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Canon Philippines sees 138% growth in net sales

CANON

CANON Marketing Philippines Inc., the local arm of the Japanese digital imaging solutions company Canon, registered an annual net sales growth of 138% in 2021, a company official, driven by large format printers, laser printers, and consumer printers.

This matches up with the tripling of the local printer market last year, which the International Data Corp. (IDC) attributed to the increase in demand and improvement in supply and production after lockdowns were lifted. 

Canon Philippines is looking to expand digital services in the country by providing hybrid work solutions.

“The company has built a complete roster of imaging solutions — from cameras, printers, and complementary innovations that are designed to be consumer-friendly and fit to evolving needs; as well as provide businesses with the capabilities to adapt, collaborate better, and maximize productivity in a hybrid working environment,” said Anuj Aggarwal, Canon Philippines president and chief executive officer, in an e-mail to BusinessWorld. 

MobileWork DX, Canon’s new business solution, is a smart internal “one-stop company platform” that allows in-office and remote workers to collaborate. “We hope we can enable more Filipinos with innovations that are fit to their lifestyle and needs,” he said. — Brontë H. Lacsamana

 

US says Russia price cap should take risk premium out of oil market

REUTERS

SINGAPORE — The price cap G7 (Group of Seven) countries are planning to put on Russian oil to punish Moscow should be placed at a fair market value minus any risk premium resulting from its invasion of Ukraine, a US Treasury Department official told reporters on Friday.

The price should be set above the marginal production cost of Russia’s oil and take into consideration historical prices, the official said.

“There are several key data points we are considering and how the prices should ultimately be set and that includes the marginal cost of production for Russian oil,” said Elizabeth Rosenberg, Treasury Department assistant secretary for terrorist financing and financial crimes.

“The price cap price should be … in line or consistent with historical prices accepted by the Russian market.”

Ms. Rosenberg said that over the coming weeks the G7 will work together to determine the price cap and “bring forward the legal regimes in on jurisdictions that will give more specificity and clarity to exactly how this will be accomplished.”

The G7 wealthy nations last week agreed to impose a price cap, which calls for participating countries to deny insurance, finance, brokering and other services to oil cargoes priced above a yet to be set price cap on crude and two oil products.

US Treasury Secretary Janet Yellen and other Biden administration officials have been travelling to oil consuming countries to promote a mechanism that seeks to cut Russia’s oil export revenues, the lifeblood of its war machine, without reducing volumes of Russian shipments to global markets.

Russian President Vladimir Putin has said Russia would halt shipments to countries that impose the price cap. — Reuters

N. Korea makes nuclear weapons policy ‘irreversible’ with new law — KCNA

PEOPLE watch a TV broadcasting file footage of a news report on North Korea firing a ballistic missile off its east coast, in Seoul, South Korea, Jan. 5. — REUTERS

SEOUL — North Korea has officially enshrined the right to use preemptive nuclear strikes to protect itself in a new law that leader Kim Jong Un said makes its nuclear status “irreversible” and bars denuclearisation talks, state media reported on Friday.

The move comes as observers say North Korea appears to be preparing to resume nuclear testing for the first time since 2017, after historic summits with then-US President Donald J. Trump and other world leaders in 2018 failed to persuade Mr. Kim to abandon his weapons development.

The North’s rubber-stamp parliament, the Supreme People’s Assembly, passed the legislation on Thursday as a replacement to a 2013 law that first outlined the country’s nuclear status, according to state news agency KCNA.

“The utmost significance of legislating nuclear weapons policy is to draw an irretrievable line so that there can be no bargaining over our nuclear weapons,” Mr. Kim said in a speech to the assembly, adding that he would never surrender the weapons even if the country faced 100 years of sanctions.

Among the scenarios that could trigger a nuclear attack would be the threat of an imminent nuclear strike; if the country’s leadership, people or existence were under threat; or to gain the upper hand during a war, among other reasons.

A deputy at the assembly said the law would serve as a powerful legal guarantee for consolidating North Korea’s position as a nuclear weapons state and ensuring the “transparent, consistent and standard character” of its nuclear policy, KCNA reported.

“Actually spelling out the conditions for use are especially rare, and it may simply be a product of North Korea’s position, how much it values nuclear weapons, and how essential it sees them for its survival,” said Rob York, director for regional affairs at the Hawaii-based Pacific Forum.

PREEMPTIVE STRIKES

The original 2013 law stipulated that North Korea could use nuclear weapons to repel invasion or attack from a hostile nuclear state and make retaliatory strikes.

The new law goes beyond that to allow for preemptive nuclear strikes if an imminent attack by weapons of mass destruction or against the country’s “strategic targets,” including its leadership, is detected.

“In a nutshell, there are some really vague and ambiguous circumstances in which North Korea is now saying it might use its nuclear weapons,” Chad O’Carroll, founder of the North Korea-tracking website NK News, said on Twitter.

“I imagine the purpose is to give US and South Korean military planners pause for thought over a much wider range of actions than before,” he added.

Like the earlier law, the new version vows not to threaten non-nuclear states with nuclear weapons unless they join with a nuclear-armed country to attack the North.

The new law adds, however, that it can launch a preemptive nuclear strike if it detects an imminent attack of any kind aimed at North Korea’s leadership and the command organization of its nuclear forces.

That is an apparent reference to South Korea’s “Kill Chain” strategy, which calls for preemptively striking North Korea’s nuclear infrastructure and command system if an imminent attack is suspected.

Mr. Kim cited Kill Chain, which is part of a three-pronged military strategy being boosted under new South Korean President Yoon Suk-yeol, as a sign that the situation is deteriorating and that Pyongyang must prepare for long-term tensions.

Under the law, Mr. Kim has “all decisive powers” over nuclear weapons, but if the command and control system is threatened, then nuclear weapons may be launched “automatically.”

If Mr. Kim delegates launch authority to lower commanders during a crisis, that could increase the chances of a catastrophic miscalculation, analysts said.

‘RESPONSIBLE NUCLEAR STATE’

The law bans any sharing of nuclear arms or technology with other countries, and is aimed at reducing the danger of a nuclear war by preventing miscalculations among nuclear weapons states and misuse of nuclear weapons, KCNA reported.

Analysts say Mr. Kim’s goal is to win international acceptance of North Korea’s status as a “responsible nuclear state.”

US President Joseph R. Biden, Jr.’s administration has offered to talk to Mr. Kim any time, at any place, and Mr. Yoon has said his country would provide massive amounts of economic aid if Pyongyang began to give up its arsenal.

South Korea on Thursday offered to hold talks with North Korea on reunions of families separated by the 1950–53 Korean War, in its first direct overture under Mr. Yoon, despite strained cross-border ties.

North Korea has rebuffed those overtures, however, saying that the United States and its allies maintain “hostile policies” such as sanctions and military drills that undermine their messages of peace.

“As long as nuclear weapons remain on earth and imperialism remains and manoeuvres of the United States and its followers against our republic are not terminated, our work to strengthen nuclear force will not cease,” Mr. Kim said. — Reuters

vivo launches fastest-charging, powerful yet affordable vivo Y35

It will be available nationwide starting Sept. 10

vivo, a global technology brand, officially unveils another powerful yet affordable smartphone — the vivo Y35. As the newest addition to the Y Series lineup, the vivo Y35 amps up the expectations from an entry level smartphone to new heights.

Through this latest launch, vivo is materializing its vision to make premium quality smartphones accessible to its consumers and allow Filipinos to enjoy the power of speed to achieve more and do more in life.

Quick as a flash charging power and next-level internal performance

The first in its price range, the vivo Y35 is powered by vivo’s advanced 44W Fast Charge technology, so users can efficiently maximize their time while waiting for their smartphones to get fully charged. With such charging speed, users can go back on track #QuickAsAFlash without worrying about missing out on anything.

This optimum charging power boosts its huge 5000 mAh battery ensuring uninterrupted work and play all throughout the day. The vivo Y35’s battery allows for 14 hours of video streaming or about 7 hours of uninterrupted gameplay. Worried about running out of battery? Get back in the game quickly as it will only take 30-34 minutes for the vivo Y35 to achieve 70% of its power back.

Apart from its 44W Fast Charge feature, which is a first in the vivo Y series, the vivo Y35 also boasts a bigger storage as it officially allows 8GB+8GB Extended RAM. The extended RAM 3.0 is vivo’s cutting-edge technology to better utilize the smartphone’s storage and optimize the system operation by eliminating lags even with multiple apps running in the background. Ensuring smoother operation and bigger storage for its users, the vivo Y35 offers 256GB Internal ROM and supports up to 1TB of extension giving its users the freedom to capture more of life’s important moments and download files essential for work or leisure.

Amping up the vivo Y35’s processing system further is its stronger Snapdragon 680 processor. This powers the vivo Y35’s  internal system with single core-capability, 25% CPU speed increase and up to 10% GPU improvement which complements the vivo Y35’s RAM 3.0 to reduce operation delays.

Paired with a 6.58-inch FHD+ Sunlight readable display with 1080P resolution and a high refresh rate of 90Hz, everything from watching HD videos to full power gaming will definitely look and feel incredibly sharp and smooth. Worry no more during travels as the vivo Y35 already features 550 nits that guarantees a readable screen.

To top it up, the vivo Y35 brings ultimate gaming intensity to its users through its Ultra Gaming Mode ﹢ Multi turbo 5.5. This innovative setup optimizes power allocation and efficiency, allowing users to enjoy smooth, intense and distraction-free gaming.

Impressive Imaging with Smarter AI-Enabled Camera

Taking it all to the next level, the vivo Y35 is equipped with smarter camera features. Users can capture photos like a pro with its Triple AI Rear camera. vivo Y35’s 50MP main camera utilizes a large sensor to ensure high-definition photos every time. For dramatic effect, its 2MP Bokeh Camera delivers accurate and sophisticated results to achieve more realistic looking portraits. Users can also have fun discovering the tiny and interesting world with the naked eye through the lenses of vivo Y35’s 2MP Macro Camera.

Both in bright and very dim places, users can have clear and vibrant images with its 16MP HD Front Camera. Worry no more about the quality of selfie videos using its Video Face Beauty Mode. This feature lets users capture perfect selfies and self-vlogging videos.

The night is guaranteed to be filled with colors with the vivo Y35’s Super Night Camera Mode as it uses multi-frame denoising to capture picture-perfect results even with bad lighting conditions. The Super Night Selfie feature and the Aura Screen Light further help ensure good results even under low light situations.

Taking videos while moving? No problem, because the vivo Y35 houses an Electronic Image Stabilization (EIS) feature which keeps videos clear and steady even if the user or the subject is in motion.

To help promote tourism and showcase the beauty of the Philippines through the lens of the vivo Y35, vivo partnered with regional airline AirAsia. During the launch, AirAsia’s Country Head of Communications & Public Affairs Steve Dailisan expressed optimism about how the partnership can help empower storytellers and inspire travel to aid in the tourism industry’s recovery.

“With brands like vivo offering powerful technology at attainable prices, we get to enable more Filipinos to venture into the social world and share anything — from mundane antics to inspirational personal journeys. Indeed, through technology like vivo Y35, we are democratizing social storytelling for everyone,” Mr. Dailisan adds.

Availability and Promo Offers

The vivo Y35 is now available for only P14,999 on vivo’s official online stores on Lazada, Shopee, TikTok, and website, and will be in physical stores and kiosks nationwide on Sept. 10.

vivo Y35 is also available for installment plans via Home Credit and Credit Card for 6 up to 18 months, and 6 up to 12 months, respectively.

Hurry, and be #QuickAsAflash because vivo will be giving free DITO Sim Card and Vonguard earphones until supplies last for customers who will purchase vivo Y35 online.

To know more about the vivo Y35, visit vivo’s official website, or follow them on their official social media pages on Facebook, Instagram, Twitter, and YouTube.

 

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India restricts rice exports, could fuel food inflation

REUTERS

MUMBAI — India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.

India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices, which are already rising because of drought, heatwaves and Russia’s invasion of Ukraine.

The new duty is likely to discourage buyers from making purchases from India and prompt them to shift towards rivals Thailand and Vietnam, which have been struggling to increase shipments and raise prices.

The government has excluded parboiled and basmati rice from the export duty, which will come into effect from Sept. 9.

New Delhi also banned exports of 100% broken rice, which a few poor African countries import for human consumption, though that variety is mainly used for feed purposes.

The duty will affect white and brown rice, which account for more than 60% of India’s exports, said B.V. Krishna Rao, president of the All India Rice Exporters Association.

“With this duty, Indian rice shipments will become uncompetitive in the world market. Buyers will shift to Thailand and Vietnam,” Mr. Rao said.

India accounts for more than 40% of global rice shipments and competes with Thailand, Vietnam, Pakistan and Myanmar in the world market.

Below-average rainfall in key rice-producing states such as West Bengal, Bihar, and Uttar Pradesh has raised concerns over India’s rice production. The country has already banned wheat exports and restricted sugar shipments this year.

Indian exports would fall by at least 25% in coming months because of the duty, said Himanshu Agarwal, executive director at Satyam Balajee, India’s biggest rice exporter.

Exporters want the government to provide some relief for export contracts that have already been signed, with vessels loading at the ports.

“Buyers can’t pay 20% more over agreed price and even sellers can’t afford to pay the levy. The government should exempt already signed contracts from the levy,” Mr. Agarwal said.

India’s rice exports touched a record 21.5 million tonnes in 2021, more than the combined shipments of the world’s next four biggest exporters of the grain: Thailand, Vietnam, Pakistan, and the United States.

India has been the cheapest supplier of rice by huge margin and that shielded African countries such as Nigeria, Benin, and Cameroon to an extent from a rally in wheat and corn prices, said a Mumbai-based dealer with a global trading firm.

“Except rice, prices of all food crops were rising. Rice is joining the rally now,” he said.

The ban on broken rice shipments could badly affect China’s purchases for feed purposes, he said.

China was the biggest buyer of broken rice, with purchases of 1.1 million tonnes in 2021, while African countries such as Senegal and Djibouti bought brokens for human consumption. — Reuters

Britain to borrow big again to ease energy shock

UNSPLASH

LONDON — Britain’s new leader, Liz Truss, on Thursday capped soaring consumer energy bills for two years to cushion the economic shock of war in Ukraine with measures likely to cost the country upwards of 100 billion pounds ($115 billion).

With Britain facing a lengthy recession sparked by a near quadrupling of household energy bills, Ms. Truss set out what she described as bold and immediate action to protect consumers and businesses just three days after she took office.

“This is the moment to be bold. We are facing a global energy crisis, and there are no cost-free options,” she told parliament.

“We are supporting this country through this winter and next, and tackling the root causes of high prices so we are never in the same position again.”

She said supply would also be stepped up, with a moratorium on fracking dropped and new oil and gas exploration licenses issued for the North Sea.

“Energy policy over the past decade has not focused enough on securing supply,” Ms. Truss said.

She said average household energy bills would be held at around 2,500 pounds a year for two years, staving off the expected 80% leap that was due in October and that threatened the finances of millions of households and firms.

The government said it would pay energy suppliers the difference between the new cap and the price the suppliers would have charged customers were this not in place.

Businesses will also be given support, with details to come at a later date.

With wholesale gas prices remaining highly volatile, the government did not put a price on the combined package, but it is expected to run into the tens of billions of pounds and will be funded by government borrowing.

Economists believe the plan is likely to add more than 100 billion pounds to Britain’s debt pile, while Deutsche Bank has estimated that the energy price offset plus tax cuts that Truss has also promised could together cost 179 billion pounds.

That would be around half the sum that Britain spent on the COVID-19 pandemic.

Separately, the Treasury and Bank of England will also address extraordinary liquidity requirements faced by energy firms that Ms. Truss said would be worth 40 billion pounds.

SOARING PRICES

The scale of the plan by a leader who had ruled out “handouts” during her campaign to succeed Boris Johnson has rattled financial markets. Its full cost will be given later this month by new finance minister Kwasi Kwarteng.

The pound fell against the dollar on Wednesday to levels last hit in 1985.

Sterling rose by around half a cent against both the dollar and euro as Truss spoke, but later gave up its gains. Britain’s government bond market — which fell heavily in the weeks leading up to Thursday’s announcement — extended losses, pushing 10-year yields to their highest since 2011.

“The scale of the fiscal intervention announced today is huge, but so is the size of the problem facing UK households and businesses,” said Hugh Gimber, a strategist at J.P. Morgan Asset Management.

European energy prices started to rise as the world emerged from COVID-19 lockdowns and then surged in February following Russia’s invasion of Ukraine.

Average prices for British households, which are set under a cap, jumped by 54% in April to 1,971 pounds and were due to leap 80% to 3,549 pounds a year in October.

The government expects the package to curb inflation by up to 5 percentage points. Consumer price inflation in Britain jumped to 10.1% in July, the highest since February 1982, and was forecast by the Bank of England to exceed 13% in October.

Economists responded by cutting their forecasts for how high inflation would peak early next year. US bank Citi — which had one of the highest forecasts – lowered it to 11.7% from 17.4%, while consultancy Pantheon Macroeconomics said recession would be “narrowly avoided.”

NatWest revised up its forecast for the future cost of new 10-year government borrowing to 4% from 3%, partly in response to the extra debt.

While the new cap will soften the blow for millions of households it still poses a threat to those on limited incomes. An Office for National Statistics survey published in September showed more than four in 10 adults already found it very or somewhat difficult to afford energy bills.

Charities and consumer groups welcomed the package as providing immediate support while businesses said they needed more details.

The opposition Labour Party questioned why it was not partly funded by a windfall tax on the sector, and why more would not be done to improve insulation.

Britain was a net exporter of energy from the late 1980s to 2004 following the development of North Sea oil and gas fields, but production steadily declined from a peak in 1999.

The country is now a net importer of all main fuel types, with 38% of the energy it used in 2021 imported. ($1 = 0.8702 pounds) — Reuters

Amazon, Apple and Google pledge training for women in Indo-Pacific

UNSPLASH

Fourteen US companies including Amazon.com Inc. and Visa Inc. each pledged to provide at least 500,000 digital training and education opportunities for women and girls in the Indo-Pacific region as part of a Biden administration initiative.

The program, undertaken within the broader 14-nation Indo-Pacific Economic Framework for Prosperity, is focused on Brunei, Fiji, India, Indonesia, Malaysia, the Philippines, Thailand and Vietnam.

The IPEF (Indo-Pacific Economic Framework) Upskilling Initiative, which will provide 7 million training opportunities in total over the next decade, was unveiled Thursday by Commerce Secretary Gina Raimondo and US Trade Representative (USTR) Katherine Tai as they host a two-day meeting of the Asian nations in Los Angeles. The plan is designed to promote sustainable and inclusive economic growth, while advancing competitiveness in the region, they said.

Other companies involved in the initiative are American Tower Corp.; Apple Inc.; Cisco Systems Inc.; Dell Technologies Inc.; public-relations firm Edelman; Google, which is part of Alphabet Inc.; HP Inc.; International Business Machines Corp.; Mastercard Inc.; Microsoft Corp.; PayPal Holdings Inc.; Salesforce Inc.; and Visa Inc.

The initiative — undertaken with The Asia Foundation, a nonprofit development organization — is focused on the emerging economies and middle-income countries in IPEF, which also includes rich countries such as Japan, South Korean, Australia, and Singapore.

“I have heard loudly and clearly from the region, particularly in the developing countries, ‘We need concrete benefits, tangible economic benefits,’” Ms. Raimondo said at the launch of the initiative on Thursday. “I hear that and I promise you the Indo-Pacific Economic Framework will deliver tangible economic benefits to your countries.”

The commerce chief added that she is hopeful more companies will join the initiative, and that it will expand beyond 14 countries.

The contribution of this initiative has the potential to be “immeasurably valuable” and have a lasting impact, Fijian Trade Minister Faiyaz Koya said at the event

The plan will bolster US private-sector engagement in the fast-growing region in ways that pay long-term dividends for the companies and workers in both the US and its partner countries, Commerce and USTR said in a statement announcing the strategy. The departments declined to disclose the value of the investments.

It also will support the region’s work to strengthen economic resilience, equity, inclusion and sustainability to help expand the middle class, as well as export opportunities for US goods and services and regional trade and investment, the agencies said.

Finally, by facilitating training in areas such as data, cloud and cyber-security work, the approach will allow IPEF countries to promote cross-border data flows and online privacy, as well as combat disinformation, corruption and cyber-theft, according to the Biden administration. — Bloomberg

Multisys earns ISO 27001:2013, welcomes new CEO

Multisys Technologies Corp. CEO Victor Aliwalas

Following a two-stage audit conducted by international certification body TÜV Rheinland from December 2021 to June this year, Multisys Technologies Corporation was formally awarded the certification of global standards for its management system of information security.

Multisys is now a certified compliant of international standard in Information Security Management System (ISO 27001:2013). This certification makes Multisys one of the first homegrown software companies in the Philippines to have achieved the ISO certification.

The audit included reviews on whether or not Multisys’ ISMS policies and procedures are able to meet the globally recognized framework in the security management of data assets such as financial information, intellectual property, employee details or information entrusted by third parties. The company has achieved this feat despite the restrictions imposed by the Covid-19 pandemic.

Multisys welcomes the appointment of Victor Aliwalas as CEO, replacing David Almirol who recently joined the Department of Information and Communications Technology as Undersecretary for e-Government

Amid the milestones and continued expansion of the company driven by its digital platforms Multistore, Multipay, Super App, and Smart LGU, Multisys welcomes its new CEO, Victor Aliwalas.

Aliwalas has almost 20 years of strategic sales experience for a wide variety of industry verticals, including SAAS/IT, BPO, Telecommunications/ICT solutions, mortgage banking, financial services, and publishing, both in the Philippines and the United States. Currently, he sits on the board of Welcome Finance, Inc., and is also an active advisor for multiple technology startups and BPOs.

Prior to joining Multisys, Victor Aliwalas spent over six years in PLDT Enterprise as Vice President & Head of Customer Relationship Management, and Advisor for Strategic Business Development. Before that, Aliwalas led the sales team of Kalibrr Technology Ventures, the first Philippine startup company to get into Silicon Valley’s startup accelerator, Y-combinator.

Aliwalas obtained a degree in Business Administration with concentrations in Marketing and Finance, and a minor in Management Information System (MIS) from Le Moyne College in Syracuse, New York.

 

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RCBC ATM Go now covers 100% of the country

Recently onboarded ATM Go merchant last August 25, 2022 from San Pedro, Tumauini Isabela, JCL Roof Trading.

ATM Go, the Philippines’ first community-based and bank-agnostic mobile handheld financial services devices of the Rizal Commercial Banking Corp. (RCBC), is now servicing all 81 provinces nationwide. Over 1,400 ATM Go terminals have been deployed through RCBC’s more than 1,000 partner merchants across the country. This makes RCBC as having the most extensive reach using these handheld devices even servicing geographically isolated and disadvantaged areas.

As of end August this year, ATM Go recorded transactional volume in excess of P6.2 billion, growing 32% from last year, and a transaction count at over 2 million, also recording 43% growth from last year. More than 60% of transactions recorded were from 4Ps Pantawid CCT beneficiaries receiving their social grants from the government. RCBC has also facilitated the digital disbursements of over P20 billion in social grants to more than five million household beneficiaries benefitting about 30 million individuals. Through the years, RCBC ATM Go has continuously seen sustained double-digit revenue growth and a compound annual growth rate at 85%.

ATM Go merchant from Siocon, Zamboanga del Norte who has 3 ATM Go terminals.

“Grassroots-based sachet banking has always been at the core of RCBC’s inclusive innovations. We are on track in doubling the number of our partner merchants and terminals deployed in the next couple of months as our commitment towards empowering mSMEs as merchants as well as enabling underbanked Filipinos with easy and secure access to financial services anywhere in the country,” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.

ATM Go is a digital-based financial service for remote unbanked communities all over the country. The Philippines’ first neighborhood (kapitbahay) ATM enables partner merchants such as cooperatives, microfinance institutions, rural banks, sari sari stores, pawnshops, money service business, supermarkets, and other micro small enterprises to offer the services in their respective communities.  These partner merchants earn incremental income from transaction fees. Onboarding partner merchants do not require initial capital or expense for the use of the ATM Go terminal and data connection as these are provided by RCBC free of charge. All transactions are real time, including crediting to partner merchants’ RCBC settlement accounts.

4Ps distribution in Maniwaya Island, Marinduque through an ATM Go merchant (Mr. Chris Quizana’s Loading Station).

ATM Go accepts all BancNet cardholders making the service available to any bank-issued prepaid or debit cards to do transactions such as cash deposit and withdrawal, balance inquiry, bills payment, and e-load purchase, among others.

Aside from regular ATM services that require ATM cards, ATM Go terminals now allow card-less withdrawals using RCBC banking apps such as RCBC Digital and DiskarTech.

“While we are enjoying additional income for our sari sari store business, it also gives convenience to our neighbors whenever they need to do cash withdrawal as they don’t need to travel at least eight kilometers to the nearest bank ATM,” said Albino Palma, a sari-sari store owner and a partner merchant in Santa Maria, Isabela.

“RCBC ATM Go served as a lifeline during the lockdown when our core travel business was down. It served as a financial hub for Mandung and our neighboring barangays where bank branches and ATMs are absent or limited. We have been a proud ATM Go partner since 2018 because of RCBC’s excellent customer service,” said Charvimalou Armonia, owner of Clarv Travel and Business Center in Mandug, Davao.

The Bangko Sentral ng Pilipinas (BSP) has set its twin outcomes under the Digital Payments Transformation Roadmap, that is, converting at least half of retail financial transactions to digital, and at least 70% of Filipino adults to have transaction accounts by the end of 2023. Based on latest BSP statistics, 56% of the adult Filipinos are now banked. This is a jump from 29% in 2019. Despite the leaps that Filipinos have made in digital finance, there are still 34.3 million Filipinos who are yet to be banked.

RCBC is one of the country’s fastest-growing banks. It is now the Philippines’ 6th largest privately-owned universal bank from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to present from loans and investment securities, even breaching the P1-Trillion asset mark by end June 2022 in spite of the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value.

 

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July trade deficit widens to record $5.9 billion

REUTERS

The demand for locally made products contracted for the first time in over a year in July while imports eased, bringing the trade deficit widening to another record, the Philippine Statistics Authority (PSA) reported on Friday.

Preliminary data from the agency showed the value of outbound shipment of goods amounted to $6.212 billion in July, declining by 4.2% annually from $6.485 billion in the same month last year. It was also lower than the revised $6.644 billion recorded in June.

July’s contraction ended 16 straight months of export growth. It was the sharpest fall in 18 months, or since the 4.4% decline in January 2021.

Philippine trade year-on-year performance

Meanwhile, imports continued to grow by at least double digits for the 17th consecutive month in July after increasing by 21.5% annually to $12.139 billion from $9.991 billion in the same month last year. However, the pace eased from 26.3% year-on-year expansion in June.

It was the slowest import growth in 17 months, or since the 9% increase in February last year.

This brought the trade-in-goods balance — the difference between exports and imports — to a record $5.927-billion deficit in July.

It was wider than the $5.869-billion gap recorded the previous month and the revised $3.505-billion deficit in July 2021.

The total trade — the sum of exports and imports — increased 11.4% to $18.351 billion in July. The growth was slower than the revised 16.2% in the preceding month and the 21.8% of the same month last year.

Year to date, exports rose by 5.4% to $44.739 billion, below the 7% growth target set by the Development Budget Coordination Committee.

Imports also increased by 25.9% to $80.486 billion in the January to July period. This was already above the government’s 18% full-year target this year.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa attributed the decline in locally made products in July to the weaker demand in electronics, a major export merchandise of the country.

“Exports were weighed by the electronics subsector. In turn, electronics exports were down because of softening demand for electronics on a global scale, something noted by trading partners like Taiwan and China,” Mr. Mapa said in an e-mail interview.

“Global growth is slowing and so is China as a market for electronics, which is capping demand for electronics and its components. Unfortunately, the Philippine export market is almost 40% electronics components and thus we can expect exports to struggle in the coming months,” he added.

“The extremely wide trade deficit suggests that the current account will also stay in the red, which should add to pressure on the PHP to weaken in the coming months,” Mr. Mapa said.

In a phone interview, Philippine Exporters Confederation, Inc. President Sergio R. Ortiz-Luis, Jr. said that while there was a decrease in the exports due to the difficulties in logistics, he believed that this is not a significant decline and will not be a trend in the export industry for the coming months.

“The export will grow. In percentage it will suffer. Not at the level we expected but it will grow,” he added.

Semiconductor and Electronics Industries in the Philippines Foundation, Inc. President Danilo C. Lachica said that they are still aiming for its planned growth for the year amid the decrease in electronics products in export.

“We don’t respond to the month-to-month variations, what is important is the year to date. For January to July, we had $26.5 billion, that is 2% growth which is still our planned 10% growth for the year,” Mr. Lachica said in a phone interview.

He also said that the depreciation of peso is more favorable for exports.

“For every peso forex decrease, exports grow by 1-1.5%,” Mr. Lachica said.

The local unit finished against the dollar at all-time low for the fifth straight session on Thursday after closing at P57.18 versus the greenback.

Manufactured goods, which accounted for 80% of the total exports in July, dipped by 4.6% year on year to $4.977 billion.

Electronic products, which cornered 54.6% of total sales in July and accounted for 68.2% of manufactured goods, also fell by 7.9% to $3.394 billion.

Composing three-fourths of the electronic products and 41.3% of total exports, semiconductors slipped by 2% to $2.567 billion in July.

Meanwhile, importation of raw materials and intermediate goods, which accounted for 38.5% of total imports in July, went up by 12.7% year on year to $4.670 billion.

Capital goods, which comprised 25.8% of the total imports that month, also rose by 6.6% to $3.128 billion.

Importation of mineral fuels, lubricant, and related materials, which cornered nearly a fifth of total imports, surged by 86.5% to $2.337 billion.

Consumer goods also climbed 26.3% to $1.943 billion in July.

The United States, which accounted for 17% or $1.056 billion of the total receipts, remained as the top export destination in July. It was followed by Japan’s $903.617 million (14.5% share) and China’s $798.665 million (12.9%).

China, meanwhile, was the country’s main source of imports in July with 20% share or $2.427 billion of the total import, followed by South Korea’s $1.281 billion (10.6% share), and Indonesia’s $1.224 billion (10.1%).

Mr. Mapa expects the export industry to dwindle “largely due to the outlook on global demand for electronics,” while imports are expected to grow because of the higher prices of basic commodities and the impact brought by the reopening of the economy.

He also said that the country’s trade deficit is expected to “stay at close to record wide levels.” — Mariedel Irish U. Catilogo

Overcoming the struggles towards a net-zero future

Climate change remains to be the biggest threat to humankind, as 2022 draws to a close, the time we have left to mitigate its worst effects is running out. The weight of the United Nations’ goals of reducing global carbon emissions by 2030 and reach net zero by 2050 as stated in the Paris Agreement grows ever heavier on the global agenda.

According to scientific consensus, in order to avert the worst impacts of climate change and preserve a livable planet, global temperature increase needs to be limited to 1.5°C above pre-industrial levels. Currently, the Earth is already about 1.1°C warmer than it was in the late 1800s, and emissions continue to rise. The Paris Agreement commitments have been made with this in mind.

The Philippines, for its part, has committed to cut greenhouse gas emissions to a 75% reduction by 2030. As a tropical archipelago, the country is set to bear the brunt of the adverse effects of climate change, from the intensified heat waves to the worsening typhoons, making disaster resilience and net zero goals critically integral to its development.

The private sector has stepped up to do their share. Industry giants like Meralco, Nestle, and the SM Group of Companies among many others announcing their sustainability commitments. The Ayala Corporation has committed to achieving net zero greenhouse gases by 2050, in alignment with the goal of mitigating global warming, while energy companies like the First Gen-owned Energy Development Corporation are making remarkable efforts towards making renewable energy readily available for the country’s growing energy needs.

Recently, the Climate Change Commission alongside the Department of Transportation and various transport groups vowed to accelerate the transportation sector’s transition towards low-carbon and sustainable development in pursuit of the country’s net zero commitments.

The pledge included finding and implementing sustainable pathways to limit greenhouse gas emissions from the sector, gathering of relevant transport data, promotion of clean and green technologies, and employing low-carbon strategies, policies, and programs not only to reduce or avoid GHG emissions, but to realize the common vision of sustainable transport, among others.

Furthermore, in a recent meeting with the G20, Finance Secretary Benjamin E. Diokno said that the country under the new Marcos administration is moving to expedite the country’s transition from coal to clean energy.

“We will deal with the impact of climate change while bringing down energy costs through developing clean and RE (renewable energy) sources, such as hydro, geothermal, wind, and solar power,” Mr. Diokno said, emphasizing the need to bring down the country’s dependence on energy imports by developing renewable energy and indigenous sources.

Currently, data showed that only 29% of the country’s current energy mix comes from renewables. The Department of Energy would like to bring it up to 35% by 2030 or to 50% by 2040, as outlined in the Renewable Energy Roadmap.

The Bangko Sentral ng Pilipinas also acknowledged financial stability concerns arising from climate change and other environmental and social risks that could significantly affect the country.

“These risks, such as physical and transition risks, could result in significant societal, economic, and financial risks affecting the banks and stakeholders. Furthermore, the BSP acknowledges the important role of the financial industry in achieving sustainable development in the Philippines. In line with this, the BSP issued the Circular on Sustainable Finance Framework on 29 April 2020,” the central bank wrote in its Sustainable Finance Roadmap.

Yet, with the threat looming ever closer, the question remains: is this enough? In a report last year titled, “Southeast Asia’s Carbon Markets: A Critical Piece of the Climate Puzzle”, global management consultancy Bain & Co. found that while the number of global corporations with net zero goals soared by 200% to over 1,500 companies, of which nearly a quarter are from Asia Pacific, few executives and leaders have set clear plans to deliver on them.

In the case of the Philippines, the country “has set strong emissions targets, but there is a need to put words into action,” Bain & Co.’s Global Sustainability Innovation Center partner and co-director Dale Hardcastle had said.

“While no net zero target is set yet, the Philippines has committed in Nationally Determined Contributions to reduce emissions by 75% below business as usual by 2030 (compatible with two degrees), which is the highest of Southeast Asian countries, but only 2.7% of this is unconditional, one of the lowest in the region,” he said.

Moreover, while the country has commendable support for renewable uptake and energy efficiency with 38% target capacity by 2035, Mr. Hardcastle said “this is still less ambitious than for example Indonesia’s 48% target by 2030.”

Of course, the Philippines is not alone in its shortcomings. The Emissions Gap Report 2021 released by the UN Environment Programme showed that new national climate pledges, combined with other mitigation measures, put the world on track for a global temperature rise of 2.7°C by the end of the century, very far above the 1.5°C goal.

“The clock is ticking loudly,” Inger Andersen, UN Environment Programme executive director, said in the report. “Nations must put in place the policies to meet their new commitments and start implementing them immediately. Then they must zero in on net zero, ensuring these long-term commitments are linked to the nationally determined contributions, and that action is brought forward. It is time to get the policies in place to back the raised ambitions and, again, start implementing them. This cannot happen in five years. Or in three years. This needs to start happening now.” — Bjorn Biel M. Beltran

Steps to reducing one’s carbon footprint

The world has left enough carbon footprints, yet the path towards net zero is not an easy one. It stipulates major shifts across industries and nations. 

But individuals as consumers should also partake in this vital journey for the planet. It could begin by looking at their carbon footprints and taking steps to reduce them, and then invite others to also help further the world towards net zero. 

Carbon footprints, of course, vary from one consumer to another. Some people  have larger carbon footprints than others, while some have lesser. A consumer’s carbon footprint is commonly defined as the total amount of greenhouse gas (GHG) emissions generated from their activities. So how could they reduce theirs? 

Perhaps the first step could be paying more attention to one’s surroundings. What has been happening with the environment? Having the knowledge and understanding of the state of the planet — GHG emissions, climate change, and their effects — could enlighten individuals on why it is crucial to take action now. 

As consumers become more aware of the environment, they could also look into themselves and be conscious of their practices. Try estimating one’s carbon footprint. Which activities significantly contribute? 

A consumer’s carbon footprint is usually determined through the amount of emissions generated from the energy used at home, the food they intake, their travels, and the products they purchase and use. As consumers recognize the “too much” across these areas (such as eating too much meat, especially beef, but very little on vegetables, fruits, whole grains, and nuts; relying too much on one’s car in short distances even when it is possible for them to just walk; and keeping the lights or the television on even no one is currently using them), they could find ways to lessen or adjust their consumption to reduce their carbon footprint.

Aside from their lifestyle choices, consumers could also lessen their carbon footprint through practices such as waste management. Responsible recycling, for instance, can help reduce GHG emissions as it decreases energy use needed to create a new product.

As consumers understand and take some steps to reduce the impact of their consumption on the environment, they could also invite others — their families, friends, and communities — to join in this path towards reducing our carbon footprint. They can raise their awareness about the state of the planet, the significance of climate action, and the steps they could take to lessen their carbon footprints.

But then, of course, changing some of the choices and practices of consumers to reduce their carbon footprints is just a part of the climate action. They cannot shoulder the responsibility alone. Corporations and the government have a significant part in reducing the world’s carbon footprint and eventually reaching net zero.

Hence, as consumers and individuals, they could take a stand and use their voices to call for sustainable development. As the United Nations has said, among its 10 impactful actions that individuals could start with to address the climate crisis, “Speak up and get others to join in taking action. It’s one of the quickest and most effective ways to make a difference. Talk to your neighbors, colleagues, friends, and family. Let business owners know you support bold changes. Appeal to local and world leaders to act now.” — Chelsey Keith P. Ignacio

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