Southeast Asia – Page 52 – Author Carlo Carrasco

Maharlika Investment Corp. (MIC) to make first investment this quarter

January 15, 2025January 7, 2025carlocarrasco

The Maharlika Investment Corp. (MIC) – the entity responsible for making investments on behalf of the Philippines – will be making its first investment within the first quarter of 2025, according to a BusinessWorld news report. Take note that it has been over eighteen months since the Maharlika Investment Fund was formally signed into law. The IRR (implementing rules and regulations) has already been finalized.

To put things in perspective, posted below is an excerpt from the news report of BusinessWorld. Some parts in boldface…

THE MAHARLIKA Investment Corp. (MIC) is expected to make its first investment this quarter, most likely in the energy sector, its top official said.

“Definitely the first quarter. I think we had a year to set up. We had a year to basically put our governance in place. We obtained our formal approval to begin hiring last end of July,” MIC President and Chief Executive Officer Rafael D. Consing, Jr. said in an interview with BusinessWorld on Jan. 2.

The MIC has yet to make any investments since President Ferdinand R. Marcos, Jr. signed the law creating the country’s first wealth fund in July 2023. The Maharlika Investment Fund (MIF) had initially committed to make its first investments before the end of 2024.

Mr. Consing said sovereign wealth fund is “ready” and backed with funding and the needed workforce, but will not invest “without the benefit of due diligence.”

MIC earned P2.3 billion in interest income in 2024, Mr. Consing said.

Under the law, the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines were mandated to contribute P25 billion and P50 billion, respectively, as the initial seed capital for the MIF. The two state lenders have remitted the funds to the Bureau of the Treasury in September 2023.

Mr. Consing said the MIC’s strategic plan will be up for board approval on Jan. 9. This after it made some changes after meeting with the Governance Commission for Government-Owned and -Controlled Corporations (GCG) before the holidays, he added.

The MIC is looking into investing in energy, food security, healthcare, and resource development, particularly mining.

“In the first quarter, that would be the energy sector. Healthcare, if it turns out okay, if our due diligence results turn out okay, first half. I would say early second quarter for the latter two,” Mr. Consing said.

Mr. Consing said he believes that investments in the energy sector, particularly transmission lines, would be “most impactful.”

“That’s why ideally, we’d like to be able to buy into the national grid, if we’re able to. Or number two, we have also separately signed MOUs (memoranda of understanding) with the likes of Mindoro and Palawan, which fall under the SPUGS [small power utilities group] category,” he said.

In 2024, the MIC signed an agreement with Occidental and Oriental Mindoro to support investments in critical energy infrastructure.

“There are about 34 SPUGS in the country. The two biggest are Mindoro and Palawan. And we believe that given the contribution of Palawan when it comes to tourism, and also the population that lives in there, and the potential contribution of Mindoro in respect to the entire electricity sector in the Philippines, we felt that these are two priority areas where we can help, in fact, build transmission lines,” he said.

However, Mr. Consing declined to comment on the MIC’s plan to invest in the National Grid Corp. of the Philippines (NGCP).

He said the National Power Corp. is currently doing an inventory of all its assets in Mindoro and MIC “will have to sit down and determine which part of those assets it would need as part of the expansion of these lines.”

“Where we are now is we’re procuring the services of the technical consultant and the team that will be putting together the whole feasibility study. Because all of these will require regulatory approval by the Energy Regulatory Commission,” he added.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that the MIC will be able to make smart decisions with regards to making the investments? Do you think the Maharlika Investment Fund will make positive impact on the market and encourage others to invest?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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More than 500 senior citizens of Barangay Talon Uno receive flu shots from Las Piñas City Health Office

January 14, 2025January 6, 2025carlocarrasco

Recently in the City of Las Piñas, over five hundred senior citizens of Barangay Talon Uno got vaccinated for flu for free thanks to the vaccination program of health office of Las Piñas City, according to the City Government’s social media post. Vice Mayor April Aguilar personally attended the vaccination activity.

To put things in perspective, posted below is an excerpt from the City Government’s social media announcement. Some parts in boldface…

The Las Piñas City Health Office successfully conducted a Free Flu Vaccination Program for Senior Citizens on Friday, December 20, at the Talon Uno Covered Court. The initiative aimed to provide protection against seasonal flu, with over 500 senior citizens receiving their free flu shots.

Healthcare professionals administered the vaccines and offered consultations to ensure the safety and well-being of the elderly participants. The event was efficiently managed, prioritizing ease of access and comfort for senior residents.

Vice Mayor April Aguilar graced the event, interacting with attendees and showing her support for the health program. Her presence emphasized the city government’s dedication to delivering essential healthcare services to its senior citizens.

Let me end this piece by asking you readers: If you are a resident of Las Piñas City, what is your reaction to this development? How many senior citizens of your local got vaccinated for flu over the past six months?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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For more South Metro Manila community news and developments, come back here soon. Also say NO to fake news, NO to irresponsible journalism, NO to misinformation, NO to plagiarists, NO to reckless publishers and NO to sinister propaganda when it comes to news and developments. For South Metro Manila community developments, member engagement, commerce and other relevant updates, join the growing South Metro Manila Facebook group at https://www.facebook.com/groups/342183059992673

Philippines inflation hit 2.9% in December 2024, 3.2% for the entire year

January 14, 2025January 16, 2025carlocarrasco

In recent times, the inflation rate of the Philippines increased by 2.9% during the month of December 2024 which contributed to a final inflation result of 3.2% for the entire year, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Inflation settled at 2.9 percent in December last year, bringing the 2024 average inflation rate to 3.2 percent, well within the government’s 2 percent to 4 percent target, the Philippine Statistics Authority (PSA) said.

In a briefing on Tuesday, National Statistician Dennis Mapa attributed the downtrend in the annual average inflation to the lower increase in the index of food and non-alcoholic beverages at 4.4 percent in 2024 from 7.9 percent in 2023. Food inflation, in particular, decelerated from 8 percent in 2023 to 4.5 percent last year.

According to Mapa, rice inflation also slowed to 0.8 percent, the lowest since January 2022.

“Iyong inflation rate sa bigas ay bumababa na. In fact, baka mayroon tayong expectation na maging negative na ‘yong inflation sa rice sa January (The rice inflation rate is going down. In fact, we expect negative rice inflation in January). That’s part of the good news,” he said.

The lower annual average inflation of housing, water, electricity, gas, and other fuels at 1.7 percent in 2024 from 4.9 percent in 2023, also contributed to the downtrend in 2024’s overall inflation.

Except for education services, the indices of other commodity groups recorded a downtrend in their annual average inflation in 2024 compared with 2023, with financial services recording an average decline of 0.6 percent in 2024 from a zero percent average inflation in 2023.

“The 3.2 percent average inflation rate in 2024 is a significant improvement from the 6 percent figure in 2023. Despite the risks we encountered throughout the year, our combined efforts to temper inflation have largely been successful. We will build upon this momentum as we commit to keep the inflation rate within our target range in 2025,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said in a separate statement.

“In pursuit of price stability, the Bangko Sentral ng Pilipinas maintains a calibrated approach to its monetary policy easing while the relevant agencies continue to pursue measures to ensure adequate food supply and affordable prices.“

NEDA noted that the government would continue to ramp up efforts to ensure water and food security amid climate risks.

Let me end this post by asking you readers: What is your reaction to this recent development? If you are managing a business, did inflation have any severe impact on the finances of your business? Do you think inflation all over the Philippines will somewhat ease this year?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Several thousands of foreign POGO workers still in the country, DOJ issues warning

January 13, 2025January 5, 2025carlocarrasco

While many Philippine Offshore Gaming Operators (POGOs) have already banned, there are still more than eleven thousand foreign employees of such businesses remaining in the country and the Department of Justice (DOJ) warned them to submit to authorities, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the news report of GMA. Some parts in boldface…

The Department of Justice on Sunday warned foreign Philippine Offshore Gaming Operators (POGO) workers to surrender to authorities or face legal consequences that include permanent blacklisting.

“The President is unequivocally clear that POGOs have no place here in the Philippines and we vow to give our all-out support for the sake and welfare of the Filipino people,” Justice Secretary Jesus Crispin Remulla said in a statement.

“This Administration stands firm in its resolve to intensifying its guerilla operations against non-compliant POGOs,” he added.

In July 2024, President Ferdinand Marcos Jr. banned all POGOs after several businesses were implicated in a variety (of) crimes, including human trafficking, serious illegal detention, and money scams.

According to the Bureau of Immigration, 22,609 of the 33,863 foreign POGO workers have already left the Philippines. This means around 11,000 foreign POGO workers are still in the country.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think that the authorities will be able to find the 11,000+ foreign POGO workers who are remaining in the country? Do you think that local candidates running for positions in the 2025 National and Local Elections could secretly have been funded by POGOs?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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DILG will ask Parañaque City Government to explain scam hub operation with hundreds of workers

January 12, 2025January 10, 2025carlocarrasco

In relation to the big raid in Parañaque City that resulted hundreds of suspects arrested, the Department of the Interior and Local Government (DILG) will ask the City Government for an explanation, according to a GMA Network news report.

To put things in perspective, posted below is an excerpt from the news report of GMA Network. Some parts in boldface…

The Department of the Interior and Local Government (DILG) will ask the Parañaque government for an explanation over the raided company in the city that was allegedly involved in scam hub operations, Interior Secretary Jonvic Remulla said Friday.

The raid took place only a few days after the December 31, 2024 deadline for Philippine Offshore Gaming Operators (POGO) in the country.

“Magsusulat kami sa LGU para… manghihingi kami ng paliwanag kung ano talaga ang nangyari,” Remulla said in an ambush interview.

(We will write to the LGU so we can ask for an explanation on what really happened.)

This came after authorities raided a company in the city on Wednesday and arrested 400 foreigners.

Remulla, however, said he believes that the local government was unaware of the presence of the company as it has yet to inspect the area where the raid took place.

“Hindi pa alam ng Parañaque ‘yan kasi hindi pa nag re-renew ng business permit. Doon lang naman pumapasok ‘yan, basta nag re-renew ng business permit ‘yan,” he said.

(Parañaque does not know about that because they have yet to renew their business permit. That’s the only way they can inspect, as long as they renew their business permit.)

The official said it seems that the hub was previously operating as a POGO under the Philippine Amusement and Gaming Corporation.

“They supposedly shut down [on] December 15 pero nag resume kaagad sila right after ng December 31. Chineck natin ‘yung mga buildings na ‘yun wala na sila doon pero bumalik at bumalik sila,” Remulla said.

(They supposedly shut down on December 15 but resumed immediately after December 31. We checked those buildings and they were no longer there, but they went back.)

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you concerned that there could still be a lot more POGOs or scam hubs secretly operating? Do you think the City Government could be aware of such illegal operations happening within their jurisdiction?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Bureau of Immigration says harboring foreign workers of POGOs means prosecution

January 11, 2025January 8, 2025carlocarrasco

As there are still over eleven thousand foreign workers of Philippine Offshore Gaming Operators (POGOs) who failed to follow the December 31, 2024 deadline (for departure) and remained in the country, the Bureau of Immigration (BI) warned the public that harboring them is a crime and it will lead to prosecution under the Philippine Immigration Act, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the Manila Bulletin news report. Some parts in boldface…

Persons harboring foreign workers of Philippine Offshore Gaming Operators (POGOs) will be prosecuted, the Bureau of Immigration (BI) warned on Wednesday, Jan. 8.

“Harboring illegal aliens is a serious offense, and we will pursue violations with utmost resolve,” said Immigration Commissioner Joel Anthony Viado.

He stressed that “the BI will not hesitate to file charges against anyone found violating Section 46 of the Philippine Immigration Act of 1940.“

Section 46 of the Philippine Immigration Act prohibits the “bringing of alien in the Philippines who is not lawfully entitled to enter or reside there, concealing or harboring an alien who is not lawfully entitled to enter or reside there, and attempting, conspiring with, or aiding another to commit any of the prohibited acts.”

Viado issued the warning after the BI revealed that over 11,000 foreign workers of POGOs failed to leave the Philippines on the Dec. 31, 2024 deadline.

For continuing to remain in the Philippines, the bureau said these aliens will be arrested and will face deportation proceedings, he said.

“Anyone who enables these individuals to remain in the Philippines illegally will face the consequences, and the law is clear, and there will be no exceptions,” he stressed.

Let me end this post by asking you readers: What is your reaction to this recent development? Are there many foreign workers of POGOs secretly living within your local community right now? Do you think there are still POGOs secretly operating in your city?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Local authorities raid facility in Parañaque City, hundreds of suspects arrested

January 11, 2025January 10, 2025carlocarrasco

Very recently in the city of Parañaque, local law enforcers composed of the police, the Bureau of Immigration (BI) and the National Bureau of Investigation (NBI) raided a corporate facility and arrested hundreds of people suspected of engaging in online scams and violating immigration laws, according to a Manila Bulletin news report.

To put things in perspective, posted below is an excerpt from the news report of the Manila Bulletin. Some parts in boldface…

More than 400 individuals allegedly engaged in online scams were arrested by law enforcement agencies in Parañaque City on Wednesday, Jan. 8.

Southern Police District director Brig. Gen. Manuel Abrugena said the Parañaque City Police rendered assistance to the joint operation conducted by the Bureau of Immigration (BI) and the National Bureau of Investigation (NBI).

Abrugena said the 400 individuals, composed of foreign nationals and Filipinos, were arrested at around 4:00 p.m. in two units of a corporate center on Asiana Avenue in Barangay Tambo, Parañaque City.

He said the operation was conducted as part of a BI mission order targeting foreign nationals involved in illegal activities in the country.

The SPD chief said the arrested persons were engaged in various unlawful activities, including operating online scams and violating immigration laws.

Abrugena said the arrested persons, including one alias “Liang,” are now (under) investigation. They were brought to the BI facility for documentation and legal action.

Let me end this post by asking you readers: What do you think about this recent development? If you are a resident of Parañaque, are you convinced that a lot of foreigners who were previously employed by POGOs (Philippine Offshore Gaming Operators) are secretly hiding in your city doing further illegal activities like online scamming?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Cebu’s Remolino and Alcoseba the heavy favorites in 2025 NAGT-Subic Bay race

January 10, 2025January 10, 2025carlocarrasco

As the 2025 season opener of the National Age Group Triathlon (NAGT) series is set to take place on January 25 and 26 at the Subic Bay Boardwalk inside the Subic Bay Freeport Zone, Cebu’s very own Southeast Asian Games (SEA Games) medalists Andrew Kim Remolino and Raven Faith Alcoseba are seen as the heavy favorites in their respective categories, according to a Philippine News Agency (PNA) sports article.

In addition, there are several triathletes from Cebu who will be joining the Subic Bay triathlon across different categories. For the Philippines triathlon team, this event is crucial as it serves as a qualifying race for this year’s SEA Games which will be hosted by Thailand.

To put things in perspective, posted below is an excerpt from the sports news article of the PNA. Some parts in boldface…

Cebu will be sending a big delegation to the 2025 National Age Group Triathlon (NAGT) tournament scheduled Jan. 25 and 26 at Subic Bay Freeport.

Leading the contingent is Andrew Kim Remolino, the defending men’s elite titlist in the competition organized by the Triathlon Association of the Philippines.

“It’s gonna be a hard race to start the season since everyone’s really getting ready for it,” Remolino said in an interview on Sunday.

“The NAGT is the first qualifying race to get a slot for the SEA (Southeast) Games in Thailand, so for now, we are just preparing for the things we could improve before the race day,” added the 23-year-old who hails from Talisay.

He bagged an aquathlon silver at the 2023 Cambodia SEA Games.

The Thailand SEA Games is set in December this year.

Remolino won the 2024 NAAT, with an Olympic distance 1.5-kilometer swim, 40K bike and 10K run, in 56 minutes and 56 seconds, beating fellow Cebuano Matthew Justine Hermosa who registered a personal best 56:57 and Baguio City’s Dayshaun Ramos (57:31).

Also back this year is Raven Faith Alcoseba, who clocked 1:03:55 to rule the women’s division over Erika Nicole Burgos of Tanauan, Batangas (1:05:39) and Kira Ellis (1:06:16).

Hermosa, Burgos, Ellis and Iñaki Emil Lorbes bagged the mixed team gold medal at the Cambodia SEA Games.

Other Cebuanos in the lineup are Renz Wynn Corbin (men’s elite); John Michael Lalimos (men’s junior elite); Nicole Marie Del Rosario (women’s elite); Alex Niño Silverio and Cedei Abellana (para triathlon); Zackary Angelo Da Silva and Henry Ezekiel Go (youth male); Christy Ann Perez, Niala Kyrzl Limas and Henia Ethania Go (youth female); John Wayne Ybañez (age group men); Venice Herbias (age group women); Kian Manabat (16-19); Mika Natural (13-15); Zia Angel Da Silva (8-under); Theodore Son and John Luigi Remolino II (9-10); Safficka Son and Zoe Angel Da Silva (11-12); and Althea Arciaga (9-10).

For local triathlon updates, visit https://www.facebook.com/TriPhil.

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Local government units (LGUs) required by DILG to submit “no POGO” certificates by the end of the month

January 10, 2025January 3, 2025carlocarrasco

With Philippine Offshore Gaming Operators (POGOs) already banned and a lot of their foreign employees have left the country, the Department of the Interior and Local Government (DILG) required the local government units (LGUs) to submit “no POGO” certificates by the end of January 2025, according to a Philippine News Agency (PNA) news article. In relation, this involves the inspection of commercial buildings and other ways of checking the compliance with the POGO ban.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

Local governments and police have been given the green light to inspect commercial buildings covered by business permits as well as residences in their jurisdiction to check for compliance with the government’s total ban on POGOs (Philippine Overseas Gaming Operations), the Department of the Interior and Local Government (DILG) said on Friday.

Speaking to reporters after meeting with Justice officials, DILG Secretary Juanito Victor “Jonvic” Remulla said local government units (LGUs) are required to submit “No POGO” certificates in their localities by the end of the month.

“LGUs are responsible for checking all the buildings, (and utilize) the occupancy permits, the electric permits, the fire safety permits so they would have full capacity to enter all the buildings,” Remulla explained.

Aside from commercial and residential building inspections, LGUs may also check if owners are paying correct real property taxes. Remulla noted that POGOs operate where there is available bandwidth.

“They cannot operate in remote areas because there would be no Internet there. They have a high bandwidth requirement to be able to operate,” he said.

Remulla also clarified that special economic zone areas or SEZAs are not exempt from the ban under President Ferdinand R. Marcos Jr.’s Executive Order No. 74.

“It is very clear that with EO 74, CEZA, PEZA zones are not exempted. We have no boundaries. There are no walls high for us to climb. All these areas, we can inspect,” he said.

“The government’s anti-POGO campaign is an ongoing thing, (it’s) forever. We will continue to be vigilant about it,” Remulla stressed.

He added that the DILG will enforce a “zero tolerance” policy on erring local government officials in the campaign against POGOs.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think local governments will really work to meet the requirement of the DILG regarding POGOs? Does your local government still allow POGOs to operate?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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Armed Forces of the Philippines (AFP) reiterates commitment to defend the nation

January 9, 2025January 1, 2025carlocarrasco

In connection with the New Year 2025 and the uncertainties that lie ahead, the Armed Forces of the Philippines (AFP) reiterated its commitment to defending the nation, according to a Philippine News Agency (PNA) news article.

To put things in perspective, posted below is an excerpt from the news article of the PNA. Some parts in boldface…

The Armed Forces of the Philippines (AFP) reiterated its commitment to defending the country and the people in welcoming the New Year.

“This New Year is an opportunity to renew our commitment to our shared goals and aspirations as an organization. Let us move forward with unity and determination, embracing innovation, strengthening partnerships, and remaining steadfast in our resolve to protect the Filipino people and our nation’s future,” AFP chief Gen. Romeo Brawner Jr. said in his New Year’s message.

Brawner also added that 2024 has proven the AFP’s collective strength, resilience, and professionalism as it faced numerous challenges.

“Together, we have faced challenges with courage, fulfilled our missions with excellence, and made significant strides in safeguarding our sovereignty and promoting peace and security,” he stressed.

Brawner also thanked military personnel for their dedication and tireless service to the nation.

“To the AFP family and our fellow Filipinos, I wish you all a prosperous and peaceful New Year. May 2025 bring us closer to our vision of a strong, secure, and progressive Philippines,” he added.

The Philippine Army (PA) also recognized the hard work of its personnel, which led to numerous gains in 2024.

“What we achieved this 2024 was not born out of ease but of effort. It came from steadfast dedication, strong collaboration, and from the unwavering support of those who believe in our mission,” PA chief Lt. Gen. Roy Galido said in his New Year’s message.

Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the AFP today is more capable of defending the nation from enemies both foreign and domestic? Do you think the AFP has better technologies and military hardware needed for its operations?

You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.

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