BANGKOK — A Thai TikToker’s tips on grocery shopping on a budget of just 4,000 baht ($109) a month are attracting thousands of followers amid a global food crisis as the southeast Asian nation grapples with its highest inflation in more than a decade.
Phattaradej “Top” Luechai, 29, creates bite-sized videos of himself buying cheap food in bulk, preparing it in small portions, and trying out different menus for his viewers.
“If I don’t live this lifestyle, I will not have any savings left,” he says, adding that many of his nearly 100,000 followers are middle-class Thais, hoping to save for the future. — Reuters
The official portraits of former President Barack Obama and former first lady Michelle Obama were painted by Robert McCurdy and Sharon Sprung, respectively. — White House Historical Association/White House Collection
WASHINGTON — Former President Barack Obama and his wife, former first lady Michelle Obama, returned to the White House on Wednesday to unveil their official portraits in an event punctuated by wisecracks but tinged with history and politics.
Hosted by fellow Democrat President Joseph R. Biden, Jr., more than five years after Mr. Obama left office, the Obamas basked in applause from former staff members assembled in the East Room and lauded the artists for capturing their images, which will hang in the White House for generations to come.
Artist Robert McCurdy put Barack Obama, wearing a black suit and a gray tie, at the center of his canvas in a photorealistic portrait with a white background.
The former first lady is pictured in a blue dress in the White House’s Red Room, in a painting by Brooklyn artist Sharon Sprung.
The event was a reunion of sorts for Obama administration officials and for the Obamas and Bidens, who grew close during the eight years Mr. Biden served as Mr. Obama’s vice president.
“There are few people I’ve ever known with more integrity, decency and moral courage than Barack Obama,” Mr. Biden said at the beginning of the ceremony. “Nothing could have prepared me better or more to become president of the United States than being at your side for eight years.”
Large, formal portraits of US presidents and first ladies adorn walls, hallways and rooms throughout the White House.
Customarily, a former president returns for the unveiling during his successor’s tenure, but a ceremony for the Obamas did not take place during Republican President Donald J. Trump’s administration.
Mr. Trump, before winning the 2016 election and succeeding Obama, pushed the “birther” movement that falsely suggested Mr. Obama was not born in the United States.
Mr. Obama, the first Black US president, thanked Biden, his vice president between 2009 and 2017, for building on the work they did together.
“Thanks to your decency and thanks to your strength, maybe most of all thanks to your faith in our democracy and the American people, the country’s better off than when you took office and we should all be deeply grateful for that,” Mr. Obama said.
He also thanked his former staff, many of whom are now working at the White House with Mr. Biden, but joked that none had named a new child “Barack” or “Michelle.”
Mr. McCurdy’s hyper-realistic painting of the former president recalls portraits he has done of author Toni Morrison and South African leader Nelson Mandela. The artist “refused my request to make my ears smaller,” Mr. Obama quipped. “He also talked me out of wearing a tan suit,” he added to laughter, a reference to an unusual 2014 wardrobe choice that dominated Washington’s news cycle for days.
Michelle Obama said traditions like the portrait ceremony were important for people watching and participating in a democracy, and she appeared to reference the refusal by Mr. Trump to accept the results of the 2020 election, in which Mr. Trump was defeated by Mr. Biden.
“You see the people, they make their voices heard with their vote. We hold an inauguration to ensure a peaceful transition of power,” she said. “Once our time is up, we move on.”
The first Black first lady of the United States also reflected on her unlikely journey to the White House.
“Because as Barack said, if the two of us can end up on the walls of the most famous address in the world … it is so important for every young kid who is doubting themselves to believe that they can, too,” she said.
The Obamas did not mention Trump by name, and an Obama spokesperson declined to comment on the timing of the unveilings. Mr. Obama had hosted former Republican President George W. Bush and his wife, Laura, for their portrait unveilings in 2012.
“It’s really up to the current president in the White House and the former president that is portrayed in the portrait to determine the right moment, but there is no set timeline,” said Stewart McLaurin, president of the White House Historical Association, the private, non-profit organization that commissions the official portraits of the president and first lady.
Earlier portraits of the Obamas that were unveiled in 2018 and placed in the Smithsonian’s National Portrait Gallery in Washington have become a major tourist draw.
Mr. Obama has been back at the White House once since leaving office, joining Mr. Biden in April for an event to tout his signature healthcare law, known as Obamacare. — Reuters
Apple Inc. on Wednesday launched its latest iPhone series with an improved camera and satellite messaging for emergencies, while also unveiling a rugged watch targeting sports enthusiasts.
The iPhone 14 models, starting at $799, will test Apple’s ability to wring dollars from its relatively affluent customer base, whose spending has so far held steady in the face of an economic slowdown.
Here is a list of Apple’s top launches at the “Far out” event:
IPHONE 14 WITH SATELLITE CONNECTIVITY
Apple added a new “emergency SOS via satellite feature”, allowing users to establish a connection with a satellite to send texts from remote locations. The company said it has set up relay centers to enable the feature.
The new series 14 will have four models: iPhone 14, Plus, Pro and ProMax.
The phones are fitted with improved cameras, sharper sensors and a new crash detection feature. The iPhone 14 and 14 Plus will have the A15 bionic chip, while the Pro models come with the A16 chip.
Price: Starts at $799 for iPhone 14, $899 for iPhone 14 Plus, $999 for iPhone 14 Pro and $1,099 for iPhone 14 Pro Max
Availability: Preorders start from Sept. 9, available Sept. 16 onwards
APPLE WATCH ULTRA
Touted as Apple’s “most-rugged and capable watch ever,” the newest series is made for people interested in outdoor adventure, water sports, and endurance training.
It offers 60 hours of battery life, a compass in the dial and a new Oceanic Plus app for recreational scuba divers.
Price: $799
Availability: Starting Sept. 23
WATCH SERIES 8
The newest Watch series has a temperature sensor that will work in conjunction with its previously released menstrual cycle-tracking app to retroactively detect ovulation.
The watch also has advanced crash detection to help notify emergency services, and it is swim-, dust- and crack-resistant.
Price: $399 onwards
Availability: Starting Sept. 16
Separately, Apple introduced the second generation of its lower-priced Watch SE for $249 with the crash detection feature.
AIRPODS PRO
The upgraded AirPods have personalized spatial audio, double the amount of noise cancellation over its predecessor and improved touch control to adjust volume with a light swipe.
The Airpods also have up to six hours of listening time, a 33% improvement over the prior version.
Price: $249
Availability: Orders start Sept. 9, available from Sept. 23 — Reuters
Apple Inc. on Wednesday avoided price hikes of its best-selling iPhones during its biggest product launch of the year, focusing on safety upgrades rather than flashy new technical specs with the exception of a new adventure-focused watch.
The iPhone maker leaned into safety technologies like the ability to detect a car accident and summon a rescue from a remote mountaintop to add allure to its devices. Apple positioned itself as the brand to allow users to pursue excitement and adventure — with a safety net.
Such intangible features “are the things that make you not just want the products for yourself, but also for loved ones,” said Ben Bajarin, head of consumer technologies at Creative Strategies. “Ultimately, the increased emphasis on safety — safety as a service — is super interesting as a value proposition.”
The iPhone lineup that generates half of Apple’s sales got tweaks to cameras and battery life, though only the iPhone Pro lineup got an upgrade to a completely new processor chip.
Prices of the high-end iPhone 14s are the same as last year’s iPhone 13 models. But Apple dropped its cheapest option, the iPhone Mini, meaning its lowest-priced model now costs $100 more than last year.
The iPhone 14 will start at $799 and the iPhone 14 Plus at $899 and be available for preorder starting Sept. 9. The iPhone Pro will cost $999 and the iPhone Pro Max $1,099 and be available Sept. 16.
“They decided to essentially maintain pricing despite inflationary pressure,” said D.A. Davidson analyst Tom Forte.
Nintendo and T-Mobile have also said they will hold off on price increases.
Apple said its satellite SOS feature will work with emergency responders. It also said that users will be able to use its FindMy app to share their location via satellite when they have no other connectivity.
The service will be free for two years with the iPhone 14. Apple did not say what would happen after that period.
Shares in Globalstar Inc. jumped 20% on Wednesday after the satellite services firm announced it will be the satellite operator for Apple’s emergency SOS service.
The Cupertino, California-based company also showed a trio of new Apple Watches, including a new Watch Ultra model aimed at extreme sports and diving and designed to challenge sportswatch specialists such as Garmin and Polar.
“Apple is competing for a consumer segment that already has high loyalty towards their existing products and vendors, and it will need to prove itself over time,” said Runar Bjorhovde, an analyst at Canalys.
On the watch front, the $799 Ultra has a bigger battery to last through events like triathlons and better waterproofing and temperature resistance to operate in outdoor environments, as well as better GPS tracking for sports.
All of the watches — which include a Series 8 priced the same as last year and an updated, cheaper SE model — and new iPhones will have the ability to detect when a user has been in a serious car crash and call emergency services.
The new Series 8 watch has a temperature sensor that will retroactively detect ovulation. The company emphasized the privacy approach of its cycle tracking. Privacy and reproductive health data has become a focus for tech companies in the wake of a US Supreme Court decision that ended a constitutional right to abortion in the United States.
But while accessories like the Apple Watch have driven incremental sales from Apple’s existing user base, the iPhone remains the bedrock of its business with 52.4% of sales in its most recent fiscal year, and investors continue to wonder what, if anything, will be the company’s next major product category.
Analysts expect that category to be a mixed reality headset that could come to market as soon as next year, but Apple gave no hints at those potential products on Wednesday.
Apple’s stock closed up 0.9%, lagging the S&P 500’s gain of 1.8% for the session. — Reuters
SEOUL — North Korea’s rubber-stamp parliament convened this week to pass legislation aimed at turning the country into a “beautiful and civilized socialist fairyland,” state media reported on Thursday.
The North Korean Supreme People’s Assembly (SPA) met for its first session on Wednesday, and adopted laws on landscaping and rural development, state news agency KCNA reported.
The two laws will help advance the ruling party’s efforts to bring about “a radical turn in the rural community and its policy on landscaping to achieve a rapid development of the Korean-style socialist rural community and spruce up the country into a beautiful and civilized socialist fairyland,” KCNA said, citing a deputy’s speech to the gathering.
North Korean leader Kim Jong Un, who did not attend the session, has vowed to improve people’s livelihoods and boost rural development amid spiralling economic crises caused by self-imposed coronavirus disease 2019 (COVID-19) lockdowns, international sanctions over the country’s nuclear weapons program, and natural disasters.
Many of Mr. Kim’s economic promises have yet to be fulfilled, analysts say, and aid organizations have warned of rampant food shortages and other hardships.
According to a report last month by 38 North, a US-based site that monitors North Korea, Mr. Kim’s vow to rebuild a typhoon-ravaged province in the country’s North and transform it into a “model” mining community has made little progress.
The United States has accused Kim of pouring resources into military projects at the expense of the country’s people. It said this week Russia had approached North Korea about buying ammunition, potentially providing a windfall for the cash-strapped government in Pyongyang. Russia said the US report was “fake.” — Reuters
Continuing a legendary passion for science and space, OMEGA has taken part in the Starmus VI Festival this year, hosted in Yerevan, Armenia. As it has done for the past two editions, the brand was proud to award an exclusively designed Speedmaster Moonwatch to each of the individual winners of the Stephen Hawking Medal for Science Communication.
The Starmus Festival is a combination of science, art and music, and its goal is to help the general public understand and appreciate science. Since 2011, it has included performances and presentations from astronauts, cosmonauts, Nobel Prize winners, and prominent figures from science, culture, the arts and music.
As part of its partnership, OMEGA supports the Stephen Hawking Medal for Science Communication, which recognizes those who promote science through three different disciplines including Science Writing; Films; and Music and Art.
This year’s four winners included Brian May, Jane Goodall, Diane Ackerman and the NASA Communications Unit.
As a reward for their achievements, each individual recipient received a special Speedmaster Moonwatch crafted in 18K Sedna™ Gold – OMEGA’s own exclusive red gold alloy. Inside, the watch is powered by the modern Co-Axial Master Chronometer 3861 movement, a direct descendent of the iconic Calibre 321 that went to the moon. Most impressively, the timepiece features a smoked sapphire crystal glass caseback, which has been uniquely engraved in white to depict the medal itself. This includes an image of the cosmonaut Alexei Leonov during the first ever human spacewalk as well as the “Red Special” guitar of Queen’s Brian May.
Speaking about this year’s award ceremony, Raynald Aeschlimann, President and CEO of OMEGA said, “What we love about the Starmus Festival is that they make innovative and complex subjects accessible to everyone. It’s a celebration of creativity and getting more people excited about the universe around us. We’re very honored to play a part and gift these watches to such deserving winners of the Stephen Hawking medal.”
Taking place this September, the Starmus VI Festival is dedicated to “50 Year On Mars”. The five-day event will welcome many notable names from the world of science, including OMEGA’s own ambassador, the Apollo 16 astronaut Charlie Duke. OMEGA has supported the festival since 2017, and this year will mark the brand’s third appearance.
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The country’s unemployment rate dropped to its lowest level in more than two years, the Philippine Statistics Authority reported on Thursday morning.
Preliminary data from the statistics agency showed the unemployment rate at 5.2% in July, easing from the jobless rate of 6% in June and 7.2% in July last year.
It was the lowest share of the unemployed Filipinos to the total labor force under the monthly labor force survey since January 2021. Including the quarterly surveys, July’s unemployment rate was the smallest since 4.5% in October 2019.
This translated to 2.602 million jobless Filipinos in July, down by 388,000 from June. It also declined by 627,000 from year-ago level of 3.229 million.
Meanwhile, job quality deteriorated as the underemployment rate rose to 13.8% in July from 12.6% in June. However, this was lower than 21% in July last year.
This was the highest underemployment rate in two months, or since May’s 14.5%.
In absolute terms, the ranks of Filipinos already working but still looking for more work or longer working hours to the total employed population increased by 655,000 month on month to 6.543 million in July. But this was lower by 2.226 million from 8.769 million underemployed Filipinos in July last year.
The size of the labor force in July was estimated at 49.994 million in July, up by 412,000 from 49.581 million in June. This brought the labor force participation rate (LFPR) to 65.2% of the country’s working-age population in July, inching up from 64.8% the previous month.
In the seven months to July, the unemployment rate averaged 5.9%, lower than 8.0% in the same period last year.
The underemployment rate also improved, averaging 14.2% in the seven months to July, from 16.4% a year ago.
The employment rate in the January to July period stood at 94.1%, from 92% last year, while the LFPR slightly increased to 63.9% during the same period from 63.0%.
New entrants to the labor force reached 1.289 million in July, larger than 980,619 recorded in June.
The employment rate reached 94.8% in July from 94.0% in June. This translated to 47.391 million employed Filipinos in July from 46.592 million the previous month.
Services sector remained the top employer in July after recording an employment rate of 58.8%, increasing from 56.5% in June.
However, employment rate in agriculture and industry eased to 23.5% in July (from 24.5% in June) and 17.7% (from 19%), respectively.
On average, an employed Filipino worked 40.5 hours a week in July, slightly increasing from the 40.3 hours logged the previous month, but lower than the 41.7 hours in July last year. — Ana Olivia A. Tirona
The gateway model into the luxurious world of Lexus is also a stepping stone to an electrified tomorrow.
The Lexus UX is known as the gateway into the Lexus luxury brand. This subcompact urban crossover delivers a premium driving experience alongside Lexus’ famous refinement, comfort, and Takumi craftsmanship details. Now, Lexus ushers in a new era by introducing the all-hybrid Lexus UX lineup. Choose to take the very first step into Lexus’ luxury world, and you will also be contributing to a greener future. For Lexus, amazing experiences go hand with sustainability and a genuine concern for the natural environment.
The UX is a showcase of Lexus’ innovative design, luxury features, and advanced safety. It is a package that combines charismatic styling elements and an ultra-efficient powertrain. These features—which draw from a vibrant Japanese heritage—are proudly built and engineered by master craftsmen.
Lexus Philippines will be offering the NEW Lexus UX in two hybrid variants: The UX 250h F Sport (P3,798,000) and UX 250h Premier (P3,058,000). These models are very responsive to drive and, like all Lexus hybrids, offer better fuel efficiency and lower emissions. They also require no plugging in for recharging and have no issues where driving range is concerned.
ADVANCED HYBRID DRIVETRAIN
Both UX 250h F Sport and UX 250h Premier variants are equipped with a Lexus self-charging hybrid powertrain, featuring multiple cutting-edge components, including the 2.0-liter gasoline engine, hybrid transaxle, compact battery, and power control unit. With 184ps/135kW total system output, it combines high fuel efficiency with a very smooth, natural and responsive driving experience.
The UX hybrid system couples the gasoline engine with two electric motor/generators in a new-generation hybrid transaxle that is more compact, lighter and has less internal friction than previous Lexus hybrid systems. The Power Control Unit (PCU) is more powerful yet is 20% smaller and 10% lighter. Optimizing the level of electric motor assistance and engine rpm produces a linear acceleration feel without the engine running at high revs. Engine speed is synchronized with vehicle speed to create an immediate and continuous acceleration feel. The transaxle mounts the electric motor/generators (MG1 and MG2) coaxially rather than inline. The resulting smaller and lighter package reduces frictional losses by 25%. In addition, MG2 is now a higher speed motor, yielding better performance and efficiency.
With the new 4th generation hybrid battery, the NEW UX now comes with an 8-year HEV battery warranty. It also comes with the standard drive train warranty of 3 years or 100,000 kms. (whichever comes first)
The new UX has a 2.0-liter in-line four-cylinder engine achieving class-leading 41% thermal efficiency, thanks to its use of laser-clad intake valve seats with an all-new intake port profile; a high compression ratio (14:1); and D4-S fuel injection combining direct and secondary port injectors to achieve high-speed combustion. VVT-iE intelligent variable valve-timing with an electric actuator on the intake side also improves drivability while reducing emissions. A continuously variable capacity oil pump and a variable cooling system with an electric water pump contribute to ultra-low internal friction, further optimising engine performance and fuel efficiency.
The Sequential Shiftmatic of the CVT automatic transmission delivers responsive engine braking force in six steps with a shift feel similar to a manual transmission, using steering wheel shift paddles or the S position on the shift lever. The compact and lightweight nickel-metal hydride (NiMH) battery and compact cooling system are located below the rear seat, which helps give the vehicle its low center of gravity.
SAFETY AND CONVENIENCE FEATURES
The UX 250h F Sport is now equipped with Lexus Safety Sense (LSS) fitted as standard—a suite of active safety technologies that support the driver and reduce the risk and severity of a range of potential accidents. It includes Dynamic Radar Cruise Control, Pre-Collision System (PCS) with pedestrian detection, Lane Keep Assist with Lane Departure Alert and Steering Assist, Lane Trace Assist and Intelligent High-Beam headlamps or Adaptive High-beam System (AHS).
Other notable features found on the UX 250h F Sport variant are adaptive variable suspension; an 8in multi-information display; paddle shifters behind the steering wheel; and interior and exterior trim pieces that are exclusive to this variant.
Both the UX 250h F Sport and UX 250 Premier are equipped with LED headlamps, DRLs, and taillamps; voice recognition; power rear hatch with kick sensor; wireless Apple CarPlay and Android Auto; and a 10-speaker audio system. For added safety and convenience, both variants come with Hill-Start Assist (HSA), Vehicle Stability Control (VSC); and Blind Spot Monitor (BSM).
EXCEPTIONAL DESIGN
Lexus designed the UX cabin to evoke the feel of a dynamic, luxury saloon, but with the higher seating position and versatility that are required of an SUV. The materials and finish are pure Lexus, combining Japanese traditions in craftsmanship and hospitality with innovative production techniques.
The interior also conveys a sense of security. For example, the form of the door shoulders evokes a robust frame beneath. The designers have created a feeling of seamless continuity inside the UX, inspired by engawa, a traditional Japanese architecture concept that blurs the boundary between the inside and outside of a home.
LEXUS ELECTRIFIED
The road to a Lexus Electrified future in the Philippines has already been paved by the current crop of hybrid models. Locally, the Lexus LS flagship, Lexus IS sport sedan, Lexus RX SUV, Lexus NX crossover and the Lexus ES sedan are offered with hybrid variants. Now, the all-hybrid UX lineup joins their ranks and is ready to cater to customers committed to a greener future.
To learn more, visit the Lexus website at lexus.com.ph or visit their social media pages on Facebook and Instagram at Lexus Philippines.
To arrange a consultation with your personal sales consultant, visit the Lexus Remote page at https://fal.cn/3eSWW.
You may also download the MyLEXUS App available on both Android and iOS users to receive live updates and access other premium services.
Spotlight is BusinessWorld’s sponsored section that allows advertisers to amplify their brand and connect with BusinessWorld’s audience by enabling them to publish their stories directly on the BusinessWorld Web site. For more information, send an email to online@bworldonline.com.
Manufacturing rose for the second straight month in July, the Philippine Statistics Authority (PSA) reported on Thursday morning.
Preliminary results of the PSA’s latest Monthly Integrated Survey of Selected Industries showed the volume of production index (VoPI) increased by 2.5% year on year in July from the revised 0.7% growth in June.
However, this was slower compared with the 534.4% growth in the same month a year ago.
This was the second straight month of growth since the revised 0.3% decline in May. Year to date, factory output rose by 24.1%.
The statistics agency said 14 out of 22 industry divisions contributed to the growth led by manufacture of fabricated metal products, except machinery and equipment with 30.3% in July, however, this is slower compared with the 45.8% growth reported in June.
This is followed by manufacture of machinery and equipment except electrical (29.1% in July), and manufacture of wood, bamboo, cane, rattan articles and related products (28.5%).
In comparison, S&P Philippines Manufacturing Purchasing Managers’ Index (PMI) slipped to 50.8 in July from 53.8 in June. A reading above 50 marks improvement for the manufacturing sector while anything below indicates deterioration.
The capacity utilization rate of these factories averaged 71.3% in July, a tad higher from 71.2% in June and 65.8% in the same month a year ago. All 22 sectors averaged a capacity utilization rate of at least 50%. — BTMG
“Education is the greatest equalizer.” This is a belief held by Henry Sy, Sr.
The late founder of the SM group deemed that if he could help send one child to school, that child could then help their siblings to also finish their schooling. And eventually, together, they could help uplift their family out of poverty.
As the group’s social good arm, SM Foundation, Inc. (SMFI) hence anchored its scholarship program to the belief of its founder.
SMFI offers scholarship grants to poor yet deserving students as a way to contribute in eradicating the intergenerational cycle of poverty in the Philippines. This year, SMFI has welcomed new scholars from across the country to sustain this vision.
The more than 300 new college scholars of SMFI were officially welcomed in The Online Awarding of the SM College Scholarship themed “Rise to Greatness”, broadcasted live on SMFI’s Facebook page and YouTube Channel last Aug. 27.
Of these more than 300 scholars, 60% come from provinces nationwide, while 40% are from Metro Manila. SMFI currently has over 1,300 college scholars in total.
The virtual event imparted inspiring stories from the new SM scholars, an alumnus of SM’s scholarship program, and messages from some officials of SMFI.
“We do this every beginning of the school calendar. But do you think we get tired? Not a bit. Because while the program agenda remains almost constant, the many stories behind each scholar applicant’s journey from application to being chosen as scholar take different forms, surface from diverse situations and locations, resulting to varied emotions,” Carmen Linda Atayde, SMFI’s executive director for education programs, said in her welcome remarks.
The new SM college scholars were also oriented about the program’s benefits and how to maintain their scholarship grants.
Their benefits include free tuition and miscellaneous fees; a monthly allowance of P2,000 for scholars studying in the provinces and P3,000 for those studying in Metro Manila; fun-filled and enrichment activities like Christmas party and recollection; an opportunity to work at SM during Christmas and summer break; and exclusive job offers with the SM group upon graduation.
The field of studies covered by SMFI’s college scholarship program include Computer Science, Information Technology, Engineering (Civil, Electrical, Mechanical, Computer, and Electronics), Education (Elementary and Secondary); Accountancy, and Financial Management.
SMFI SAVP for education program Eleanor Lansang presented the benefits of the program to the new SM scholars.
“I hope that all of the benefits presented to you this morning will be enough motivation for you to really excel in your college journey,” Eleanor Lansang, SMFI senior assistant vice-president for education programs, told the scholars during the event.
Stories of ‘Rising to Greatness’
“Since I was a child, I already know the importance of good education and character,” Joyson Abucay, one of the new college scholars of SMFI said. During his 12th grade, he knew that his parents could not financially support him on their own. Thus, he researched about scholarships available for students like him. Then he found SM College Scholarship online.
“Applying for scholarships and colleges were challenging and I sacrificed a lot,” he said. “In the end, it was all worth it. Now, I am studying Bachelor of Secondary Education Major in English [at] Saint Louis University.”
New SM scholar Joyson Abucay
In the future, Mr. Abucay sees himself working as an employee of SM.
“I believe that SM College Scholarship will not just help me finish my college education, but also help me become a productive citizen as well,” he said.
Another student who received an SM college scholarship grant is Diorella Songcuya, who is now studying Bachelor of Science in Accountancy at the University of the Philippines Visayas (Iloilo).
Ms. Songcuya first knew about the SM scholarship back in her years in junior high school. She saw a tarpaulin on her school fence acknowledging two graduates who passed the SM Scholarship.
“I was amazed by them passing the said scholarship and hoped that someday I could also qualify and be like them,” she recounted. A teacher also told her to stay updated about the scholarship program and try to apply. “She really specified that I try applying for the SM scholarship. So, that’s what I did.”
When her 12th grade began, she tried to search for Facebook pages and groups posting updates about scholarships. She also joined a group chat in telegram that sends links in relation to different scholarship offers.
“But of course, the update I mostly wanted to receive at the time was about the SM Scholarship since I heard that it offers great benefits for students,” she said.
New SM scholar Diorella Songcuya
Upon seeing her Facebook friends sharing the application for SM Scholarship, she did not hesitate and immediately applied for it.
Ms. Songcuya believes that the SM college scholarship “substantially benefits” her and her family in numerous ways.
Aside from providing assistance in reducing their financial obligations, she said the benefits from the scholarship, such as the allowance, would help in her scholastic needs. She also saw that the opportunity given to them scholars to work at SM Stores during Christmas and summer breaks would not only enable them to earn income and save but also be a means to sharpen their skills and prime themselves in a work environment setup. Meanwhile, access to events like Christmas parties and reunions offered exclusively to them by SMFI would allow them to develop their socialization skills and even extend their networks.
“Through the SM scholarship, my vision of achieving my dreams becomes clearer and more possible. As the theme of this year’s SM Scholarship Awarding goes, ‘Rise to Greatness’, I believe that this scholarship will serve as a ladder for me as I strive for success and rise to greatness.”
Since the establishment of its scholarship program in 1993, SM Foundation has supported and produced more than 8,000 college and tech-voc scholar-graduates.
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Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla attends an economic briefing in Pasay City, July 26, 2022. — REUTERS
THE BANGKO Sentral ng Pilipinas (BSP) said it has room to further hike policy rates this year to support the peso as the US Federal Reserve is expected to continue its aggressive policy tightening.
This as the Philippine peso on Wednesday closed at a record low of P57.135 against the US dollar.
Year to date, the peso has weakened by 12.02% or P6.135 from its P51-a-dollar close on Dec. 31, 2021.
“These are challenging times because US interest rates are not just high but these should get higher. In turn, that means possibly, a weaker peso as shown in the case of yen (and) euro,” BSP Governor Felipe M. Medalla said at a Philippine economic briefing in Singapore on Wednesday.
“We have increased policy rates by 25 (bps), 25 (bps), 75 (bps), and then another 50 (bps). And of course, you cannot say it’s the end of it because if the US keeps doing 75 (bps hikes), we cannot, not react,” he added.
Fed Chairman Jerome H. Powell has made it clear that policy makers are prepared to raise rates as high as needed to cool inflation. Markets are now pricing in another 75-bp increase at their next meeting on Sept. 20-21.
The Monetary Board’s next meeting is on Sept. 22.
Since May, it has raised borrowing costs by 175 bps, bringing the benchmark rate to 3.75%.
Despite the aggressive rate hikes, Mr. Medalla said the overnight repurchase rate is still lower than the BSP’s 5.4% inflation forecast for the year.
“Monetary policy still has much room. Whatever happens we have the capacity to make sure that we will have…a target consistent with the inflation path,” he said.
Headline inflation eased to 6.3% year on year in August, from the nearly four-year high of 6.4% in July. It marked the fifth consecutive month that inflation went above the BSP’s 2-4% target.
“There are forces that are working in our favor. If US monetary policy becomes too restrictive, demand will fall and the things we import will fall because right now the increase in our current account deficit, two-thirds of that is because of high prices of the things we import,” Mr. Medalla said.
“There’s more downside than upside, but on balance, we are confident we have enough room. The economy’s strong enough, the banking system is strong enough and the payment system is also improving very fast,” he added.
The Philippine economy expanded by 7.8% in the first half, above the government’s 6.5-7.5% goal for the full year.
“Fortunately, despite this very difficult environment, we have one thing going for us. We are looking at the scenario where we have no more lockdowns. (Pent-up demand) will enable us to grow very fast despite tightening monetary conditions,” Mr. Medalla said.
“The key then is to achieve predictable inflation without necessarily bringing down growth too much.” — Keisha B. Ta-asan
