Central bank raises interest rates by 12.5 basis points, lower GDP growth prediction

2022-09-22

The central bank on Thursday decided to raise its key interest points for the third consecutive quarter this year. The bank says that the small hike of 0.125 percentage points comes amid expectations that inflation will cool down in the second half of the year. It adds that the consumer price index is expected to fall to 1.88% in 2023, down from the 2.95% expected for this year. Also on Thursday, the bank revised down its expected GDP growth rate for 2022 to 3.51%. It said that big interest rate hikes in Europe and the U.S. could further hinder the growth of Taiwan’s economy.

Over in the U.S., the Fed has raised interest rates by 0.75 percentage points for the third time in a row. Fed Chair Jerome Powell signaled that another big rate hike of 1.25 percentage points could come before year’s end. The governor of Taiwan’s central bank, Yang Chin-long, says the U.S. reached its current high inflation levels due to issues related to supply and demand, whereas Taiwan’s inflation was caused by price rises in imported products. He added that the Executive Yuan had long instated prize stabilization measures for commodities and energy. Whether the central bank will continue to raise interest rates in the future remains to be seen.

央行升息半碼下修今年GDP到3.51%

2022-09-22

台灣央行宣布政策利率升息半碼，是今年連3升，央行表示，只升半碼主要是預估下半年通膨降溫，預測今年CPI年增率2.95%，明年下降到1.88%。同時因為歐美大幅升息，市場預估明年景氣緊縮，可能影響國內成長力道，下修本年經濟成長率預測值為3.51%。

針對美國聯準會連續3次升3碼，主席鮑爾還暗示不排除今年再升5碼，楊金龍表示，美國通膨率高是供需方面問題，但台灣主要是輸入性通膨，行政院都有針對大宗物資和能源的應對措施，未來是否緩和升息腳步，會隨時密切觀察。

Mandatory quarantine for international travelers to be lifted as early as Oct. 13

Taiwan could end mandatory quarantines for international travelers as early as Oct. 13. That’s according to the latest plan from the government, under which regulations will be eased in two stages. In the first stage starting Sept. 29, PCR testing on arrival will be scrapped, and the cap on weekly arriving passengers raised to 60,000. If the circumstances permit, the second stage would see the end of quarantine and the lifting of Taiwan’s ban on international tour group travel.

In the first stage of easing border rules, Taiwan will raise its cap on weekly arrivals to 60,000 passengers starting Sept. 29. PCR tests will no longer be required upon arrival. Instead, travelers will be given rapid test kits. Taiwan is finally reopening to international travel with a gradual easing of border controls.

Lo Ping-cheng
Executive Yuan spokesperson
The cap on weekly arrivals will be raised to 60,000 travelers. The 3+4 quarantine model will stay in place, but arrivals can stay one to a room, instead of one to a residence. We’re doing away with saliva PCR testing upon arrival. Visa-exempt entry will resume for all countries eligible. We’re announcing these changes today, and they will be implemented one week from now, starting Sept. 29.

Chang Shan-chwen
Executive Yuan epidemic prevention adviser
So the regulations are being eased so that travelers can monitor their health at home with rapid tests. They can carry out tests and monitor their condition themselves.

One week after the first easing of rules, the government will move to remove travel quarantines altogether, if the COVID situation permits. The quarantine system could end as early as Oct. 13.

Lo Ping-cheng
Executive Yuan spokesperson
In mid October, we can move on to the second stage of the reopening. That would increase the cap on weekly arrivals to 150,000 passengers. We’ll remove quarantines and adopt a 0+7 model. Visa-exempt entry will be available to all eligible countries, the ban on international group travel will be lifted, and so on.

After quarantines are removed, arrivals will still have to monitor their health for seven days. In contrast with the current four-day self-health management period, they will be allowed to go out for meals and take public transportation. A union of airline pilots says it hopes the government will also lift restrictions that force air crews to not leave their rooms while on assignment abroad.

Lee Hsin-yen
Pilots union
Out of 365 days in a year, air crew spend almost 200 days under some sort of surveillance or restrictions abroad and in Taiwan. The government should loosen these rules for airline workers immediately and provide any relevant supporting measures.

The government is finally easing Taiwan’s border restrictions, bringing Taiwan closer to normalcy.

2022-09-22

Executive Yuan says mask mandate will remain in place until year’s end

2022-09-22

Preparations underway for National Day celebrations

Preparations and rehearsals are underway ahead of National Day on Oct. 10. The military on Thursday morning conducted a brief flypast over the Presidential Office, offering a sneak peek at what’s to come. Organizers say there will be plenty of novelties, including a marching band performance by a group of Japanese high schoolers known as the “Orange Devils.”

The sound of helicopters fills the air. A Black Hawk helicopter, an Apache, and a Chinook sail across the sky near the Presidential Office on Thursday morning. They are training for the National Day flypast, which is just over two weeks away.

As with previous years, the Ministry of Foreign Affairs has produced a video to celebrate the National Day. It covers a variety of subjects, including the gradual return to normalcy after COVID, the four referendums in December 2021, and the united support for Ukraine from the government and the general public. It also features footage of the many foreign delegations that visited Taiwan over the past year, with officials from the U.S., Japan, the EU, and Taiwan’s diplomatic allies. It also underscores the importance of Taiwan’s semiconductor industry, showing to the world just how valuable Taiwan is.

Rays of color shoot at the center of the screen. This year’s National Day logo represents Taiwan’s commitment to self-defense and unity. The visual will be featured on many goodies to celebrate the day, including limited-edition face masks, bucket hats, and thermoses.

Chen Tsung-yen (Sept. 6)
National Day organizing committee
It concentrates this energy from all sides and directions. It represents the idea of a diverse nation with a variety of ideas. All these ideas flow into the center, creating a strong and powerful energy.

This year Taiwan will be celebrating 50 years of friendship with Japan. To mark the occasion, a marching band from Kyoto Tachibana Senior High School, known as the “Orange Devils,” will be putting on a grand performance on the day.

Chen Tsung-yen (Sept. 6)
National Day organizing committee
The marching band will arrive in Taiwan on Oct. 5. They’ll conduct exchanges with high schools in Taiwan.

Japan will also be sending a delegation of 20 representatives from a cross-party parliamentary group to take part in the National Day celebrations.

2022-09-22

Getting to know some of the youngest borough chief candidates in greater Taipei

Local elections are close now, and in the capital, some local boroughs have interesting choices at the ballot box. Two candidates for borough chief are much younger than the average local leader. In Taipei, Lo Chih-yu is doing his best to win voters’ hearts by demonstrating his energy and problem-solving talents. Meanwhile, 23-year-old Lee Pin-chun wants to give younger people more opportunities to shine. We chatted with two of the capital’s youngest aspiring leaders.

White shirt, gelled hair, strong brow, large eyes, double eyelids… He could be an entertainment industry idol. But no, it’s a candidate for borough chief in Xinyi District. Lo Chih-yu has already won fans online, but winning votes on the ground is more tough.

Lo Chih-yu
Taipei borough chief candidate
To be honest, at first the older ladies I would talk to at the vegetable market weren’t very open to me. They thought I was too young. I think that gradually over time we were very hard-working and we went there every day, and chatted to them and asked what their needs were, and that touched them.

It seems a handsome young man doesn’t get an easy ride with the housewife demographic. People really care about the service their local borough leader will offer.

But over time, Lo says he has won more support, by regularly visiting the markets and strolling the streets. He was born in the 80s, and has worked as a retail agent. This is his first time running for election.

Lo Chih-yu
Taipei borough chief candidate
When my neighbor has a leak, or too much junk piled up in the basement, I go and find some information to see how other people deal with it. So if I run into a similar situation I can think of a way to help solve it. And I tell people to give a newcomer a chance. The main thing is to show that I’m full of energy.

And while Xinyi considers Lo, in Nangang there’s an even younger candidate.

Tall and slender, with delicate face and a mane of long hair. Liancheng聯成 Borough chief candidate Lee Pin-chun is just 23 years old. She previously worked in the electoral services office of Taipei City councilor Lee Ming-hsien, and learned how tough campaigns can be while fighting on Lee’s behalf. Even on rainy days, she’s out talking to voters on the street.

Lee Pin-chun
Taipei borough chief candidate
The residents of the borough are very passionate. When I go out to talk to people for a few days it increases my confidence. People have been quite open-minded towards me. We’re ready for a new generation to step up. I hope to give more opportunities to young people.

Lee is winning hearts and minds, and the electoral freebies are also going down well.

In this post-pandemic age, a little package containing a mask is the obvious choice for a local election memento. These young candidates are doing their best to demonstrate their dedication and potential in a field that traditionally can be hard to break into.

2022-09-22

Coach tour in style: Travel companies pivot towards luxury domestic travel

2022-09-22

Raymond Soong holds charity event with key figures to promote the humanities

Raymond Soong, founder of Lite-On Technology, has made a donation of thousands of books to youth around Taiwan. He says it’s a show of his commitment to public welfare, for which he has been a loud spoken advocate even after his retirement. At an event on Thursday, Soong partnered up with notable figures across art and business to promote education in the humanities in Taiwan.

Lite-On Technology founder Raymond Soong, The Alliance Cultural Foundation Chair Stanley Yen, former TSMC Treasurer Harvey Chang, and Cloud Gate Dance Theatre founder Lin Hwai-min made a rare appearance on stage together for this charitable event led by Soong to promote the humanities in Taiwan. UMC Honorary Vice Chair John Hsuan, keeping a lower profile, also showed his support at the event.

Raymond Soong
Lite-On Technology founder
Technology does not lie beyond the humanities. If one book gets read by 20 different people, then with 50,000 copies, more than 1 million people will read it.

Soong, an avid reader, feels that Taiwan’s technological advancement has led to neglect of its cultural capital. In light of this, he selected 11 books, including works by Lin Hwai-min, Stanley Yen, and Harvey Chang, and spent millions to send 50,000 copies of these books to college-level institutes, universities, and startup teams. He hopes to encourage the younger generation to strengthen their cultural understanding through reading.

Lin Hwai-min
Cloud Gate Dance Theatre founder
The Hsin Kang Foundation of Culture and Education began to buy and distribute books. The reason why children and teachers there have been so busy lately is all because of Chairman Soong.

Lin joked that his retirement life has been made busy because of Soong. Meanwhile, Yen said he had withdrawn from the tourism and hotel industry and was now enjoying retirement in southeast Taiwan. The former tourism magnate shared his view on the pandemic’s impact on the tourism industry and the government’s decision to soon remove travel quarantines in Taiwan.

Stanley Yen
The Alliance Cultural Foundation chair
In this next stage, large amounts of tourists will not be able to immediately come to Taiwan, because we have not readjusted. This goes for sightseeing to more in-depth understanding of Taiwan’s culture and civilization.

Raymond Soong
Lite-On Technology founder
Whether from the pandemic, war, or economic depression, there are always insights to be gained from misery.

Soong said that the world has been swept with countless trials, including the current international energy situation, inflation, COVID, and Russia’s invasion of Ukraine. Soong says he keeps an open mind, adding that there is insight in hardship, and that only continuous learning can drive Taiwan forward.

2022-09-22

Spotlight: Alexander King Chen, fashion designer and filmmaker

Today, in our spotlight series, we meet Alexander King Chen, a world-renowned Taiwanese American fashion designer. Three years ago, he began making fashion films. His three short films won several awards at international film festivals, including Best Artistic Director and Best Visual and Special Effects awards at the London Film Festival. FTV reporter Stephany Yang spoke to Chen to find out more about his films.

This is Alexander King Chen, an award-winning Taiwanese American fashion designer and now, a filmmaker.

Combining his love for fashion and film, he spent three years making three short films, "Inhuman Love," "Kill-Burn" and "Are You in Heaven," for which he also designed the clothing and soundtracks. His first film won Best Artistic Director and Best Visual and Special Effects awards, and was nominated for Best Fashion Film and Best Music awards at London Film Festival 2020.

Alexander King Chen
Fashion filmmaker
The first film, "Inhuman love," was our first baby. It’s very abstract as we can see. We wanted to kind of give people the idea that we don’t have that we don’t have that much time. The time to do something is now. Our metaphor, we are referring to mother earth. The time is now. Our second film was inspired by Jas. We were looking at certain very important things we cared about. We both read news articles about young people killing themselves because of not enough likes on posts. We are reminding young kids that there’s more to life than just social media. It’s a great platform if you can use it to your advantage, beautiful. Otherwise, there are other things in life that deserve our attention such as love and creativity, which is very important when I was at my lowest. I picked up cello. I learned the guitar. I started writing my own music. That really lifted me out of my dark spot.

Chen says his films and songs were greatly inspired by his late mother. Before his mother passed, she did 10 years of community service. She was in a wheelchair, blind, and on dialysis, but she still went to visit patients in the hospital twice a week. When his mother passed away, Chen decided to turn to creating music and films to spread kindness and inspire others. He hopes to encourage his viewers to seize the time, take care of the earth, and cherish time with loved ones.

Alexander King Chen
Fashion filmmaker
Before we lost her, for 10 years of her life, she was on dialysis. She was in a wheelchair and she was blind. But she still took two days of her week to go do community service. After she left us, I realized what a selfish person I was because it was always about me, me, me. So, then I thought that to continue kindness on the planet, I realize I’m not a doctor. I’m not a lawyer. I can’t save people, but what I can do is to use artwork to inspire or to create films.

Chen was born in Los Angeles, and grew up in Taiwan. At the age of 18, he went to London to study at Central St. Martins, and later went to France to further his studies. He has worked in the U.S. and Paris for many years with brands such as Versace, Estee Lauder and many others. He also has his own clothing brand. A few years ago, he ventured into the world of fashion filmmaking. He gives some advice for people hoping to get in the field.

Alexander King Chen
Fashion filmmaker
We started incorporating music, dance, and ballet performances into our fashion shows. I want to let the audience know, just be creative with your work. It’s not a problem. That’s what lured me to put my foot forward to do more. My second thing that I want to encourage people is to have the courage to ask and to try.

Chen released his three short films for free on YouTube. He says that through his films, he hopes to carry on his mom’s acts of kindness, and to inspire more people through fashion and film.

2022-09-22

Weather to cool down, with rains expected in north and east

2022-09-22

Central bank raises interest rates by 12.5 basis points, lower GDP growth prediction