremony on the Seine, during which athletes and delegations will sail along the river. It will be the first time the public have free access to the opening ceremony, and not in a stadium.

The French government is making plans to ensure the security of the event, for which 35,000 security agents and the military will be deployed.

But Albert Abid feels that he and his fellow booksellers are being excluded from the celebrations, and says he is worried that his 100-year old wooden stall will be damaged in the process.

“(They) are very fragile.. our stalls will not be able to withstand this operation, nor will the morale of the booksellers,” said the seller of 10 years in front of his riverside stall holding around 100-150 books.

The Paris authorities said in a statement that they met with the booksellers earlier this month and offered to pay for the costs of removing the stalls and to pay for any repair work in the event of damage, in what they called a “renovation.”

“This renovation is part of the Games’ heritage and will help support the application to have the Seine booksellers recognized as intangible cultural heritage by UNESCO,” the authorities said.

It was not clear whether the booksellers had been told they must move for the duration of the Games or only for the opening ceremony. But the city has invited them to move to a specially created “bookseller village” in a “literary neighborhood near to the Seine” for the duration of the Games.

However, Mr. Callais, the bookseller association president, said the proposed location of Bastille square was not a viable solution and that no other compensation had been proposed.

“No-one is going to go to that market,” he said. — Reuters

Women face double burden from rising heat, study warns

PEOPLE are silhouetted against the setting sun at “El Mirador de la Alemana (The viewpoint of the German)” in Malaga, southern Spain, July 24, 2019. — REUTERS

MUMBAI/LAGOS/LONDON — Women will bear the brunt of extreme heat as more frequent heatwaves on a warming planet pose a growing threat to their work, earnings and lives, researchers have warned.

The impacts of rising heat are disproportionately dangerous and costly to women — be it at home or on the job — according to a report titled ‘The Scorching Divide’ by the Adrienne Arsht-Rockefeller Foundation Resilience Center (Arsht-Rock).

The US-based non-profit’s research, which analyzed India, Nigeria and the United States, said that extreme heat could kill 204,000 women annually across the three countries in hot years.

“Extreme heat is quietly but profoundly brutalizing women worldwide,” said Kathy Baughman McLeod, director of Arsht-Rock. Heat creates a “double burden” for women, the report warned.

“Women are not only more susceptible to physically getting sick from heat, they’re also disproportionately expected to care for everyone else who’s sick from heat, whether that’s paid care or unpaid care,” Ms. McLeod told the Thomson Reuters Foundation.

Heatwaves are breaking records around the world and the continued release of planet-heating emissions – largely from the use of coal, oil and gas – will push global temperatures into uncharted territory in the coming years, scientists have said.

The debilitating heat will take its toll on women, forcing them to work longer hours — whether outdoors on a farm, for example, or doing unpaid domestic work like cooking and cleaning at home — for less money or no income at all, the report said.

“Women in poverty are being pushed further into poverty, and women climbing out of poverty are being pulled back in,” Ms. McLeod said.

LACK OF COOLING HITS WOMEN HARDEST
With the average number of heatwave days projected to at least double by 2050 in India, Nigeria and the United States, women from the poorest and marginalized communities will suffer the biggest blow to their productivity, the report found.

Much of these heat-related productivity losses — pegged at about $120 billion each year across the three countries — are in the context of unpaid household work and linked to lack of access to domestic cooling equipment, according to the research.

About 1.2 billion rural and urban poor globally are expected to be living without cooling solutions by 2030, with 323 million of them in India alone, according to Sustainable Energy for All (SEforALL), a U.N.-backed organization working on energy access.

These solutions range from domestic air conditioning to cold chains for farm produce.

Women spend almost twice as much time than men working at home, taking care of children or older relatives and managing the house — and those who cannot afford air-conditioning experience a bigger hit to their productivity, the report found.

In nations such as Nigeria, where heat exacerbates symptoms of tropical diseases from malaria to yellow fever, mothers bear the “double burden” of looking after themselves and caring for sick family members, amounting to hours of unpaid work.

Doctors in Nigeria, who experience frequent power cuts, are calling for better-ventilated hospitals and say pregnant women should take breaks of at least three hours if working outdoors.

“Pregnant women are at greater risk of heat-related deaths as increasing temperature affects foetus growth and complicates the overall health of an expectant mother,” said Samuel Adebayo, a gynaecologist in Lagos.

Nigeria accounts for 20% of global maternal deaths — 58,000 women per year — said the Arsht-Rock report, citing World Health Organization (WHO) data, and heat adds yet another complication.

“Pregnant women are at greater risk of heat-related deaths as increasing temperature affects foetus growth and complicates the overall health of an expectant mother,” said Mr. Adebayo.

In Britain, where women from Black communities are nearly four times more likely than white women to die in childbirth, climate change will only exacerbate the challenges they face, according to Selvaseelan Selvarajah, a doctor in east London.

While the rich can afford air-conditioning units and electricity costs, the poor cannot, Mr. Selvarajah said.

“In poor housing, even if the council gave you air-conditioning, you’re paying hundreds of pounds a month for your electricity – you’re not going to want to turn it on,” he said.

INVISIBLE LABOR
Farm worker Savitri Devi, 40, soldiered through the harsh summer in the northern Indian state of Uttar Pradesh this year, working in fields at temperatures as high as 44 degrees Celsius (111.2 degrees Fahrenheit) even as scores of people died during the heatwa ve in the state in June.

Women in India lose nearly a fifth of their paid working hours to heat, and extreme heat is pushing female wages below the poverty line in sectors including agriculture, which accounts for 70% of total female employment, the report found.

“I obviously suffered working in the sun. I fell ill, and my wages were cut for every hour lost due to the heat. But what do I do? I have to work for money,” said Devi, who earns 250 rupees ($3.05) for eight hours of work per day.

Labor experts said rising heat has compounded the problem – particularly for the rural poor. As droughts dent crop harvests and fuel male migration from villages in search of alternative work, women are left behind to take care of farms and families.

Benoy Peter, executive director of the Centre for Migration and Inclusive Development, a Kerala-based non-profit, said most agricultural work in rural India consists of invisible labour by women — who assume a bigger burden when men migrate to cities.

“So women do the farm work, take care of older people and children. But if they fall ill, there is no one to take them to a health facility,” he said.

Ms. McLeod of Arsht-Rock said people were starting to understand the effects of heat – from a financial and health perspective — and stressed the need to take urgent action on the issue.

“This crisis, given where our emissions are … it’s only getting worse,” she said. “No one has to die from heat. All of these deaths and illness are preventable. We just hope that people pay attention.” — Thomson Reuters Foundation

African leaders to decide further action after Niger coup

NIAMEY/ABUJA — Niger’s military leaders warned against any armed intervention in the country as West African leaders are set to gather in Nigeria’s capital on Sunday for an emergency summit to decide on further actions to pressure the army to restore constitutional order.

Heads of state of the 15-member Economic Community of West African States (ECOWAS), and the eight-member West African Economic and Monetary Union could suspend Niger from its institutions, cut off the country from the regional central bank and financial market, and close borders.

Niger’s eastern neighbour Chad, a non-member of both regional organizations, has been invited to the ECOWAS summit, a statement from the Chadian president’s office said on Saturday.

Niger is one of the poorest countries in the world, receiving close to $2 billion a year in official development assistance, according to the World Bank. It is also a security partner of former colonial power France and the United States, which both use it as a base to fight an Islamist insurgency in West and Central Africa’s wider Sahel region.

The West African leaders could also for the first time, consider a military intervention to restore President Mohamed Bazoum who was ousted when General Abdourahamane Tiani was declared the new head of state on Friday.

Ahead of the Sunday summit, the military leaders in Niger on Saturday night, warned in a statement read on Niger national television on Saturday night against any military intervention.

“The objective of the (ECOWAS) meeting is to approve a plan of aggression against Niger through an imminent military intervention in Niamey in collaboration with other African countries that are non-members of ECOWAS, and certain western countries,” junta spokesman Colonel Amadou Abdramane said.

“We want to once more remind ECOWAS or any other adventurer, of our firm determination to defend our homeland,” he said.

The junta issued a second statement on Saturday night inviting citizens in the capital take to the streets from 7 a.m. local time (0600 GMT) to protest against ECOWAS and show support for the new military leaders.

The military coup in Niger has been widely condemned by its neighbors and international partners who have refused to recognise the new leaders and have demanded that Bazoum be restored to power.

Bazoum has not been heard from since early Thursday when he was confined within the presidential palace, although the European Union, France and others say they still recognize him as the legitimate president.

The European Union and France have cut off financial support to Niger and the United States has threatened to do the same.

After an emergency meeting on Friday, the African Union issued a statement demanding that the military return to their barracks and restore constitutional order within 15 days. It did not say what would happen after that. — Reuters

23 must-have for a Barbie-themed living room design

The Barbie movie, starring Margot Robbie as Barbie and Ryan Gosling as Ken, has been embraced wholeheartedly in the Philippines. Since its release on July 19, the Barbie frenzy has taken over the country, leading to exciting collaborations with the limited edition fashion brands in the country. 

Now, Wilcon Depot, the Philippines leading home improvement and trusted building partner retailer in the country, is joining on board by bringing the trendy Barbie frenzy right into your homes!

Barbiecore Living Room Ideas: What To Buy?

Ready to bring Barbie magic home? Wilcon Depot has everything you need for a fabulous Barbie-inspired makeover! From sofas to floor tiles, we’ve got a range of pink and chic items to turn your Barbie dream into reality!

1. Minimalist Sofas and Chairs

When finding the ultimate chic and cozy sofa and chairs for your Barbie core sala set, look no further than Heim and Nobizzi! 

Picture this perfect combination: kickstart your living room with Heim’s Tamisha series 3-seater and 1-seater sofas – pure elegance and comfort wrapped into one! But why stop there? Elevate the style with Nobizzi’s Velvet Accent Chair, which brings a touch of princess vibes with its luxurious white-velvet fabric and gold steel materials.

2. Modern Living Room Tables

A living room just isn’t complete without the charming center table and side table to add that touch of elegance! Introducing: the Heim Lotus Center Table and the Nobizzi Art Deco Style Gold Side Table.

The Heim Lotus Center Table is an absolute eye-catcher! With its sleek metal and glass materials, this table is a masterpiece with those lotus-like designs on the sides.

The Nobizzi Art Deco Style Gold Side Table is truly irresistible with its marble table-top and stainless gold frame. It’s the epitome of luxury and style, a must-have addition to your living room setup.

3. Stylish Pendant Lights and Table Lamp

Take your Barbie game to the next level with Alphalux’s fabulous ceiling lights and table lamps!

If you want that ultimate Barbie doll house feel, pendant lights are the way to go! Check out the stunning Ned Pendant Lamp and Frank Pendant Lamp – they’ll add that much-need touch of magic to your living room. Made with a mix of metal, glass, and the iconic pink color, these ceiling lights will make your space shine like a Barbie dream! You can complete your Barbie living room with Alphalux’s chic acrylic Lure Table Lamp to add charm and style to your space. 

4. Aesthetic Wall and Floor Tiles for the Living Room

Who said the Barbie theme should be limited to furniture? Let’s take it up a notch by adding some flair to your walls and floors with fabulous tiles!

For glossy walls that will make your living room sleek and shiny, check out Herberia’s Smart Glossy Decor Wall Tile, Basel’s Arriana Glossy Wall Tile, or Novabell’s Ravello Glossy Wall Tile. You can complement these wall tile decors with Saigres’s stunning floor tiles. Choose from Alarico Glossy Ceramic Floor Tile, Vallery Polished Porcelain Floor Tile, or Statuario Polished Porcelain Floor Tile that will effortlessly match your living room pieces and wall decors.

5. Velvet Throw Pillow Cases

You can’t underestimate the power of throw pillowcases in creating an iconic Barbie living room look. They may seem like small details, but they make a huge difference in adding that extra touch of style to your sofas and chairs!

And nothing screams Barbie more than velvet fabrics! Heim’s Douce Pink Throw Pillow Case And Timantti Light Brown Throw Pillow Case are spot-on choices. Their simple yet classy look effortlessly matches our earlier sofa and chair recommendations.

6. Other Barbie Living Room Design Ideas

The Barbie makeover for your sala doesn’t stop there – we’ve got more fabulous additions that will give your living room a girly and glamorous interior!

To add that final touch of elegance, consider the beige Maine carpet by Heim. Made of soft polyester fiber with an abstract design, it will not only complete the look of your living room but also create a cozy and confined ambiance.

And what’s a Barbie-themed room without flowers? Sprinkle some floral magic with a set of clear glass vases with a touch of gold by Heim or a fuschia pink artificial chie flower pot. Fresh or lovely dried flowers will add a delightful touch, making your living room bloom with Barbie charm!

Of course, comfort is key for Barbie. Install the sleek and stylish wall mount Kaze Eakon Series 2hp Split Type Aircon Inverter. It will keep your living room perfectly cool while adding a touch of modernity to the space. Barbie deserves the best, after all!

Now, are you already daydreaming about how your Barbie living room will come to life? Well, you’re in luck because Wilcon Depot is here to make it all happen! With their wide array of items available in-store and online, you can bring that doll-like sala to reality in a snap!

Bonus: Barbie-inspired Dining Table Design

While we initially focused on Barbie-themed living room tips, let’s extend the fabulous ideas to your dining area as well!

Picture this: you and your doll friends gathering around the stunning 6-seater rosegold Jean dining table by Nobizzi. Its stainless frame and marble top exude chic elegance, making your dining experience as glamorous as a Barbie dream! Whether it’s a lovely lunch or a fancy dinner, this dining table will surely become the centerpiece of your home, adding that perfect touch of sophistication to another part of your house. So, get ready to dine in style and enjoy the Barbie magic in every corner of your home!

‘C’mon Barbie, let’s go party!’

Ta-da! Your living room is now ready to become the magical stage for your very own Barbie movie! All that’s left to do is visit our online shop or head to the nearest Wilcon store to shop for these fabulous items and more! Trust me, once you’re done setting it all up, you’ll be thrilled and go, ‘ah ah ah yeah’ with the incredible outcome! So, don’t wait any longer – let the Barbie magic begin and turn your living room into a mesmerizing Barbie paradise. Happy decorating!

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. 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.

McDonald’s PHL puts the spotlight on its managers as they lead the growth of the Golden Arches

With over 40 years in the QSR industry, McDonald’s attributes its continued success and growth to its people – store managers and crew, who work to ensure the smooth operations of each McDonald’s store and deliver feel-good moments to its customers. As the QSR giant continues to open more stores this 2023, the company is gearing up to hire more Manager Trainees who will eventually lead McDonald’s growing store network.

McDonald’s Manager Trainees undergo a six-month training to learn the basics of running a restaurant. At the end of the course, eligible trainees are promoted to Shift Manager. 

Driven to lead

In the recent Best Me Campaign, McDonald’s Philippines shared a touching new film featuring Cherine, who was interviewed about her experience as a Restaurant Manager Trainee. In the film, Cherine was surprised by positive and encouraging messages from her family.

Finding inspiration from her older sister – who also previously worked at McDonald’s, Cherine shares how learning about McDonald’s as an employer encouraged her to seek employment, and eventually forge her own unique path.

Cherine – who also started her journey as a part-time crew member as a working student – is now taking on greater heights with a managerial role. Leading by example, Cherine shares: “Just how my “ate” set an example for me, I know as a manager I should take care of my crew members by being an example for my team on how to serve our customers better.”

The QSR giant has shared that many Filipinos, like Cherine, seek career growth opportunities with McDonald’s Philippines. With its direct hiring practice since 1981 for all its employees, McDonald’s Philippines takes pride in being one of the country’s biggest employers in the country that provides regular employment, special benefits, and access to training and development for advancement opportunities.

More than job security, McDonald’s Philippines’ world-class training provides its people with the skills for them to succeed in the restaurant service industry, as they get to learn global systems and processes in restaurant operations. Through a robust learning and development curriculum, McDonald’s employees are able to not just learn life-long skills but grow and progress in the company.

Growing with the business

“At McDonald’s Philippines, we want our employees to grow with us. This is why we continue to cultivate an operating culture that encourages our people to learn life-long skills and pursue new challenges and responsibilities to build their capability and confidence to lead. With the world-class training that we offer our people, we hope to develop kind and hard-working leaders who are eager to learn, driving service excellence and business performance in the QSR industry,” shared Kenneth S. Yang, President and CEO of McDonald’s Philippines.

Gearing up to recruit 20,000 new employees this year, McDonald’s Philippines will be providing career opportunities in key cities with every new store set to open. Priority areas for hiring Management Trainees are Nueva Ecija, Isabela, Montalban, Dumaguete, Bacolod, Makati, Manila, Quezon City, Pampanga, Tagaytay, Batangas, Cavite, Laguna, Quezon, Rizal, Lucena, and Pasig City.

For more information, visit the McDonald’s Careers Facebook Page or McDonald’s Philippines LinkedIn to check out career opportunities with McDonald’s Philippines.

 


Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld website. 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.

Building permits down 1.9% in first three months

PHILSTAR FILE PHOTO

Approved building permits declined by 1.9% year on year in the first quarter of the year, mainly due to lower residential constructions, the Philippine Statistics Authority (PSA) reported on Friday.

Construction starts, measured by building permit approvals, totaled 40,210 in the first quarter, showing a decrease from 40,990 in the same period last year, PSA data showed.

This figure remains higher compared to the 8.6% decline (37,576 permits) in the fourth quarter last year.

The total value of the building permits reached P101.7 billion, representing a 5.5% increase from the same quarter last year, covering a combined area of 8.70 million square meters (sq.m).

Residential construction continued to hold the majority of approved building permits, with 27,489 permits despite a 5.2% year-on-year decline. These permits were valued at P49.80 billion, indicating a 2% decrease from the previous year, with a total floor area of 4.65 million sq.m.

By residential type, single-detached houses had the largest share of permits with 86.8% (23,849 permits), experiencing a 4.2% decline compared to the 1.9% drop seen in the same quarter last year but still higher than the 9.7% decline recorded in the October-to-December 2022 period.

Other residential projects included apartments (3,199 permits), duplexes and quadruplexes (397), and other residential projects (34), while there were 10 permits issued for condominiums.

Non-residential permits, which accounted for 21.3% of the total, grew six times year on year to 24.2% or 8,553 permits, with a total value of P44.83 billion and a cumulative floor area of 3.93 million sq.m.

The surge in non-residential permits was led by commercial buildings, increasing by 27.2% to 6,168 permits, followed by institutional buildings (1,183 permits), industrial buildings (696), and agricultural buildings (329).

Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon) continued to have the highest number of constructions during the quarter with 10,272 permits, followed by Central Luzon (5,517 permits) and Central Visayas (4,594). Together, these three regions contributed more than half or 53.6% of the total construction value during the quarter.

Additionally, 50.7% of the total permits also came from these three regions.

In terms of value, Calabarzon retained its position with the highest construction value at P23.33 billion, followed by Central Luzon with P18.39 billion, and the National Capital Region with P13.07 billion.

According to the statistics agency, the average cost of construction per sq.m increased by 1.9% year on year to P10,855.46 from P10,652.50 last year. — Bernadette Therese M. Gadon

Expenses weigh on Philex Mining’s Q2 profits

Philex Mining Corp. on Thursday reported an attributable net income of P314.56 million for the second quarter, down 55.62% from P708.85 million a year earlier, amid lower operating revenues and higher expenses.

The listed gold and copper producer said that its core net income stood at P314 million, a decrease of 52% from P657 million in the same period last year, based on its unaudited financial results.

Earnings before interest, taxes, depreciation, and amortization were at P553 million, lower than the P1.17 billion previously, it said.

The company’s operating revenues went down by 17% to P2.05 billion from P2.49 billion in the previous year.

“Operating costs and expenses for 2Q2023 at P1.701 billion was higher than the same period in 2Q2022 at P1.663 billion, despite lower tonnage milled,” the company said.

It said that higher power costs continue to increase operating costs and expenses despite lower production levels.

Philex milled a total of 1.83 million tons during the second quarter, down 2% from the 1.86 million tons in the same period last year.

“Slight improvement in gold prices continue to mitigate the negative impact of the softening copper prices when compared to the same period in 2022,” Philex said.

During the period, realized gold price rose by 6% to $1,937 per ounce while copper price dipped by 7% to $3.82 per pound.

Ore grades for gold and copper went down by 14% and 7% year on year in the second quarter, respectively.

Gold output decreased by 21% year on year to 10,300 ounces while copper output was also down by 13% to 5.64 million pounds.

Meanwhile, the company’s first-half attributable net income decreased by 47.40% to P704.14 million from P1.40 billion last year.

“Cautious optimism is still the name of the game,” said Philex President and Chief Executive Officer Eulalio B. Austin, Jr. in a media release.

“The first half of the year was challenging, no doubt, but we are still confident that, with the Silangan Project and other prospects in the pipeline, the situation would improve. We are all geared up for mining opportunities moving forward,” he said.

Philex reported a core net income of P702 million, down from P1.33 billion in the same period last year.

Prices for gold and copper during the period ending in June averaged $1,924 per ounce and $3.91 per pound, respectively.

The total production of gold dropped by 19% to 20,361 ounces while copper output also decreased by 12% to 11.173 million pounds when compared to the same period last year.

Philex said that it is in the final stage of raising the needed funding through negotiation and documentation for its Silangan copper-gold project in Surigao del Norte.

It is almost done in securing the funding of the project from debt syndication led by BDO Capital and Invesment Corp., targeting to raise a minimum of $100 million.

“This new credit facility completes the full funding requirement for the Silangan Project after the stock rights offering (SRO) last year and the capital infusion from the Company out of its cash reserves,” it said.

Philex Mining is a holding firm with a business interest in mining, energy, and hydrocarbon. It primarily engages in large-scale exploration, development, and utilization of mineral resources.

At the stock market on Thursday, Philex Mining shares dipped 0.90% to P2.97 apiece. — Sheldeen Joy Talavera

Residential property prices increase by 10.2% in first quarter

REUTERS

By Keisha B. Ta-asan, Reporter

Residential property prices rose by 10.2% in the first quarter, mainly driven by higher costs of duplex housing units, single-detached/attached houses, townhouses, and condominium units, the Bangko Sentral ng Pilipinas (BSP) reported on Friday.

The Residential Real Estate Price Index (RREPI) increased by 10.2% year-on-year in the January to March period, BSP data showed.

This growth was faster than the 7.7% increase in the previous quarter and the 5.7% growth recorded in the same period in 2022.

The growth in property prices during this period was the fastest since the 26.6% recorded in the second quarter of 2020, at the peak of the coronavirus pandemic.

The RREPI tracks the average price changes of residential properties across different housing types and locations. This provides the central bank with insights into the property market, which is regulated due to bank exposure.

There is strong demand for horizontal projects like duplex and single detached/attached houses as the market has fully recovered from the pandemic, Joey Roi H. Bondoc, associate director for research at Colliers International Philippines, said in a phone interview.

“The residential market has already rebounded. People are now starting to buy and are now starting to invest (in housing units),” he noted.

“There was a pause back in 2020 to 2021, but what we’re seeing now is that people are starting to acquire units, both for end use and as an investment vehicle.”

He also noted that elevated prices of construction materials drove property prices upwards.

Based on BSP data, prices of duplexes and single detached/attached houses increased by 22.1% and 17%, respectively, in the January to March period.

Nationwide, prices of townhouses rose by 1.8% year-on-year in the first quarter, significantly slower than the 25.7% rise in the same period in 2022.

Condominium prices edged higher by 1.2% during the first quarter, easing from the 14.5% growth in the comparable year-ago period.

The RREPI also showed that residential property prices in the National Capital Region (NCR) slowed to 7.3% in the first quarter from 9.7% a year ago.

In areas outside NCR (AONCR), residential property prices grew by 11.4%, faster than the 5.1% increase a year prior.

Data from the central bank also showed that residential home loans in the first quarter grew by 16% year on year, with loans in NCR and AONCR increasing by 16.5% and 15.7%, respectively.

During the first quarter, 80.5% of these loans were used to purchase new single-detached/attached houses (47.8%), followed by condominium units (32.8%) and townhouses (18.9%).

The central bank also said that the average appraised value of new housing units in the Philippines stood at P73,724 per square meter (sqm) in the January to March period.

The average appraised value in NCR was P123,053 per sqm, while the average appraised value in AONCR stood at P51,459 per sqm.

According to Mr. Bondoc, demand in the residential market will continue to be strong due to the positive outlook that firms and consumers have for the economy this year.

“The economy is growing at a sustained pace. We have steady remittance inflows from overseas Filipino workers. A better environment for local employees will also lead to an increase in salaries,” he said.

“These factors will all fuel demand and are likely to continue pushing property prices up, especially in AONCR,” he added.