Philippines' death toll from storm Nalgae climbs to 80
October 31, 2022, 9:00 am

Philippines' death toll from storm Nalgae climbs to 80

A vendor carries food products as he wades through a flooded street following heavy rains brought by tropical storm Nalgae over the weekend - Eloisa Lopez/Reuters

The Philippines has recorded 80 deaths from flooding and rain-induced landslides after tropical storm Nalgae barrelled across the country over the weekend, with 31 others reported missing, the country's disaster agency said on Monday (Oct 32).

Half of the death toll was recorded in the southern autonomous region of Bangsamoro, where 10 were recorded missing, the agency said in a new bulletin.

The agency said 40 of the deaths were from the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), 18 from the Western Visayas region, 12 from the Calabarzon Region near Metro Manila, four from the Zamboanga Peninsula, three in the Soccsksargen region, two in Eastern Visayas Region and one in the Bicol region.

Most of the missing people were reported from BARMM.

Nalgae, which made landfall five times, was expected to leave the Philippines later on Monday and head toward southern China.

The agency said Nalgae affected over 1.2 million people. About 150 roads and 60 bridges are impassable as of Sunday, most of which are in the Cagayan Valley region in the northern Philippines.

During the weekend, over 150 cities and municipalities experienced power interruptions, while seven areas reported water interruptions.

Death toll in Philippines from tropical storm Megi rises to 56

Damage to infrastructure due to heavy rains and strong winds was valued at nearly 758 million pesos (about $13 million), while losses in agriculture were estimated at more than 435 million pesos.

People in flood-ravaged towns started cleaning up on Sunday, scooping mud, and hosing off dirt, falling trees and branches fractured by winds.

Nalgae is the 16th tropical cyclone to lash the Philippines this year. It slammed into Catanduanes, an island province in the Bicol region, before dawn Saturday.

Heavy rains kill at least 25 people in Philippines, mostly due to landslides

The Philippines is one of the most disaster-prone countries globally, mainly due to its location in the Pacific Ring of Fire and Pacific typhoon belt. On average, the archipelagic country experiences 20 typhoons yearly, some of which are intense and destructive.

In April, the tropical storm Megi dumped rains in central and southern parts of the Philippines, inundating many areas and causing landslides, resulting in over 220 deaths.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.