March's PH balance of payments on surplus

BOP swings to $1.17 billion surplus in March

Story by Keisha Ta-Asan
Philstar Global
20 April 2024

MANILA, Philippines — The country’s balance of payments (BOP) position reverted to a $1.17-billion surplus in March from a $196-million deficit in February, data from the Bangko Sentral ng Pilipinas (BSP) showed.

“The BOP surplus in March reflected inflows arising mainly from the national government’s net foreign currency deposits with the BSP and net income from the BSP’s investments abroad,” the central bank said.

However, the surplus in March was 7.4 percent smaller than the $1.27 billion recorded in the same month in 2023.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the lower BOP position compared to last year was due to the continued trade deficits in the past months and some payment of foreign debts.

The BOP is the difference in total values between payments into and out of the country over a period.

A surplus means more foreign exchange flowed into the country from exports, remittances from overseas Filipinos, business process outsourcing earnings and tourism receipts than what flowed out to pay for the importation of more goods, services and capital.

For the first quarter, the country booked a BOP surplus of $238 million, falling by 93.1 percent from the $3.45 billion surplus recorded in the same quarter in 2023.

“Based on preliminary data, this cumulative BOP surplus reflected mainly the improvement in the balance of trade alongside the net inflows from personal remittances, net foreign borrowings by the NG, foreign direct investments and foreign portfolio investments,” the BSP said.

Latest data from the Philippine Statistics Authority showed the country’s trade deficit narrowed by six percent to $3.65 billion in February compared to last year’s $3.88 billion.

Likewise, personal remittances grew by three percent to $2.95 billion in February from $2.86 billion in the same month in 2023, of which cash remittances coursed through banks rose by three percent to $2.65 billion from $2.57 billion.

According to the BSP, the BOP surplus in the first quarter reflects a gross international reserve level of $104.1 billion as of end-March, up from $102 billion as of end-February.

The level is equivalent to around 7.7 months’ worth of imports of goods and services and payments of primary income. It is also about 5.9 times the country’s short- term external debt based on original maturity and 3.7 times based on residual maturity.

The buffer ensures availability of foreign exchange to meet balance of payments financing needs, such as for payment of imports and debt service in extreme conditions when there are no export earnings or foreign loans.

“For the coming months, the BOP data could improve partly due to proceeds of the national government’s foreign currency-denominated borrowings or debt from both commercial sources, as well as from official development assistance and other multilateral sources,” Ricafort said.

For 2024, the BSP raised its BOP projection to a surplus of $100 million but is expected to reverse to a $100-million deficit in 2025.

Is Trillion Dollar economy Attainable for PH?

Could the Philippines Really Become a Trillion-Dollar Economy in the Next Decade?

Story by Currie Cator
Esquire Philippines
19 April 2024

The World Economic Forum (WEF) is optimistic that the country could be a $2-trillion-dollar economy in the next 10 years—reaching the same level as mainland China, Japan, India, South Korea, Australia, Taiwan, and Indonesia. 

That’s on the condition, though, that the Philippines scores better investments in key sectors. 

Currently, the country’s economy is pegged at around $476 billion, the WEF said.

In its property market report, consulting firm Leechiu Property Consultants said the Philippines saw an 18-percent surge in foreign tourist arrivals in the first quarter of the year. This is the highest since 2019.

The demand for hotels, tourism, and leisure went up to 1.66 million, with travelers mostly coming from South Korea at 27.5 percent. 

Overall hotel performance is expected to bounce back by 2025, according to the report.

Leechiu also reported a growth in office take-up by a quarter in the first three months of 2024, the largest over the last four years.

It said the increase in demand was observed across all industries, "indicating a widespread and robust expansion." 

Office market transactions rose to 331,000 square meters (sqm) from the 264,000 sqm. in the same period last year.

The "sustained" take-up was attributed mainly to traditional companies or government agencies, as well as the IT-BPM (information technology and business processing management) industry. Philippine Offshore Gaming Operations (POGOs) also continued to take up space, accounting for about 55,000 sqm.

Another factor driving possible growth, according to Leechiu, is the shift of the country's residential market to the provinces. 

Real estate loans outside Metro Manila rose in recent months, whereas the capital is experiencing a slowdown in residential condominium sales.

As for capital values, delayed interest rate cuts have been causing fatigue in the economy.

But Leechiu said the market remains bullish, as the U.S. presidential elections this year may force the Federal Reserve to slash rates; though it may still depend on inflationary management.

"Long-term view [is] still positive as Philippines continues to be one of the fastest growing countries in the world at 5.9 [percent]," the report said.

The country's inflation rate rose to 3.7 percent in March due to higher food prices and transportation costs.

In 2023, the Philippines recorded a full-year gross domestic product (GDP) growth rate of 5.6 percent, falling short of its six to eight-percent target.

PH banks make it to Forbes' List

Nine Philippine Banks Make It to Forbes' Best in the World List

Story by Micah Avry Guiao 
Spot.ph
19 April 2024

Forbes’ annual list of World's Best Banks is challenging us to rethink what makes a good bank great. While nine Philippine banks make it to the prestigious list, the chosen ones are not the usual institutional giants one would expect.

Philippine National Bank was named the best Philipine bank for 2024; in last year's list, they took second place. Meanwhile, Union Bank and Maya Bank take second and third place, respectively.

Notably, almost all of the digital banks in the Philippines earned a spot on the list. As defined by the Bangko Sentral ng Pilipinas, "digital banks offer financial products and services that are processed end-to-end through a digital platform or electronic channel with minimal or no reliance on physical touchpoints."

Forbes offered a likely explanation as to why we're seeing a rise in digital banking: "Faced with a confluence of shifting factors–including tech advancements, generative AI, high interest rates, increased institutional oversight, and evolving customer expectations–banks are being called on to adjust their business and operating models."

Last year's leader, CIMB Bank, was not even part of the list at all. Similarly, two of the biggest banks in the country, BDO Unibank and Bank of the Philippine Islands (BPI), were also absent.

Philippine banks on World’s Best Banks by Forbes

Here are the Philippine banks included in the 2024 World's Best Banks by Forbes:

1. Philippine National Bank
2. Union Bank
3. Maya Bank
4. OFBank
5. UnionDigital Bank
6. UNO
7. GoTyme Bank
8. Landbank
9. Metropolitan Bank & Trust

Forbes partnered with Statistica to ask more than 49,000 participants to evaluate banks where they currently have a checking or savings account, rating each on five criteria: trustworthiness, terms and conditions (such as fees and rates), customer service (wait times and helpfulness of employees), digital services (ease of using the website and app), and quality of financial advice.

S&P bullish on Philippine economic growth

S&P raises Philippine outlook for 2026

Inquirer.net
19 April 2024

MANILA, Philippines — S&P Global Ratings slightly improved its growth outlook on the Philippines for 2026 on expectations of resurgent consumption as inflation is projected to soften beyond 2024.

The global debt watcher now forecasts the country’s gross domestic product (GDP) to expand 6.5 percent in 2026, a tad higher than its prior projection of 6.4 percent.

If realized, economic growth in 2026 would match the lower end of the Marcos administration’s target of 6.5- to 8-percent expansion for that year. While the adjustment was “minimal,” S&P expects more benign inflation to power up consumption.

“Beyond 2024, the easing inflation will help household consumption recover and likely lower interest rates towards year-end will gradually do the same for investment, helping overall growth to normalize,” Vincent Conti, senior economist at S&P, said.

READ: March inflation higher at 3.7% but still within gov’t target range

But for now, S&P expects the economy to face headwinds brought by stubbornly high inflation and expensive borrowing costs.

The Bangko Sentral ng Pilipinas (BSP) has so far kept its key rate unchanged at 6.5 percent, the tightest in nearly 17 years. What’s prompting the central bank to stay hawkish is a persistently high inflation that may breach the BSP’s 2- to 4-percent target anew.

Philippines among top country for expat in 2023

Philippines among best countries for living and working abroad in 2023—survey

Story by Yoniel Acebuche
Philstar Life
18 April 2024

The Philippines was among the top countries for expats in 2023, according to a recent survey on living and working abroad.

In the latest Expat Insider survey, the country placed eighth in the list of best places for expats when it comes to "the ease of settling in and getting started abroad" as well as personal finances, work, and quality of life in general.

In case you didn't know, an expat or expatriate is "an individual living and/or working in a country other than their country of citizenship, often temporarily and for work reasons." They can also be someone who "has relinquished citizenship in their home country to become a citizen of another."

Around 12,000 expats based in 172 countries and territories participated in the survey. Mexico, Spain, Panama, Malaysia, and Taiwan topped the list, followed by Thailand, Costa Rica, the Philippines, Bahrain, and Portugal, respectively.

According to the survey, Mexico's top performance didn't come as a surprise as the country has consistently been part of the Top 5 since its first edition in 2014. It has also consistently ranked among the best in the Ease of Settling In Index for ten years due to local friendliness, finding friends, easy-to-get-use culture, affordable housing and accommodation, as well as personal career opportunities such as fair pay, work-life balance, and quality of life.

Expats also said that they "feel at home and happy in Spain," making it the second best country worldwide for them. They also found Panama, which placed third on the list, an easy destination to settle in.

Conde Nast Traveler, in a report on the same survey, said that the Philippines made it to the list likely because of its proximity to some of the world's most beautiful islands and affordability.

"We suspect being near some of the world's most beautiful islands probably makes expats pretty happy," the digital travel site said. "The country ranked third in the survey's 'Personal Finance' index, with people reporting an enviable cost of living and affordable housing."

The Expat Insider 2023 survey was conducted by InterNations, an expat networking community with more than 5 million members.

The latest edition assigned ratings to more than 50 aspects of expat life, including the ease of settling in, work-life balance, cost of living, healthcare quality, and friendliness of the local population.

PBBM is one of the "Most Influential People of 2024"

Marcos among TIME’s ‘100 Most Influential People of 2024’

By Darryl John Esguerra
Philippine News Agency
April 18, 2024

MANILA – President Ferdinand R. Marcos Jr. has been included in TIME magazine's "100 Most Influential People of 2024."

TIME recognized Marcos’ leadership, citing how his administration steadied the post-coronavirus pandemic economy and how his presidency “elevated the Philippines on the world stage.”

The President’s stance against China’s aggression in the West Philippine Sea was also cited.

“Bongbong has stood steadfast against Chinese aggression in the disputed South China Sea and bolstered his nation’s alliance with the U.S. in the face of ‘rising tensions in our region and the world,’ as he said last May,” read Marcos' short profile as written by TIME correspondent Charlie Campbell.

Marcos is listed in the Leaders category, along with Yulia Navalnaya, widow of Russian opposition leader Alexei Navalny; Poland Prime Minister Donald Tusk; Taiwan President-elect Willian Lai; Argentina President Javier Milei; Qatar Prime Minister, Sheikh Mohammed bin Adbulrahman bin Jassim Al Thani; World Bank Group President Ajay Banga; Italian Prime Minister Giorgia Meloni and Chinese Premier Li Qiang; among others.

Other Philippine leaders who were featured in the list in previous years were Marcos’ predecessors Rodrigo Duterte in 2017 and Benigno Aquino III in 2013. (PNA)

Sultan Kudarat State University shines at Malaysia awards

Sultan Kudarat prof, grad student shine at Malaysia awards

Story by Antonio G. Papa Ph.D
Manila Times
18 April 2024

SULTAN Kudarat State University (SKSU) grabbed the spotlight during the 2nd International Organization of Educators and Researchers (IOER) International Pinnacle Awards and 2nd International Conference on Business and STEM Education (ICBSTEME) held at Verdant Hill Hotel in Kuala Lumpur, Malaysia.

SKSU Assistant Professor Jenevieve Lumbu-an said Prof. Abraham Accad, also a graduate student of the institution, was awarded during the twin events on March 30 and 31 as the Most Exemplary Civil Technology Expert and Researcher for his groundbreaking work in using technology to enhance education.

Graduate student Rebecca Eviota, a public school principal taking graduate studies at SKSU, was awarded the Most Exemplary School Principal and Outstanding Educator in Indigenous People Education for her visionary leadership, promotion of inclusive education and dedication to IP students' achievement.

"As a member of the Menubu Mandaya Indigenous cultural community and IP educator, I must not remain an observer; instead, I must step up to be a catalyst for change. I am grateful to Sultan Kudarat State University for allowing me to step up on an international platform and become a contributor to advancing IP Education in our community," Eviota said.

The paper of SKSU faculty members Teresa Hallegado and Alicia Manondog, "Implementation of New Normal Learning Modalities and Academic Performance of Gen Z Learners Across Senior High Schools in South Cotabato," was hailed the Best Abstract in Education and Teaching for the 2nd ICBSTEME.

"The pioneering paper in education has received recognition for its exceptional quality and innovative ideas. Their work holds promise for revolutionizing the field, providing educators with invaluable knowledge and solutions to tackle contemporary educational challenges," Lumbu-an said.

The IOER International Pinnacle Awards recognized exceptional individuals and the collaborative power of educators and researchers around the globe. By honoring those who have devoted their careers to improving education, the ceremony emphasized teamwork, groundbreaking thinking, and constant learning in shaping the future of education.

Philippines as attractive alternative destination for international students

The rise of alternative destinations: Thailand, Poland, and the Philippines

ICEF Monitor
monitor.icef.com
17 April 2024

A growing body of industry research shows that in 2024, international students are considering a wider range of destinations, motivated by such factors as ease of getting a visa, post-study work opportunities, and affordability.

Today, our focus is on three alternative destinations that have – relatively quietly – been attracting considerably more student interest than in the past.

These destinations are Thailand, Poland, and the Philippines, countries that are all attractive in terms of affordability as well as strengths unique to their location and education system.

Please note: Cost of living and study costs change fairly regularly, as do visa requirements. It’s important to check with individual institutions and government officials for the most current information in these respects.

THAILAND

Increased demand from China

According to Thailand’s Office of the Permanent Secretary, Ministry of Higher Education, Science, Research, and Innovation, more than 30,000 international students were enrolled in Thai universities in in 2022, up from 25,100 in 2019. Since 2009, foreign enrolments in Thai universities have grown by about 2,000 per year thanks largely to increased demand from China.

The number of Chinese students studying in Thailand has doubled within the past five years to over 20,000, and University World News reports that 60% of foreign students in Thailand (as well as Malaysia) are Chinese. Myanmar and Cambodia are the next largest senders of students to Thailand, but they sent less than 5,000 students each in 2022.

The affordability advantage

Thailand has a compelling competitive advantage in 2024: affordability.

Thailand is not only more affordable than the Big Four destinations of Australia, Canada, the UK, and US, but it is also less expensive – in terms of tuition and living costs – than the top Southeast Asian destinations of Malaysia and Singapore. Students need only to prove they have savings of US$360 when applying for a Thai student visa – an indication of just how affordable the country is to live and study in. (By contrast, students need savings of at least US$20,000 to cover tuition and living when applying for a visa for study in Australia, Canada, and US).

In terms of programme costs, bachelor’s degrees in Thailand range from about US$1,775 to $1,900 a semester, while master’s run from about US$2,320 to $2,500. Unipage.net provides the following table showing average tuition.

Students can live on a much smaller budget in Thailand than in many destinations. QS notes:

“Those on a tight student budget will be able to live on 650 baht (US$20) a day, covering food, transport and accommodation. For those looking to do some travelling and exploring while undertaking study in Thailand, you will likely need to budget around 1500 baht (US$46) per day.”

QS cautions, however, that living costs are higher in major cities like Bangkok.

Quality education offerings

Thailand isn’t just competitive on the basis of cost: it also has some very good universities and highly ranked programmes. For example, two Thai universities are ranked in the Top 100 in the QS Asia University Rankings 2024: Chulalongkorn University (#44) and Mahidol University (#51). Chiang Mai University also ranks highly at #102.

On the global QS 2024 rankings, these are the Thai universities in the top 1000:

• Chulalongkorn University: #211
• Mahidol University: #382
• Chiang Mai University: #571
• Thammasat University: #600
• Kasetsart University: #751-760
• Prince of Songkla University: #901-950
• Khon Kaen University: #901-950
• King Mongkut's University of Technology Thonburi: #951-1000

Beyond those overall rankings, the following chart shows that several Thai universities perform well in specific subject areas.

Overflow from students failing China’s ultra-competitive exams

Studying in Thailand is part of a larger trend of Chinese students choosing to study in Asia if they fail their very competitive postgraduate exams. University World News has reported that:

“Yangyang Study Abroad Private education consultancy surveys in China put the proportion of applicants who fail the postgraduate exam and then apply to universities in Asia at between 40% (estimated by the agency) and 66% (estimated by other lesser-known agencies)."

Transnational Education (TNE) is part of Thailand's plan to become a regional education hub

Over the past five years, TNE activity has been intense in Thailand, and the Thai government sees foreign partnerships and the establishment of branch campuses in Thailand to be a key means of attracting more international students from the region. The UK is particularly active in this regard in Thailand, and there now more than 120 active collaborative agreements between British and Thai universities.

Thousands of Thai students are abroad but high costs are dampening demand

At the same time as Thailand is attracting more inbound students, it is also sending out tens of thousands (more than 30,000 in 2022). However, agents are noticing more hesitancy this year among Thai students considering study abroad. Speaking during StudyTravel’s Alphe Asia conference in February 2024, Sethaphol Rutrakool, president of the Thai education consultancy TIECA, said:

 “I think that since the pandemic, the market in Thailand has recovered, but in 2024 it is not so good. Because of inflation, the costs of everything have gone up – the costs of    homestays,  tuition fees and everything while the purchasing power of the students and  parents is not fully back yet. So, I think it's kind of a tough situation right now. It's going [to]     slow down from what I've seen for the remainder of this year and maybe next year as well.”

POLAND

Over the course of the past decade, the number of international students in Poland has tripled and last year reached a record-high of over 100,000 according to the education magazine Perspektywy. A total of 102,200 international students were registered in the education ministry database for the 2022/23 academic year and about 9% of all students in Poland’s universities are now foreign.

Poland offers over 300 English-taught university programmes, an advantage that appeals to a large segment of international students.

Steep rise in Ukrainians

A key reason for the increase is a significant rise in the number of Ukrainian students, many of whom have left their country due to Russia’s invasion. Nearly 50,000 Ukrainians are studying in Poland and account for nearly half of all foreign students.

But as reported in NotesfromPoland.com, Poland is also attracting students from a wide range of other countries, including Belarus (12,000), Turkey (3,800), Zimbabwe (3,600), India (2,700), Azerbaijan (2,500), Uzbekistan (2,100), China (1,800), Kazakhstan (1,700), and Nigeria (1,600).

The presence of so many Zimbabweans is interesting – there are more Zimbabwean students in Poland than in Canada (1,425), the US (1,790), or Australia (1,665), despite these destinations’ more intense recruiting in Zimbabwe over the past couple of years.

Of the 100,000+ international students in 2022/23, Perspektywy magazine notes: “This reflects the huge amount of work done by Polish higher education in the last 19 years … when Poland joined the EU in 2004 it had only 8,800 foreign students … just 0.5% of all students at the time and the lowest relative figure in Europe.”

Affordability

Poland is an affordable destination compared to many in Europe. Study.eu provides the following illustrative chart showing tuition fees at several major Polish universities:

The Polish government says that international students can expect a cost of living of about €330 (US$350) a month, though living in cities can be more expensive. 

The fee for a student visa application is €80 (US$85). In terms of proof of funds, a student must show they have 776 PLN (US$190) plus tuition for each month of their stay in Poland plus enough for return travel back to their country. They must also show they can pay for accommodation.

12 unis in the Top 1,000

There are close to 400 state and private universities in Poland. Two Polish universities are in the top 500 in QS’s 2024 World University Rankings: University of Warsaw (#262) and Jagiellonian University (#304). Overall, these are the Polish universities in the top 1,000:

• University of Warsaw: #262
• Jagiellonian University: #304
• Warsaw University of Technology: #571
• Adam Mickiewicz University, Poznań: #731-740
• Poznan University of Life Sciences: #801-850
• Gdańsk University of Technology: #851-900
• AGH University of Krakow: #901-950
• Nicolaus Copernicus University: #901-950
• University of Wroclaw: #901-950
• Wroclaw University of Science and Technology: #901-950
• University of Gdańsk: #951-1000
• University of Lodz: #951-1000

PHILIPPINES

The Philippines is a crucial source of students for many destinations. It is now Canada’s third largest market behind only India and China, sending 48,870 students in 2023, 50% more than in 2022. It is Australia’s fourth largest market after China, India, and Nepal, with 48,300 students enrolled in 2024. Australia has been expanding its Filipino student population even faster than Canada has – the total for 2024 is up 194% over 2023 and represents a massive jump of 469% since 2019.

But the Philippines is also an attractive destination for a growing number of students, even though international students make up only 1% of the total student population. In 2022, the Philippines hosted 22,250 international students, 53% more than in 2021. As in Poland, international students have many English-taught programmes to consider in the Philippines.

STEM programmes draw the most students

Interestingly, the Philippines is enrolling most of its international students to STEM programmes. As you can see from the chart below, STEM students make up a larger proportion of the overall student population in the Philippines than they do in any other destination represented in the data.

Indian students’ growing interest in the Philippines

The Philippines’ international enrolment growth has been largely driven by Indian students. In 2022, these were the top five markets for universities in the Philippines:

India: 16,010

China: 4,460

Nigeria: 1,930

South Korea: 144

Thailand: 137

The Economic Times notes: “While traditional destinations like the UK, US, Australia and Canada remain popular [for Indian students], other countries like Uzbekistan, Philippines, Russia, Ireland, Kyrgyzstan and Kazakhstan are gaining interest.”

ApplyBoard points out that once a destination attracts a critical mass of Indian students, it tends to expand its international student population at an increasingly rapid rate:

“Once Indian students penetrate a market, history tells us that the market will skyrocket in popularity. Not just among Indian students, but all international students.

Take the UK for example, which hosted 18,000 Indian students in 2017. Today, the UK is projected to welcome over 100,000 new Indian international students next year, which will make India the UK’s number one source market.

We will be watching the Philippines closely to see if this spike in Indian interest is the catalyst of quick growth.”

Affordability

International students can expect to pay €500–€2,000 (US$530–$2,030) per year in tuition – making the Philippines one of the most affordable study abroad destinations in the world, especially considering that the cost of living ranges from €650–€1,000 per month (US$692–$1,065).

The visa application fee is US$100 plus $40 for a compulsory registration card. There is no set amount required for proof of financial means, but students must present evidence they can afford their course of study, accommodation, and living expenses while in the Philippines.

QS rankings

Five universities in the Philippines feature in QS’s 2024 World University Rankings:

• University of the Philippines: #404
• Ateneo de Manila University: #563
• De La Salle University: #681-690
• University of Santo Thomas: #801-850
• University of San Carlos: #1201-1400

The allure of alternative destinations

The costs of living and studying – plus hefty requirements for proving sufficient financial resources – are making it impossible for thousands of students to study in the leading English-speaking destinations. But strong demand for study abroad remains, and students are proving themselves quite willing to travel to emerging destinations to earn a foreign degree at a cost that won’t leave them (and their families) desperate for cash.

Thailand, Poland, and the Philippines are just three of the alternative destinations enrolling many more students than in the past on the basis of affordability. Other host countries that have attracted significantly more international students over the past few years include Mexico, the Netherlands, Russia, and Japan.

GMA-7 wins award at the New York Festivals TV & Film

GMA-7 takes home multiple wins at New York Festival TV and Film Awards 2024

Story by PEP team
14 April 2024

Media giant GMA Network wins big for the Philippines, bringing home a total of seven medals —including one World Gold medal—at the New York Festivals TV & Film (NYF) Awards 2024.

This marks the first time all the GMA-7 shortlisted entries won in their respective categories.

GMA-7 takes home multiple wins at New York Festival TV and Film Awards 2024

GOLD AND SILVER MEDALS FOR  The Atom Araullo Specials

At the virtual Storytellers Gala held on April 17 (Philippine time), multi-awarded GMA Public Affairs once again dominated the country’s winning entries with six medals.

The bi-monthly public affairs program The Atom Araullo Specials clinched a World Gold Medal again, this time for the powerful documentary "Batas Bata" (Child’s Game) in the Documentary: Social Justice category.

The episode showed Atom Araullo exploring the lives of minors entangled in the complex web of crime and conflict within the heart of Manila.

The documentary also assessed the Philippines’ existing legal framework—including how it adequately addresses the unique challenges faced by these young individuals.

A second The Atom Araullo Specials documentary, "Hingang Malalim" (One Deep Breath), earned a Silver Medal under the Documentary: Human Concerns category.

The episode featured the life of the Badjao people who make a living out of diving for pearls in Mindanao.

THREE MEDALS FOR I-WITNESS

GMA Public Affairs’ flagship documentary program I-Witness earned three medals this year.

"Bawat Barya" (The Price of Dreams), also a documentary by Araullo, won a Silver medal in the Documentary: Social Issues category.

It featured the story of two young boys who search for coins in a dirty water channel for a living.

Winning Bronze medals each were Howie Severino’s documentary "Boat to School" and Mav Gonzales’ documentary "Sisid sa Putik" (Rise from the Mud).

"Boat to School," which won under the Documentary: Heroes category, showed the plight of the students, who had to traverse the sea using a boat just to go to their school in Liaonan, Siargao.

It also told the story of how one resident took it upon herself to gather children in her small home to teach them what she could with the little knowledge she had.

Meanwhile, "Sisid sa Putik" took home the Bronze medal in the Documentary: Community Portraits category.

Mav’s documentary featured the old tradition of Agusan Del Norte residents diving into the waters to get mud that will be used to plant frog grass.

BRONZE FOR BLACK RIDER

Arriving on the global stage for the first time was GMA Public Affairs’ action-packed drama series Black Rider, which won a Bronze medal in the Entertainment Program: Drama category.

Bannered by Prime-Time Action Hero Ruru Madrid, Black Rider weaves together elements of heroism, revenge, justice, and family drama in a compelling narrative on a cinematic scale.

Rounding off the accolades of GMA Network this year was GMA Integrated News’ "Sundo: A GMA Integrated News Documentary," which won a Bronze Medal in the News Program: News Documentary/Special category.

This marks a significant milestone as this is the first news documentary under GMA Integrated News 360.

"Sundo" chronicles the war between Hamas and Israel as told through the lenses of GMA Integrated News’ veteran journalists Raffy Tima and JP Soriano and video journalist Kim Sorra.

GMA Integrated News was the first Philippine news organization to deliver live and exclusive reports straight from the Middle East in the Israel-Hamas conflict at that time.

The New York Festivals TV & Film Awards recognizes content in all lengths and forms from over 50 countries.

GMA Network was the only local broadcast company to make this year’s shortlisted entries.

3 PH cities cleanest in Southeast Asia

Three PH cities among least polluted regional cities in Southeast Asia

Story by Zacarian Sarao 
Inquirer.net
17 April 2024

MANILA, Philippines — Three cities in the Philippines were among the least air polluted cities in Southeast Asia, a 2023 international report on air quality showed.

The Swiss air-monitoring company IQAir’s 2023 World Air Quality Report provides a global review of air quality, citing PM2.5 air quality data from 7,812 cities spanning 134 countries, regions, and territories for 2023.

              Three PH cities among least polluted regional cities in Southeast Asia | Inquirer                        

PM2.5 concentration describes the amount of fine particulate aerosol particles up to 2.5 microns in diameter and is used as the standard air quality indicator for the World Air Quality Report. Measured in μg/m3, PM2. 5 is one of six major air pollutants commonly used in the classification of air quality.

According to the study, Calamba City in Laguna ranked sixth in the entire Southeast Asia for having the safest air quality in the country, with an 8.2 micrograms per cubic meter (μg/m³) average of PM2.5.

This makes Calamba City the least air polluted city in the country.

Carmona City in Cavite also landed on the list with 8.9 μg/m³ average PM2.5, while Balanga City in Bataan ranked 11th with 9.2 μg/m³ average PM2.5.

Still, all three cities still did not meet the prescribed annual average PM2.5 concentration of 5 or less.

Meanwhile, Mamuju, Indonesia led Southeast Asia with the lowest average PM2.5 at only 3.7 μg/m³, followed by Kupang, Indonesia with 4.6 μg/m³ and Bongawan, Malaysia with 6.7 μg/m³.

The most air polluted cities in the region, on the other hand, was South Tangerang, Indonesia with 71.7 μg/m³, followed by Tay Ho, Vietnam with 61.5 μg/m³ and Tangerang, Indonesia with 54.1 μg/m³.

PH ranks 79th globally

Meanwhile, of the 134 countries and territories worldwide, the Philippines ranked 79th based on average PM2.5 concentration and 8th out of nine countries in Southeast Asia.

The country’s 13.5 μg/m³ average PM2.5 was 10 percent lower than the recorded 14.9 μg/m³ in 2022.

This, however, is also still almost triple the prescribed annual average PM2.5 concentration.

Meanwhile, Bangladesh led the ranking with the highest average PM2.5 concentration at 79.9 μg/m³, followed by Pakistan with 73.7 μg/m³ and India with 54.4 μg/m³.

Only seven countries, on the other hand, met the prescribed annual average PM2.5 of 5 μg/m³, namely, Australia, Estonia, Finland, Grenada, Iceland, Mauritius and New Zealand.

Three territories also recorded safe levels of PM2.5 concentration, specifically, Puerto Rico, Bermuda and French Polynesia.

French Polynesia had the cleanest air quality with only 3.2 μg/m³, followed by Mauritius at 3.5 μg/m³ and Iceland with 4 μg/m³.

Rizal artist wins International Prize for the Arts in Venice

Self-taught Filipino artist to get International Prize Phoenix for the Arts

Inquirer.net
17 April 2024

A 27-year-old self-taught artist from Teresa, Rizal, has been chosen to receive the prestigious first-edition International Prize Phoenix for the Arts in Venice, Italy. He will be the first-ever Filipino to be presented with the award.

John Paul Francisco Sto. Domingo, known as Juan El Pintor, said in a  post on his Facebook page that Dr. Salvatore Russo, one of the curators of the reputable event, sent him an invitation to receive the prize along with other artist awardees during the awards ceremony at the Scuola Grande di San Teodoro in Venice on June 12.

“It’s such an incredible honor to be recognized for my passion and dedication to art. I couldn’t be more grateful for this opportunity! Thank you to everyone who has supported me along this creative journey,” Sto. Domingo wrote in his post.

Inspiration for the masterpiece

Sto. Domingo’s nominated artwork, “LuzViMinda,” showcases the diversity of the Philippine landscape and culture through striking geometric shapes, contrasting colors, and intricate patterns to stir emotions.

“At the center of the painting, we can see the iconic image of three women who bring our country on the pedestal. They’re the faces of this country who transform, inspire, and influence not only the Filipino people but also the world. Indeed, they are the epitome of the ‘Filipinos of the Future,’” Sto. Domingo expounded.

Sto. Domingo added that the works of Hernando R. Ocampo, a Filipino national artist, and Pablo Picasso, a renowned cubism artist, highly inspired his masterpiece.

Further, Sto. Domingo expressed that his family, himself, and the people who believe in him also inspire him to continue making outstanding artworks.

“My inspiration for doing [the] artwork is, of course, my family, myself, and all the people [who] believe in my talent because I believe that nothing can go wrong in expressing yourself and art can change the world,” Sto. Domingo said.

Colorful journey to success

Sto. Domingo told the Inquirer that he has been doing artworks since he was 13 and started receiving recognition during the COVID-19 pandemic when people began to buy his works.

He has been invited to local and international art exhibitions and has exhibited his paintings at the International Art Festival 2023 in Busan, South Korea, and the Philippine-Vietnamese Art Exhibit 2022 at Resorts World, Manila.

As a self-taught artist, Sto. Domingo mentioned that most of his knowledge and experiences came from other artists.

Sto. Domingo also shared that what he mainly needs now is financial help, as art materials are expensive.

“Art materials are quite expensive. Without my collectors, I will not be able to continuously create masterpieces,” Sto Domingo said.

Message for the Filipino art community

Sto. Domingo advised aspiring Filipino artists to continue pursuing art and practicing daily to hone their skills and talent. He also reiterated that they should believe in themselves, be humble, and always thank the Lord.

“It is such an honor to receive the award as the first Filipino recipient. I want to say to the Filipino artist community that this award is not just a representation of myself but the whole Filipino artist community. As the saying goes, ‘Success for One, Success for All.’ This award is for all of us Filipinos,” Sto. Domingo expressed.

—BRITNEY MARIE R. USABAL (INTERN)

Indonesia and Philippines lead green investments in SEA

Indonesia and the Philippines contributed bulk of US$6.3 billion green investment hike in Southeast Asia

But it is Singapore and Vietnam which have made the most progress in reaching climate goals over the past year, as the region grapples to meet US$1.5 trillion required to achieve 2030 emissions targets.

By Hannah Alcoseba Fernandez
Ecobusiness.com
17 April 2024

Indonesia and the Philippines contributed most of the US$6.3 billion in green investments made in Southeast Asia over the last year, according to a study released on Monday by consultant Bain & Company and Singapore state investor Temasek.

The ongoing construction of  a wastewater treatment facility which is just part of Manila Water’s Three-River System Masterplan. Image: Manila Water 

The 2023 outlay was a 20 per cent increase on 2022, due to the rise in investments in solar and wind projects as well as spend on renewables-powered data centres. 

Despite making sizeable increases in green investments, the Philippines and Indonesia lagged in terms of how their national targets cascaded down to policies and businesses, according to the report’s index, which provides a snapshot of how each country is progressing towards their decarbonisation targets relative to their peers.

The Philippines is the only country in the region which has yet to announce a net zero goal, although it has pledged to the United Nations that it will reduce harmful greenhouse gases by 75 per cent by 2030.

Indonesia, Southeast Asia’s largest economy, is currently pursuing a 2060 target for emissions neutrality, but has been struggling to receive favourable funding terms from foreign financiers to phase out coal power.

Singapore and Vietnam were not able to lock in large-scale renewable energy deals unlike in previous years, but remain regional leaders in terms of national targets that are sufficiently aligned with the Paris climate accord, which aims to cap global warming at 1.5°C above pre-industrial levels. 

The Philippines and Indonesia make up most of the US$6.3 billion in private investments towards decarbonisation goals in 2023. Malaysia and Laos have made the most significant increases in climate-friendly investments compared to 2022, at 326 per cent and 126 per cent, respectively. Image: Southeast Asia Green Economy 2024 report

“While we do see relative differences in the progress different countries in the region are making, each one is moving forward in different ways. The idea of the index was to try to be transparent around what more needs to be done to be able to close the gap to move faster,” said Dale Hardcastle, director of global sustainability centre, Bain & Company. 

Indonesia raised US$1.6 billion, mostly for a polyethylene terephthalate (PET) plastic recycling facility in Java. The Philippines attracted investments worth US$1.5 billion, almost half of which will go on the construction of a wastewater treatment facility across the municipalities of Marikina, San Juan River, Pasig, and Laguna.

Malaysia made the most significant increase in climate-friendly investments compared to last year, with US$530 million spent on data centres in Johor and Kulai to be powered by solar, while a large-scale project to unlock Laos’ renewable potential is being carried out by foreign investors.

Vietnam invested less than US$1 billion, as it awaited direction from its Power Development Plan 8 (PDP8), an ambitious masterplan currently being finalised to detail how it would reach its committment to net-zero emissions by 2050.

Singapore made no large solar deals of more than US$100 million. Its total green investment last year was US$900B, almost half of which included data centers of SingTel that rely on clean energy power. 

‘Shareholder activism’ lacking in Southeast Asia

While climate investments increased in 2023, Southeast Asia has an investment gap of US$1.493 trillion to fill by 2030 to reach its decarbonisation goals.

A key reason for this is a lack of shareholder activism pushing Southeast Asia’s corporates to decarbonise, Hardcastle said at Ecosperity, a climate conference held in Singapore.

“Our region lacks some of the shareholder activism that we see in other places that are taking action. Despite the growing pressure that anyone in the financial sector can attest to today, that is still not translating into the investment that we require,” he said.

In Europe and the United States, shareholders have pressured corporates to pivot towards sustainability. 

Shell faced a shareholder rebellion in January, as large investors including the United Kingdom’s biggest pension scheme prepared to back a climate activist resolution.

Twenty-seven investors that own about 5 per cent of the company agreed to back a resolution filed by the Amsterdam-based shareholder activist group Follow This that called for the oil and gas major to align its medium-term emissions reduction targets with the 2015 Paris agreement.

Follow This likewise sought a vote on ExxonMobil’s climate strategy at its annual shareholder meeting in May.

However, the investor group up dropped its petition for Exxon shareholders to vote on whether the company should set emissions reduction targets after the United States oil company legally challenged their plans.

IMF more bullish on Philippines growth outlook

IMF upgrades Philippines growth forecasts

Story by Keisha Ta-Asan
Philstar Global
17 April 2024

MANILA, Philippines — The International Monetary Fund (IMF) turned more bullish on its growth outlook for the Philippines in the next two years amid expectations of stronger consumer demand and investments.

Based on its April 2024 World Economic Outlook (WEO), the IMF slightly revised its gross domestic product (GDP) growth forecast for the Philippines to 6.2 percent this year.

“Real GDP growth for 2024 was revised slightly to 6.2 percent from the January WEO forecast of six percent, reflecting carryover from a better-than-expected outturn in the last quarter of 2023,” IMF resident representative Ragnar Gudmundsson said in an email to The STAR.

The latest IMF forecast would hit the government’s six to seven percent goal for this year, penned by economic managers through the Development Budget Coordination Committee. It would also be significantly higher than the 5.5 percent expansion in 2023.

The Philippines is expected to be the fastest growing economy in the region, exceeding Indonesia’s five percent, Malaysia’s 4.4 percent, Thailand’s 2.7 percent and Singapore’s 2.1 percent.

This year’s growth target is also higher than the 4.5 percent growth forecast for the entire Association of Southeast Asian Nations (ASEAN), a downgrade from the previous projection of 4.7 percent.

For 2025, the IMF sees the Philippine economy expanding by 6.2 percent, up from 6.1 percent previously. The Philippines would still be the fastest in the region that year.

“Over the medium term, structural reforms to close infrastructure and education gaps, attract greater FDI (foreign direct investment), and harness benefits from the digital economy should help realize a growth potential of about 6-6.5 percent,” Gudmundsson said.

“These reforms should be complemented by strengthening existing social protection schemes and addressing climate change through a more integrated strategy that includes a carbon pricing scheme,” he added.

The IMF also sees the global economy growing by 3.2 percent both in 2024 and 2025. The 2024 growth target was upgraded from 3.1 percent previously, but the 2025 GDP forecast was retained.

“Nevertheless, the projection for global growth in 2024 and 2025 is below the historical (2000–19) annual average of 3.8 percent, reflecting restrictive monetary policies and withdrawal of fiscal support, as well as low underlying productivity growth,” the IMF said.

Inflation in the Philippines is expected to average 3.6 percent this year before easing further to three percent in 2025. Both projections are lower than the six percent full-year inflation in 2023.

Gudmundsson said monthly headline inflation would gradually approach three percent in the second half of 2024, hitting the midpoint of the two to four percent target of the Bangko Sentral ng Pilipinas (BSP).

However, risks continue to cloud the outlook as a spike in food or fuel prices could lead to increased inflationary pressure for higher wage hikes and persistence in core inflation, he said.

“The BSP should maintain a sufficiently restrictive monetary policy stance until inflation fully returns to target. Scope for a gradual reduction in the policy rate could emerge later this year, provided that inflation expectations are firmly anchored and upside risks to the inflation outlook do not materialize,” he said.

Inflation accelerated to 3.7 percent in March from 3.4 percent in February, marking its second straight month of uptick. This prompted the BSP to keep borrowing costs elevated after it raised interest rates by 450 basis points from May 2022 to October 2023.

The BSP has emerged as the most aggressive central bank in the region after hiking interest rates by 350 basis points in 2022 and by another 100 basis points in 2023 to tame inflation.

Fil-Am Muay Thai fighter making waves in One Championship

‘It’s In Our Blood’ – How Warrior Roots Helped Filipino-American Phenom Sean Climaco Earn A ONE Championship Contract

Jay Furness
Onefc.com
16 April 2024

Sean Climaco is the latest United States-based striker with big dreams of making a name for himself in ONE Championship.

The 29-year-old will debut in a flyweight Muay Thai clash against Josue “Tuzo” Cruz at ONE Fight Night 22: Sundell vs. Diachkova on Prime Video, and he knows it’s a huge opportunity to take his career to the next level.

There was a point when Climaco thought he’d have to give up on his goal of becoming a professional athlete, but he’s now set to compete on the biggest platform of all – live in U.S. primetime on Friday, May 3.

Find out how the rising star overcame his doubts, won himself a contract with the world’s largest martial arts organization, and earned this chance to compete at Lumpinee Boxing Stadium in Bangkok, Thailand.

Growing Up On Bruce Lee

Climaco was born and raised in the city of Fremont in California’s Bay Area. His parents moved from the Philippines to the United States, where they found work and started their family.

It was a fairly normal childhood for the youngster, with iconic martial arts films playing a prominent role in his early interests.

Climaco recalled:

“Originally, my parents are from the Philippines, so I’m Filipino-American. I have a younger brother, Mark.

“When I was a child growing up, I really liked watching a lot of martial arts films, stuff related to fighting, like Bruce Lee and Rocky.

“Me and my brother were also pretty aggressive towards each other growing up, so we would play fight till we got in trouble.”

Finding The Right Outlet

Climaco and his younger brother’s inclination to fight was a common theme, but fortunately, their father knew a proper way to channel that aggression.

As an avid martial artist who didn’t have the same opportunities back home in the Philippines, he initially enrolled the young duo into MMA classes at American Kickboxing Academy to use their energy productively.

Looking back on his father’s nudge toward the gym, Climaco said:

“My dad actually was the one that really got me and my brother into it. He was doing karate and boxing when he was growing up, but it’s something he never got to do the way my brother and I are doing it now.

“We both started training together. I was 14 and he was 11. He’s gone on to be a pro MMA fighter, and I’m a pro Muay Thai fighter.”

Along with the actors he watched in movies, Climaco also saw Filipino legend Manny Pacquiao’s incredible success in boxing and took motivation from that.

In fact, it ignited Climaco’s warrior spirit – a part of his heritage that he believes is ingrained into his DNA:

“I idolized Bruce Lee and Rocky, and then, also being Filipino, Manny Pacquiao as I grew older watching him fight. But it wasn’t just those influences that got us into fighting. I think it’s in our blood too.

“The part of the Philippines my family is from is called Cebu [City], and people from that city of the Philippines are known as fighters and warriors.

“If you’re from that part of the Philippines, you’re considered to have a strong heart and fighting spirit.”

Finding His Purpose In Life

With an affinity for striking, Climaco stuck with his kickboxing and Muay Thai training throughout high school, but although he loved it, it wasn’t anything more than a hobby for a long time.

However, when he graduated and didn’t have any other goals in mind, he decided to dive into his passion under the guidance of coach Rudi Ott.

Climaco explained:

“I didn’t really have a direction after high school. I didn’t know what to do career-wise. Luckily, I had training still going on. I’m like, ‘Alright, I’ve been doing this long enough. Why not go as far as you can with it?’

“That’s when I started to compete more seriously, getting more fights, being more active, and from that point on, it took about another five years to finally decide it was time to turn pro.

“I dropped out of college, became a pro. Then I quit my full-time job and dedicated my whole self to fighting and teaching at the gym, finally living the fighter lifestyle.”

Of course, this career path is always a risk, with the chances of making it slim and the life of a fighter fraught with danger.

It almost came crashing down when a serious knee injury briefly derailed Climaco’s journey – but that’s when ONE came into view at just the right time:

“One of the biggest obstacles that I had overcome was getting back from tearing my ACL. When that happened, I didn’t really know where my career would go. I thought I was gonna end up stopping fighting. And who knew if my knee would ever be the same again?

“Luckily, I had this opportunity to compete in the Road to ONE. It just so happened to start at the same time as I was ready to fight again after doing my knee rehab.

“I won the Road to ONE tournament for the U.S. and now I’m in ONE, something that I didn’t even see after I tore my knee. I thought I was done.”

Reaching The Global Stage

The timing was impeccable for Climaco, as it offered him a much-needed lifeline in the sport.

The Fremont native was already a fan of ONE, but with the U.S. Muay Thai scene not offering many routes toward the big leagues, he thought it was out of reach.

Winning the Road to ONE tournament with a trio of knockout victories changed his life, and now, the Filipino-American can see a bright future in “the art of eight limbs”:

“I first heard of ONE in 2019. At that time, I was only a year into my pro career, and I thought, ‘Oh damn, that’s pretty cool that they’re doing Muay Thai in the MMA gloves.

“I wasn’t really sure how I would eventually get in there because it looked like a lot of the guys, especially the male fighters, were all international. There weren’t really any American fighters, so I didn’t really see myself fighting in ONE until the Road to ONE, honestly.

“I’m just very fortunate that they had a Road to ONE tournament here in the U.S., and I’m grateful to Warriors Cup for including me in that tournament because I didn’t think I’d end up fighting on the highest level.”

With his debut now beckoning, Climaco is thrilled to be competing among the world’s most elite striking superstars.

The number of eyeballs tuning in on May 3 will be much higher than anything he’s experienced before, and “The One” is eager to deliver an impressive performance to prove he belongs.

He added:

“I’m really excited to test myself against the best in the world.”

“Of course, I’m training harder than ever, but that’s what you have to do when you get called to fight in one of the biggest organizations in the world.

“I’m just trying to get my feet wet and show the world who Sean ‘The One’ Climaco is.”