A broader look at today’s business www.businessmirror.com.ph
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Wednesday, October 30, 2024 Vol. 20 No. 21
P25.00 nationwide | 2 sections 26 pages | 7 DAYS A WEEK
‘GREY LIST EXIT HINGES ON BANKS, F.I. REFORMS’ By Cai U. Ordinario @caiordinario
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ESPITE substantial completion of its anti-money launder ing /counter ing the financing of terrorism (AML/ CFT) action plan, the Bangko Sentral ng Pilipinas (BSP) believes the work continues for the whole financial system. T he Pa r is-ba sed Fina nc i a l Action Task Force (FATF) earlier said the Philippines has addressed the 18 action plan items that had kept the country on its “grey list” since June 2021. (See: https://businessmirror. com .ph /2024/10/26/philippines-efforts-to-exit-fatf-greylist-a-significant-milestone-infinancial-security/) The FATF is scheduled for an onsite assessment which will verify the implementation of AML/CFT reforms done by the country and whether these are being sustained. Once this is confirmed, the country will finally be removed from the grey list. “The BSP remains committed to reinforcing the integrity of the Philippine financial system and continues to conduct risk-based AML/CTPF examinations, thematic reviews, and capacity building programs,” BSP said. See “Grey list,” A2
WIRED FOR TOMORROW: IoT POWERHOUSES ON WHAT’S NEXT FOR FILIPINOS
From left: Henry Huang, CEO of Browan Communications; Alper Yegin, CEO of LoRa Alliance; Arnold Bagabaldo, CEO of PacketWorx; Dennis Uy, CEO of Converge ICT Solutions Inc.; and Emmy Lou Delfin, Director of the DICT Industry Development Bureau, discuss the newest advances in Internet of Things (IoT) technology at a press conference. Held at Conrad Hotel, Pasay City, the event focused on partnerships that aim to elevate digital services for Filipino consumers, enhancing connectivity and expanding data-driven opportunities across the nation. Story below, left. BERNARD TESTA
IOT MARKET IN PHL PROJECTED TO GROW 20%, TO HIT P160.4B By Lorenz S. Marasigan @lorenzmarasigan
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HE Internet of Things (IoT) industry in the Philippines is poised for exponential growth, with both the Department of Information and Communications Technology (DICT) and private sector players such as Packetworx and Converge ICT Solutions championing IoT adoption across industries. At the press conference on the sidelines of the Internet of Things (IoT) Conference 2024,
DICT Industry Development Bureau Director Emmy Lou Delfin emphasized that IoT is far more than just a technological advancement—it is the “connective tissue” of the digital age. With the IoT market expected to hit P160.4 billion in 2024 and grow at a 20-percent annual rate, reaching P410 billion by 2029, DICT’s initiatives aim to lay the foundation for a robust IoT ecosystem, particularly through infrastructure See “IOT,” A2
DA meeting market leaders on high retail prices of rice By Ada Pelonia @adapelonia
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HE Department of Agriculture (DA) will meet with market leaders amid the still elevated retail prices of rice despite the reduction in tariff on the country’s staple food. Agriculture Secretary Francisco Tiu Laurel Jr. said he ordered DA officials to talk to importers and confirm that they were selling wholesale rice prices at P38 per kilo. The department said traders from Bulacan told DA Undersecretary Roger Navarro and Undersecretary and Chief of Staff Alvin Balagbag that they have lowered
prices to around P38 per kilo, attributing the high retail prices to rice retailers. “So, P45 should be the retail price but some retailers are selling at [P50 to P53 per kilo]. That’s where I detected an issue that it’s not right,” Laurel told reporters on the sidelines of the Mindanao Robusta Coffee Project (MRCP) update in Bukidnon on Tuesday. It will be recalled that President Ferdinand Marcos Jr. issued Executive Order (EO) 62 which slashed rice tariffs to 15 percent until 2028 as part of the government’s bid to bring down retail rice prices. See “DA,” A2
PESO EXCHANGE RATES n US 58.3600 n JAPAN 0.3808 n UK 75.7046 n HK 7.5097 n CHINA 8.1890 n SINGAPORE 44.1419 n AUSTRALIA 38.4067 n EU 63.1222 n KOREA 0.0423 n SAUDI ARABIA 15.5420 Source:
BSP (29 October 2024)