Hotel 101 Madrid breaks ground
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ADRID, Spain—The 680-room Hotel101-Madrid has progressed with two milestone activities on the same day (Wednesday, March 13, 2024), as it conducted its ground-breaking ceremony and signed the construction contract with Ferrovial Construction at Valdebebas, Madrid, Spain. The groundbreaking ceremony was graced by the Minister of Economy, Finance and Employment of the Region of Madrid, Spain Rocio Albert Lopez-Ibor, and the Philippine Ambassador to Spain Philippe J. Lhuillier. Both activities of Hotel101-Madrid were led by DoubleDragon Chairman Edgar Injap Sia II, Hotel101 CEO Hannah Yulo-Luccini, and DoubleDragon Co-Chairman Tony
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Tan Caktiong. Seen in leftmost photo are L-R: Equicom Group Chairman Antonio L. Go, Philippine Ambassador to Spain Philippe J. Lhuillier, DoubleDragon Chairman Edgar Injap Sia II, DoubleDragon Co-Chairman Tony Tan Caktiong, Minister of Economy, Finance and Employment of the Region of Madrid, Spain Rocio Albert Lopez-Ibor, Ferrovial Directoria Edificación Madrid Belen Marquina Susin, Ferrovial Director Region Centro Juan Luis Junguito Oppelt and Hotel101 Global CEO Hannah Yulo-Luccini. At left, The Minister of Economy, Finance and Employment of the Region of Madrid, Spain, Rocio Albert Lopez-Ibor, delivers her message during the Hotel101-Madrid groundbreaking. Related story in Companies, B1.
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PALAY FARMGATE PRICE JUMPS 38.6% IN FEB–PSA F www.businessmirror.com.ph
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Friday, March 15, 2024 Vol. 19 No. 152
P25.00 nationwide | 2 sections 26 pages | 7 days a week
By Cai U. Ordinario @caiordinario
ARMGATE prices of palay jumped by 38.6 percent year-onyear in February 2024, according to the latest data released by the Philippine Statistics Authority (PSA).
Based on the data, the average farmgate price of unmilled rice reached P25.21 per kilo in February 2024, compared with the P18.19 per kilo recorded in February 2023. PSA data also showed that palay farmgate prices rose 1.2 percent from the average price of P24.92 per kilo recorded in January 2024. “Farmgate prices refer to the prices received by farmers for the sale of their produce at the first point of sale net of the total marketing cost paid by the farmers,” PSA said. See “Palay,” A2
GREEN MISSION In his address to a diverse audience including mayors of Tarlac province, high school students, and soldiers from the Philippine Army’s Pambato or Armor Division at Camp O’Donnell, Capas, Tarlac, Defense Secretary Gibo Teodoro highlighted the urgency of addressing the impending El Niño phenomenon. Advocating proactive measures against climate change, he championed tree planting as a key solution citing its potential to counteract the adverse effects of global warming. Teodoro’s visit coincided with the launch of the Water is Life App, a joint initiative between the Philippine Army and Tarlac Heritage Foundation Inc., promoting agri-reforestation through projects like the Hardin ng Lunas. Encouraging the development of new dams and water impounding facilities during La Niña, he stressed the importance of water management to mitigate the impact of El Niño. BERNARD TESTA
USE OF ‘AI’ INEVITABLE FOR PHL, BEST TO PREPARE–NEDA By Cai U. Ordinario
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@caiordinario
HE National Economic and Development Authority (Neda) said the use of Artificial Intelligence (AI) is inevitable for the Philippines. And, knowing the Filipino worker, Socioeconomic Planning Secretary Arsenio M. Balisacan thinks AI is not a threat. He said what is needed is a flexible workforce that can and will embrace AI to become more efficient. Balisacan pointed out
there are advantages to being open to AI. “AI, I’m not so worried at all. Because if you become worried if you are not doing anything about it, just like the emergence of internet or the emergence of computers,” Balisacan recently told reporters. “We have to retool. We have to use this as new tools rather than things that will replace us. That’s [how] I also see AI,” he added. See “Use,” A2
US on PHL strat: Economic security is national security By Malou Talosig-Bartolome
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S Commerce Secretary Gina Raimondo said on Thursday that its thrust to bring more American trade and investments to the Philippines is also aimed at helping the Philippines deal with its national security threats. This as US State Secretary Antony Blinken will visit Manila Monday next week, exactly a week after the visit of Raimondo and 22 American business leaders. “Economic security is national security,” Raimondo said in a conference call press briefing with Philippine and Thai media Thursday. The Chinese Foreign Ministry
hit back at Raimondo, saying this strategy is a clear case of “economic bullying.”
Biden’s special trade and investment mission to PHL
Raimondo noted that Indo-Pacific Commander Admiral John Aquilino joined the President Biden’s Trade and Investment Mission (PTIM). “(Aquilino’s) presence during the visit underscored that the US has a government approach to the Philippines and the strength of both our national and economic security relationships with the Philippines,” Raimondo said. See “US,” A2
PESO exchange rates n US 55.3980 n japan 0.3753 n UK 70.9094 n HK 7.0811 n CHINA 7.7081 n singapore 41.5932 n australia 36.6790 n EU 60.6663 n KOREA 0.0422 n SAUDI arabia 14.7716 Source: BSP (March 14, 2024)