Latest news with #Manila-based
Business Recorder
18 hours ago
- Business
- Business Recorder
ADB approves $800mn public finance program for Pakistan
In a key development, the Asian Development Bank (ADB) on Tuesday approved an $800 million program to strengthen fiscal sustainability and improve public financial management in Pakistan. The Improved Resource Mobilization and Utilization Reform Program, Subprogram 2, includes a policy-based loan of $300 million and ADB's first-ever policy-based guarantee of up to $500 million, which is expected to mobilise financing of up to $1 billion from commercial banks, ADB said in a statement. 'Pakistan has made significant progress in improving macroeconomic conditions,' said ADB Country Director for Pakistan Emma Fan. 'This program backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth.' Pakistan, ADB eye carbon markets as next frontier for green growth The multilateral lender said that the program supports far-reaching reforms to improve tax policy, administration, and compliance, while enhancing public expenditure and cash management. It also promotes digitalisation, investment facilitation, and private sector development. 'These measures aim to reduce Pakistan's fiscal deficit and public debt, while creating space for social and development spending. The program is underpinned by a comprehensive support package—including technical assistance and close coordination with development partners—designed to help Pakistan build long-term fiscal resilience and stability,' the Manila-based lender stated. Adviser to the Finance Minister Khurram Schehzad termed the approval a diplomatic success led by the Ministry of Finance and the Ministry of of Economic Affairs. 'Diplomacy led by Economic Affairs and Ministry of Finance secures majority support at ADB Board,' Schehzad wrote on X. Earlier in April, ADB revised Pakistan's GDP growth forecast for the fiscal year 2025 down to 2.5%, while saying that the country's outlook depends largely on the success of ongoing economic reform.
Business Recorder
18 hours ago
- Business
- Business Recorder
ADB approves $800mn Pakistan public finance program
In a key development, the Asian Development Bank (ADB) on Tuesday approved an $800 million program to strengthen fiscal sustainability and improve public financial management in Pakistan. The Improved Resource Mobilization and Utilization Reform Program, Subprogram 2, includes a policy-based loan of $300 million and ADB's first-ever policy-based guarantee of up to $500 million, which is expected to mobilise financing of up to $1 billion from commercial banks, ADB said in a statement. 'Pakistan has made significant progress in improving macroeconomic conditions,' said ADB Country Director for Pakistan Emma Fan. 'This program backs the government's commitment to further policy and institutional reforms that will strengthen public finances and promote sustainable growth.' Pakistan, ADB eye carbon markets as next frontier for green growth The multilateral lender said that the program supports far-reaching reforms to improve tax policy, administration, and compliance, while enhancing public expenditure and cash management. It also promotes digitalisation, investment facilitation, and private sector development. 'These measures aim to reduce Pakistan's fiscal deficit and public debt, while creating space for social and development spending. The program is underpinned by a comprehensive support package—including technical assistance and close coordination with development partners—designed to help Pakistan build long-term fiscal resilience and stability,' the Manila-based lender stated. Earlier in April, ADB revised Pakistan's GDP growth forecast for the fiscal year 2025 down to 2.5%, while saying that the country's outlook depends largely on the success of ongoing economic reform.
GMA Network
27-05-2025
- Business
- GMA Network
ADB makes fresh commitment of $400 million for Philippines
KUALA LUMPUR — Manila-based lender Asian Development Bank (ADB) has made a fresh commitment of $400 million in loan assistance for the Philippines. Speaking at the 16th Brunei Darussalam-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA) summit on Tuesday, ADB President Masato Kanda said, "Today, I am pleased to share that a $400-million loan for the Philippines is set for approval this year, to strengthen marine ecosystems and support the blue economy under its National Adaptation Plan." He said the ADB has deployed $500 million for agricultural development through policy and regulatory reforms, enhanced public services and financial support, and protection of rural families. According to Mindanao Development Authority chairman Secretary Leo Tereso Magno, ADB has been working with the Philippine government in pursuing the development in the country and the BIMP-EAGA region. "Nandiyan kanina ang ADB, ang ADB tuloy-tuloy ang commitment (ADB was there. ADB's commitment has been continuous). ADB has been helping us, helped us craft BIMP-EAGA vision 2025 and has continued to work with the Mindanao Development Authority to craft and come up with a vision for 2035," Magno told reporters. "They even committed that they will continue their assistance," Magno said. Magno welcomed the assistance, noting that Mindanao would get bulk of the amount allocated for the Philippines. "Halos lahat ng mga efforts na ibinibigay ng ADB na tulong sa BIMP-EAGA, sa Mindanao napupunta at sa Palawan," Magno said. (Most of the efforts being provided by the ADB to BIMP-EAGA go to Mindanao and Palawan.) Still, Magno said Philippine officials would still determine which projects will be covered by the fresh funding from the multilateral lender. The Philippines serves as chairman of this year's BIMP-EAGA Summit. The last one was held in 2023 in Indonesia. Launched in 1994, the BIMP-EAGA initiative boosts growth in trade, investments, and tourism through new intra-regional shipping routes and air links, as well as power interconnection projects. Other key areas of cooperation include agribusiness, tourism, the environment, and socio-cultural education. In a related development, President Ferdinand "Bongbong" Marcos Jr. on Tuesday urged for greater political will in the BIMP-EAGA at the sidelines of the 46th Association of Southeast Asian Nations (ASEAN) Summit and Related Summit. The Philippines has affirmed a shared vision towards a prosperous BIMP-EAGA, according to Marcos. "The path ahead calls for even greater synergy, innovation and political will. I am confident that through our cooperation, we can continue to transform these aspirations that we have held into lasting impacts for our people," Marcos said during the BIMP-EAGA Summit. — VDV, GMA Integrated News
AFP
26-05-2025
- Entertainment
- AFP
Posts misrepresent unrelated videos as 'Rodrigo Duterte's release' from ICC detention
The video apparently showing crowds welcoming the arrested ex-president at the Manila international airport was shared on Facebook on May 16. "Just in, Father Digong has returned to the country. Welcome home, Father Digong," claims the Tagalog-language caption. Overlaid text on the video reads, "Manila Airport Chaos". A woman at the beginning of the video tells the camera: "I wonder what's going on because there are a ton of people here, even on the top floor, it's like they're all waiting for some kind of celebrity." Image Screenshot of the false post, taken on May 23, 2025 Several other Facebook users posted the video after Duterte regained the mayorship of family stronghold Davao city despite being detained at the International Criminal Court (ICC) at The Hague since March 11 to face a crimes against humanity charge linked to his drug war that killed thousands (archived links here and here). However, there are no official records on the ICC website granting Duterte's interim release as of May 26, 2025 (archived link). The circulating video contains footage from two separate occasions, both predating Duterte's detention at The Hague. Reverse image searches of the first section of the video using keyframes led to a Facebook post by a page called Mom Duty on April 23, 2025 (archived link). The video circulating in the false posts misuses the first 17-seconds of the clip, cutting off before the woman approaches an information counter and finds out the crowds were gathering to catch a glimpse of Korean actor Lee Minho. The latter half of the video contains various clips of Lee walking through the airport. Image Screenshot comparison of the false video (L) and the video from Facebook page Mom Duty The user behind the page -- who identified herself as Rocio Ocampo -- confirmed filming the video on October 16, 2023 as part of her family's YouTube travel vlog (archived link). "We're a family of travel vloggers, and on October 16, 2023, we were traveling to South Korea to celebrate our twins' birthday," she told AFP. "As part of our vlog, we documented our journey starting at Manila International Airport, where we happened to see Lee Minho". "Our content has been reshared and reposted by others thousands of times, often without proper context or credit, which may have contributed to the confusion," Ocampo said. AFP found the user's video corresponded to similar clips of the actor at the Manila-based airport shared on that day (archived links here and here). February campaign event The second part of the circulating video shows Duterte, clad in a red shirt and a brown jacket, greeting supporters as he walks towards an event stage. Reverse image searches on Google led to the same video on TikTok shared on March 1, 2025, more than a week before Duterte's arrest (archived link). Image Screenshot of the false video (L) and the March 1 TikTok video Subsequent keyword searches found the footage of Duterte matched a YouTube video of his local political party's campaign event called "Hugpong Youth Summit" uploaded on March 6, 2025 (archived link). He can be seen wearing the same outfit inside an identical venue to the one seen in the TikTok video. The event, held on February 28 in Duterte's bailiwick Davao city, was part of his political party's mid-term election campaign (archived link).
Hypebeast
23-05-2025
- Entertainment
- Hypebeast
Zack Tabudlo, Hideki Ito and T33G33 Hit the Road with Levi's® and 88rising's City by City Music Series
88rising'sFuture Asian Music(FAM) andLevi's®, announced the Road to FAM series last month, honoring the global music scene and spotlighting burgeoning Asian talent. The free, multi-city performance experience will hit Singapore, Jakarta, Manila and Kuala Lumpur this month and it kicked off in high spirits in Manila. The series celebrates the next generation of talent as well as Levi's® cultural innovation, as the tour aligns with the anniversary of the iconic 501® jeans, worn by stars of all walks of life from past generations. FAM got the party started at Manila's Apotheka on May 14, with tickets selling out in less than a day. The inaugural show proved to be extra special as Manila-based musicianZack Tubudlotook to his hometown stage alongside local rising DJ talentHideki ItoandT33G33. Tubudlo made his mark on the music industry and placed a spotlight on Filipino talent with his viral tracks, including'Binibini,'which he broke a record with as the first Filipino artist to hit 1 billion streams on Spotify. To set the tone for the event, the DJ openers warmed up the crowd with techno, house, R&B and indie pop tracks. Tubudlo then performed his latest single'Manoloko,'as well as some other fan-favorite hits. He wore a Levi's® custom outfit crafted in collaboration with local designerRio Cuervoto further honor the local creative scene. Cuervo was directly inspired by Tubudlo's sound when creating the one-of-one look. She shared that she was actually listening to his song 'Manoloko' while designing. 'The patchwork jacket is my favorite because that's truly a combination of Zack's art, which is his music, and my art in repurposed clothing. I was very much inspired by how his music mends hearts. I mend retaso,' says Cuervo. Limited-edition Levi's® patches were created for guests of the event by Global, Skunkworks and Zack Tubudlo's team and there are more surprises to come on the rest of the Road to FAM tour stops. To close off the multi-city music series at the end of the month, Jakarta's headliner Ramengvrl has invited labelmateKENZ, an Indonesian rapper co-signed byRamengvrlherself, to join the roster on stage at ZOO SCBD on May 25th. Tickets are still available, so don't miss out. Learn more about the series
