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DMW to streamline hiring process for seafarers, OFWs

STOCK PHOTO | Image by iliastefanidis30 from Pixabay

The Department of Migrant Workers (DMW) will trim the requirements for the deployment of overseas Filipino workers (OFWs) and address the shortcomings on seafarer education and training, said DMW Secretary Susan “Toots” V. Ople. 

 “DMW’s mission is to be OFW-centric, putting the worker in the center of the universe of all our operations, services, and programs,” she said at a Sept. 29 joint maritime committee meeting organized by the Dutch Chamber of Commerce in the Philippines, the German-Philippine Chamber of Commerce and Industry, the Nordic Chamber of Commerce in the Philippines, and the Philippines Norway Business Council. 

The European Union previously said that the Maritime Industry Authority (MARINA) must properly implement international training standards in compliance with its requirements. 

One out of five international seafarers is Filipino. Filipino seafarer officers also account for 12% of the global maritime supply. 

DMW is set to present a new set of proposed rules, as well as a shorter list of requirements, for both sea-based and land-based sectors, Ms. Ople said. 

DMW, she added, is working on removing evaluations on the part of the Philippine Overseas Employment Administration (POEA).  

“Whatever the Philippine Overseas Labor Office (POLO) submits as verified, [we will accept] … We would be trusting the competence of our POLOs, so redundancy within the POEA will be eliminated. That will result in quicker [turnarounds],” she said.  

Publishing a white list and a black list of employers is likewise in the pipeline.  

“We do want to recognize the most valued, long-time employers,” she said. “It’s a privilege to be in the business of recruitment and this should not be made open to everyone. … We want to see the best agencies remain active and productive. Those with a long stream of cases, we want to offer our farewell messages to them — with due process.” 

For the broader OFW segment, Ms. Ople outlined the department’s delivery menu as follows: a One Repatriation Command Center with the hotline 1348; a digitalization program for land-based and sea-based sectors in cooperation with the Department of Information and Communications Technology; bilateral labor agreements (BLA) with the Kingdom of Saudi Arabia (KSA), Germany, Canada, and Japan for 2022; kids-centered programs to help look after the children of OFWs; a national reintegration program for OFWs; scholarships for children of Overseas Workers Welfare Administration members; an anti-illegal recruitment and trafficking campaign; and an OFW hospital in Mabalacat, Pampanga. 

She added that the DMW hopes to be more visible in Europe, specifically in Hungary, Romania, and Austria. The agency is expected to start operations by 2023. — Patricia B. Mirasol

NG debt breaches P13 trillion as of end-August

The Metro Manila skyline is seen on Feb. 2, 2022. Photo by Michael Varcas, The Philippine Star

The National Government’s (NG) outstanding debt rose to a record-high P13.02 trillion at the end of August, beating the previous high of P12.89 trillion in July, due to additional domestic borrowings and a weak peso.

Preliminary data from the Bureau of the Treasury (BTr) showed outstanding debt increased by 1%, or P133.64 billion in real terms, “attributed to the net issuances of domestic securities as well as currency adjustments.”

Year on year, the debt stock jumped by 11.8% from P11.64 trillion.

National Government outstanding debtThe BTr said the debt pile has risen by 11% since the year started, after the government borrowed P1.29 trillion more.

Of the outstanding debt, the bulk or 68.68% was obtained domestically, while the rest was from foreign creditors.

As of end-August, outstanding local borrowings reached P8.94 trillion, 1.3% higher than the P8.83 trillion logged in July.

“For August, the increase in domestic debt resulted from the net issuance of government securities amounting to P109.43 billion and the P1.78 billion impact of local currency depreciation against the US dollar,” the BTr said.

According to the Treasury, the peso has depreciated against the greenback to P56.171 as of end-August, from P55.322 as of end-July.

Domestic debt was 8.8% higher than the P8.22 trillion a year earlier, and 9.5% higher than the end-December 2021 level of P8.17 trillion.

“Since the beginning of the year, domestic debt portfolio has increased by P772.98 billion or 9.5% due to continued reliance on domestic borrowing to lessen the impact of currency fluctuations,” the BTr said.

In the year-to-date ending August, the BTr said the peso has depreciated by P5.171 from its P51-a-dollar close on December 31, 2021.

Most of the domestic debt stock still came from government securities with P8.94 trillion in August, up 16.4% year on year, and 1.3% month on month.

Meanwhile, outstanding external debt jumped by 19.2% year on year to P4.08 trillion at end-August. It inched up 0.6% month on month, and increased by 14.6% from the end-December 2021 level.

Broken down, it consisted of P1.83 trillion in foreign loans and P2.25 trillion in global bonds.

The incremental increase for external debt in August was also attributed to the impact of the peso’s depreciation against the dollar amounting to P62.24 billion.

“This offsets the P26.59 billion effect of third-currency depreciation against the USD and net repayment amounting to P13.22 billion,” the BTr said.

Meanwhile, overall guaranteed debt declined month-on-month by 3.7% to P392.76 billion as of end-August, and by 9.1% from the P432.22 billion as of August 2021.

In the year-to-date, guaranteed debt decreased by 7.4% or P31.16 billion.

“For August, the decrease in guaranteed debt was primarily due to the net repayment of both domestic and external guarantees amounting to P4.43 billion and P10.81 billion, respectively,” the Treasury said.

“Meanwhile, the impact of net appreciation on third currency dominated guarantees further trimmed P3.65 billion, offsetting the P3.40 billion effect of local currency depreciation,” it added.

Outstanding debt is expected to rise to P13.43 trillion by the end of 2022.

The government borrows from local and external sources to help fund a budget deficit capped at P1.65 trillion this year, equivalent to 7.6% of gross domestic product.

The country’s debt level reached 62.1% of GDP at the end of the second quarter, from 54.6% as of end-2020 and 39.6% as of-end 2019. It is expected to steadily drop to 61.8% by end-2022, and to 52.5% by 2028. Diego Gabriel C. Robles

Shopee faces boycott calls over brand ambassador

Sea Ltd.’s e-commerce business Shopee faced boycott calls from Philippine consumers after naming a staunch supporter of the country’s president, Ferdinand R. Marcos, Jr., as its brand ambassador.

Shopee announced Thursday that Filipina actress and singer Toni Gonzaga, who hosted campaign rallies for Marcos, was its new brand ambassador. That led to calls on social media to stop using the shopping app.

The hashtags #ByeShopee and #BoycottShopee became top trends on Twitter in the Philippines, with about 340,000 tweets about the company as of Friday morning, with some users defending the firm. The second-most popular topic involved posts calling on shoppers to switch to Lazada, a rival e-commerce platform owned by Alibaba Group Holding Ltd.

A spokesperson for Shopee was not immediately able to comment on the issue. A Philippine Daily Inquirer report quoted a Shopee representative as saying that Ms. Gonzaga was chosen for her “mass appeal,” not for her political leanings. Ms. Gonzaga said in a Philippine Star report that she’s “grateful” for the mentions and engagements.

The backlash presents a new headache for Singapore-based Sea, already beset by ballooning losses which have forced it to lay off employees and retreat from the Latin America market. Its shares traded in New York are down 76% this year.

Shopee ranked first by average monthly active users in the shopping category in Southeast Asia, Sea said in its quarterly earnings report, citing analysis from data.ai.

Mr. Marcos won 59% of votes during the May elections, but he’s opposed by a minority concerned by alleged corruption and human rights abuses during the dictatorship of his father. — Bloomberg

Senior Indonesian officials targeted by spyware last year — sources

UNSPLASH

Six of the individuals told Reuters they were targeted themselves.

The targets included Chief Economic Minister Airlangga Hartarto, senior military personnel, two regional diplomats, and advisers in Indonesia’s defense and foreign affairs ministries, according to the people.

Six of the Indonesian officials and advisers targeted told Reuters they received an email message from Apple Inc. in November 2021 telling them that Apple believed officials were being “targeted by state-sponsored attackers.”

Apple has not disclosed the identities or number of users targeted. The company declined to comment for this story.

Apple and security researchers have said the recipients of the warnings were targeted using ForcedEntry, an advanced piece of software that has been used by Israeli cyber surveillance vendor NSO Group to help foreign spy agencies remotely and invisibly take control of iPhones. Another Israeli cyber firm, QuaDream, has developed a nearly identical hacking tool, Reuters has reported.

Reuters was unable to determine who made or used the spyware to target the Indonesian officials, whether the attempts were successful, and, if so, what the hackers might have obtained as a result.

The attempt to target Indonesian officials, which has not previously been reported, is one of the biggest cases yet seen of the software being used against government, military and defense ministry personnel, according to cybersecurity experts.

Spokespeople for the Indonesian government, the Indonesian military, the Indonesian Defence Ministry and the Indonesian Cyber and Crypto Agency (BSSN) did not respond to requests for comments and emailed questions.

A spokesman for the Foreign Affairs Ministry said they were unaware of the case and referred Reuters to BSSN.

Airlangga Hartarto, a top ally of the Indonesian president Joko Widodo, did not respond to questions sent to him by Reuters, nor did his representatives.

The use of ForcedEntry, which exploits a flaw in iPhones through a new hacking technique that requires no user interactions, was made public by cybersecurity watchdog Citizen Lab in September 2021. Google security researchers described it as the “most technically sophisticated” hacking attack they had ever seen, in a company blog post published in December.

Apple patched the vulnerability in September last year and in November started sending notification messages to what it called a “small number of users that it discovered may have been targeted.”

In response to Reuters questions, an NSO spokesperson denied the company’s software was involved in the targeting of Indonesian officials, dismissing it as “contractually and technologically impossible,” without specifying why. The company, which does not disclose the identity of its customers, says it sells its products only to “vetted and legitimate” government entities.

QuaDream did not respond to requests for comment.

In addition to the six officials and advisers who told Reuters they were targeted, a director at a state-owned Indonesian firm that provides weapons to the Indonesian army got the same message from Apple, according to two people with knowledge of the matter. The people asked not to be identified due to the sensitivity of the matter. The company director did not respond to requests for comment.

Within weeks of Apple’s notification in November last year, the US government added NSO to the Department of Commerce’s “entity list,” which makes it harder for US companies to do business with it, after determining that the firm’s phone-hacking technology had been used by foreign governments to “maliciously target” political dissidents around the world. — Reuters

To tackle a kimchi crisis, South Korea banks on massive cabbage warehouses

Jeremy Keith/CC BY 2.0/Wikimedia Commons

SEOUL — South Korea’s kimchi makers are in serious pain — brought low as a climate change-induced shortage of cabbages sent prices rocketing this year, exacerbating damage inflicted by cheaper offerings from Chinese competitors.

Such is the sense of crisis surrounding the spicy pickled side dish eaten daily by many Koreans and central to Korean identity, that the government recently laid out plans to construct two massive cabbage storage facilities.

At 9,900 square meters each, the facilities to be built in the rural counties of Goesan and Haenam will, combined, be equivalent to three football fields in size. They will be able to store 10,000 tonnes of cabbages and pickle 50 tonnes of cabbages daily.

Construction, expected to cost taxpayers 58 billion won ($40 million), is due to be completed in 2025.

For local kimchi makers struggling to purchase sufficient cabbages at current high prices, government intervention to store the produce and supply the industry at affordable rates can’t come soon enough.

A climate shift in recent years that has brought higher temperatures and heavier rain has damaged cabbage crops, curtailing supply. This year, prices of cabbages doubled in less than three months, part of a broad spike in inflation to 24-year highs hit in July.

“We used to purchase cabbages in June then store them for use later when cabbage prices climb, but this year we are already out of stock,” said Ahn Ik-jin, chief executive of kimchi maker Cheongone Organic.

“We used to produce 15 tonnes of kimchi a day but now we are only producing 10 tonnes or less,” he said. His company has had to raise its kimchi price by two-thirds to 5,000 won ($3.5) per kilogram.

South Korea’s kimchi industry has been on a slippery slope for quite some time.

Chinese imports, often priced at about a third of locally made kimchi, have surged over the past two decades to account for 40% of the domestic market for commercially made kimchi.

Add in weak cabbage harvests over recent years and much of the industry has just crumbled. (While kimchi can be made from other ingredients, about three-quarters of commercially made kimchi is cabbage-based.)

Last year, almost half of South Korea’s 1,000-odd kimchi makers either shut down permanently or temporarily or switched over to other products, according to a study by Korea Rating & Data.

Korean kimchi makers are hoping the government’s plan will at least prevent home-grown producers from losing further ground.

For its part, the government hopes the storage complexes will also “greatly contribute to strengthening domestically made kimchi’s position globally,” said Lim Jeung-guen, deputy director of the agricultural ministry’s food industry promotion division, adding that more complexes could be built if the first two work out well.

The country’s kimchi exports surged 10.7% to a record $160 million last year, riding a wave of interest in Korean culture propelled by the likes of boy band BTS and Netflix’s dystopian drama Squid Game.

Domestically, however, concern is growing that the cabbage shortage will also torpedo the tradition of “Kimjang” — the making and sharing of kimchi among families, friends and communities, often conducted in but not limited to November.

According to an official at the Hanaro Mart supermarket chain, sales of ready-made kimchi have climbed 20% since August compared to the same period from a year earlier.

“I normally make kimchi myself but the cost of ingredients has gone up so much,” says Kim Sook-kyung, 72, as she bought ready-made kimchi at a supermarket in Seoul.

“I plan to mix making and buying kimchi going forward.” ($1 = 1,440.9700 won) — Reuters

US has no appetite to intervene on behalf of falling pound, yen

Image via Mark Hodson Photos/101holidays.co.uk/Flickr/CC BY 2.0

WASHINGTON — The financial turmoil emanating from Britain and Japan is not yet enough to prompt the US Treasury to intervene to buoy the battered pound or yen, with officials expressing no urgency to act, a stance foreign exchange market experts say is likely to hold unless much wider market disruptions develop.

The Treasury so far has voiced little concern that market volatility will meet that threshold, with the damage largely limited to pound — and yen-denominated assets, which in the United Kingdom’s case prompted the Bank of England on Wednesday to buy long-dated UK debt.

Federal Reserve (Fed) officials also appear nonplussed at this time, with Cleveland Fed President Loretta Mester on Thursday saying she sees nothing in US market functioning that would derail the US central bank’s efforts to contain inflation through stiff interest rate increases.

The drop in the pound has largely been attributed to British spending plans that stretch the government’s finances, while the yen’s decline is seen as being tied to Japan’s adherence to an ultra-easy monetary policy deeply at odds with the policy tightening embraced by the Fed and other central banks.

Britain’s new government has proposed heaping new tax cuts and spending on top of a tight monetary stance, while Japan is keeping rates artificially low as the Fed continues its aggressive rate hikes.

Coordinated interventions have been reserved for only the most acute crises in recent years, and the policy divergences sharply reduce their chance of success, said Mark Sobel, a former US Treasury and International Monetary Fund (IMF) official who is US chairman of the London-based OMFIF financial think tank.

“If markets were extremely disorderly and volatile, you could make a case for currency intervention,” Mr. Sobel said. “But intervention in the face of monetary policy divergence would be like spitting into the wind at this point.”

Statements from Biden administration officials over the past two days indicate little appetite for action to stem the dollar’s advance. And they also signal that the United States, like the IMF, disagrees with Britain’s spending plans and wants to discourage policies that slow the fight against inflation.

US Commerce Secretary Gina Raimondo said on Wednesday that Britain’s plan was “an unanticipated, significant move,” and it was clear that markets demanded predictability.

“Business people want to see world leaders taking inflation very seriously. And it’s hard to see that out of this new government,” she said at a Brookings Institution event, referring to British Prime Minister Liz Truss’s administration.

“The policy of cutting taxes, and simultaneously increasing spending isn’t one that is going to fight inflation in the short term, or put you in good stead for long-term economic growth,” Ms. Raimondo said.

Asked whether the Biden administration was trying to persuade Britain to take the IMF’s advice and moderate its fiscal plans, a White House official said: “We continue to engage with the United Kingdom and other international partners on global economic developments.”

On Tuesday, US Treasury Secretary Janet Yellen told reporters that markets were functioning well and that she did not see liquidity problems that could signify financial stability risks.

Asked later on Tuesday if a repeat of the 1985 Plaza Accord among several G7 countries to stem a strong dollar advance was likely, Brian Deese, the White House’s top economic advisor, said: “I don’t anticipate that that’s where we’re headed.”

INFLATION BUFFER

The strong dollar has actually aided the US fight against inflation, helping to keep a lid on oil prices, though the Fed’s policy tightening is ultimately more influential, experts say.

The concerted rise in the dollar that prompted the Plaza Accord was accompanied by strong complaints from US industry, labor groups and farmers who argued that it was making US exports and manufacturers uncompetitive, especially Detroit’s automakers. That level of outcry has not happened this time, and the strong dollar has so far not caused widespread damage to US exports.

Goods and services exports were up 20% in the first seven months of 2022 versus a year ago, while imports were up 22%, according to Commerce Department data, reflecting continued recovery from pandemic-reduced trade. But both goods and services exports have grown incrementally almost every month this year, aided partly by high prices for oil, natural gas and chemicals exports.

But the longer the dollar’s strength lasts, the more chance there is for export pressures and potential contagion risks to build, said Brad Setser, who was a senior adviser in the US Trade Representative’s office during the first year of the Biden administration.

“On one level, fighting inflation is the top economic priority, but on another level I don’t think the US can be completely indifferent to the impact of dollar strength on the global economy, which is adding to some sources of instability,” said Mr. Setser, who is now a senior fellow at the Council on Foreign Relations.

A significant risk from dollar strength going forward is that China may decide to significantly weaken its yuan, which would have broader market implications, Mr. Setser said. “The dollar’s current strength is testing China’s commitment to currency stability.” — Reuters

BSP says September annual inflation within 6.6% to 7.4% range

PHILIPPINE STAR/ MICHAEL VARCAS

The Bangko Sentral ng Pilipinas (BSP) on Friday said it expects the annual inflation rate for September to stay within the 6.6% to 7.4% range.

Inflation for the month is expected to be driven by the increase in electricity rates and prices of key food commodities, as well as by the depreciation of the peso, it said in a statement. — Reuters

Lives destroyed as armyworms invade Philippine ‘onion capital’

PHILSTAR

BAYAMBANG — In the northwestern Philippine town of Bayambang, long known as the onion capital of Pangasinan province, an invasion of the crop-devouring armyworms has stolen farmer Merlita Gallardo’s income — and her husband.

The family’s half hectare of onion fields — which once brought them a lucrative income — has been ravaged by the pest since 2016, when rising temperatures helped drive a surge in armyworms, bringing devastation to hundreds of the area’s farmers.

To combat the infestation, many farmers took out loans to pay the escalating costs of pesticides, racking up massive debts they have struggled to pay back.

As Ms. Gallardo’s family watched the amount they owed climb to about P600,000, her husband took his own life in January 2021.

“He drank pesticide to kill himself,” said Ms. Gallardo, 49, who also grows corn, now the only crop she has to support her five children and to try to slowly pay off the family’s debt.

“He was probably thinking about the money we lost and all our debts,” she told the Thomson Reuters Foundation, sitting on the patio of her home.

Scientists have warned that crop-damaging pests will only become more destructive as climate change brings ever hotter weather and more unseasonable rains.

In places like the Philippines, now unsustainable farming practices leave rural communities unable to adapt, prompting calls to shift to smarter and greener farming.

Ryan Damaso, a coordinator at the farmers’ group MASIPAG, which focuses on sustainable farming, said the government needs to change its laws and support practices to promote agroecology, to create an agricultural system more in tune with nature.

“It’s not the farmers’ fault if they’re buried in debt. The problem is rooted in the policies of the state. The government needs to see agriculture as a holistic process of food production,” he said.

ONION SHORTAGE

A heating planet has created conditions for pests to enter and breed in new regions, allowing them to expand through — and devour — ever larger areas, explained Yubak Dhoj G.C., a senior agricultural officer at the United Nations’ Food and Agriculture Organization.

“A changing climate (also) means infestations may occur at different times than usually expected and catch farmers off guard,” he said.

He pointed to the desert locust invasion of 2020, when vast swarms — some the size of cities — swept across Southwest Asia and the Horn of Africa, feasting their way through hundreds of thousands of hectares of crops and grazing land.

Scientists said erratic weather linked to global warming had created ideal breeding conditions for the insects to surge in numbers not seen in a quarter of a century.

In the Philippines, armyworm — a pest known locally as harabas — was first reported in Pangasinan in 2016, when a major infestation ravaged over 1,000 hectares of land, said municipal agriculture officer Zyra Orpiano.

Since then, there have been infestations about every three years.

A 2019 paper by researchers from the National Crop Protection Center at the University of the Philippines Los Baños noted that, along with extreme climate events triggered by El Niño — a warming of ocean surface temperatures in the Pacific that occurs every few years — the overuse of pesticides also played a role in the outbreak.

Using too much pesticide can cause insects to build up resistance to the chemicals, which in turn leads farmers to use more pesticide, trapping them in an expensive, ineffective cycle.

The latest government figures show last year’s onion armyworm infestation damaged about 212 hectares of the crop, nearly 40% of the total national onion-growing area.

The resulting drop in production has contributed to a countrywide onion shortage, the Department of Agriculture warned in August, leaving families without one of the key ingredients for many Filipino dishes.

“We don’t mean to make you cry,” fast food giant Burger King quipped in a Facebook post announcing it was out of fresh onions across the country.

Officials said supply won’t be able to meet expected demand until November.

Mitchy Medrano, 53, a small-scale farmer in Bayambang, said she can barely eke out a living after spending months trying to save her crops from ravenous onion armyworms.

She had to pawn her late husband’s land to cope with skyrocketing fuel and fertilizer costs triggered by the war in Ukraine and only made P50,000 from her most recent harvest, a tenth of what she brings in with a good yield.

“We’re able to get by because I plant eggplant for sustenance,” said Ms. Medrano, who wants the government to help farmers pay for pesticides and other resources they need to protect their onion crops.

“I want to feed my family delicious food, but we can’t afford it.”

SUSTAINABLE FARMING

Ms. Orpiano, the municipal agriculture officer, said pest management training offered by the government since the first armyworm infestation in 2016 had helped soften the financial impact of the latest invasion.

Farmers, for instance, have been taught which plant varieties are resistant to armyworms and how to use organic pesticides, because chemical-based pesticides can turn the soil acidic, making it more susceptible to pests, she explained.

Filipino farmers need to ditch chemical pesticides and stop cultivating only one crop at a time, which can leave them with no other source of income if pests target that crop, said Mr. Damaso at MASIPAG.

“Not all pests consume all types of crops. Farmers who vary their crops can control infestations and prevent significant losses,” he said.

Back in Bayambang, Ms. Gallardo said she often loses sleep worrying about her debts.

But farming is all she knows.

“I dropped out of school (as a child) because my family could not afford it. We continue to farm because this is the only way we know to survive,” she said. — Thomson Reuters Foundation

This laptop is designed with the future in mind

Laptops have become an indispensable part of everyone’s lives. And so, efficiency is as important as design and aesthetics. Consumers are no longer interested in a compromise between the two, but now seek laptops that are chic and charming, yet powerful and productive.

If you are looking for a unit that can keep up with you, Intel Evo laptops are top of mind.

Today’s working generation demands devices that can keep up with their ever-evolving and ever-progressing lifestyle. They need a machine that not only “just works,” but is able to utilize each minute they’re in front of the screen.

Intel perfectly understands what each user is looking for. For the person who wants to succeed and wants to do anything and everything, the Intel Evo-verified laptops may come in handy.

Intel, the leading computer processor brand, partnered with top PC manufacturers such as Acer, Asus, Dell, HP, Huawei, Lenovo, and MSI to create a lineup of premium laptops — thin, light and stylish that you can bring anywhere and have everything.

All Intel Evo laptops meet a set of criteria in order to be labeled as such. When you see the Intel Evo badge or sticker on the lower left part of a laptop keyboard, you have a laptop that can do it all.

What’s an Intel Evo-verified laptop?

All Intel Evo laptops are designed with the future in mind. This new generation of laptops are designed with being forward compatible.

Performs fast: The latest 12th Gen Intel core processors

Intel’s newest upgrade to its highly successful and popular Core processors now include two different kinds of cores: Performance cores (or P-cores) are used to do the heavy lifting in highly demanding applications such as Adobe Suite, Avid Pro Tools, DaVinci Resolve and more. Efficiency cores (or E-cores) are responsible for tasks that need to be constantly running, but require less power overall such as Google Chrome, Spotify, Zoom, and Twitter.

In a moment’s instance, anyone could be needed at any given time. Intel Evo laptops are guaranteed to wake up at less than a second’s notice with Instant Wake feature. All you have to do is flip open your laptop, and you’re ready to continue on whichever task lays ahead of you.

Charges fast: Fast-charging and long-lasting battery

Gone are the days a laptop could only hold four hours’ worth of charge before needing to be charged for another four hours. Intel Evo Laptops are all rated to hold up for at least nine hours, even in the most demanding and power hungry of situations. If you’re the type of person who only needs the device for lighter tasks such as web conferences, emails, and social media, Intel Evo laptops can even go for as long as 13 hours. And if you’re running low in the middle of the day, just drop by a coffee shop and charge up to four hours of battery in as fast as 30 minutes.

Connects fast: Wi-Fi 6 and Thunderbolt 4

File sizes are getting larger and larger thanks to the amount of data and detail there is in each file. Thunderbolt 4 allows you to connect multiple external devices to your Intel Evo laptop, without worrying if it will encounter a slowdown somewhere.

Wi-Fi 6 is the next generation of the ubiquitous wireless protocol. Wi-Fi 6 allows for transfer of massive amounts of data over the air, while still maintaining a seamless and unbroken connection between your laptop and the internet. Combined with a Wi-Fi 6 capable transmitter, high- definition mics and webcams, you can bet that you’ll never get dropped from a Zoom call ever again.

Intel Evo-verified laptops care available atas Abenson, ElectroWorld, Gigahertz, Lazada, Octagon, PC Express, Silicon Valley, and Villman Computers. They start at 46,995 from leading laptop makers Acer, Asus, Dell, HP, Huawei, Lenovo and MSI.

If you’re unsure if the laptop you’re looking at is Intel Evo-verified, just look for the Intel Evo sticker badge that proves that it meets the platform’s requirements.

For inquiries, visit www.intel.ph/LaptopsEvolved.

 


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Late Sultan’s heirs press $15B claim, target Malaysian assets in Netherlands

Petronas Twin Towers in Kuala Lumpur, Malaysia. — PEXELS

KUALA LUMPUR — Heirs of a late Southeast Asian sultan on Thursday asked a Dutch court for permission to seize Malaysian assets in the Netherlands, their lawyer said, seeking enforcement of a $15 billion arbitration award granted to them against Malaysia’s government.

The petition in The Hague Court of Appeal is an escalation of a long running dispute over a colonial-era land deal that threatens global assets of the Malaysian government and state-owned companies.

Malaysia’s government, which has said it does not recognize the heirs’ claim, did not immediately respond to a request for comment on the Dutch petition.

A French arbitration court in February ordered Malaysia to pay the $15 billion sum — the second largest arbitration award on record — to the descendants of the last Sultan of Sulu.

Malaysia obtained a stay on the ruling pending an appeal, but the award remains enforceable outside France under a United Nations treaty on international arbitration.

The heirs of the sultan, who once controlled a territory spanning rainforest-covered islands in the southern Philippines and parts of Borneo island, asked the Dutch court to recognize and enforce the arbitration award.

The heirs wish to take “recourse against assets of Malaysia, which are located in the Netherlands,” according to a copy of the court petition shared by their lawyer.

Reuters was unable to immediately verify the filing with Dutch court authorities.

MORE TO COME

“This filing in the Netherlands will soon be followed by other enforcement actions, of varying types, in multiple jurisdictions,” said lawyer Paul Cohen, a lead co-counsel for the sultan’s heirs from British law firm 4-5 Gray’s Inn Square.

“This may include immediate, direct attachment of specific Malaysian assets in The Netherlands and elsewhere,” Mr. Cohen told Reuters in an emailed statement.

The petition did not specify which assets.

Some of Malaysia’s biggest companies have operations in the Netherlands, including state oil firm Petronas and palm oil producer Sime Darby Plantations.

The companies had no immediate comment on the Dutch petition when contacted by Reuters.

In July, two Luxembourg-based subsidiaries of Petronas were seized by court bailiffs as part of the heirs’ effort to claim the award.

Petronas, which has described the Luxembourg seizure as “baseless,” has said it would take legal measures to stave off future seizure attempts in 44 countries where it had assets and limit the company’s funds kept abroad.

The dispute is over a deal signed in 1878 between two European colonists and the sultan for the use of his territory in present-day Malaysia — an agreement that independent Malaysia honored until 2013, paying the monarch’s descendants about $1,000 a year.

Kuala Lumpur stopped the payments after a bloody incursion by supporters of the former sultanate who wanted to reclaim land from Malaysia.

The heirs went to an arbitration court over the suspension of payments. Malaysia did not participate in nor recognize the Arbitration. — Reuters

Okada Manila supports the launch of Parañaque: A Mega City By the Bay coffee-table book

(L-R) Okada Manila Chief Legal Officer Atty. Joemer Perez and Board Director, CFO, and Treasurer Hans Van der Sande attended the event in support of the Parañaque City Government.

The Parañaque City government and Media Touchstone Ventures, Inc. (MTVi) launched its coffee-table book, Parañaque: A Mega City By the Bay last Sept. 15, 2022.

The event was graced by Mayor Eric Olivarez, Congressman Edwin Olivarez, author Melandrew T. Velasco, and Okada Manila executives: Board Director, CFO, and Treasurer Hans Van der Sande, Board Director James Lorenzana, and Chief Legal Officer Atty. Joemer Perez.

Parañaque City officials and distinguished guests celebrate the launch of the legacy coffee-table book.

In addition to co-sponsoring the launch, Okada Manila is known to be a model company for the City of Parañaque as it is consistently recognized as one of its top taxpayers for several years in a row.

The coffee-table book presents the nine-year accomplishments of former Parañaque City Mayor Edwin Olivarez, who now represents the city’s first district in the House of Representatives. The book covers the city’s infrastructures for development, initiatives towards making Parañaque an environment-friendly and livable city, good governance, peace and order, social welfare services, education, and employment and livelihood.

 


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PHL fiscal deficit sharply narrows in August

BW FILE PHOTO

By Diego Gabriel C. Robles

The National Government’s budget deficit sharply narrowed in August, as the growth in government revenues outpaced expenditures, the Bureau of the Treasury (BTr) reported on Friday.

In a statement, the BTr said the budget gap stood at P72.04 billion in August, 40.43% lower than the P120.9 billion in the same month a year ago.

Government expenditures rose 6.39% to P404.48 billion during the month, “owing to higher National Tax Allotment (NTA) transfers and Interest Payments (IP).”

National Government fiscal performanceOn the other hand, total revenue collection jumped 28.23% to P332.44 billion in August from P259.3 billion in the same period last year. This was driven by a 27.27% rise in tax revenues to P308.44 billion, and a 42.06% increase in nontax revenues to P23.99 billion.

The bulk of tax revenues came from the Bureau of Internal Revenue (BIR) with P228.94 billion, up by 23.03% year on year, accounting for “the highest monthly nominal growth for the first eight months of the year.”

Likewise, collections by the Bureau of Customs (BoC) surged 47.84% to P78.88 billion.

At the same time, nontax revenues from the BTr jumped 4.87% to P4.91 billion, while other offices posted a 56.3% growth to P19.1 billion.

“The BTr’s income for August slightly went up… largely due to higher NG share payments from PAGCOR (Philippine Amusement and Gaming Corporation) and BTr investment income,” the Treasury said.

“Collection from other offices [include] privatization proceeds and fees and charges for August,” it added.

John Paolo R. Rivera, an economist at the Asian Institute of Management, also said that the narrowing of the fiscal deficit is due to the faster growth in collections paired with a slowdown in spending on big ticket items.

“However, this figure may be temporary as succeeding months registered scenarios that compelled spending such as subsidies, relief, calamity expenses,” he said via Viber. “Government needs to generate revenues faster than its expenditures.”

Primary expenditures, or spending net of interest payments, expanded by 4.9% to P373.7 billion, while interest payments increased 28.59% to P30.77 billion in August. The latter was “due to the low base effect of the advanced payment of Global Bonds,” the BTr said.

In the first eight months of 2022, the budget deficit narrowed to P833 billion, 13.06% lower than the P958.2 billion gap a year ago.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the narrower budget gap to the further reopening of the economy that boosted tax revenue, as well as the reduction of pandemic-related expenditures.

“The government is also prioritizing fiscal discipline amid the priority of narrowing the budget deficit and tempering the growth in the overall debt after incurring large borrowings of more than P5 trillion since the pandemic started in 2020,” Mr. Ricafort said in a Viber message.

“The BoC [also] posted record revenues on a monthly basis as imports picked up with the re-opening of the economy, and import values bloated by relatively higher prices of imported oil and other commodities largely brought about by Russia-Ukraine conflict,” he added.

Total revenue collection by the National Government jumped by 18.09% to P2.37 trillion in the eight months leading to August from P2.01 trillion in the same period last year. It is already 72% of the P3.3 trillion full-year program.

Tax revenues, which accounted for 89.96% of the total, jumped by 17.3% to P2.13 trillion during the eight-month period. This was driven by the 12.25% increase in BIR collections to P1.56 trillion, and 35.64% rise in BoC collections to P559.2 billion.

Of its full-year programs, the BIR and the BoC already collected 65% and 78% respectively as of end-August.

Nontax revenues, on the other hand, went up 25.69% to P237.9 billion, thanks to a 22.5% rise in BTr revenues to P122.4 billion.

On the other hand, year-to-date expenditures rose 8.02% to P3.2 trillion from P2.96 trillion in the same period last year, already making up 65% of its expenditure program for 2022.

Primary expenditures stood at P2.86 trillion from January to August, up by 7.08% year on year.

Interest payments increased 16.67% to P340.1 billion.

The government expects the budget deficit to hit P1.65 trillion this year, slightly lower than the actual deficit of P1.67 trillion in 2021.

As of the first quarter, the budget deficit as a ratio of the gross domestic product (GDP) stood at 6.4%.

The government aims to reduce the deficit to 7.6% of GDP this year, and further to 6.1% in 2023, 5.1% in 2024, 4.1% in 2025, 3.5% in 2026, 3.2% in 2027, and 3% in 2028.