Author: ltadmin

The Arbitration – Mediation Symposium 2024:Mediation Symposium 2024, themed ‘Third parties and influences on arbitral proceedings’, will take place in Ho Chi Minh City from March 22 to April 11, according to the Vietnam International Arbitration Centre (VIAC).

The event, which will be held in a hybrid format, will include workshops on topics such as interim measures in arbitration and the impact of third parties; the execution of arbitration rulings and issues arising from third parties; mediation in arbitration proceedings; neutral third parties’ roles and their influence on resolving disputes; and a symposium on completing third party mechanisms for facilitating the arbitration proceedings.

Currently, the efficiency of resolving disputes by arbitration in particular and by alternative disputes resolutions (ADRs) in general has been recognised by the business community, according to the organisers.

Statistics from the VIAC showed that the number of cases resolved through arbitration and mediation signific
antly increased in 2023 but there was also a diversity of industries and parties’ nationalities.

In the context of increasing disputes and applying the Law on Commercial Arbitration 2010 (LCA) over the past 13 years, the matter related to disputing parties has been raised and discussed, aiming to enhancing and perfecting the legal framework on arbitration in Vietnam.

In reality, it can be seen that besides disputing parties (regulated in LCA), third parties have involved in many cases in different roles and they are able to make significant impacts on ensuring the fairness, transparency and effectiveness of arbitration and mediation methods.

The VIAC, in collaboration with law training institutions and other partners, decided to organise the symposium, aiming to discussing issues of third-parties in arbitral proceedings through analysing Vietnam’s legal framework and international practices, along with giving recommendations for mechanisms for third parties in the arbitration legal framework.

The Arbitrat
ion – Mediation Symposium (AMS) is an annual event which does not only provide participants with a helpful forum for in-depth discussions but also makes contributions to supporting the parties in resolving disputes effectively and improving the legal framework of ADRs in Vietnam./.

Source: Vietnam News Agency

MANILA: The Bureau of Fire Protection (BFP) reported Friday that fire incidents in the Bicol Region increased from 94 in January-February 2023 to 119 during the same period this year.

In a phone interview, BFP-Bicol spokesperson Senior Insp. Edgar Tañajura Jr. advised taking precautions to prevent fires, especially during the dry season.

He warned of overheating, overloading and short circuits, particularly those who use substandard electrical and octopus wirings.

“BFP-Bicol is always ready. We have a variety of equipment like fire trucks, rescue trucks, boom trucks, rubber boats and ambulances prepared to respond to any incidents in the region,” Tañajura said.

He said the most common causes of fire in the region are faulty electrical connections, dried grass and leaves, and lighted cigarette butts thrown in garbage.

He added that they are continuously inspecting various business establishments and conducting regular capability training for all fire officers in the region.

For the general public, he adv
ised unplugging all electrical appliances before leaving the house or sleeping; to avoid panicking; and to stop using social media first before calling for help.

BFP-Bicol will usher in Fire Prevention Month at Peñaranda Park, Old Albay District, Legazpi City on March 5.

The activity will proceed to the Bicol University open grounds where students, employees of national government agencies and other stakeholders will join.

Source: Philippines News Agency

MANILA: The Department of Agriculture-Philippine Rural Development Project (DA-PRDP) has completed 41 infrastructure projects worth PHP1.7 billion in the Davao region.

In an interview Friday, PRDP project director and concurrent DA-11 Regional Director Abel James Monteagudo said the completed projects include farm-to-market roads, potable water systems, warehouses, and other production facilities.

The projects were funded by the World Bank (WB) and the European Union (EU) through PRDP.

‘There will be more big-ticket projects to come especially since we now have the PRDP Scale-Up. Another flagship project will be focusing on clustering and fostering the development of commodity hubs, promising a substantial impact on our top-priority commodities,’ Monteagudo said.

He noted that local government units, during a recent meeting, were able to evaluate their physical and financial accomplishments of all I-BUILD sub-projects and output ratings of the conducted operation and maintenance assessment per sub-project
.

‘This forward-looking approach aligns with our commitment to sustainable growth and strategic development, laying the foundation for a dynamic and resilient economic landscape,’ Monteagudo said.

Moreover, he said three infrastructure sub-projects under the WB-additional financing in partnership with the EU amounting to PHP544 million are still ongoing and are expected to be completed by the end of 2024.

PRDP is a six-year national project under the DA that aims to establish a modern, value chain-oriented, and climate-resilient agriculture and fisheries sector.

Source: Philippines News Agency

MANILA: A magnitude 5.4 earthquake hit Surigao del Sur on Friday afternoon.

In a bulletin issued at 6:30 p.m., the Philippine Institute of Volcanology and Seismology (Phivolcs) said the tectonic quake struck 89 kilometers southeast of Cagwait at 5:28 p.m.

It was 16 km deep.

Intensity IV (moderately strong) was felt in Cagwait, and Intensity II (slightly felt) was reported in Bislig.

Phivolcs also logged the following instrumental intensities:

Intensity III (weak) – City of Tandag, Surigao del Sur

Intensity II – Nabunturan, Davao de Oro

Intensity I – San Francisco, Southern Leyte

Reported intensity is the traditional way of knowing the intensity based on reports of people who felt the earthquake. Instrumental intensity, on the other hand, is measured using an intensity meter that measures ground acceleration.

Meanwhile, Phivolcs said both aftershocks and damage are unlikely from the magnitude 5.4 quake.

Source: Philippines News Agency

MANILA: The Department of Finance (DOF), which currently sits as chair of the Intergovernmental Group of Twenty-Four (G-24) Board of Governors, recently led the G-24 Technical Group Meetings (TGMs).

In a statement on Friday, the DOF said the technical meetings on Feb. 21 and 22, 2024 in Manila aim to tackle global challenges.

During the two-day TGMs, strategies to effectively address economic challenges including climate financing, changes in the global trade regime, domestic resource mobilization, and sovereign debt resolution, among others were discussed.

Formed in 1971, the G-24 helps coordinate the positions of developing countries on international monetary and development finance issues, as well as to ensure that their interests are adequately represented in negotiations on international development fora.

Discussed during the meetings, the group cited the need to establish sound macroeconomic fundamentals to cushion the global economy against shocks and the need for reform to make the global financia
l safety net more responsive to the needs of developing countries.

The group also cited the need to facilitate trade and zeroed in on issues on existing international tax architecture.

In terms of climate action and financing, the group called on international financial institutions to ramp up their efforts on leveraging their capital more effectively and improving the access and concessionality of financing instruments to help address existing financing gaps in developing countries for climate adaptation and mitigation initiatives.

The DOF said that during the panel discussion on sovereign debt resolution, it was noted that while progress has been made for countries that requested debt treatment under the G-20 Common Framework initiative, coordinated action toward restoring debt sustainability would need to consider mechanisms to resolve debt challenges in middle-income countries that are not eligible.

G-24 Director Iyabo Masha said the discussions will boost the work of the G-24 as they continue to coll
aborate and advance their commitments to the interest of the global south.

‘Together, we can rise above the challenges, build resilience, and chart our course for a brighter future for our nations and our climate. I thank you all for participation,’ Masha said.

Bureau of the Treasury Officer-in-Charge Sharon Almanza who acted as chair of the TGM sessions on behalf of Finance Secretary Ralph Recto, emphasized the importance of cooperation.

‘While we recognize that there is not a one-size-fits-all solution to our development woes considering our countries’ unique contexts and situations, we acknowledge the importance of international cooperation in this interconnected world, of making our voices heard, and of ensuring that no one is left behind as we tackle global challenges and build our resilience moving forward,” she said.

Though originally named after the number of the founding member-states, the G-24 now has 29 members — Algeria, Argentina, Brazil, China, Colombia, Congo, Côte d’Ivoire, Ecuador, Egypt
, Ethiopia, Gabon, Ghana, Guatemala, Haiti, India, Iran, Kenya, Lebanon, Mexico, Morocco, Nigeria, Pakistan, Peru, the Philippines, South Africa, Sri Lanka, Syria, Trinidad and Tobago, and Venezuela.

Source: Philippines News Agency

MANILA: The Maharlika Investment Corp. (MIC) is set to apply for Associate Membership in the International Forum of Sovereign Wealth Funds (IFSWF) to strengthen transparency and good governance.

In a statement on Friday, the Department of Finance (DOF) said the proposal to apply to the IFSWF was approved during the fourth MIC board meeting presided by MIC chairperson, Finance Secretary Ralph Recto, on Feb. 29.

The IFSWF is a voluntary organization of global sovereign wealth funds committed to working together and strengthening the community through dialogue, research, and self-assessment.

It is mandated to help members implement the Santiago Principles, which pertain to the generally accepted principles and practices to ensure the effective operations of sovereign wealth funds globally.

The Maharlika Investment Fund Act of 2023 mandates the adherence of the MIC and the Maharlika Investment Fund (MIF) to the Santiago Principles.

An IFSWF Associate Membership is usually granted for three years, specificall
y for institutions that are in the early stages of forming their sovereign funds.

The DOF said the MIC board, likewise, approved MIC President and CEO Rafael Jose Consing Jr., MIC Regular Director Vicky Castillo L. Tan, and Independent Director German Q. Lichauco II to be the corporation’s representatives to the IFSWF.

Present during the fourth board meeting were Tan; MIC Independent Directors Lichauco, Andrew Jerome Gan, and Roman Felipe Reyes; LBP PCEO Lynette Ortiz; and DBP PCEO Michael de Jesus.

The MIC’s advisory body represented by Officer in Charge Treasurer Sharon Almanza was also present in the meeting.

Source: Philippines News Agency

MANILA: A total of 19 children of Pangasinan Police Provincial Office (PPPO) personnel joined the first day of class at the police office’s Tanglaw Lahi Day Care Center on Friday.

The center, intended for kids aged 6 years and below, aims to provide a safe space for kids while their parents perform their duties and instill on them the values of the Philippine National Police (PNP).

“We wanted to impart to them the values of the police at a very early age so they will grow up to be responsible citizens,” PPPO Director Col. Jeff Fanged, who noted the importance of good foundation for children, said in an interview.

Fanged said the center would also boost the good relationship between the Pangasinan Police and the community as the plan is to accommodate later on the kids of families residing near the camp.

“The facility itself was a product of community-police partnership since it was funded through fundraising activities of the police and contributions of individuals,” he said.

Fanged said four police pers
onnel with a background in teaching were trained by the Department of Education (DepEd) on how to handle the learners. They will take turns supervising the kids from 8 a.m. to 5 p.m. Mondays to Fridays.

Staff Sgt. Mark Meneses, who has a four-year-old child, said they are grateful for the establishment of the center.

“For us uniformed personnel who have limited time to look after our children, we don’t have to hire babysitters since we can just bring them here. Instead of my child just playing at home, here she gets to interact with other children while also learning,” he said.

Source: Philippines News Agency