Newspaper Radio (2024)

01/12/2022

NEW YORK — Christine McVie, the British-born Fleetwood Mac vocalist, songwriter and keyboard player whose cool, soulful contralto helped define such classics as “You Make Loving Fun,” “Everywhere” and “Don’t Stop,” died Wednesday at age 79.

Her death was announced on the band’s social media accounts. No cause of death or other details were immediately provided, but a family statement said she “passed away peacefully at hospital this morning” with family around her after a “short illness.”

“She was truly one-of-a-kind, special and talented beyond measure,” the band’s statement reads in part.

McVie was a steady presence and personality in a band known for its frequent lineup changes and volatile personalities — notably fellow singer-songwriters Stevie Nicks and Lindsey Buckingham. Her death is the first among Fleetwood Mac’s most famous incarnation of McVie, Nicks, Buckingham, drummer Mick Fleetwood and bassist John McVie, Christine’s ex-husband.

FILE – Members of the rock group Fleetwood Mac, from left, Lindsey Buckingham, Stevie Nicks, Christine McVie, Mick Fleetwood, and John McVie pose with their Album of the Year Grammy Award for “Rumours” in Los Angeles, Feb. 23, 1978. Christine McVie, the soulful British musician who sang lead on many of Fleetwood Mac’s biggest hits, has died at 79. The band announced her death on social media Wednesday. (AP/Richard Drew, File)

Fleetwood Mac started out as a London blues band in the 1960s, and evolved into one of the defining makers of 1970s California pop-rock, with the talents of McVie, Nicks and Buckingham anchored by the rhythm section of Fleetwood and John McVie.

During its peak commercial years, from 1975-80, the band sold tens of millions of records and fascinated fans as it transformed personal battles into melodic, compelling songs. The McVies’ breakup — along with the split of Nicks and Buckingham — was famously documented on the 1977 release “Rumours,” among the bestselling albums of all time.

Everyone in the group played a distinctive role: Fleetwood and John McVie formed a deep and bluesy groove, Buckingham was the resident mad genius and perfectionist, Nicks the charismatic dramatist and idol to countless young women and Christine McVie the grounded counterpoint, her economy as a singer and player well suited to her birth surname: Perfect.

“I was supposedly like the Mother Teresa who would hang out with everybody or just try and (keep) everything nice and cool and relaxed,” she told Rolling Stone earlier this year. “But they were great people; they were great friends.”

Fleetwood Mac was inducted into the Rock and Roll Hall of Fame in 1998. The group’s many other hit singles included Nicks’ “Dreams,” Buckingham’s “Go Your Own Way” and McVie’s “Little Lies.” One of McVie’s most beloved works, the thoughtful ballad “Songbird,” was a showcase for her in concert and covered by Willie Nelson, among others.

The midtempo rocker “Don’t Stop,” inspired by the end of her marriage, would gain unexpected political relevance when Bill Clinton adopted the song — and its “Don’t stop thinking about tomorrow” refrain — as a theme to his 1992 presidential run.

McVie’s two marriages, to John McVie and Eduardo Quintela, both ended in divorce. Her boyfriends included the Beach Boys’ Dennis Wilson, about whom she wrote “Only Over You.”

FILE – Members of Fleetwood Mac, from left, Mike Campbell, John McVie, Stevie Nicks, Christine McVie and Mick Fleetwood appear at the Rock & Roll Hall of Fame induction ceremony in New York on March 29, 2019. Christine McVie, the soulful British musician who sang lead on many of Fleetwood Mac’s biggest hits, has died at 79. The band announced her death on social media Wednesday. (Charles Sykes/Invision/AP, File)

McVie, born Christine Anne Perfect in Bouth, Lancashire, came from a musical family. Her father was a violinist and music teacher and her grandfather played organ at Westminster Abbey. She had been playing piano since childhood, but set aside her classical training once she heard early rock records by Fats Domino and others.

While studying at the Moseley School of Art, she befriended various members of Britain’s emerging blues scene and, in her 20s, joined the band Chicken Shack as a singer and piano player. Among the rival bands she admired was Fleetwood Mac, which then featured the talents of blues guitarist Peter Green along with the rhythm section of Fleetwood and John McVie. By 1970, she had joined the group and married John McVie.

Few bands succeeded so well as Fleetwood Mac, which has sold well over 100 million records, against such long odds. Green was among the many performers who left the group, and at various times Fleetwood Mac seemed on the verge of ending, or fading away. It was rescued by unexpected returns and interventions — including Clinton’s — and one of rock’s most fortuitous and lucrative hunches.

In the mid-1970s, Fleetwood Mac was down to just three members, Fleetwood and the two McVies. While spending time in Los Angeles, Fleetwood learned of a young duo from California, Buckingham and Nicks, that had recorded the little known album “Buckingham Nicks.” Impressed by their sound, he initially planned to ask just Buckingham to join, but the guitarist insisted the band also include Nicks, his girlfriend at the time.

The new lineup proved ideal, and almost instantly magical. Nicks and Christine McVie formed a lasting friendship, agreeing that as two of the rare women in rock they would always stand up for each other. And the harmonies and music making of Nicks, Buckingham and Christine McVie insured that such albums as “Fleetwood Mac,” “Rumours” and “Mirage” had an enviable quality and variety of songwriting and vocal styles.

But the group’s overwhelming success also led to inevitable conflicts and the desire for solo work. Over the following decades, Nicks became a star in her own right with such solo albums as “Bella Donna” and both Buckingham and Christine McVie departed for years — only to eventually come back.

The pair recorded the 2017 album “Lindsey Buckingham/Christine McVie.” She previously released the solo records “Christine Perfect,” “Christine McVie” and “In the Meantime.”

More recently, Buckingham was kicked out, replaced on tour by Mike Campbell and Neil Finn.

An anthology of her solo work, “Songbird,” was released earlier this year.

Image credits: Charles Sykes/Invision/AP

Christine McVie, Fleetwood Mac singer-songwriter, dies at 79

Source: News Paper Radio

NEW YORK — Christine McVie, the British-born Fleetwood Mac vocalist, songwriter and keyboard player whose cool, soulful contralto helped d...

01/12/2022

A spectator watches the lava flow down the mountain from the Mauna Loa eruption, Tuesday, Nov. 29, 2022, near Hilo, Hawaii. (AP Photo/Marco Garcia)

Spectators watch the lava flow down the mountain from the Mauna Loa eruption, Tuesday, Nov. 29, 2022, near Hilo, Hawaii. (AP Photo/Marco Garcia)

People pose for a photo in front of lava erupting from Hawaii’s Mauna Loa volcano Wednesday, Nov. 30, 2022, near Hilo, Hawaii. (AP Photo/Gregory Bull)

Brian Lichtenstein, of San Diego, takes a photo in front of lava erupting from Hawaii’s Mauna Loa volcano Wednesday, Nov. 30, 2022, near Hilo, Hawaii. (AP Photo/Gregory Bull)

Ingrid Yang, left, and Kelly Bruno, both of San Diego, take a photo in front of lava erupting from Hawaii’s Mauna Loa volcano Wednesday, Nov. 30, 2022, near Hilo, Hawaii.

A man looks on as lava erupts from Hawaii’s Mauna Loa volcano Wednesday, Nov. 30, 2022, near Hilo, Hawaii. (AP Photo/Gregory Bull)

Lava erupts from Hawaii’s Mauna Loa volcano Wednesday, Nov. 30, 2022, near Hilo, Hawaii. (AP Photo/Gregory Bull)

Abigail Dewar, of Alberta, Canada, holds a stuffed animal as she walks over hardened lava rock from a previous eruption as the Mauna Loa volcano erupts, behind, Wednesday, Nov. 30, 2022, near Hilo, Hawaii. (AP Photo/Gregory Bull)

Kelly Ann Kobayashi raises her hands as she poses for a picture for Chad Saito, left, while standing on hardened lava rock from a previous eruption as the Mauna Loa volcano erupts, behind, Wednesday, Nov. 30, 2022, near Hilo, Hawaii. The two were visiting from Honolulu. (AP/Gregory Bull)

KAILUA-KONA, Hawaii — The world’s largest volcano oozed rivers of glowing lava Wednesday, drawing thousands of awestruck viewers who jammed a Hawaii highway that could soon be covered by the flow.

Mauna Loa awoke from its 38-year slumber Sunday, causing volcanic ash and debris to drift down from the sky. A main highway linking towns on the east and west coasts of the Big Island became an impromptu viewing point, with thousands of cars jamming the highway near Volcanoes National Park.

Anne Andersen left her overnight shift as a nurse to see the spectacle Wednesday, afraid that the road would soon be closed.

“It’s Mother Nature showing us her face,” she said, as the volcano belched gas on the horizon. “It’s pretty exciting.”

Gordon Brown, a visitor from Loomis, California, could see the bright orange lava from the bedroom of his rental house. So he headed out for a close-up view with his wife.

“We just wanted … to come see this as close as we could get. And it is so bright, it just blows my mind,” Brown said.

The lava was tumbling slowly down the slope and was about 6 miles (10 kilometers) from the highway known as Saddle Road. It was not clear when, or if, it would cover the road, which runs through old lava flows.

The road bisects the island and connects the cities of Hilo and Kailua-Kona. People traveling between them would need to take a longer coastal road if Saddle Road becomes impassable, adding several hours of drive time.

Ken Hon, scientist in charge at the Hawaiian Volcano Observatory, said at current rate of flow, the soonest the lava would get to the road is two days, but he added that things could change.

Kelly Ann Kobayashi raises her hands as she poses for a picture for Chad Saito, left, while standing on hardened lava rock from a previous eruption as the Mauna Loa volcano erupts, behind, Wednesday, Nov. 30, 2022, near Hilo, Hawaii. The two were visiting from Honolulu. (AP/Gregory Bull)

Mauna Loa last erupted in 1984. The current eruption is its 34th since written record keeping began in 1843. Its smaller neighbor, Kilauea, has been erupting since September 2021, so visitors to the national park were being treated to the rare sight of two simultaneous eruptive events: the glow from Kilauea’s lava lake and lava from a Mauna Loa fissure.

Abel Brown, a visitor from Las Vegas, was impressed by the natural forces on display. He planned to take a close-up helicopter tour later in the day — but not too close.

“There’s a lot of fear and trepidation if you get really close to it,” Brown said. “The closer you get, the more powerful it is and the more scary it is.”

Officials were initially concerned that lava flowing down Mauna Loa would head toward the community of South Kona, but scientists later assured the public the eruption had migrated to a rift zone on the volcano’s northeast flank and wasn’t threatening communities.

The smell of volcanic gases and sulfur was thick along Saddle Road, where people watched the wide stream of lava creep closer. Clouds cleared to reveal a large plume of gas and ash rising from a vent on the mountain.

Gov. David Ige issued an emergency proclamation to allow responders to arrive quickly or limit access as needed.

Lava crossed the Mauna Loa Observatory access road Monday night and cut off power to the facility, Hon said. It could move toward the county seat of Hilo, he added, but that could take a week or longer.

Meanwhile, scientists are trying to measure the gas emitted from the eruption.

“It’s just very early in this eruption right now,” Hon said.

Image credits: AP/Gregory Bull

Viewers flock to eruption of world’s largest volcano

Source: News Paper Radio

A spectator watches the lava flow down the mountain from the Mauna Loa eruption, Tuesday, Nov. 29, 2022, near Hilo, Hawaii. (AP Photo/Marc...

01/12/2022

Today is Thursday, Dec. 1, the 335th day of 2022. There are 30 days left in the year.

Today’s Highlight in History:

On Dec. 1, 1991, Ukrainians voted overwhelmingly for independence from the Soviet Union.

On this date:

In 1824, the presidential election was turned over to the U.S. House of Representatives when a deadlock developed among John Quincy Adams, Andrew Jackson, William H. Crawford and Henry Clay. (Adams ended up the winner.)

In 1862, President Abraham Lincoln sent his Second Annual Message to Congress, in which he called for the abolition of slavery, and went on to say, “Fellow-citizens, we can not escape history. We of this Congress and this Administration will be remembered in spite of ourselves.”

In 1941, Japan’s Emperor Hirohito approved waging war against the United States, Britain and the Netherlands after his government rejected US demands contained in the Hull Note.

In 1942, during World War II, nationwide gasoline rationing went into effect in the United States; the goal was not so much to save on gas, but to conserve rubber that was desperately needed for the war effort by reducing the use of tires.

In 1952, the New York Daily News ran a front-page story on Christine Jorgensen’s sex-reassignment surgery with the headline, “Ex-GI Becomes Blonde Beauty”.

In 1955, Rosa Parks, a Black seamstress, was arrested after refusing to give up her seat to a white man on a Montgomery, Alabama, city bus; the incident sparked a year-long boycott of the buses by Blacks.

In 1965, an airlift of refugees from Cuba to the United States began in which thousands of Cubans were allowed to leave their homeland.

In 1969, the U.S. government held its first draft lottery since World War II.

In 1974, TWA Flight 514, a Washington-bound Boeing 727, crashed in Virginia after being diverted from National Airport to Dulles International Airport; all 92 people on board were killed. Northwest Orient Airlines Flight 6231, a Boeing 727, crashed near Stony Point, New York, with the loss of its three crew members (the plane had been chartered to pick up the Baltimore Colts football team in Buffalo, New York).

In 2005, a roadside bomb killed 10 U.S. Marines near Fallujah, Iraq.

In 2009, President Barack Obama ordered 30,000 more U.S. troops into the war in Afghanistan but promised during a speech to cadets at the U.S. Military Academy at West Point to begin withdrawals in 18 months.

In 2020, disputing President Donald Trump’s persistent, baseless claims, Attorney General William Barr told The Associated Press that the U.S. Justice Department had uncovered no evidence of widespread voter fraud that could change the outcome of the 2020 election. Trump filed a lawsuit in Wisconsin seeking to disqualify more than 221,000 ballots in a longshot attempt to overturn Democrat Joe Biden’s win in the battleground state.

Ten years ago:

Kansas City Chiefs linebacker Jovan Belcher fatally shot his girlfriend, Kasandra Perkins, then drove to Arrowhead Stadium and took his own life in front of the team’s coach and general manager. Enrique Pena Nieto took the oath of office as Mexico’s new president, vowing to restore peace and security.

Five years ago:

Retired general Michael Flynn, who served as President Donald Trump’s first national security adviser, pleaded guilty to lying to the FBI about reaching out to the Russians on Trump’s behalf. (Flynn would be pardoned by Trump after twice pleading guilty to lying to the FBI.)

One year ago:

As the Supreme Court heard arguments on a challenge to a Mississippi law banning abortion after 15 weeks of pregnancy, members of the court’s conservative majority signaled that they would allow states to ban abortion much earlier in pregnancy and possibly even overturn the nationwide right that had existed for nearly 50 years. (In June 2022, the court would use the Mississippi case to overturn its Roe v. Wade decision and remove women’s constitutional protections for abortion.) The U.S. recorded its first confirmed case of the omicron variant of the coronavirus, in a vaccinated traveler who returned to California after a trip to South Africa.

Today’s Birthdays:

Actor-director Woody Allen is 87. World Golf Hall of Famer Lee Trevino is 83. Singer Dianne Lennon (The Lennon Sisters) is 83. Television producer David Salzman is 79. Rock singer-musician Eric Bloom (Blue Oyster Cult) is 78. Rock musician John Densmore (The Doors) is 78. Actor-singer Bette Midler is 77. Singer Gilbert O’Sullivan is 76. Former child actor Keith Thibodeaux (TV: “I Love Lucy”) is 72. Actor Treat Williams is 71. Sen. Rick Scott, R-Fla., is 70. Country singer Kim Richey is 66. Actor Charlene Tilton is 64. Actor-model Carol Alt is 62. Actor Jeremy Northam is 61. Actor Katherine LaNasa is 56. Producer-director Andrew Adamson is 56. Actor Nestor Carbonell is 55. Actor Golden Brooks is 52. Actor-comedian Sarah Silverman is 52. Actor Ron Melendez is 50. Contemporary Christian singer Bart Millard (MIL’-urd) is 50. Actor-writer-producer David Hornsby is 47. Singer Sarah Masen is 47. Rock musician Brad Delson (Linkin Park) is 45. Actor Nate Torrence is 45. Rock/Christian music singer-songwriter Mat Kearney is 44. Actor Riz Ahmed (Film: “Rogue One: A Star Wars Story”) is 40. Actor Charles Michael Davis is 38. Actor Ilfenesh Hadera is 37. R&B singer-actor Janelle Monae is 37. Actor Ashley Monique Clark is 34. Pop-rock-rap singer Tyler Joseph (Twenty One Pilots) is 34. Actor Zoe Kravitz is 34. Pop singer Nico Sereba (Nico & Vinz) is 32. Actor Jackson Nicoll is 19.

Image credits: National Archives and Records Administration Records of the U.S. Information Agency Record Group 306

Today in History: December 1, Rosa Parks arrested

Source: News Paper Radio

Today is Thursday, Dec. 1, the 335th day of 2022. There are 30 days left in the year. Today’s Highlight in History: On Dec. 1, 1991, Ukra...

30/11/2022

STANDARD Chartered Bank has identified four key sectors in Southeast Asia that showcase a high growth potential with compound annual growth rates, which it projected to outpace the overall industry average over the next few years.

These sectors were construction and infrastructure, consumer products, pharmaceuticals and health care and digital and e-commerce.

In its study titled “Winning in ASEAN Strategies to drive resilient growth in the region,” it surveyed 480 senior business leaders in four key sectors with the highest growth rates.

“Propelled by shifting consumer behaviors, accelerated digital adoption and rapid urbanization, these four sectors present significant opportunities for both regional and foreign companies looking to expand in ASEAN,” the bank’s study said.

“The four key sectors that this report highlights present significant opportunities for both regional and international companies in ASEAN.

However, over the past few years, the region has experienced fundamental shifts and disruptions that are leading companies to revisit their growth and investment strategies,” it said.

It said, however, that while the overall outlook across the four sectors remains positive, businesses have to tackle and overcome a host of challenges and disruptions, in order to survive in a high inflationary environment and thrive in ASEAN.

With cost pressures from rapidly increasing food and energy prices coupled with a surge in consumption demand from post-pandemic economic reopening, inflation pressures are weighing heavily on ASEAN economies, it said.

“As highlighted in the Industry Leaders Survey commissioned by Standard Chartered, rising geopolitical turbulence, such as protectionist measures, implications of US-China tensions and the ongoing Ukraine-Russia conflict, is one of the biggest challenges faced by business leaders across the world and in ASEAN as well,” it said.

“Furthermore, the impact of the health crisis, amplified in emerging ASEAN economies due to unequal access to healthcare resources and uncertainties in policy interventions, are imposing severe commercial and operational challenges for businesses in the region,” it said.

In addition, the bank’s survey showed sector-specific nuances, where other concerns related to cybersecurity, climate change and infrastructure gaps have been highlighted as potentially having an impact on future operations in ASEAN, over the next two to three years.

Overall, ASEAN’s pace of recovery is being driven by underlying shifts, such as growing consumer demand, increasing organizational capabilities and greater technology adoption, it said.

Trade agreements, such as the Regional Comprehensive Economic Partnership (RCEP), are expected to further accelerate growth across the region, with a majority of the surveyed business leaders looking to raise their investments into the region, as a result of RCEP, the study said.

Image credits: Pavlo Syvak | Dreamstime.com

Standard Chartered cites 4 key Asean growth sectors

Source: News Paper Radio

STANDARD Chartered Bank has identified four key sectors in Southeast Asia that showcase a high growth potential with compound annual growth...

30/11/2022

TRADE Secretary Alfredo E. Pascual encouraged German firms and government to invest in the Philippines, particularly in the IT and Business Process Management (IT-BPM) and electric vehicles (EVs) sectors, among others.

“I take this opportunity to underscore the Philippine government’s intention to offer our country as a manufacturing investment destination and an IT-BPO partner to German companies, especially those already doing business in the Philippines,” Pascual said at the 2022 Philippine-German Business Forum on Tuesday held in Makati City.

“We seek the potential expansion of German firms already in the Philippines,” the Trade chief added.

He bared the key priorities of the Philippines which he raised in his bilateral meeting with German Federal Minister for Economic Affairs and Climate Action Robert Habeck at the sidelines of the recent Asia Pacific Conference in Singapore.

Pascual said he drew the attention of the German government and private sector to the IT-BPM resources in the Philippines. The Trade chief said, “these can be put to bear to assist Germany achieve your digitization objectives.”

He pitched to the German government the Philippines’s key participation in the global business process outsourcing (BPO) industry, particularly the servicing the IT-BPM requirements of major Fortune 500 companies in the US and around the world.

Pascual also divulged the German industry leaders which are currently operating their own shared services centers (SSCs) in the Philippines including Bosch, Deutsche Bank, Daimler, Fresenius, Lufthansa, Boehringer, and Merck. The Trade chief stressed that these SSCs are manned by Filipino professionals.

Apart from the IT-BPM sector, Pascual revealed that he also opened a “potential engagement” between the two countries in the “sunrise industry of electric vehicles [EVs].”

The Trade chief said the German government and the German private sector can tap the Philippines’s “significant” green metal reserves of nickel and copper. Pascual said “doing so would ensure the supply of these critical resources in support of your country’s full-electrification objectives for your automobile industry by 2030.”

In exchange, Pascual noted, the Philippines will benefit from Germany’s “significant” experience and expertise in nickel and copper downstream processing.

The Trade chief also took the opportunity to raise in the bilateral meeting with Minister Habeck the “revived” private-public partnership (PPP) of the Philippines. He said the PPP arrangement was revived for infrastructure projects in the fields of water storage and management, renewables, waste management, logistics and transportation, and disaster mitigation.

“As Secretary of Trade and Industry, we are interested in the support of the €300-billion EU Global Gateway Fund,” Pascual said.

This available financing, he noted, “will allow EU companies including Germany’s private sector to participate in the various ongoing infrastructure developments here in the Philippines.”

Pascual pitched the PPP program to Germany because, he said, “Germany has the proven track record in the above-mentioned areas of work. PPPs offer a wide array of economic and social benefits. They improve access to public services.”

The Trade chief added that government spending is also “significantly less” under PPP arrangements. “PPPs free up public sector financing for other key socioeconomic areas, such as human capital development and employment generation—all while infrastructure development funding remains viable.”

Meanwhile, to encourage German firms to invest in the Philippines, Pascual highlighted the recent economic reforms which he said “have made the Philippines more attractive to foreign investors.”

These reforms, he said, include the amendments to the Foreign Investments Act, the Public Service Act, and the Retail Trade Liberalization Act, noting that these are among the “important policy changes that have liberalized foreign investment ownership restrictions in the Philippines.”

In addition, the trade chief cited the Corporate Recovery and Tax Incentives for Enterprises (CREATE) law. The CREATE law, he said, reduces corporate income tax and provides “tier-specific incentives” to investors.

Another recent reform Pascual highlighted is the Department of Energy (DOE)’s amendment to the Renewable Energy Act implementing rules and regulations allowing up to 100-percent foreign equity investment in the solar, wind, and tidal energy projects.

The Trade chief said Philippine exports to Germany grew by 23.6 percent from $2.38 billion in 2020 to $2.94 billion in 2021. This uptick, he said, is mainly due to the growth in the exportation of digital monolithic integrated circuits, semiconductor devices, storage units, and video projectors.

He said Germany ranked as the Philippines’s 12th major trading partner, 7th export market, and 13th import source.

DTI chief to Germans: Invest in IT-BPM, EVS

Source: News Paper Radio

TRADE Secretary Alfredo E. Pascual encouraged German firms and government to invest in the Philippines, particularly in the IT and Business...

30/11/2022

PRESIDENT Ferdinand “Bongbong” R. Marcos Jr. is now eyeing to use the new technologies from the International Rice Research Institute (IRRI) to boost the country’s rice production.

Marcos made the remark in a media interview during his visit to the IRRI facility in Los Baños, Laguna, together with other officials of the Department of Agriculture (DA).

“It’s up to us now in the Philippine government to make sure those technologies, those products, go down to the grassroots,” Marcos said.

New technologies

During his tour around the IRRI facility, Marcos was briefed about direct seeding of rice—the process of putting up a rice crop from seeds sown in the field, which is expected to improve crop resilience and reduce labor cost, water use and greenhouse emissions.

Other technologies presented to Marcos include the Laser Land Leveling (LLL) technology, which boosts water and input efficiency in paddy farming by ensuring it is leveled and uniform; Solar Bubble Dryer for the low-cost drying of seed; Hermetic Storage System, which makes use of airtight container for seed storage.

“A good result of this visit is we were able to see the new technologies that are completely appropriate in the Philippine setting,” Marcos said.

Another highlight of the visit had Marcos reenacting a picture of his father, former President Ferdinand E. Marcos, while he was accompanied by former United States President Lyndon Johnson, which was taken in 1966 in the IRRI facility in Laguna.

In his picture, Marcos can be seen talking to IRRI President Jean Balie.

IRRI is an independent, nonprofit, research and educational institute, founded in 1960 by the Ford and Rockefeller foundations with support from the Philippine government.

Ongoing screening

In a related development, Marcos said he still has no plans to appoint a new head of DA for now due to his pending reforms in the said agency.

“Actually, I have a schedule—I have a timetable for that. There are certain things that I would like to achieve before leaving the department. So we have yet to achieve those,” Marcos said.

Nonetheless, he admited he is considering some candidates to replace him as the current Secretary of DA.

“So hopefully by the time my checklist [of reforms] are completed, we will have someone to nominate in the DA,” Marcos said.

PBBM: New technologiesat IRRI to boost rice yield

Source: News Paper Radio

PRESIDENT Ferdinand “Bongbong” R. Marcos Jr. is now eyeing to use the new technologies from the International Rice Research Institute (IR...

29/11/2022

INFLATION is one of the primary challenges faced by the Philippines, and the International Monetary Fund (IMF) thinks the Bangko Sentral ng Pilipinas (BSP) must be more aggressive in raising interest rates in the event that the situation worsens.

In the IMF Executive Board’s recently concluded 2022 Article IV Consultation with the Philippines, the Washington-based lender said should inflation worsen, they would recommend that the BSP respond with a tighter monetary policy stance.

Inflation in the Philippines, IMF said, is being fuelled by the strong dollar, higher commodity prices, and tightening global financial conditions. IMF said high inflation has weakened the country’s external position and narrowed its fiscal space.

“The BSP’s prompt action to fight inflation is welcome, but further monetary tightening may be needed to keep inflation expectations well anchored,” IMF said.

“The current policy stance remains accommodative, and BSP should aim at bringing the policy rate close to the neutral real rate to securely bring inflation within the target range,” it explained.

However, the IMF noted that should inflation become less persistent or downside risks to growth materialize, the BSP should also recalibrate its monetary policy tightening.

“Monetary policy should be the first line of defense against persistent inflationary pressures,” IMF said. “The use of FXI [foreign exchange intervention] can mitigate a sharp and disorderly exchange rate depreciation, alleviate inflation, and reduce some of the pressure on monetary policy.”

The IMF expects consumer prices to average 5.3 percent this year; 4.3 percent next year; and 3.1 percent in 2024.

IMF also expects the current account deficit to increase to 5 percent of GDP in 2022, but decline to about 1.7 percent of GDP over the medium term.

Estimates for growth also showed that real GDP is expected to slow to 5 percent in 2023 from 6.5 percent in 2022. Medium-term economic growth is forecast at about 6.3 percent.

“With a difficult global environment weighing heavily on the economy, the economic outlook is subject to significant downside risks, where policy tradeoffs between supporting output on the one hand and reducing inflation and safeguarding the external position on the other, would become more acute,” IMF said.

The IMF also recommended that the government ratify the Regional Comprehensive Economic Partnership (RCEP) Agreement to facilitate the country’s access to imports and boost export diversification efforts.

This, IMF said, would enhance food security and strengthen agricultural performance should focus on raising productivity and promoting new investments in the sector.

Anti-money laundering

Further, the IMF also recommended that the government enhance its Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) efforts.

These efforts may include prioritizing amendments to the bank secrecy law to enhance the BSP’s supervisory powers, strengthen AML/CFT effectiveness and reduce vulnerabilities to corruption.

In October, the Anti-Money Laundering Council (AMLC) froze a total of P8 billion worth of accounts and real properties linked to various money laundering activities such as drugs, corruption and terrorism over the past two decades.

In a Senate Finance Committee Hearing on Monday, AMLC Executive Director Matthew M. David said the amount includes some P3 billion worth of forfeited accounts and properties while the remaining P5 billion are still pending litigation.

David said in the past 20 years, the AMLC forfeited and turned over to the national government P93 million from money-laundering activities and some P95 million have also been forfeited but still pending ex*****on.

The AMLC official said some P16 million have also been forfeited but are waiting for the dates of ex*****on; while P35 million that have been forfeited are currently facing appeals.

A total of P110 million of the accounts and real properties linked to corruption have been turned over to the Office of the Ombudsman for ex*****on. Based on the rules, David said, the Ombudsman is tasked to forfeit funds linked to corruption and turn these funds over to the Bureau of the Treasury (BTr).

Image credits: Junpinzon | Dreamstime.com

IMF: BSP must be ready if inflation risk rises

Source: News Paper Radio

INFLATION is one of the primary challenges faced by the Philippines, and the International Monetary Fund (IMF) thinks the Bangko Sentral ...

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