With the record mark of 6.879 trillion pesos, the the government’s outstanding obligations as of end-March inched up 0.9 per cent from 6.82 trillion pesos in February as well as jumped 11.1 per cent from 6.189 trillion pesos in March last year, the latest Bureau of the Treasury data released on Monday night showed.

Domestic debt, which accounted for 65 per cent of the total, rose 0.8 per cent month-on-month and 12.6 per cent year-on-year to 4.46 trillion pesos.

In a statement, the Treasury attributed the month-on-month increase to “net issuance of government securities amounting to 35.82 billion pesos and peso depreciation,” noting that the domestic currency weakened to 52.25:$1 at end-March from 52.07:$1 in February.

External debt, meanwhile, climbed 0.9 per cent month-on-month and 8.6 per cent year-on-year to 2.413 trillion pesos.

The higher foreign debt from February levels was “due to the combined effect of peso depreciation and the upward adjustment in third currency-denominated debt amounting to 8.26 billion pesos and 1.72 billion pesos, respectively,” the Treasury said.

“Additionally, net issuance for the month amounted to 12.34 billion pesos, including the successful inaugural issuance of Panda bonds ($233 million),” the Treasury added.

To recall, the government sold 1.46 billion yuan or nearly 12.2 billion pesos in three-year panda bonds in China at a tight yield of 5 per cent.

Last week, economic managers increased the share of foreign borrowings to the total financing program in the next five years, citing “good” rates being offered by China, Japan and South Korea to finance priority projects and programmes.

The Cabinet-level Development Budget Coordination Committee (DBCC) had adjusted the financing program to 65 per cent domestic, 35-percent external for this year from the 74:26 mix approved during its meeting last December.

“With the pre-funding exercise in the sale of treasury bonds in fiscal year 2017, there is a lower requirement for local financing in 2018,” the DBCC had explained.

In January, the Philippines sold a total of $2 billion in 10-year dollar-denominated global bonds at a coupon rate of 3 per cent.

The government also plans to issue yen-denominated samurai bonds in Japan before yearend.

For 2019 to 2022, the borrowing mix will be 75:25 in favour of domestic sources, even as there was an increase in the share of foreign borrowings from 20 percent previously.

As for the adjusted financing mix for the next four years, the DBCC had explained that the government was “diversifying its investor base and tapping new markets to meet its financing requirements at the most cost-efficient manner.”

Despite a programmed increase in foreign borrowings, “the debt-to-GDP [gross domestic product] ratio is also projected to continue its decline from 42.1 percent in end-2017 to as low as 38.9 percent in 2022,” the DBCC had said. Budget Secretary Benjamin Diokno had said that the new borrowing programme would “allow the Philippine government to take advantage of foreign loans.”

“We are getting offers from both China and Japan—good rates, for example, for the Metro Manila Subway [project]. We’re going to get the best terms possible… South Korea is also offering. Because of these possibilities, we have raised the amount of money [to be borrowed] from foreign sources,” Diokno had said.

Interest rates for soft Chinese loans are at about 2 per cent, Diokno had noted. The recently approved official development assistance from Japan for the subway, meanwhile, will be slapped interest of only 0.1 percent, with a repayment period totalling 40 years, including a 12-year grace period.

Speaking on the release of the ministry’s 2017 annual report, Sokhon said that while farming in Cambodia had seen remarkable growth in the past few years, more work needed to be done to increase exports, ensure crops were processed in the country and increase compliance with health and safety standards.

“Our sector still faces a lot of challenges, and we need to discuss and seek the solutions in order to match with the government policy on the developing agriculture sector,” the minister said. “How do we intervene to increase productivity, quality, and safety in order to respond to market needs?”

Rice exports grew by 17.3 per cent to reach 635,697 tonnes last year, while rubber also expanded by 30.14 per cent to reach 188,832 tonnes, according to the report.

Widespread smuggling continues to account for much of the country’s agricultural trade. More than 40 per cent of Cambodia’s rice exports go through informal channels according to a recent UN estimate, while rubber plantations and processing companies have complained that small-scale farmers get higher prices for their crops by selling to Vietnamese brokers instead of complying with Cambodia’s tax laws.

Sokhon did not mention smuggling in his speech.

The export of cashew nuts grew 20 per cent last year to 87,853 tonnes according to statistics provided by the ministry.

Retail business head Aadrin Azly said the initiative was part of PDB and Grab’s strategic partnership to make driving more rewarding for Grab driver partners. “The first phase of the project will see 58 Grab Driver Pit Stops being rolled out in selected states across the country.

“Five selected outlets will be fully-furnished with an exclusive seating area to provide drivers with added comfort and convenience,” he told reporters after the launch of the Grab Driver Pit Stop yesterday.

He said it would be the first to offer an exclusive lounge, not only serving as a comfortable place for all drivers to recharge themselves, but also enjoying complimentary Mesra mineral water or hot coffee with purchases of fuel, as well as other special offers.

“The Grab Driver Pit Stop is an ideal place for the drivers to rest and freshen themselves, in line with our emphasis on road safety and (preventing) the danger of microsleeping.

“The initiative is part of our ongoing efforts to enhance our value offerings to Grab, which include special incentives, discounts and a loyalty programme. We want all Grab driver partners to know that only at Petronas will they get the greatest value, service and products,” he added.

As a partner to PDB, Grab driver partners will also enjoy attractive fuel rebates via the Fuel Savers Programme. The programme, which was previously applicable to only selected top performing drivers, is now extended to Silver, Gold and Platinum drivers in the GrabAlIStars Programme. In addition, all top performing Grab Driver Partners, who are entitled to receive the exclusive Kad Mesra Grab, can now enjoy 6X Mesra points (previously 5X) per litre of fuel, the highest point earnings offered in the industry.

All Grab driver partners, who are registered Mesra card members, will automatically get a one-month free Mesra Personal Accident benefit, providing a member Accidental Hospital and Death benefits via the Axxess programme. Bernama reported.

The five fully-furnished outlets are now operational at Petronas Station (PS) Mutiara Damansara, PS Jalan Jelatek 2, PS KLIA2, PS East West Link, and PS Sprint Highway.By year-end, it is targeted the fully-furnished Grab Driver Pit Stop will be available in every city Grab is present. PDB is the domestic marketing arm of Petroliam Nasional Bhd (Petronas), the national oil company, which holds 69.86 per cent of its equity.

The bank’s board of executive directors approved the Lao Agriculture Competitiveness Project last week as part of efforts to help the country increase agricultural productivity.

The US$25 million project will support 28,000 farming households in 224 rural villages to improve their yields and product quality, and to increase labour productivity and crop sales, according to a statement from the bank.

The project also aims to expand access to high quality seeds, machinery and irrigation schemes in order to reduce transaction costs and enable higher returns for farmers.

“Employing much of our workforce, agriculture is critical for our nation,” Phouangparisak Pravongviengkham, Deputy Minister of Agriculture and Forestry of Laos, was quoted as saying in the statement.

“As outlined in the 8th National Socio-Economic Development Plan, Laos PDR has prioritised green growth in its long-term agriculture and forestry development strategy and it focuses on agricultural quality, safe food and products by having small and medium enterprises as the main engine for materialising the strategy. This project represents an important step in that effort.”

Laos’ agriculture sector is facing serious challenges in meeting the demands of international and domestic markets, due to issues such as farm productivity, produce quality, and profitability.

The project hopes to address these challenges by promoting best practices in farming, improving the quality of produce and reducing costs, linking farmers to agri-businesses to improve marketing, and shifting to more modern and environmentally-friendly processing facilities and technologies to improve the product value and reduce losses.

Strengthening the enabling environment will also help reduce costs of doing business in the agriculture sector.

“Lao PDR is working to make its agricultural sector more productive, profitable, and green,” said Ellen Goldstein, World Bank director for Myanmar, Cambodia and Laos.

“Farming families, agri-businesses, retailers, and everyday consumers will benefit from these efforts to improve the quality, availability and cost of fresh produce.

The project will contribute to the World Bank’s multi-sectoral approach toward tackling malnutrition by increasing the diversity of food for a more nutritious diet.”

Through diversified production, the project will combat stunting, which affects more than 40 percent of children under five in Laos.

The project will encourage farming communities to diversify their diets, improve cooking and processing of food, and reduce women’s time in farming through the use of modern machinery. Farmers will also use climate smart technologies to develop cleaner and higher value agricultural products.

Business optimism in the Philippines dropped to its lowest quarterly rating in two years, even though it still scored higher than the average rating in Southeast Asia, data from a global survey showed.

This was according to the Grant Thornton International Business (IBR) report, which interviewed more than 2,500 top business officials from all industry sectors in February and March. Among other questions, the survey asked officials for their business optimism in the country’s economic outlook for the next 12 months.

In this regard, the Philippines had a net score of 74 per cent in the first quarter of the year, lower than its 98 percent score in the same first three months of 2017.

This was also lower than the net score it got in the fourth quarter of last year of 86 per cent. This was the lowest the country has gotten since 2016, wherein it recorded a business optimism of 56 per cent, data showed.

In its statement, Grant Thornton said the drop in business optimism could be attributed to a decline in employment expectations and investments in plant and machinery, decrease in investments in technology and demand, and the drop in terms of profitability expectations.

These were declines when compared to their performance either in the first quarter of last year or in the fourth quarter of 2017. – Philippine Daily Inquirer

Indonesia braces for rising oil prices

As oil prices continue to rise, the Indonesian government is set to push for more subsidies for those in need in an attempt to stabilize the economy.

Finance Minister Sri Mulyani Indrawati said that the rising price of oil would put pressure on the economy as a hike in fuel prices would likely lead to a hike in prices of other goods. On the other hand, the government would obtain more revenue from oil exports and tax.

“We will redistribute the additional revenue from the oil and gas sector to the poor who will be affected the most by the rising prices,” she said during a press conference with the Financial System Stability Committee (KSSK) at the Bank Indonesia (BI) office in Jakarta.

She added that the government had increased the number of beneficiaries of the Family Hope Program (PKH) to 10 million families compared to 6 million in 2017. The number would be further increased to 15 million in 2019. “We will increase government intervention for the poor so they can get access to health care and education,” she said. – The Jakarta Post

MAB warns against illegal use of its trademark

Malaysia Airlines Bhd (MAB) has warned that it would take action against the unlawful use of its registered trademark. In a statement, the MAB said its logo and name was a registered trademark belonging exclusively to the Malaysia Aviation Group (MAG).- The Star

From courses on social media and how to spot fake news to digital services specifically for seniors, more organisations are taking steps to ensure that older people can also ride on the technological wave.

In the past six months, firms and grassroots organisations have rolled out workshops and classes targeted at the elderly in Singapore.

For instance, OCBC Bank held a workshop in Radin Mas last month for 35 seniors to learn about mobile banking, online security and cashless payments. This month, it has conducted similar workshops and set up a booth to help some 200 seniors in the same area.

Grassroots organisation People’s Association launched a four-month programme in November that helps seniors to be smart nation ready.

The course includes how to use common smartphone applications and social media, how to keep devices safe and cyber security.

These programmes come on top of government initiatives announced during the Budget debate last month. These initiatives are part of a bigger framework to turn Singapore into a smart nation with technological solutions in the face of a global technological disruption.

One of the government’s plans is basic digital skills training for everyone, according to Senior Minister of State for Communications and Information Janil Puthucheary.

The six-hour training scheme – to be offered from June – will teach people aged 40 and above how to transact and communicate online safely, as well as spot fake news and online scams, among other things.

The Infocomm Media Development Authority will start holding more digital clinics for seniors, expanding a pilot programme it started in November.

These clinics are for those who want one-on-one assistance on connecting to wireless hot spots or to learn more about applications and electronic transactions.

TPG Telecom, which won the fourth telco licence in Singapore in 2016, is targeting the elderly for its first product offering. It will offer seniors above the age of 65 a free mobile plan consisting of a SIM card, 3GB of monthly mobile data and unlimited local calls “at no charge” for the first 24 months. Its services will be rolled out later this year.

TPG executive chairman David Teoh said the decision to focus on seniors is part of its contribution to Singapore’s Smart Nation initiative.

“We have chosen to focus on assisting senior citizens as our first initiative to demonstrate our commitment to improving what is available for the community,” he said.

Dennis Tan, head of consumer financial services for Singapore at OCBC Bank, cited customer research suggesting that “many seniors are unsure if what they have done in preparation for retirement is sufficient”.

He said: “They want more advice on retirement planning and many are digital regulars who are open to using more digital tools for banking and other activities.”

Retired Chinese teacher Kwan Meow Yong attended a three-day course at a grassroots club in Telok Blangah recently on how to open an Internet banking account, among other technological knowhow.

“I don’t want to be left behind when I have to use my card to pay for food at the hawker centre in the future,” the 69-year-old said. However, she wished the course could have been more elderly-friendly.

“Sometimes, it feels like the instructor is speaking a different language. He goes on without explaining the terms he uses. Not everyone knows what is 2FA, for example, and I wish he would slow down and start at a really basic level.”