Filipino Chef in LA wins big at the ‘Oscars of food’

Filipino Chef in LA wins big at the ‘Oscars of food’

Story by Mary Villegas
Inquirer.net
15 June 2024

Filipino American Chef Lord Maynard Llera came prepared with his ‘kodigo’ (cheatsheet) for his speech at the James Beard Awards night in Chicago this week.

Chef Llera, the culinary master behind Kuya Lord at 5003 Melrose Avenue, Los Angeles, clinched a prestigious accolade — the James Beard Award for Best Chef: California. Shortlisted as a semi-finalist last January along with other Fil-Am chefs, he came out on top.

Adding a delightful pinch of Filipino flavor to Hollywood’s culinary landscape, this award, known as the “Oscars of food,” is a claim to fame for the Filipino restaurant.

Taking to Instagram to share his “kodigo” (cheatsheet) for his speech on the awards night, expressing his gratitude, he wrote, “I would like to thank the @beardfoundation for recognizing my work and bestowing this honor upon me. I am truly honored & humbled to stand before all of you tonight to accept this prestigious award…”

Kuya Lord’s journey – from a humble start as a series of pop-ups during the pandemic to transforming into a brick-and-mortar gem in Southern California – is nothing short of inspiring. His Filipino fast-casual restaurant in Los Angeles’ Melrose Hill neighborhood has quickly become a go-to-spot for elevated and modern Filipino dishes. 

The core of Kuya Lord

One of LA Times’ “Best Restaurants”, Kuya Lord’s charm lies in its “Filipino food done my way,” as Llera puts it on their website. He offers concoctions that can be traced back to his roots in Lucena City, Quezon Province, Philippines. 

Their menu features standout dishes like “lucenachon” (slow-roasted pork belly), Caledonia blue prawns in garlicky crab paste and “mami” (egg noodle soup) — a reflection of Llera’s creativity and rich cultural heritage.

This Fil-Am chef’s mission is ambitious yet heartfelt – to integrate Filipino food into the American mainstream culinary scene. 

His approach of introducing Filipino flavors to Los Angeles is working, with about 80 percent of Kuya Lord’s patrons being non-Filipinos.

Chef Llera’s culinary odyssey

Migrating to the US at 24, Llera initially settled in New York City but soon found his rhythm in the laid-back vibes of the West Coast. This Fil-Am chef realized his dream of opening a Filipino restaurant in 2020 until the pandemic pivoted his plans. 

To manage the setback, he turned his garage into a pop-up kitchen, leveraging social media to attract crowds from Orange County and Long Beach.

Officially opening in June 2022, backed by a major investor, Kuya Lord was born – a cozy spot that seats 28 people.

With the restaurant’s success and his James Beard Award, Llera is now looking to expand with a more upscale Filipino dining experience in Los Angeles.

Keep an eye out LA – Filipino cuisine is here to stay, ready to take tastebuds on a culinary journey to the Philippines.

Philippines is expected to be among the “key growth outperformers” in Asia-Pacific this year

PH projected to be among Asia-Pacific ‘outperformers’

Story by Mariedel Irish U. Catilogo
Inquirer.net
15 June 2024

MANILA — The Philippines is expected to be among the “key growth outperformers” in Asia-Pacific this year, primarily due to rising exports, a bump in state-led infrastructure spending, and robust growth in tourist arrivals, according to Moody’s Analytics.

“Indonesia, the Philippines, and India are key growth outperformers. Indonesia and the Philippines benefited from a recovery in export and domestic demand, with better tourist arrivals and government spending on infrastructure providing an added lift,” the report said on Thursday.

The ratings agency added in a report that the growth in the Philippine economy should continue to surpass prepandemic levels this year.

The Philippines penciled in a 5.7-percent growth in the first quarter this year, while Indonesia and India recorded a 5.1-percent and 7.8-percent expansion, respectively.

Outpacing regional growth

The country is thus on track to hit the growth target this year of between 6 and 7 percent, outpacing the expansion in Asia-Pacific of just 4 percent.

High inflation and lending rates continue to weigh on economic expansion, although government economic planners believe that the escalation in the prices of basic commodities should settle comfortably within the target for the year of 2 to 4 percent.

This should then bump up in the succeeding quarters the increase in household spending, which accounts for more than 70 percent of economic output.

From January to March this year, this segment grew by just 4.6 percent, the slowest rate since the COVID-19 pandemic hit in 2020, according to the Philippine Statistics Authority. This should accelerate toward the end of the year with more benign inflation and the expected cut in borrowing costs.

Infrastructure spending, meanwhile, climbed by 15.1 percent to P96.3 billion in March, data from the Department of Budget and Management showed.

Exports were likewise a bright spot, surging by 26.4 percent year-on-year amid higher sales of electronic products in April.

Tourism receipts are also contributing to the country’s economic output with visitor arrivals in the first five months totaling 2.56 million, up by 14 percent compared to 2.25 million seen in the same period last year, according to data from the Department of Tourism.

Filipino Celebrities with Wax Figures at Madame Tussauds

Filipino Celebrities with Wax Figures at Madame Tussauds

Story by Nikko Tuazon
Pep.ph
14 June 2024

Recognized for its collection of lifelike wax figures, Madame Tussauds Wax Museum celebrates individuals who have achieved notable popularity and cultural significance.

Some of these individuals are Filipinos who have made their mark and gained worldwide acclaim for their talents and achievements.

PEP.ph (Philippine Entertainment Portal) lists the Filipino celebrities who have been given the rare honor of having their own wax figure.

PIA WURTZBACH

In addition to being the third Filipina to win the Miss Universe title, Pia Wurtzbach also holds the distinction of being the first Filipino and the first beauty queen to have her own wax figure.

Pia made the announcement in September 2018.

Months later, in March 2019, her wax figure was officially unveiled at a mall in the Philippines before it took its place at Madame Tussauds Hong Kong.

The wax figure is an exact replica of Pia during her final walk as Miss Universe 2015, adorned in a stunning royal blue ball gown designed by Michael Cinco, who also crafted the gown for her wax "twin."

However, the wax figure is holding a replica of the iconic Phoenix Mikimoto Crown, which is not the design of the crown she wore when she won. Pia Wurtzbach crowned her successor, Iris Mittenaere, with a different crown during the Miss Universe 2016 coronation night in the Philippines in January 2017.

The actual crown, featuring blue diamonds, light blue topazes, and blue sapphires, was created by the Czech company Diamonds International Corporation (DIC).

In March 2024, Pia's wax figure was temporarily relocated to the museum's Singapore branch for a special exhibit, and will be displayed there until September 1, 2024.

MANNY PACQUIAO

Boxing champ Manny Pacquiao became the first Filipino male to have his likeness created by the wax artists at Madame Tussauds.

Manny's wax figure was officially unveiled in November 2021 at Madame Tussauds Hong Kong.

His wax figure is wearing the actual boxing gear that Manny considers among his lucky garments throughout his boxing career.

The figure is set in a boxing ring, giving fans around the world the chance to take fun snapshots with him in action.

CATRIONA GRAY

Catriona Gray is the third Filipino celebrity to have a wax figure.

The creation of Catriona's wax figure took over two years, largely due to delays caused by the COVID-19 pandemic.

Initially announced in January 2020 by Madame Tussauds Singapore, the life-sized figure was eagerly awaited.

Finally, on March 30, 2022, Catriona's stunning wax figure was unveiled at the Singapore branch.

The wax figure captures the magic of her crowning moment during the Miss Universe 2018 pageant in Thailand. It is adorned with everything Catriona wore at that iconic moment, from her signature ear cuff to her Jojo Bragais heels.

To add a special touch, Filipino fashion designer Mak Tumang recreated his renowned "Lava Gown" specifically for Catriona's wax counterpart.

Catriona's wax figure was relocated to the Hong Kong branch on September 1, 2023, and is now featured in the Fashion Zone of the museum.

ANNE CURTIS

Anne Curtis is the fourth Filipino celebrity to be honored with a wax figure.

The Hong Kong branch of the renowned Madame Tussauds announced this exciting news on Friday, December 1, 2023.

According to a report by Preview.ph, Anne's wax figure will capture one of her iconic fashion moments.

Though the official launch date has not been announced yet, hers will be displayed in the Glamour Zone of the museum, alongside a host of famous Hollywood stars. 

LEA SALONGA

Lea Salonga is set to join the ranks of Filipino celebrities immortalized in wax at Madame Tussauds.

On Wednesday, June 5, 2024, Madame Tussauds Singapore made the exciting announcement via Instagram.

Its post read: "Shining, Shimmering, Splendid! The legendary Lea Salonga will have her very own wax figure in #MadameTussuadsSG! Are you as excited as we are?"

Scheduled for unveiling in the third quarter of this year, Lea’s wax figure will be a highlight at the Singapore museum in time for its 10th anniversary celebration.

THE PROCESS OF MAKING A MADAME TUSSAUDS WAX FIGURE

According to an article by CNET.com, the creation of a typical Madame Tussauds figure spans about four months, involves around 20 skilled artists, and costs roughly GBP150,000, or approximately PHP11,220,185.73.

The process begins with the museum obtaining permission from the celebrity, as not all celebrities agree to having their own wax figures.

This is followed by a detailed consultation to decide on the pose and expression of the wax figure. An extensive data and measurement collection session then ensures every detail is precise.

Next is the sculpting process, which includes creating a clay model, forming a plaster cast, and ultimately crafting the wax figure. This phase can take up to six weeks.

Interestingly, not all parts of the wax figure are made of wax; some components are actually crafted from fiberglass.

After sculpting, the painting process begins. Artists meticulously hand-paint the entire figure, including the eyes, to perfectly match the celebrity.

Following the painting, the clothing phase takes place, where celebrities either donate their clothing or have outfits custom-made for the wax figure.

Heart Evangelista, Anne Curtis are top global fashion influencers

Heart Evangelista, Anne Curtis are top global fashion influencers

Story by Nikko Tuazon 
Pep.ph
13 June 2024

Actresses and fashion icons Heart Evangelista and Anne Curtis have firmly established their prominence in the global fashion industry.

A recent report from Launchmetrics titled Reinventing Influence: The Gen Z Impact on Fashion Marketing places both Heart and Anne among the "Top 20 Celebrities Globally for all Fashion & Sportswear Segments."

A top provider of software, data, and insights for fashion, lifestyle, and beauty, Launchmetrics evaluates brands across luxury, premium, and mass-market segments to find those with the highest Media Impact Value (MIV).

HEART EVANGELISTA AND ANNE CURTIS: MEDIA IMPACT VALUES

Heart and Anne secured spots on the list based on their impressive MIV from research data gathered between January 1, 2020, and December 31, 2023.

MIV, a unique algorithm developed by Launchmetrics, measures the impact of media placements across print, online, and social channels. This metric helps compare the effectiveness and ROI of marketing activities.

According to the report, Heart ranks fourth globally with a total MIV of USD 85 million (approximately PHP 4.98 billion).

Anne, on the other hand, holds the ninth spot with an MIV of USD 55 million (about PHP 3.22 billion).

Leading the list is Indian actress Avneet Kaur, followed by Puerto Rican rapper and singer Anuel, and K-Pop boy group Enhypen.

Following Heart in the rankings are K-pop stars NCT, New Jeans, and BLACKPINK members Jennie Kim and Kim Jisoo.

Completing the top ten is Thai heartthrob Nattawin Wattanagitiphat.

Other notable figures in the top 20 include Albanian singer Dua Lipa, Thai actor Win Metawin, BLACKPINK's Rosé, English athlete Jude Bellingham, K-Pop boy group Stray Kids, Thai actor Phakphum Romsaithong, singer Becky G, Indian actress Disha Patani, Argentine athlete Ángel Fabián Di María, and Hollywood star Dwayne "The Rock" Johnson.

HEART EVANGELISTA CONGRATULATES ANNE CURTIS

Following the release of the Launchmetrics report, Heart took to X (formerly Twitter) to congratulate fellow Pinay style star Anne Curtis.

In her repost tagging Anne, Heart wrote, "Congrats too @annecurtissmith," followed by three red heart emojis. Anne responded with three white heart emojis, saying, "Thank you Hearty."

Pia Wurtzbach is top celebrity influencer at Cannes 2024

Pia Wurtzbach is top celebrity influencer at Cannes 2024

Story by Nikko Tuazon 

Pep.ph

13 June 2024

The Cannes Film Festival 2024 in France saw Pia Wurtzbach dominate the red carpet with her stunning looks.

Her appearances not only drew admiration but also crowned her as the top celebrity influencer at the festival, according to the latest data and insights report of Launchmetrics.

For the unfamiliar, Launchmetrics is a company that specializes in influence analytics, offering data and technology solutions for the fashion, lifestyle, and beauty sectors.

Their proprietary algorithm, Media Impact Values (MIV), evaluates both quantitative and qualitative data to assess and calculate the media impact value of influencer marketing efforts on brand image.

PIA WURTZBACH'S MEDIA IMPACT VALUES AT CANNES 2024

In their latest report, Launchmetrics revealed that Pia's red carpet appearances at the Cannes Film Festival 2024 amassed MIV worth USD 8.1 million (approximately PHP 474,595,200), making her the top celebrity influencer at the event.

Close behind her was Indian actress and Miss Universe 2015 batchmate Urvashi Rautela, with an MIV of USD 7.9 million. Indian actresses Preity G Zinta and Avneet Kaur claimed the third and fourth positions, respectively, with MIVs of USD 4.2 million and USD 4.1 million.

Pia is also the leading celebrity voice for L'Oreal, the primary beauty sponsor of the festival. She generated a total MIV of USD 2.1 million (approximately PHP 123,041,100) through 10 Instagram posts for the beauty brand.

Pia's inclusion in the list reaffirms her status as a leading celebrity influencer in the realm of high-profile fashion events.

Notably, this isn't her first time commanding a top position among influencers.

Earlier this year, Pia was ranked second on Launchmetrics' list of celebrities with the highest Media Impact Values (MIV) during Milan Fashion Week Fall/Winter 2024, where she garnered a remarkable MIV of USD 5.4 million (approximately PHP 303.5 million).

Lefty.io, an influencer marketing platform affiliated with The Independents Group, also recognized Pia's influence, ranking her sixth in their "Most Visible Influencer" list during Milan Fashion Week Fall/Winter 2024.

According to their findings, Pia accumulated an impressive Earned Media Value (EMV) of USD 2.95 million (approximately PHP 166.9 million).

Negros Island is the newest Philippine region

Marcos signs law creating Negros Island Region

Story by ANNA FELICIA BAJO

GMA Integrated News

13 June 2024

President Ferdinand ''Bongbong'' Marcos Jr. signed the measure on Thursday seeking to create the Negros Island Region.

Under the new law, the Negros Island Region will be composed of Negros Occidental, Bacolod City, Negros Oriental, and Siquijor.

The law's passage brings the total number of regions in the Philippines to 18. 

The law aims to consolidate and coordinate efforts, services, and resources for purposes commonly beneficial to the Negrense constituents. Further, the peace initiatives on Negros Island would be easier to enforce under one command.

A technical working group will be constituted to formulate the plan or roadmap to put in place all institutional arrangements for the Negros Island Region and arrange for the organizational development requirements as well as other necessary concerns for development planning.

In March, the Senate approved on third and final reading the bill seeking to create the Negros Island Region. The counterpart bill in the House of Representatives was passed in March 2023.

Senator JV Ejercito, the sponsor of the measure, earlier said the aim is for the six clusters of regional offices to be divided between the two halves of the island to ensure the effective delivery of services.

Ejercito also said the measure would strengthen local autonomy and accelerate the economic, cultural, and social development of the region.

In 2015, then-President Benigno Aquino III created the Negros Island Region, composed of Negros Occidental and Negros Oriental, through an executive order.

Marcos' predecessor, Rodrigo Duterte, dissolved the administrative division in 2017, arguing that it ''requires substantial appropriation to be fully operational, thus competing with government priority programs and projects for funding.'' —VBL, GMA Integrated News

Ateneo leads Philippine universities in 2024 THE World Rankings

Ateneo leads Philippine universities in 2024 THE World Rankings for fourth straight year

Story by NICK GARCIA
Philstar Life
13 June 2024

For the fourth straight year, Ateneo de Manila University (ADMU) led the Philippines' list of schools included in this year's Times Higher Education (THE) Impact Rankings.

ADMU was included in the 201 to 300 bracket, making it the country's top ranking university in the 2024 list that included 56 Philippine institutions.

It's also the Katipunan-based university's second consecutive year in the bracket. Its best performance to date was in 2022 when it was part of the 101 to 200 bracket.

In its methodology, THE said it based its rankings on the institutions' observance of the United Nations' 17 Sustainable Development Goals (SDGs), which aim to tackle climate change and work to preserve oceans and forests, giving "peace and prosperity for people and the planet."

ADMU's best scores included SDGs 6 (clean water and sanitation), 7 (affordable and clean energy), 16 (peace, justice, and strong institutions), and 17 (partnerships for the goals).

Three Philippine universities, meanwhile, were in the 

401 to 600 bracket: 

De La Salle University, 

Ifugao State University, and the 

University of the Philippines.

Four local institutions were part of the 

601 to 800 bracket: 

Batangas State University

Mariano Marcos State University

Saint Louis University and 

University of Santo Tomas.

Other Philippine universities in the list are: 

801- 1000 

Benguet State University 

Central Luzon State University

Isabela State University

Leyte Normal University

Mapua University

Mountain Province State Polytechnic College

Samar State University

Tarlac Agricultural University 

1000-1500

Cebu Technological University
Central Bicol State University of Agriculture
Cordillera Career Development College
Mindanao State University – Iligan Institute of Technology
Nueva Ecija University of Science and Technology (NEUST)
Philippine Normal University
San Beda University
St Paul University
University of Baguio
University of Northern Philippines
University of Science and Technology of Southern Philippines (USTP)
University of the Cordilleras
Visayas State University

1501+

Biliran Province State University (BiPSU)

Bulacan State University

Cagayan State University

Catanduanes State University

Cavite State University

Central Philippine University

Don Mariano Marcos Memorial State University

Far Eastern University – Dr. Nicanor Reyes Medical Foundation

Iloilo Science and Technology University

Lyceum Northwestern University

Lyceum of the Philippines University

Mabalacat City College (MCC)

Mapua Malayan Colleges Laguna

Pangasinan State University

Panpacific University

Polytechnic University of the Philippines

Quezon City University

Southern Leyte State University

University of Eastern Philippines

University of Mindanao

University of San Carlos

University of Southern Mindanao

University of the Immaculate Conception

Virgen Milagrosa University Foundation

WCC Aeronautical and Technological College

Western Philippines University

 Australia's Western Sydney University topped the list.

"By excelling in a variety of SDGs, these universities showcase their commitment to addressing the world's most pressing challenges, including environmental sustainability, social inclusion, economic growth and partnerships," THE said.

THE is a British-based magazine reporting on news and issues in global higher education.

Marcos to Filipinos: Let's build a new Philippines

Marcos to Filipinos: Let's build a new Philippines

By Kristina Maralit
Manila Times
12 June 2024

MANILA, Philippines — Ferdinand Marcos Jr. on Wednesday urged Filipinos build a Bagong Pilipinas (new Philippines) and achieve a brighter future as he led the commemoration of the country's 126th Independence Day.

"As we celebrate the founding of our nation today, let us dedicate ourselves to the challenging but rewarding task of realizing the full potential of the Filipinos and building a Bagong Pilipinas—one that truly embodies the ideals of a just, progressive, and independent Republic," Marcos said in his message.

He recounted how the Philippine flag first waved freely in Kawit, Cavite.

"It heralded the birth of the Philippines and declared to the world our untiring resolve to chart our own destiny as a sovereign nation," he said.

The chief executive pointed out that true freedom could be witnessed among ordinary Filipinos who face and overcome their day-to-day challenges.

"While the times may be different, our struggles remain the same. We continue to witness the true spirit of freedom in every Filipino who fights fairly in their day-to-day lives," he said.

"We see it in the resilience of our farmers and fisherfolk as they provide us sustenance. We see it in the dedication of our teachers as they nurture the minds of the future generation. We see it in the tenacity of our soldiers as they protect every inch of our territory, adamant as they are in the certainty that Filipinos do not, and shall never, succumb to oppression," he added.

Marcos urged citizens to not forget the lessons of the past and to remain untiring in fighting for and sustaining the freedom that the country's forefathers sacrificed their lives for.

Marcos joined the flag-raising and wreath-laying ceremony at the Rizal National Monument in Manila. In the afternoon, he will attend anniversary rites at Rizal Park at 5 p.m., then host an event for dignitaries in Malacañang.

There will be a parade from the Cultural Center of the Philippines grounds to Roxas Boulevard up to the Burnham Green across the Quirino Grandstand.

To cap off the celebration, a free concert of the P-pop girl group BINI will be held after the "Kalayaan Parade."

Over 60 Philippine HEIs named ‘most innovative schools’ worldwide

Over 60 Philippine HEIs named ‘most innovative schools’ worldwide

Story by Neil Jayson Servallos
PhilStar Global
12 June 2024

MANILA, Philippines — Over 60 Philippine higher education institutions (HEIs) were named among the 300 most innovative schools in the world in the 2024 World University Rankings for Innovation (WURI), the Commission on Higher Education (CHED) said on Monday.

From 44 last year, 65 institutions composed of 41 public HEIs and 24 private ones landed on the list.

Among the Philippine HEIs named within the 1-150 bracket of the rankings were the Far Eastern University-Dr. Nicanor Reyes Medical Foundation, FEU Institute of Technology, St. Paul University Philippines, Cebu Normal University, Biliran Province State University, Mariano Marcos State University, Tarlac Agricultural University, Cebu Technological University, Samar State University and Batangas State University.

CHED chairman J. Prospero de Vera III noted that the Philippines is one of the best-performing countries in the rankings, with almost 20 percent ranked HEIs out of the 12,000 entries worldwide.

“The continuing annual increase in the number of Philippine HEIs that are subjecting themselves to international assessment and ranking is indeed outstanding. The fact that these HEIs are joining the list of the top universities, not just in the WURI rankings but also in the other international ranking bodies, shows the globalized outlook and competitiveness of our public and private universities,” De Vera said.

“The collective efforts of Philippine HEIs, assisted by CHED and the national government, are now showing results. Rest assured, we will continue accelerating internationalization, assist university-to-university linkages and foster partnerships to bring more HEIs in international rankings,” he added.

While many academics and education sector stakeholders have been calling on the government to stop fixating on international assessments and rankings, CHED said that these are important as they make HEIs benchmark with other schools worldwide.

It could also identify areas to improve in teaching, research, public service and the kind of graduates that they need to produce, according to De Vera.

CHED said that WURI is one of the agency’s three recognized ranking systems for HEI internationalization. It is a ranking system of the Organizing Committee of the Hanseatic League of Universities.

It evaluates and ranks top universities with real contributions to society, highlighting creative and innovative approaches to research and educational programs.

FDI inflows soar to $2.97 billion in Q1

FDI inflows soar to $2.97 billion in Q1

Story by Keisha Ta-Asan 
Philstar Global
10 June 2024

MANILA, Philippines — The inflow of foreign direct investments (FDI) went up by 23.1 percent to $686 million in March, bringing the total in the first three months to $2.97 billion or 42.1 percent higher than in the comparable period a year ago, data from the Bangko Sentral ng Pilipinas (BSP) showed.

“FDI increased during the quarter on the back of the country’s strong growth prospects and moderating inflation,” the central bank said in a statement yesterday.

The Philippine economy grew by 5.7 percent in the first quarter, falling short of the government’s six to seven percent target, but faster than the 5.5 percent expansion in the fourth quarter of 2023.

Meanwhile, inflation averaged 3.3 percent in the first quarter, still within the central bank’s two to four percent target.

On a monthly basis, FDI inflows plunged by 49.8 percent in March from $1.37 billion in February. This marked the lowest FDI level in five months or since $670 million in October 2023.

Based on BSP data, investments in debt instruments – consisting mainly of inter-company borrowing between foreign direct investors and their subsidiaries or affiliates in the Philippines – climbed by 19 percent to $465 million in March.

Equity capital other than reinvestment of earnings also skyrocketed by 67.1 percent to $157 million in March from $94 million in the same period last year.

Source: Bangko Sentral ng Pilipinas

Placements grew by 50.3 percent to $173 million while withdrawals fell by 23.9 percent to $16 million.

Equity infusions were primarily from Japan, Singapore and the United States. The inflows were channeled into manufacturing, financial and insurance as well as real estate.

On the other hand, total reinvestment of earnings dipped by 11.3 percent to $64 million in March from $72 million in the same month last year.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the five-month-low FDI inflow in March to still elevated inflation and high borrowing costs for global and local investors.

But the year-on-year improvement in FDI “may have to do with improved economic and financial markets performance in recent months, such as headline inflation trending toward central bank targets that could support Fed and local policy rate cuts later in 2024,” he said.

Meanwhile, investment in debt instruments rose by 14.2 percent to $1.83 billion from January to March, while reinvestment of earnings dropped by 11.3 percent to $229 million.

On the other hand, equity inflows from the Netherlands and Japan almost tripled to $1.13 billion from $377 million, while outflow surged by 90 percent to $219 million from $115 million.

This brought equity other than reinvestment of earnings at $910 million in the first quarter, more than three times higher than the $261 million in the comparable period in 2023.

“For the coming months, possible cuts in the global and local policy rates later in 2024 and in 2025, especially if inflation remains well anchored within the inflation target of the central bank, could lead to further improvement in FDI eventually,” Ricafort said.

The BSP expects FDI net inflows at $9 billion this year.

Philippines opens nation’s biggest solar-powered irrigation system

Philippines opens nation’s biggest solar-powered irrigation system

Patrick Jowett
PV Magazine (Germany)
10 June 2024

The Philippines has inaugurated a solar-powered irrigation system in the province of Isabela, in the northeastern part of the country.

The PHP 65.7 million ($1.1 million) project was constructed between July 2023 and February 2024 and boasts more than 1,000 solar panels. It can produce 739,200 W of power for its two submersible pumps, with each pump capable of discharging 12,800 gallons (48453 liters) per minute.

Philippines President Ferdinand R. Marcos Jr. said the project is the biggest solar-powered pump irrigation project in the country to date and could irrigate 350 hectares of rice fields, helping almost 237 farmers. Isabela is the biggest corn producer and the second-biggest contributor to palay production in the Philippines. 

“If we used to use oil-powered machines to flow water from irrigation canals to your fields, now we power it with electricity from sunlight. Free electricity from the sun so we can provide free irrigation,” said Marcos Jr at the inauguration ceremony. “Certainly because of the construction of this solar-powered pump irrigation project, in your barangay there will be a continuous flow of water in the irrigation systems, crops will be well taken care of, your harvests will increase, double to the product.” 

The project is the first in the Philippines to be constructed over an irrigation canal, meaning that the land cultivated by farmers will not be reduced. Marcos Jr said that 152 additional solar-powered pump irrigation projects are being constructed across the country, including 118 projects overseen by the government. He added that 82 solar irrigation projects have been completed and activated since 2023.

Despite its resources, the Philippines faces significant water scarcity. Government estimates made earlier this year show that 40 million Filipinos do not have access to potable water. Marcos Jr has therefore called for a reorganization of water agencies in the country to respond to water-related challenges, including balancing water requirements for irrigation, household and industrial use in underserved areas.

The Philippines National Irrigation Administration began to ramp up investment in irrigation projects to improve water and energy supply in 2020. The association has accepted 15 solar powered pump irrigation projects and two small irrigation projects in the province of Isabela, which could irrigate another 251 hectares of farm lands and benefit 867 farmers, said Marcos Jr.

In October 2023, the country’s first canal-top solar irrigation project was commissioned.

65 Philippine HEIs ranked among world's most innovative

LIST: 65 Philippine HEIs ranked among world's most innovative by WURI 2024

CHED vows to continue ‘aggressively assisting’ internationalization efforts of Philippine higher education institutions

By Merlina Hernando Malipot

Manila Bulletin

Jun 10, 2024 

AT A GLANCE

From 44 last year, CHED said 65 Philippine High Education Institutions (HEIs) were among the top 300 most innovative universities in the world based on the 2024 WURI rankings.

The continuing annual increase in the number of Philippines HEIs that are subjecting themselves to international assessment and ranking, CHED said, is "outstanding."

CHED said international rankings are important because it makes Philippine HEIs benchmark with HEIs all over the world and identify improvements needed in teaching, research, public service and the kind of graduates they need to produce.

The Commission on Higher Education (CHED) commended 65 Higher Education Institutions (HEIs) for being ranked among the top 300 most innovative universities in the world based on the 2024 WURI rankings, highlighting Philippine HEIs' strengthened innovative education and positive impact on society.

“The continuing annual increase in the number of Philippine HEIs that are subjecting themselves to international assessment and ranking is indeed outstanding,” said CHED Secretary Popoy De Vera in a statement issued on June 9.

“The fact that these HEIs are joining the list of the top universities not just in the WURI rankings but also in other international ranking bodies shows the globalized outlook and competitiveness of our public and private universities,” he added.

De Vera noted that the latest number of Philippine HEIs making it to the 2024 WURI rankings increased from 44 last year.

Here’s the list of 65 Philippine HEIs among the global top 300 innovative universities by WURI 2024:

1. Far Eastern University - DNRM Foundation (60)

2. FEU Institute of Technology (72)

3. St. Paul University Philippines (78)

4. Cebu Normal University (95)

5. Biliran Province State University (98)

6. Mariano Marcos State University (107)

7. Tarlac Agricultural University (110)

8. Cebu Technological University (116)

9. Samar State University (117)

10. Batangas State University (128)

11. Leyte Normal University (131)

12. Central Luzon State University (135)

13. Our Lady of Fatima University (144)

14. Cordillera Career Development College (146)

15. Technological Institute of the Philippines (149)

16. Nueva Vizcaya State University (154)

17. University of Baguio (159)

18. Kalinga State University (160)

19. Saint Louis University, Baguio City (162)

20. Central Philippines State University (164)

21. University of Perpetual Help System DALTA (165)

22. University of the Cordilleras (166)

23. University of Eastern Philippines (168)

24. Lyceum of the Philippines University Cavite (169)

25. Ifugao State University (174)

26. Western Mindanao State University (181)

27. World Citi Colleges (186)

28. Benguet State University (193)

29. Lyceum-Northwestern University (196)

30. Don Mariano Marcos Memorial State University (198)

31. Abra State Institute of Sciences and Technology (201)

32. Universidad de Zamboanga (207)

33. Central Mindanao University (208)

34. University of Makati (209)

35. West Visayas State University (210)

36. Cebu Normal University Medellin (214)

37. Panpacific University (215)

38. University of Santo Tomas (216)

39. Southern Leyte State University (226)

40. Mountain Province State Polytechnic College (260)

41. Romblon State University (261)

42. Kalinga State University (263)

43. Nueva Vizcaya State University (264)

44. Virgen Milagrosa University Foundation (265)

45. Philippine Normal University (267)

46. Bukidnon State University (268)

47. Nueva Ecija University of Science and Technology (269)

48. Centro Escolar University (271)

49. Lorma Colleges (273)

50. Polytechnic University of the Philippines (274)

51. Saint Mary's University of Bayombong (275)

52. University of Saint Louis (276)

53. King's College of the Philippines

54. Tarlac State University (279)

55. Cebu Institute of Technology University (282)

56. LPU - Cavite (283)

57. Urdaneta City University (284)

58. St. Dominic College of Asia (285)

59. Apayao State College (287)

60. Pangasinan State University (288)

61. Northwestern University Inc. (289)

62. University of Northern Philippines (290)

63. Catanduanes State University (291)

64. Ilocos Sur Polytechnic State College (298)

65. WCC Aeronautical and Technological College, Inc. (300)

Importance of international rankings

CHED explained the importance of international rankings, noting that they allow Philippine HEIs to benchmark against HEIs worldwide and identify necessary improvements in teaching, research, public service, and the types of graduates they need to produce.

“More importantly, it requires them to do this every year as they track their improvement on a year-to-year basis,” CHED said.

De Vera stressed that the collective efforts of Philippine HEIs, assisted by CHED and the national government, are “now showing results.”

“Rest assured, we will continue accelerating internationalization, assisting university-to-university linkages, and fostering partnerships to bring more HEIs into international rankings,” he added.

De Vera said CHED is “aggressively assisting” Philippine HEI internationalization efforts under the directives of President Marcos to continue producing world-class professionals while seeking niches where Filipinos can excel, such as IT, animation, aviation, and game development.

“Notably, the Philippines is one of the best-performing countries in the rankings, with almost 20 percent of ranked HEIs out of the 12,000 entries worldwide,” CHED said.

WURI is one of three CHED-recognized ranking systems for HEI internationalization. It is a ranking system of the Organizing Committee of the Hanseatic League of Universities (HLU).

“It evaluates and ranks top universities with real contributions to society, highlighting creative and innovative approaches in research and educational programs,” CHED said.

Manila Is the World's Top Luxury Real Estate Market

Manila Is the World's Top Luxury Real Estate Market, Says Report

Story by Currie Cator 
Esquire Philippines
10 June 2024

Isn't it ironic that the Philippines is becoming more appreciative of luxury properties when many Filipinos still do not have their own homes? However, as this report from global property consultant Knight Frank reveals, Manila has become the fastest-growing high-end real estate market in the world, unseating Dubai. 

Makati City daytime

Makati City nighttime

Manila recorded 26.3 percent of annual price gains in luxury residential properties last year, the highest of all 100 markets analyzed in the report. Dubai, previously the frontrunner, slipped to second place, with a price growth of 15.9 percent. The Bahamas followed with 15 percent; while the Algarve in Portugal and Cape Town in South Africa saw prices jumping by 12.3 percent, rounding up the top five.

Overall, luxury residential markets still came out a bit stronger than expected, even while facing significant headwinds like the nonstop interest rate hikes and the rising living costs globally. Across the 100 markets tracked by Knight Frank, 80 recorded flat or positive annual growth in 2023, with luxury prices going up by 3.1 percent on average. This was regarded as "a solid gain."

"Stock markets were heading for more pain; inflation was veering out of control; and the pandemic-fueled property boom was set to end in tears, as borrowing costs hit 15-year highs in some markets," Kate Everett-Allen, head of international residential and country research at Knight Frank, said in the report. "However, that never happened. We’ve seen a much softer landing in terms of price performance around the world."

The Asia-Pacific region emerged as the strongest-performing region across the globe, with annual luxury prices increasing by 3.8 percent. Joining Manila in the top five markets with rapidly growing price gains are Mumbai, Shanghai, Seoul, and Auckland. According to the report, the Asia-Pacific may be seeing more wealth than any other region in the years leading to 2028, with Chinese investors and the Japanese real estate at the forefront.

Knight Frank, headquartered in London, prides itself as one of the world's leading independent real estate consultancies. Through its yearly wealth report, it provides insights on prime property markets, global wealth distribution, threats and opportunities for wealth, commercial property investments, and luxury spending trends.

Manila Moves Up in 2024 Global Top 100 List of Emerging Startup Ecosystems

Manila Moves Up in 2024 Global Top 100 List of Emerging Startup Ecosystems

Story by Paul John Caña 
Esquire Philippines 
10 June 2024

Despite funding challenges and a general air of uncertainty, Manila’s startup ecosystem is bouncing back and is showing signs of recovery. The biggest proof is that the country’s capital has moved up in the annual ranking of the world’s Emerging Startup Ecosystems. From last year’s 91-100 spot, Manila is now at 81-90, driven mainly by growth in the fintech, e-commerce and gaming sectors. 

Manila shares the 81-90 spot with global startup ecosystem heavy hitters like Las Vegas (Nevada, USA), Columbus (Ohio, USA), Kansai Region (Japan), Bucharest (Romania), San Bernardino and Santa Barbara (California, USA), Turin (Italy), Madison (Wisconsin, USA), and Ho Chi Minh City (Vietnam). 

Manila placed higher in the list than cities like Rio De Janeiro (Brazil), Leipzig (Germany), Cape Town (South Africa), Valencia (Spain), and Adelaide (Australia).

According to the ecosystem focus page, the GSER estimates Manila’s total startup ecosystem value at $6.4 billion (about P375 billion) as of the second half of 2021 to 2023. This is up significantly from last year’s estimate of $3.5 billion but still far from the global average of $29.4 billion. 

"In 2023, startups in the Philippines raised $960 million across 96 deals," the report said. "In mid-2023, Manila-based VC Kaya Founders closed $12 million in new funds, aiming to broaden their investment focus across pre-Seed to Series A stages."

Kaya Founders is one of the country’s most prominent investment firms focusing on early-stage startup companies. It has invested in many of the country’s top startups, including Etaily, GoRocky, Kindred, Kraver’s Canteen, Locad, Netbank, Plastic Credit Exchange, Paymongo, Peddlr, Toki, and many more. 

By the numbers

Manila’s startup ecosystem value grew a hefty 72 percent between the periods of the second half of 2021 to 2023 versus the second half of 2019 to 2021. For comparison, the global average in ecosystem value growth was only 46 percent last year. 

Total early-stage funding in the country (also from the second half of 2021 to 2023) was at $371 million (vs global average of $655 million), while total venture capital funding was at $1.1 billion between 2019 to 2023 (vs global average of $4.6 billion).

Manila also ranked in the GSER’s Top 15 of the Asia Ecosystem in Bang for Buck, Top 20 in Asia Ecosystem in Funding, and Top 30 in Asia Ecosystem in Performance.

"The Philippines is rising steadily in the Global Innovation Index, from #100 in 2014 to #56 in 2023, with plans to break into the top 50 by 2028 as outlined in the 2023-2028 Philippine Development Plan," the report said. "The Department of Trade and Industry (DTI), Department of Science and Technology, and Department of Information and Communications Technology lead efforts to support the country’s tech startup ecosystem. The National Innovation Council leads in developing the country’s innovation goals, priorities, and long-term national strategy."

Looking at the sub-sector strengths, the GSER highlighted the 38 percent growth, from 216 companies to 299, between 2021 to 2023 in fintech. Thanks to the Bangko Sentral ng Pilipinas Digital Payments Transformation Roadmap, digital retail payments soared from just one percent in 2013 to 50 percent of all transactions in 2023.

In e-commerce, the Philippines ranked fifth in the region for e-commerce traffic thanks largely to the extreme popularity of online marketplaces Shopee and Lazada, whose combined user bases is expected to balloon to 60.41 million by 2027.

And in gaming, the country is still the world’s undisputed leader in Web3 gaming interest for the third year in a row. The report made special mention of the Web3 Gaming Summit hosted by YGG last year and the launch of the country’s first esports course at Lyceum Philippines University.

In some ways, the GSER made many of the same points highlighted in the 2024 venture capital report released by Foxmont Capital Ventures and Boston Consulting Group. That report acknowledged the slowdown in funding for startups over the past year but still chose to shine a light on other bright spots in the startup ecosystem, including the country achieving a record number of deals, and how much the country is growing its share of regional capital.

Finally, the GSER put the spotlight on some major players in the country’s startup ecosystem, including the Gobi-Core Philippines Fund, Plug and Play Tech Center, Ideaspace, Launchgarage Innovation Hub, Brainsparks, and Startup QC.

"The Philippines invests in its startup ecosystem to create opportunities for a more prosperous and sustainable future, enhance quality of life, bolster global competitiveness, and foster innovation by addressing the critical challenges of our society and changing market needs," the report quoted DTI Usec. Rafaelita M. Aldaba of the agency’s Competitiveness and Innovation Group as saying.

Regional rankings

This year’s GSER report also includes a ranking of startup ecosystems by region. In Asia, Manila made it to the 21-25 ranking, tied with Bangkok (Thailand), Wuhan (China), Kansai Region (Japan), and Ho Chi Minh City (Vietnam). 

Asia’s top startup ecosystem this year is Singapore followed by Beijing, Seoul, Tokyo, and Shanghai.

For other Southeast Asian cities, Jakarta was at 12th place, second only to Singapore. The Indonesian capital was followed by Kuala Lumpur at 16th, Manila, Bangkok and Ho Chi Minh, and Hanoi at 26-30.

State of global startups

The GSER recognized the global downturn in startup metrics, including VC funding, and exit deal value, saying that both fell below the 2019 levels but, as in the Foxmont-BGC VC report, chose to look at the bright spots.

"While global Series A funding fell 46 percent in 2023 compared to 2022, average Series A deal size increased in H2 2023 compared to H2 2022," the report said. "Q1 2024 shows signs of further improvement. The Cleantech and Generative AI (GenAI) sub-sectors offer another positive note, demonstrating that frontier innovation can still attract investor enthusiasm regardless of global funding conditions."

The top 3 in the global top 40 ecosystems retained their positions from last year, with Silicon Valley still at number one and New York and London tied at second place. Tel Aviv has moved up one rank and is now tied with Los Angeles at number 4, while Tokyo has entered the Top 10 for the first time, moving up to number 10 from number 15 last year. 

The GSER 2024 is the 12th edition of the report that "provides insights into the world’s leading startup ecosystems, emerging trends, and key challenges facing entrepreneurs." Startup Genome says the report is based on an extensive study of more than 4 million companies across over 350 startup ecosystems.