Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 7064

Peso climbs on remittance data

BW FILE PHOTO

THE PESO rose against the greenback on Thursday after the release of upbeat February remittance data.

The local unit closed at P48.44 versus the dollar yesterday, appreciating by 5.9 centavos from its Wednesday finish of P48.499, based on data from the Bankers Association of the Philippines.

The peso started Thursday’s trading session at P48.465 per dollar. Its weakest showing was at P48.51, while its strongest point for the day was at P48.43 against the greenback.

Dollars exchanged went up to $699.65 million from $664.35 million on Wednesday.

The peso strengthened on data showing increased remittance flows in February, Rizal Commercial Banking Corp. Michael L. Ricafort said in a text message.

Cash remittances grew by 5.1% to $2.477 billion in February from $2.358 billion in the same month a year ago, based on data released by the Bangko Sentral ng Pilipinas (BSP) on Thursday. This ended two consecutive months of annual contractions and was the quickest monthly growth rate since the 9.1%  seen in September last year.

The central bank expects cash remittances to grow by 4% this year amid improving global economic prospects. If realized, this will be a turnaround from last year, when cash remittances recorded a contraction for the whole year for the first time since 1999, dropping by 0.8% to $29.903 billion.

Meanwhile, a trader attributed the peso’s gains to fresh dovish signals from the US Federal Reserve.

“The peso strengthened after Federal Reserve Chairman Jerome Powell reiterated his dovish policy stance in his speech overnight,” the trader said in an e-mail.

Reuters reported that Mr. Powell said the US central bank will likely decrease its bond purchases first before considering an interest rate hike.

For today, Mr. Ricafort gave a forecast range of P48.40 to P48.50 while the trader expects the local unit to move within a wider band of P48.30 to P48.50 per dollar. — LWTN with Reuters

Shares rise as gov’t lifts ban on new mining deals

PHILIPPINE shares climbed further on Thursday as investors continued picking up bargains and after the government lifted a moratorium on new mining agreements to ramp up revenues to help fund increased spending during the pandemic.

The Philippine Stock Exchange index (PSEi) increased by 16.75 points or 0.25% to close at 6,539.96 on Thursday, while the all shares index improved by 12.96 points or 0.32% to finish at 3,997.58.

AB Capital Securities, Inc. Junior Equity Analyst Lance U. Soledad said PSEi gained due to “last-minute buying.”

“Value turnover continued to be muted despite the rally amid looming fragile recovery as the rise in cases has yet to slow down,” Mr. Soledad said in a Viber message.

Value turnover went up to P5.42 billion with 4.30 billion shares switching hands on Thursday, from the P4.68 billion seen the previous trading day with 1.73 billion issued traded.

“Trading volumes remain low as the sentiment is mainly cautious,” AAA Southeast Equities, Inc. Research Head Christopher John J. Mangun said via e-mail.

“Several mining stocks ended with substantial gains after President Rodrigo R. Duterte’s Executive Order 130 was made public earlier today. It allows the government to enter into new mining agreements with corporations, ending the ban that was imposed in 2012,” Mr. Mangun added.

President Rodrigo R. Duterte has lifted a moratorium on new mineral agreements imposed in 2012, reopening the door to fresh mining investments as he seeks to boost state revenues to fund infrastructure projects and other initiatives, Reuters reported.

Mr. Duterte has issued an executive order that allows the government to enter into agreements for new mining projects and undertake a review of existing mining contracts and agreements for possible renegotiation of the terms.

The moratorium had been imposed while the government worked on legislation to boost the state’s share of mining revenues in one of the world’s top producers of nickel, copper and gold.

Under a tax reform law that took effect in 2018, the excise tax on minerals, mineral products and quarry resources has been doubled to 4%.

Majority of the sectoral indices closed in the green on Thursday, except for industrials, which fell by 68.28 points or 0.78% to 8,628.15; and holding firms, which declined by 10.31 points or 0.15% to end at 6,667.39.

Meanwhile, mining and oil gained 449.53 points or 5.38% to 8,802.71; property went up by 44.54 points or 1.39% to 3,245.68; services improved by 7.50 points or 0.52% to close at 1,442.06; and financials rose by 1.48 points or 0.1% to 1,392.41.

Advancers narrowly beat decliners, 103 against 100, while 46 names closed unchanged.

Net foreign selling declined to P591.66 million on Thursday from the P710.73 million recorded in net outflows on Wednesday.

AB Capital Securities’ Mr. Soledad said he expects the PSEi to trade within 6,400 to 6,700 today. — K.C.G. Valmonte with Reuters

Nationwide round-up (04/15/21)

PHILIPPINE STAR/ MICHAEL VARCAS

House vows to work swiftly on 3 economic bills marked urgent

THE House of Representatives on Thursday said it will work swiftly on the three proposed economic bills certified as urgent by President Rodrigo R. Duterte. In a statement, Deputy Speaker Bernadette Herrera-Dy said, “I will work with the House leadership and my other colleagues here in the chamber to get Senate Bill 2094 (Public Service Act), SB 1156 (Foreign Investments Act) and SB 1840 (Retail Trade Liberalization Act) swiftly ratified when we resume session soon.” The House counterpart of these measures have already been approved. Ms. Herrera-Dy said of the three bills, the Public Service Act can be ratified the earliest since the Senate version is close to that of the House. The lawmaker said the three measures “would give our economy additional ways to recover and compete better in the new normal local and international economy” alongside the recently enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act and the Financial Institutions Strategic Transfer (FIST) Act. On Tuesday, Mr. Duterte ordered the urgent passage of the three bills to boost the country’s economy, which has gone into recession due to the impact of the coronavirus pandemic. The House is also currently pushing for amendments in the economic provisions of the 1987 Constitution, which are related to the three economic bills. — Gillian M. Cortez

COVID-19 active cases in BuCor prisons down to 14

THE Bureau of Corrections (BuCor), which manages seven facilities across the country, reported on Thursday that active coronavirus cases among its personnel and inmates was down to 14 as of April 14, most of whom have mild to no symptoms. The agency, in its coronavirus disease 2019 (COVID-19) daily monitoring report submitted to the Department of Justice, said no new cases were reported on Wednesday. BuCor Spokesperson Gabriele P. Chaclag told reporters that out of the 14 active cases, one inmate and one BuCor personnel are in the hospital while the other 12 “are all personnel who are on self-quarantine since last week and (are) on the way to recovery.” The BuCor has recorded 776 COVID-19 cases since the start of the pandemic, of whom 730 have recovered and 32 died. Mr. Chaclag said the bureau has been conducting regular rapid antigen testing, citing that 368 personnel, trainees, and prisoners underwent the test on Thursday. “They are tested weekly using rapid antigen and if (the result is) negative, they go back to (their) routine job or old places,” he said. He further explained that only those who have COVID-19 symptoms are tested using the mandatory blood-based rapid antigen test and are brought to the hospital for the saliva-based RT-PCR or swab test. Our BuCor Health Service is confident they are handling our COVID-19 situation (well),” he said. BuCor manages the following facilities: New Bilibid Prison in Muntinlupa City; Correctional Institution for Women in Mandaluyong City; Iwahig Prison and Penal Farm in Puerto Princesa City, Palawan; Sablayan Prison and Penal Farm in Occidental Mindoro; San Ramon Prison and Penal Farm in Zamboanga City; Leyte Regional Prison in Abuyog, Leyte; and Davao Prison and Penal Farm in Panabo City, Davao del Norte. — Bianca Angelica D. Añago

House Speaker seeks probe on approval process of COVID-19 treatments

HOUSE Speaker Lord Allan Jay Q. Velasco has filed a resolution to probe the Department of Health (DoH) and the Food and Drug Administration (FDA) on the registration and distribution of medicines for coronavirus treatment. On Wednesday, the Speaker and  Deputy Speaker Bernadette Herrera-Dy filed House Resolution No. 1711, which calls on the committee on good government and public accountability to investigate the two agencies on the approval process of coronavirus disease 2019 (COVID-19) treatments. Both lawmakers called the stringent guidelines of both agencies, specifically FDA Circular No 2020-12, as “arbitrary, bureaucratic, and inhumane for causing unnecessary delays in the approval and clearance of drugs and therapeutics for emergency use authorization or for use of drugs under compassionate special permit against the dreaded COVID-19 disease.” The DoH and FDA gave several warnings on the use of ivermectic for COVID-19 treatment since there are insufficient studies that show its effectiveness for that purpose. Ivermectin for veterinary use is the only locally registered product and FDA has warned against human intake. The House resolution came amid the push by some lawmakers, who are not medical practitioners, to approve the anti-parasitic drug ivermectin as a COVID-19 treatment. Ms. Herrera-Dy is among those solons and has said that she uses the drug as a prevention against COVID-19. — Gillian M. Cortez

Supreme Court reorganizes electoral tribunal members

SUPREME Court Chief Justice Alexander G. Gesmundo has reorganized the high court’s members in the electoral tribunals in Congress, which resolve cases related to senatorial and congressional elections. The change mainly involves the House of Representatives Electoral Tribunal, where Justices Rosmari D. Carandang and Amy C. Lazaro-Javier are assigned as the new members while Associate Justice Marvic Mario Victor F. Leonen will remain as chairperson. For the Senate Electoral Tribunal, Senior Associate Justice Estela M. Perlas-Bernabe will stay as chairperson while Justices Alfredo Benjamin S. Caguioa and Ramon Paul L. Hernando will remain as members. The adjustments, which took effect April 6, are contained in the Court’s Special Order 2826 dated April 12 and made public on Wednesday. It was undertaken in line with the early retirement of former Chief Justice Diosdado M. Peralta last March 27. Mr. Gesmundo, as the new chief justice, now heads the Presidential Electoral Tribunal, which is composed of all Supreme Court justices. — Bianca Angelica D. Añago

Regional Updates (04/15/21)

PCG

Sea patrol

MEMBERS of the Philippine Coast Guard took photos of these China-flagged ships during maritime patrol operations on April 13 at the Julian Felipe Reef using the BRP Cabra and two vessels of the Bureau of Fisheries and Aquatic Resources.

Storm Surigae to affect eastern parts of Visayas, Luzon over the weekend

TROPICAL storm Surigae continues to strengthen as it enters the Philippine area by Thursday night or Friday morning, weather Bureau PAGASA reported. Surigae “is forecast to reach typhoon category in the next 36 hours and may continuously intensify,” PAGASA said in its bulletin. As of Thursday morning, Surigae was located 1,095 kilometers east of Mindanao and moving north-west with maximum sustained winds of 95 kilometers (km) per hour (kph). It is estimated to be 600 km east of Guiuan, Eastern Samar by Saturday morning, based on the track forecast of the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA). “The public and disaster risk reduction and management offices, especially those situated over the eastern portions of Southern Luzon and Visayas, are advised to continuously monitor for updates on this tropical cyclone. Considering the uncertainty in the track forecast of this tropical cyclone, a westward shift in the current forecast track may result in potentially significant impacts over the aforementioned areas over the weekend and onto Monday,” PAGASA said. Surigae will be assigned the local name Bising when it enters the country.

DCWD main office closed after frontline staff notified in COVID contact tracing system

THE DAVAO City Water District’s (DCWD) head office has been temporarily closed, with all services halted, after several of its employees, mostly front office staff, were notified to isolate through the city’s contact tracing system. “We will announce definitely what is the effect, not just the due date and red bill but also the pending requests which have not yet been acted upon as well as water disconnection. We will wait for the update from DCWD on the movement of the services,” Jovana Duhaylungsod, DCWD deputy spokesperson, told media. As of Thursday, the water distributor has yet to announce an update on the resumption of operations and service adjustments. The Safe Davao QR system sends a text message to those who were in the same place at the same time as a person who tested positive for the coronavirus disease 2019 (COVID-19). “A number of our front office staff members received a text message from Safe Davao QR and most of them already undergone swab testing. Although, the results were communicated directly to the employees and we are not allowed to divulge due to data privacy act,” she said, adding that the employees were exposed last April 5 and 8. “It could be a customer (who was COVID-19 positive) because predominantly all those who received that text are our frontliners,” Ms. Duhaylungsod said. — Maya M. Padillo

NEDA sees hog industry surviving import competition

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua

THE PROPOSED increase in pork imports is not expected to “kill” the hog industry, the National Economic and Development Authority (NEDA) said.

Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said at a hearing of the Senate Committee of the Whole Thursday that the recommendation to increase the minimum access volume (MAV) quota to 404,000 metric tons (MT) will ultimately be tempered by the lack of cold storage.

“The temporary increase in pork (imports) will not kill the hog industry as imports would potentially account for up to 22.8% of total consumption. Also, some experts mentioned that imports will not flood our market since African Swine Fever (ASF) has affected production in many countries,” Mr. Chua said.

“In addition, the limited cold chain facility in the country serves as a physical barrier to huge importation since the total capacity is estimated at 268,000 MT allocated for pork products, given the requirements for other commodities,” he added.

According to Mr. Chua, the pork meat (in carcass form) deficit for 2021 is estimated at 476,540 MT. This total was arrived at from the difference in projected carcass production of 1.2 million MT and demand of 1.67 million MT.

He said the deficit can be traced to the sharp decline in the swine population, which as of Feb. 8 was down 24.1% year on year or 3.08 million animals, according to the Philippine Statistics Authority.

“This huge drop is primarily due to the impact of ASF that has spread to almost all regions of the country,” Mr. Chua said.

Mr. Chua added that the entry of additional pork imports will help bring inflation down.

“If we augment our hog supply with imports, we could see a decline in full-year inflation by around 0.4 percentage points, from 4.2% down to 3.8%, which will fall within the central bank’s target of 2-4%,” Mr. Chua said.

The Senate Committee of the Whole adopted a resolution Thursday urging President Rodrigo R. Duterte to withdraw Executive Order (EO) No. 128, which lowered the tariff rates for imported pork.

The resolution also calls on the Senate, if necessary, to approve in the plenary session a resolution that will set the appropriate tariff rates and MAV quota.

“The Department of Agriculture (DA) failed to satisfactorily establish through accurate and reliable data that the country will have a 388,790 MT deficit in pork for the year which necessitates the increase in MAV,” according to the resolution.

“Industry members and experts believe that the reduction of import duty and the increase in MAV will not necessarily translate to lower pork prices and that such policies will only result in loss of billions of government revenue and the flooding of the market with imported pork,” it added.

On April 7, Mr. Duterte signed EO 128, which lowered the tariff rates on pork imported within the MAV quota to 5% in the first three months, increasing to 10% in the following nine months.

The order also lowered the tariff rates on out-of-quota pork imports to 15% in the first three months, rising to 20% in the succeeding nine months.

Before the issuance of the EO, in-quota pork imports paid 30%, while out-of-quota pork imports were charged 40%.

Mr. Duterte also recommended that Congress increase the pork MAV quota by 350,000 MT, on top of the current 54,210 MT. — Revin Mikhael D. Ochave

Energy dep’t welcomes US investment in renewables, nuclear

REUTERS

ENERGY Secretary Alfonso G. Cusi invited US companies Thursday to invest in the Philippine energy sector, particularly in renewables and nuclear power, as the country strives to make its power sources more reliable and sustainable.

“I hope our American friends in the business community will again take a look at our new initiatives that aim to make the Philippines rife with many investment opportunities,” Mr. Cusi said during his talk at the virtual economic briefing “PH-US at 75: Strengthening Ties through Sustainable Recovery.”

He invited US companies to take part in the department’s Green Energy Option Program (GEOP) and Green Energy Auction Program (GEAP). GEOP allows users consuming at least 100 kilowatts of power to tap retail energy suppliers generating electricity from renewables, while GEAP allows qualified RE (renewable energy) developers to offer their output to the rest of the power industry.

“I want to invite you to participate in these renewable programs,” Mr. Cusi said.

One of the Department of Energy objectives based on its updated Philippine Energy Plan (PEP) 2018-2040 is to increase output of clean and indigenous sources of energy, such as geothermal, hydro, and natural gas to meet the demands of economic development, according to Mr. Cusi.

He said the new PEP contemplates a clean energy scenario of slower growth in the total primary energy supply as a result of embarking on energy efficiency and conservation measures. “Coal and oil shares will also continue to decrease due to the use of alternative fuels for transport, among others,” he said.

Asked about which particular area of RE he would like to see more private sector participation in, Mr. Cusi said he would like to accelerate the development of geothermal.

“Geothermal energy is an area that we would really like to tap and develop. That’s the kind of power we need, and we’d like to see investors from the US doing a 100% participation in the development of our geothermal energy,” he said during the virtual event’s panel discussion.

Mr. Cusi also highlighted the investment opportunity in nuclear energy. “I am a firm believer that integrating nuclear power into the country’s energy mix would significantly help us meet our future power requirements,” he said.

Before President Rodrigo R. Duterte signed the order creating the Nuclear Energy Program Inter-Agency Committee, PEP had assumed the inclusion of nuclear power in the energy mix by 2035, Mr. Cusi said. The inter-agency committee, which studied the adoption of a national position for a Nuclear Energy Program, submitted its recommendation to the President in December.

Mr. Cusi said that with the evolution of small modular reactors which can be used for off-grid areas or remote islands, the possibility of integrating nuclear power in the generation mix “might come as early as 2027.”

This will depend on the passage of legislation regulating nuclear power, he said.

In his speech, he also invited business leaders to consider the Philippine Conventional Energy Contracting Program which aims to spur exploration by offering areas with potential oil and gas reserves. The program features a revised petroleum service contract awarding mechanism which allows investors to bid for exploration projects through competitive selection or by nomination.

“I am happy to share that as a result of our strong promotional efforts, both locally and abroad, as of December 2020, we received a total of 14 applications for nominated and new areas,” Mr. Cusi said. — Angelica Y. Yang

PHL to hire 4,754 additional contact tracers for NCR

PHILSTAR

THE GOVERNMENT plans to hire an additional 4,754 contact tracers in Metro Manila to help meet the goal of tracking down potentially exposed persons within 24 hours, according to the Department of the Interior and Local Government (DILG).

The National Capital Region (NCR) remains a priority area for staffing because infection numbers remain high, Interior Undersecretary Bernardo C. Florence, Jr. said at a televised briefing Thursday. Metro Manila staffing is estimated to be nearly 7,000 short of the level deemed ideal.

Mr. Florence said the contact tracers will be hired under the Department of Labor and Employment (DoLE) TUPAD program.

DoLE has announced that it plans to hire an additional 14,000 contact tracers overall.

Mr. Florence said the NCR had 10,097 contact tracers as of April 15. The government needs to employ 17,000 contact tracers if it is to hit the desired ratio of one for every 800 people.

Mr. Florence said the government will accept high school graduates to increase the candidate pool. Applicants were previously required to have a college degree.

Applicants are required to submit a letter of intent, personal data sheet, and barangay residence certificate.

“Our requirements for contact tracing applicants are very simple and starting tomorrow until April 22 we are open for hiring,’’ Mr. Florence said.

Applicants will go through initial training to be conducted by representatives of the DILG, DoLE and Metropolitan Manila Development Authority.

“The hired contact tracers may start working on May 1,” Mr. Florence said.

The Palace has identified contact tracing as a weak link in the pandemic response. — Kyle Aristophere T. Atienza

Agriculture, food seen key to PHL economic recovery

COURTESY OF DEPARTMENT OF AGRICULTURE

THE PHILIPPINE agriculture and food industries will play an important role in the economic recovery, according to a report by Oxford Economics.

Food Industry Asia, which commissioned the Oxford Economics study, said in a statement Thursday that the Philippine agri-food sector will create employment and provide food for consumers at stable prices, but still runs the risk of supply and demand disruptions during a drawn-out pandemic.

“In 2019, the agri-food sector in the Philippines made a gross domestic product (GDP) contribution of P6.1 trillion, which marked a 16% increase from 2015. The sector is also responsible for 42.7% of the workforce with 18 million jobs, making it the single most critical source of employment in the economy. The sector also contributed a total of P829.5 billion in tax revenue,” the report said.

The report identified a key driver of the agri-food sector to be food and beverage manufacturing, which accounts for 46% of the sector’s contribution to GDP.

“The sector was impacted by the disruptions coming from the COVID-19 pandemic, seeing a 4% contraction in 2020, or a P262.1 billion drop in GDP contribution. However, the scale of this impact was considerably smaller than what the economy endured as a whole, highlighting the essential nature of agri-food production and distribution,” according to the report.

“The Philippines showed important vulnerabilities due to its dependence on tourism to revive its food industry. It placed second worst across 10 countries when it comes to the sector’s expected economic recovery,” it added.

Elizabeth M. de Leon-Lim, Philippine Chamber of Food Manufacturers, Inc. chairman and president, said the agri-food industry needs to work closely with the government to explore other ways to thrive despite the pandemic, as demand from international tourism remains uncertain.

“With the agri-food industry being instrumental to the national economy, it is critical that both the industry and the public sector come together to sustain and uplift the agri-food sector as we move forward into the rest of this year,” Ms. De Leon-Lim said.

James Lambert, Oxford Economics director of Economic Consulting Asia, said fiscal adjustments can be made to deal with potential risks to the recovery of the sector and the country’s economy, such as lowering public expenditure or increasing tax revenues.

“As the Philippines looks to emerge from the pandemic stronger, it is important that policymakers provide the most conducive conditions for the agri-food industry to successfully rebuild itself, and that any fiscal policy implemented is carefully planned, designed, and communicated. That will allow the industry to continue to provide the economic benefits it has delivered over recent decades,” Mr. Lambert said.

The Philippines was deemed among the most vulnerable in Asia to fiscal adjustments after the pandemic, which means that poorly-executed fiscal responses can potentially harm the recovery of the agri-food sector, and consequently the economic recovery.

“The report recommends that for governments to develop successful fiscal responses that do not inhibit the recovery of the agri-food industry, three conditions need to be met: using education to influence behavior; favoring regulatory standards over taxes; and maintaining a constant conversation with the industry,” it said. — Revin Mikhael D. Ochave

Apo Agua sets end-2021 target for Davao bulk water operations

WWW.APOAGUA.COM

DAVAO CITY — Aboitiz-controlled Apo Agua Infrastructura, Inc., (AAII) is aiming to start operations at its bulk water supply project here at the end of the year, from the original launch date of mid-2021 target due to coronavirus-related delays.

“It is a very challenging and a tight timeline, but with the constant support for our project (from the) Davao City Water District and the strong support of the city government of Davao, we are optimistic that we can have first drop of water by end of this year,” Shake A. Tuason, operations head of AAII, said during the AFP-PNP Press Corps media briefing Wednesday.

“We are still constantly monitoring our project timeline,” he added.

Mr. Tuason said after construction delays last year due to pandemic restrictions, the company has nearly doubled staffing to 4,500 workers at the various work sites to make up for the disruptions. — Maya M. Padillo

US grants $4M to fund PHL vaccines, traffic study

PHILSTAR FILE PHOTO

THE PHILIPPINES obtained two new grants from the US worth a combined $4.186 million, which will help fund the Health department’s mass vaccination program and support a study aiming to address road congestion in Cebu.

The US Agency for International Development (USAID) provided $3.5 million to help the Department of Health with its vaccination rollout, USAID Acting Administrator Gloria D. Steele said at a virtual economic briefing between the two governments Thursday.

This will bring the US government’s total coronavirus disease 2019 (COVID-19) grants to the Philippines to the equivalent of P1.3 billion so far since 2020.

The funds will be used on monitoring the safety of vaccines, information campaigns, and helping local government units (LGUs) plan, track and administer doses.

At the same briefing, the Philippine government and US Trade and Development Agency (USTDA) signed a $686,000 technical assistance grant for the master plan of an intelligent transport system in Metropolitan Cebu.

USTDA Acting Director Enoh T. Ebong said the project aims to ease road congestion, improve mobility and cut vehicle emissions by deploying smart mobility and traffic management solutions across the 13 LGUs in Metro Cebu.

“The improvement of the transportation system in Metro Cebu is part of our massive ‘Build, Build, Build’ program. The development of this project shows our commitment to maintain the pace of our infrastructure modernization program to hasten our economic recovery. The technical assistance to be provided by the USTDA under this project will help us transition rapidly into the new digital economy,” Finance Secretary Carlos G. Dominguez III said at the briefing.

Ms. Ebong said the USTDA is also hoping to establish a presence at the US Embassy in Manila this year as the agency expands its programs in the Philippines.

“It will also facilitate the financing and implementation of our infrastructure projects through closer engagement with the Asian Development Bank and other regional financial institutions,” she added.

The US was the Philippines’ sixth largest source of external funding, with total grants of $577.7 million as of March 2020. — Beatrice M. Laforga

Poland exploring technology, agriculture ventures with PHL

REUTERS

POLAND is seeking economic partnerships with the Philippines in the technology and agriculture sectors, the Department of Trade and Industry (DTI) said.

Trade representatives met virtually with the Polish Chamber of Commerce and the Poland Ministry of Economic Development last week, the DTI said in a statement Thursday.

Polish Ministry of Economic Development, Labour and Technology Undersecretary Robert Tomanek said at the online event that possible areas of collaboration also include IT and food.

“The demographic and economic potential of the Philippines and Poland should generate greater cooperation. We really can do better. We want to diversify economic cooperation, especially in the Asia-Pacific area,” he said.

The Philippines in turn is interested in promoting its semiconductors and information technology to Europe, Philippine Trade and Investment Center – Berlin Commercial Counsellor Althea Antonio said.

The Philippine trade representatives also expressed interest in fresh and processed goods exports as well as raw and intermediate goods exports in food processing, pharmaceuticals, and construction.

Philippine Chamber of Commerce and Industry Vice Chair for Asia and ASEAN Affairs Roberto C. Amores encouraged Polish investors to explore joint ventures and distribution deals for coconut, bananas, processed mangoes and pineapples, cacao, and other high-value crops that have seen strong demand from the European Union.

Mr. Amores also heads the Philippine Food Processors & Exporters Organization, Inc. — Jenina P. Ibañez

OOKLA: Globe fastest download speeds in 10 of 17 regions in Q1 2021

PH mean mobile download speed sustains improvement

Globe beats competition across 10 out of 17 regions in the Philippines in terms of mobile download speed based on Ookla®’s Q1 2021 data.  This is a reflection of the telco’s rigorous network upgrades to provide customers with better mobile data experience.

According to Ookla®’s Q1 2021 data [1], the telco has registered the fastest mobile download speeds in the following regions: Autonomous Region in Muslim Mindanao (ARMM), Bicol, Cagayan Valley, Caraga, Cordillera Administrative Region (CAR), Eastern Visayas, Ilocos Region, Northern Mindanao, Region XII, and Zamboanga. These regions have been enjoying median mobile download speeds of at least 5.76 Mbps to 9.08 Mbps.

The continuous improvements in mobile download speeds may be attributed to the telco’s steady investments in network upgrades and infrastructure development. To date,  90 percent of Globe’s cell towers are now equipped with 4G LTE technology, which provides better and faster mobile data experience.

For the Philippines, the mean mobile download speed improved 29.22% in Q1 2021, posting 24.72 Mbps compared to 19.13 Mbps in Q4 2020[2].

“We are glad that our increased investments and steady improvements in our network are being felt by our customers. Having improved mobile download speed in various regions across the country bodes well for inclusive digital growth as we envisioned,” said Ernest Cu, Globe President, and Chief Executive Officer.

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

 

1...7,0637,0647,065...13,076Page 7,064 of 13,076
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube