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Paris demands probe after French journalist killed in Ukraine

PARIS – France on Monday called for an investigation after a French journalist was killed in Ukraine when the vehicle he was travelling in, which was being used to evacuate civilians near the city of Sievierodonetsk, was hit by shelling.

“France demands that a probe be carried out as soon as possible and in transparency on the circumstances of this drama,” Foreign Minister Catherine Colonna, who was in Ukraine on Monday, said in a statement.

Frederic Leclerc-Imhoff, 32, the latest journalist killed since Russia invaded Ukraine in February, was on his second reporting trip for French television channel BFM in Ukraine, his employer said.

The governor of Ukraine‘s Luhansk region, Serhiy Haidai, said in a post on the messaging service Telegram that an armored transport vehicle was hit by shrapnel from a Russian shell, killing the journalist. An attached picture showed a truck that appeared to have been adapted with armor. Read full story

The evacuation effort was suspended after the strike, he said.

Ukrainian President Volodymyr Zelenskiy said Leclerc-Imhoff was the 32nd media person killed since the start of the Russian invasion on Feb. 24.

“My sincere condolences to Frederic’s colleagues and family,” Zelenskiy said in his nightly video address.

Russia’s Foreign Ministry did not immediately respond to a request for comment. Moscow has repeatedly denied that its forces target civilians in Ukraine.

Colonna said on Twitter that she had spoken to the Luhansk governor and had asked Zelenskiy for an investigation.

Both had assured her of their help and support.

“It is a double crime to target a humanitarian convoy and a journalist,” she said.

President Emmanuel Macron said on Twitter: “Frederic Leclerc-Imhoff was in Ukraine to show the reality of the war. Onboard a humanitarian bus with civilians forced to flee to escape Russian bombs, he was mortally wounded.” – Reuters

Globe Business equips enterprises with innovation to shape future

Don Rae, Senior Advisor for Globe Business, Enterprise Group, gives a synthesis during the plenary session of the Enterprise Innovation Forum 2022.

Recognizing that the business landscape is in a constant state of flux, Globe Business invites enterprise leaders to navigate the technological challenges that come with it and map out its future, not only for their companies but for the good of the community. The theme for 2022’s Enterprise Innovation Forum (EIF), a Globe Business flagship event, was “Techography: Charting Our Great Shared Future,” which aims to push business leaders to navigate changing times with digital innovations; recognize the value of building back better, together; and embrace ecosystem synergies in ways that have a positive impact on workplaces, communities, and the nation.

In her opening remarks, Globe Telecom Chief Commercial Officer Issa Guevarra-Cabreira noted how the pandemic has tremendously shaped the manner by which enterprises conduct businesses. The shift to remote work has forced both businesses and consumers to adapt to a digital economy that sees no bounds in changing and accelerating. This is where Globe Business comes in, whose goal is to equip companies with innovative tools that give them access to an ecosystem of partnerships that help gear them and their communities for an ever-changing digital economy.

“The name and mission of Techography are exactly what the world needs right now, which is to help businesses navigate technology on a global scale. Because no matter what industry we’re in, we all say the same things; Technological evolutions and revolutions remain to be universal human truths,” said Swan Sit—an international marketing maven, investor, speaker and advisor, who also served as keynote guest for EIF 2022.

Swit proceeded to state that “If the pandemic has taught us anything, it is that we need collaboration to make it together. A supply chain is a chain for a reason. It cannot be just one company doing the heavy lifting. Businesses can’t survive in this new world without collaboration. As we look into new technology solutions, we need to talk about data centers, privacy, and security. A blockchain—the shared ownership of data between businesses and consumers—is going to change everything. And businesses should be able to anticipate those changes in the landscape or where technology is going to be more primed to come up with solutions.”

Understanding the Current Tech Landscape

Like many other digital and technology experts, Sit pointed out that tech-related challenges in business cannot be addressed by mere upgrades or version 2.0s. She also encourages enterprise leaders to understand the landscape of technology in order to redefine and remodify their companies as they map out the future. But what exactly is the current landscape of tech?

“There’s the charge of youth, both in the labor supply and the consumer side. The younger generation has a very different attitude towards work, towards buying things, and even towards environmental awareness. They are much more principled in some ways. And to best navigate the landscape of technology, all businesses must think about the younger generation and be ready for that change since it is inevitable,” shared Don Rae, Senior Advisor for Globe Business, Enterprise Group.

“Enterprise leaders must ensure no one is left behind. It might be scary to go forward, but it’s scarier to get left behind. And if businesses don’t move, if they go back to the pre-pandemic phase, then there won’t be growth for either their business or their consumers,” Rae continues.

Knowing full well where a business is situated in the current landscape helps enterprise leaders move forward with technological innovations. There are solutions out there that help facilitate their workforce transition not just from the confines of physical offices to the work-from-home setup, but also pave the way for flexibility and adaptability in responding to pandemic-related problems with meaning and purpose.

Innovative Solutions to Shape Tech’s Future

In this regard, Globe Business shared a top view of some innovative solutions it has developed both internally and with the help of renowned tech partners. Rae further discussed that “The Globe Group has quietly put together highly advanced technical capabilities within the network, and at the center of all these developments are its partner businesses and its customers. We looked into what they needed and built solutions from there.”

Some of these tech solutions include:

  • Network-Based and Software-Defined Networks. At the moment, there is equipment on both Globe and clients’ ends, with fiber in between. But now, Globe is adding a layer of software that can be controlled and managed by clients. While, currently, they can’t view the internal parts of the network, in the future they will be able to see parts of the network that are relevant to their businesses.
  • ICT (Information and Communication Technology) Products Expansion and Improvement. Globe Business has three ICT companies growing at an escalated rate due to high demand. First is Cascadeo, a world-class managed cloud services company. Second is Third Pillar, a systems and business integration company. Last but not least is Yondu, which is designed for software and app development. All these companies are poised to deliver software-based business solutions that enable businesses to embrace tech ecosystems.
  • Building expansive cybersecurity facilities. Now more than ever, businesses and customers are more conscious about protection, so Globe has been investing in partnerships with major vendors to bring vastly improved cybersecurity to its clients, especially with the rise of hybrid work arrangements.
  • Better services through wider bandwidth availability. In a bid to make internet connectivity available across the Philippines, Globe continues to roll out its 5G network, closing the first quarter of 2022 with 380 new builds.

EIF, which was attended by more than 400 guests proves to be one of Globe Business’ grand affairs—a platform for the brand’s partners to collectively discuss trends and thought-provoking movements in the field of technology. Together with other global industry experts, Globe Business curates solutions that foster a broader technology ecosystem to help enterprises in whatever stage they’re in, in their digital transformation.

Globe strongly supports the United Nations Sustainable Development Goals, particularly UN SDG No. 9, which highlights the roles of infrastructure and innovation as crucial drivers of economic growth and development. Globe is committed to upholding the 10 United Nations Global Compact principles and 10 UN SDGs.

The Enterprise Innovation Forum 2022 was made possible with the support of our Gold Sponsors, Aruba, Amazon Web Services, Google, Genesys, Samsung; and Silver Sponsors, Akamai, Check Point, Globe Labs, Zoom, and Third Pillar for Salesforce and Docusign.

Learn more about Globe Business at globe.com.ph/business/enterprise.

 

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Rice Giant Thailand Wants to Coordinate Price Hikes With Vietnam

Thailand and Vietnam should jointly raise rice prices to boost their bargaining power in the global market, according to Thai premier Prayuth Chan-Ocha, a move that threatens higher food costs for consumers worldwide.

Such a step will benefit millions of rice farmers in the two countries who have struggled with rising costs while prices of the grain have remained subdued, Prayuth’s spokesman Thanakorn Wangboonkongchana said in a statement. Vietnam’s Deputy Agriculture and Rural Development Minister Tran Thanh Nam met with Thai officials Thursday to discuss a framework for cooperation.

The threat to boost rice prices from the two major exporters comes amid growing food protectionism and run-away inflation. There’s concern that India may restrict rice exports after similar moves in wheat and sugar, upending global food markets already roiled by Russia’s invasion of Ukraine.

While Thailand is not contemplating any curbs on shipments, it’s keen to milk the opportunity as import-dependent countries seek to lock in grain supplies.

“It sounds good to say that but it’s nearly impossible to implement,” Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, said of the proposed move. “We are not the only two sellers in the market.”

There’s also the issue about quality that makes it difficult to control the market. Rice has to be sold shortly after harvest or its quality will deteriorate, Chookiat said. “The effective cooperation we can do with Vietnam should be in terms of improving production and transferring know-how.”

Rice has been the one staple grain that’s helping to keep the world food crisis from getting worse. Unlike wheat and corn, which have seen prices skyrocket as the war in Ukraine disrupts supplies from a major breadbasket, rice prices have been stable subdued due to ample production and existing stockpiles.

Rice prices will remain subdued because of abundant supplies with the world set to harvest record crops until 2023, said Jeremy Zwinger, chief executive officer of The Rice Trader, a researcher. While there has been some shift in demand to rice as animal feed, it wasn’t enough to send prices soaring, Zwinger said, adding supplies may ease once farmers start using less fertilizer because of high prices.

Thailand is the world’s No. 2 rice exporter and Vietnam is the third. Combined, they account for a quarter of global rice trade. India is the largest with a 40% market share. China, the Philippines and Nigeria are top importers.

Thailand’s rice exports are benefiting from a rebound in global demand as the pandemic eases and a slump in its currency to a five-year low makes its supplies more competitive. Shipments may reach as high as 8 million tons this year, up from 6.1 million tons last year, Commerce Minister Jurin Laksanawisit told reporters on Friday.

Thai sugar and chickens exports are also set to benefit from export curbs placed by India and Malaysia respectively, according to industry officials. The Southeast Asian nation “has excess supply of most foods we produce and we remain the kitchen of the world,” Arada Fuangtong, deputy director general of the Department of International Trade Promotion, told reporters.

Philippines Considers Tax on Streaming Services, GMA Says

Incoming Philippine Finance Secretary Benjamin Diokno is considering taxes on digital transactions and streaming services such as Netflix Inc. subscriptions, GMA News reported.

Digital transactions have the tendency to “evade” taxes unlike purchases made over-the-counter, GMA News cited Diokno as saying. Among these digital transactions are subscription-based services such as video and audio streaming, it said.

“Right now, if these are able to evade taxes, why not tax it? It’s a service. Who can afford Netflix? Not the poor,” Diokno was quoted in the report.

Read: Debt Is Top Priority for Diokno as New Philippine Finance Chief

President-elect Ferdinand Marcos Jr. and his economic team face pressure to raise revenue to curb debt, which had ballooned due to the pandemic. Outgoing officials have warned against financing debt with additional borrowings.

Incoming Philippine Central Bank Governor Signals June Rate Rise

Incoming Philippine central bank Governor Felipe Medalla signaled a possible interest-rate increase in June.

Medalla, who takes office from July 1, is on the “same page” as outgoing Governor Benjamin Diokno in agreeing that a rate hike is likely next month, he said in a text message response to a Bloomberg News query.

Bangko Sentral ng Pilipinas is likely to increase the key rate by another 25 basis points in the next policy meeting, Diokno said earlier this month. Medalla, a member of the monetary policy board, will serve as central bank governor until mid-next year.

The Philippines in May joined global central banks in raising borrowing costs to fight inflation. BSP is next scheduled to decide on the key rate on June 23.

–With assistance from Karl Lester M. Yap and Harry Suhartono.

Shang Properties, Inc. announces annual stockholders’ meeting on June 22

 

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National Reinsurance Corporation of the Philippines to hold annual stockholders’ meeting virtually on June 30

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
JUNE 30, 2022 / 3:00 P.M.

DEAR STOCKHOLDERS:

Please be advised that the Annual Meeting of Stockholders of NATIONAL REINSURANCE CORPORATION OF THE PHILIPPINES (the “Company”) will be held virtually on June 30, 2022, Thursday, at 3:00 P.M. The proceedings will be livestreamed and voting in absentia will be facilitated through the Company’s secure online voting facility.

Agenda

  1. Call to Order
  2. Proof of Notice of Meeting and Certification of Quorum
  3. Approval of Minutes of Previous Stockholders’ Meeting held on June 23, 2021
  4. Management Report for the Year Ended December 31, 2021
  5. Ratification of All Acts of the Board of Directors and Officers during the Preceding Year
  6. Appointment of Independent Auditors
  7. Amendment of the secondary purpose clause (Article ll) of the Amended Articles of Incorporation
  8. Increase in Directors’ Per Diem for attendance in committee meetings
  9. Election of Directors
  10. Re-election of Mr. Medel T. Nera as Independent Director
  11. Other Matters
  12. Adjournment

A brief explanation of each item in the agenda is hereto attached as Annex “A” for your reference and guidance.

Record date. Stockholders of record as of May 16, 2022 shall be entitled to notice of meeting and to participate in the meeting via remote communication and voting in absentia.

Registration. Stockholders who wish to participate in the meeting via remote communication and to exercise their right to vote in absentia must register through the link provided in the company’s website at https://www.nat-re.com/investor-relations/annual-stockholders-meeting/ starting June 01, 2022 but no later than June 22, 2022 and submit the required information listed there. All information submitted will be subject to verification and validation. 

Successfully registered stockholders can cast their votes in absentia through the Company’s secure online voting facility and will be provided access to the live streaming of the meeting.  For the detailed registration and voting procedures, please refer to our Guidelines and Procedures for Participating via Remote Communication and Voting in Absentia as set forth in the Definitive Information Statement and published in the Company’s website.

Voting. You may vote in absentia, or through proxy. Voting in absentia is thru the online voting facility, the respective link will be emailed after validating the registration of stockholders. Deadline for casting of votes thru online voting facility is on or before 5:00 p.m. of June 22, 2022.To vote by proxy, you may download, fill-up and sign the proxy form found in https://www.nat-re.com/investor-relations/annual-stockholders-meeting/ and send the scanned signed copy to asm@nat-re.com not later than June 20, 2022. For Corporate Stockholders, in addition to the proxy form signed by your authorized officer, please submit a copy of the related Secretary’s Certificate, a sample of which is enclosed. Validation of proxies shall be held on June 24, 2022 at 2:00 P.M. 

Electronic Copies of Relevant Documents. Copies of the Notice of the Meeting, Definitive Information Statement, and other related documents in connection with the annual meeting may be accessed through the company’s website and through the PSE Edge portal at https://edge.pse.com.ph.

For any concerns, please reach us through asm@nat-re.com.

For complete information on the Company’s annual meeting, please visitwww.nat-re.com/investor-relations/annual-stockholders-meeting.

May 20, 2022, Makati City, Metro Manila.

Access to Notice of Meeting, Agenda Items and Explanation of Agenda Items, Proxy Form, Sample Secretary Certificate, Definitive Information Statement, Management Report, Financial Statements, SEC Form 17A and Minutes of Stockholders’ Meeting dated June 23, 2021 can be downloaded by scanning the QR code provided herewith.

Likewise, you may also download it from the Company’s website by clicking this link https://www.nat-re.com/investor-relations/annual-stockholders-meeting/#files.

Electronic copies of the same documents are also available at the PSE Edge.

For the Board of Directors,

(Originally Signed)
Assistant Corporate Secretary

PXP Energy Corp.’s annual general stockholders’ meeting to be held on June 22

 

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Senators urged to approve RCEP

Vendors arrange their goods at a public market in Manila. — PHILIPPINE STAR/ RUSSEL A. PALMA

By Alyssa Nicole O. Tan, Reporter

THE PHILIPPINES could lose more than half of its import and export markets if it fails to ratify a free trade deal among 15 countries in the region whose economic output accounts for 30% of global trade, economic managers told the Senate on Monday.

“If we don’t join RCEP, we miss out on more than half of the Philippines export markets, and around two-thirds of the country’s import sources,” Department of Agriculture (DA) Director Bien A. Ganapin said during the Senate Foreign Relations Committee hearing on Monday, noting that Philippine exports to Regional Comprehensive Economic Partnership (RCEP) member-countries are at 50.4% of total trade, while imports are at 67.3% of total trade.

The National Economic and Development Authority (NEDA), Department of Trade and Industry (DTI), and DA pitched the world’s largest free trade agreement (FTA) in a list-ditch effort to push the trade deal’s approval by the Philippine Senate.

Senators tackled the RCEP during the plenary, but gave no assurance of its ratification before the last session of the 18th Congress adjourns this week.

“We will do our duty. Pass or fail,” Senate Foreign Relations Committee Chair Senator Aquilino Martin L. Pimentel III said in a Viber message to BusinessWorld.

Trade Secretary Ramon M. Lopez said the delay will lead to difficulties for investors as they will have to comply with the old rules instead of the simplified alternative provided by the RCEP trade deal.

“In weighing the cost and benefits of our participation in this agreement we should look at it from a holistic point of view.  Will this be beneficial to the whole economy? It includes trade facilitation rules, liberal rules of origin, e-commerce, competition, and IP (intellectual property) protection commitments, support for SME development, as well as opening up of trade services,” Mr. Lopez said.

“These other elements are as important as tariff liberalization because they provide stability in the business environment. Our participation in this mega trade deal will further support the country’s economic development.”

Many multinational companies are waiting for the Philippines to join RCEP before deciding to invest, he added.

“If we delay joining here, our opportunities to export and bring our products to other RCEP countries which would have lower entry-level by lowering the tariff level of our products, we won’t be able to experience,” he said, noting fears that the country’s market may be diverted to other RCEP countries due to preferential arrangements.

RCEP has simplified and unified rules that allow exporters and stakeholders to comply with only one procedure instead of several rules listed in various free trade agreements with other economies.

RCEP took effect on Jan. 1, and is already in force in Australia, Brunei, Cambodia, China, Japan, Korea, Laos, New Zealand, Singapore, Thailand, and Vietnam.

President Rodrigo R. Duterte signed the trade deal on Sept. 2, but RCEP requires concurrence by the Senate.

DTI Assistant Secretary Allan B. Gepty said the country will miss out on the enhanced market access under the RCEP, which includes agricultural products such as durian, papaya, preserved pineapple, coconut juice, coffee, canned tuna, and dried tilapia.

“More than this, our competitors in ASEAN (Association of Southeast Asian Nations) will have the advantage in market access and resultantly they will be more competitive. Our neighbors in ASEAN, will enjoy the benefit of convenience in doing business and trade in the RCEP region while our stakeholders will have to contend with the different ASEAN plus one FTAs,” he added.

Mr. Gepty said the decision to ratify RCEP is only a choice between maintaining tariff protection in the 33 products, which is only equivalent to 0.8% of the country’s total imports and 1.9% of total agriculture tariff lines, and receiving the benefits and opportunities on services, investments, exports, trade facilitation, ease of doing business and conducive business environment brought about by the United Nations-backed FTA.

Economic managers said joining RCEP will preserve the current preferential rates for 98.1% of tariff lines, which corresponds to 228 commodities or $16.9 billion of imports.

“If we join the RCEP region with the safety nets and all the flexibilities that we have gained, it’s so easy to navigate, adjust and in parallel, make some adjustments. But if we will approach it sequentially, I think it will be too late for us to join since other RCEP parties will gain the advantage,” Mr. Gepty said.

Socioeconomic Planning Secretary Karl Kendrick T. Chua said the Philippines will lose a “golden opportunity” to take advantage of the opportunities from the fast-growing Asia-Pacific region if it fails to join RCEP.

“We want to learn and be more competitive and the best way is not to be protectionist or inward-looking. It is to get into the global arena, compete and learn what the other countries are doing, and improve ourselves further,” he said.

Last week, President-elect Ferdinand R. Marcos, Jr. said he wants to review the RCEP to determine whether the agriculture sector is adequately protected.

Marcos names BSP official as DBM chief

BUDGET SECRETARY AMENAH F. PANGANDAMAN — COURTESY OF DEPARTMENT OF BUDGET AND MANAGEMENT FACEBOOK PAGE

PRESIDENT-ELECT Ferdinand “Bongbong” R. Marcos, Jr. is tapping another central bank official for his Cabinet, this time  Bangko Sentral ng Pilipinas (BSP) Assistant Governor Amenah F. Pangandaman to head the Budget department.

Mr. Marcos’ spokesperson Rose Beatrix “Trixie” Cruz-Angeles said at a news conference on Monday that Ms. Pangandaman will be appointed as secretary of the Department of Budget and Management (DBM).

Ms. Pangandaman served as DBM undersecretary and assistant secretary during BSP Governor Benjamin E. Diokno’s stint as Budget secretary. Mr. Diokno has also been named Finance secretary.

In a statement, Ms. Pangandaman identified the modernization of the budget system and incorporation of sustainability principles in government spending as her key priorities under the Marcos administration.

“My team and I vow to work with the rest of the economic team and continue the policies and reforms that we have long fought for,” she said. “We will strive to ensure prudent and transparent use of public funds in a way that allows us to regain lost ground while also uplifting the lives of the ordinary Filipino.”

The DBM is responsible for the preparation of the national budget. The outgoing Development Budget Coordination Committee (DBCC) has already said the proposed 2023 national budget is pegged at P5.268 trillion, representing 22.1% of gross domestic product.

Mr. Marcos earlier said he would work closely with the incoming 19th Congress for the speedy passage of the national budget, which analysts say would determine the strength of the Philippines’ economic recovery.

Ms. Cruz-Angeles also announced information technology expert Ivan John Uy will head the Department of Information and Communications Technology (DICT).

Mr. Uy had served as chair of the Commission on Information and Communications Technology under the administration of the late Benigno S.C. Aquino III.

Mr. Cruz-Angeles said Esperanza Christina G. Frasco, who was recently reelected as mayor of a town in Cebu province in central Philippines, would take over the Department of Tourism.

Ms. Frasco is the daughter of Cebu Gov. Gwendolyn F. Garcia, who promised a landslide win for Mr. Marcos and her running mate Sara Z. Duterte-Carpio during the campaign period. Ms. Frasco is currently serving as spokesperson for Ms. Duterte-Carpio.

Broadcaster Erwin T. Tulfo will head the Social Welfare department, Mr. Marcos’ spokesperson said.

Mr. Tulfo is the brother of Raffy T. Tulfo, who secured a Senate seat in the May 9 polls. — Kyle Aristophere T. Atienza

DENR imposes moratorium on new applications for seabed quarry permits

PHILIPPINE STAR/EDD GUMBAN

THE Department of Environment and Natural Resources (DENR) has imposed a moratorium on the acceptance of new applications for special exploration permits or government seabed quarry permits.

The DENR issued Administrative Order (AO) 171-2022 on May 2 after President Rodrigo R. Duterte’s directive to stop accepting applications for reclamation activities.

“The President directed the DENR and the Philippine Reclamation Authority (PRA) to put on hold the acceptance of all new applications for reclamation projects in the country; and ensure that the pending applications strictly comply with all legal requirements,” the order read.

Under the order, there will be a moratorium on the acceptance of all new applications for special exploration permit/government seabed quarry permits until another presidential directive is issued.

A copy of AO 171-2022 was published in a newspaper on Monday. It will take effect after 15 days.

Seabed quarrying refers to the process of extracting, removing and disposing of quarry resources found in offshore areas. It is usually considered for massive land reclamation projects.

The PRA approves bids and awards for contracts for government reclamation projects.

The DENR issues the final permit for any company planning to undertake seabed quarrying and mining.

In 2021, the Mines and Geosciences Bureau (MGB) received six government seabed quarry permit (GSQP) applications, according to MGB Director Wilfredo G. Moncano.

“We have a total of 10 officially accepted GSQP applications. We are waiting for their compliance with the Area Status and Clearance before we proceed to the next stage of evaluation. If they failed to comply with the Area Status and Clearance within the prescribed period, we will be denying their applications,” he said in a text message.

Mr. Moncano said that there were another four GSQP applications filed before the moratorium that were still not officially accepted.

Meanwhile, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that the DENR’s order was a step towards ensuring that the local mining and quarrying industry remain environmentally sustainable.

“There is a need to align the global best practices on mining activities, in terms of sustainability and minimize adverse impact on the environment. Increased international compliance with [environmental] standards by both international and local regulators in recent years would place more stringent environment standards, by carefully weighing the environmental damage or impact of those activities over the long-term compared to economic gains derived,” he said in a text message.

“This is also consistent with the increased need to sustain the country’s marine resources amid the country’s importation of fish in recent months,” he added.

In December 2021, the government lifted the four-year ban on open-pit mining.

In April, President Rodrigo R. Duterte had also lifted the nine-year moratorium on granting mining permits. — Luisa Maria Jacinta C. Jocson

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