Author: Business News Asia

The Asian Development Bank (ADB) and Agricultural Development Bank of China (ADBC) today signed a memorandum of understanding (MOU) to cooperate in support of rural vitalization in the People’s Republic of China (PRC). The MOU opens avenues of cooperation between ADB and ADBC, including cofinancing, to promote the PRC’s rural vitalization program. Under the agreement, ADB and ADBC will promote innovation, demonstration, and replicability of green agriculture and rural development projects in the PRC by leveraging financial resources and combining knowledge and technical expertise in project design and implementation. “ADB and ADBC each have unique resources and advantages that can…

Yield Guild Games (YGG), a decentralized gaming guild of players and investors who generate yield from NFT-based games, announced today it has raised $4.6M investment led by venture capital firm Andreessen Horowitz (a16z). The round, which was finalised prior to the YGG token sale on July 27, was joined by Kingsway Capital, Infinity Ventures Crypto, Atelier Ventures, and gaming entrepreneur Gabriel Leydon. The funding will be used to continue YGG’s investment in digital assets in games and virtual worlds across the play-to-earn ecosystem, while expanding its global community of over 48,000 gamers, with more than half of the members residing…

While it has greatly affected the local tourism industry, the ongoing pandemic should not be an excuse for not pursuing sustainability, Tourism Secretary Berna Romulo-Puyat said on Tuesday (August 16) during the virtual recognition of Women Champions of Sustainability hosted by The Conrad Manila. The tourism chief added that sustainability, in fact, is critical in establishing the tourism industry of the future, which should be more resilient and “pandemic-proof.” “Sustainability has always been at the core of the Department of Tourism’s (DOT) strategies, being part of the National Tourism Development Plan (NTDP). The DOT is pushing for tourism businesses with…

VisMin developer Cebu Landmasters Inc. (CLI) announced the signing of a Memorandum of Agreement (MOA) to acquire 14.3 hectares of Xavier University (XU) – Ateneo de Cagayan’s Manresa Property in uptown Cagayan de Oro. Proceeds of which will be used to develop the new XU Masterson Campus, which at 21 hectares will be three times larger in area than the current campus. Provisions in the agreement prepared by Xavier University and endorsed by Jesuit leaderships in the Philippines and in Rome were approved by the Vatican after a thorough two-year review process. This also followed a series of several consultations…

Province of Bukidnon – As of August 10, 2021, units 3 and 4 of Hedcor’s Manolo Fortich 1 Hydro are now online and resynced to the Mindanao Grid after completion of restoration works. The aforementioned units with a combined gross capacity of 32 megawatts temporarily de-energized to make way for pipe repairs. It can be recalled that persistent rains were experienced in Bukidnon last June 2020 which caused soil saturation, erosion, and mudslides. This resulted to pipe dislocations, pipe bursts, and damage to the high head penstock line. Restoration works for affected facilities of Manolo Fortich 1 hydro were completed…

Vitarich Corporation (PSE:VITA) reports first half 2021 net income of P276.9 million and earnings per share of P0.091, an increase of 24 times over the same period last year and the highest level in company history. The historic performance was fueled by growing customer demand and increased pricing along with lower costs of raw materials and more efficient production from higher plant capacity utilization. Revenues reached P4.4 billion, up 15% from the same period last year with all product categories delivering solid momentum, particularly the Foods segment. Operating income climbed to P382.0 million, up by almost nine-fold from a year…

The Philippines’ only pure-play high-speed fixed broadband operator, Converge Information and Communications Technology Solutions, Inc. (PSE: CNVRG) (“Converge”) ended 2Q2021 with 1,355,079 residential subscribers, 85% more than in 2Q2020 resulting in another record quarter for the Company. The completion of the initial phases of Converge’s domestic subsea cable network in the VisMin region in 2Q2020 resulted in the activation of an end-to-end nationwide backbone reaching from northern Luzon to Mindanao. This event represented another historic milestone in the mission of Converge to bring reliable and affordable, high-speed fiber internet to millions of households in the Philippines nationwide. As the fastest…

Finance Secretary Carlos Dominguez III has assured the public that the Duterte administration will strictly enforce the “non-negotiable condition” on the mining industry for it to adopt environmentally sustainable and responsible extractive practices to guarantee the sustainability of this potential economic growth driver and the vibrant future of its host-communities. With this industry providing jobs and spurring the economic growth of mining communities, Dominguez said it is crucial for the government’s policy decisions on this sector to be aligned to facts and science. To ensure an objective assessment that will result to policy and regulatory reforms for the industry, he…

The Bangko Sentral ng Pilipinas (BSP) reminds all authorized agent banks (AABs) to accept mutilated/doubtful currencies from the public, pursuant to BSP Circular No. 829. AABs shall subsequently forward the mutilated/doubtful banknotes and coins to the BSP for examination of redemption value and/or genuineness. To avoid disintegration or further deterioration while in transit, banks are advised to place mutilated currency in appropriate containers. Mutilated banknotes shall be valid for redemption if all of the following requirements are met; 1. The remaining surface area is no less than 3/5 of the original size of the banknote; 2. A portion of any…

The Cinemalaya Philippine Independent Film Festival goes online anew via KTX.ph platform on August 6-September 5, 2021 with the spotlight on the short film genre. The festival’s Indie Nation section features various short feature films in three programs. These are: Program A ● MARIS by Gabb Gantala ● I WILL DIE FOR YOU by Jaime Morados ● KONSUMATUMES by Gio Gonzalves ● PHONE CALLby Direk Bee ● BASOL BALOS by Tonny A. Abad ● SOL by Joanna Vasquez Arong Program B ● THIS DAY by Red Aquino ● REGTA by Gabb Gantala ● PARAISO by Charles Hilado and Seb Valdez…

Today, as we celebrate the 54th anniversary of the founding of the ASEAN, it is with pride and optimism that we look at the important achievements the robust cooperation among the Member States has made possible. This cooperation is underpinned by the ASEAN Member States’ (AMS) common interest to protect its rich natural heritage and shared responsibility to sustainably manage its d diverse biological resources. As an organisation working under the auspices of the ASEAN, the ASEAN Centre for Biodiversity (ACB) continues to contribute to the deepening and strengthening of the collaboration among the Member States, including the expansion of…

If you miss last year’s entries or just want to re-live the experience of watching them, this is your chance as the 2021 Cinemalaya Philippine Independent Film Festival presents the award-winning films in the Retrospective, streaming on ktx.ph starting August 6, 3pm. The ticket is priced at Php150. This Cinemalaya section features 6 short films – Tokwifi by Carla Pulido-Ocampo, Living Things by Martika Ramirez Escobar, Pabasa Kan Pasyon by Hubert Tibi, Ang Pagpakalma sa Unos by Joanna Vasquez Arong, Quing Lalam Ning Aldo by Reeden Fajardo, and Excuse Me Miss, Miss, Miss by Sonny Calvento. Tokwifi narrates the story…

Face-to-face classes in training centers and conduct of competency assessment in areas under Enhanced Community Quarantine (ECQ) has been suspended anew, the Technical Education and Skills Development Authority (TESDA) announced. This was after President Rodrigo Duterte approved the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF-MEID) recommendation to place National Capital region (NCR) under ECQ from August 6-20. In a memorandum, TESDA Secretary Isidro Lapeña ordered all TESDA Technology Institutions (TTIs) and Technical Vocational Institutions (TVIs) to suspend face-to-face classes and assessments in Enhanced Community Quarantine (ECQ) and Modified ECQ (MECQ) areas. “In accordance with the IATF…

Century Pacific Food, Inc. (PSE:CNPF), one of the Philippines’ leading branded food companies, ended the first half of 2021 with a net income of P2.7B, clocking in a double-digit growth of 21% versus the same period last year on the back of strong export sales, resilient local demand, and favorable tax rates. Consolidated revenues landed at P27.0B – up by 8% despite the surge in sales in the comparable period last year. This performance was primarily driven by the double-digit growth in the Company’s OEM exports business, which was up by 29% year-on-year as a result of the continuous reopening…

In spite of the effect of the continuing logistical restrictions brought about by the COVID-19 pandemic to trade environment, the Bureau of Customs (BOC) collected P58.183 billion against its P53.751 billion July 2021 collection target, posting a surplus of P4.432 biliion or 8.2%. Based on the preliminary report from the BOC-Financial Service, 14 of the 17 Collection Districts hit their target, namely the Ports of San Fernando, Manila, NAIA, Batangas, Legaspi, Tacloban, Surigao, Cagayan De Oro, Zamboanga, Davao, Subic, Clark, Aparri, and Limay. Remarkably, the BOC was able to meet and exceed its monthly target collections since the onset of…

Eastern Visayas recorded 2 million persons in the labor force out of the estimated 3.2 million population 15 years old and over in April 2021. This placed the labor force participation rate (LFPR) at 62.3%. This means that around 6 in 10 of the population aged 15 years and over were either employed, underemployed or unemployed during the period. The 2 million persons in the labor force in April 2021 was higher by 226 thousand as compared with the figure during the Enhanced Community Quarantine (ECQ) period in April 2020 recorded at approximately 1.8 million. This was also higher than…

The Bureau of Customs (BOC) – Port of Subic, through its Customs Intelligence and Investigation Service (CIIS) Field Station and the Enforcement and Security Service (ESS) Subic District Command, earlier this month seized 23 forty-footer containers of red onions from China. The containers, estimated at P86.250 million in commercial value was consigned to a certain Duar Te Mira, arrived in two batches and were all misdeclared as “chapatti bread” in their manifests. Upon the arrival of the first 11 containers last July 9, Subic District Collector Maritess Martin issued the pre-lodgment control order as requested by CIIS Subic Field Station…

As part of the Bureau of Customs’ (BOC) commitment to facilitate trade, the Bureau through the Assessment and Operations Coordinating Group’s (AOCG) Import Assessment Service (IAS) and Port Operations Service (POS) has intensified efforts in monitoring and tracking cargoes and warehouses to ensure compliance of stakeholders to BOC guidelines and procedures. IAS through its Warehouse Coordinating Division’s (WCD) enhanced warehouse monitoring and inspection foiled attempts to divert 10 containers of sugar in Cebu Customs Bonded Warehouses (CBW). The operation led to the investigation and possible closure of the errant warehouse as well as the collection of additional revenues estimated at…

The 4th National Environmental Law Enforcement (NELE) Summit led by the Department of Environment and Natural Resources (DENR) ended recently with the adoption of three resolutions to prevent and fight environmental crimes. The NELE summit, held last July 14-16, resulted in the adoption of resolutions to approve a five-year indicative plan of the National Law Enforcement Coordinating Committee-Sub-committee on Environment and Natural Resources; to support the enactment of the proposed Environmental Protection and Enforcement Bureau (EPEB); and to request for immediate passage of a bill that will amend Republic Act 9147 or the Wildlife Resources Conservation and Protection Act. Signatories…

The Cultural Center of the Philippines (CCP) Kaisa Sa Sining (KSS) Visayas Network announces the recipients of the 1st KSSLAP (Kaisa Ini sa Sining, Lunsay nga Artistang Pilipino) Awards. Due to the present quarantine and travel restrictions, the KSSLAP Awards Ceremonies will be held virtually this August 24-27, 2021 and will be aired via the CCP FB page in September. The awardees are Lutgardo Labad (Bohol / theater and cultural administration), Alphonsus Tesoro (Capiz / cultural administration), Marilyn Gamboa (Negros Occidental / cultural administration), Ian Rosales Casocot (Dumaguete / literature), Peque Gallaga (Bacolod / film and theater), Jess de Paz…