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When a multifaceted language is reduced to what you see onscreen  

By Bronte H. Lacsamana 

The virtual space is very restrictive, writes college student Arianne Micaela A. Bulaong.    

For her and her friends, the limitations of chat and video calls keep them from fully expressing themselves. No number of pixels on a screen can capture the way their faces contort and the lively manner with which they use their hands to tell a story. Most may be intrigued or puzzled by their abrupt movements and unfiltered looks that include drawn eyebrows, pouting lips, and the like — but that’s just how they communicate.    

“I am Deaf and I use sign language to interact with others,” said Ms. Bulaong in an interview with BusinessWorld via e-mail, where she bared her feelings about remote learning during the pandemic. “Since I can’t move much or use body language and facial expressions, I cannot fully and freely express myself online.”    

(The College of Saint Benilde’s School of Deaf Education and Applied Studies, or SDEAS, the tertiary-level school where Ms. Bulaong studies, explains that Deaf is spelled with a capital “D,” to distinguish them as people with their own language and culture.)  

Filipino sign language (FSL), a visual language which has grammar and syntax just like any spoken or written language, is used by the Filipino Deaf community. In 2018, it was declared the country’s national sign language through Republic Act No. 11106.  

Unfortunately, because the coronavirus pandemic has kept Filipino students home for over a year, the full extent of FSL has been reduced to what’s visible on a computer or mobile screen. This has been a blow to Deaf students everywhere, their learning experiences have changed just as drastically or maybe even more so than their hearing peers.    

“We teach FSL and written language bilingual lectures during the synchronous sessions via Zoom, which has Deaf-friendly features,” said Ana Kristina M. Arce, Chairperson of SDEAS’ Bachelor in Applied Deaf Studies Program, via e-mail. “Deaf learners then study in their own time to view FSL videos and read written texts of all learning materials and instructions in their online courses during the asynchronous sessions via the learning management system called BigSky.”    

With these digital tools, schools for the Deaf like SDEAS aim to provide appropriate online delivery courses, she added. However, such a set-up gives rise to issues of internet connectivity, varying levels of student engagement, and even mental health.  

HUMANIZING ONLINE CLASSES
The Filipino youth’s mental distress has been a cause for concern due to the on-and-off lockdowns that have prevented the return of in-person classes. In August, the United Nations Children’s Fund (UNICEF) counted the Philippines as among just five countries that haven’t reopened schools since 2020, affecting over 27 million Filipino students.    

President Rodrigo R. Duterte only approved a pilot test of limited in-person classes in September, in areas with a low number of coronavirus cases.  

“I do experience stress and slight mental breakdowns,” said Ms. Bulaong, who admitted that she missed learning face-to-face. “It was challenging for me to do online classes at home but education does not stop us from learning. It really tested my patience and optimism to study well.”    

She said that her family was usually helpful when she encountered difficulties with her studies despite all of them being busy learning or working from home, but this may not be the case for all Deaf students.    

SDEAS Chairperson Ms. Arce, a Deaf person herself who has been teaching Deaf studies for eight years, explained the importance of humanizing online classes: “Many experience loneliness while staying at home. Most parents don’t know how to communicate as they are not fluent in FSL. Sometimes, they just use gestures.”  

To address this, SDEAS provides a Deaf Awareness and FSL program for hearing parents, to help the parents and the Deaf child understand each other better. For the students’ personal mental health, the school organizes online extracurricular activities.    

INCLUSIVE EDUCATION
The Department of Education (DepEd) revealed in July that only 51,375 learners with disabilities (LWDs) enrolled in special classes this year, a significant drop from 2018 when 231,631 LWDs were enrolled.  

Though the department is currently working with various Deaf organizations to foster more inclusive education for Deaf students and other LWDs, there is much work to do.  

One challenge would be resource videos, said Ms. Arce. Learning materials often use audio without any subtitles. Deaf schools and educators have a hard time finding subtitled videos for their students.    

“Deaf community members [in the Philippines] have been advocating for FSL education. FSL modules are not sufficient or available in schools due to transitioning to the online classes,” she said, adding that both Deaf and hearing educators must work together to develop more modules that will be inclusive for all.    

On the difficulties faced by Deaf students, SDEAS student Ms. Bulaong said: “We need strength to cope with the situations happening in this world and doing the online classes. It is overwhelming for us. Help us when we are struggling and comfort us when we feel discouraged. Listen when we want to express our thoughts and feelings.”

LEARN THE LANGUAGE
Deaf people have but a simple request, according to her — that hearing Filipinos take a step to get to know them and their culture.

The best way to do this would be to enroll in formal classes, like Benilde’s FSL Learning Program, in order to learn to properly communicate with the Deaf.     

A mobile application called FSL Buddy, developed by Benilde in cooperation with Accenture Philippines, also exists as a guide for those who want to explore FSL on their own time.

First released in 2018, the app offers over 200 FSL signs from various word categories, visual-gestural communication lessons, and sensitivity and awareness orientation. Its second and latest version is currently in development and will soon be launched in leading app stores, adding frequently requested signs and phrases based on initial feedback.

“It may be hard at first, but it is fun to learn our sign language,” said Ms. Bulaong. “We will be happy to see them willing to start and [be] open to learning about Deaf culture.”  

  

Benilde-SDEAS is currently accepting Deaf and hard-of-hearing applicants for the 1st term (late August to early December) of the Academic Year 2022-2023.

WFH staff cautioned when accessing company network; personal devices a possible gateway for corporate cyberattacks 

PIXABAY

By Patricia Mirasol 

Work-from-home employees and information technology (IT) teams have a shared responsibility when it comes to securing their company’s network. 

A 2021 IoT security report by Palo Alto Networks, a multinational cybersecurity company, found an increase in non-business devices connected to corporate networks in the last year. When compromised, personal IoT (internet of things) devices like game consoles, heart rate monitors, and smart lightbulbs could be used to laterally access work devices — if both use the same home router — which in turn could allow attackers to move onto corporate systems. 

“Remote workers need to be aware of personal home devices that may connect to corporate networks via their home router,” said Vicky Ray, principal researcher of Unit 42 at Palo Alto Networks, in a press statement. “Enterprises need to better monitor threats and access to networks… to safeguard remote employees and the organization’s most valuable assets.” 

Only half (51%) of the surveyed IT decision-makers with IoT devices connected to their organization’s network said these were segmented on a separate network from the one used for business applications. Another quarter (26%) of the respondents implemented micro-segmentation within security zones, a practice which separates IoT devices from IT devices and prevents hackers from moving laterally on a network. 

The attack worrying leaders the most (55%), revealed the 2021 report, involve the Industrial Internet of Things (IIoT). IIoT enables “dumb” items to become “smart” by equipping these with data-gathering sensors to help further business opportunities. The weaponization and hijacking of security cameras was also reported as a concern (46%). 

BEST PRACTICES
Among the IoT security tips Palo Alto Networks recommended for enterprises are: 

1. Know the unknowns — Get complete visibility into all IoT devices connected to the enterprise. This helps collect an up-to-date inventory of all IoT assets. 

2. Conduct continuous monitoring — Implement a real-time monitoring solution that continuously analyzes the behavior of all network-connected IoT devices, to segment the network between IT and IoT devices. 

3. Implement “zero trust” — Zero trust is an approach to security that relies on continuously verifying the trustworthiness of every device, user, and application in an enterprise. An IoT security strategy that aligns with zero trust is advisable to enforce policies for least-privileged access control. 

ACTIVE PLAYER
During his address at the SEIPI Annual General Membership Meeting on May 31, Trade Secretary Ramon M. Lopez said the Philippines is expected to become an active player in the global IoT space. 

“Global trends suggest that software is now being increasingly bundled with hardware products and gaining a larger share in the IoT value chain. With this, the strong software development competency of the similarly export-oriented Philippine IT-BPM industry can be a good source of technology, talent, and knowledge through linkages and value co-creation,” Mr. Lopez said. 

There will be 29.3 billion networked devices worldwide by 2023, up from 18.4 billion in 2018, according to Cisco, an American technology company. Its March 2020 white paper also predicted that connected home applications will have nearly half (48%) of the IoT market share by 2023.

Five key takeaways from the leaked Facebook documents

Facebook has been struggling to attract younger users for more than a decade, and some senior employees are alarmed over the company’s inability to keep teens engaged. When asked by analysts about growth prospects, Facebook executives frequently paint a rosier picture than the one depicted by internal research, a whistle-blower alleges. 

Those are just some of the findings outlined in a cache of disclosures made to the U.S. Securities and Exchange Commission by Frances Haugen, a former Facebook product manager, and provided to Congress in redacted form by her legal counsel. A consortium of 17 U.S. news organizations, including Bloomberg, has obtained the redacted versions received by Congress. 

The documents provide rare, vivid insight into ways Facebook, under the guidance of Chief Executive Officer Mark Zuckerberg, created a Silicon Valley social media behemoth that — while frequently posting lavish sales and profit gains — has also faltered in its mission to give users the tools they need to build community and bring the world closer together. 

In its own defense, Facebook points to new products and services it is developing to attract younger users; it notes that hate speech represents well under 1% of overall content on its platform and is declining; it says that it uses research, hypothetical tests and other methods to analyze how it recommends content and improve on efforts to curb the spread of harmful content. Facebook also contends that it has made adequate disclosures concerning growth and that the documents Haugen shared with the SEC represent a “curated selection” that “can in no way be used to draw fair conclusions about us.” 

Even so, the company’s missteps are beginning to take a toll. The documents chronicle worsening morale among some staff and disagreements over the best way to combat bad content; Facebook’s shares have lost more than 10% since the Wall Street Journal began publishing stories based on the whistle-blower’s documents; and lawmakers, already weighing legislation that would rein in Facebook’s power, are calling for even more stringent oversight. 

Other insights gleaned from the documents, researchers and people familiar with Facebook, including current and former employees: 

  • Facebook executives have long known that the platform’s hate-speech problem was bigger and more entrenched than the company discloses. While Facebook prioritizes rooting out violence and hateful content in English-speaking Western nations, it neglects developing regions that are more vulnerable to real-world harm from negativity on social media.
  • A Facebook team tasked with stemming the flow of harmful posts was hamstrung by a lack of staffing, limits placed on its product development and the platform’s engagement-focused algorithm that often ends up promoting content that can be false and divisive.
  • Facebook staff who study misinformation have concluded that the social network’s core products contribute to the spread of harmful material, and the company’s own efforts to quell misinformation are sometimes undermined by political considerations.
  • In 2019, Facebook set up a test account in India to determine how its tools affect people in its most important market; within three weeks, the fictional user’s account devolved into a maelstrom of fake news and incendiary images.
  • Facebook’s own staff, including internal researchers, faulted the company for failing to thwart the proliferation of groups that fomented violence on Jan. 6.

Here’s a selected list of takeaways from The Facebook Papers from other publications: 

  • The ubiquitous “Like” button and the ability to share posts became essential to Facebook’s identity. But internal documents show the company is struggling to deal with the effects of those tools, including amplifying hate speech and misinformation, the New York Times reported.
  • Chief Executive Officer Mark Zuckerberg personally agreed to comply with demands from Vietnam’s ruling Communist Party to censor anti-government dissidents or risk getting knocked offline in one of Facebook’s most lucrative Asian markets, the Washington Post reported.
  • Facebook has a multi-tiered system of sorting countries that receive extra protection during elections, with the U.S., India and Brazil getting the highest priority while others get very little protection unless material is escalated by contentmoderators,  The Verge reported.  
  • The leaked Facebook documents offer a treasure trove of insight into Washington’s antitrust war against the company, according to Politico. The papers show in granular detail that Facebook knows it dominates the arenas it considers central to itsfortunes  — contradicting the company’s own public assertions and providing potential fuel for antitrust authorities and lawmakers scrutinizing Facebook’s sway over the market. — Bloomberg

National Developers Convention 2021 pushes for innovative and green housing initiatives for smart subdivisions

DHSUD Secretary Eduardo Del Rosario, Senator Francis Tolentino lead the roster of speaker experts

Aiming to gather the public and private sectors across the Philippines to discuss innovative solutions for the housing development industry, The Subdivision and Housing Developers Association (SHDA) Inc., in partnership with the Department of Human Settlements and Urban Development (DHSUD), will conduct its annual National Developers Convention online with Plenary Sessions on Oct. 28 to 29, and Nov. 4 to 5, 2021.

With the theme “Beyond the Pandemic: The Future of Housing,” National Developers Convention 2021 will focus on providing an avenue for housing and property developers, key practitioners in the housing industry from the national and local government, and key stakeholders in the housing sector to tackle how they can collaborate in redesigning the housing industry through innovation and green initiatives with the ultimate goal to create smart subdivisions.

The virtual convention will be delivered via a customized microsite containing offerings and elements that will be educational for all delegates and participants. SHDA invites all the people involved in the housing development sector to join them in the event.

Anyone interested to participate can register for free through this registration link.

The opening of the event will be graced by DHSUD Secretary Eduardo Del Rosario, who is in charge of presenting the current situation in the housing industry in light of today’s challenges. He will be joined by Fermin Sta Teresa, Jr., Senior Vice-President, Pag-IBIG Fund; Atty. Angel Aguila, OIC Director, Housing Real Estate and Regulation Bureau (HRDRB); Ma. Corazon Dichosa, Executive Director, Industry Development Services, Board of Investments; and Undersecretary Eduardo Bringas of Anti-Red Tape Authority.

SHDA is also hosting the first-ever Pag-IBIG Virtual Housing Fair on the microsite on Oct. 30 and 31, 2021, and invites home buyers to the convention as well.

The event will also spotlight the most talked-about trends in the housing development sector, including the ROI on going green for housing projects, disruptive and innovative technologies in housing development, and the creation of smart subdivisions, which is a vital component in making smart cities possible. Speakers include Emma Imperial of green mass housing producer Imperial Homes, Rommel Benig of eco-bricks manufacturer Green Antz, Jo Ann Eala of BPI’s Sustainability Group, Jean de Castro of engineering firm ESCA International, Sylvester Wong of green infrastructure designer AECOM, and Gerry Choa of ProFriends. Senator Francis Tolentino, Chairman of Urban Planning, Housing, and Resettlement, will discuss the benefits of using green initiatives and technological innovations to lower costs in building mass housing projects.

According to Rosie Tsai-Wang, SHDA Chairman, “Our key partner agencies: DHSUD, Pag-IBIG BOI and ARTA are committed to resilient building for better homes and process innovations to streamline regulatory choke points. Our speakers will highlight these themes and provide our audience with other important developments in the housing industry.”

“We want to showcase innovative tech solutions to pain points experienced by housing developers. Thinking Machines’ AI and data-driven tech can help identify development locations, Umpisa’s HomeJoy automates the home buying, selling and financing process, PDP Architects’ BIM-driven design lowers construction costs,” Maya K. Colayco, SHDA Governor, said.

Meanwhile, Atty Joy Z. Manaog, First Vice-President and Chair of the National Convention Committee said, “We want to show our member developers and colleagues in the housing industry that it is not just desirable, but also financially feasible to build a green mass-housing subdivision. Pag-IBIG, NHMFC and BOI will talk about financial incentives for this. IFC’s EDGE and BPI’s Sustainability Group will discuss some financing options available to developers.”

The event is an annual gathering of experts and stakeholders to discuss the future of the housing development conducted by SHDA. With over 300 members from chapters in Luzon, Visayas, and Mindanao, SHDA is the major and leading organization of housing developers in the Philippines. SHDA is at the forefront in promoting and safeguarding the interests of its members through continued coordination and linkages with government agencies and allied professionals. SHDA envisions to be the leading voice in articulating the advocacy of the housing industry in the Philippines, thus becoming a responsive, esteemed, trustworthy, and relevant developers’ organization in the country.

 

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Southeast Asian leaders hold summit, excluding Myanmar coup leader

BANDAR SERI BEGAWAN – Southeast Asian leaders begin their annual summit on Tuesday without Myanmar military leader Min Aung Hlaing, who overthrew a civilian government on Feb. 1, in a rare exclusion for the regional grouping usually known for non-interference.

U.S. President Joe Biden will attend a joint session by video link, but it was likely no one would represent Myanmar at the 10-member Association of Southeast Asian Nations (ASEAN) summit.

Summit host Brunei has said the bloc will invite a non-political representative from Myanmar but there has been no confirmation of who it might be.

Myanmar‘s foreign ministry late on Monday said it would only agree to its head of state or ministerial representative, indicating its seat would be empty at the summit.

ASEAN foreign ministers decided on Oct. 15 to sideline Min Aung Hlaing, who overthrew a government led by Nobel laureate Aung San Suu Kyi.

The ministers cited the junta chief’s failure to implement an ASEAN peace plan, which included ending hostilities, initiating dialogue, allowing humanitarian support and granting a special envoy full access in the country.

Since overthrowing Suu Kyi’s government, detaining her and most of her allies and ending a decade of tentative democracy, Myanmar‘s military has killed more than 1,000 people and arrested thousands, monitoring group the Assistance Association for Political Prisoners says.

The junta disputes that count as inflated and says soldiers have been killed in fighting nationwide with armed opposition groups.

Myanmar‘s junta released a statement on Monday night saying it had informed this year’s ASEAN chair Brunei that it could only “accept the participation of Head of State or Head of Government or his Ministerial level representative” at the summit.

It added Myanmar “would be pursuing due process” under the bloc’s charter to resolve the dispute about participation at ASEAN summits.

On the agenda for Tuesday’s opening day were three separate meetings between the ASEAN leaders and representatives of the United States, China and South Korea.

Biden will lead the U.S. delegation for the ASEAN-United States summit, the U.S. embassy in Brunei said.

ASEAN groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam. – Reuters

Facebook invests billions in metaverse efforts as ad business slows

FILE PHOTO: 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic/Illustration

Facebook Inc said on Monday it will start publishing the financial results of its augmented and virtual reality labs as a separate unit, where it is investing billions in its ambitions to build the “metaverse” and as it reported that its main advertising business faces “significant uncertainty.”

Facebook, which reported third-quarter profit up 17%, warned that Apple Inc’s new privacy changes would weigh on its digital business in the current quarter. The social media company reported quarterly revenue below market expectations, which Chief Operating Officer Sheryl Sandberg told analysts was due to the iOS changes.

David Wehner, Facebook’s chief financial officer, said the company expected its investment in its hardware division, Facebook Reality Labs, to reduce overall operating profit in 2021 by approximately $10 billion.

The financial commitment to this hardware-focused unit which will work on Facebook’s “metaverse” ambitions, comes as the company is swamped by coverage of documents leaked by former Facebook employee and whistleblower Frances Haugen which she said showed the company chose profit over user safety. CEO Mark Zuckerberg started Monday’s analyst call by issuing a defense against criticisms stemming from the documents, which he said painted a “false picture of our company.”

The CEO has said Facebook in the coming years will be seen not as a social media firm but as a company focused on the metaverse. The buzzy term refers broadly to a shared virtual environment which can be accessed by people using different devices.

Facebook, which has invested heavily in virtual reality (VR) and augmented reality (AR), including buying companies like Oculus, this year created a product team to work on the metaverse. This month, it said it plans to hire 10,000 employees in Europe over the next five years to work on this initiative.

“This is not an investment that is going to be profitable for us any time in the near future,” Zuckerberg told analysts. “But we basically believe that the metaverse is going to be the successor to the mobile internet.”

Wehner said that starting in the fourth quarter of 2021, it would break out Facebook Reality Labs as a separate reporting segment from Facebook’s family of apps.

Shares of the company were up about 1% in after-hours trade on Monday. Facebook, whose shares have gained about 20% so far this year, is about $85 billion away from regaining a spot on the $1 trillion club and joining new entrant Tesla Inc.

 

RETOOLING

The world’s largest social media network is under scrutiny from global lawmakers and regulators, including from the Federal Trade Commission which has filed an antitrust lawsuit alleging anticompetitive practices.

The whistleblower documents, first reported by the Wall Street Journal, have intensified scrutiny of the company. They include internal research and reports about Instagram’s effects on the mental health of teens and about whether Facebook’s platforms stoke divisions, as well as its handling of activity around the Jan. 6 Capitol riot and inconsistencies in the company’s content moderation for users around the globe.

For the third quarter, Facebook reported monthly active users of 2.91 billion, up 6% from a year ago but short of analysts’ estimates.

On the call, executives emphasized the company’s focus on attracting young adults, including through its short video feature “Reels.”

“We are retooling our teams to make serving young adults their North Star rather than optimizing for the larger number of older people,” said Zuckerberg, a shift he said would take “years, not months, to fully execute.”

The leaked documents show Facebook’s ongoing concerns about its appeal to younger users, as rivals like TikTok have enjoyed popularity with teens. They also show the company’s difficulties in dealing with users who create multiple accounts on its platform.

Facebook said it expects fourth-quarter revenue to be in a range of $31.5 billion to $34 billion. Analysts had forecast $34.84 billion in revenue, or a 24.1% jump, according to IBES data from Refinitiv.

Its third-quarter revenue too faced the brunt of Apple’s privacy rules that made it harder for brands to target and measure their ads on Facebook. Sandberg, the COO, said Facebook expects it will solve “more than half” of the problems that led to the under-reporting by the end of this year.

“The changes to Apple privacy settings have not hurt Facebook in a major way, at least not yet,” said Haris Anwar, an analyst at Investing.com. “Though revenue and user numbers have taken a slight hit over the past quarter, the company’s earning power is still intact.”

The company’s total revenue, which primarily consists of ad sales, rose to $29.01 billion in the third quarter from $21.47 billion a year earlier, missing analysts’ estimates of $29.57 billion. Sandberg said Facebook’s advertisers were also affected by the global supply-chain disruptions and labor shortages, which hurt advertising demand across a range of sectors and regions.

Facebook said it repurchased $14.37 billion in stock during the third quarter and announced an additional $50 billion in share buybacks. – Reuters

Amazon signs deal with British spy agencies to boost use of AI for espionage -FT

REUTERS

Britain’s spy agencies have given a contract to Amazon Web Services (AWS) to host classified material in a deal aimed at boosting the use of data analytics and artificial intelligence (AI) for espionage, the Financial Times reported on Monday.

Britain’s GCHQ spy agency championed the procurement of a high-security cloud system and it will be used by sister services MI5 and MI6, as well as other government departments such as the Ministry of Defence during joint operations, the report added.

The agreement was signed this year with AWS, Amazon.com Inc’s cloud service unit, and the data of all the agencies will be held in Britain, the newspaper reported, citing people familiar with the discussions.

GCHQ said it would not comment on reports about its relationships with tech suppliers. AWS declined to comment on the report.

In February, Britain’s cyber spies at the GCHQ eavesdropping agency said they had fully embraced artificial intelligence to uncover patterns in vast amounts of global data to counter hostile disinformation and snare child abusers.

GCHQ has been using basic forms of AI such as translation technology for years but is now stepping up its use, partly in response to the use of AI by hostile states and partly due to the data explosion that makes it effective.

Earlier on Monday, GCHQ Director Jeremy Fleming told a conference the number of ransomware attacks had doubled across the UK in 2021, compared with last year, according to the FT. – Reuters

Recognizing Myanmar junta won’t stop violence: outgoing U.N. envoy

FILE PHOTO: Myanmar's junta chief Senior General Min Aung Hlaing, who ousted the elected government in a coup on February 1, presides at an army parade on Armed Forces Day in Naypyitaw, Myanmar, March 27, 2021. REUTERS/Stringer/File Photo

UNITED NATIONS – Recognizing Myanmar’s junta as the country’s government would not stop growing violence, the outgoing United Nations special envoy on Myanmar said on Monday, warning such a move would push the country toward instability and becoming a failed state.

“I hope that the international community will not give up,” Christine Schraner Burgener, who finishes up this weekend after more than three years in the role, told Reuters. “We should stand with the people.”

Protests and unrest have paralyzed Myanmar since the Feb. 1 coup, with the military accused of atrocities and excessive force against civilians, though the junta blames the unrest on “terrorists” allied with a shadow government.

U.N. Secretary-General Antonio Guterres on Monday appointed Noeleen Heyzer of Singapore, a former senior U.N. diplomat, as his new special envoy on Myanmar.

Schraner Burgener last week said that Myanmar had spiraled into civil war, the chance to return to democracy was disappearing and the military had “no interest” in compromise or dialogue. The junta pushed back on Monday and said her comments were far from reality and reflected a U.N. bias.

“The violence will not stop if somebody would accept the SAC as a legal government – violence will not stop,” Schraner Burgener, referring to the State Administrative Council (SAC), as Myanmar’s junta is known, said on Monday.

The diplomat from Switzerland said a “real, honest dialogue” was needed among all parties, but for that to happen Myanmar military leader Min Aung Hlaing would first need to be replaced by “somebody who is more constructive.”

Southeast Asian leaders are set to meet this week, but without Min Aung Hlaing – a rare exclusion by the Association of Southeast Asian Nations (ASEAN) bloc, usually known for non-interference.

“No one in the region has an interest to recognize the SAC because that would mean going towards a failed state, instability, not only in Myanmar, but also in the region,” said Schraner Burgener.

The United Nations is also faced with rival claims on who will sit in Myanmar’s seat at the world body.

A decision by member states – described as “crucial” by Schraner Burgener – is due to be made by the end of the year on whether the junta or current Ambassador Kyaw Moe Tun, appointed by Aung San Suu Kyi’s ousted elected government, should represent the country in New York. – Reuters

Filinvest REIT Corp. to hold annual stockholders’ meeting on November 18

NOTICE OF ANNUAL STOCKHOLDERS’ MEETING

TO ALL STOCKHOLDERS:

NOTICE IS HEREBY GIVEN that the Annual Stockholders’ Meeting of FILINVEST REIT CORP. (“FILRT”) will be conducted virtually on November 18, 2021 (Thursday) at 9:00 AM at which meeting the following matters shall be taken up:

I. Call to Order

II. Proof of Notice of Meeting

III. Certification of Quorum

IV. Approval of the Minutes of the Annual Stockholders’ Meeting held on September 30, 2020

V. Presentation of the Management’s Report

VI. Ratification of the Audited Financial Statements for the year ended December 31, 2020

VII. General Ratification of the Acts, Resolutions and Proceedings of the Board of Directors, Board Committees and Management up to November 18, 2021

VIII. Election of the Members of the Board of Directors, including three (3) Independent Directors, to serve for 2021-2022

IX. Appointment of the External Auditor

X. Other Matters

XI. Adjournment

In view of the current circumstances, stockholders may attend and participate in the meeting only by remote communication, voting in absentia and/or appointing the Chairperson of the meeting as their proxy. The procedure and requirements for online registration for remote communication and voting in absentia are explained in the Information Statement.

Only Stockholders of Record as of 5:00 PM of October 22, 2021 shall be entitled to vote at this meeting. Votes cast remotely or in absentia should be received by the Corporation on or before 10 November 2021.

Stockholders who wish to vote by proxy shall submit the same on or before November 10, 2021 to the Office of the Corporate Secretary, located at Filinvest Building, 79 EDSA, Highway Hills, Mandaluyong City 1550, Metro Manila on or by email to FILRTASM2021@filinvestreit.com. A proxy submitted by a corporation should be accompanied by a Corporate Secretary’s certificate quoting the board resolution designating a corporate officer to execute the proxy. In addition to the above requirement for corporations, a proxy form given by a broker or custodian bank in respect of shares of stock carried by such broker or custodian bank for the account of the beneficial owner must be accompanied by a certification under oath stating that the broker or custodian bank has obtained the written consent of the account holder.

PLEASE NOTE THAT THE CORPORATION IS NOT SOLICITING PROXIES.

The Corporation’s Information Statement, Management Report, and 2021 Audited Financial Statements will be made available in the company website at https://www.filinvestreit.com/ and in the Philippine Stock Exchange EDGE disclosure system no later than October 26, 2021. Pursuant to SEC Memorandum Circular No. 6, Series of 2020, please be informed that there will be a visual and audio recording of the meeting.

Please be guided accordingly.

sgd

SHARON P. PAGALING-REFUERZO

Corporate Secretary

 

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Sept. budget gap widens to P181B

PHILIPPINE STAR/ MICHAEL VARCAS

By Jenina P. Ibañez, Reporter

THE National Government’s deficit widened in September as spending outpaced a smaller increase in revenue collection, the Bureau of the Treasury (BTr) reported.

Preliminary data from the BTr showed the fiscal gap expanded by 30% to P180.9 billion in September from P138.5 billion a year earlier. The figure was also 49.6% higher than the P120.9-billion deficit in August.

Government spending jumped by P17.5% to P412.4 billion in September from a year earlier, and was higher than the P380.2 billion in August.

“The outturn for the month includes the transfer of P10 billion to the Coconut Farmers and Industry Trust Fund in compliance with the R.A. 11524,” BTr said.

The government under Republic Act No. 11524 or the Coconut Farmers and Industry Trust Fund Act allows coconut farmers to benefit from taxes collected from them during the Marcos administration.

Primary spending — which is total expenditures minus interest payments — went up by 18.51% to P364.5 billion compared with last year’s level. Interest payments grew by 10.36% to P47.9 billion.

Meanwhile, state revenues increased by 8.96% to P231.4 billion in September.

Tax revenue went up by 10.4% to P212.7 billion year on year. Collections by the Bureau of Internal Revenue (BIR) rose by 9.69% to P154.2 billion, while collections from the Bureau of Customs increased by 13.42% to P57.6 billion.

Other tax collecting offices generated P891 million last month, or 37.2% lower than a year earlier, while non-tax revenues slipped 4% to P18.8 billion.

The government runs on a budget deficit when it spends more than it makes to fund programs that support economic growth. It borrows from foreign and local sources to plug the gap.

The P1.1-trillion budget deficit in the nine months to September is 29.56% higher than the shortfall last year, but was still 20.11% lower than the P1.4-trillion adjusted year-to-date goal.

The nine-month total was 61% of the revised P1.8-trillion full-year deficit ceiling set by economic managers.

Total spending increased by 11.7% to P3.4 trillion as of end-September, or around 72% of this year’s P4.7-trillion disbursement plan.

“However, this is still below the program for the 9-month period by 5.22% or P186.1 billion, of which P73.6 billion or 39.5% was due to the lower-than-programmed interest payments,” BTr said.

Revenue collection growth in the nine-month period inched up by 4.37% to P2.2 trillion as tax collections representing 91% of the total jumped by 9.3% to P2.02 trillion. Customs collections rose by 18% to P469.8 billion and the BIR generated P1.5 trillion, or 6.86% higher than a year earlier.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said steady growth for both spending and revenue collection was a positive development, although growth may have been due to the low base after contractions in September 2020.

“Nonetheless, rising revenues show that economic activity has improved compared to the same period last year. Meanwhile government spending has sustained its momentum, which will likely continue to close out the year,” he said in an e-mail.

“This will be a positive in terms of GDP (gross domestic product) as government spending will need to compensate for consumption and capital formation, which may yet to revert to pre-COVID pace of expansion,” Mr. Mapa said.

But Mr. Mapa also said the widening deficit suggests continuously increasing overall debt.

“Currently the debt-to-GDP ratio is at roughly 63%, beyond the (60%) threshold that credit ratings agencies may view as sustainable,” he said.

Cid L. Terosa, a senior economist at University of Asia and the Pacific School of Economics, said in an e-mail that he expects the National Government deficit to continue to widen in the fourth quarter as the government continues to increase spending to boost economic recovery.

“At this rate, spending outpacing revenue growth bodes well for economic recovery given that the economy needs all possible ‘stimulants’ to counter the deep and prolonged negative effects of the pandemic on the economy,” he said.

“Deficit spending by the government is a powerful tool to reinvigorate the flagging trajectory of economic growth since last year.”

BSP eyes testing banknotes made of polymer in 2022

BW FILE PHOTO

By Luz Wendy T. Noble, Reporter

THE Bangko Sentral ng Pilipinas (BSP) is considering testing P1,000 banknotes made of a “more durable” polymer material next year.

The central bank is also looking at how limited testing circulation of these polymer banknotes could impact the domestic abaca industry as abaca has been used for banknotes since 2001.

“We’re considering testing with a few hundred million pieces of banknotes…If everything goes well, we’re looking at hopefully even by next year to start the test,” BSP Deputy Governor Mamerto E. Tangonan said at an online briefing on Monday.

If the plan pushes through, these limited polymer banknotes will coexist with the existing ones.

Mr. Tangonan said they are looking at data from Canada, Australia, New Zealand, United Kingdom, and Mexico to weigh the benefits of using polymer for the banknotes and to see if their experiences can be applied in the local context.

“We say limited [banknotes first] because we want to see, to test that under local Philippine conditions these polymer banknotes will perform similarly or close to those experiences in other countries,” he said.

“Because, we can argue that, those countries have conditions that are less challenging than what the Philippine banknotes are exposed to,” he added.

For instance, he noted the Bank of New Zealand saw reduced opportunities for counterfeiting when it used polymer banknotes.

“While the Philippines does not have a major counterfeiting problem, crime syndicates keep improving their techniques in counterfeiting the New Generation Currency banknotes that are in circulation,” the central bank said in a statement on Monday.

The BSP noted polymer banknotes are difficult to counterfeit “due to the complexity of their printed images and the advanced technology used in incorporating security features.”

Mr. Tangonan said the pandemic also prompted the central bank to consider the shift to polymer, after counterparts in the UK and Australia reported that polymer banknotes are less likely to host bacteria and viruses and can also be sanitized without damage.

The BSP also noted polymer banknotes are more durable and can last 2.5 to four times compared with paper money, aside from being water and dirt-resistant.

Given their longer lifespan, the BSP said polymer banknotes have lower environmental impact compared with regularly produced money and a smaller carbon footprint as well. Eventually, more durable banknotes mean lower production costs as well, it added.

“The BOE (Bank of England), for instance, estimated that the printing of the £5 and £10 notes on polymer rather than on paper reduces production costs by 25% amounting to savings of around £100 million over a ten-year period,” the BSP said.

Meanwhile, Mr. Tangonan said they will abide with the principles of other central banks to minimize the design change when transitioning to polymer banknotes to help the public recognize the bills easier.

Mr. Tangonan said the testing of polymer banknotes will determine the next step for other banknotes.

“After successful testing, we have to present to the next set of policy makers to determine…Where do we go [once] we already have the actual data under Philippine local conditions. It’s for the policy makers to make a very well-informed decision on what to do next,” he said.

Meanwhile, the central bank said it is working with concerned agencies including the Department of Agriculture regarding concerns of how such shift could adversely impact local abaca producers.

“Even if we say that the impact is minimal, we are cognizant of it. And we are proactively finding alternative markets or products for the abaca fiber,” Mr. Tangonan said.

He said they have reached out to various agencies that could switch to abaca paper for documents including the Land Registration Authority for land titles, the Department of Foreign Affairs for passports, and the Philippine Statistics Authority for birth certificates.

The BSP said latest data showed their limited testing could displace around 0.1% or 0.2% of total abaca exports, representing 210 to 481 number of jobs.

“The central bank will continue to support and engage the relevant government agencies and industry representatives to address our shared concern for the livelihood of abaca farmers,” it said.

Gov’t to release P1-billion cash aid for PUV drivers

PHILIPPINE STAR/ MICHAEL VARCAS

THE government plans to release P1 billion in cash grants for public utility vehicle (PUV) drivers this year in response to soaring pump prices.

The funds will be distributed under the Pantawid Pasada Program of the Land Transportation Franchising and Regulatory Board (LTFRB), the Development Budget Coordination Committee (DBCC) said in a statement on Monday.

DBCC said the funds will be charged against the support for infrastructure projects and social programs under the unprogrammed appropriations for 2021.

Global oil prices climbed on Monday amid tight supply and strong fuel demand in the United States and other economies rebounding from the effects of the pandemic, Reuters reported. Brent crude futures went up 56 cents or 0.7% to $86.09 a barrel.

Locally, pump prices went up for the ninth straight week as oil firms on Monday raised gasoline prices by P1.15 per liter (/L), and increased diesel prices by P0.45/L.

The Department of Transportation in a separate statement said the fuel subsidies will be released to drivers’ cash cards through the Land Bank of the Philippines. The department committed to distribute the funds during the last two months of the year.

Mar S. Valbuena, president of the Samahang Manibela Mananakay at Nagkaisang Terminal ng Transportasyon, said the funds are not enough.

Around 200,000 PUV drivers work in Metro Manila, he said, which means that a P5,000 fund each might only cover around 10 days given the P9 per liter increase seen over the last few weeks.

“Kulang na kulang, hindi naman natin sinasabi na bigyan ng bigyan, baka may magawa silang ibang paraan katulad ng pag-suspend ng excise tax on fuel sa TRAIN Law at ’yung 12% VAT. (This is not enough. I’m not saying they should keep on being funded but perhaps the government can suspend excise tax on fuel),” he said in a phone interview.

He also asked about the speed of the rollout, noting the release of the servicing contracting program fund of P5.5 billion.

LTFRB, in a statement, said the payouts under the program reached P4.7 billion.

As pump prices continue to rise, the Department of Energy has asked Congress to amend the oil deregulation law to allow the government to intervene. Energy Secretary Alfonso G. Cusi proposed that the department be given the authority to suspend the collection of excise tax on fuel products. He said such a move would help reduce pump prices by P8 to P10 per liter.

Pampanga Rep. Juan Miguel M. Arroyo, chairman of the House Energy Committee, said that he would hold a committee hearing to consider the suspension of excise tax.

However, the Department of Finance said the suspension of excise tax would result in as much as P131.4 billion in foregone revenue for 2022, which it said could limit the country’s budget for economic recovery.

Meanwhile, Malacañang on Monday said it is still studying a proposal to suspend the excise taxes on fuel products.

“As we speak, these matters are being discussed,” Palace Spokesperson Herminio “Harry” L. Roque, Jr. told a televised news briefing in mixed English and Filipino. “The government is heeding and we are evaluating.” — Jenina P. Ibañez with reports from Kyle Aristophere T. Atienza and Arjay L. Balinbin

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