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Philippine exports jump in February as global demand picks up

PHILIPPINE STAR/EDD GUMBAN

By Lourdes O. Pilar, Researcher

The country’s trade-in-goods deficit narrowed in February as exports grew by its fastest pace in six months on stronger demand, while growth in imports slowed.

February merchandise export receipts climbed 15% year on year to $6.159 billion, preliminary data from the Philippine Statistics Authority showed on Friday.

It picked up from the revised 9% growth in the previous month and a turnaround from the 1.4% decline in February last year. Export growth that month was the quickest in six months or since August’s 18.9% expansion.

Philippine trade year-on-year performance (Feb. 2022)

The value of the outbound shipment of goods in February was the highest level in two months or since the $6.279 billion in December last year.

Meanwhile, the country’s merchandise import bill rose by 20.1% to $9.688 billion in February, easing from the revised 27.7% pace the previous month.

This was the slowest import growth in 12 months or since the 9% increase recorded in February last year.

February import value was the lowest level in nine months or since the $9.122 billion logged in May last year.

This brought the trade-in-goods deficit to $3.529 billion in February, wider than the $2.707-billion shortfall recorded in the same month last year, but narrower than the $4.716-billion gap in January.

It was the smallest trade deficit in six months or since the $3.522 billion in August 2021.

Year to date, the trade balance ballooned to a $8.245-billion deficit compared with the $5.586-billion trade gap last year.

For the two-month period, exports jumped by 11.9% year on year to $12.205 billion. This is beyond the 6% growth projected by the Development Budget Coordination Committee for this year.

Imports, on the other hand, climbed by 24% to $20.450 billion, already surpassing the government’s 10% target in 2022.

“Our earlier efforts to ensure 100% operating capacity for the export sector enabled the sector to meet the growth in global demand. Momentum picked up as well as we continued to develop more export champions,” Trade Secretary Ramon M. Lopez said in a statement.

Outbound shipments of manufactured goods comprised the bulk — 81.7% — of the total export in February. Its value went up by 10.6% year on year to $5.029 billion.

Electronic products, which made up more than half of manufactured goods and total exports that month, climbed 15.1% to $3.444 billion. Three-fourths of electronic products sales came from semiconductors, which grew by 20.4% to $2.595 billion in February.

The country’s orders of raw materials and intermediate goods, meanwhile, accounted for 37.7% of February’s total import bill. It amounted to $3.649 billion, up by 14.3% year on year.

Imports of capital and consumer goods were valued at $2.806 billion (up 3.6%) and $1.488 billion (up 8.4%) in February.

The surge in exports in February reflected improving global demand as many economies began to lift pandemic-era restrictions, analysts said.

“The revival of global demand for semiconductors and electronics products also pushed exports significantly,” University of Asia and the Pacific (UA&P) Senior Economist Cid L. Terosa said in an e-mail.

Mr. Terosa added the geopolitical conflict between Russia and Ukraine last February rattled global markets and caused a month-on-month decline in total trade. Russia invaded Ukraine on Feb. 24.

“Although the year-on-year total trade in February 2022 was still a significant improvement from the previous year, it was slower than the year-on-year growth in January 2022,” he added.

Total trade — or the sum of good exports and imports — dipped 5.7% month on month to $15.847 billion in February. On an annual basis, it jumped 18.1%.

Growth in exports and imports may stall as the on-going Russia-Ukraine war affects global commodity markets and logistics.

Since the invasion, global crude oil prices have climbed to multiyear highs above $100 per barrel in late February amid supply concerns as Russia is the world’s second-largest producer of the commodity.

“Export growth increased because of greater demand across the globe. Imports declined because of disruptions in the global supply chain since war broke in Eastern Europe and due to the relatively slower growth of imported produces in the Philippines,” Asian Institute of Management economist John Paolo R. Rivera said in an e-mail.

“The improved global market condition made exports strong [in February],” Philippine Exporters Confederation, Inc. (Philexport) President Sergio R. Ortiz-Luis, Jr. said in a phone interview on Friday.

The United States, which accounted for 15.7% (or $966.66 million) of the total receipts, was the top export destination in February. It was followed by Japan (14.6%) and China (13.1%).

China, meanwhile, was the country’s main source of imports in February, with a 18.3% share (or $1.772 billion) of the total bill, followed by South Korea (10.8%) and Japan (9.4%).

DISRUPTIONS SEEN

But as the global trade begins to improve due to the reopening of many economies, the ongoing conflict between Russia and Ukraine may dampen it in the medium term, analysts said.

“While the momentum is on, the war in Eastern Europe suddenly sparked prompting disruptions in the recovering trade performance. Hence, the full potential of recovery cannot be harnessed,” AIM’s Mr. Rivera said.

“Trade is not growing as fast as it should be given relaxed pandemic restrictions,” he added.

The government trade targets this year will likely be unmet, especially export growth, as the sector was affected by the pandemic, Philexport’s Mr. Ortiz-Luis said.

“I am not sure if we can meet the DBCC’s target for exports in 2022… Exports were affected by the pandemic, I don’t think we will recover that target, perhaps not until 2023,” he said.

UA&P’s Mr. Terosa expects that both month-on-month and year-on-year trade performance in March to continue to fall.

“I expect the trade gap to widen further as prices of petroleum products persistently stayed above levels before the Russia-Ukraine conflict broke out towards the end of February,” he said.

“It would be difficult to positively participate in global markets given that everyone’s attention is focused on securing domestic supplies of vital commodities,” he said.

“It will be tough to achieve both export and import targets [this year] if the geopolitical tension between Russia and Ukraine will be drawn out,” Mr. Terosa said.

“Also, lockdowns in China could play a role in holding back trade. Since the Philippines is a small player in the world market, it has no choice but to bear the brunt of external forces suppressing greater export and import flows,” he added.

China uses AI software to improve its surveillance capabilities

CODY LOGAN/WIKIMEDIA COMMONS

BEIJING — Dozens of Chinese firms have built software that uses artificial intelligence (AI) to sort data collected on residents, amid high demand from authorities seeking to upgrade their surveillance tools, a Reuters review of government documents shows. 

According to more than 50 publicly available documents examined by Reuters, dozens of entities in China have over the past four years bought such software, known as “one person, one file.” The technology improves on existing software, which simply collects data but leaves it to people to organize. 

“The system has the ability to learn independently and can optimize the accuracy of file creation as the amount of data increases. [Faces that are] partially blocked, masked, or wearing glasses, and low-resolution portraits can also be archived relatively accurately,” according to a tender published in July by the public security department of Henan, China’s third-largest province by population. 

Henan’s department of public security did not respond to requests for comment about the system and its uses. 

The new software improves on Beijing’s current approach to surveillance. Although China’s existing systems can collect data on individuals, law enforcement and other users have been left to organize it. 

Another limitation of current surveillance software is its inability to connect an individual’s personal details to a real-time location except at security checkpoints such as those in airports, according to Jeffrey Ding, a postdoctoral fellow at Stanford’s Center for International Security and Cooperation. 

One person, one file “is a way of sorting information that makes it easier to track individuals,” said Mareike Ohlberg, a Berlin-based senior fellow at the German Marshall Fund. 

China’s Department of Public Security, which oversees regional police authorities, did not respond to a request for comment about one person, one file and its surveillance uses. Besides the police units, 10 bids were opened by Chinese Communist Party bodies responsible for political and legal affairs. China’s Central Political and Legal Affairs Commission declined to comment. 

The tenders examined by Reuters represent a fraction of such efforts by Chinese police units and Party bodies to upgrade surveillance networks by tapping into the power of big data and AI, according to three industry experts interviewed for this story. 

According to government documents, some of the software’s users, such as schools, wanted to monitor unfamiliar faces outside their compounds. 

The majority, such as police units in southwestern Sichuan province’s Ngawa prefecture, mainly populated by Tibetans, ordered it for more explicit security purposes. The Ngawa tender describes the software as being for “maintaining political security, social stability and peace among the people.” 

Ngawa’s department of public security did not respond to requests for comment. 

Beijing says its monitoring is crucial to combating crime and has been key to its efforts to fight the spread of coronavirus disease 2019 (COVID-19). Human rights activists such as Human Rights Watch say that the country is building a surveillance state that infringes on privacy and unfairly targets certain groups, such the Uyghur Muslim minority. 

The Reuters review shows that local authorities across the country, including in highly populated districts of Beijing and underdeveloped provinces like Gansu, have opened at least 50 tenders in the four years since the first patent application, 32 of which were opened for bidding in 2021. Twenty-two tech companies, including Sensetime, Huawei, Megvii, Cloudwalk, Dahua, and the cloud division of Baidu, now offer such software, according to a Reuters review. 

Sensetime declined to comment. Megvii, Cloudwalk, Dahua, and the cloud division of Baidu did not respond to requests for comment. 

Huawei said in a statement that a partner had developed the one person, one file application in its smart city platform. The company declined to comment on the patent applications. 

“Huawei does not develop or sell applications that target any specific group of people,” the company said. 

The documents Reuters reviewed span 22 of China’s 31 main administrative divisions, and all levels of provincial government, from regional public security departments to Party offices for a single neighborhood. 

The new systems aim to make sense of the giant troves of data such entities collect, using complex algorithms and machine learning to create customized files for individuals, according to the government tenders. The files update themselves automatically as the software sorts data. 

A wide range of challenges can complicate implementation, however. Bureaucracy and even cost can create a fragmented and disjointed nationwide network, three AI and surveillance experts told Reuters. 

Reuters found announcements for successful bids for more than half of the 50 procurement documents analyzed, with values between a few million yuan and close to 200 million yuan. 

SYSTEM UPGRADE 

China blanketed its cities with surveillance cameras in a 2015-2020 campaign it described as “sharp eyes” and is striving to do the same across rural areas. The development and adoption of the “one person, one file” software began around the same time. 

Ms. Ohlberg, the researcher, said the earliest mention she had seen of one person, one file was from 2016, in a 200-page surveillance feasibility study by Shawan county in Xinjiang, for acquiring a computer system that could “automatically identify and investigate key persons involved in terrorism and (threatening social) stability.” A Shawan county official declined to comment. 

In 2016, China’s domestic security chief at the time, Meng Jianzhu, wrote in a state-run journal that big data was the key to finding crime patterns and trends. Two years later, the system was referenced in a speech to industry executives given by Li Ziqing, then-director of the Research Center for Biometrics and Security Technology of the state-run Chinese Academy of Sciences. Li also was chief scientist at AuthenMetric, a Beijing-based facial recognition company. Neither the research center nor AuthenMetric responded to requests for comment. 

“The ultimate core technology of big data’s [application to] security is one person, one file,” Mr. Li said in the 2018 speech at an AI forum in Shenzhen, according to a transcript of the speech published by local media and shared on AuthenMetric’s WeChat public account. 

The Party’s Political and Legal Affairs Commission, which Mr. Meng led in 2016, declined to comment. Mr. Meng could not be reached for comment. Mr. Li did not respond to a request for comment. 

The industry developed quickly. By 2021, Huawei, Sensetime, and 26 other Chinese tech companies had filed patent applications with the World Intellectual Property Organization for file archiving and image clustering algorithms. 

A 2021 Huawei patent application for a “person database partitioning method and device” that mentioned one person, one file said that “as smart cameras become more popular in the future, the number of captured facial images in a city will grow to trillions per year.” 

SAFE CITIES 

The 50 tenders Reuters analyzed give varying amounts of detail on how the software would be used. 

Some mentioned “one person, one file” as a single entry on a list of needed items for surveillance systems. Others gave detailed descriptions. 

Nine of the tenders indicated the software would be used with facial recognition technology that could, the documents specified, identify whether a passerby was Uyghur, connecting to early warning systems for the police and creating archives of Uyghur faces. 

One tender published in February 2020 by a Party organ responsible for an area in the southeastern island province of Hainan, for instance, sought a database of Uyghur and Tibetan residents to facilitate “finding the information of persons involved in terrorism.” 

The Hainan authorities did not respond to a request for comment. 

More than a dozen tenders mention the need to combat terrorism and “maintain stability,” a catch-all term that human rights activists say is often used to mean repressing dissent. 

At least four of the tenders said the software should be able to pull information from the individual’s social media accounts. Half of the tenders said the software would be used to compile and analyze personal details such as relatives, social circles, vehicle records, marriage status, and shopping habits. — Eduardo Baptista/Reuters

UN suspends Russia from human rights body, Moscow then quits

UN Photo/Manuel Elías

UNITED NATIONS — The United Nations (UN) General Assembly on Thursday suspended Russia from the UN Human Rights Council over reports of “gross and systematic violations and abuses of human rights” in Ukraine, prompting Moscow to announce it was quitting the body. 

The US-led push garnered 93 votes in favor, while 24 countries voted no and 58 countries abstained. A two-thirds majority of voting members in the 193-member General Assembly in New York — abstentions do not count — was needed to suspend Russia from the 47-member Geneva-based Human Rights Council. 

Speaking after the vote, Russia’s deputy UN Ambassador Gennady Kuzmin described the move as an “illegitimate and politically motivated step” and then announced that Russia had decided to quit the Human Rights Council altogether. 

“You do not submit your resignation after you are fired,” Ukraine’s UN Ambassador Sergiy Kyslytsya told reporters. 

Russia was in its second year of a three-year term. Under Thursday’s resolution, the General Assembly could have later agreed to end the suspension. But that cannot happen now Russia has quit the council, just as the United States did in 2018 over what it called chronic bias against Israel and a lack of reform. 

The United States was last year re-elected to the council. Suspensions are rare. Libya was suspended in 2011 because of violence against protesters by forces loyal to then-leader Muammar Gaddafi. 

US Ambassador to the United Nations Linda Thomas-Greenfield said the United Nations “sent a clear message that the suffering of victims and survivors will not be ignored.” 

“We ensured a persistent and egregious human rights violator will not be allowed to occupy a position of leadership on human rights at the UN,” she said in remarks to be delivered to the General Assembly later on Thursday. 

The Human Rights Council cannot make legally binding decisions. Its decisions send important political messages, however, and it can authorize investigations. Last month the council opened an investigation into allegations of rights violations, including possible war crimes, in Ukraine. 

The resolution on Thursday was the third adopted by the 193-member General Assembly since Russia invaded neighboring Ukraine on Feb. 24. The two previous General Assembly resolutions denouncing Russia were adopted with 141 and 140 votes in favor. 

After abstaining on the previous two General Assembly votes, Russia’s partner China opposed the resolution on Thursday. 

“Such a hasty move at the General Assembly, which forces countries to choose sides, will aggravate the division among member states and intensify the confrontation between the parties concerned — it is like adding fuel to the fire,” China’s UN Ambassador Zhang Jun said before the vote. 

The General Assembly text on Thursday expresses “grave concern at the ongoing human rights and humanitarian crisis in Ukraine,” particularly at reports of rights abuses by Russia. 

Russia says it is carrying out a “special military operation” that aims to destroy Ukraine’s military infrastructure and denies attacking civilians. Ukraine and allies say Moscow invaded without provocation. 

Russia had warned countries that a yes vote or abstention will be viewed as an “unfriendly gesture” with consequences for bilateral ties, according to a note seen by Reuters. — Michelle Nichols/Reuters

Worker shortages, seasonal factors change push US weekly jobless claims back to 53-year lows

REUTERS

WASHINGTON — The number of Americans filing new claims for unemployment benefits fell last week, indicating a further tightening of labor market conditions heading into the second quarter, which could contribute to keeping inflation elevated. 

Part of the decline in claims back to a more than 53-year low touched in mid-March reflected a revision of the seasonal factors, the model that the government uses to strip out seasonal fluctuations from the data. 

During the coronavirus disease 2019 (COVID-19) pandemic, the Labor Department switched to additive factors to seasonally adjust the initial and continued claims data from multiplicative factors, which economists had complained were less reliable because of the economic shock caused by the coronavirus crisis. 

“Now that most of the large effects of the pandemic on the unemployment insurance series have lessened, the seasonal adjustment models are once again specified as multiplicative models,” the Labor Department said in a statement on Thursday. “Statistical tests show that the unemployment insurance series should, in normal times, be estimated multiplicatively.” 

Initial claims for state unemployment benefits dropped 5,000 to a seasonally adjusted 166,000 for the week ended April 2. Claims were at this level during the week ending March 19, which was the lowest since November 1968. 

Seasonal factors back then were much different from now, making it difficult to make comparisons. Economists polled by Reuters had forecast 200,000 applications for the latest week. 

The government also revised claims data from 2017 through 2021, which showed the level of filings much lower last year. The switch back to multiplicative factors pushed applications down by about 20,000–40,000 for the recent weeks. Claims hit a record high of 6.137 million in early April 2020. 

The government said it would use a hybrid of multiplicative and additive seasonal factors while the pandemic remains within the five-year revision period. Multiplicative seasonal factors are assumed to be proportional to the level of filings while additive factors are not affected. 

“The message from these volatile and revision-prone data continues to be that the labor market is very tight by most historical standards,” said Conrad DeQuadros, senior economic advisor at Brean Capital in New York. 

A severe shortage of workers is keeping layoffs low and boosting hiring. Worker demand is being driven by a sharp decline in COVID-19 infections, which has resulted in restrictions being lifted across the country. 

There were big declines in claims in Michigan and Texas, which offset increases in California, Ohio and Pennsylvania. 

Stocks on Wall Street were trading lower. The dollar was steady against a basket of currencies. Prices for longer-dated U.S. Treasuries fell. 

NEAR RECORD JOB OPENINGS 

There is no sign yet that the Russia-Ukraine war, which has pushed gasoline prices above $4 per gallon, has impacted the labor market. Nonfarm payrolls increased by 431,000 jobs in March, the government reported last Friday. 

March marked the 11th straight month of job gains in excess of 400,000, which pushed the unemployment rate to a fresh two-year low of 3.6%. The jobless rate is just one tenth of a percentage point above its pre-pandemic level. 

With a near record 11.3 million job openings on the last day of February, the scarcity of workers is forcing companies to boost wages, which is contributing to high inflation. 

While the claims report also showed the number of people receiving benefits after an initial week of aid increased 17,000 to 1.523 million during the week ended March 26, the trend in the so-called continuing claims remained low. 

“This was just a modest move up from the revised reading for the week ended March 19 that currently stands as the low since the start of the pandemic,” said Daniel Silver, an economist at JPMorgan in New York. 

Minutes of the Federal Reserve’s March 15–16 meeting published on Wednesday showed policymakers observed that “demand for labor continued to substantially exceed available supply across many parts of the economy,” and “that various indicators pointed to a very tight labor market.” 

The US central bank last month raised its policy interest rate by 25 basis points, the first hike in more than three years. Wednesday’s minutes appeared to set the stage for hefty rate increases down the road. 

Job openings far outpace the number of unemployed, illustrating the hiring challenges companies are facing. There were 6.0 million officially unemployed people in March. 

The resulting strong wage growth is providing some cushion for consumers battered by soaring prices, with annual inflation rising at its fastest pace in 40 years. 

“The job market is strong, giving consumers a break from inflation and geopolitical concerns,” said Scott Murray, an economist at Nationwide in Columbus, Ohio. “Open positions and fewer layoffs point to solid economic growth.” — Lucia Mutikani/Reuters

Elon Musk’s arrival stirs fears among some Twitter employees

ELON MUSK — REUTERS

News of Tesla Chief Executive Elon Musk taking a board seat at Twitter has some Twitter employees panicking over the future of the social media firm’s ability to moderate content, company insiders told Reuters. 

Within hours of the surprise disclosure this week that Mr. Musk, a self-described “free speech absolutist,” acquired enough shares to become the top Twitter shareholder, political conservatives began flooding social media with calls for the return of Donald Trump. The former US president was banned from Facebook and Twitter after the Jan 6. Capitol riot over concerns around incitement of violence. 

“Now that @ElonMusk is Twitter’s largest shareholder, it’s time to lift the political censorship. Oh… and BRING BACK TRUMP!,” tweeted Republican Congresswoman Lauren Boebert on Monday. 

Despite Twitter’s reiteration this week that the board does not make policy decisions, four Twitter employees who spoke with Reuters said they were concerned about Mr. Musk’s ability to influence the company’s policies on abusive users and harmful content. 

With Mr. Musk on the board, the employees said his views on moderation could weaken years-long efforts to make Twitter a place of healthy discourse, and might allow trolling and mob attacks to flourish. 

In the wake of Mr. Trump’s ban from Facebook and Twitter, the billionaire tweeted that many people would be unhappy with U.S. tech companies acting “as the de facto arbiter of free speech.” 

MUSK’S INTENTIONS 

Mr. Musk has not articulated what he wants to do as a new board member but he has telegraphed his intentions with his Twitter activity. A week before Mr. Musk disclosed a 9.1% stake in Twitter, he polled his 80 million followers on whether the site adhered to the principle of free speech, and the majority voted “no.” 

The employees, who asked not to be named for fear of retribution, point to Mr. Musk’s history of using Twitter to attack critics. In 2018, Mr. Musk came under fire for accusing a British diver who had helped rescue children trapped in a cave in Thailand of being a pedophile. 

Mr. Musk won a defamation case brought by the diver in 2019. 

When asked for comment, a Twitter spokesperson repeated a statement from Tuesday that the board “plays an important advisory and feedback role across the entirety of our service,” but daily operations and decisions are made by Twitter’s management and employees. 

“Twitter is committed to impartiality in the development and enforcement of its policies and rules,” the spokesperson said. 

Some employees that Reuters spoke to were not so sure about the company’s commitment to this. 

“I find it hard to believe [the board] doesn’t have influence,” said one employee. “If that’s the case, why would Elon want a board seat?” 

But other employees Reuters spoke to said that Mr. Musk’s involvement could help quicken the pace of new feature and product launches, and provide a fresh perspective as an active user of Twitter. 

Neither Tesla nor Mr. Musk responded to requests for comment. 

Twitter’s board figures prominently in discussions within Twitter, more so than at other tech companies, one employee said. That is because unlike Meta Platforms Inc, where founder and Chief Executive Officer Mark Zuckerberg controls the company through a dual class share structure, Twitter only has a single class of shares, making it more vulnerable to activists like Mr. Musk. Teams within Twitter often consider how to communicate a strategy or decision to the board, for instance, the employee said. 

On Thursday, Mr. Musk tweeted an image from 2018 of him smoking weed on the Joe Rogan podcast on Spotify, with the text: “Twitter’s next board meeting is going to be lit.” 

TRUMP’S RETURN? 

One employee familiar with the company’s operations said there were no current plans to reinstate Mr. Trump. A Twitter spokesperson said there were no plans to reverse any policy decisions. 

But a veteran auto analyst who covers Mr. Musk’s operating style at Tesla said such a decision may only be a matter of time. 

“If Donald Trump was actually rich, he would have liked to have done the same thing but he couldn’t afford it. So Elon is doing what Trump would have liked to have done,” said Guidehouse Insights analyst Sam Abuelsamid. 

“I wouldn’t be surprised if Twitter restores Trump’s account now that Elon owns nearly 10% of the company,” he said. 

Longer term, employees said Mr. Musk’s involvement may change Twitter’s corporate culture, which they say currently values inclusivity. Mr. Musk has faced widespread criticism for posting memes that mocked transgender people and efforts to stem the spread of coronavirus disease 2019 (COVID-19), and for comparing some world leaders to Hitler. 

Several employees were alarmed by the warm welcome Mr. Musk received from Twitter CEO Parag Agrawal and cofounder Jack Dorsey, which prompted them to hit the job market this week. 

“Some people are dusting off their resumes,” one person said. “I don’t want to work for somebody [like Musk].” — Sheila Dang/Reuters

Standard Chartered Bank hosts women and sustainability forum

In celebration of International Women’s Month, Standard Chartered Bank (SCB) recently hosted a webinar entitled “Client Speaks: Insights that Inspire” aligning with this year’s IWD theme “Break the Bias: Gender Equality Today for a Sustainable Tomorrow”. The session highlighted inspiring stories of female leaders successfully breaking gender biases and their roles in fostering an inclusive and sustainable economy.

The webinar was a thought-provoking and inspiring discussion taking the perspectives of women in actively promoting the gender’s role in participation and leadership in addressing climate change and creating a more resilient and sustainable future.

Distinguished panel of speakers are women trailblazers from infrastructure and power industries who do not only champion women empowerment but are also committed to creating meaningful, sustainable change and solutions. Panelists are Aboitiz InfraCapital, Inc. President and CEO Cosette Canilao, Pilipinas Shell Petroleum Corp. President and CEO and Country Chair, Shell companies in the Philippines Lorelie Osial, and Aboitiz Power Corp. Chief Financial Officer and Corporate Information Officer Liza Luv Montelibano. The panel discussion was moderated by Standard Chartered Bank Chief Executive Officer Lynette Ortiz.

Canilao, with her leadership experience in public-private partnerships (PPP) as former PPP Center Head, highlighted that infrastructure development is important in shaping economic productivity and stressed that PPP is a good vehicle to sustain the Build, Build, Build program of the government. She said that the private sector plays a key role as they can support not only through financing, but also through sustainable innovations and development of ancillary businesses. “Infrastructure projects have immense multiplier effect during its various stages – development and planning, execution, and operation. The societal returns from infrastructure development done through public private partnership are always higher than private sector gains. I hope that the next administration will really focus time and energy to create an enabling environment for the private sector to again be involved in infrastructure development,” said Canilao.

Osial, Pilipinas Shell’s first female CEO and a global leader in the energy industry, talked about transformational leadership amid a rapidly changing environment. She emphasized Shell’s commitment to provide cleaner energy solutions including integration of sustainable practices in their business operations. “It is Shell’s goal to provide more and cleaner energy solutions and continue to be a partner in nation-building. To do this, we are adapting to the changing energy landscape, partnering with like-minded companies and working with our customers and different sectors to become a net-zero emissions business in step with society.”

Montelibano, on the other hand, has held CFO role across multinational firms at a very young age, and now at the helm of the Aboitiz Power Corporation, one of the largest power companies in the country. She talked about Aboitiz Power’s efforts to map an effective climate action roadmap to drive renewable energy sufficiency for the country that is affordable, climate friendly and for a worthy cause. She said, “A key element of the energy transition is not just the pouring in of renewable energy (RE) projects, but more importantly how to make RE a viable baseload replacement. Today, the role of thermal power generation is baseload, and for us to sustainably decarbonize the electricity sector, we need to have an effective and cost-efficient technology configuration for renewable energy to be a baseload replacement. AboitizPower is very determined to find a solution. We have been studying several configurations and recently, we partnered with IFC to commission a study on hybrid solar photovoltaic and energy storage, with the goal of finding a technically and commercially feasible solution tailored specifically for the Philippines.”

Ortiz highlights the need to promote gender equality for a sustainable development. “As women are more prone to the negative effects of climate change, women should also be part of the decision-making process towards real change,” she said. “Our panel speakers are all empowered and inspiring female leaders who continue to astound us with their grit, tenacity and resolve to spark positive change for a better, more resilient and sustainable future for the society and communities they serve.”

The webinar is part of Standard Chartered Bank’s 150th anniversary celebration as the oldest international bank in the Philippines. The bank promotes sustainable finance to support economic growth, expanding renewables financing and investing in sustainable infrastructure where it is needed most. SCB is the leading ESG bond arranger in the country, having been part of approximately 60% of the volume of PHP-denominated ESG issuances. The bank was mandated earlier this year as a structural adviser of the Philippines Sustainable Finance Framework which will contribute to the development of the Sustainable Financing market domestically to create long-term, resilient growth.

 

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Honoring the heroic defenders of Bataan

“Bataan has fallen.” These words were heard by the country through the “Voice of Freedom” radio broadcast, spoken by Third Lieutenant Normando Ildefonso Reyes, reading a message prepared by Captain Salvador P. Lopez, from Malinta Tunnel in Corregidor on April 9, 1942.

That day marked the surrender of Filipino and American forces upholding the resistance in Bataan against the invading Japanese in World War II.

After 80 years, the Philippines continues to remember these events, especially every April 9, a day now known as the Araw ng Kagitingan or the Day of Valor.

Back in 1942, the Philippines was the last country in Southeast Asia that surrendered to the Japanese. Filipino and American soldiers of the United States Army Forces in the Far East (USAFFE) held out for four months. Japan’s campaign in the country started on Dec. 8, 1941, ending with the fall of Corregidor on May 6, 1942. The Battle of Bataan took place from Jan. 7 to Apr. 9.

“It was around January 1942 when MacArthur initiated his ‘War Plan Orange,’ rousing all the Filipino and American troops to make their stand in the Bataan peninsula, in a last ditch effort to hold off enemy lines, hoping for reinforcements that never came, while defending Corregidor Island and preventing the Japanese from using Manila Bay’s natural harbor for further military deployment,” recounted the National Historical Commission of the Philippines. 

Despite the difficulties, Filipino and American forces continued combating the Japanese army. But without the needed supplies, especially with their hardships due to hunger and disease, they could not hold out for long.

On April 9, 1942, General Edward P. King officially surrendered the Bataan command to the Japanese. Around 78,000 (more than 60,000 Filipinos and around 12,000 Americans) were taken captive by the Japanese that day. This is the largest US army surrender since the American Civil War in 1865.

The prisoners were then forced to march from Mariveles, Bataan to San Fernando, Pampanga. Having already suffered from starvation, disease, and wounds from the battle, the prisoners also underwent beating and bayoneted if they were too weak or unable to walk. The march was initially on foot, then the prisoners were transferred to boxcars in San Fernando that took them to Camp O’Donnell in Capas, Tarlac, though the situation remained difficult for them.

Such an event was the infamous Bataan Death March. After the war, the International Military Tribunal tried Lieutenant General Masaharu Homma, commander of the Japanese invasion forces in the Philippines. He was held responsible for the death march. On April 3, 1946, he was executed by firing squad in Los Baños.

Of the 78,000 Filipino and American forces who surrendered, approximately 10,000 died during the march.

According to John H. Whitman in Bataan: Our Last Ditch, as quoted by the Official Gazette, between April 10 and June 4, the count of Filipinos in Camp O’Donnell was around 45,000, and 9,300 were Americans. The difference in the number of men — from 75,000 (as about 3,000 was said to have escaped to Corregidor) to 54,300 — was due to the fighting, the death march, and the starvation and sickness in the prison camp. Over 21,000 disappeared within two months of the surrender.

The death toll during the harrowing events may vary. However, beyond numbers, the country keeps in mind the bravery of those lives lost, suffered, and survived.

April 9 was then proclaimed as Bataan Day and declared a legal holiday through the Republic Act No. 3022 in 1961. The Act stated that “all public officials and citizens of the Philippines are enjoined to observe such day with a one-minute silence at 4:30 o’clock in the afternoon, and to hold appropriate rites in honor of the heroic defenders of Bataan and their parents, wives, and/or widows.” 

The holiday was later renamed Araw ng Kagitingan through Executive Order No. 203 in 1987.

Bataan Day is also observed on the second Sunday of September in Maywood, Illinois, USA. It honors the 192nd Tank Battalion of the U.S. National Guard, particularly Company B, whose men came from Maywood and took part in the battle in Bataan.

In the Philippines this year, after the two-year hiatus due to the pandemic restrictions, the Philippine Veterans Affairs Office said that Mt. Samat, Pilar, Bataan, where the Dambana ng Kagitingan stands and memorializes the bravery and heroism of Filipinos and Americans in the battle in 1942, will have a selected number of people again for the commemoration of the Araw ng Kagitingan. The commemoration this year is anchored on the theme “Kagitingan ng mga Beterano, Inspirasyon ng Nagkakaisang Pilipino.”

The Philippines has been honoring the valor of the forces during the Araw ng Kagitingan for 80 years now. 

As Third Lieutenant Reyes read, halfway through the Voice of Freedom radio broadcast on April 9, 1942, “Bataan has fallen, but the spirit that made it stand — a beacon to all the liberty-loving peoples of the world—cannot fall!” — Chelsey Keith P. Ignacio

PAGCOR continues pumping financial blood to local sports development

PAGCOR Chairman and CEO Andrea Domingo (3rd from left, standing) poses for a group photo with Tokyo Olympics medal winners Carlo Paalam (4th from left, standing), Eumir Marcial (5th from left, standing), Hidilyn Diaz (6th from left, standing) and Nesthy Petecio (7th from left, standing). Also in photo are Executive Secretary Salvador Medialdea (5th from right, standing), Senate Committee on Sports Chairman Christopher “Bong” Go (middle row, 2nd from left), Philippine Sports Commission Chairman William Ramirez (2nd from right, standing), Philippine Olympic Committee President Abraham Tolentino (4th from right, standing) and some members of the Philippine team.

Despite suffering from huge revenue losses due to strict lockdowns and temporary suspension of gaming operations at the height of the pandemic, the Philippine Amusement and Gaming Corporation (PAGCOR) never wavered in its commitment to local sports development.

The state-run gaming firm may have had to dig deeper in its coffers to help keep the country’s athletic programs up and running, but it managed to remit P1.487 billion to the Philippine Sports Commission (PSC) for 2020 and 2021 alone as part of the government sports agency’s income share as mandated by Republic Act (RA) 6847.

On top of said remittances, PAGCOR has released a total of P45.19 million in 2021 up to March 2022 to cover the retirement benefits and cash incentives to athletes and their coaches who brought honor to the country with their triumphant participation in major international sports competitions.

Notable of these remittances was the P38.50 million cash incentives released by the agency to the athletes who made history after clinching medals in the 2020 Tokyo Olympics.

Along with the adulation of her countrymen for achieving an outstanding feat, the lion’s share of PAGCOR’s cash windfall went to weightlifter Hidilyn Diaz, who received a total of P15 million for winning the Philippines’ first Olympic gold medal and establishing new Olympic and national records.

The champions of the Philippines proudly hold the medals they won during the 2020 Tokyo Olympics. In the photo are Hidilyn Diaz, the gold medalist for women’s 55kg weightlifting; Nesthy Petecio, silver medalist for boxing women’s featherweight division; Carlo Paalam, silver medalist for boxing men’s flyweight division; and Eumir Marcial, bronze medalist for boxing men’s middleweight division.

Diaz’s fellow Olympics achievers, silver medal-winning boxers Nesthy Petecio and Carlo Paalam, were rewarded with P5 million each, while another Filipino fighting pride, Eumir Marcial, received P2 million for his bronze medal conquest.

Also given cash incentives were said athletes’ coaches and trainers, which was equivalent to 50% of their wards’ financial rewards.

The release of cash incentives to triumphant athletes is mandated by Republic Act (RA) 10699, otherwise known as the National Athletes and Coaches Benefits and Incentives Act, which provides financial rewards to athletes and their coaches who win in major international sports competitions.

PAGCOR also remitted cash incentives amounting to P1.8 million in 2021 for the medal-winning athletes in the Taipei 2018 Taekwondo Championship and another P1.65 million for the athletes and their coaches who copped prestigious honors in the Asian Weightlifting Championship held in Uzbekistan.

When the country hosted the 30th Southeast Asian Games in 2019, the state-run gaming firm also donated P842.5 million to the PSC for the rehabilitation of major sports facilities including the Rizal Memorial Coliseum and Ninoy Aquino Stadium inside the historic Rizal Memorial Sports Complex in Malate, Manila as well as the Philsports Complex Multipurpose Arena in Pasig City. Said amount was on top of PAGCOR’s financial contribution to the Philippine Southeast Asian Games Organizing Committee for the staging of the biennial meet.

 

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Places to visit to commemorate Day of Valor

Heritage Houses-2, Las Casas Filipinas de Acuzar in Bataan — Photo from en.wikipedia.org

This Day of Valor, it’s time to go back to your roots.

Tomorrow, April 9, the Philippines will celebrate Araw ng Kagitingan or Day of Valor to commemorate the heroism and patriotism of the Filipino and American warriors and veterans who defended Bataan, Corregidor and Bessang during the World War II. Minor parades are scheduled in key cities of the nation but the President’s speech to honor veterans in the Province of Bataan will be the highlight of the day.

As many regions of the country, including Bataan, are on Alert Level 1 and most part of the population is already inoculated against COVID-19, this non-working holiday gives everyone a chance to cross borders with friends or family and spend the Day of Valor at the right place and time.

For those who want to pay tribute to the war veterans and go on a little adventure, Mt. Samat National Shrine or “Dambana ng Kagitingan” in Bataan is a place to be. Here, war veterans gather and government officials hold a ceremony annually to celebrate the Day of Valor.

Memorial Cross at Mt. Samat National Shrine in Pilar, Bataan — Photo from en.wikipedia.org

The shrine was built in 1970 at the peak of Mt. Samat with a marble-clad infrastructure and a massive memorial cross as the centerpieces. The complex also includes a war museum featuring collections of painting of the Philippine heroes and weaponry used by the Filipino, American and Japanese forces during the war. A wide stairway from the parking will lead to a flagpole with two bronze urns on both sides as a symbol of eternal flame.

Behind the colonnade is a 14-flight zigzag footpath going to the base of the giant cross that showcases murals of the Filipino figures and events in different colonial eras. For P10 per individual fee, an elevator brings visitors to the two wings of the cross that serve as a viewing gallery where cold breeze brings one to relaxation while gazing at a 360-degree view of Bataan Peninsula, rolling hills, Corregidor and Manila Bay.

Another experience to add on the Bataan Day of Valor trip is to get to the starting point of one of the darkest periods in Philippine History, the 1942 Bataan Death March. This is marked by the Zero Kilometer Death March Marker situated in Bagac, Bataan, in which tens of thousands of Filipino and American troops marched from Bataan to Tarlac, with a distance of about 106 kilometers. Tourists can also visit the Bataan World War II Museum in Balanga, Bataan to see artifacts and dioramas from the world-famous Death March.

After a full day of activities and site-seeing, tourists can take a most deserved break in Las Casas Filipinas de Acuzar. Located in Bagac, Bataan, this place can take anyone back in time. Home to Jose Acuzar’s collection of heritage houses that have been salvaged from total ruin and neglect, these houses were then renovated and rebuilt by a team of artisans and craftsmen in the town. Las Casas features the finest of Filipino craftsmanship, artistry, and skill giving the property a look and feel that is distinctive and its own. Apart from its charming villages, it also gives an access to the beach complete with a bar, set of water activities, and the most wonderful view of the sunset in Bataan.

Meanwhile, those who want to connect themselves down to the roots in the Day of Valor but want to stay near Manila may opt to visit Corregidor Island and Las Casas Quezon City as an alternative to the Bataan trip.

Corregidor Island is a World War II relic accessible by a 90-minute boat from a ferry terminal in Pasay. It served as the headquarters for the allied United States army and Filipino fighters who fought against the Japanese. Japan may had seized most of the Philippines that time but they avoided Corregidor due to its treacherous gorges.

Here, alongside the silent cannons and rusting artillery are numerous memorials for the war heroes. Most of the war-ravaged buildings have not been restored and were left in their original state after the war in reverence to the Filipino and American soldiers who died there. Some of the places to visit in the island are the Pacific War Memorial, Malinta Tunnel, Japanese Garden of Peace, and Corregidor Lighthouse. While the tour is open to visitors aged 16 to 65, travelers under 16 or over 65 will have to sign a waiver.

Meanwhile, Las Casas Quezon City offers an events space, restaurant, and museum rolled into one destination. Located along Roosevelt Avenue, this is the perfect Al fresco dining space in a huge Spanish courtyard. The spot offers a tour and dining experience as the place alone is already a feast for the eyes and the Filipino menu will surely make one full.

With the easing up of COVID-19 restrictions, the 80th Araw ng Kagitingan invites everyone to remember and honor the gallantry and sacrifices of all the Filipino war veterans and connect these roots to the democracy and freedom every Filipinos enjoy today. -— Allyana A. Almonte

Republic Glass Holdings Corp. announces schedule of annual stockholders’ meeting through remote communication on April 29

 

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Over 3M Filipinos jobless in February

PHILIPPINE STAR/ MIGUEL DE GUZMAN
Commuters queue for a free ride at the Metro Rail Transit Line 3 (MRT-3) North Avenue Station in Quezon City, March 28. — PHILIPPINE STAR/ MIGUEL DE GUZMAN

By Ana Olivia A. Tirona, Researcher

THE PHILIPPINES’ unemployment rate steadied on a monthly basis in February, but the number of jobless Filipinos increased to 3.126 million despite the gradual reopening of the economy, the Philippine Statistics Authority (PSA) reported on Thursday.

The unemployment rate stood at 6.4% in February, unchanged from the previous month’s jobless rate but smaller than the 8.8% in the same month of 2021, preliminary estimates from the agency’s latest Labor Force Survey showed.

This was the lowest share of the unemployed to the total Filipino labor force in over two years or since the 5.3% in January 2020.

Philippine labor force situation (Feb. 2022)

In absolute terms, the ranks of unemployed Filipinos picked up by 201,000 on a monthly basis to 3.126 million in February. This, however, was lower by 1.061 million from 4.187 million a year ago when tighter mobility restrictions were still implemented.

The size of the Filipino labor force, meanwhile, expanded by 2.462 million month on month to 48.606 million in February. It was 1.265 million higher than the 47.341 million a year ago.

This translated to a labor force participation rate (LFPR) — or the share of the workforce to the total working age population — of 63.8% that month, a two-month high since the 65.1% in December last year.

After the Alert Level 1 in January, Metro Manila and other areas were placed under a more relaxed Alert Level 2 starting February as the number of coronavirus disease 2019 (COVID-19) infections declined.

“This allowed more Filipinos to rejoin the labor force. We aim to shift the entire country to Alert Level 1 to enable even more Filipinos to find work,” Socioeconomic Planning Secretary Karl Kendrick T. Chua said in a statement.

As of April 1, the National Economic and Development Authority (NEDA) said 79% of the economy is now under the most lenient Alert Level 1.

Mr. Chua once again reiterated the need for the full resumption of face-to-face classes, saying this will allow more parents who supervise their children’s online classes to return to work.

“The unchanged unemployment rate simply means no dramatic improvement in the jobs market despite alert level going down,” University of the Philippines Professor Emeritus Rene E. Ofreneo said in an e-mail interview.

“The average LFPR in the pre-COVID-19 years was something like 65-66%. This means in the COVID-19 years, less number of working age population were actively ‘participating’ in the labor force (either with jobs or looking for jobs) due to what we all know — lockdowns and lack of available jobs […] However, it does not mean that the jobs market is okay,” Mr. Ofreneo said.

Meanwhile, Trade Union Congress of the Philippines (TUCP) Spokesperson Alan A. Tanjusay said in a Viber message there is an uptick in employment as some businesses saw increased activity due to the election campaign period. The national elections are on May 9.

In a press release, research group IBON Foundation, Inc. said the bigger employment numbers do not mean the job crisis is easing.

“Jobs being created [in February] are more in part time, self-employment and informal work than regular and formal work in private establishments,” IBON said. “This shows that millions of employed Filipinos are just trying to get by on whatever they can do to make a living.”

The quality of jobs improved as the underemployment rate — the proportion of those already working but still looking for more work or longer working hours to the total employed population — eased to 14% in February from 14.9% in January.  It was also smaller than the 18.2% underemployment rate in the same month last year.

This was equivalent to 6.382 million underemployed Filipinos, or 15,000 less than the 6.397 million in January and 1.468 million lower than February last year’s 7.850 million.

The February underemployment rate was the lowest in nine months since 12.3% in May last year.

“The quality of jobs being generated is also a grave concern… Underemployment is still too high for comfort,” Sentro ng mga Nagkakaisa at Progresibong Manggagawa Secretary General Josua T. Mata said in a Viber message.

The employment rate — the proportion of the employed to the total labor force — was recorded at 93.6% in February, unchanged from January but higher than the 91.2% in February last year.

In absolute terms, this was equivalent to 45.480 million employed persons in February versus 43.018 million in January, and 43.153 million in the same month a year ago.

A Filipino worker worked on an average of 40.8 hours a week in February, lower than 41.8 hours in January but marginally higher than 38.9 hours a year ago.

The services sector remained the largest employer in February, accounting for 58.2%. This was lower than the 58.9% share the previous month. It was followed by agriculture (23.9% from 21.7%) and industry (17.9% from 19.3%).

For Mr. Ofreneo, the decline of employment share in the industry sector is “worrisome” as it reflects the country’s incapacity to industrialize.

“Regarding agriculture, growth in employment is likely due to difficulties of rural population to find alternative jobs. I say this because the crisis of agriculture sector is well documented, especially the lament of farmers,” Mr. Ofreneo added.

Mr. Tanjusay, the spokesperson of the country’s largest labor federation, said for the coming months, the rising inflation due to the ongoing Russia-Ukraine conflict is “worrisome” and may threaten economic growth.

“The temporary employment (created during the campaign period for the) national elections will also factor in after the elections. Businesses and investors will also wait and see what will be the policies of the winning administration,” Mr. Tanjusay said.

The February round of LFS was conducted from Feb. 8 to 28.

Philippines’ 2021 GDP growth upgraded to 5.7%

The Makati skyline is seen from Skyway Stage 3, July 8, 2021. — PHILIPPINE STAR/ MICHAEL VARCAS

THE PHILIPPINE economy grew slightly faster than it initially reported in 2021, the Philippine Statistics Authority (PSA) reported on Thursday.

Gross domestic product (GDP) — the value of all finished goods and services produced in the country at a given period — rose by 5.7% last year, slightly higher than the 5.6% initially reported on Jan. 27.

Economic growth for the fourth quarter of 2021 accelerated to 7.8%, from the preliminary estimate of 7.7%. This was a reversal from the 8.2% contraction it logged in 2020.

On the other hand, last year’s gross national income — the sum of the nation’s GDP and net primary income from the rest of the world — was revised upwards to 1.7% from the earlier estimate of 1.6%.

The services sector for the entire 2021 grew 5.4%, from the previously reported 5.3%. Likewise, the industry sector improved to 8.5%, from the previous estimate of 8.2%.

Major upward revisions in the industry subsectors were observed in the following: construction (10.0% from 9.8% previously); manufacturing (8.8% from 8.6%), and mining and quarrying (5.0% from 2.6%).

The following services subsectors increased from their previous estimates: public administration and defense, compulsory social activities (5.7% from 5.2%), education (8.3% from 8.0%), financial and insurance activities (4.7% from 4.5%), and information and communication (9.2% from 9.1%).

Agriculture, meanwhile, was unchanged at a 0.3% decline.

On the expenditure side, growth in government spending increased to 7.1% last year from the preliminary 7%, while household consumption was unchanged at 4.2%.

The trade in goods and services figures likewise improved, as exports (8% from 7.8%) and imports (13% from 12.9%) expanded more than previously estimated.

Gross capital formation, the investment component of the economy, was revised upwards to 20.3% from 19%.

Meanwhile, the record economic decline due to the pandemic in 2020 was also revised to 9.5%, a tad slower than the 9.6% contraction initially reported.

National account revisions are based on approved revision policy, which is consistent with international standard practices, the PSA said. — Abigail Marie P. Yraola

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