Category: Business

The Bureau of Fisheries and Aquatic Resources (BFAR) on Monday said it aims to further boost the country’s fisheries sector to contribute to economic growth. ‘Together with allied government agencies, fisherfolk and fish farmers, and other key stakeholders in the industry, the Bureau remains steadfast and committed to our campaign and programs for the protection, conservation, and management of our fisheries and aquatic resources. Achieving food sustainability in fisheries is a continuous and never-ending process,’ BFAR director Demosthenes Escoto said during the launch of the 60th Fish Conservation Week at the agency’s central office in Quezon City. Escoto said this year’s celebration, which carries the theme ‘Masaganang Pangisdaan, Maunlad na Ekonomiya,’ is anchored on President Ferdinand R. Marcos Jr.’s push for the protection and conservation of the country’s natural resources to achieve food security and sustainability. The BFAR chief also introduced activities aimed at increasing the sector’s productivity. One of these, Escoto said, is the Bantay-Dagat Insurance Program designed to provide essential medical aid and death benefits to qualified City and Municipal Fisheries and Aquatic Resources Management Council (C/MFARMC) law enforcement officers. The BFAR launched the program in partnership with the Philippine Crop Insurance Corporation to recognize the contributions of Bantay Dagat, whose safety and lives are at risk, in safeguarding coastal communities from illegal, unreported, and unregulated fishing activities. It also launched FishRecipes: Lutuing Isda ng mga Mangingisda, an information campaign aimed at promoting fish recipes crafted by fish farmers, fisherfolk, and cooperatives across the country. The celebration coincided with Maritime and Archipelagic Nation Awareness Month where BFAR employees dressed in aquatic animals and seafood costumes participated in dance and culinary competitions. Escoto said the celebration of the 60th Fish Conservation Week would culminate with the launch of Philippine Fisheries and Coastal Resiliency (FishCoRe) Project at the Philippine International Convention Center in Pasay City on Friday. FishCoRe is a seven-year project aimed at enhancing the management of fisheries resources within Fisheries Management Areas 6 and 9, spanning 11 regions and 24 provinces. It also seeks to bolster fish production and contribute to national economic growth through sustainable fishing practices. BFAR will also announce on Friday the grand winner of Malinis at Masaganang Karagatan: The National Search for Outstanding Coastal Community, an annual competition which encourages local government units to adopt comprehensive policies for the protection and management of their aquatic resources, while recognizing communities that excel in coastal resource management practices. The grand winner was selected for its exceptional dedication to coastal conservation, taking into account five criteria: prohibition of illegal fishing practices, effective solid waste management program, successful implementation of a closed fishing season, protection of mangroves, and preservation of marine protected areas. Individuals and organizations that have made substantial contributions to the protection and advancement of the fisheries sector will also be recognized at the Parangal sa mga Kabalikat sa Pangisdaan: Gawad Pagkilala at Pasasalamat. Various activities will also be held throughout the celebration to engage the public in discussions about fisheries conservation and responsible aquatic resource management

Source: Philippines News Agency

A measure providing financial literacy and entrepreneurship programs for workers to help them cope with rising prices of basic commodities has been filed at the House of Representatives. House Senior Deputy Majority Leader and Ilocos Norte 1st District Rep. Ferdinand Alexander ‘Sandro’ Marcos filed House Bill (HB) 8989, or the proposed ‘Financial Literacy for Workers’ Act,’ which aims to empower workers to generate more income and ultimately lead a life of economic and financial freedom. ‘At a time of continuously rising prices, the prevalence of financial scams, and also predatory loans, there is a need to empower employees with financial literacy programs that will include debt management, savings and investment, insurance and retirement planning, so as to avoid indigency,’ he said. Marcos said among the challenges to developing entrepreneurial skills include a lack of adequate knowledge of financial management, high cost of doing business, lack of access to finance and market information, and low productivity and competitiveness due to the lack of economic capacity. “Through better awareness and understanding of how money works and how to handle it responsibly, people are equipped to reach their financial goals, especially financial stability and prosperity,” he said. Under HB 8989, employers would be required to provide financial literacy and entrepreneurship programs to employees. It provides that the Secretary of the Department Labor and Employment (DOLE) shall award loans and grants, on a competitive basis, to eligible entities to provide financial literacy and entrepreneurship programs to workers. The DOLE Secretary may make available to deserving ‘working entrepreneurs,’ assistance in the form of grants or loans, to provide for the initial launch of their small or medium enterprises. The proposed measure defines working entrepreneurs as individuals who are employed and engaged in the operations or management of micro, small or medium enterprises. An eligible entity or entrepreneur that desires to receive a grant or a loan should submit an application to the DOLE Secretary accompanied by an itemized budget and other data as required. The bill is currently pending at the House Committee on Labor and Employment.

Source: Philippines News Agency

In a bid to increase domestic production and deal with ongoing economic challenges, the Bank of Laos (BOL) has allocated 4.5 trillion LAK (225 million USD) toward a credit policy to support local businesses.

Local media reported that this financial move aligns with the Lao Government’s aim to reduce imports and bolster the production capacities of domestic industries. This will eventually lead to a rise in exports that will help reinstate the country’s depleting foreign exchange reserves, thereby strengthening the Lao kip and reducing inflation rates.

Under the policy in effect until 2025, the central bank offers loans to commercial banks at a low annual interest rate of 2.5%, allowing the latter to charge a maximum interest rate of 6% from customers who can apply for loans of up to 5 billion LAK.

Notably, the BOL’s recent decision outlines the annual allocation of 100 billion LAK to Vientiane, Champassak, and Savannakhet provinces, and 80 billion LAK to each of several other provinces.

Businesses engaged in agriculture, forestry, industry, commerce, information, culture, and tourism are eligible beneficiaries who could apply for this loan. Agriculture and forestry businesses will also be encouraged to seek financial assistance for various purposes, including short-term crop cultivation, animal husbandry, and the cultivation of fruit trees and industrial plants like rubber, eucalyptus, and agarwood.

The industry and commerce sector can also apply for monetary support for processing, particularly agricultural products, along with essential items required in construction, packaging, chemicals, and handicrafts. Services and hospitality businesses, including hotels, tourist facilities, road access improvement projects, tour operators, and tourism product providers could also be potential applicants for this favourable loan scheme.

Additionally, in order to reduce financial pressures on Lao residents, on 22 August, the BOL implemented the government’s credit policy, allocating 2.5 trillion LAK to reduce interest costs on loans secured by businesses from commercial banks, aiming to stimulate economic growth.

In recent months, the Lao Government has rolled out several measures to address economic and financial challenges, including the recent issuance of a third tranche of bonds worth 3 trillion LAK. This bond sale is part of the government’s comprehensive strategy to confront and ease the nation’s economic woes./.

Source: Vietnam News Agency

Senators unanimously approved on Monday Senate Bill Nos. (SBN) 2243 or the Philippine Salt Industry Development Act, and 2200 or the Basic Education Mental Health and Well-Being Promotion Act. SBN 2243 seeks to create a Council, with the Secretary of the Department of Health as a member, which will focus on the development of the salt industry. Sponsored by Senator Cynthia Villar, the measure came from findings that the Philippines imports 90 percent of its salt requirements despite being an archipelago with one of the longest coastlines and wide access to saltwater. During the previous deliberations, Villar recalled that in the 1950s, the Philippines’ salt industry boomed as new fishponds and salt farms were built in the provinces of Pangasinan, Bulacan, Occidental Mindoro, Cavite, Parañaque City, Negros, Cebu and other provinces. “Salt producing areas in the Philippines reached an estimated peak of 5,000 hectares nationally, producing an estimated 240,000 metric tons annually. This boom in growth supported
a growing population and the development of the salt industry in the 1960s and 1970s,” she said. The measure is also one of the 20 priority measures of the Legislative-Executive Development Advisory Council to be passed before the year ends. Meanwhile, Senator Win Gatchalian, who authored and sponsored SBN 2200, cited its passage as a significant step forward in addressing what he called a “pandemic of mental health woes.” This came after the significant increase in the number of deaths by suicide among basic education learners in recent years. “Considering a looming mental health pandemic, it is crucial for the government to urgently intervene by improving and investing in mental health services across healthcare, protection, education, and welfare,” Gatchalian said in a previous statement. SBN 2200 seeks to institutionalize the School-Based Mental Health Program to promote and ensure the mental health and well-being of learners in public and private basic education institutions. It also covers out-of-school
children in special cases that include learners with disabilities or conditions, indigenous peoples, children in conflict with the law, learners in emergency situations, and other marginalized sectors. The bill mandates the Department of Education to establish and maintain Care Centers in every public basic education institution and ensure their establishment and maintenance in private basic education institutions. Care Centers will be mandated to equip learners with skills and information for prevention, identification, and proper response and referral for their own and others’ mental health needs

Source: Philippines News Agency

Between September 7-9, Deputy Minister of Information, Culture and Tourism, Mr Ounthuang Khaophanh accompanied a delegation of local travel companies to participate in the 17th International Travel Expo 2023 held under the theme “Connectivity, Growth, Sustainability”, in Ho Chi Minh City, Vietnam. Between September 7-9, Deputy Minister of Information, Culture and Tourism, Mr Ounthuang Khaophanh accompanied a delegation of local travel companies to participate in the 17th International Travel Expo 2023 held under the theme “Connectivity, Growth, Sustainability”, in Ho Chi Minh City, Vietnam.

The event, one of Vietnam’s premier tourism trade promotion activities, aims to pave the way for sustainable development in the country’s burgeoning tourism industry.

The event was attended by more than 3,500 delegates from 45 provinces and cities and representing 42 countries and territories further solidifying ITE HCMC’s position as the largest tourism fair in the Mekong region.

The event addresses pressing issues such as digital transformation, human resource restructuring, destination marketing, communication strategies, improving tourism service competitiveness and quality, green tourism trends, medical tourism, and sports tourism.

Lao travel operators have taken an opportunity to meet international travel operators in order to increase cooperation, exchange tourism information, buy and sell tourist products. This is a way to expand the tourism market of Laos to overseas.

Source: Lao News Agency

The Department of Finance’s (DOF) proposal to reduce the 35-percent rice import tariff rates could bring down the price of imported rice by as much as PHP6 per kilo, a lawmaker said on Monday. Albay 2nd District Rep. Joey Salceda said the temporary reduction of rice import tariffs to 10 percent is a “viable solution” for present rice price issues. Salceda said the decision is “best left to the President” and his power to adjust tariff rates when Congress is not in session, noting that the legislature only has three weeks left before it goes on a month-long break. “In general, I am supportive of ensuring that we have all the options necessary to meet our local demand and reduce the consumer price of rice,” he said. The tariff reduction would also not compromise the implementation of the Rice Competitiveness Enhancement Program since the PHP10 billion in tariff revenues required to fund them have already been met by this year’s collections, Salceda noted. Salceda suggested that the rice tariff reduction should
be accompanied by more aggressive palay buying operations by the National Food Authority (NFA) to ensure that the surge in imports does not unduly depress farmgate prices. He, however, reiterated that the long-term and sustainable solution is still to produce more rice domestically in a way that is “resilient” to climate risks. “Actually, the PBBM administration has achieved a 3-percent growth in palay harvest for 2023. We are poised for a bumper crop year this year. We need to reduce our dependency on rice imports to protect us from rice trade volatility. That is the direction of this administration,” he said. In his weekly press chat last Friday, DOF Secretary Benjamin Diokno said while price controls, when carefully calibrated and closely implemented, are effective in the near term, they also have adverse effects if allowed to linger for a longer period. “The President has directed the economic team to implement measures that will mitigate the negative impact of the price controls on rice retailers and far
mers,” Diokno said. “We need to adopt a comprehensive approach to help ensure that rice supply remains sufficient at reduced prices.” The DOF is also encouraging the timely importation of rice by the private sector; full implementation of the Super Green Lane that authorizes the use of Electronic Data Interchange that will allow the advance processing and clearance of the shipments of the country’s topmost qualified importers; and cooperation with tollway concessionaires and operators for the temporary exemption of trucks that cater to agricultural goods from the increase in toll fees

Source: Philippines News Agency