BSP: Climate-Proofing the Financial System will Unlock Opportunities

​The Bangko Sentral ng Pilipinas (BSP) called on banks to support the country’s energy transition and support hard-hit MSME and agricultural sectors as part of a broader shift to mainstream sustainable finance.

BSP Governor Benjamin E. Diokno said during the Maybank 25th Anniversary Forum that the central bank provides an enabling regulatory environment to drive sustainable finance in the country as banks take on the green and sustainable path and lead supervised entities by example.

“We have started integrating sustainability principles in our investment process with over USD 550 million investment in the Green Bond Fund managed by the Bank for International Settlements,” the Governor said. We are also reviewing our investment strategy to consider strategic allocation of investments toward those that espouse environmental, social, and governance principles.”

To further enhance the regulatory environment, the BSP issued the Sustainable Finance Framework (SFF) and Environmental and Social Risk Management Framework (ESRMF), setting the essential groundwork for succeeding BSP policy issuances in sustainable finance.

Released in April 2020, the SFF highlights overarching principles of integrating sustainability and environmental, social, and governance considerations in banks’ corporate and risk governance frameworks, business strategies and operations.

Meanwhile, the ESRMF, which was released in October this year, gives more detailed supervisory expectations on the management of environmental and social risks in the context of credit and operational risks.

“The BSP will remain steadfast in leading sustainability principles in the banking sector consistent with our national aspirations for sustainable development,” Governor Diokno concluded.

 

 

Source: Bangko Sentral ng Pilipinas (BSP)

6.1-Magnitude Quake Rattles Southern Philippines

MANILA – An offshore earthquake with a preliminary magnitude of 6.1 struck Davao Occidental province in the southern Philippines this morning, the Philippine Institute of Volcanology and Seismology said.

 

The institute said, the quake, which struck at 7:48 a.m. local time, hit at a depth of 156 km, about 285 km south-east of Sarangani island.

 

It said, the quake was tectonic in origin and is expected to trigger aftershocks without causing damage.

 

The quake was also felt in Cateel town nearby, in Davao Occidental.

 

The Philippines has frequent seismic activity, due to its location along the Pacific “Ring of Fire.”

 

Source: NAM NEWS NETWORK

Journalists Work Clandestinely in Post-Coup Myanmar

Post-coup Myanmar has proven a difficult place for journalists to operate.

Ten months after the February coup that overthrew the elected government, journalists know they can be arrested without reason by the authorities. At the same time, they are often distrusted by the public who may see them as responsible for covering up the coup’s consequences.

Consequently, some now report from outside the country while others work in Myanmar but clandestinely.

“It is the worst situation in my 13 years’ experience of working as a photojournalist,” a person who has worked for an international photo agency in Yangon since 2008 said.

No place is safe

Shortly after the coup, the junta harassed, threatened and intimidated individual journalists. Since then, the regime has revoked news outlet publishing licenses — nine so far.

Reporters are now afraid to work at their offices, and journalists say even working at home is not absolutely safe.

“Security forces can come to your front door and you can be arrested at any time,” a journalist working for a London-based international news agency said.

He also spoke to VOA on Nov. 22 about difficulties renting an apartment since the coup.

After the coup, his landlord asked him to move from the apartment in Yangon’s Sanchaung township because he is a journalist. He moved to another apartment, but a month later he was asked by his new landlord to move. He then moved to a third apartment.

“I didn’t disclose my job when I rented the apartment, but the landlord could find out in a short time because my face and my voice can be seen on daily news broadcasts,” he said, referring to his second landlord.

His current landlord, “is a staunch opponent of the military and has courage to give us a place to live,” the 36-year-old reporter said.

Many media groups relocated to Myanmar under the ousted elected government, which officially allowed foreign-based media outlets to open offices here, but the situation reversed after the coup. Many outlets ended their operations and left the country when the junta raided their offices and arrested reporters and editors. Only a handful of journalists remain in Myanmar.

“Yangon is more dangerous now,” a young journalist, one of few locally based journalists for a U.S.-based news agency, said. Security is tight and inspection and random checks are more frequent in Yangon because of constant explosions and attacks by anti-military forces, said the 26-year-old journalist.

He recently moved to a rural town and lies low. His organization has not used reporters’ bylines since the coup, he said.

“Furthermore, only a single reporter is assigned to communicate with military sources,” the journalist said. That reporter works in a safe zone in Myanmar in ethnic-controlled areas, the journalist said.

Nay Myo Linn, the founder of news outlet Voice of Myanmar has struggled to continue to run the online media platform since being released from prison. He was arrested by junta in April and charged with violating Section 505-A of Myanmar’s Penal Code, a section that can be used to penalize comments about the legitimacy of the coup or junta and carries a penalty of up to three years in prison.

“Fifty-eight articles published by VOM were considered as attempts to provoke the country and I was accused of using the term ’terrorist military regime,’” Nay Myo Linn, a former BBC correspondent, said.

In June, Nay Myo Linn was released from Mandalay’s Ohbo Prison after the local police chief agreed to close the case. He said he does not know the exact reason for his release.

He then struggled to continue Voice of Myanmar’s operations, but some stringers fear arrest.

He said the whole Voice of Myanmar team must be very careful in reporting as they are under military surveillance.

“I stay at my home and run VOM. If you stay in Myanmar and continue working as a journalist, you cannot be afraid of being arrested,” said the father of two sons.

Struggling to report

Major problems facing journalists since the coup include lack of access to accurate information and news resources. Many reporters rely on mobile phones and social media rather than going into the field. Correspondents say, however, that speaking in ways that indicate they are journalists can lead to arrest.

“We have to be more careful when verifying information and more cautious not being deceived by a group or someone intentionally,” said a journalist with a London-based media organization.

The photo agency journalist said it is “extremely risky” taking photos with professional cameras.

“Nowadays, if a person is arrested at night, the next morning, family members could be told to retrieve the dead body. Our lives are not guaranteed if we are arrested,” the photojournalist said.

“Mostly, I take the risk of shooting with mobile phones, and sometimes I rent a cab and take photos from inside,” he added.

Salai Robert, a correspondent for Khonumthung Media Group based in Mizoram, in northeast India, and Kalay township in Myanmar’s Chin state, said he faces scarce sources and poor communication issues.

“People are very scared of speaking with us because of the oppression of military, and, also, state officials don’t accept requests for comment or information,” Robert said.

Robert said the junta has journalists under surveillance in Chin and has cut off internet services in all townships except the capital, Hakha. He said Chin-based media outlets are trying to get information out to the public by texting each other via mobile phones or Signal.

Another problem facing local journalists is public attitudes. Journalists say anti-military forces react badly to reports on activities of the military and its affiliates, and to interviews with those who are assumed to be pro-military.

Nay Myo Linn said he often receives criticism from both anti- and pro-military groups.

“The biggest challenge is trying to practice ethical journalism at this critical time. If we write about revolutionary forces, the military will arrest us. Pro-revolutionary forces also label us pro-military media while reporting on military matters. Anyhow I determined to write balanced news,” he said.

In addition, journalists are forced to take steps for security reasons, such as avoiding going out unnecessarily and controlling their social media activities. Many, though, say they do not see these as a sacrifice but as precautionary measures allowing them to continue their work safely.

“I have written news from Mizoram before but living in a country is not the same as reporting from outside. That’s why I decided to stay and work here despite having several difficulties,” Robert said.

 

 

 

Source: Voice of America

6.2-Magnitude Quake Hits Central Indonesia, No Tsunami Alert Issued

JAKARTA – A 6.2-magnitude quake struck off North Sulawesi province, in central parts of Indonesia this morning, with no potential for a tsunami, Head of Quake and Tsunami Mitigation Division of the Meteorology and Geophysics Agency Daryono said via the phone.

 

The quake jolted at 06:47 Jakarta time this morning, with the epicentre at 147 km south-east of Melonguane town, and the depth of 157 km under the seabed, the official said.

 

“This quake is not potential to trigger a tsunami,” he said.

 

The intensity of the quake was felt at III MMI (Modified Mercally Intensity), in Morotai islands, of nearby North Maluku province, according to him.

 

Source: NAM NEWS NETWORK

Update: One Killed, 40 Injured Following Volcanic Eruption In Indonesia

JAKARTA – The Semeru volcano eruption in East Java province yesterday, left one killed, two missing and 40 others injured, a local official told a joint virtual press conference.

 

The disaster also damaged scores of houses in the district, and hot lava hampered rescuers from evacuating eight trapped miners, who asked authorities by mobile phones for help, said the Lumajang District’s Deputy Head, Indah Amperawati Masdar.

 

“All the houses in Curah Kobokan village were destroyed. For the eight trapped miners, help could not be conducted due to the hot lava,” she said. Some of the people suffered serious injuries and have been rushed to nearby hospitals.

 

The official asked the disaster management and mitigation agency to deploy a helicopter to assist and evacuate the disaster affected villagers.

 

Separately, the Lumajang District’s head, asked for deploying more soldiers to evacuate and rescue the affected people.

 

Abdul Muhari, the National Disaster Management and Mitigation Agency’s acting spokesperson said, their monitoring post reported that hot clouds started spreading from the crater of the volcano at 3:10 p.m. Jakarta time (8:10 a.m. GMT).

 

The evacuation of villagers living on the slope of the volcano is under way now, and several evacuation centres have been established, he said in a statement.

 

Source: NAM NEWS NETWORK

Thousands Block Roads Across Serbia in anti-Government Protest

BELGRADE — Thousands of people blocked roads across Serbia in an anti-government demonstration targeting two new laws that environmentalists say will let foreign companies exploit local resources.

 

Serbia’s government has offered mining rights to two companies, China’s Zijin copper miner and Rio Tinto. Green activists say the projects will pollute land and water in the Balkan nation.

 

The protest is a headache for the ruling Peoples’ Progressive Party led by the President Aleksandar Vucic ahead of parliamentary and presidential election next year.

 

Thousands gathered on the main bridge in the capital, Belgrade, chanting “Rio Tinto go away from the Drina River.”

 

They held banners reading: “Stop investors, save the nature, We are not giving away the nature in Serbia,” and “For the land, the water and the air.”

 

Roadblocks have been set up all over Serbia including the second largest city of Novi Sad in western Serbia, in Sabac, Uzice, and Nis in the south and in Zajecar in the East.

 

“The reason (for the protest) is to protect our land, water and air. We do not want it to be sold cheaply,” said Stefan, a student protesting in Belgrade.

 

Rio Tinto has promised to adhere to all domestic and EU environmental standards, but environmentalists say its planned $2.4 million lithium mine would irreversibly pollute drinking water in the area.

 

The protesters are angry about a referendum law passed last month which will make it harder for people to protest polluting projects, as well as a new expropriation law, which makes it easier for the state to acquire private land.

 

President Vucic, on his Instagram profile, published a picture of the village of Gornje Nedeljice, where Rio Tinto has already started buying land for its future lithium project.

 

Vucic said once the environmental study on the project is complete, he would call a referendum to allow people to decide whether the project should go through.

 

“Everything we build today we are leaving to our children,” Vucic wrote on Instagram.

 

Source: Voice of America