Vietnam joins first “International TECHFEST in Australia”

The Ministry of Science and Technology (MoST) and Australia’s Monash University on September 20 organised the first “International TECHFEST in Australia”, aiming to attract international resources to develop Vietnam’s innovative startup ecosystem.

The event saw the participation of Vietnamese and Australian officials and over 100 experts, investors, and investment funds from the two countries.

Minister of Science and Technology Huynh Thanh Dat said that the event is an opportunity to promote the image of Vietnam’s open and dynamic creative startup ecosystem. It’s also a bridge connecting businesses and organisations with international resources around the world.

Vietnam calls on overseas Vietnamese, intellectuals, entrepreneurs, technology experts, and foreign startups to come to Vietnam and work with Vietnamese partners to solve local and global challenges, he said, adding Australia is a potential technology and capital market.

The minister said Vietnam’s startup ecosystem in the coming time needs linkages with regional and international systems, particularly those with experiences and resources like Australia’s.

At the event, innovative startups had an opportunity to present to Australian venture capital companies such as Magic Edutech Group PTY LTD, Cyberkid, VSEC, Hana Gold, and Treeotek. Representatives from agencies and organisations exchanged experiences to improve their support to startups.

Source: Vietnam News Agency

ADB expects PH economy to grow by 5.7% in 2023

Manila-based Asian Development Bank (ADB) on Wednesday slashed its 2023 Philippine economic growth projection from 6 percent to 5.7 percent due to inflation and global headwinds. In its Asian Development Outlook (ADO) September 2023 update, the multilateral lender, however, kept its 6.2 percent 2024 gross domestic product (GDP) forecast for the economy, same as the projection last April, after citing household consumption and public spending on infrastructure and social services. ‘The Philippines’ growth story remains strong despite an expected moderation in 2023. Public investment and private spending fueled by low unemployment rate, sustained increase in remittances from Filipinos overseas, and buoyant services including tourism will support growth,’ ADB Philippines Country Director Pavit Ramachandran said in a report. ‘The government’s large infrastructure projects should further stimulate consumption, boost jobs, and spur more investment,’ he added. ADB said the government is expected to maintain infrastructure spending at around 5 percent of domestic output. Higher tourism-related receipts, sustained remittances, and strong service exports, particularly from business process outsourcing, will also help lift the current account and offset weak merchandise exports, it said. ADB added that downside risks to growth are expected to come from global headwinds such as geopolitical tensions and a sharper-than-expected slowdown in major advanced economies. ADB said domestic output slid for the third consecutive quarter in April to June 2023 to 4.3 percent, from 6.4 percent in the previous quarter and 7.5 percent in the same period last year, dampened by elevated inflation and interest rates, among others. The government’s growth target for the year is a range between 6-7 percent. Forecasts for inflation, meanwhile, are maintained at an average of 6.2 percent for 2023 and 4 percent for 2024. ADB said possible severe weather disturbances, including the El Niño dry weather phenomenon, pressures from elevated global commodity prices, and second round effects from higher transport fares and minimum wage hikes could slow down the easing of headline inflation. As of end-August this year, the rate of price increases averaged at 6.6 percent, higher than the government’s 2-4 percent target band. The August 2023 level accelerated to 5.3 percent from the previous month’s 4.7 percent, ending its six-month slide due to upticks in food prices caused by weather disturbances

Source: Philippines News Agency

SRA sees industry growth, better farmgate sugar prices

The Sugar Regulatory Administration (SRA) is optimistic about growth in the sugar industry that will result in better farmgate sugar prices amid the expected decrease in production of major sugar-producing countries. SRA Administrator Pablo Luis Azcona said India and Thailand are not keen on exporting sugar and ‘this scenario will prompt good prices for local sugar’. ‘We continue to be positive of growth in the sugar industry. We are moving to ensure stable farmgate prices as this has shown a net increase in sugar planted areas because of last year’s good prices,’ he said in a statement Tuesday night. Azcona, who attended the 2023 Sugarex, Asia’s largest sugar, sugarcane and bioethanol event in Thailand last week, said the neighboring Southeast Asian country ‘will have a 30 percent drop in production, which will be their lowest in the last 10 years’ as stated by Thai Sugar Millers Corp. director Rangsit Hiangrat. India is also declaring that they will ‘not be exporting sugar this year but may need to import close to a million tons for their needs,’ he added. ‘These two big sugar exporters alone have driven world market prices up, which is why it was surprising that our local farmgate price dropped last week. We are looking into the possibility of trade manipulation,’ the SRA chief said. Azcona said that Brazil, one of the biggest sugar-producing countries, also declared it ‘may put any excess sugar they have for fuel use or energy’. ‘The global situation is a clear indicator that we cannot kill the local industry and be import-dependent as the world production continues to decline,’ he said. He urged sugar industry stakeholders to ‘put more effort into supply security through self-sufficiency and not import dependence’. ‘This administration clearly understands the need for sustainable local production as well as a great effort towards production improvement through modernization, mechanization, research and consolidation. Barring any severe El Niño, we may have the same or slightly better produce this year,’ Azcona said. The SRA said Sugar Order No. 1, released on Sept. 11, estimated the total raw sugar production for the crop year 2023-2024 at 1.85 million tons. Being considered is an estimated drop of 10 to 15 percent, depending on the severity of the El Niño phenomenon, which the Department of Science and Technology-Philippine Atmospheric, Geophysical and Astronomical Services Administration (DOST-PAGASA) has determined for the crop year

Source: Philippines News Agency

DA: Agri losses due to Goring, Hanna, ‘habagat’ reach P1.76-B

Bad weather due to Typhoons Goring and Hanna and the southwest monsoon (habagat) caused PHP1.76 billion worth of damage to agriculture, the Department of Agriculture (DA) reported on Wednesday. The amount of damage was recorded in the Cordillera and Ilocos regions, Cagayan Valley, Central Luzon, Calabarzon, Mimaropa, Bicol region and Western Visayas, with the total volume of production loss estimated at 77,476 metric tons (MT) from 68,476 hectares of agricultural areas, the DA said in its final bulletin. According to the report, 62,060 farmers and fisherfolk were affected. The affected commodities include rice, corn, high-value crops, livestock and poultry, and fisheries while damage to irrigation systems and farm facilities was also recorded. The report noted that damage and losses to rice amounted to PHP1.45 billion, with affected areas at 56,288 hectares and volume of production loss at 65,618 MT or 0.31 percent of the total annual production target volume for rice at 20.84 million MT. Meanwhile, damage and losses to corn amounted to PHP178.71 million, with affected areas at 11,725 hectares and volume of production loss at 9,983 MT or 0.11 percent of the total annual production target volume for corn at 9.30 million MT. Meanwhile, the DA-Disaster Risk Reduction and Management Operations Center also reported that assistance is available for distribution to affected farmers and fisherfolk in Cordillera, Cagayan Valley, Calabarzon and Mimaropa, such as PHP64.99 million worth of rice seeds, PHP31.75 million worth of corn seeds and PHP3.83 million worth of high-value crops. Other forms of assistance include PHP50,000 worth of drugs and biologics; the Survival and Recovery Loan Program from the Agricultural Credit Policy Council with a loanable amount of up to PHP25,000 payable in three years at zero interest; and the Quick Response Fund for the rehabilitation of affected areas

Source: Philippines News Agency

Quezon prov’l council OKs construction of toll road

The Sangguniang Panlalawigan (Provincial Council) of Quezon on Tuesday approved a resolution endorsed by the Provincial Development Council (PDC) for the construction of 61-kilometer Toll Road 5 (TR5) requiring a budget of PHP28.1 billion. Majority floor leader, Councilor Isaias Ubana, submitted the motion for the resolution’s adoption during the regular session at the Kalilayan Hall in this city. Ubana laid out details of the project that will start at Barangay Silangang Mayao, traverse the towns of Pagbilao, Padre Burgos, Agdangan, Unisan, and end in Gumaca town – spanning a total of 61 kilometers, with San Miguel Corporation (SMC) as the proponent. Ubana said PDC approved in their meeting last week Resolution No. 34 Series of 2023, endorsing the project that will greatly benefit Quezon residents. “PDC is optimistic that TR5 will spur economic growth in the municipalities the project will pass through, and this is just the first segment of TR5,” he said. However, another provincial councilor, Ferdinand Talabong, expressed concerns about the project, including the privately-held lands it will encroach upon. He cited the issues involving the still not finished TR4 which connects Lucena City to Batangas Province. “I have attended the groundbreaking of TR4 starting from then President Gloria Macapagal-Arroyo, then another groundbreaking during the term of former President Noynoy Aquino, then another groundbreaking during the presidency of Duterte but until now, we don’t know where is the exit point of the project in Lucena City,” Talabong said. Some issues are still not completely resolved including the right of way and land conversions, he added. Talabong wanted to know what villages would be affected by the road project, and also if some issues have been addressed, such as environmental issues. Meanwhile, Ubana assured Talabong that a complete roadmap will be furnished to the provincial council, identifying villages that will be affected. In the end, Councilor Jerry Talaga proposed a meeting between agencies and departments concerned, including officials from the Provincial Environment and Natural Resources Office, the Provincial Planning and Development Office, the Provincial Assessor (for the right of way matter), and the proponent SMC to address their queries

Source: Philippines News Agency

Russia weaponizing food, energy, children, Zelenskyy tells UN

Ukrainian President Volodymyr Zelenskyy accused Russia of weaponizing food, energy and children as he addressed the United Nations General Assembly (UNGA) in New York City on Tuesday. Zelenskyy said nuclear weapons are not ‘the scariest now” and stressed that while they remain in place, ‘mass destruction is gaining its momentum.’ “The aggressor is weaponizing many other things, and those things are used not only against our country but against all of yours as well,” he said. He said that since the start of the war, the Ukrainian ports in the Black and Azov Seas have been blocked by Russia and the ports on the Danube River remain targets for missiles and drones. “And it is a clear Russian attempt to weaponize the food shortage on the global market in exchange for recognition for some, if not all, of the captured territories,” Zelenskyy said. The Ukrainian leader cited energy as another area being weaponized, accusing the Kremlin of using oil and gas as weapons to weaken leaders in other countries. “Now the threat is even greater. Russia is weaponizing nuclear energy. Not only is it spreading its unreliable nuclear power plant construction technologies, but it is also turning other countries’ power plants into real dirty bombs,” he said. Turning to kidnapped children in Ukraine, Zelenskyy said “various terrorist groups” abduct children to put pressure on their families and societies. “We know the names of tens of thousands of children and have evidence on hundreds of thousands of others kidnapped by Russia in the occupied territories of Ukraine and later deported,” he said. “Those children in Russia are taught to hate Ukraine, and all ties with their families are broken… This is clearly a genocide.” Recalling that the International Criminal Court has issued an arrest warrant for Russian President Vladimir Putin for this crime, Zelenskyy said “when hatred is weaponized against one nation, it never stops there. Each decade, Russia starts a new war.”

Source: Philippines News Agency