FINALLY: LTFRB asks UBER to pay discounted ₱190 Million to lift the remaining 2 weeks Suspension

Drivers and operators of UBER System Inc., gather and meet outside its main office in Mandaluyong City, August 15 2017, a day after the Land Transportation and Franchising and Regulatory Board suspended its accreditation and operation. Photo: Manila Bulletin 

The LTFRB late Friday night (25th August 2017) announced granting Uber’s appeal to lift the one-month suspension and pay instead a fine to make up for repeatedly violating the regulatory body’s order not to accept new drivers.

Rejecting the suggestion of the Kilusan sa Pagbabago ng Industriya ng Transportasyon (KAPIT) chairman Vigor Mendoza II that UBER should pay ₱6 Billion pesos, LTFRB finally decided a discounted amount that UBER should pay to lift the remaining 2 weeks of suspension.

“The Board thus rule to grant the prayer of respondent (Uber) to lift the suspension imposed in its order of 14 August 2017; in lieu thereof, imposes a fine of ₱190 million Philippine pesos,” the order, signed August 25, 2017, read.

In addition to the fine, Uber was told to remit ₱20 million as assistance to its 36,367 transport vehicle network service (TNVS) operators who were active in the last 28 days before the suspension order was issued. The ride-sharing company should show the LTFRB a certification from its depository bank as proof of its compliance.

 “The lifting of suspension will depend on the payment of fine and remittance of financial assistance,” LTFRB spokesperson Aileen Lizada told reporters in a text message..

Lizada said the ₱190 million fines was based on the average ₱7-10 million Uber earns from its 150,000 ridership per day, multiplied by the remaining days of suspension which was supposed to be effective until  September 14, 2017.

After facing off with LTFRB officials in a dialogue at the Senate, Uber on August 17, 2017 filed an appeal to the LTFRB to revoke its suspension, proposing that it pays a fine of greater amount than the ₱5 million earlier imposed on it for continuing to accept and activate TNVS operators under its platform despite the July 26, 2016 moratorium.

The regulator halted Uber’s operations for a month from Aug. 14, 2017 for disregarding a directive to stop accepting new driver applications.

Uber, which said it did not process those applications, later told the LTFRB it could pay a fine of ₱10 million Philippine pesos to get the suspension lifted.

The Uber freeze has attracted public attention because many Philippine commuters regard the ride hailing app as more reliable and competitive than mainstream transport services (TAXIs).

Like and share: Grab, Uber and U-Hop Philippines' Drivers and Operators group

Uber recently said it had nearly 67,000 Philippine drivers.

The dispute with the Philippine regulator is the latest setback this year to Uber (USA based firm), a firm valued at more than $60 billion US Dollars.

Its Philippines suspension caused a spike in demand for rival Grab, and long queues near offices and malls and some disgruntlement about reverting to using regular taxis.

Philippine Senator Grace Poe, a prominent advocate for improving transport services, tried to bring Uber and LTFRB officials together to work out a compromise. An executive of Uber apologized for its "misunderstanding".

Poe on Friday said the hefty fine should "make Uber rethink its actions and re-evaluate its strategy in testing the extent of government regulations."

The LTFRB last year suspended applications for ride-share operators, to work out how best to regulate the industry. It said Uber was "irresponsible" for challenging that order.

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UBER Asked to pay LTFRB ₱6 Billion to avoid 1-month suspension: Too much

Uber Philippines asked to pay ₱6 Billion to avoid 1-month suspension. Photo: Tech Wire Asia

A transport group leader on Wednesday claimed that Transport Network Company (TNC) Uber Systems Inc. should pay a fine of P6 billion—and not ₱10 million as ordered by the government—in place of its one-month suspension.

Kilusan sa Pagbabago ng Industriya ng Transportasyon (KAPIT) chairman Vigor Mendoza II made the suggestion in a hearing before the board members of the Land Transportation Franchising and Regulatory Board (LTFRB).

Mendoza noted that under the rules, drivers without a 45-day provisional authority (PA), which allows them to accept fares until they are issued a franchise, will have to pay a fine of up to ₱120,000 each if caught.

The lawyer said since Uber has sround 50,000 "colorum" vehicles, or those operating illegally, the company should then pay the government ₱6 billion.

"A ₱ 10-million fine would only mean that Uber is operating 84 colorum vehicles," Mendoza said.

Like and share: Grab, Uber and U-Hop Philippines' Drivers and Operators group

'Too much'

However, LTFRB board member Aileen Lizada said that it would be "too much" for the board to impose a ₱6-billion fine.

"I believe that is too much. I believe billions would be too much. We do listen, reasonable naman tayo," Lizada told reporters.

She added that Uber's appeal to convert the one-month suspension into a fine will be resolved as soon as possible.

"On the part ng board, considering 'yung urgency ng matter, we will do out best to resolve this the soonest as possible time, para we put to rest already itong issue na ito and we will be able to meet our deadline for September namin na technical working group, what we promised Congress and Senate," she said.

"We will be crafting and revising MCs (Memorandum Circulars) and we will be coming for the number of both TNCs if we see na we will be able to renew the respective accreditation," she added.

Uber, on August 17, asked the LTFRB if it could just pay a ₱10-million fine instead of serving its one-month suspension.

The LTFRB suspended the accreditation of Uber after it continued to accept new drivers into their platform. — MDM/BM, GMA News

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Philippines Rejects EU $278 Million USD Remote Control Fund Loan Grant

Philippines rejected EUROPEAN UNION $278 Million USD Remote Control Fund Loan Grant for 2017

Philippines Rejects European grants

The Philippines will no longer accept grants from the European Union, the EU delegation to Manila said Thursday, following repeated tirades from President Rodrigo Duterte over its criticism of his deadly drug war.

"The Philippine government has informed us that they (will) no longer accept new EU grants," the delegation said in a brief statement.

The decision will affect grants worth 250 million euros ($278 million), according to Franz Jessen, the EU's ambassador to Manila.

Philippine government officials did not immediately comment, with the finance department saying a statement would be issued later on Thursday.

Duterte, 72, has repeatedly criticised European lawmakers and the EU for condemning his drug war, which has claimed thousands of lives and led to warnings from critics of a crime against humanity.

In comments last year, he used vulgar language and raised his middle finger in a response to a European parliament statement expressing concern over the killings.

The German government also expressed concern after Duterte last year drew parallels between his drug war and Nazi Germany leader Adolf Hitler's Holocaust.

"Hitler massacred three million Jews. Now there are three million drug addicts (in the Philippines). I'd be happy to slaughter them," Duterte said, underestimating the number of people killed in the Holocaust.

Duterte later apologised for the Hitler reference but said he was "emphatic" about wanting to kill addicts.

Duterte easily won presidential elections last year after promising to end crime by killing tens of thousands of drug traffickers and addicts.

Police have reported killing about 2,700 people since Duterte took office at the end of June and immediately launched his war on drugs.

Unknown assailants have killed more than 1,800 others, while about 5,700 other violent deaths are under investigation, according to police data.

Partly in response to American criticism of the drug war, Duterte has also loosened the Philippines' ties with traditional ally the United States.

He has instead embraced China, which has supported his drug war and sought to deepen economic ties by providing billions of dollars worth of investments and aid to the Philippines.

Duterte, a self-described socialist, has also forged warmer relations with Russia, and will travel to Moscow next week to meet President Vladimir Putin.

Read more at Sources: AP & SBS  

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DuterteNomics Unveiled First Subway in The Philippines, Completion of 4 railways in 2022 New Airports, Seaports, Railways, Roads & Bridges

Slide presented at the "Dutertenomics" forum on Tuesday, April 18, 2017 where President Rodrigo Duterte's top officials introduced planned construction projects. DOTr/Released

DuterteNomics blueprint unveiled the build, build, and build for the “golden age of infrastructure,” in the Philippines.

• ₱227 Billion - First Subway in the Philippines for Quezon City to Taguig City a 25 kilometer underground railway system to finished year 2024
• ₱225-million PNR North Rail systems, 100-kilometer Tutuban - Clark to be completed in 2021
• ₱55.478-Billion – First Mindanao Railway (Circumferential) project, a 2,000 kilometer railway to finished 2021
• PNR South Rail that would connect Manila with Calamba and Los Baños in Laguna, and the Bicol region to be completed by the fourth quarter of 2021
• Manila International Airport – Quezon City – Clark International Airport Bullet train system interconnecting the first Subway in QC to finished before 2021
• ₱23.3 billion North Luzon Expressway-South Luzon Expressway connector road, which starts from C3 Road in Caloocan through Manila, crossing Espana towards PUP, Sta. Mesa connecting Metro Manila Skyway Stage 3.
• The completion of the SLEX-NLEX connector road, projected to take place in 2020, is expected to reduce vehicle congestion along EDSA, C5 Road and other major thoroughfares, and cut the travel time between NLEX and SLEX to 15-20 minutes from more than an hour.

First Metro subway's first phase to link Quezon City, Taguig

Transportation Secretary Arthur Tugade said at a forum on Tuesday that the subway system, pegged at an initial ₱227 million for the central section, will pass Mandaluyong City and Pasig City.

The transport system, the first subway project the country will undertake, is foreseen to accommodate around 300,000 commuters daily, Tugade said.

The proposed subway stems from an ongoing Japan International Cooperation Agency's feasibility study, which will be subject to the approval of President Rodrigo Duterte and his officials. The study is expected to be completed in July this year.

The Japanese agency's proposal aiming to ease road congestion includes an expansion of the subway to start from San Jose del Monte in Bulacan to Dasmariñas City in Cavite to be completed by 2024.

Economic, Development  Blueprint

President Rodrigo Duterte's economic managers made the announcements at an event hosted by the Department of Finance and the Presidential Communications Operations Office (PCOO) at the Conrad Hotel, Pasay City.

According to the PCOO, DuterteNomics includes the current administration's main governance and fiscal policies, comprehensive big-ticket infrastructure programs and upgraded social services targeted to accelerate growth. The economic and development blueprint also aims to transform the Philippines into a "high middle-income economy" by 2022.

Executive Secretary Salvador Medialdea said the economic and development plan is anchored on the 10-point socioeconomic agenda of the Duterte administration that focuses on "the production of a progressive tax reform package and measures designed to bring about increased competitiveness, accelerated infrastructure spending, and improved social amelioration and development programs."

Finance Secretary Carlos Dominguez, in a keynote speech, said the Philippines had trailed behind other countries with good economy, but stressed that it is about time to rebuild the country’s competitiveness by pushing for programs such as tax reform package and infrastructure projects. "An investment-led growth pattern creates job and opens more economic opportunities for our people," he said. "We must build a truly inclusive economy. To do so, our economy should be investment-led, creating new jobs and opening opportunities for all." 

Dominguez said the government is also looking forward to what has been called a "demographic sweet spot," as the populations of some of the more mature economies in Asia begin to age. He said that the administration has to invest in the Filipino youth.

Ongoing projects are being implemented by the Department of Public Works and Highways (DPWH) that are either locally funded, with Official Development Assistance (ODA), or through Public-Private Partnership (PPP) projects, the following: 

1. Mandaluyong Main Drainage Project (Phase II)
2. Central Luzon Link Expressway, Phase I,
3. Tarlac-Cabanatuan, Nueva Ecija; Integrated Disaster Risk Reduction and Climate Change Adaptation Measures in the Low Lying Areas of Pampanga Bay
4. Tarlac-Pangasinan-La Union Expressway (Binalonan-Rosario Section)
5. Flood Risk Management Project (FRIMP) in Cagayan de Oro River
6. Sen. Gil Puyat Ave.-Paseo De Roxas / Makati Ave. Vehicle Underpass Project
7. Bonifacio Global City-Ortigas Center Link Road Project
8. UP-Miriam-Ateneo Viaduct along C-5/ Katipunan
9. Metro Manila Priority Bridges Seismic Improvement Project (Guadalupe Bridge and Lambingan Bridge
10. Widening/Improvement of Gen. Luis St.-Kaybiga-Polo-Novaliches
11. Cavite-Laguna Expressway
12. NLEX-SLEX Connector Road
13. Metro Manila Interchange Construction Project VI
14. Davao City By-Pass Construction Project (South Section (Road) and Center Section (Tunnel)
15. Panguil Bay Bridge, and Phase 1 of the Metro Manila Flood Management Project

PPP awarded projects

1. Integrated Transport System (ITS) Project
2. South Terminal
3. Integrated Transport System (ITS) Project
4. Southwest Terminal
5. LRT Line 1 Cavite Extension and Operations and Maintenance
6. Contactless Automatic Fare Collection System
7. Mactan Cebu International Airport Project
8. MRT Line 7

PPP projects that are either undergoing or about to undergo bidding

1. The Development, Operations and Maintenance of Bacolod-Silay, Davao, Iloilo, Laguindingan and New Bohol (Panglao) Airports;
2. LRT Line 2 Operations and Maintenance;
3. Road Transport Information Technology Infrastructure (Phase II);
4. LRT Line 6;
5. Philippine National Railways – South Line (previously, the North-South Railway Project – South Line);
6. NAIA Development

The DOTr, through a combination of ODA and PPP, is implementing and developing a total of 23 rail projects which will greatly expand the country’s rail system from the current 77 kilometers to over 1,750 Km.

The 10 ongoing rail projects includes the following:

1. PNR North (Manila-Malolos),
2. PNR South Commuter PPP Project (Manila-Los Banos),
3. PNR South Long Haul PPP Project (Los Banos-Legaspi,Matnog,Batangas Port),
4. Line 1 Cavite Extension PPP Project (Baclaran-Niog),
5. Automated Fare Collection System PPP Project (Beep Card),
6. Line 2 O&M PPP Project,
7. Line 2 East Extension (Santolan-Masinag),
8. Line 2 West Extension (Recto-Pier 4),
9. Line 6 PPP Project (Niog-Dasmarinas),
10. Line 7 PPP Project (San Jose Del Monte-North EDSA).

Rail projects are being developed by DOTr

1. Mindanao Railway (Circumferential),
2. Cebu Railway (5 lines),
3. Panay Railway,
4. Line 4 (Taytay-Manila) PPP Project,
5. Line 5 (Pasay-Makati-Taguig) PPP Project,
6. Line 8 (Quezon City-Manila) PPP Project,
7. PNR North Phase 2 (Malolos-Clark),
8. Mega Manila Subway Project,
9. Subic-Clark Railway

DOTr 3 Bus Rapid Transit (BRT) systems:

1. Cebu Bus Rapid Transit (BRT)
2. The Quezon Avenue Bus Rapid Transit (BRT)
3. The Central Corridor (EDSA) Bus Rapid Transit (BRT).

Other DPWH projects:

1. Panay-Guimaras-Negros Link Project
2. EDSA-Taft Flyover
3. Central Luzon Link Expressway, Phase II
4. Cabanatuan-San Jose, Nueva Ecija
5. Flood Protection Works in the Marikina River including Retarding Basin
6. Dalton Pass East Alignment Alternative Road Project

FUNDING FOR THESE PROJECTS

The government is spending 5.3 percent of the country’s gross domestic product in 2017 to finance the building, Finance Secretary Carlos Dominguez said. This will be raised to 7.1 percent by 2022.

This is higher than the 2.6 percent annual average of the past six administrations in the last 50 years, he said.

“In the decades when we neglected our infrastructure, we lost out on competitiveness,” Dominguez said.

“This is the time to move decisively. Fortunately we have a leader capable of much audacity.”

Budget Secretary Benjamin Diokno said the government under Duterte would spend P8.4 trillion for infrastructure.

A government portal (www.build.gov.ph) was also launched to help the public guard the infrastructure projects against corruption.

Presidential spokesperson Ernesto Abella said the website would be regularly updated to reflect the progress of every project.

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China, Japan, Korea, Russia compete for $2 Billion Nuclear Plant, LNG Philippines Gas project

Russia Floating Nuclear Power Plant Technology. illustration: popsci.com

China, Japan compete for $2bn Philippine gas project

China and Japan are competing for a $2-billion liquefied natural gas (LNG) project in the Philippines, Energy Secretary Alfonso Cusi told the Nikkei Asian Review.

Over 20 companies from eight countries have proposed partnerships with state-owned Philippine National Oil Corp. for an LNG receiving terminal at the southern part of Luzon Island. Cusi said his team is still reviewing funding and technology options.

"We are talking to China [and] Japan," he said. "We are looking at which can offer the best in terms of funding. It's too early to say who is more advanced -- there are so many things to look into."

Countries that offer the best financing options usually pick their own domestic contractors. Cusi said Tokyo Gas, Osaka Gas, and a number of Chinese state-owned and private companies have shown interest.

Cusi is vice chairman of President Rodrigo Duterte's PDP-Laban party. He has traveled to Beijing and Tokyo this year to solicit energy investments for the Philippines, which runs into alerts and price spikes for electricity whenever the country's lone LNG facility undergoes maintenance.

Cusi said he plans to travel to South Korea and Russia, and does not favor any particular power-generating technology. He said Malampaya, the only source of natural gas in the Philippines, is expected to be exhausted by 2024. The gas field operated by a consortium led by Royal Dutch Shell provides 40-45% of Luzon island's power requirements. Luzon accounts for two-thirds of gross domestic product in the Philippines.

The proposed terminal could import LNG from other countries while alternate Philippine resources are being developed. These include gas fields in the South China Sea in dispute with China. The terminal's plant will initially generate around 200 megawatts, but can expand to 800MW. Cusi hopes to find an investor this year.

Duterte is targeting total household electrification before he leaves office in 2022. As of December, over 90% of households had access to energy. Cusi also said he is studying the possibility of activating a $2 billion nuclear power plant on the Bataan peninsula. The project, initiated under President Ferdinand Marcos in the 1970s but never activated, is located near an earthquake fault line.

Sulu Province of Southern Philippines could have the first ever operating 100 MW Nuclear Power Plant this year according to the report (see here) - Nikkei Asian Review

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Philippines to Build First Operational 100 Megawatt Nuclear Power Plant in Sulu this Year

Modern Nuclear Power Plant Diagram

Department of Energy considering Sulu as site for nuclear plant this year

Sulu Archipelago in western Mindanao is non-typhoon and non-earthquake prone areas with almost Zero fault line an is among the areas being eyed for a modular nuclear power plant as the Department of Energy (DOE) targets to complete a nuclear energy program within the year.

The Nuclear Energy Program Implementing Organization (NEPIO) is currently studying the nuclear program of the country and has scheduled scientific visits and capacitating programs to come up with a national policy, Energy Undersecretary Donato Marcos said.

“Within this year, we will come up with a comprehensive report. Of course it will be presented to the Office of the President,” Marcos said.

NEPIO was created by the DOE to unify the conduct of various studies and research on nuclear energy development in the country.

It was designed to work in three phases, starting with a comprehensive study on the overview of the country’s energy needs which will lead to forming a policy decision on nuclear.

Phase 2 calls for the preparatory work for the construction of a nuclear power plant while Phase 3 pertains to the activities to implement the said power facility.

The study is expected to undergo a long process to iron out every detail for the country’s nuclear program, Energy Secretary Alfonso Cusi said.

“What makes it longer is process because of course, a due process for everybody…So we have to go through the process every step of it. Unlike when you have a country that is willing or a host province that would be willing to do it, then the process will be faster,” he said.

Cusi said there is still a lot of opposition to  the operation of the Bataan Nuclear Power Plant (BNPP), which has been mothballed since the 1980s.

$2.3 Billion USD Dollar Mothballed Nuclear Power Plant in Bataan. Bataan Nuclear Power Plant is a nuclear power plant, completed but never fueled, on Bataan Peninsula, 100 kilometers west of Manila in the Philippines. It is located on a 3.57 square kilometre government reservation at Napot Point in Morong, Bataan. 

“We are going in to the process of resolving all the concerns that are being raised against it,” he said.

Sulu province has been very aggressive in pitching to host a nuclear power facility, Marcos said.

“They usually visit the secretary and proposing that they will be hosting a SMR, a small modular reactor, so they can finally have stable, secured, predictable and reasonably priced electricity in the region,” Marcos said.

Since it’s modular, it can have a capacity of 100 megawatts (MW) at most, the DOE undersecretary said.

Putting up a nuclear modular reactor in other provinces is also part of the study.

“As long as the provinces are willing. That’s why were forming a national policy… Once it is in place, and there is a host province, we can do it,” Cusi said.

If materialized, Sulu, Mindanao could be the first province in the Philippines to have the operational nuclear powerplant after the mothballed Nuclear Powerplant in Morong, Bataan in Northern Luzon.

Western countries are promoting the Nuclear Power Plant as clean, cheapest and safest renewable source of energy.

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Solar Philippines Breakground $150 Million USD Solar Farm in Tarlac

At the ceremonial groundbreaking of the 150-MW Tarlac solar farm, with the first ‘Made in the Philippines’ panels by Solar Philippines are (from left): Energy Secretary Alfonso Cusi, Solar Philippines president Leandro Leviste, Tarlac Governor Susan Yap and Concepcion Mayor Andy Lacson Photo: PhilSTAR

Solar pioneer starts 150-MW Tarlac solar farm

Solar Philippines has kicked off the construction of its 150-megawatt (MW) solar farm with battery storage here, its largest solar power project to-date, which can provide the province’s requirements in six months time, its top official said yesterday.

The whole solar farm will start operating as a merchant plant in the third quarter of the year, Solar Philippines president Leandro Leviste said during the ceremonial groundbreaking of the project.

“The output of the 150 MW plant that will be operating here by the second half of 2017 will be able to power the entire Tarlac province with cheap renewable energy,” he said.

The company official said this will heed Energy Secretary Alfonso Cusi’s call to put up more merchant power plants – or those generating facilities selling their output to the wholesale electricity spot market (WESM) – to further spur competition in the electricity spot market.

“What we want is to make this fast…(because) solar is now cheaper than coal and therefore get this online within 2017. And that’s why even without the contract finally approved by regulators, we’re doing this for most of the plant’s capacity,” Leviste said.

The Concepcion solar farm will comprise close to 450,000 solar panels and over 150 hectares, with room to expand as demand for solar with batteries increases.

Leviste said the cost to put up the solar farm is equivalent to $1 million per megawatt, or roughly $150 million for the entire project.

“With the battery… it can be an additional 20-50 percent of the cost of the project. But we’re not doing all the batteries all at once, it’s going to be phased incrementally,” he said.

Solar Philippines is the developer, investor, contractor and supplier for its projects – a strategy which the company believes is the key to making solar cost-competitive.

“Why do we expect lower price? One is vertical integration, by doing solar panel manufacturing in-house as well as the construction. the development, the financing will definitely lower the cost. Second is the economies of scale,” Leviste said.

Once completed, the power plant will have many firsts in its name - philSTAR

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Seven Japanese trading houses investing $3.9b in Philippines

Sumitomo Farming Technology

Seven major Japanese trading houses are looking at investing up to $3.9 billion (₱198.5 billion) in different industries in the Philippines.

After his recent trip to Tokyo, Department of Trade and Industry (DTI) secretary Ramon Lopez disclosed on Monday (March 13) that the Japanese companies who made the commitment (to invest in the country) were Mitsubishi Corp, Mitsui and Co Ltd, Sumitomo Corp, Itochu Corp, Marubeni Corp, Toyota Tsusho, and Sojitz.

Others present in the dialogue were Transportation Secretary Arthur Tugade, and Philippine ambassador-designate Jose Laurel — who got together with representatives of Japanese companies with a broad range of business activities.

Lopez noted Marubeni is willing to invest in additional coal power plants worth ₱75 billion over the medium term; Itochu and Sumitomo (through Philippines subsidiaries Dole and Sumifru respectively) willing to invest an additional ₱12.9 billion through 2018 to expand their integrated farming projects in Mindanao; Sumitomo, Sojitz, and Mitsui jointly invested in Coral Bay Nickle Corp and Taganito High Pressure Acid Leaching (THPAL) Nickle Corp in Surigao and Palawan, at a cost of ₱80 billion.

Mitsubishi, Sojitz, Mitsui, and Toyota Tsusho, and, all the seven trading houses are supporting the Philippines’ Comprehensive Automotive Resurgence Strategy (CARS) Program created in 2015 to attract new investments, stimulate demand and effectively implement industry regulations that will revitalize the Philippine automotive industry, and develop the country as a regional automotive manufacturing hub.

All the Japanese firms also expressed interest in the Philippines’ so called “Golden Age of Infrastructure,” like the railway and subway projects, the Clark Green City project, the Expanded Port and RoRo Building programs, and the Airport Development projects.

The Japanese trading houses were also encouraged to use their expansive business systems to help in planning an efficient set of economic infrastructure, such as farm-to-market roads, bridges, seaports, airports, railways for cargo, passengers and RORO vessels, and service providers.

“The fundamentals are there in terms of a fast-growing economy, a 109-million population base, standing trade agreements, and a young, talented, and dedicated work force,” Lopez said. - Tomas S. Noda III of Deal Street Asia

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Philippines to Attract Billion Dollars FDI with Halal Industry Road Map

Halal food processing to help attract investments from Qatar to Philippines

Developing the halal market, including the agro-industrial and food processing sectors, could further stimulate FDI inflow into the Philippines, particularly Qatari investments, a Qatari entrepreneur has said.

The Philippine government wants to tap opportunities in the halal market, touted as a growing billion-dollar global industry, and is currently building a roadmap for its halal industry.

To do this, the Philippines’ Department of Trade and Industry is working with other agencies like the Mindanao Development Authority (MDA), National Commission for Muslim Filipinos (NCMF), and the Department of Agriculture (DA).

Qatari businessman Farhan al-Sayed lauded the Philippine government’s plans to develop the southern island of Mindanao, which, he said, “has a huge, untapped potential.”

“Halal is a very interesting market… in the case of Malaysia and Indonesia, they are already making billions of dollars from the industry. As their Asean (Association of Southeast Asian Nations) neighbour, the Philippines should also benefit from this.

“And I think Mindanao would be the ideal location to setup these businesses and this is going to help the growth of the region, which is eight times larger than Qatar and it’s going to settle and bring up not just businesses but also peace and order in the area,” al-Sayed told Gulf Times.

Aside from the halal industry, al-Sayed said Mindanao would be “an ideal location” to develop agro-industrial and food processing facilities, which could help attract Qatari investments to the country.
Following his state visit to Brunei Darussalam last year, Philippine President Rodrigo Roa Duterte said the trip would benefit the country’s halal industry. He said Brunei has expressed its commitment to help develop Mindanao’s halal industry in the areas of certification and capacity building.

Aside from grooming Mindanao into a production and export hub for halal-certified products, Duterte also underlined the island’s potential as a potential producer of tuna, sardines, banana, coconut, fruits, and poultry and livestock products. In the recently-held ‘Philippine Investments Conference’ in Doha by the Philippine Economic Zone Authority (Peza), Mindanao Development Authority (MDA) chief of staff Abdul Alonto also underlined Mindanao’s capability to export processed halal meat.

During the event, Philippine Business Council-Qatar (PBC-Q) chairman Greg Loayon also cited other investment opportunities in the Philippines aside from the halal market.

“Other than economic zones, manufacturing, tourism, furniture export, and healthcare are other investment opportunities that Qatari investors can look into the Philippines both from an outbound and inbound perspective such as Qatari investments in the Philippines or business opportunities in the Philippines that can be brought to Qatar,” he said. - Gulf Times

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Malaysian Eyes to Construct 23 Buildings: $2.4 Billion USD For New Federal Government Capital Offices in Clark

Putrajaya Luxury Residence. Photo:worldarchitecturenews.com

AlloyMtd eyes RM11bil Philippine ‘Putrajaya’ job

AlloyMtd Group has submitted a bid to build a new administrative centre for the Philippines Government at an estimated project development cost of $2.4 Billion US Dollars.

Located in the city of Clark, approximately 96 kilometres from Manila, the proposed 1,000-hectare Clark Administrative City project will house the executive, legislative and judicial bodies of the Philippines federal government.

It replicates Malaysia’s Putrajaya and will serve as the centralised site for the national government.
Under AlloyMtd’s proposal, the project will consist of 23 buildings encompassing some 273,000 square meters. The estimated project cost will be around US$2.4bil (RM10.62bil).

Speaking to reporters during the inauguration of the Palayan City Government Centre and Central Business Hub in Nueva Ecija province, AlloyMtd president and chief executive officer Tan Sri Azmil Khalid (pic) said the proposal represented a gigantic leap for the company, which has had a substantial presence in the Philippines over the past 11 years.

“We have had success in creating ‘mini Putrajayas’ in the country, or new centralised administrative and business centres to spur growth. But with a project of this magnitude, we can build a ‘real Putrajaya’ for the Philippines government,” he said.

The proposal to relocate and centralise the country’s Government entities has been mooted for a long time.

The consolidation of national Government offices away from the congested Metro Manila city centre will enhance efficiency, while at the same time the new location would also become a new centre of operations in times of natural disasters.

The project would be overseen by the Bases Conversion and Development Authority (BCDA), a Government agency created to manage the conversion of former military bases into income-generating facilities.

AlloyMtd was invited by the BCDA to submit the proposal for the development of the project. A presentation of the master development plan was made to the BCDA chairman and board executives on Feb 2.

Azmil added that funding for the project would likely come from a sukuk issuance in Malaysia.
“We are seeking the backing of the Philippines Government in regards to the sukuk so the terms are more favourable for investors,” he said.

International Trade and Industry Minister Datuk Seri Mustapa Mohamed, who was the guest of honour at the Palayan City project inauguration, lauded the proposal as it is wholly supportive of the Malaysian Government’s intention to boost economic and business relationships with its Filipino counterparts.

AlloyMtd has a track record in creating centralised business and administrative centres for local Governments in the country. Its projects include the Calabarzon Regional Government Centre and the ongoing Palayan City project, as well as the Bataan Government Centre.

The Malaysian conglomerate, which has a presence in 16 countries, has an entrenched presence in the Philippines in the infrastructure, institutional facilities and property development segments.

Building on the success of its RM1bil South Luzon Expressway project, the company is preparing for another major undertaking, as it had submitted an unsolicited bid for the Manila Mass Rapid Transit (MRT) Line 8 project last month.

The project, which was submitted by a consortium comprising AlloyMtd and East-West Rail Corp, spans about nine kilometres of elevated and depressed guideways with 11 stations along the route.
It runs from Quezon City to Lerma St. in Manila and the estimated project cost for the venture is around US$1bil (RM4.4bil).

The proposal is currently under review by the Philippines Department of Transportation and the National Economic and Development Authority (NEDA).

The MRT project is also the first project proposal from the private sector that was resubmitted to NEDA under the new Duterte administration, Azmil confirmed. - The Star Online

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Philippines' hits $7.93 Billion USD Foreign Direct Investments (FDI) in 2016

Philippines' hits $7.93 Billion USD Foreign Direct Investments (FDI) in 2016

Philippines’ FDI inflow hits record high in 2016

THE PHILIPPINES received a record $7.93 billion in actual foreign direct investment (FDI) last year, as sound macroeconomic fundamentals overshadowed the uncertainties brought about by leadership changes within and outside the country.
The net inflow of foreign direct investments (FDIs) soared 40.7% above the $5.64 billion recorded for 2015, according to preliminary data released by the Bangko Sentral ng Pilipinas (BSP) on Friday.

The yearend result surpassed by 18.4% the $6.7 billion projected by the central bank. The forecast represented a new high in itself.

Intercompany borrowings accounted for more than 65% of last year’s net inflow, as foreign firms placed $5.19 billion -- 68.6% over the $3.08 billion recorded in 2015 -- in debt instruments of Philippine subsidiaries and affiliates.

Equity and investment fund shares accounted for $2.75 billion, a 7.1% increase from the $2.56 billion booked in 2015. Net equity infusion rose 12% to $2.04 billion from $1.82 billion, making up for the 4.9% decrease in reinvestment of earnings to $710 million from $747 million.

In December alone, the net FDI inflow more than doubled to $669 million from the $272 million registered in the comparable 2015 period.

More than half or $415 million of the net inflow in December came from placements in debt instruments. Lending to Philippine subsidiaries or affiliates almost tripled from the $139 million reported a year earlier.

Investments in equity and investment fund shares nearly doubled to $254 million from $133 million. Net equity capital infusion surged 2.7 times to $206 million from $77 million, offsetting the 16.1% drop in reinvestment of earnings to $47 million from $56 million.

Investors from Japan, Hong Kong, Singapore, the United States and Taiwan made most of the equity infusions largely to financial and insurance; arts, entertainment and recreation; manufacturing; real estate; and construction activities.

“FDI inflows remained robust, supported by strong investors’ confidence in the country’s solid macroeconomic fundamentals,” the BSP noted in a statement accompanying the data.

“NO FLUKE”

In separate e-mail interviews, economists noted how the growth story of the domestic economy cancelled out concerns over possible changes in policy direction both in the Philippines and its major trading partner, the US.

“It is clear that the Philippine economic growth story is intact despite all the uncertainties of US policies and the continuous noise of domestic politics,” Ruben Carlo O. Asuncion, chief economist of the Union Bank of the Philippines, noted in an e-mailed correspondence.

Mr. Asuncion had expected net FDIs to the Philippines to grow slower and reach at least $7 billion toward the yearend.

“This significant growth, I believe, is on the back of solid macroeconomic fundamentals for the past 18 years or 72 quarters. This clearly means that the Philippines’ growth story is no fluke. Foreign investors recognize this observation with the 40.7% FDI growth for 2016,” Mr. Asuncion said.

Guian Angelo S. Dumalagan, market economist at Land Bank of the Philippines, cited the bright prospects for the Philippine economy as well.

“Last year, FDI inflows were affected by the country’s political transition and the US presidential election. These factors, however, were not enough to overshadow the country’s strong economic prospects,” Mr. Dumalagan said.

Foreign investors have nevertheless raised concerns over inefficient government bureaucracy, inadequate supply of infrastructure, corruption and tax regulations last year, another economist noted, citing The Global Competitiveness Report 2016-2017 of the World Economic Forum (WEF).

“I also cite infrastructure as one of the most compelling reasons why it’s difficult to commit to investing in the Philippines,” the economist said.

“Imagine setting up a manufacturing plant here only to find out we have one of the most expensive and unreliable electricity, highways are bogged down in traffic, airports have only 1.5 runways and flooding is a problem in the region’s worst port system,” the economist added.

The economist further noted the retreat of the Philippines by 10 notches in the Global Competitiveness Index, ranking 57th out of 138 economies covered in the report released by the WEF three months after President Rodrigo R. Duterte took office in end-June 2016.

“Investors now have a stark concern about the level of institutions in the country going forward. This moves hand in hand with the upholding of the rule of law, which can get foreign players a little bit concerned,” the economist said.

Landbank’s Mr. Dumalagan, however, expects the Philippines to continue registering net FDI inflows this year on the sustained strength of the domestic economy along with the improving economic conditions abroad.

“Japan and the US, two of the country’s major sources of FDIs, are expected to show stronger growth this year, suggesting potentially ample investable funds from these economic giants despite possibly lesser monetary accommodation from the Bank of Japan and the US Federal Reserve,” Mr. Dumalagan said.

“The protectionist stance of the new US administration, however, poses a risk, as it could potentially reduce the amount of capital inflows from the US.”

FDIs in the Philippines, by Reuters’ reckoning, are minuscule compared with that in regional peers due to poor infrastructure, high power costs and foreign ownership restrictions in key industries. - Business World Online

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Finance Minister Dominguez III Asks Jack Ma to Remove Faked Tax Stamps from Alibaba

Fake BIR Stamps pre-printed by MEIKEI Printing Co., LTD in China for cigarette boxes sold online. The same case as the Mighty Corporation with pre-printed BIR Tax Stamps. Source: https://sc01.alicdn.com/kf/HTB1yKS.NXXXXXatXVXXq6xXFXXXl/Customized-OEM-cigar-label.jpg an image stored at Alibaba server aliccdn.com 

Philippines asks Jack Ma to remove fake tax stamps from Alibaba

Finance Secretary Carlos “Sonny” Dominguez III wrote a letter to Jack Ma, asking the latter to remove fake Philippine tax stamps on the Alibaba website.

“If you go to Alibaba.com, you can see there an item [option] to buy fake Philippine cigarette stamps,” Dominguez said during a tax reform forum in Metro Manila’s Makati City on Friday.

“I wrote a letter to Jack Ma to ask him to remove it from his website because that [online sale] is hurting the Philippine interests,” said Dominguez, adding he has started a campaign telling people not to buy the fake Philippine tax stamps online.

The Philippine government has been investigating Alexander Wong Chu King, president of Mighty Corporation, for allegedly using fake tax stamps worth P1.5 billion (Dh109 million) to avoid paying taxes. It is not yet known if he bought the fake Philippine tax stamps online or he had them printed in Manila.

Screen captured of zoom image of faked BIR Stamp taxed pre-printed in China. If BIR will examine these stamps would realy turned not exists in their databased because these are pre-printed. Source website address as appeared in the photo. ( https://goo.gl/Pzvw43 )

Dominguez asked Executive Secretary Salvador Medialdea and Justice Secretary Vitaliano Aguirre II to “move fast”for the lifting of a temporary restraining order issued by a lower court in Manila on Monday which prevented the Bureau of Customs (BOC) from raiding and inspecting the warehouses of Mighty Corporation.

The TRO would be good for 20 days, from March 3 to 23, 2017.

Packs of cigarettes with fake tax stamps were also seized from Mighty Corp’s container vans in ports in Tacloban City, central Philippines; in a warehouse in Pampanga, central Luzon; and in General Santos and Zamboanga cities in southern Philippines, the BOC said.

Letter of Philippine Finance Minister (Secretary) to Jack Ma regarding the faked BIR Tax Stamps appearing in his Alibaba online store

Forged stamps found in King’s warehouse in Pampanga alone could amount to P1 billion in revenue losses for the government, said Bureau of Internal Revenue (BIR) chief Caesar Dulay.

Earlier, President Rodrigo asked King to double to ₱3 billion its tax liability of ₱1.5 billion in a compromised settlement, adding the money will be used for the repair of two public hospitals in the southern Philippines and one in Metro Manila.

“The taxes that he did not pay, whether intentionally or not, can be settled or compromised. That’s the word [used] in law. The ₱1.5 billion worth of fake tax stamps that he has printed, double that amount [in paying back the government], and I’ll forget to press charges [of tax evasion against him],” explained Duterte, adding, “His [King’s initial] offer to pay ₱1.5 billion, that’s not acceptable for me. He should make it ₱3 billion.”

Chief Presidential Legal Counsel Salvador Panelo, adding that King could also be charged with economic sabotage and bribery, said King sent to Duterte a package with a pile of cash.

On March 7, when Duterte ordered the arrest of King, the latter met with National Bureau of Investigation (NBI) Director Dante Gierran and Justice Secretary Vitaliano Aguirre.

Both the BIR and the BOC have started to prepare an air-tight case against King, said Finance Secretary Dominguez. -with sources from Manila Bulletin and the Gulf News

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Philippine Export Rose Up 22.5% to $5.1 Billion USD - Fastest in 3 Years

Electronics Export in the Philippines Rose up 22.5% January to $5.1 Billion US Dollars

Exports from the Philippines grew at their fastest clip in three years in January as shipments of electronics took off.

Exports rose at their quickest pace in three years in January on demand for technology goods and commodities, while continuing strong imports underlined a buoyant domestic economy.

The Southeast Asian economy is one of the fastest growing in the world and strengthening global trade could complement robust domestic consumption as President Rodrigo Duterte's government aims to sustain annual growth above 7 percent during his six-year term.

Exports in January rose 22.5 percent from a year earlier, gaining for a second month in a row, while imports jumped 9.1 percent, data from the Philippine Statistics Authority showed on Friday.

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Country’s exports jumped 22.5 per cent year on year to $5.1bn in January, coming in above a median forecast from economists compiled by Bloomberg of 10.5 per cent growth.

Shipments of electronics, the country’s top export accounting for 46.1 per cent of total export revenue in January, increased 10.4 per cent year on year to $2.4bn.

Japan remained the Philippines’s largest export destination accounting for 17.3 per cent of total exports or $887.7m with the US its second largest market accounting for $847m.

Imports rose 9.1 percent year on year to $7.4bn, which was slightly below economists’ median estimate of a 10 per cent increase.

This resulted in the trade deficit of$2.3bn, coming in below estimates of $2.9bn and improving on the $2.56bn deficit in December.

Vishnu Varathan, senior economist at Mizuho Bank, said the spike in exports was largely in line with the strength in shipments elsewhere in Asia.

"There is a confluence of low-base effect and also seasonal uptick that went into the end of last year," he said.

Eight of the country's top 10 export products rose in January, with electronics up 10.4 percent from a year earlier. Electronics remained the country's No. 1 export, accounting for 46.1 percent of total revenue in January.

The country's biggest imports for the month were electronics, mineral fuels, transport equipment, industrial machinery, and iron and steel.

Exports to the country's top trading partners such as the United States and China increased 21.2 percent and 23.6 percent, respectively, in January from a year earlier. Shipments to Japan, the biggest export market, fell 6.6 percent.

While the Philippine economy is largely driven by domestic consumption, Varathan said it would also be buffeted by any change in external trends.

"We want to see how trade negotiations between the U.S. and China pan out and the corresponding knock-on effect that you'll see in Asia," Varathan said. With reports from Financial Times and Reuters 

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US-Asean Business Council upbeat on Philippine Economic Prospects

In Photo: Members of the US-Asean Business Council (US-ABC) hosted a roundtable for Trade Undersecretary Nora K. Terrado on February 22 in Washington, D.C.Photo: Business Mirror

‘FOR the first time in three years, the Philippines made it to the worldwide list of top 20 investment destinations of multinational enterprises,” Trade Undersecretary for Industry Promotion Group Nora K. Terrado told participants in a roundtable organized by the US-Asean Business Council (US-ABC) on February 22 in Washington, D.C.

Terrado said with the country’s 6.8-percent GDP growth in 2016, the Philippines continues to be one of Asia’s fastest-growing economies, exhibiting resilience amid external shocks.

This message highlighted Terrado’s presentation about the country’s improving global competitiveness ranking.

Terrado discussed the current administration’s 10-point socio-economic agenda, which aims to sustain improvements in the Philippine investment climate, support rural development, and further enhance the country’s infrastructure, human capital and social-protection programs.

“The whole government is tasked to continue to improve the ease of doing business in the Philippines,” Terrado said.

As chair for Asean 2017 Summit, the Philippines is poised to highlight the region’s strengths by engaging the international business community, foreign governments and investors through the Asean Business and Investment Program (Abip).

As chairman for the Asean Committee on Business and Investment Promotion, Terrado urged the US-ABC and its members to participate in the business activities to be held in the Philippines, focusing on themes, such as regulatory coherence, micro, small and medium enterprises (MSMEs), women and youth entrepreneurship, and innovation.

Marc Mealy, vice president for policy of the US-ABC, expressed positive feedback after the dialogue with Terrado.

“With the Philippines serving as the current Asean chairman and having one of the highest GDP growth rates in Asia, the representatives from the 13 American multinational companies who participated were keen to receive the undersecretary’s update on current business trends in the Philippines and the economic priorities of the Duterte administration,” Mealy said. “The Council looks forward to conducting our 2017 senior executives business mission to the Philippines later this year.”

The US-ABC members that participated in the dialogue were Coca-Cola, Fluor, Citi and Philip Morris, among others. - BUSINESS MIRROR

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1 BTC - USD Hits 1,120 and Continue Rising for the coming USA SEC ETF Decision March 11

Bitcoin hit 1,120 USD. Source: Blockchain

Friday, February 24, 2017 11:30 PM UTC +8GMT

BTC/USD hit an all-time high of 1220 level on Friday and is currently trading at 1209 levels at the time of writing (Bitstamp).

Philippine Peso - BTC Exchange rates : ₱60,277.64

Coins.ph exchange rate:  Buy: ₱60,737 PHP | Sell: ₱58,875 PHP

Buybitcoin  rate:  Buy: ₱61,581 PHP | Sell: ₱58,529 PHP

The recent upswing is possibly being driven by the upcoming decision on bitcoin ETF by the US Securities and Exchange Commission (SEC). Traders seem to be largely bullish on the bitcoin ETF getting the approval, CoinDesk reported. The SEC has until March 11,2017 to approve or disapprove the ETF.

According to Bloomberg, President Trump’s policy uncertainties might be the reason behind the recent rally. It explains that investors are looking to hedge against potential global uncertainty in the wake of President Trump’s policies and are speculating relaxation of digital currency regulations under his leadership.

On the upside, the pair will now run into resistance at 1245 (127.2% retracement of 1139.89 and 751.34) and a break above would see it testing 1280 (113% extension of 751.34 and 12.20)/1347.

Momentum studies remain bullish. Any dips could be taken as an opportunity to go long. However, caution is advised as RSI and stochs are in the overbought zone.

On the flipside, support is seen at 1200 (psychological) any violation would drag it to 1140 (trend line joining 941.81 and 1074.69)/ 1115 (5-DMA). A break below 5-DMA could see further weakness in the pair.

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DO YOU WANT TO START EARNING BITCOIN WITHOUT SPENDING EVEN A CENT? 
   
STEP 1: 

FOR PHILIPPINE CUSTOMERS (INCLUDING OFW ABROAD): 
You must download the Coins.ph App below and register. This app would serve as your wallet to store your collected bitcoins.

FOR OUTSIDE PHILIPPINE CUSTOMERS OR FOR NON-FILIPINO CUSTOMERS

You must have a bitcoin wallet and bitcoin address through blockhain or at  Coinbase.com  You may download the Coinbase.com App below to begin.

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STEP 2: 
FOR Coins.ph Follow the steps 1 to 3 to get the Bitcoin address and save this as you need this address.

In order for you to have a new Bitcoin address using the Coins.ph , You must follow the 3 steps above as shown in the screen captured photo. 3DkAZ2o2pypqs7KgZq5LbtEQEhgovg9iy8 is a sample of a bitcoin address.

Note: Coins.ph would ask you to download aswell the Google Authenticator as the second security verification to make sure that you are the owner logging into the account. Every time that the Coins.ph app would ask for verification, you must open the Google Authenticator as it would display a new code. Such code would change everytime you make a new transaction.

FOR  Coinbase.com if you could not find the button that would provide a new bitcoin address then proceed to  blockhain, register and get your new Bitcoin address.

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STEP 3: 

Here you are! It is time to register at BitMiner ! bit miner would give your $5USD bitcoin every 5 days without investing even a single cent as part of their marketing to entice people to use bitcoin. How to start with BitMiner  , Just register with your new bitcoin address provided by the coins.ph or blockchain then visit the site after 5 days and you could claim $5 USD and it would continue to the following weeks until the end of their marketing plan.

Step by step instruction on how to register at BitMiner !

Visit the BitMiner website https://bitminer.io/ as shown below then input your bitcoin address at the space provided (llabe 1) then clikc start mining then leave it. After a week, it is withdraw time and get your FREE $5USD without spending anything. Please note down your exact bitcoin address and save it in a safe place as you need it next time you visit your bitcoin miner to make withdrawal.

Follow step by step:

1.) Enter your bitcoin address

2.) Click Start Mining

You could withdraw if your collected Bitcoin reach up to the thresholds of  0.005 BTC 

3.) Check your earning rate and profit per day. 

4.) Check your profit per day

Note: You can withdraw your collected bitcoin once it reach the thresholds of  0.005 BTC or $5USD or whatever the rate of 1BTC to USD. Current rate shows 0.005 BTC is equalt to $5.94 USD.  So  0.005 BTC divided by 0.0006 BTC daily profit is 8.33 days (0.005/0.0006 = 8.33)

If you wish to make withdrawal several times a day then you need to upgrade your BitMiner. Look at our upgraded Bit Miner below. 

Upgrade Bit miner

Upgrading to V1.1 would cost you $10 USD but it would increase you mining speed and daily profit that would help you earn more Bitcoin in 1 day period.

With our upgraded version Bitminerv1.2 it enables us to collect 0.15 BTC everyday or $17.82 USD. Just check from your google "BTC-USD" to get the update of the BTC-USD exchange rate.

Bit Miner Versions available:

Bit Miner V1.0  = 0.0006 BTC Profit every Day
Bit Miner V1.1  = 0.0012 BTC Profit every Day

Bit Miner V1.2  = 0.015   BTC Profit every Day
Bit Miner V1.3  = 0.15     BTC Profit every Day
Bit Miner V1.4  = 1          BTC Profit every Day

Current exchange rate for 1 BTC to USD is $1,1888 or check Google echange rate for updates

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Why Krugman’s “Bitcoin is Antisocial and Impractical” Argument is Flawed

Paul Krugman, “economist” and University of New York professor, Photo: The Coin Telegraph

Over the past few years, Paul Krugman, “economist” and University of New York professor, continuously criticized Bitcoin and its decentralized nature, describing it as an anti-social network because it does not depend on a state-owned or controlled money supply.

To start with, Bitcoin can be perceived as an abstract financial and technological concept within the traditional frame of Economics and Finance. The Bitcoin network represents the potential of peer-to-peer and open financial networks that eliminate the necessity of the third party institutions or governing entities in order to efficiently facilitate payments between users in a practical ecosystem.

Conventional “economists” such as Krugman have been introduced to state-owned, controlled and manipulated currencies, assets and stores of value for an immense period of time that they often struggle to understand the necessity of digital currencies like Bitcoin.

In his blog he writes:

“At the end of 2013, I wrote a post titled “Bitcoin is evil,” riffing off Charlie Stross’s “Why I want Bitcoin to die in a fire.” Charlie and I both keyed in on the obvious ideological agenda: Bitcoin fever was and is intimately tied up with libertarian anti-government fantasies.”

“Bitcoin is antisocial” because “it is not state-owned” - wait, what?

The “Bitcoin is antisocial” argument has been the core of Krugman’s criticisms against the cryptocurrency. Ironically, however, Bitcoin has demonstrated the highest level of user freedom, as it relies on a peer-to-peer protocol as its foundation.

Another ridiculous statement of Krugman that he frequently pushes in mainstream media outlets such as the New York Times, for example, is that “Bitcoin is not state-owned,” which misleads users and investors on the primary purpose of Bitcoin. Basically, he says that Bitcoin was created to weaken the global banking system.

Well, seriously? In 2009, Bitcoin was introduced with the sole purpose of providing financial freedom, sovereignty and independence to users. So far, it has succeeded in offering an unprecedented level of financial freedom to the general population, proving that financial networks can exist without the involvement of governments and the existence of authority.

Governments abuse the power over the cash-based monetary system

Bitcoin serves as evidence that peer-to-peer networks can exist and that users are responsible enough to lead a peer-to-peer protocol in a civilized manner.

The global financial system utilizes cash as its basis. Banking systems and financial services are deployed on top of the monetary framework, offering digitalized methods of transacting cash. The role of the government within a cash-based monetary system is to provide enough supply of physical cash to support the economy.

Governments have abused this power over the cash-based monetary system to print fiat money at their demand. Termed as “quantitative easing,” central banks print a certain amount of cash and distribute that among banks. While governments claim that this new set of printed money ends up at the bottom of the economy, in actuality, billions of dollars created on an annual basis are sprinkled on top of the economy for top-tier organizations and financial institutions.

Bitcoin has proved that a state-owned money supply is redundant and unnecessary. In a social network, a peer-to-peer protocol like Bitcoin, each individual plays a role in maintaining an autonomous financial network.

Paul Krugman, “economist” and University of New York professor is wrong.  Illustration: The Coin Telegraph

Source: - The Coin Telegraph 

Investment Recommendation: Bitcoin Investments

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Grow your $25 USD to $38.50 in 30 days

Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph

For outside the Philippines customers  may buy Bitcoins online at Coinbase.com

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Governments and Banks Push Bitcoin Price to New Levels: Experts

illustration: rubiztech.com.ng

Besides the global influx of new users, government wars and restrictions against Bitcoin appears to be toughening the resilience and character of the cryptocurrency.

Bitcoin has exhibited a very strong price character so far in 2017 despite a number of setbacks. This is expressed by the manner in which its price has always shown good strength in recovery.

Alena Vranova, co-founder of SatoshiLabs / TREZOR, says:

“All those setbacks, hurdles and government restrictions are a blessing, making Bitcoin more resilient. The fact that Bitcoin hit $1000 for the second time in its short history also strengthened its position even more and set expectations quite high for this year.”

Two factors supercharging Bitcoin value

Simon Dixon, BnkToTheFuture.com CEO, believes that Bitcoin’s continued strength as a global store of value has been supercharged by two factors in 2017.

Firstly, Dixon notes that banks and financial instructions around the globe waved the Blockchain flag throughout 2016 and many more are starting to realize that Blockchains are pretty useless without Bitcoin’s proof of work.

The result, according to Dixon has been a wave of Blockchain applications that are worse than their existing solutions and a realization that Bitcoin is actually the only interesting thing about Blockchain.

Secondly, Dixon says that governments are essentially subsidizing the growth of Bitcoin, driving people to it by waging war on their national cash supply and adding more and more friction to fiat money in their war on money laundering that is affecting everyday people that are not laundering anything.

“These two factors are driving more and more people to buy some Bitcoin and experience what it is like to own their own money,” concludes Dixon.

Bitcoin is conquering new levels

Michael Vogel, CEO of Netcoins, describes Bitcoin as having a breakout year in terms of new users and continued adoption on a global scale.

Vogel tells Cointelegraph that 2017 is proving to be a very exciting year for Bitcoin, despite having seen major regulatory uncertainties in China with some exchanges halting withdrawals.

Vogel explains:

“Speaking from my viewpoint at Netcoins, a large portion of our customer base continues to be new customers that are discovering Bitcoin for the first time and have made the decision to load up their new Bitcoin wallet. In fact, January was a record month for traffic at our Virtual Bitcoin ATMs.”

Vogel thinks that the overall upward trend in Bitcoin price is as a result of the influx of new users globally. This is because, despite hiccups and negative press, the global Bitcoin trading and transaction volumes continue to grow. This is reflected in the 24-hour volume history of main Bitcoin exchanges over the past year. - The Cointelegraph

Investment Recommendation: Bitcoin Investments

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Zinc7 Offers 7% Interest Growth of your BITCOIN Investment

Grow your $25 USD to $38.50 in 30 days

Where to buy Bitcoins?

For Philippine customers: You could buy Bitcoin Online at Coins.ph

For outside the Philippines customers  may buy Bitcoins online at Coinbase.com

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China - Philippines Bridging for the 5G Wireless Internet Preparation 2020

Philippine Telco's are in the preparation for 5G wireless mobile internet for 2020

What is 5G Mobile Internet?

5th generation mobile networks or 5th generation wireless systems, abbreviated 5G, are the proposed next telecommunications standards beyond the current 4G/IMT-Advanced standards.

Rather than faster peak Internet connection speeds, 5G planning aims at higher capacity than current 4G, allowing higher number of mobile broadband users per area unit, and allowing consumption of higher or unlimited data quantities in gigabyte per month and user.

This would make it feasible for a large portion of the population to stream high-definition media many hours per day with their mobile devices, when out of reach of Wi-Fi hotspots.
5G research and development also aims at improved support of Device-to-device communication, aiming at lower cost, lower latency than 4G equipment and lower battery consumption, for better implementation of the Internet of things.
There is currently no standard for 5G deployments.

The Next Generation Mobile Networks Alliance defines the following requirements that a 5G standard should fulfill:

1. Data rates of tens of megabits per second for tens of thousands of users
2. Data rates of 100 megabits per second for metropolitan areas
3. 1 Gb per second simultaneously to many workers on the same office floor
4. Several hundreds of thousands of simultaneous connections for massive wireless sensor network
5. Spectral efficiency significantly enhanced compared to 4G
6. Coverage improved
7. Signaling efficiency enhanced
8. 1-10 ms latency (limited by speed of light)
9. Latency reduced significantly compared to LTE

The Next Generation Mobile Networks Alliance feels that 5G should be rolled out by 2020 to meet business and consumer demands. In addition to providing simply faster speeds, they predict that 5G networks also will need to meet new use cases, such as the Internet of Things (internet connected devices) as well as broadcast-like services and lifeline communication in times of natural disaster.

Carriers, chipmakers, OEMS and OSATs, such as Advanced Semiconductor Engineering (ASE), have been preparing for this next-generation (5G) wireless standard, as mobile systems and base stations will require new and faster application processors, basebands and RF devices.

China’s Huawei, Philippine Telco join forces in 5G deal

Chinese electronics giant Huawei is joining forces with the Philippines' largest telco in the hopes of rolling out a 5G wireless network in the Asian archipelago by 2020, the Filipino company said.

Filipinos are among the world's most active Internet users, but the country also has one of the slowest average connection speeds.

Smartphone usage is also steadily growing with about 33 million people owning devices according to researchers.

Philippine Long Distance and Telephone Co (PLDT) and Huawei agreed last month to conduct joint research and development into fifth-generation broadband wireless technology for the Philippines.

"They are one of the companies that are leading in the research and development of 5G technology," PLDT spokesman Ramon Isberto said about the Chinese firm, adding it is already involved in PLDT's landline and mobile phone services.

Chinese telecoms behemoth Huawei is the world's number three smartphone maker, operating in 170 countries.

The company has laid out an ambitious agenda for the US and global markets – hoping to become the top producer of smartphones in the next five years despite controversy over its ties to Beijing.



Ren Zhengfei, a former People's Liberation Army (PLA) engineer, founded the company in 1987 but his PLA service has led to concerns of close links with the Chinese military and government, which Huawei has consistently denied.

The US and Australia have previously barred Huawei from involvement in broadband projects over espionage fears.

Relations between Manila and Beijing have been rocky amid conflicting claims over the South China Sea and China's militarisation of the resource-rich waterway.

But under Philippine President Rodrigo Duterte, who won May elections in a landslide, there has been a warming of bilateral ties as Duterte steers Manila away from the US – its long-time defence treaty partner.

Isberto said controversy over Huawei's links with the Chinese government was not a concern, stressing that foreign companies only provide technology.

"At the end of the day, we run our networks," he said. — AFP

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