Hotforex philippines earthquake
No fiduciary duties are owed to creditors of a solvent corporation. The general rule is that directors do not owe creditors duties beyond the relevant contractual terms. When a corporation becomes insolvent, or approaches insolvency, directors of such a firm still do not owe any particular duties to creditors, but continue to owe fiduciary duties to the corporation for the benefit of all of its residual claimants, a category which includes creditors.
That the strategy results in continued insolvency and an even more insolvent entity does not in itself give rise to a cause of action. Disinterested directors therefore continue to be substantially protected from ex post facto second-guessing by courts and other constituencies by the business judgment rule, even if the corporation is insolvent. Even if an officer or director makes what turns out to be a bad business decision, such decision does not render the person liable.
The duty of care that an officer or director must exercise relates to the diligence that the person uses to make decisions. In order to fulfill this duty, it is strongly recommended that an officer or director follow several practices, including the following: a regularly attend board and committee meetings; b remain informed about the business and affairs of the corporation; c rely on information provided by others, such as reports, financial statements, and opinions; and d make inquiries about problems that may arise with respect to the corporation.
The responsibilities of the board are separate and distinct from those of management. The board does not manage the company. To inform its decisions, a board relies on materials prepared by management. Successful Chapter 11 reorganizations can be very difficult to achieve— especially in certain industries, such as retail. Further, in retail cases, secured lenders are very conscious of the required timing of a potential liquidation sale if a successful turnaround cannot be achieved.
It is necessary to capture the right season for a sale. The fourth calendar quarter may be best. The third calendar quarter may be worst. Despite the tools that the Bankruptcy Code provides, it is a race against the clock with impatient lenders and impatient landlords. We are not blaming them. In each of these recent cases, the company was left with insufficient funds to satisfy post-petition claims. So vendors that sustained losses prior to the petition date got burned a second time when they were unable to be fully paid on account of goods and services supplied to the debtor after the bankruptcy filing.
The TRU complaint also alleges that the board gave direction to obtain additional credit from vendors at a time when the board knew that such credit could not be repaid. Should the board be liable, and if so, what should the plaintiffs be required to prove? In each of the Sears, Forever 21, and TRU Chapter 11 cases mentioned above, there was a chief restructuring officer CRO retained by the debtor who was accountable to the board.
CROs are engaged so that management can focus on turning around the business rather than on the day-to-day handling of the Chapter 11 case. Counsel undoubtedly knows that. But after a fair opportunity to prove that a turnaround is possible i. That allegedly happened in the TRU case. We have no inside information. A board is not a guarantor of results promised by management. Board membership of distressed businesses should not be discouraged.
It is appropriate for the board to rely on a CRO and other restructuring professionals to keep the board informed of when the debtor is getting too far out on the limb. That is a principal function of the CRO. The CRO is typically part of the interface between management and other professional advisors. Accrued post-petition liabilities to vendors, employees, taxes, etc. Outstanding purchase orders for goods not yet received 4. Rolling payments to vendors versus accrual of additional liabilities—is the net number increasing?
Projections of further expense reductions to improve cash flow 7. Projections of income and expenses on an accrual basis, excluding Chapter related expenses 8. Projections of cash flow, including Chapter related expenses 9. Actual to projected results of cash flow and of operations YOY results It should not be zero. Businesses do not turn around immediately upon commencement of a Chapter 11 case. But the board should, after consultation with the CRO and management, inquire of management what will be the guardrails not to be breached absent extraordinary positive circumstances or a good faith belief that doing so will maximize the value of the corporation for the benefit of all stakeholders, including creditors.
Assuming that a board has abided by the protocol described above, it should be insulated from liability for administrative insolvency — unless the board knowingly or unreasonably permitted or directed unreasonable excesses. If the board asked the right questions, received the right reporting, and reasonably relied on the CRO and management, the board should not be liable.
Kenneth A. Rosen, Esq. Gross, Esq. Quadrant Structured Prods. Vertin, A. Odoner, Stephen A. Radin, Lyuba A. Goltser, and Andrew E. Blumberg August Huebner and Darren S. Klein Feb. Colleen M. Maker, Esq. Gheewalla, the court summarized the duties of directors of solvent corporations. Because your business has normally come as highly regarded by someone they trust and respect. This means that if the referral source speaks positively of you, the potential client is essentially sold before even picking up the phone, resulting in a clear and easy win if you meet expectation with a positive first impression.
But how easy is it to secure a regular drip-feed of referrals? And what can aspiring entrepreneurs do to increase their chances of securing referrals from the outset? Remain accountable at every stage of growth by maintaining the same high standards in delivering your products or services. Aside from enabling you to retain clients for the long-term, this approach will keep customers satisfied, resulting in natural referrals as a result. Be sure to operate in the right circles and spend time on developing positive relationships.
In doing this, referrals will start to come. A short, sweet and direct response is crucial, as going for a long-winded, jargon-laden answer is bound to turn the attentions of some elsewhere. Opting for a response that gets straight to the point in an easy-to-understand way is far more likely to hook your audience and encourage them to ask you more about your business….
Just remember to do this in return. Nowadays more so than ever before, it is also important to connect and communicate with prospective clients on social media. Connecting with people on LinkedIn or Facebook can open up new avenues, or even following them on Twitter is a simple yet important step to take in the larger follow-up process. By taking the steps outlined above into account, not only will you start to build a positive network of likeminded peers, but you are more likely to establish quality working-relationships with individuals able to support your business growth for the long-term.
The key thing to remember is that it is a two-way street and just as often as you receive word of mouth referrals, you should also dedicate time to issuing them in return. Congratulations on your awardwinning success. What do you attribute to your success? What are the biggest challenges and opportunities you see facing the investment industry Mexico? This award is indeed a welcome acknowledgement of the work we have done as a team effort. At SURA Investment Management, we have a top-level team of investment professionals each of whom are specialized in a certain category of assets.
This allows us consistency not just with our processes, especially those relating to investments, but also in terms of the values that we uphold at SURA Investment Management, along with the commitment we have made as an Organization with both Mexico and the region in general.
The biggest challenges facing the industry today have to do with the competition. There are many world class players that are keenly eyeing the Mexican market, and for some time now we have seen a certain amount of sophistication among investors whose appetite for risk and diversification has increased, which is why we are seeing a great opportunity rather than a challenge. How are industry and regulatory drivers impacting investments for institutional clients?
The changes that regulators are introducing to our industry all have a basic purpose and that is for the good of the final investor. These decisions obviously have an impact on us, as asset managers, but as previously mentioned, our clearly-defined processes and our capability to listen attentively to our clients in order to really understand their needs undoubtedly puts us in a privileged position in terms of being able to promptly act on these issues.
On the other hand, and as previously mentioned, we see that our industry is increasingly introducing ESG criteria in the investment decision-making process, especially with regard to institutional clients. Without a doubt, life cycle funds are the best vehicles for private contributory pension plans. These are asset classes that we have in other countries and now we are transferring our expertise from one country to another, and certainly these life cycle funds shall prove to be a great investment option for the Mexican market.
How does Sura Investment Management support the social economic development of Mexico? ESG criteria are becoming increasingly relevant in our decision-making process as investment managers. What is your business strategy this year? Can you tell us about some of the investment services available? Our experience now spans more than 20 years in our industry, as independent asset managers dedicated to the institutional market. This has allowed us to improve upon the products and services we provide the market by making these more sophisticated, offering an excellent variety of debt and equity investment strategies, both on a local and international level, all of which have been consistently placed within the first quartile of their respective categories.
Our mandate is to become a truly client-centric organization in all areas, processes and individuals; to get closer to our clients, to listen to what they say and to maintain the highest standards with which we normally serve them, this coupled with the care and perfection of our investment strategies, our capacity to innovate in terms of vehicles and strategies, all of which shall drive our growth both this year and the years to come. A leading health insurer since , Bupa provides both health insurance and clinics in Hong Kong to meet the needs of its customers.
Founded in , Bupa has since expanded on a global scale to become an award-winning insurance provider. We began by asking Mr. Kirby what initiatives have led Bupa to become a leading health insurer around the world. Kirby says this sets them apart in the highly competitive health insurance market.
Bupa further differentiates itself from other companies by exclusively offering health insurance. Kirby, Hong Kong is a mature market with considerable competition, presenting a challenge to any insurance provider. Hong Kong is strongly driven by financial services and has an international population.
Because Bupa Global plans provide access to excellent international care, we are a distinctive option. Kirby says. With credit for the Hong Kong award given to an impactful campaign, we asked Mr. Kirby to elaborate on the inspiration behind the successful Art Show outreach. According to Mr. Kirby, the Live Your Best Life campaign was not simply based around having insurance but was to promote general wellbeing and self-care.
In conjunction with running hospitals and clinics, Bupa offers extensive wellness services, including annual health checks, to ensure all customers can live their best possible lives. When asked to elaborate on the complexity of providing international services, Mr.
Kirby if there were notable differences between Hong Kong and China in terms of insurance plans and treatments. Hong Kong, he says, is a unique market that differs from China but shares similarities with key markets in Singapore and Dubai. However, the fact remains that this is by no means an isolated case. For a multitude of reasons, large financial institutions are trying but still failing to proof their operations against malpractice. In part, or in whole, this is because of the size of these organisations.
However, as the SFC made clear, the real damage in this case was done not by antiquated systems but a systematic abuse by individual employees. I do not want to dwell on how and why this was able to happen but I do want to suggest that smaller, newer players in the financial world can win back some of the public trust that has been lost. This is one of the reasons I believe we will see a welcome return to the family office model.
In recent years, as post recession costs, tight margins and compliance have led to service assimilation at large financial organisations, family office style finance has felt increasingly elusive something really only for the very, very wealthy who already have such private setups in place.
For a relationship manager at an international banking marque and the family office adviser at a bespoke boutique, that presents an opportunity. So, family office services have come back into fashion but I believe it will be the smaller players who are best placed to deliver a true family office service.
The issues around compliance illustrate this point perfectly: you need to be able to react quickly and calmly to a compliance change. You need to have the information to hand and you need to be able to reassure, discuss and explain with the regulator and client as needed. If you are dealing with the combined wealth of just half a dozen families, or even just one, then that is second nature.
Within a multinational financial setup a relationship manager is going to have to speak with tax departments, brokers, advisers, fund managers and lawyers across multiple offices. In a small advisory you can speak to the client, identify the most prudent route and act accordingly. Another illustration of the importance of compliance process is in countering the cyber threat. Again, bringing in an agile digital setup will be in the DNA of a bespoke service office.
This is all part of a bigger picture that has seen the pendulum of innovation within our sector swing from large firms and consolidation, back to small, new offices that are looking to make up perceived shortfalls of service. That all makes for a more dynamic marketplace - one in which we can retain and build trust and one in which the client should be the ultimate winner. That is timely as more and more people, especially in Asia, enter the High Networth bracket and we aim to keep them there.
If a client needs to exit several large positions in multiple markets following a law change do you have the capacity to do that swiftly and without collateral loss? Are you able to really justify your one-stopshop tag? Sometimes, a call from the regulator will give you the best answer. Can you tell us about Lufax Holding and what you attribute to your success? The company leverages advanced technologies in big data analytics, artificial intelligence AI , blockchain, and cloud computing to infuse and enhance our financial DNA.
The financial DNA of Lufax differentiates itself from the Internet-native platforms in its emphasis on risk management and due diligence; the eight years of experience serving customer online sets Lufax apart from traditional financial institutions in technological prowess. Lufax is truly a unique platform, can you tell us more about this unique platform? It is this fin-and-tech bilateral approach to which we attribute our success, and through which we stay inspired.
Lufax has been leading the way in the application of financial technologies FinTech in wealth and asset management. At Lufax, tech and fin are like yin and yang working Lufax operates a world-leading comprehensive online wealth management platform and is a provider of turnkey technological solutions for financial institutions. The company leverages its global financial footprint and technological innovations in building an underlying robust risk management apparatus, and providing institutions, enterprises, and investors with secure, professional, and efficient financial information and services.
In addition to serving individuals investors, Lufax works closely with financial institutions in exploring use cases for broader FinTech application and empowering the traditional finance sector with its technological capabilities and operational expertise. What are the challenges and opportunities you see taking place in China right now?
The bar of play is going up very fast, and the winners are those armed with financial DNA, a wealth of data, and breakthrough technologies. Four or five years ago, FinTech companies were much more siloed. Each company tried to fight in its own space, do its own thing, and control the process end-to-end. Going forward, we expect to see much closer cooperation amongst FinTech companies, as well as between FinTech companies and traditional financial institutions.
Whereas customers in Asia are generally savvier than those in the West when it comes to mobile phones, they are often not as financially sophisticated as their western counterparts. The key to individualized investor education is through understanding them better and addressing their sources of stress. We aim to help alleviate some of the stress through educating investors the risk-return tradeoff and wealth management strategies, while helping them transition from a largely shortterm return-based investment strategy to one that is longer-term and goalbased, so they are less perturbed by short-term volatilities.
Lufax advocates for diversification through an asset allocation plan. Investor education is not only an integral part of compliance, but also helps our customers better understand risks and be informed with the health of their investments. Through this we are able to nudge our customers toward more suitable products. FinTech that connects the right customer to the right product, done with more transparency, more intelligence, and more investor education, can help direct money to the right areas and support the real economy.
Smart technologies like AI can help improve investor education, facilitate better service personalization, and assist in risk management. What do you attribute to your rapid growth? Even as smart technologies are effecting incremental changes and gradually moving the sector to a more digitized future in mature markets like the US and Europe, the fact that wealth management advisory services are largely absent in China has created an opening for a leapfrogging transformation through robo-advisory empowered by AI and big data analytics, the same way the low penetration of credit cards allowed mobile payment to take off in China.
We are actively creating avenues to foster more dialogue between innovation and regulation. Risk management is the key for us as a provider of financial services. The application of big data technologies and artificial intelligence within our dynamic KYC system allows us to help better assess the risk appetite, capacity, and attitude of individual customers. At the same time, Lufax leverages big data technologies in evaluating the risk of underlying assets of financial products, and thus helps its A lot of the success we saw was thanks to the unique combination of first world technology and emerging market growth.
The FinTech story will continue to be a fast-growing, emerging market story. Meanwhile, the grounds are constantly shifting in the FinTech space. The profit cycles rarely go beyond three years. Business models that have once induced value creation will reduce quite swiftly as time progresses.
Those who capture the most value and avoid diminishing returns are the ones who continue to be ahead the innovation curve. How do you approach Corporate Social Responsibility? These projects also help generate local jobs and act as a bulwark to safeguard the future and sustainable development of said villages.
What are your plans for the year ahead? The rapid advancement of smart technologies, such as AI, big data analytics, cloud computing, and blockchain, compounded with the changing demographics in the existing and potential customer base of wealth management services, makes a compelling case for both wealth managers and regulators to embrace the increasingly available and progressively sophisticated FinTech solutions.
The most intrinsic advantage of Fintech is its extraordinary ability to handle scale and capacity, all without compromise to customer experience. At Lufax, a technology-enabled, self-improving future of finance is not just an attractive option, but our deepest commitment.
The prohibitive cost of providing oneon-one advisory services has long prevented many wealth managers from serving those who are not high-networth HNW and ultra-high-net-worth UHNW individuals. The rise of smart technologies has changed the calculus. FinTech solutions are now replicating the professional services and best practices enjoyed by the HNW and UHNW individuals and bringing them to a wider customer base. We are hard at work to democratise high-quality wealth management services beyond the wealthy and affluent investors.
Through technological advances we endeavour to make financial services ever more inclusive and help integrate more and more investor education into the process. Technology is effecting seismic changes in the financial landscape. The disruptive revolution in payment and financing has paved the way for a technological transformation of personal investment and wealth management.
We hold great expectations for what a deeper integration of technology and finance will do to elevate wealth management capabilities and allow for healthier investment strategies. In financial services, the need to embrace digital transformation has never been so pressing. The increase in the number of new disruptors in the sector has been well documented in recent years. As a result, many newer players have enjoyed success and eroded the market share of major financial institutions.
Meanwhile, our survey of senior IT decision-makers found the majority of financial services firms are now using machine learning ML in areas like compliance and to improve customer experiences. But when it comes to the extent of the gains to be made here, the work done so far has barely scratched the surface.
Delving into the data In response, the industry as a whole has recognised the need to digitally transform. Failing to respond to the innovations transforming the sector could see slow-moving firms left in the wake of their trailblazing competitors. Currently, the application of data analysis tools has been limited to the structured data financial services firms hold. This kind of analysis has resulted in some genuinely innovative solutions being brought to the market, with ML being used to identify and block fraudulent activity in real time.
However, almost all financial services firms are failing to tap into the potential of their unstructured data, which accounts for an estimated 80 per cent of what they hold and includes things like audio files, emails and image files. Only three per cent of financial services firms are using ML to analyse this data according to our research.
This presents a massive opportunity for ambitious firms to vastly increase the volume of data they are interpreting. By analysing unstructured data, firms can gain significant advantages, such as the ability to identify patterns in customer liaison which could indicate when customers are at risk of leaving or defaulting on their payments.
Looking ahead, collecting and interrogating unstructured data to unlock this kind of insight is set to become the next focus for the sector. By pivoting to unlock the value of their unstructured data, we can expect firms to uncover new levels of business insights, with potentially transformative effects for the way they operate and engage with their customers.
Embracing change Many established firms face inherent disadvantages compared to their digitally native competitors and often the size and scale of their legacy IT infrastructure can hold them back. Legacy IT poses problems because using old systems can result in slow data retrieval times and are often incompatible with new applications and technology. To some extent, this explains why many established financial services firms have been unable to match the pace of innovation set by cloudnative disruptors unbridled by creaking IT infrastructure.
Changing this is essential for those that aspire to remain market leading. While we are seeing greater innovation and new technology in the sector, there are still those with antiquated beliefs that cloud infrastructure could compromise data security. Ironically, this misconception can lead to firms committing to less secure on-site legacy systems, incurring significant operational costs and system downtime that could put data at risk. However, attitudes towards cloud security have changed in the last two years.
This is in no small part down to the robust security credentials of public cloud, which allow firms to benefit from the security protocols of major global providers like Google. As growing trust in cloud security converges with the economic imperative to innovate, data security concerns are likely to become less of a barrier to comprehensive digital transformation in the coming year.
Addressing the skills gap To unlock the potential of their data, many firms also need to address an existing skills gap within their businesses. Firms will need to invest more heavily in data scientists who can build the data lakes needed to store and analyse unstructured data — rather than relying on off-the-shelf solutions designed to do this.
We are already seeing big players in the financial services sector invest in data scientists. Blackstone now has a 14 strong team of data scientists, an increase from having none at all five years ago, and has been able to use the team to help win new portfolio clients by providing unique data-driven insight into their markets. Having this kind of expertise inhouse is essential for firms looking to keep pace with the innovation being driven by data and technology in the sector. And with the majority of data scientists now familiar with working in cloud environments, the move towards investing in data specialists is increasingly tied to shifting from legacy IT to cloud services.
Use of cloud services and ML is increasingly common across the sector — and there are some genuinely innovative examples of data analysis in the industry. Through its subsidiaries, the company provides above mentioned services in the United States, Canada, Asia, and internationally. They insure against property losses from fire, explosions, earthquakes, windstorms, floods, boiler explosion, machinery breakdown, and construction defects, as well as underwrites automobile, commercial, personal property, and crop insurance.
The company provides agricultural commodities storage, catering, pet medical insurance and database, and integrated travel and travel-related financial services, as well as infrastructure services to industries and government.
They plan to grow through internal means as well as through friendly acquisitions. Fairfax Financial Holdings Limited adheres to its value chain to ensure the organisation reaches its goals set to meet the current and future needs of customers and maximises returns, income growth and capital appreciation for shareholders who purchase shares with them.
Book value per basic share at September 30, was US Dollar Insurance companies continued to have strong underwriting performance with a third quarter consolidated combined ratio of Before buying any stock or share one has to consider a few factors. An investor needs to familiarise himself with the basics and history of the company, as well as its leadership and performance in the market.
Its company reports should also be scrutinized. The overall value of his holdings will change with the fluctuation in stock prices, which can throw his portfolio off balance.
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| Hotforex philippines earthquake | If you're a beginner, it may be helpful hotforex philippines earthquake use a course of action that combines both education and experience. Successful Chapter 11 reorganizations can be very difficult to achieve— especially in certain industries, such as retail. Last week, oil futures slipped on Friday, but still scored their fourth weekly gain in a row as market players awaited details of a planned output cut by the OPEC. In a small advisory you can speak to the client, identify the most prudent route and act accordingly. We have no inside information. |
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In Benguet province, a worker was pinned to death after a small building that was under construction collapsed in the strawberry-growing mountain town of La Trinidad. Many houses and buildings had cracked walls, including some that collapsed in Abra, where President Ferdinand Marcos Jr. Marcos Jr. The 7-magnitude quake crumbled buildings, prompting people in the capital to run outdoors.
AP A damaged building lies on its side after a quake struck the region on July 27, AP The Red Cross issued a picture of a three-story building precariously leaning toward a debris-covered road in Abra. A video taken by a panicking witness showed parts of an old stone church tower peeling off and falling in a cloud of dust on a hilltop. In the end, an estimated 8, people either perished or went missing, and another 90, were left homeless because of the properties wiped out by the tragedy.
In the aftermath of the Moro Gulf earthquake and tsunami, President Ferdinand Marcos revised the provision of the National Building Code, requiring structures to be resilient enough to withstand an Intensity 8 earthquake.
On July 16, , one of the strongest earthquakes to ever strike the country occurred in several areas of Central Luzon and the Cordillera region, with Baguio City bearing the brunt of the massive tremor. This 7. From the epicenter in Nueva Ecija province, the earthquake rippled through the badly hit areas in Central Luzon, wreaking havoc on numerous properties and trapping people to their deaths. Among the buildings toppled by the earthquake were the six-story Christian College of the Philippines in Cabanatuan and the story Hyatt Terraces in Baguio.
Lanao Earthquake This 7. It also destroyed houses and a mosque in the municipality of Tugaya. There are also reports of damaged wharves in Zamboanga and Pagadian. Lanao del Sur is located in one of the most seismically active areas in the country, Central Mindanao, where the western extension of the Mindanao Fault is situated. Casiguran Earthquake Remains of 1st and 2nd floor, north end of Ruby Tower.
Before this, the country had never experienced an earthquake with the same intensity and destructive force in the last 20 years. The most severely damaged was a small part of the Greater Manila Area, particularly Binondo and Escolta, where the total cost of structural damages amounted to several million dollars. Most notable of these damages was the six-story Ruby Tower, which collapsed instantly when the earthquake reached the area, killing and injuring hundreds of people occupying its commercial and residential units.
Although the epicenter was in Bohol, the jolt from the earthquake was felt as far as Southern Mindanao. The catastrophic tremor damaged over 79, churches, homes, schools, roads, and public buildings, 14, of which were toppled completely Worse, it also partially or totally destroyed several health facilities, paralyzing the delivery of essential medicines and health care services for a long time. A few weeks later, Typhoon Yolanda swept through Central Visayas.
Five minutes after the main quake, tsunami waves as tall as 8. Residents living near the coast were able to move quickly to higher ground to save themselves from the tsunami. Unfortunately, not everyone was able to survive this tragedy. The earthquake also led to liquefaction that damaged roads, bridges, piers, and other infrastructures.
The estimated economic damage of the tremor was PHP million. This catastrophe led to 8 casualties and 41 injuries. Commercial buildings such as warehouses and banks were damaged Schools, churches, bridges, and government buildings were also affected. The estimated cost of damage is PHP 30 million. Ragay Gulf Earthquake Left lateral offset of the beach line 3. The offset was confirmed by numerous other displaced features nearby, such as rows of coconut trees.
Photograph by the US Geological Survey is available in the public domain. On March 17, , a magnitude 7 earthquake wreaked havoc on the town of Calauag, Quezon More than residential houses in the town were either totally or partially destroyed. The disaster led to 14 deaths and about injuries. The shaking was felt mostly in Luzon and Northern Visayas. According to a paper in the Journal of Geological Society of the Philippines 16 , the vicinity of Ragay Gulf is often the site of destructive earthquakes.
Ten major earthquakes in the region were recorded from to Meanwhile, from to , more than 30 significant earthquakes along the epicentral area were recorded with a strength of magnitude. Coconuts are one of the prime agricultural goods of the region. Meanwhile, around were injured, and 62 went missing because of the quake. The tremor triggered five-meter-high tsunami waves that swept Barangay Pisong, Magtalisay, and Martilo in Negros Oriental. PHIVOLCS released a level 2 tsunami alert 17 during the earthquake but was canceled after a two-hour observation period during which no peculiar sea level changes occurred.
No casualty was recorded due to the tsunami. Due to the shaking, a staggering 15, houses were either completely or partially damaged, seven bridges became impassable, and a road section along Dumaguete North road was filled with rockfalls, cracks, and landslides
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Powerful earthquake hits northern PhilippinesINVESTOPEDIA FOREX WALKTHROUGH PDF
Marcos Jr. The 7-magnitude quake crumbled buildings, prompting people in the capital to run outdoors. AP A damaged building lies on its side after a quake struck the region on July 27, AP The Red Cross issued a picture of a three-story building precariously leaning toward a debris-covered road in Abra. A video taken by a panicking witness showed parts of an old stone church tower peeling off and falling in a cloud of dust on a hilltop. Employees of the Department of Human Settlements and Development evacuate their building after an earthquake in Quezon City, Philippines.
The quake was set off by movement in a local fault at a depth of 10 miles, the institute said, adding it expected damage and more aftershocks. An earthquake can either be naturally-occurring or man-made. Volcanic earthquakes or shaking due to volcanic eruption are naturally-occurring. Meanwhile, man-made earthquakes include collapse earthquakes that occur due to the collapse of a mine and explosion earthquakes that occur due to the detonation of explosive materials.
Depending on the intensity, earthquakes may cause minor or significant damage to properties. If an earthquake is strong enough, it may lead to other events such as landslides, tsunamis, or flooding. Geological Survey Photographic Library is available in the public domain. With an 8. A tsunami, towering as high as 9 meters, emanated from the epicenter 40 km off the shores of Sultan Kudarat. Because the incident happened in the middle of the night, the inhabitants of the Moro Gulf coastline were left with little to no time to prepare.
In the end, an estimated 8, people either perished or went missing, and another 90, were left homeless because of the properties wiped out by the tragedy. In the aftermath of the Moro Gulf earthquake and tsunami, President Ferdinand Marcos revised the provision of the National Building Code, requiring structures to be resilient enough to withstand an Intensity 8 earthquake. On July 16, , one of the strongest earthquakes to ever strike the country occurred in several areas of Central Luzon and the Cordillera region, with Baguio City bearing the brunt of the massive tremor.
This 7. From the epicenter in Nueva Ecija province, the earthquake rippled through the badly hit areas in Central Luzon, wreaking havoc on numerous properties and trapping people to their deaths. Among the buildings toppled by the earthquake were the six-story Christian College of the Philippines in Cabanatuan and the story Hyatt Terraces in Baguio.
Lanao Earthquake This 7. It also destroyed houses and a mosque in the municipality of Tugaya. There are also reports of damaged wharves in Zamboanga and Pagadian. Lanao del Sur is located in one of the most seismically active areas in the country, Central Mindanao, where the western extension of the Mindanao Fault is situated. Casiguran Earthquake Remains of 1st and 2nd floor, north end of Ruby Tower. Before this, the country had never experienced an earthquake with the same intensity and destructive force in the last 20 years.
The most severely damaged was a small part of the Greater Manila Area, particularly Binondo and Escolta, where the total cost of structural damages amounted to several million dollars. Most notable of these damages was the six-story Ruby Tower, which collapsed instantly when the earthquake reached the area, killing and injuring hundreds of people occupying its commercial and residential units. Although the epicenter was in Bohol, the jolt from the earthquake was felt as far as Southern Mindanao.
The catastrophic tremor damaged over 79, churches, homes, schools, roads, and public buildings, 14, of which were toppled completely Worse, it also partially or totally destroyed several health facilities, paralyzing the delivery of essential medicines and health care services for a long time. A few weeks later, Typhoon Yolanda swept through Central Visayas. Five minutes after the main quake, tsunami waves as tall as 8. Residents living near the coast were able to move quickly to higher ground to save themselves from the tsunami.
Unfortunately, not everyone was able to survive this tragedy. The earthquake also led to liquefaction that damaged roads, bridges, piers, and other infrastructures. The estimated economic damage of the tremor was PHP million. This catastrophe led to 8 casualties and 41 injuries. Commercial buildings such as warehouses and banks were damaged Schools, churches, bridges, and government buildings were also affected.
The estimated cost of damage is PHP 30 million. Ragay Gulf Earthquake Left lateral offset of the beach line 3. The offset was confirmed by numerous other displaced features nearby, such as rows of coconut trees. Photograph by the US Geological Survey is available in the public domain. On March 17, , a magnitude 7 earthquake wreaked havoc on the town of Calauag, Quezon More than residential houses in the town were either totally or partially destroyed. The disaster led to 14 deaths and about injuries.
The shaking was felt mostly in Luzon and Northern Visayas.
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