‘Muslims only’ beach to open in Boracay By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
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MUSLIMS-ONLY beach will be opening this September on Boracay Island. The announcement was made by the Malay-Boracay Tourism Office on its Facebook page: “We are excited to open an exclusive cove for our Muslim sisters on the island! Mark your calendars for September 10, 2024. We look forward to sharing this unique experience with you all.” The beach cove is located in Boracay Newcoast, a 150-hectare
THE main beach of Megaworld Corp.'s Boracay Newcoast township. The company has allocated a private beach cove in the area for Muslim travelers. PHOTO VIA MEGAWORLD FB
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township development of Megaworld Corp. The company’s hospitality unit, Megaworld Hotels and Resorts (MHR), has been eyeing the growing Muslim travelers market, and recently announced its commitment to more Muslim-friendly practices like establishing halal-certified kitchens at its properties, and providing inroom Kiblat pointers to Mecca for the devotees’ prayer periods. (See, “Megaworld seeks to increase Muslim guests on its properties,” in the BusinessMirror, on May 4, 2024.) MHR Group General Manager Arturo P. Boncato Jr. told the BusinessMirror, “The beach will
also be open to Muslim guests not staying in the hotel. It’s the same principle as everyone else. People can walk in to enjoy the beach and order [from our restaurants].” The idea of a private beach for Muslims, he said, was raised while foreign diplomats were attending the three-day Boracay Diplomatic Visit and Business Forum last Apr i l. T he for u m, wh ic h a lso tackled tourism development, was attended by ambassadors and other diplomats from the Association of S out he a s t A s i a n Nat ion s , Pakistan, Taiwan, and India, who are based in Manila.
Brunei envoy’s idea
“ T H E A mba s s ador of Br u ne i [Megawati Dato Paduka Haji Manan] suggested to have a halal beach…. Mayor [Frolibar] Bautista was open to it,” he added. Megaworld also hosted the foreign diplomats during their visit. For his part, Tourism Congress of the Philippines Vice President for the Visayas Peter Tay said, “I think we are the first to have a halal beach. It’s something to look forward to; perhaps we can get the Malaysia and Brunei market.”
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Monday, September 2, 2024 Vol. 19 No. 321
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JULY BANK LENDING UP 10.4%; M3 ON 9-MO HIGH T By Cai U. Ordinario @caiordinario
HE country’s domestic liquidity in July recorded its fastest growth in nine months, according to preliminary data of the Bangko Sentral ng Pilipinas (BSP).
The data showed domestic liquidity (M3) grew 7.2 percent, the fastest growth since October 2023, to P17.5 trillion in July 2024. BSP also said that with the month-onmonth seasonally-adjusted basis, M3 increased by about 0.7 percent. In a separate statement, the BSP reported the outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 10.4 percent year-on-year in July 2024. “[M3 growth] could be consistent with the growth in the demand for credit/loans of universal and commercial banks at +10.4 percent year-on-year,” Rizal Commercial B a n k i n g Cor p or at ion C h ie f Economist Michael L. Ricafort said. “[The growth in loans is the] fastest in 1.5 years or since December 2022 as the economy, together with many businesses/ industries, recovered further with no more Covid restrictions for more
2024 RAMON MAGSAYSAY AWARDEES NAMED (Clockwise from top left) Nguyen Thi Ngoc Phuong, a Vietnamese doctor who has advocated for victims of the defoliant dioxin “Agent Orange” used during the Vietnam War, is among this year’s Ramon
Magsaysay Award winners—often referred to as Asia’s version of the Nobel Prizes. The other recipients include Farwiza Farhan, an Indonesian environmental defender; Karma Phuntsho, a Bhutanese academician working to preserve his country’s cultural heritage to address contemporary challenges; Miyazaki Hayao, a Japanese animator known for addressing complex issues through children's films; and The Rural Doctors Movement, a group of Thai physicians dedicated to improving healthcare for Thailand’s rural poor. Established in 1958, the annual awards honor individuals and organizations that exemplify “greatness of spirit” through selfless service across Asia. Boxed story below, left. RAMON MAGSAYSAY AWARDS FOUNDATION VIA AP
See “Bank,” A2
5 LAUREATES TO RECEIVE 2024 RAMON MAGSAYSAY AWARDS By Bless Aubrey Ogerio
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OUR individuals and one organization were named on Saturday as recipients of the 2024 Ramon Magsaysay Award, Asia’s premier prize honor that is widely considered the regional equivalent of the Nobel Prize. A mong t he honorees i s renowned Japanese animator Hayao Miyazaki, 83, celebrated for his magical realism films
produced at Studio Ghibli such as “My Neighbor Totoro” (1988) and “Spirited Away” (2001). He was awarded for his lifelong dedication to using art to illuminate the human condition, particularly his focus on children. Karma Phuntsho, a Bhutanese scholar and historian, was also recognized “for his invaluable contributions to preserving and promoting Bhutanese culture.” See “Laureates,” A2
Greater Manila Bay area pitch under study–Osapiea By Andrea E. San Juan @andreasanjuan
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HE development of the Greater Manila Bay Area as a strategy to attract more investments to the Philippines will be looked into in the coming months, according to Office of the Special Assistant to the President for Investment and Economic Affairs (Osapiea) Secretary Frederick Go. “I think it’s something that can be, that can be looked on a little deeper. I understand that after their meeting last week, there will be another meeting in, I think, two or three months’ time to see what steps can be
undertaken to develop such a project,” Go told reporters on the sidelines of the National Retail Conference and Expo (NRCE) recently. The president’s economic czar said this after the Federation of FilipinoChinese Chambers of Commerce and Industry Inc. (FFCCCII) said last week that it is advocating for the development of the Greater Manila Bay area, inspired by the success of China’s Guangdong-Hong Kong-Macao Greater Bay Area, as a strategy to attract more investments See “Manila,” A2
PESO EXCHANGE RATES n US 56.2890 n JAPAN 0.3882 n UK 74.1495 n HK 7.2188 n CHINA 7.9303 n SINGAPORE 43.2062 n AUSTRALIA 38.2540 n EU 62.3626 n SAUDI ARABIA 15.0012 Source: BSP (August 30, 2024)