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The Radiance Manila Bay offers a retreat within the bustling Metro

The Magnolia Residences

One of the main reasons why people opt to invest in condominiums aside from a prime location is the amenity offerings. In an article by Forbes, “more fresh air, more sunrises, more afternoons with the whole family as company—those are the benchmarks by which many people measure quality of life.”

After all, a home is not just a place for sleep or rest, it should also be a sanctuary you can always turn to when life gets overwhelming outside. What if we tell you that there’s a property that grants you accessibility and a relaxing lifestyle readily waiting for you and your loved ones?

RLC Residences is known for its award-winning developments that raise the standards of condo living in the Philippines. Located within the bustling Roxas Boulevard in Pasay City is their ready-for-occupancy (RFO) property The Radiance Manila Bay. Its strategic spot puts homeowners close to key destinations in Pasay and Manila, including malls like Robinsons Manila and even cultural spots, such as the Cultural Center of the Philippines and Rizal Park.

Model unit with balcony

What makes this two-tower development stand out even more is the scenic views of the popular Manila Bay seen from its units. You can choose among studio, one-, and two-bedroom types with balcony options that are all spacious enough to house you and your family’s needs.

In addition to breathtaking views, The Radiance Manila Bay features numerous amenities for wellness and relaxation that are all ready-to-use as soon as you move in. A 50m lap pool, beautifully placed in between the two towers, an exercise garden and fitness gym for those who pursue an active lifestyle, and the Sky Lounge and Outdoor Kids Play Area with stunning sights both offer a retreat for all members of the family and encourage quality time.

Lap pool

Other wellness amenities include the Spa, Sauna, and Massage Rooms, Game Room, Videoke Room, and Private Theater – for when you want to destress and have a relaxing moment all to yourself.

No more waiting for years to reap the fruits of your labor. Gain access to the good things life has to offer immediately when you invest in RFO units at The Radiance Manila Bay. For a limited time, avail up to 30% discount and RLC Residences’ Early Move In promo when you book an appointment via your trusted Property Specialist.

Take advantage of these offerings also by visiting rlcresidences.com. You can also receive updates about The Radiance Manila Bay and other RLC Residences properties by following them on Facebook, Instagram, and YouTube.

 


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Sea level rise now menaces even a Viking bastion of uplifted land

 – About 1,000 years ago, a Viking woman named Ingrid built a wharf to load ships at a bay on the Swedish coast and commemorated the site with a looping runic inscription on a grey boulder.

Today Ingrid’s harbor, surrounded by birch and pine trees, is high and dry, on land 5 meters (16 feet) above sea level and 20 kms (12 miles) inland from coastal Stockholm, on the Baltic Sea.

Land across much of the Nordic region has been rebounding since the end of the Ice Age about 12,000 years ago, as a heavy smothering of ice up to 3 km (1.9 miles) thick melted away.

That rise should make the region an unlikely candidate to suffer problems from a global rise in ocean levels as seas warm and glaciers melt – a threat for many low-lying nations and coastal cities around the world, from Shanghai to Miami.

But these days, yellow cranes, barges and fleets of bulldozers, trucks and other construction machinery clog the heart of Stockholm – a sign that even Sweden’s luck as a bastion against rising oceans is running out.

The country is spending 11.5 billion Swedish crowns ($1 billion) to upgrade water-control gates and locks in an effort to keep Lake Mälaren – a source of drinking water for 2 million people – protected from the Baltic Sea at the point the two meet in Stockholm.

Global sea levels are rising about 4 mm a year, double the rate of the 20th century, and may soon overtake the 5 mm annual rise in land elevation in the Stockholm region.

The lake is still 70 cm (2.2 feet) above current sea level and the Slussen project, due for completion in 2025, is designed to fend off a worst-case increase in sea levels of up to 2 meters (6.5 feet) in the coming century.

During storm surges, Slussen’s gates will prevent salty Baltic water from reaching the 120-km-long freshwater lake. Another key function of the project is to channel excess water from the lake out to sea after heavy rains or the spring snow melt, to prevent flooding.

“We’re lucky to have this post-glacial uplift,” said Sofie Schöld, an expert on rising oceans at the Swedish Meteorological and Hydrological Institute.

The country has gained about 10,000 sq km (3,860 sq miles) of land – an area about the size of Jamaica – since Viking times, experts say.

But the pace is slowing, and “Sweden now definitely has headaches about rising sea levels”, Schöld said.

 

HOTTER, HIGHER

Global temperatures have risen more than 1.2 degrees Celsius (2.2 Fahrenheit) since preindustrial times and are now swiftly approaching a 1.5C degrees of warming mark that scientists fear could herald a transition to far costlier and deadlier climate change impacts.

The 2015 Paris Agreement, a pact among almost 200 nations, set a goal of limiting global warming to “well below” 2 degrees Celsius (3.6 Fahrenheit) while “pursuing efforts” for 1.5C.

But with fossil fuel use still rising globally, despite pledges to slash emissions, 1.5C of warming could be passed within a decade, top climate scientists say.

They fear that could trigger irreversible ecological tipping points, from surging sea levels as polar ice melts to spiking temperatures as methane – a potent driver of warming – escapes thawing permafrost.

A hotter planet is also expected to spark more extreme weather, crop failures, species extinctions, migration and soaring personal and financial losses for many people around the planet.

Last year, the Intergovernmental Panel on Climate Change said global sea level rise might be limited to 30 cm this century if emissions are slashed to meet the 1.5C goal. If emissions remain high, the rise could be up to a meter, it said.

But it also warned that seas could rise almost 2 meters (6.5 feet) if higher emissions drove the collapse of ice sheets in Antarctica and Greenland.

Worryingly, a study in the journal Science in August estimated that Greenland and West Antarctica, which together lock up ice equivalent to about 10 meters (32 feet) of sea level rise, could pass a “tipping point” at just 1.5C, triggering an irreversible meltdown that would redraw the world´s coastlines.

“We may have made the commitment to 10 meters of sea level rise in the long run. The only comfort is that it is an apocalyptic vision on a timescale … which is probably at least 1,000 years,” said Tim Lenton, a climate change and earth system science professor at the University of Exeter and an author of the study.

But smaller increases in sea level rise already present a growing threat to many low-lying cities and countries, particularly as wilder weather drives stronger storm surges of salty water inland.

 

IMPERILED ISLANDS

For many of the 39 members of the Alliance of Small Island States (AOSIS), sea level rise is today an acute risk to coastal communities, vital infrastructure and important economic pillars such as agriculture and tourism.

In the south Pacific island of Tuvalu, for instance, “groundwater is no longer drinkable, saltwater intrusion damages crops, fisheries are dwindling, and families are more prone to water-borne disease”, said AOSIS chair Walton Webson, of Antigua and Barbuda.

Fiji, another Pacific island nation, spent about $500,000 to relocate a first community, Vunidogoloa, away from the coast in 2014, and plans to move more than 40 others inland.

“Loss of land is beyond adaptation efforts. This devastation is happening before our very eyes,” Webson said.

He said the world’s “continued addiction to fossil fuels” was a huge frustration for island countries, who are among those most at risk.

“AOSIS has long championed ‘1.5 to stay alive’, and it is devastating to see this goal faltering due to the lack of ambition from some industrialized countries,” he said.

But “make no mistake – (even) warming at 1.5C is no ideal situation for small island developing states”, he added.

 

SAFE FOR 100 YEARS?

In Stockholm, the new Slussen lake-protection project, now under construction, will include cafes, bars, bridges, roads and metro upgrades.

Signs around the huge site warn local people that “Slussen is not built in a day”.

“With this capacity we are safe for 100 years,” predicted Magnus Tengblad, a city construction coordinator on the project, as he walked amid a lock and sluices taking shape beneath a golden-colored bridge imported from China.

Scientists have praised the foresight of such efforts that anticipate risks rather than responding once problems arrive, saying they will save money and help curb rising climate change losses.

In Sweden “luck is running out but they are doing something about it now“, said David Armstrong McKay, lead author of the tipping points study at the University of Exeter and a researcher at Stockholm University.

Even further north in Sweden, where land rebound is highest, at about 9 mm a year, worries about accelerating sea level rise are mounting.

In the northern port of Luleå, for instance, the local council in 2015 banned new construction less than 2.5 meters (8.2 feet) above sea level, mainly because of worsening river floods and storm surges but also because land uplift is set to slow.

Staffan Moberg, senior legal advisor at Insurance Sweden, an industry group whose members account for 90% of the Swedish insurance market, urged broader awareness of the risks of building in coastal zones.

“Take the building’s lifetime into consideration – that´s really important,” he said, urging planners and buyers to consider what the coast will be like in a century.

For now, “very few are taking this into account”, he said. – Reuters

Xi’s new generals face tough military challenges post-congress

 – In his first two terms as commander of the world’s largest military, Chinese President Xi Jinping has unleashed sweeping changes to its structure, posture and potency.

Over those 10 years, China has rapidly expanded and advanced its naval and rocket forces, purged thousands of officers over corruption, reformed its command operations and built bases deep in the maritime heart of Southeast Asia.

Now come the tricky next steps for his Central Military Commission: implementing sweeping changes to its leadership, which commands China’s two million-strong People’s Liberation Army, potentially tightening Xi’s grip over the military and its modernization.

On Sunday, China’s Communist Party kicked off its once-in-five-years congress, where it is expected to name replacements for four retirees among the six senior officers who serve under Xi on the commission. Among those expected to step down are the body’s vice chairmen, Generals Xu Qiliang and Zhang Youxia, both 72. Zhang is widely viewed as a close Xi ally.

Their replacements must integrate increasingly complex forces that would be vital for a Taiwan invasion, say eight Asian and Western military attaches and seven security analysts, fulfilling Xi’s long-held demand that the military can “fight and win wars”.

Diplomatic challenges are also mounting, as China’s military modernization confronts the traditional U.S. strategic dominance in East Asia.

The military envoys and three of the analysts say the commission will need to secure foreign base and port access for its expanding naval fleet as well as tackle possible external pressure to deepen international engagement over its arsenal of nuclear weapons. A slowing economy could also complicate modernization.

Amid all those challengesmost of the incoming generals are likely to lack one element that marked at least some of their commission predecessors: combat experience.

Zhang and commission member General Li Zuocheng, who is also expected to retire, are some of the last two serving officers to have fought in the bloody border conflict with Vietnam that started with a troubled Chinese invasion in 1979 but rumbled on until the late 1980s.

Potential replacements include recent commanders from the reformed Eastern and Western theatre commands, responsible for Taiwan and the Indian border respectively, eight envoys say. Promotions also could come from the Southern Theatre command, home to vital naval bases.

Who is chosen could shed light on Xi’s military priorities. Any operational choices are almost certainly to be balanced by political commissar promotions, given their on-going role to ensure the military serves the Communist Party rather than the country.

Operating out of an imposing and well-protected command building in western Beijing, the commission sits nominally under the party’s Central Committee but in practice works closely under the Politburo’s Standing Committee. Xi heads both bodies.

That overlap means has led some analysts caution against predictions of a Taiwan invasion based on any new commission lineup. The Standing Committee, not ambitious generals, would make such a momentous decision, they say.

“There is no shortage of senior military officers who internally parrot Xi’s ‘fight and win’ mantra, but the conundrum for the PLA is the lack of operational experience,” said Alexander Neill, a private military analyst.

James Char, a security scholar at Singapore’s S. Rajaratnam School of International Studies, said the PLA suffered from “shortcomings” in combined arms and joint operations.

“Its capacity for sustained power projection also remains limited at present,” Char said.

China’s Defense Ministry did not respond to requests for comment.

 

LOYALTY

The importance of absolute loyalty to Xi is crucial.

Four diplomats scrutinizing developments expect to see the continued rise of veteran commissar Admiral Miao Hua, head of the commission’s Political Work Department, to one of the Vice Chair positions.

Miao, who has early links to Xi when both were posted in coastal Fujian province opposite Taiwan, will almost certainly be balanced by a more operational commander, possibly Army general Liu Zhenli. Read full story

Two officers recently promoted to staff roles at the commission are also being watched, recent Eastern and Western commanders He Weidong and Xu Qiling. Xu Qiling also has experience in Taiwan operations.

The August drills around Taiwan after U.S. House Speaker Nancy Pelosi’s visit to Taipei showed the PLA still had only limited abilities to fully integrate its forces within and across commands – the so-called “jointness” that Xi is eager to promote.

Senior Pentagon officials recently reiterated assessments that they did not think China would invade Taiwan in the next two years.

US officials have privately said that they do not believe China will be militarily ready to fully take Taiwan by even 2027.

 

NUCLEAR FOCUS

For some diplomats and scholars, the growing importance of the commission is highlighted by China’s nuclear forces, which Pentagon assessments say are expanding at a faster-than-expected rate.

Over Xi’s next five-year term, China is expected to have up to 700 deliverable nuclear warheads, and 1,000 by 2030, according the Pentagon’s latest annual report on China’s military modernization.

More of those weapons are expected to be kept in an advanced stage of readiness in modernized silos. China now appears to operate a “nuclear triad”, capable of launching missiles from land, aircraft and submarines, the report notes.

Christopher Twomey, a security scholar at the U.S. Naval Postgraduate School in California, said it was important to resume international exchanges to better understand Beijing’s evolving nuclear doctrine, despite the growing role of habitually suspicious commissars on the commission.

“The new CMC will have an important voice on whether to engage the U.S. on ensuring the U.S. on ensuring the stability in the strategic nuclear arena,” Twomey said. “One suspects that leaders from the political side of the force would be most suspicious, whereas more international minded officers might have some awareness of the dangers of spirals and inadvertent escalations.” – Reuters

OPEC+ members line up to endorse output cut after U.S. coercion claim

 OPEC+ member states lined up on Sunday to endorse the steep production cut agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move.

The United States noted on Thursday that the cut would boost Russia’s foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine.

Saudi King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in oil markets, including by establishing and maintaining the agreement of the OPEC+ alliance.

The kingdom’s defense minister and King Salman’s son, Prince Khalid bin Salman, also said the Oct 5 decision to reduce output by 2 million barrels per day – taken despite oil markets being tight – was unanimous and based on economic factors.

His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates.

The Gulf state’s energy minister Suhail al-Mazrouei wrote on Twitter: “I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever.”

His comment followed a statement from Iraq‘s state oil marketer SOMO.

“There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future,” SOMO said in a statement.

Kuwait Petroleum Corporation Chief Executive Officer Nawaf Saud al-Sabah also welcomed the decision by OPEC+ – which includes other major producers, notably Russia – and said the country was keen to maintain a balanced oil markets, state news agency KUNA reported. Read full story

Oman and Bahrain said in separate statements that OPEC had unanimously agreed on the reduction.

Algeria’s energy minister called the decision “historic” and he and OPEC Secretary General Haitham Al Ghais, visiting Algeria, expressed their full confidence in it, Algeria’s Ennahar TV reported.

Ghais later told a news conference that the organization targeted a balance between supply and demand rather than a specific price.

Oil inventories in major economies are at lower levels than when OPEC has cut output in the past.

Some analysts have said recent volatility in crude markets could be remedied by a cut that would help attract investors to an underperforming market.

US National Security Council spokesman John Kirby said on Thursday that “more than one” OPEC member had felt coerced by Saudi Arabia into the vote, adding that the cut would also increase Russia’s revenues and blunt the effectiveness of sanctions imposed over its February invasion of Ukraine.

King Salman said in an address to the kingdom’s advisory Shura Council that the country was a mediator of peace and highlighted the crown prince’s initiative to release POWs from Russia last month, state news agency SPA reported.

Khalid bin Salman said on Sunday he was “astonished” by claims his country was “standing with Russia in its war with Ukraine.”

“It is telling that these false accusations did not come from the Ukrainian government,” he wrote on Twitter. – Reuters

Compassionate, committed healthcare from the heart

Hospital Presidents of Metro Pacific Health with Vice-Chairman and President Augie Palisoc, Jr. and CEO Dr. Harish Pillai

Rebranded Metro Pacific Health pledges modernized, expanded healthcare for Filipinos

In the new normal where it’s becoming increasingly important to value and prioritize one’s health and well-being, Filipinos deserve the best healthcare they can get. The COVID-19 pandemic is a sharp reminder that everyone, everywhere should have access to high-quality healthcare that they can rely on any time — from the moment a child is first welcomed to the world, to keeping well and receiving treatment as an adult.

Recognizing this advanced need, the Philippines’ leading and most valued healthcare network renews its commitment to medical excellence and providing expert, compassionate patient-centered care.

Metro Pacific Hospitals reintroduces itself as Metro Pacific Health (MPH) this October, carrying the promise of serving as “the heart of Filipino healthcare.”

MPH nationwide portfolio of 19 hospitals

To date, MPH has 19 hospitals, located across the Greater Manila area, as well as in Bulacan, Tarlac, Laguna, Bacolod, Bohol, General Santos City, Butuan City, Davao City, and Zamboanga City.

MPH’s wide network includes premier names in the industry, such as Asian Hospital and Medical Center, Makati Medical Center, Cardinal Santos Medical Center, and Davao Doctors and Riverside Medical Center.

Aside from hospitals, MPH also has 22 outpatient care centers, 6 cancer care centers, two allied health colleges, a centralized laboratory, and several pharmacies spread across the country.

Altogether, MPH is proud to have a wide capacity of 3,829 beds, a strong workforce of 9,535 doctors, and 16,566 nurses and staff serving 3.8 million patients every year.

With a revitalized identity, MPH seeks to integrate its services to deliver accessible and high-quality hospital care, virtual care, mobile care, and home care that Filipinos can depend on to address their illnesses, as well as to ensure and improve their wellness.

“This isn’t just a new look for us as a company, but rather an expression of what it truly means to be the heart of Filipino healthcare. This rebranding represents our promise to continuously improve the way we work, and the way we care for our patients,” MPH Chief Executive Officer Dr. Harish Pillai said.

MPH Chief Marketing and Customer Experience Officer Jessica C. Abaya added that the rebrand, together with the programs that support it, seeks to create Filipino pride with MPH as the heart of Filipino healthcare, delivering excellent and unparalleled Filipino service that comes from the heart.

“We believe our efforts to transform Metro Pacific Hospitals to Metro Pacific Health will keep our brand relevant for generations to come,” Ms. Abaya said.

To better serve patients and their families, MPH aims particularly to modernize healthcare with state-of-the-art technology in medical science and data, improve end-to-end customer experience, and widen access to world-class quality healthcare for many Filipinos.

As Dr. Pillai shared, MPH is looking to digitally transform the landscape by exploring and maximizing the digitalization opportunities that are set to revolutionize patient care in the country.

These opportunities include remote patient monitoring, electronic health record systems, hospital-at-home programs, new virtual care platforms, and upgrading hospital information systems to create an integrated digital access point.

The integrated access point is seen to give MPH the capabilities to digitally search for and schedule appointments, virtually triage symptoms, navigate to the right site of care, and access electronic medical records across the entire network.

On top of expanding and digitalizing its services, MPH also aspires to bring down the cost of healthcare in the country and thus make healthcare more affordable for Filipinos. To meet this target, MPH seeks to streamline cost structures for more affordable healthcare options, so that no Filipino will be deprived in the Philippines of good quality healthcare.

These efforts, overall, are anchored on MPH’s mission of delivering integrated quality healthcare services that are accessible and sustainable so that no Filipino has to fly out of the country for world-class medical attention, as well as the constant drive of its parent company Metro Pacific Investments Corp. to contribute to nation-building.

“Whether it be in communications, mining, electricity, water, tollways, trains, and, of course, hospitals, our goal is always to improve the quality of life of Filipinos for a better Philippines,” MPH President Augie Palisoc, Jr. said.

MPH Chairman Manuel V. Pangilinan expressed his confidence that the dedicated management teams and employees behind MPH will be capable of meaningfully realizing his vision of a better and healthier Philippines.

“Together, we will achieve our vision of making Metro Pacific Health the leading and most valued integrated healthcare network in the Philippines, and one of Asia’s most innovative and trusted healthcare providers,” Mr. Pangilinan said.

Beginning October, MPH’s new branding will be seen across its nationwide network of hospitals, outpatient care centers, cancer care centers, pharmacies, centralized laboratory, and allied health colleges.

More than a new name, Metro Pacific Health begins paving the way to an improved, accessible, and holistic healthcare that Filipinos, wherever they are in the country, can depend on throughout their lifetimes.

For more information, visit Metro Pacific Health’s official website at www.metropacifichealth.com or follow @metropacifichealth on Facebook, Instagram, TikTok, LinkedIn, and YouTube.

 


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Long COVID at 12 months persists at 18 months, study shows

Most patients with COVID-19 who have lingering symptoms at 12 months are likely to still have symptoms at 18 months, new data suggest.

The findings are drawn from a large study of 33,281 people in Scotland who tested positive for the coronavirus. Most of the results are in line with those from earlier, smaller studies.

Among a subset of 197 survivors of symptomatic SARS-CoV-2 infections who completed surveys at 12 months and 18 months, most reported lingering symptoms at both time points, researchers reported in Nature Communications.

Rates of no recovery at 12 months were 11% with 51% partial recovery and 39% complete recovery. Rates at 18 months were 11% no recovery, 51% partial and 38% complete.

Asymptomatic infections were not associated with long COVID. But among the 31,486 people with symptomatic infections, nearly half reported incomplete recovery at six to 18 months.

A total of 3,744 participants with symptomatic infections completed questionnaires twice over the following year. At six months, 8% reported no recovery, 47% reported partial recovery, and 45% reported complete recovery. Those rates had barely changed at 12 months, with 8% reporting no recovery, 46% partial recovery and 46% complete recovery.

One in 20 patients with a symptomatic infection reported no recovery at the most recent follow-up, researchers said.

“Our study is important because it adds to our understanding of long COVID in the general population, not just in those people who need to be admitted to hospital with COVID-19,” study leader Jill Pell of the University of Glasgow said in a statement.

Long COVID was more likely in patients who had been hospitalized and in those who were older, female, socioeconomically disadvantaged, and with pre-existing health conditions. The most common lingering symptoms included breathlessness, chest pain, palpitations, and confusion and “brain fog.”

Vaccination before infection appeared to protect against some long-term symptoms, the researchers also found.

The researchers also surveyed nearly 63,000 individuals with only negative COVID tests, to distinguish between health problems that are due to COVID-19 and health problems that would be expected in the general population. – Reuters

South Korea kicks off military drills amid talk of North Korean nuclear test

REUTERS

 – South Korea‘s troops kicked off their annual Hoguk defense drills on Monday, designed to boost their ability to respond to North Korea‘s nuclear and missile threats amid simmering tension over both sides’ military activities.

The drills, due to end on Saturday, are the latest in a series of military exercises by South Korea in recent weeks, including joint activities with the United States and Japan.

The latest field training came as North Korea has been carrying out weapons tests at an unprecedented pace this year, firing a short-range ballistic missile and hundreds of artillery rounds near the heavily armed inter-Korean border on Friday.

Pyongyang has angrily reacted to the South Korean and joint military activities, calling them provocations and threatening countermeasures. Seoul says its exercises are regular and defense-oriented.

Joined by some U.S. forces, the South Korean troops will focus on maintaining readiness and improving the troops’ ability to execute joint operations during the Hoguk drills, the South‘s Joint Chiefs of Staff said.

“The forces will conduct real-world day and night maneuvers simulated to counter North Korea‘s nuclear, missile and other various threats, so that they can master wartime and peacetime mission performance capabilities and enhance interoperability with some U.S. forces,” it said in a statement.

Last week, tensions flared after the North fired a missile, shot more than 500 artillery shells and flew a multitude of warplanes near the skirmish-prone sea border.

Seoul condemned Pyongyang and imposed its first unilateral sanctions in nearly five years, describing the moves as a violation of a 2018 bilateral military pact banning “hostile acts” in the border area.

But the North accused the South‘s military of escalating tension with its own artillery firing.

South Korean lawmakers have said the North has completed preparations for what would be its first nuclear test since 2017, and might conduct it between China’s key ruling Communist Party congress, which began on Sunday, and the Nov. 7 U.S. midterm elections. But some analysts do not expect any tests before the Chinese congress ends. – Reuters

PEZA-approved investments decline

REUTERS

THE PHILIPPINE Economic Zone Authority (PEZA) reported a 10% decline in approved investment pledges in the third quarter amid global uncertainties.

In a statement on Sunday, the investment promotion agency said it approved 58 new and expansion projects worth an estimated P17.142 billion during the July to September period, 10.46% lower than the P19.145 billion worth of approved investments recorded in the same quarter last year. 

“(The) decline can be attributed to the lower baseline for investments approved last year due to the continuing impact of coronavirus disease 2019 (COVID-19) pandemic and the surging cost of fuel in the global market with the protracted Russia-Ukraine war,” PEZA Officer-in-Charge and Deputy Director General for Planning and Policy Tereso O. Panga said in a Viber message.

PEZA said the new projects are expected to generate $877.807 million worth of exports and create 13,904 jobs.

“Among the approved new and expansion projects, 21 will be for export, 19 for information technology (IT), seven for facilities, and three for tourism,” it said.

The agency also approved eight economic zone (ecozone) development projects in the third quarter as part of efforts to boost countryside development. These include three manufacturing ecozones in Cavite, Batangas, and Pampanga; two IT parks in Iloilo and Davao; and two agro-industrial zones in Iloilo.

In the first nine months, PEZA approved P39.631 billion worth of investments from 148 new and expansion projects, a 22.60% drop from P51.203 billion recorded in the same period last year.

“It is a decline but we were able to narrow down the gap (in the third quarter). We expect more big-ticket projects to register in the last quarter of 2022,” Mr. Panga said.   

PEZA also gave the greenlight for 20 big-ticket projects (with a minimum of P1-billion capital each) which will bring in P24.758 billion worth of investments, and generate $654.338 million worth of exports. These projects are expected to create 9,649 direct jobs.

It said Cebu Mitsumi, Inc., Robinsons Land Corp., and TDK Philippines Corp. are among the companies behind these major projects.

“These investments will be into manufacturing of various products, accommodation, real estate activities, office administrative, business support activities among others,” PEZA said.

Despite the year-on-year decline in approved investments, Mr. Panga expressed optimism the agency will still be able to meet its 6-7% investment growth target in 2022.

“We remain bullish that we will be able to achieve our 6% to 7% investments target for the year taking into consideration the firm growth forecasts for 2022 of our winner ecozone sectors at 10% to 15% for IT & Business Process Association of the Philippines (IBPAP) and 10% for Semiconductor and Electronics Industries in the Philippines Foundation, Inc. (SEIPI),” Mr. Panga said.

“These bright outlooks are aligned with the calibrated year-end gross domestic product (GDP) growth for the Philippines at 6.5%- 7.5%, which makes the country among the fastest-growing economies in the region,” he added.

Mr. Panga said that the PEZA is looking into new types of ecozones to entice more investors. 

These ecozones include knowledge, innovation, science and technology parks, mineral processing ecozones, renewable energy hubs, aquamarine ecozones, halal hubs, bio-tech centers, defense industrial complexes, and pharmaceutical parks.

“PEZA is eyeing to attract high-tech industries and emerging technologies in the fields of industrial manufacturing transport, technology media and telecommunications, health and life sciences including mineral processing of green metals,” Mr. Panga said. 

Also, Mr. Panga said the PEZA is awaiting the guidelines that will allow 100% work-from-home (WFH) arrangement for registered IT-BPO firms.

Last month, the Fiscal Incentives Review Board (FIRB) announced that registered IT-BPO firms can conduct a 100% WFH and still enjoy tax incentives if they conduct a “paper transfer” or shift their registration to the Board of Investments (BoI) from the PEZA. 

“As long as we are kept whole with PEZA’s exercise of its regulatory powers, investment facilitation and income-generating functions — together with the IT locators’ enjoyment of flexiwork with incentives regardless of location — we are all for it,” Mr. Panga said. 

The PEZA previously sought for a law that will institutionalize hybrid work, especially for IT firms, so that they can have the same footing with BoI-registered business enterprises (RBEs).

“With the interim ‘paper transfer’ arrangement, we hope that it will allow as well for a reregistration mechanism for transferee RBEs in the IT Centers that may want to restore their PEZA status once the enabling law is in place,” Mr. Panga said. — Revin Mikhael D. Ochave

PHL central bank may need to continue rate hikes — IMF

BW FILE PHOTO

By Keisha B. Ta-asan, Reporter

THE BANGKO Sentral ng Pilipinas (BSP) may have to continue raising interest rates in tandem with the US Federal Reserve amid higher inflation and the peso depreciation, an International Monetary Fund (IMF) official said.

“Depending on what the Fed does, depending on how we see the interest rate differential between the US dollar and the Philippine peso, depending on how we see inflation developments in the Philippines. I think the BSP will take these issues into consideration and decide on the next move,” IMF Mission Chief for the Philippines Cheng Hoon Lim told BusinessWorld in an Oct. 13 interview.

“If inflation pressures persist in the Philippines and if you know, there’s a further widening of interest rate differential there, the BSP may have to continue to hike interest rates, but they’re going to have to see what incoming data tells them,” she added.

The US Federal Reserve is widely expected to hike rates at its Nov. 1-2 meeting, as inflation remains elevated.

The Monetary Board has raised benchmark interest rates by a total of 225 basis points (bps) so far this year. Its next policy-setting meeting is scheduled on Nov. 17.

Philippine headline inflation quickened to 6.9% year on year in September, exceeding the central bank’s 2-4 target band for a six straight month. The average inflation rate for the year so far is at 5.1%, still below the BSP’s full-year forecast of 5.6%.

“The strength of the US dollar has led to capital outflows from many countries and that has caused currencies in Asia and elsewhere in the world to depreciate,” Ms. Lim said.   

The local unit closed at P58.935 per dollar on Friday, gaining 6.5 centavos from its record-low finish of P59 on Thursday, based on Bankers Association of the Philippines data.

Year to date, the peso has depreciated by 15.55% or P7.935 from its P51 close on Dec. 31, 2021.   

Asked if the BSP has room to raise interest rates further, Ms. Lim said its monetary policy stance is still accommodative.   

“(Policy) goes back up to what economists call the neutral rate where we can get full employment without inflation rising. So as long as they are normalizing, we do not see the growth for next year to be jeopardized, Ms. Lim said.   

“They can raise interest rates while still preserving economic recovery,” she added.   

On Friday, BSP Governor Felipe M. Medalla said the central bank will consider a 75-bp hike in November to keep the peso from further weakening and contributing to inflationary pressures.   

“The argument for not responding point-by-point is that our inflation rate is lower, but the argument for doing something bolder is that the question of the currency also has to be addressed,” Mr. Medalla told Bloomberg Television.   

GROWTH
The IMF expects the Philippine economy to expand by 6.5% this year, lower than its previous estimate of 6.7%, and matches the lower end of the government’s 6.5-7.5% goal.

“We expect the Philippine economy will meet the government’s growth target for this year,” Ms. Lim said, adding that private consumption and investment will be the main drivers of growth in 2022.   

The economy expanded by 7.8% in the first half of 2022.

However, Ms. Lim said the growth outlook remained clouded by uncertainties caused by the slowdown in major trading partners such as the United States and China, and tightening monetary policy.

In its latest World Economic Outlook (WEO) the IMF slashed the global gross domestic product (GDP) growth outlook to 3.2% from 3.6% this year and to 2.9% from 3.6% for 2023.

“In line with this, we are therefore projecting a moderation for growth in 2023 to 5%. Obviously if downside risks materialize growth could be slower than that,” Ms. Lim said.

However, a global recession may also lead to inflation easing next year, she said.   

“If there is a global recession, commodity prices will likely also come down more than we project and that would be helpful in the sense of imported inflation for the Philippines. Growth may slow down a little bit, but inflation will also moderate,” she added.   

The IMF sees Philippine inflation rising to 5.3% this year before declining to 4.3% in 2023.   

FISCAL CONSOLIDATION
Ms. Lim said the Philippine government is “doing the right thing” in its fiscal consolidation efforts.

“We want our fiscal and monetary policy to work together in the current juncture when inflation is high,” she said.

The Philippines is planning to undertake fiscal consolidation to ensure the sustainability of public debt. As of end June, the debt-to-GDP ratio stood at 62.1%, beyond the 60% threshold prescribed by multilateral lenders for developing economies.

The Marcos administration is aiming to bring down the debt-to-GDP ratio to 52.5% by 2028.

“In the longer-term perspective, we would like to see greater revenue mobilization and cost-effective government spending,” Ms. Lim said, adding that the country needs to have more funds for infrastructure and other social and development objectives.   

“A concrete medium-term fiscal strategy on how the Philippines can raise additional revenues would be very helpful,” she said.   

When asked how can the government narrow down the country’s fiscal deficit, Ms. Lim said it is important to make sure that the pace of fiscal consolidation is right.   

“Now, if there’s a global recession and downside risks materialize, then we need to rethink the pace of fiscal consolidation,” she said.   

“But that is a downside risk scenario and if that happens, the pace of fiscal consolidation should be slower.”

BSP looking at possible cases of peso speculation

A man accepts Philippine peso bills at a money remittance center in Makati City, Metro Manila, Philippines, Sept. 19, 2018. — REUTERS/ELOISA LOPEZ

THE BANGKO Sentral ng Pilipinas (BSP) is closely monitoring possible cases of speculative activities amid the peso’s continued weakness, Finance Secretary Benjamin E. Diokno said on Friday.

“The central bank has initiated actions to moderate sudden movements in the peso including participation in the foreign exchange market as well as looking at possible cases of speculative activities,” Mr. Diokno said in a conference at the Philippine Embassy in Washington, D.C. on Friday.

“The central bank encourages the use of an organized and accessible formal market for all transactions and is taking steps to manage any disruption in the Philippine financial market,” he added.

On Friday, the local unit closed at P58.935 against the greenback. For the year so far, the peso has weakened by 15.55% or P7.935 from its P51 close on Dec. 31, 2021.

Mr. Diokno, a former BSP governor and a current member of the Monetary Board, attributed the peso’s weakness to the US Federal Reserve’s hawkish monetary policy and market expectations of further tightening, as well as concern over a possible global recession.

“While we continue to subscribe to a flexible foreign exchange rate regime, we are looking closely at the implications of the foreign exchange rate movement on inflation,” he added.

Headline inflation surged to 6.9% in September, its fastest pace in over 13 years, mainly driven by rising food, utilities and transport costs. This also marked the sixth straight month that inflation breached the BSP’s 2-4% target this year.

“Inflation has continued to remain elevated among both emerging and developed markets. Most countries have already breached their targets, mainly due to a combination of high global commodity prices and the broad strengthening of the US dollar. Furthermore, the scarring effects of the pandemic on the economy linger,” Mr. Diokno added.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said that local banks are supportive of the BSP’s initiatives against peso speculation.

He also noted regulators have recently sent signals that would discourage undue speculation on the peso, such as tightening reporting of banks’ foreign exchange transactions and increasing intervention in the foreign exchange market. The BSP is also planning to increase debt issuance to reduce supply of pesos that could be used to purchase US dollars in the market.

“All of these discourage undue speculation on the peso, while emphasizing the continued servicing of legitimate forex transactions as supported by the required documents,” he added.

The BSP earlier this month warned market players not to take “undue advantage” of the peso.

“We ask those who have the means not to take undue advantage of changing market conditions. This does not help the Philippine peso; it does not help the Philippines,” it said.

Last week, Bankers Association of the Philippines said it “continues to work closely with the BSP for orderly, fair and transparent markets minus the unproductive activities that only hurt the public.” — Luisa Maria Jacinta C. Jocson

Biden brushes off risks of strong dollar on global economy

REUTERS

US PRESIDENT Joseph R. Biden dismissed the risks of a strong US dollar and instead blamed anemic growth and policy missteps in other parts of the world for dragging down the global economy.   

“I’m not concerned about the strength of the dollar, I’m concerned about the rest of the world,” Mr. Biden told reporters on Saturday during a campaign stop in Portland, Oregon. “Our economy is strong as hell.”

Mr. Biden’s comments stand in contrast with top leaders from other countries, who have increasingly voiced concerns about how the rising greenback is fueling inflation in their own economies. The dollar has climbed roughly 15% this year as the US Federal Reserve embarked on an aggressive campaign to raise interest rates to tamp US price increases.

The impact of the rising dollar was a key topic among delegates at the International Monetary Fund and World Bank, which concluded their fall meetings on Saturday in Washington. Fed officials heard a constant barrage of concerns from other nations about how the surge in the greenback has raised the cost of their imports and increased inflation, setting off their own cycles of tightening.

But with the Fed on track to continue lifting borrowing costs through the end of the year, Mr. Biden sought to deflect blame for the slowing global economy. On Saturday, he criticized UK Prime Minister Liz Truss’ tax-cutting plans for causing turmoil in markets, calling it a “mistake.”

“It’s predictable. I mean, I wasn’t the only one that thought it was a mistake,” Mr. Biden said in Portland. “I think that the idea of cutting taxes on the super wealthy at a time when — anyway, I just think — I disagreed with the policy,” he added.

Ms. Truss’ policies, including a controversial tax cut for the wealthy that she’s since reversed, sparked a plunge in the pound and forced the Bank of England to step in to support gilts. The turmoil spilled over into global markets, as traders wary of further volatility sought refuge in havens, further boosting the dollar.

But beyond the UK, the strong dollar continues to weigh on the global economy, particularly poorer nations that rely on food imports. The destructive combination of the soaring greenback, high interest rates, and elevated commodity prices is eroding their power to pay for goods typically priced in the dollar and compounding a worsening global food crisis, among others.

Mr. Biden’s remarks stand in contrast with his predecessor. During his administration, Donald Trump took swipes at the Fed, saying he doesn’t want a strong dollar that hinders trade with other nations. Before that, previous US presidents in recent decades have generally refrained from commenting about the currency.   

In response to the growing global complaints about the US currency, Treasury Secretary Janet Yellen told an international audience during the meetings in Washington this week that fighting inflation is the administration’s top priority, even while acknowledging “spillovers from tightening monetary policy in advanced countries.” She reiterated that “market-determined exchange rates are the best regime for the dollar.”

Mr. Biden’s latest messaging contrasted with his comment in a CNN interview on Tuesday that allowed for the possibility of a US recession, though he said: “If it is, it’ll be a very slight recession.”

On Saturday, he reiterated the administration’s insistence that inflation “is worldwide.”

“The problem is the lack of economic growth and sound policy in other countries,” Mr. Biden said. — Bloomberg

First Gen sees first imported LNG delivery after July 2023

LOPEZ-LED energy company First Gen Corp. said its unit’s liquefied natural gas (LNG) terminal is on track for completion by the first quarter of 2023, with the possibility of making the first gas delivery after July, a company official said last week.

“I think the progress is good. It should actually be completed by the end of March or positively before,” Jonathan C. Russell, executive vice president and chief commercial officer of First Gen, told reporters on Friday.

In a presentation during the Norway-Philippines Maritime and Energy Conference on Friday, he showed a video on the status of the project, which First Gen’s subsidiary FGEN LNG Corp. intends to complete early next year.

“It’s looking substantially complete now. We really need to get into the control systems, which were the things that were delayed because some of those were coming from China, which was affected by very severe lockdown,” Mr. Russel said.

In its disclosure last month, First Gen said Norwegian firm BW LNG, which is a floating gas infrastructure developer, will provide LNG storage and regasification services to First Gen’s existing and planned gas-fired power plants and third-party terminal users.

Last Friday, Mr. Russell has given his assurance that by 2023, the LNG unit will run and start its operations.

“For the first year of operations we will be looking probably to consume up to half a million tons of LNG,” he said, “and possibly a million tons for the second year that could be adjusted up if the demand requires it.”

Yngvil Asheim, chief executive officer of BW LNG, said the company does not expect any delay in its commitment.

“The vessel is essentially ready to go. She needs going for a few and final modifications for the terminal. That is already well-planned, but she is ready to go in whenever the terminal is ready,” she said.

Mr. Russel said: “We’re in discussions with gas or LNG suppliers right now. I can’t say too much because those negotiations are ongoing.”

“The first delivery of LNG won’t happen until after July,” he said, adding that the month is the schedule for bringing in the floating storage and regasification unit.

According to a report from the Department of Energy (DoE), FGEN LNG’s terminal has a total capacity of 5.26 million tons per annum (MTPA) and an estimated construction cost of P13 billion.

Further, the DoE’s Natural Gas Development Plan showed that LNG terminal projects in the country have an overall investment of P69.23 billion and a potential capacity that is projected to reach 24.6 MTPA by 2040.

The DoE said that 20% of the Philippines’ total power requirements, together with 27% of the Luzon grid, is provided by the Malampaya gas field. However, the Malampaya concession will expire in 2024, with its supply expected to reduce starting this year.

LNG projects in the country are concentrated in Luzon, which has the highest demand for natural gas, the DoE said. — Ashley Erika O. Jose

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