THE Bangko Sentral ng Pilipinas (BSP) could eliminate the Reserve Requirement Ratios (RRRs) in the next five years to help banks increase their lending and investment activities.
BSP Governor Eli M. Remolona Jr. said he is keen on bringing down the RRR to zero, effectively eliminating it, within his term. He assumed office in 2023 and is expected to end his term in 2029.
The BSP earlier reduced the RRR by 250 basis points (bps) to 7 percent from the initial 9.5 percent. The aim of the central bank is to bring this down to 5 percent in two years.
“ Hanggang 5 percent pinaguusapan na namin pero di pa namin alam kung kailan. [We are talking about bringing down the RRR to 5 percent but we don’t know when]. But we will get there. Mataas pa rin yung 7 [percent] eh [The rates are still high at 7 percent],” Remolona said. Asked whether eliminating the RRR during his term is possible, Remolona said “ pwede [its possible].”
ANZ Research said in its latest report that the BSP is expected to deliver another 250-bps cut in the RRR until 2025. “[This] should further support risk appetite including banks’ demand for bonds,” ANZ said.
The think tank also said they expect consolidation in the 10-year yields around 5.75 percent by the yearend before a resumption fall towards 5.50 percent in the first semester of 2025.
Meanwhile, Remolona also said the BSP could reduce policy rates by 50 bps in one meeting if there are fears of a hard landing. If there are no fears of a hard landing, Remolona said, it is more prudent to deliver a 25-bps cut each in the Monetary Board’s last two meetings of the year.
“You’re worried about a hard landing when you consider 50 basis points. If there’s no risk of a hard landing, [25-25 bps
is possible for now]; 25 [bps] is normal. [But] 50 bps means there is a fear of a hard landing,” Remolona said. The last two meetings of the BSP could see 25-basis-point reductions in key policy rates following expectations that inflation could be lower than the August inflation print. If this falls through, the key policy rate will be pegged at 5.75 percent by yearend. This will be the first time interest rates are below 6 percent since December 15, 2022, when key policy rates were raised to 5.5 percent from 5 percent.
SPUR GROWTH TILL
By Cai U. Ordinario @caiordinario
THE expected decline in rice and oil prices could boost the country’s economic growth this year until 2026, according to market analysts.
In its latest Asia economic outlook, ANZ Research said inflation is expected to average 3.4 percent in 2024; 3.2 percent in 2025; and 3.3 percent in 2026. These are within the inflation expectations of the Bangko Sentral ng Pilipinas (BSP).
This will help boost the country’s economic growth to 5.9 percent in 2024; 5.7 percent in 2025; and 6 percent in 2026. However, all these forecasts remain below the government’s GDP targets at 6 to 7 percent this year; 6.5 to 7.5 percent next year and 6.5 to 8 percent in 2026 to 2028.
“Inflation is set to ease materially over the coming months as the reduced tariffs on rice imports soften food inflation, and lower crude oil prices bring down transport inflation,” ANZ said. “Overall, we forecast a GDP growth of 5.9 percent in 2024.”
Inflation is expected to slow significantly on the back of lower rice tariffs—reduced to 15 percent from the 35 percent effective in July 2024.
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By Ada Pelonia
NDIA’S lifting of its export ban on non-basmati white rice would “significantly” push down world and domestic rice prices, according to an economist.
This, after Bloomberg recently reported that the world’s largest rice exporter lifted its ban on nonbasmati white rice shipments and set a minimum export price (MEP) of $490 per metric ton (MT).
“[This] will significantly lower world and domestic prices. However, the MEP will put a floor on the decline of export price,” Roehlano Briones, a senior research fellow at the Philippine
Institute for Development Studies (PIDS) told the BusinessMirror University of Asia and the Pacific’s Center for Food and Agribusiness (CFA) Executive Director Marie Annette Galvez-Dacul said India’s return to the export market would help ease global rice supply.
“It could stabilize rice prices in countries heavily dependent on its exports, mainly Africa and the Middle East,” Dacul told the BusinessMirror via Viber.
However, she noted that for the Philippines, India is a minor source of imports, which accounts for less than
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DOE raises biodiesel blend to 3% CME starting Oct. 1
By Lenie Lectura @llectura
THE Department of Energy (DOE) announced Monday that the use of higher biodiesel blend to 3 percent cocomethyl ester (CME) takes effect today, October 1.
“To promote economic growth, foster environmental stewardship, and support cleaner energy utilization, the implementation of a 3 percent cocomethyl ester [CME] blend in all diesel fuel sold nationwide will take effect on October 1, 2024,” it said.
This marks an increase from the current 2 percent CME blend. The CME blend will further increase to 4 percent by October 1, 2025 and to 5 percent by October 1, 2026.
The DOE said the increase in the CME blend is expected to benefit coconut farmers, biodiesel producers,
and other stakeholders in the coconut industry with around 900 million additional coconut nuts to produce 100 to120 million liters of CME requirements to satisfy a 1 percent mandatory increase in CME blend. Consumers, it added, will also benefit with an increase in mileage from the average of 10 kilometers per liter of diesel to less than 11 kilometers. An on-road test covering 30,000 kilometers with a 5 percent CME blend demonstrated an approximate 10 percent improvement in fuel mileage. Based on the average diesel pump
price of P54.70 per liter during the period of September 24-30 2024, this results in estimated savings of P0.50 per liter. These savings are expected to offset any potential increase in pump prices owing to the
1 percent rise in the CME blend.
A higher biodiesel blend was supposed to take place in 2020 but was delayed due to the absence of assurances on the sufficiency of biodiesel supply and logistical limitations brought about by the pandemic.
The Biofuels Act of 2006 mandates that all liquid fuels for motors and engines contain locally sourced biofuel components. When Republic Act 9367 was signed into law, the blending of one percent (B1) coco-biodiesel or CME in local diesel started. It was last increased to two percent (B2) in 2007.
Meanwhile, the DOE welcomed the announcement by the Coalition for Emerging Market Infrastructure Investment (CEMII) with the Philippine energy sector chosen as their initial focus market for infrastructure investment across the Indo-Pacific Economic Framework
(IPEF) economies. This development, it said, is an opportunity to collaborate with the Coalition to identify mutual areas of interest and develop a joint roadmap to accelerate investment in clean energy infrastructure.
“We look forward to working closely with the Coalition to realize our shared vision of a clean energy future for the Philippines and the broader Indo-Pacific region,” DOE Secretary Raphael Lotilla said in a statement.
CEMII was initially introduced at the IPEF Clean Economy Investor Forum in Singapore in June of this year. Created to support IPEF economies in achieving their economic development, human capital, and sustainability objectives, the Coalition prioritizes the identification, promotion, and development of successful infrastructure projects throughout the region.
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On the sidelines of a seminar on deepening financial markets at the Asian Development Bank (ADB), Remolona also told reporters that a single rate cut of 50 basis points (bps) may be reserved for expectations of a “hard landing.”
Remolona also clarified that deciding on key policy rates does not depend on the previous month’s inflation rate, but the inflation rate a year from now. He said this is crucial given the lag time of monetary policy.
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ANZ added that rice production in major rice-exporting countries such as India, Vietnam and Pakistan have increased due to the La Niña weather phenomenon.
With lower tariffs and the possible reduction in international rice prices due to the good harvest among major rice exporters, lower rice costs may be expected.
Rice is one of the biggest components of the Philippibe Consumer Price Index. In the All Households CPI, it has a weight of 8.87 percent while in the Bottom 30 percent CPI, it has a bigger weight of 17.87 percent as poor households are larger consumers of the country’s staple.
“Rice production in the major rice-exporting countries [India, Vietnam and Pakistan] has turned up amid favorable rainfall on account of the La Niña weather pattern. This will increase the supply of rice in the global market and help lower rice prices,” ANZ said.
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energy, and the customs electronics manufacturing sector,” said Peza. For his part, Peza Director General Tereso O. Panga said the expansion of Gateway Business Park and the creation of the NDC Industrial Estate are “crucial steps” in boosting economic activity in the region.
“These projects attract more investments and generate high-value jobs for Filipinos,” added Panga.
In the long run, he stressed, this will “significantly” contribute to the country’s industrial development and its goal of becoming a regional hub for manufacturing and innovation.
As of June 2024, Peza said Gateway Business Park hosts 28 companies, generating approximately US$430 million in exports and employing over 29,000 Filipino workers.
Last month, Peza said there were six ecozones pending for proclamation.
Two of these ecozones are expected to be located in Cavite, while the four will be developed in Pampanga, Tarlac, Ilocos Sur and Cebu.
As of June 2024, Peza said it manages 427 operating economic zones, which are home to 4,382 locator companies.
This year, it noted that there are already 11 ecozones (new and expansion) proclaimed by the Office of the President with above P2 billion worth of initial investments.
This brings total ecozones proclaimed under the administration of President Ferdinand R. Marcos Jr. to 22. Andrea E. San Juan
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one percent of total imports.
“Considering that it is cheaper compared to Vietnam and Thailand, it can be an option for additional rice supply and import diversification,” she said.
Agriculture Assistant Secretary Arnel de Mesa said that since India accounts for 40 percent of rice being traded worldwide, it would have an effect on global prices.
“If the volume being traded, especially for rice, is big, it will have an impact on the pricing for the entire global trade of rice,” de Mesa told reporters, speaking partly in Filipino, in a briefing on Monday. He also noted that the MEP was lower than the prevailing export rice prices of over $500 per MT.
“What’s important here is that the volume being traded is big, internationally speaking. That means, the other countries will also be easing restrictions on their exports,” de Mesa said.
Imported rice that arrived in the Philippines reached 3.09 million metric tons (MMT) as of September 19, according to data from the Bureau of Plant Industry (BPI).
Base effects and inflation
MEANWHILE , Moody’s Analytics said favorable base effects may have reduced the country’s inflation rate to 2.5 percent year on year in September.
If this will be the case, this would be the first time the country’s inflation rate went below 3 percent since October 2020 when inflation averaged 2.3 percent. In that year, inflation averaged 2.4 percent.
“Price pressures will ease on rice, which makes up a significant proportion of the heavily weighted food component of CPI. Prices for the staple soared in 2023 when India banned the export of nonbasmati white rice,” Moody’s Analytics said.
Similar to ANZ Research, Moody’s Analytics also expects the reduction in tariff rates on imported rice to play a major role in the slowdown in inflation.
Moody’s Analytics said, however, that an electricity rate hike will keep utilities inflation heated.
Of the volume that arrived in the Philippines, over 2.43 MMT came from Vietnam, which maintained its status as the country’s top source of imports. Thailand was the secondlargest supplier as it accounted for 396,005.74 metric tons (MT).
BPI data also showed that the Philippines imported rice from other countries like Pakistan (157,044.48 MT), Myanmar (69,567 MT), and India (21,997.04 MT).
The DA recently said it expects a significant drop in rice prices by January as the full impact of the reduction in rice tariffs takes hold. (See: https:// businessmirror.com.ph/2024/09/18/ big-drop-in-rice-prices-once-tariffcuts-take-hold-da/)
“Since demand for food usually spikes in December, we anticipate seeing a more substantial drop in rice prices by January,” Agriculture Secretary Francisco Tiu Laurel Jr. said in a statement.
Executive Order 62 signed by President Ferdinand Marcos Jr., which reduced the tariff on rice to 15 percent from 35 percent, took effect in July.
Economic managers estimated that the tariff reduction could cut rice prices by around P5 to P7 per kilo.
5 regions brace for, govt ready for supertyphoon
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Marcos said on Monday that the government has already mobilized the concerned agencies and local governments to deliver relief to areas that may be hit by intensified Typhoon Julian (international name: Krathon).
On Monday morning, the Philippine Atmospheric, Geophysical, Astronomical Services Administration (Pagasa) reported that the strength of Julian was nearing super typhoon level as it packed 175
kilometer per hour (kph) winds and gusts of up to 215 kph. Marcos assured of the readiness of the areas in Regions 1,2 and 3 as well as the National Capital Region (NCR), and the
Cordillera Administrative Region (CAR), which will be affected by Typhoon Julian.
“Thousands of family food packs are now being prepared, healthcare centers are on high alert, and our farmers and fishermen are taking steps to safeguard their livelihoods,” he said in his speech during the inauguration of the St. Battalion (StB) Giga Factory in Tarlac last Monday.
Marcos pushed through with his scheduled events in Tarlac despite the inclement weather in the province caused by Typhoon Julian.
The Department of Social Welfare and Development (DSWD) has reported it has P2.8 billion worth of relief resources, which it can use in the typhoon-affected areas.
The said resources include P2.68-billion worth of food and non-food items and over P171 million standby funds.
“So, we are just watching it and seeing what will be needed once the typhoon has passed. Until now... we’re still having to wait for the water to recede,” he told reporters in an interview at the inauguration event in Tarlac.
Typhoon Julian is expected to leave the Philippine Area of Responsibility by Wednesday evening.
While the typhoon continues to batter parts of the country, Marcos urged the public to be careful when they venture outside due to the heavy rains and strong winds from the recent weather disturbance.
Court set to issue decision on Castillo hazing case
AAdministration party to keep support for Imee, says PBBM
PRESIDENT Marcos on Monday said the Alyansa Para sa Bagong Bayan (APBP) will continue to back the reelection bid of his sister, Sen. Maria Imelda “Imee” R. Marcos, even after she declined to accept the endorsement of the coalition.
“The Alyansa is still behind her. We are still continuing to support her. And if down the road she chooses to join us in our campaign sorties, she is of course very welcome,” the Chief Executive said in a chance interview with Palace reporters in Tarlac.
Marcos said he understands the decision of his sister since he also ran as an independent candidate several times before.
“I suppose that gives her a little bit more scope and freedom to make her own schedule and to campaign in the way that she would like to do,” he said.
During the weekend, Senator Marcos said she opted not to join the APBP to avoid putting her brother in a difficult position. She did not elaborate how her inclusion in the APBP senatorial slate will negatively affect the President, but she is known to be close to Vice President Sara Duterte, who has been critical of the administration particularly the House of Reprsentatives headed by Speaker Martin Romualdez.
By Joel R. San Juan @jrsanjuan1573
FTER seven years, the Regional Trial Court (RTC) in the City of Manila is set to announce its verdict on 10 members of the Aegis Juris fraternity who were charged with violation of Republic Act 8049 or the Anti-Hazing Law in connection with the hazing death of University of Santo Tomas law freshman Horacio “Atio” Castillo III.
The Manila RTC Branch 11 Acting Judge Shirley Magsipoc-Pagalilaun is scheduled to release the decision at around 1:30 p.m.
Among those charged as principal for the death of Castillo were Ralph Trangia, Marcelino Bagtang, Arvin Balag, Mhin Wei Chan, Axel Munro Hipe, Oliver
CDC accredits PWS as sole waste service provider starting October
By Ashley Manabat
CLARK Development Corp. (CDC) has named Prime Waste Solutions Pampanga Inc. (PWS Pampanga) its lone service provider authorized to handle collection of residual waste within the Clark Freeport and Special Economic Zone.
PWS Pampanga operates a modern, large-scale materials recovery facility (MRF) in Porac town, with a capacity to process up to 5,000 tons of solid waste per day. It utilizes state- of-the-art equipment for waste segregation and storage to maximize resource recovery.
“Prime Waste Solutions Pampanga Inc. is the newly accredited service provider authorized to handle residual waste in Clark. [Prime Waste Pampanga] and other applicants that will be accredited will commence commercial operations in Clark by October 6, 2024,” the CDC said in a September 16 memorandum listing PWS Pampanga as the lone-accredited residual waste service provider. Compliance to the memorandum will “ensure proper handling and disposal of residual waste” within Clark, the CDC said.
“Prime Waste Solutions Pampanga Inc. is redefining the waste management sector. As the operator of a state-of-theart materials recovery facility, we distinguish ourselves from traditional landfills by providing a sustainable alternative built around resource recovery,” said Cara Peralta, Prime Infra’s Market Sector Lead for Waste. A wholly owned subsidiary of
John Audrey Onofre, Joshua Joriel Macabali, Robin Ramos, Jose Miguel Salamat and Danielle Hans Matthew.
The Department of Justice (DOJ) charged them with violation of Section 4(a) of RA. 80499 which states: “If the person subjected to hazing or other forms of initiation rites suffers any physical injury or dies as a result thereof, the officers and members of the fraternity, sorority or organization who actually participated in the infliction of physical harm shall be liable as principals.”
The said provision also imposes the penalty of reclusion perpetua against those responsible for the death, rape, sodomy or mutilation of the person subjected to initiation rites. Castillo was declared dead on arrival at the Chinese General Hospital on September 17, 2017
owing to “severe blunt traumatic injuries” after undergoing the initiation rites of the Aegis Juris fraternity in September 2017. It can be recalled that in 2019, Manila Metropolitan Trial Curt Branch 14 Presiding Judge Carolina Esguerra convicted John Paul Solano, also a member of the Aegis Juris fraternity, for obstruction of justice after he gave false testimony in connection with Castillo’s death.
Solano was sentenced to up to four years, two months and one day imprisonment for one count of obstruction of justice.
He, however, was acquitted of perjury and another count of obstruction of justice for making or presenting a judicial affidavit containing false information.
The court said that based on the progress of the investigation, “it is clear that he gave false and
fabricated information to mislead the police or prevent them from apprehending those responsible for the death of Castillo.”
Solano initially told authorities that he saw the body of Castillo at the corner of Honorio Lopez Boulevard and Infanta Street in Tondo, Manila, while he was passing by and stopped a pick-up car and brought him to the hospital.
But he backtracked on his statement during the preliminary investigation of the case before the DOJ and claimed that it was Balag who instructed him to mislead the authorities.
Solano said he made the incorrect statements “due to uncontrollable fear for his life and for fear of being implicated in or charged for the death of Castillo.”
The trial court, however, did not give merit to Solano’s claim.
Manila Water free desludging service targets customers in 67 barangays
MANILA Water, the concessionaire of the Metropolitan Waterworks and Sewerage System (MWSS) for the East Zone will go around its concession area to provide free septic tank siphoning next month.
The company targets to cover 67 barangays wherein customers will be spared of the cost of tank siphoning by a private contractor.
Manila Water says it want to underscore the importance of regular desludging as part of its flagship advocacy “Toka Toka,” the first and only environmental movement in the Philippines that advocates proper management of wastewater in every household as an important toka, which means share, in reviving the country’s rivers and waterways.
Before the scheduled desludging in the barangay, Manila Water, through its Advocacy Managers and Service Area
representatives, leads an information, education, and communication session to discuss the importance of regular desludging of household septic tanks to the health of the community and the environment.
During the event, Manila Water also briefs customers on how the collected wastewater is treated in Manila Water’s Septage Treatment plants (SpTps), ensuring it passes the stringent government standards set for effluent before being discharged back to various water bodies in its service area.
Toka Toka also calls for the practice of solid waste and segregation and connection of all households to a proper sewer line.
The desludging caravan starting October 1, will serve customers in Barangay 763, 768, 771, 779, 781, 784, 786, 787, 788, 789, 794, 797, 800, 801 and 802 in the City of Manila; Ugong Norte, Bagong Lipunan
Fuel prices on rise again
By Lenie Lectura @llectura
LOCAL oil companies on Monday announced another rround of fuel pump prices increase brought about by escalating tensions in the Middle East. In separate announcements on Monday, oil companies said they will raise gasoline prices by P0.45 per liter, diesel by P0.90 per liter., and kerosene by P0.30 per liter. The companies adjust fuel prices every Tuesday to reflect movements in the world oil market. This is the second straight week of fuel price increase. Petron, Shell, Caltex, PTT, Phoenix, Unioil, Total, Jetti, Seaoil said they will adjust their prices at 6:00 a.m. of October 1. Cleanfuel will reflect the new pump prices at 4:01 p.m. Assistant Director Rodela Romero of the Department of Energy’s Oil Industry Management Bureau cited the following developments which influenced the movement
in petroleum prices: Uncertainty in supply underpinned by an escalation in Middle East hostilities, China’s latest economic stimulus, and US crude inventory draw. On September 24, oil companies implemented an increase of P1.20 per liter for gasoline and P0.20 per liter for diesel. There was no movement on the price of kerosene. This brought the year-to-date total adjustment of gasoline and diesel to stand at a net increase of P5.85/liter and P1.95/liter, respectively. Kerosene, meanwhile, stand at a year-to-date net decrease of P6.35/liter.
Meanwhile, Sen. Sherwin Gatchalian is pushing for the passage of Senate Bill 2081, which seeks to amend Republic Act 8479 otherwise known as the Downstream Oil Industry Deregulation Act by institutionalizing transparency in the industry.
The measure aims to address a legislative gap by providing the Department of Energy (DOE) with explicit authority to require downstream oil industry participants engaged in
ng Crame, Pinyahan, Bahay Toro, Botocan, White Plains, Amihan, Old Capitol Site, West Triangle, Duyan Duyan, Malaya, Project 6, Teacher’s Village East and Teacher’s Village West in Quezon City; Bel-air, Olympia, Pitogo, San Lorenzo, Singkamas, South Cembo, Valenzuela and Pio Del Pilar in Makati City; Bagong Silang, Hagdang Bato Itaas, Hagdang Bato Libis, Harapin ang Bukas, Mauway and Pag-asa in Mandaluyong City; Sumilang, San Nicolas, Sagad, Maybunga, Malinao, Kapasigan, Oranbo, and San Antonio in Pasig City; San Roque in Marikina City; Sta. Lucia in San Juan City; and San Miguel in Taguig City. In Rizal province: San Jose, San Isidro, Burgos, Rosario, and Manggahan in Montalban; Cupang, San Jose and San Roque in Antipolo City; Silangan and Guitnang Bayan I in San Mateo; Tayuman in Binangonan; and San Juan in Taytay. Jonathan L. Mayuga
the retail of petroleum products to submit information on the cost components of the pump prices when the average price of Dubai crude oil for three consecutive months is equal or greater than $80 per barrel.
The measure specifically mandates the DOE to require disclosure of actual costs including international content such as import costs, freight costs, insurance, and foreign exchange costs; government impositions such as import duties, excise taxes, value added taxes; biofuel costs and other costs such as port charges, refining costs, storage cost, handling costs, marketing costs, transshipment costs, and the oil company’s profit.
“To guarantee transparency and fair retail pricing, information related to any significant adjustments in oil prices should be made available to the public,” Gatchalian said.
A recent Supreme Court decision upheld the Court of Appeals’ rulings that affirmed the validity of a circular issued by the DOE. The circular requires oil companies to unbundle or disclose the details of price adjustments, along with explanations and supporting documents.
Last year, she issued a statement denying she has a disagreement with his brother after she publicly opposed some of his policies, which includes the ratification of the Regional Comprehensive Economic Partnership.
The lawmaker was not present at the APBP convention held at the Philippine International Convention Center (PICC) in Pasay City on Thursday.
She is a member of the Nacionalista Party, which is currently among the political parties, which comprise the APBP. Samuel P. Medenilla
Two shortlisted
PRESIDENT Marcos said on Monday that he is currently considering two candidates to replace outgoing Secretary of the Interior and Local Government (SILG) Benjamin C. Abalos, Jr. Marcos however promptly added that it is still premature to discuss Abalos’ replacement because he continues to perform his tasks as head of the Department of the Interior and Local Government in a chance interview with reporters after the inauguration of the St. Battalion (StB) GigaFactory at the Innovation Park, New Clark City, Tarlac.
“I don’t want him to feel that we’re already pushing him out, considering, especially, that he has done such a good job as DILG,” the President said.
Marcos did not disclose the names of two candidates, and said he would decide on who the next SILG will be once Abalos files his Certificate of Candidacy (COC) for the 2025 senatorial race.
“So when he will file [his COC],
for SILG
we will also announce his replacement,” Marcos said. The COC is a document that is required to be submitted by candidates to the Commission on Elections (Comelec) to have their names included on the ballot. The COC filing period for the 2025 elections for national candidates will be from October 1 to 8, 2024 at the Manila Hotel for national candidates. Government personnel, both civilian and uniformed, are considered automatically resigned from the service upon filing their COCs.
Abalos is among the 12 senatorial candidates of the Alyansa Para sa Bagong Pilipinas (APBP).
Abalos, together with Las Piñas Rep. Camille Villar-Genuino, another APBP senatorial candidate, accompanied the President during the distribution of Certificates of Condonation with Release of Mortgage (Cocroms) in Tarlac on Monday. Samuel P. Medenilla
By Jovee Marie N. dela Cruz @joveemarie
THE Department of Health (DOH) and the Philippine Health Insurance Corporation (PhilHealth) have provided a concrete plan to lower out-of-pocket medical expenses for Filipinos, particularly by increasing the benefit packages.
Agri Rep. Wilbert Lee said Health Secretary and PhilHealth Board Chairman Ted Herbosa, along with PhilHealth President and Chief Executive Officer Emmanuel Ledesma Jr. has committed before the approval of its 2025 budget several key initiatives that will be implemented this year and next year.
Under the commitment made by DOH and PhilHealth, PhilHealth plans to increase its benefit payments from P140 billion to P250 billion in 2025, aiming to lessen the financial burden of hospitalization and health services.
By November 2024, both pediatric and adult prescription
glasses will be included in PhilHealth’s coverage. Additionally, a 50 percent increase in PhilHealth’s benefit packages across the board will be implemented by November.
Expensive diagnostic tests such as magnetic resonance imaging (MRI), positron emission tomography (PET) scans, and computed tomography (CT) scans will also be covered as part of outpatient services by December 31, 2024. Also, at least 80 percent of cancer treatments and heart disease procedures will be included in PhilHealth’s coverage by the end of 2024. Lee underscored the need to monitor its implementation of these commitments.
Microphone scuffle LEE, meanwhile, wants the positive result of fiscalizing the DOH budget and its attached agencies acknowledged instead of focusing on the mic scuffle between
Talent shortage besets semiconductor industry
By Bless Aubrey Ogerio
ATECHNOLOGY expert urged the government to foster Science, Technology, Engineering and Mathematics (STEM)-related courses to maximize the potential of the semiconductor industry.
As a shortage of skilled workers besets the country’s semiconductor sector, the former general manager of Intel’s division in Shanghai, China, emphasized the need to invest more in science and mathematics programs.
“We have to inspire our young students to be interested in science, in technology, in mathematics,” Glenn Kiro stressed during a panel discussion at the second edition of Xinyx Design’s Unlocked held at the Tanghalang Haribon inside the Insular Life Corp. Center in Muntinlupa on September 20.
“Unfortunately, today, we’re not doing very well on the education side. Our ranking is not very good. We need to address education at the government level and also at the private level,” he added.
A think tank based in the United Kingdom attributed the tepid growth of the $40-billion
PhilHealth. . .
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him and House Senior Deputy Minority Leader Paul Daza.
On Wednesday’s final night of House plenary deliberation of the DOH budget, Lee tried to interrupt Daza and grabbed the microphone while the latter was moving to terminate the deliberations on the DOH budget.
This prompted House Deputy Majority Leader Janette Garin to move to terminate the plenary
Philippine semiconductor industry to, among others, talent shortage. “We believe that developing human capital should be a joint effort between government and the private sector,” Oxford Economics, a leader in global economic forecasting and econometric analysis, said in June. Filipino students’ performance in mathematics and science remains dismal, according to the 2022 Programme for International Student Assessment (Pisa). Out of 81 participating countries, the Philippines ranked 76th in mathematics and 79th in science.
Kiro said an improved education would translate to better global competitiveness in the semiconductor market.
“It’s absolutely critical that we embrace education, we embrace STEM [and] we know how to promote the accomplishments we have
deliberations abruptly. Garin said the tension over a microphone scuffle during the plenary deliberations of the DOH budget was an unfortunate incident that begs for understanding from the public, who will ultimately benefit from the heated discourse.
“Emotional outbursts typically occur when passions run high during clashes of views between opposing legislators, especially when they are deliberating on the general appropriations bill under time pressure,” said Garin.
related to technology and innovation,” the former general manager said. “We need to really be reaching out globally to governments and companies that can help us grow.”
Developed countries, including the United States, Japan and China, are racing to woo semiconductor companies to build plants in their country. Chips, for instance, have become an in-demand product in a world dominated by smartphones, electric vehicles, artificial intelligence and weaponry.
The Semiconductor and Electronics Industries in the Philippines Foundation Inc. grimly predicted in July that electronics exports will contract by about 10 percent when the year ends because of a “product mix compounded by the inventory correction.”
The Philippine Statistics Authority reported in May that electronics exports amounted to $3.56 billion, a 5.1-percent decrease from the previous year.
Kiro said although the Philippine semiconductor industry is not as advanced as other countries, the sector must do its best to promote local products to foreign investors.
“We need to have the initiative,” he said. “As a country, in terms of our government and also the private sector, we need to have the initiative to reach out more, talk about our accomplishments, and let the world and our own country know what our
Garin issued the statement following a rash of judgments on the internet from netizens whose views may cause unintentional damage to the integrity of the lawmaking process.
The Iloilo representative admitted that she herself has become emotionally charged as viewed and heard in the video because, as a zealous advocate of improved public health care, she wouldn’t want the DOH budget to be sacrificed.
“The DOH representatives had been going back and forth for three days to finalize the budget for
accomplishments are.”
Still, the Philippines is regarded as one of the key players in the global chips race.
The United States (US) began programming in April earmarked funds amounting to $500 million from the International Technology, Security, and Innovation Fund, mandated by a 2022 law called the Creating Helpful Incentives to Produce Semiconductors (Chips) and Science Act.
“The purpose of the fund is to try to target a select set of priority areas that are important to catalyzing larger volumes of private sector investment in this sector,” Ramin Toloui, US State Department assistant secretary, told reporters in April.
“The Philippines has been a significant player in the assembly, testing, and packaging component in the downstream manufacturing component of the semiconductor supply chain, with semiconductors demand poised to continue to grow,” he added.
For two years, Xinyx Design has organized a nationwide competition among undergraduate engineering students, showcasing technological developments addressing various urban issues. This year, the Technological University of the Philippines emerged as the winner in a contest seeking new integrated circuit and semiconductor designs.
their programs to provide proper services to Filipinos... so when I saw a congressman grab the microphone in his repeated attempts to delay the process, I immediately supported the minority’s motion to end the debate in the plenary,” Garin explained.
The House leadership explained that there was not enough time for Lee’s requests as it was the last day of the session and the House needed to pass the budget bill before break, considering that all the requests of Lee to DOH have been considered.
‘Lived’
Democracy in our Companies
By Henry J. Schumacher
THERE is no doubt in my mind that democracy is essential and needs to be ‘lived.’
It is important to ask this question: What does this mean for companies and CEOs?
IS merely advocating for democracy enough? I don’t think so. Democracy starts in small settings—families, friendships, workplaces. Mutual respect, open dialogue, and acceptance of diverse perspectives are democratic processes that should be implemented in every company (and every country—including the Philippines).
Hierarchical structures, distrust, and top-down decisions are toxic for collaboration, fostering a narrative of division. It is essential that we work on our corporate culture and leadership, emphasizing a positive view of people, trust, and appreciation. We need to accept: Understanding individual strengths and weaknesses fosters trust.
We need to prioritize selfefficacy through training, helping employees feel empowered rather than helpless. Reflecting on emotions and behaviors aids conflict resolution and opens up new possibilities. Ultimately, it’s about taking responsibility for oneself and for the collective.
We also require adjusting decision-making, viewing leaders as guides rather than controllers. Most decisions should be made by employees, who can only take responsibility if they feel informed. We need to prioritize transparency in our communication and avoid typical symbols of power. Like in democracy, we need to prevent hierarchical dynamics.
We must communicate trustfully, address discomfort, and see it as an opportunity for change. While we don’t solve problems perfectly, we have a way to return to when needed. Empowered employees contribute to strengthening democracy, turning conflicts into opportunities. That’s how we truly become part of the solution.
When we in business talk about competitive advantages,
Continued from A3
Prime Infra, PWS Pampanga is establishing benchmarks in sustainability and operational efficiency, supporting broader sustainable development goals in the region.
building and maintaining an ethical culture must be part of the agenda. The private sector has to build an ethical culture in practice.
What is the difference between ethics and building a culture of trust?
Ethics are a set of principles. An ethical culture is a culture committed to pursuing those principles— and sometimes the pursuit of those principles leads an employee to take actions somebody else might dislike. Perhaps the employee reports suspicions of misconduct, involving bribery or collusion in competition or mismanagement of data privacy. Either way, the employee needs to trust that the company will support that decision to step forward. The apparatus of a corporate compliance program— the training, the internal reporting systems, the Code of Conduct, the due diligence procedures; all of it—should work toward the goal of a strong sense of trust within the organization, which lives democracy!
When you view “building an ethical culture” from that perspective, suddenly several tasks rise to the top of the priority list. For example, as much as we all love a strong internal reporting system, most employees report their concerns to managers. Most employees also take their cues about how to behave from managers. Consequently, training managers about how to weave ethical standards into the company’s daily routines is critical. In other words: do the right thing, even when nobody is looking. That’s called INTEGRITY.
Formal training will always be important; employees will always need to know what the law says about bribery, or privacy, or collusion, or whatever else comes along. Culture, however, is much more than training, full of informal practices, norms, and expectations. Therefore, ethics and compliance programs must work with middle managers on what those practices, norms, and expectations are, and how to base them on the company’s ethical principles. That’s where we win or lose this battle.
In conclusion, implementing democracy in our organizations has many aspects. I have covered a few only, but I strongly feel, that living democracy in our organizations is as important as government living and demonstrating democracy around us.
Your comments will be highly appreciated; contact me at hjschumacher59@gmail. com
landfilled waste to 20 percent or less of received waste. This way, we are able to reduce organic waste ending up decomposing and producing harmful methane emissions,” Peralta said. Meanwhile, PWS Pampanga also recently secured the contract for residual waste management services for the buildings, facilities, and open spaces of CDC. CDC. . .
“By optimizing resource recovery, we aim to significantly limit
Comelec expects around 68-M voters for 2025 polls
By Justine Xyrah Garcia
WITH voter registration both domestic and abroad ending on Monday, the Commission on Elections said that it anticipates a total of 68 million voters for the May 2025 national and local elections.
In a press briefing, Comelec Chairman George Garcia declared the poll body’s voter registration program an overall success.
“The voter registration was successful. Our projection of nearly three million new registrants was achieved by the Comelec. However, it’s disheartening to see that there are 5.37 million deactivated voters. We didn’t expect the number to be that large. Many people were unable to vote in two consecutive elections,” he said in Filipino. Based on the commission’s most recent data, the number of newly registered voters now reached 3.4 million, while around 3 million voters had their status reactivated and/or transferred.
These numbers are expected to
still increase in the coming weeks as many potential voters hurried to the offices of the election officer in their area on Monday to register at the last minute.
“We expected this influx. Our instruction was to accommodate everyone who was still in line by 5 P.M., especially if they were there before that time because we need to give people the opportunity to register,” Garcia said.
Despite the overall success of the Comelec’s registration program, adverse weather conditions led to the cancellation of voter activities in some provinces.
According to the poll body, some areas in Northern Luzon opted to suspend the last day of voter registration due to strong rain and winds.
“In our guidelines, we leave the decision to the local Comelec. Later on, there can be a special registration day after the certificate of candidacy (COC) filing. We are simply awaiting their decision on when to continue the final day of registration,” Garcia said.
Red Cross activates response and relief teams for typhoon
THE Philippine Red Cross (PRC) has expressed readiness amid the threat posed by Typhoon Julian, as it has already activated its response and relief teams to assist communities affected by the typhoon.
PRC Chairman and CEO Richard Gordon m said that PRC’s chapters in Northern Luzon are continuously preparing their assets and resources to ensure they are prepared for any emergency.
Since Sunday (September 29), RC143 volunteers from the Batanes Chapter have been mobilized to assist households in fortifying their houses against the heavy rains and strong winds, especially those whose homes are made from light materials.
PRC staff in Cagayan and Ilocos Norte chapters have also conducted inventories of their blood supplies, first aid kits, as well as cleaned and stocked their food truck and ambulances.
Water, search, and rescue (WASAR) teams and emergency medical service (EMS) units have also been prepositioned and are on standby to assist stranded individuals in flooded areas.
As of 9 a.m. on September 30, the PRC’s Operations Center has monitored knee- to waistlevel flooding in many parts of Laoag and Batac cities in Ilocos Norte, while light flooding and strong winds have been observed in Batanes.
Energy regulator OIC signs certificates of compliance
TBy Lenie Lectura @llectura
HE officer-in-charge (OIC) chairperson and CEO of the Energy Regulatory Commission (ERC) held his first meeting with the commissioners on Monday and “immediately acted upon” pending matters.
Former Justice Undersecretary Jesse Hermogenes Andres formally assumed office last September 25, following the issuance of a memorandum from the Office of the Executive Secretary last September 20.
“I had my first meeting today and those were not in the agenda because it is still up for evaluation. It has not been deliberated yet by the commission,” he said in an interview when asked if matters related to pending power supply agreements (PSA) and the determination of the green auction reserve price (GEAR) have been taken up.
Instead, he said there were “other matters that were elevated to the commission and all of it were
acted upon including authority to sign and issue COCs [certificates of compliance].”
The ERC issues COCs in favor of an entity applying to operate new power generation facilities.
ERC Commissioner Floresinda G. Baldo-Digal, in a separate interview, said the OIC has been “authorized to sign COCs, PAO [provisional authority to operate], RES [retail electricity supplier] license—mostly permits.”
Andres reiterated that the general thrust of the ERC is to protect consumer interest, as well as other stakeholders.
He met the ERC Commissioners—Alexis M. Lumbatan, Catherine P. Maceda, Marko Romeo L. Fuentes, and Digal—along with Executive Director Nancy Aurora Q. Fajardo and General Counsel Heiddi V. Barrozo during his first day in office.
He was briefed on the core mandates of the agency, as well as the urgent matters requiring immediate action by the ERC leadership to ensure continued action on critical decisions.
Andres likewise convened the Management Committee (ManComm) to emphasize the urgent need for expeditious action on all pending ERC matters.
“I will perform my functions as ERC Officer-in-Charge Chairman with utmost fairness and independence. ERC will act expeditiously on all pending matters with a view to foster competition and ultimately drive down the price of electricity and protect consumers.”
Andres has been a practicing lawyer for 34 years and holds a Bachelor’s Degree in Economics from the University of the Philippines (UP) School of Economics. He is a Career Executive Service Officer eligible since 2009 and completed his directorship training with the Institute of Corporate Directors.
Power industry stakeholders, meanwhile, are “eager” to meet him to discuss the sector’s concerns.
“I met with Sir Jesse last night in the alumni homecoming since he is also from UP School of Economics. We welcome his appoint -
ment because this means that we will have a working commission once more.
Being a fellow UP alumni, I am confident that Sir Jesse will work hard to achieve the mandate of the ERC. We had a brief chat and will be meeting soon to discuss urgent energy concerns,” said Atty. Anne Estorco Montelibano, President of the Philippine Independent Power Producers Association, Inc. (PIPPA).
PIPPA is composed of 28 power firms with 18,132 megawatts (MW) grid installed capacity. Atty. Pedro H. Maniego Jr., Senior Policy Advisor of Institute for Climate and Sustainable Cities (ICSC), said via Viber that the immediate deliverables expected “is to resolve urgent matters requiring the decision of the ERC.” Maniego, former chairman of the National Renewable Energy Board (NREB), commented that OICs enjoy limited powers which are confined to administrative functions and to ensure that the office continues its usual activities.
China, PHL tangle over SCS in UNGA speeches
By Malou Talosig Bartolome
TPRC Chapters in Abra and Ilocos Norte will validate the record of evacuees, and provide hot meals to the people staying in some of the evacuation centers. The Batanes Chapter also plans to distribute information and educational materials in its evacuation centers.
All Chapters in the North are continuously monitoring their areas of responsibility and coordinating with their respective local governments for potential rescue and relief efforts.
“We are keeping a watchful eye on the developments of Typhoon Julian in the northern areas of Luzon. Rest assured, our local chapters are equipped with the necessary resources and manpower to efficiently assist during and after typhoons Tuloy-tuloy man ang pagpasok ng mga bagyo sa ating bansa, tuloytuloy rin ang operasyon ng Red Cross [While the storm may continue its onslaught in the country, Red Cross operations will also continue],” said Gordon.
PRC Secretary General Dr. Gwen Pang, meanwhile, assured the public that Red Cross will be on the ground, “ensuring that people are safe, have access to food and clean water, and are able to return to their homes to rebuild their lives.”
Claudeth Mocon-Ciriaco
Two evacuation centers were opened for families whose homes have been flooded in Ilocos Norte. Eleven families or 87 individuals reportedly sought preemptive evacuation in four evacuation centers in Cagayan, while 31 families are currently in three evacuation centers in Batanes.
CHINA has opposed the Philippine and Australian foreign ministers’ mention of China’s aggression in the South China Sea in their respective speeches before the United Nations General Assembly.
The Philippine delegation immediately countered and insisted that the Philippines has the legal rights over the South China Sea, citing the 2016 Arbitration Tribunal ruling.
The two delegations had two rounds of counterattacks at the 79th Session of the UNGA, which were aired in the live streaming of the UN’s Youtube channel.
A Chinese ranking diplomat spoke after Philippine Foreign Affairs Secretary Enrique Manalo and Australian Foreign Minister Penny Wong raised the South China Sea dispute and the arbitration tribunal decision during the UNGA Saturday (Sunday Philippine time).
“The recent escalation of the South China Sea issue between China and the Philippines is entirely the responsibility of the Philippines,” a Chinese delegate to the UN in New York said in first Right of Reply remarks.
He asserted that the UN is “not the appropriate place for discussing the South China Sea,” but he was forced to exercise their Right of Reply “given that erroneous remarks have been made.”
The Philippines, he said, “unilaterally initiated” the arbitration—which he said, “violated the principle of state consent and contravenes international law” including the United Nations Convention on the Law of the Sea.
The arbitration tribunal, he insisted, also “exceeded its authority and made unjust ruling.”
Philippines, Australia speeches ON Friday, Minister Wong stressed the need for China to manage differences in the South China Sea and Taiwan Strait through dialogue, “and according to the rules, not simply by force or raw power.”
“Some countries may dismiss the rules as a Western construct.
Our Asia-Pacific region tells a different story…. We see it in the Philippines’ decision to go to the Arbitral Tribunal, constituted under the Unclos—and its unanimous, clear, ruling in the South China Sea arbitration between the Philippines and China, which is final and binding on the parties,” Wong said.
The next day, Manalo also cited the South China Sea and the arbitration ruling
“Despite irresponsible and dangerous actions against our legitimate activities within our own waters and Exclusive Economic Zone, the Philippines remains committed to diplomacy and other peaceful means to settle disputes,” Manalo said. (See related story
DOLE finalizes, signs IRR of Eddie Garcia Law
THE Department of Labor and Employment (DOLE) on Monday signed the implementing rules and regulations (IRR) of Republic Act No.11996 or the Eddie Garcia Law, which aims to protect television and movie workers from unjust labor practices. This milestone sets new safety standards for the entertainment industry, prioritizing the working conditions and health benefits of those working behind the camera.
Speaking at the signing of the IRR, Labor Secretary Bienvenido
Laguesma assured the public that DOLE conducted a rigorous process to produce a comprehensive framework for the protection of workers in the industry.
“We have crafted a framework for the law and the IRR that will ensure clear standards for the protections that must be implemented for everyone involved and working in film and television production,” he said in Filipino.
The finalized IRR of the Eddie Garcia Law strengthens labor rights and ensures decent working
conditions for all workers involved in the pre-production, production, and post-production of films and televisions shows, except for those in news and documentary sectors. Under the new rules, all workers must receive contracts detailing job roles, compensation, and working hours—with wages reflecting their skills and not falling below the minimum wage.
Standard working hours are also limited to eight to 14 hours per day, with a cap of 60 hours per week. Special provisions apply to minors,
as necessary permits must be first obtained before they can work. Moreover, all workers should now be covered by the Social Security System, PhilHealth, and accident insurance. They must also receive adequate meals, safe drinking water, rest areas, and accommodations. Discrimination of workers based on age, gender, or race is also strictly prohibited, and everyone’s right to self-organization is protected under the Intellectual Property Code.
Philippine rebuttal at UNGA MINISTER Noel Novicio, Philippine delegate, countered his Chinese counterpart.
“The Award is final. We firmly reject attempts to undermine it; nay, even erase it from law, history and our collective memories,” Novicio said.
The ad hoc tribunal ruled that China has no maritime rights over the whole South China Sea using the ancient maps with nine-dash line around it.
“It affirmed that certain actions within the Philippines’ EEZ violated the Philippines’ sovereign rights and were thus unlawful; that large-scale reclamation and construction of artificial islands caused severe environmental harm in violation of international conventions; that the large-scale harvesting of endangered marine species damaged the marine ecosystem; and that actions taken since the commencement of the arbitration had aggravated the disputes
“These findings are no longer within the reach of denial and rebuttal, and are conclusive as they are indisputable,” he said.
Round 2
THE Chinese delegate responded to Novicio’s position in his second
will result in fines ranging from P100,000 to P500,000, with heavier penalties for repeat offenses.
Not a one-size-fits-all solution
WHILE the IRR sets clear standards for labor rights and safety practices in the entertainment industry, Laguesma emphasized that—depsite its comprehensive nature—the framework cannot address every challenge that workers face.
“This is just an instrument for change that can only help if continuous dialogues are made among policymakers, and the movie and television tripartite council,” he said. He added that DOLE cannot
Right of Reply.
“Unclos does not represent the entirety of international maritime law. The arbitration initiated by the Philippines boils down to the issue of territorial claims which are not subject to a regulation by the Unclos,” the Chinese delegate said. For instance, he said, the tribunal ruled Itu Aba, the biggest island in South China Sea, as merely a “rock.”
“Such a fallacious ruling seriously undermines the credibility of the dispute resolution mechanism under the unknowns. If this argument, as contained in the ruling [had] been accepted, then many countries’ islands will become rocks and therefore are not entitled to full maritime rights,” the Chinese delegate said.
It is also driven by the conviction that it is necessary to maintain the integrity and authority of the UNCLOS, prevent the UNCLOS from being abused and prevent the international law being undermined. Thank you, Mr. President.
The Philippine diplomat also spoke in the second round.
“We are encouraged by the expressions of support made by other States that confirm the final and binding status of the Award, including the G7’s consistent reaffirmation that it is a significant milestone and a useful basis for the peaceful management and resolution of differences at sea,” he said.
implement the IRR alone and will require the cooperation of production companies, workers’ organizations, and the entertainment sector at large to ensure its sucess.
“I urge everyone to work together in aligning the IRR with the intent of the law and the realities of the industry. At the same time, we must prioritize the welfare of all workers, regardless of their position or standard of living,” Laguesma said. This collaborative effort, according to Laguesma, will ensure that the IRR adapts to the unique and evolving challenges of the entertainment sector, fostering a safer and more equitable working environment for all. Justine Xyrah Garcia
3.
Brief
Basic Qualification: Bachelor’s degree in business or related field of study. Competent in Microsoft applications including Word, Excel, and Outlook. Knowledge of file management, transcription, and other administrative procedures or a related field. With good communication and interpersonal skills.
Salary Range: Php 30,000 - Php 59,999
Brief Job
administrative procedures or a related field. With good communication and interpersonal skills.
Salary Range: Php 30,000 - Php 59,999
systems with business operations oversee all computer technical matters and manage information technology support teams. Implement computer network security protocols if needed. Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and
develop actionable steps that will improve processes and optimize results.
Brief
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999 16.
both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
XIE, XIYANG Senior IT Consultant
Brief
35.
36.
LIN, KUNBIN Software Implementation Consultant
Brief Job Description: Expert in all core modules of the company’s software, lead consulting engagements by taking charge of implementation tasks, ensuring topquality deliverable, and collaborating with project managers to organize and control work plan tasks.
and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
37. WANG, BINGSHEN Software Training Specialist
Brief Job Description: Educate and train both new and existing customers to drive adoption/use of company software/ solutions. Facilitate learning to participants on how to best optimize and utilize our solutions aligned with their day-to-day business practices.
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
38. WU, ZHENYU Software Training Specialist
Brief Job Description: Educate and train both new and existing customers to drive adoption/use of company software/ solutions. Facilitate learning to participants on how to best optimize and utilize our solutions aligned with their day.
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages. Salary Range: Php
SHUXIA Mandarin Speaking Computer Programmer
Brief Job Description: Develop computer software using coding languages like html, java script and etc. Troubleshoot software problems.
Brief
etc. Troubleshoot software problems.
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Bachelor’s degree with experience in Business Management, Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 -
Finance, Computer/Software, Marketing/Sales, or related field, and fluent in both written and verbal English and Chinese-Mandarin languages.
Salary Range: Php 30,000 - Php 59,999
39. SINGH, PRANAVKUMAR BINODKUMAR Pilot Brief Job Description: Operates a commercial flight.
MARKETING
40. SHI, JINBEN Sales Consultant
Brief Job Description: To guide clients through all procedures required and responsible for furnishing clients with relevant information.
Basic Qualification: Bachelor’s Degree in Business Management. Excellent communication skills, verbal or written. Salary Range: Php 30,000 - Php 59,999
CHINA HARBOUR ENGINEERING COMPANY
5/f Section E Ramon Magsaysay Center, 1680 Roxas Blvd., 076, Barangay 699, Malate, City Of Manila
Brief Job Description: The Bilingual Reclamation Dredger Operator, will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and longterm goals.
Brief Job Description: The Bilingual Reclamation Dredger Operator, will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and longterm goals.
Brief Job Description: The Mandarin Speaking Customer Managers will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision mission and long-term goals Basic Qualification:
JOY VISA CONSULTANCY INC. Unit 608b, 609b & 610b 6/f Asean Avenue Building, 8912 East Tower Street Aseana Avenue Aseana City, Tambo, City Of Parañaque
CHEN, PEIRONG Mandarin Speaking Admin Associate
71.
Brief Job Description: Responsible for providing overall administrative support to the team and he/ she will be assigned to Chinese team.
72. ZHANG, JUN Mandarin Speaking Admin Associate
Brief Job Description: Responsible for providing overall administrative support to the team and he/ she will be assigned to Chinese team.
Brief Job Description: Establishing goals and objectives in order to reach our customers through appropriate marketing channels (digital and traditional).
Brief Job Description: Establishing goals and objectives in order to
our customers through appropriate marketing channels (digital and traditional).
Basic
BusinessMirror
INTERNATIONAL INC. 6/f Opl Bldg., 100 C. Palanca St., San Lorenzo, City Of Makati
Head Of Operations
105. SANTOS DA ROCHA, CATARINA SOFIA
Brief Job Description: Lead and manage the operations team and its functions, fostering a collaborative and
VALUE CARE HEALTH SYSTEMS INC. No. 33, Meralco Ave., Antonio Village, San Antonio, City Of Pasig
106. KEVIN WEI CHUNG HOH Member Of The Governing Board, Treasurer And Chief Financial Officer
Brief Job Description: Responsible for overseeing the company’s financial division and attend board meetings.
Qualification: Duly appointed by the Board of
110. LIU, ZHENHUAN General Automotive Mechanic
Brief
Strong communication skills are a critical component of an auto mechanic’s abilities. Time management also helps mechanics estimate how long each repair will take.
Salary Range: Php 30,000 - Php 59,999
111. CHENG, HE Marketing And Sales Consultant
Brief Job Description: Identify effective marketing campaigns that will
112. FAN, LIMEI Marketing And Sales Consultant
Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.
113. LIANG, JIEMIN Marketing And Sales Consultant
Brief Job Description: Identify effective marketing campaigns that will reach targeted audiences effectively and efficiently.
114. WANG, YANFEI Marketing And Sales Consultant
Brief
Basic Qualification: Strong knowledge of sales and persuasion techniques coupled with excellent knowledge of the products. Knowledge of data analysis and market research. Intuition about customer desires and practical needs.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Strong knowledge of sales and persuasion
Beirut bears brunt of Israeli airstrikes, death toll soars in widespread attacks
By Melanie Lidman & Kareem Chehayeb The Associated Press
JERUSALEM—The first apparent Israeli airstrike on central Beirut in nearly a year of conflict leveled an apartment building early Monday. It came after Israel hit targets across Lebanon and killed dozens of people, as Hezbollah sustained heavy blows to its command structure, including the killing of its leader, Hassan Nasrallah.
The airstrike hit a multistory residential building, according to an Associated Press journalist at the scene. Videos showed ambulances and a crowd gathered near the building in a mainly Sunni district with a busy thoroughfare lined with shops.
A Palestinian leftist faction in Lebanon said three of its members were killed in the airstrike. The Popular Front for the Liberation of Palestine said in a statement early Monday that its military and security commanders in Lebanon, and a third member, were killed in the attack.
The group has not played a significant role in the ongoing conflict between Israel and the Shiite militant group Hezbollah.
An official with Lebanon’s Civil Defense had earlier said that a member of the al-Jamaa al-Islamiya was killed in the strike and that 16 other people were wounded, but the Sunni militant group, which fights alongside Hezbollah, has not confirmed the death of any of its members.
Also early Monday, another strike killed a commander with the militant group Hamas, which has a presence in Lebanon’s Palestinian refugee camps. Hamas said Fatah Sharif and his family were killed in an airstrike on the Al-Buss refugee camp in the southern port city of Tyre.
In the past week, Israel has frequently targeted Beirut’s southern suburbs, where Hezbollah has a strong presence—including a major strike on Friday that killed Nasrallah—but had not hit loca -
tions near the city center. Israeli officials had no immediate comment.
Earlier, Hezbollah confirmed that Nabil Kaouk, the deputy head of its Central Council, was killed Saturday, making him the seventh senior Hezbollah leader killed in Israeli strikes in a little over a week. They include the group’s founding members who had evaded death or detention for decades.
Hezbollah also confirmed that Ali Karaki, another senior commander, died in the strike that killed Nasrallah. Israel says at least 20 other Hezbollah militants were killed, including one in charge of Nasrallah’s security detail.
The Lebanese Health Ministry said at least 105 people were killed around the country in airstrikes Sunday. Two strikes near the southern city of Sidon, about 45 kilometers (28 miles) south of Beirut, killed at least 32 people, the ministry said. Separately, Israeli strikes in the northern province of Baalbek Hermel killed 21 people and wounded at least 47.
Lebanese media reported dozens of strikes in the central, eastern and western Bekaa and in the south, besides strikes on Beirut. Israel says it targets militants, but the strikes have hit buildings where civilians were living and the death toll was expected to rise.
In a video of a strike in Sidon, verified by the AP, a building swayed before collapsing as neighbors filmed.
One TV station called on viewers to pray for a family caught under the rubble, posting their pictures, as rescuers failed to reach them. The
Japan’s likely next leader says he will call an election for Oct. 27 once he takes office
T
OKYO—Shigeru Ishiba, the head of Japan’s governing party, said Monday he plans to call a parliamentary election to be held on October 27 after he is elected as prime minister on Tuesday.
Ishiba was chosen as the Liberal Democratic Party’s leader on Friday and is assured to also succeed Fumio Kishida as prime minister because the party’s coalition controls parliament.
Ishiba mentioned the election date as he announced his top party leadership lineup Monday ahead of forming his Cabinet. The plan is not official since he is not prime minister yet, but Ishiba said he mentioned the date early for the logistical convenience of those who have to prepare on relatively short notice.
Considered a defense policy expert, Ishiba secured a come-from-behind win against Economic Security Minister Sanae Takaichi, a staunch conservative who hoped to become the country’s first female prime minister, in Friday’s vote.
Lebanese Health Ministry reported at least 14 medics were killed over two days in the south.
President Joe Biden said Sunday that he would speak soon with Israeli Prime Minister Benjamin Netanyahu, and believes that an all-out war in the Middle East must be avoided. “It has to be,” Biden told reporters at Dover Air Force Base in Delaware as he boarded Air Force One for Washington.
Meanwhile, wreckage from Friday’s strike that killed Nasrallah was still smoldering. Smoke rose over the rubble as people flocked to the site, some to check on what was left of their homes and others to pay respects, pray or simply to see the destruction.
In response to the dramatic escalation in Israeli strikes on Lebanon, Hezbollah significantly increased its rocket attacks in the past week, from several dozen to several hundred daily, the Israeli military said. The attacks injured several people and caused damage, but most of the rockets and drones were intercepted by Israel’s air defense systems or fell in open areas.
The army says its strikes have degraded Hezbollah’s capabilities and the number of launches would be much higher if Hezbollah had not been hit.
Israel strikes Houthi targets in Yemen ALSO on Sunday, the Israeli military said dozens of its aircraft struck Houthi targets in Yemen in response to a recent attack. The military said it targeted power plants and sea port facilities in
the city of Hodeida.
The Houthis launched a ballistic missile attack toward Israel’s Ben Gurion airport on Saturday when Netanyahu was arriving. The Houthi media office said the Israeli strikes hit the Hodeida and Rass Issa ports, along with two power plants in Hodeida city, a stronghold for the Iranian-backed rebels.
The Houthi-run Health Ministry said the strikes killed four people and wounded 40 others.
The Houthis claimed they took precautionary measures ahead of the strikes, emptying oil stored in the ports, according to Nasruddin Ammer, deputy director of the Houthi media office. He said in a post on X that the strikes won’t stop the rebels’ attacks on shipping routes and on Israel.
US warns Hezbollah will work quickly to rebuild
Meanwhile, White House national security spokesman John Kirby said Israel’s airstrikes in Lebanon had “wiped out” Hezbollah’s command structure, but he warned the group will work quickly to rebuild it.
“I think people are safer without him walking around,” Kirby said of Nasrallah. “But they will try to recover. We’re watching to see what they do to try to fill this leadership vacuum. It’s going to be tough.… Much of their command structure has now been wiped out.”
Speaking on CNN’s “State of the Union,” Kirby sidestepped questions about whether the Biden administration agrees with how the Israelis are targeting Hezbollah
leaders. The White House continues to call on Israel and Hezbollah to agree to a 21-day temporary cease-fire floated by the US, France and other countries during the U.N. General Assembly last week.
Airstrikes drive thousands from homes in Lebanon
A WAVE of Israeli airstrikes across large parts of Lebanon have killed more than 1,030 people—including 156 women and 87 children— in less than two weeks, according to Lebanon’s Health Ministry.
Hundreds of thousands of people have been driven from their homes. The government estimates around 250,000 are in shelters, with three to four times as many staying with friends or relatives, or camping out on the streets.
Hezbollah, a Lebanese militant group and political party backed by Iran, Israel’s chief regional rival, rose to regional prominence after fighting a devastating month-long war with Israel in 2006 that ended in a draw.
Kaouk was a veteran member of Hezbollah going back to the 1980s and served as Hezbollah’s military commander in southern Lebanon during the 2006 war with Israel.
The United States announced sanctions against him in 2020.
Hezbollah began firing rockets, missiles and drones into northern Israel after Hamas’ Oct. 7 attack out of Gaza triggered the war there. Hezbollah and Hamas are allies that consider themselves part of an Iran-backed “Axis of Resistance” against Israel.
The conflict has steadily ratcheted up to the brink of all-out war, raising fears of a region-wide conflagration.
Israel says it is determined to return some 60,000 of its citizens to communities in the north that were evacuated nearly a year ago.
Hezbollah has said it will only halt its rocket fire if there is a ceasefire in Gaza, which has proven elusive despite months of indirect negotiations between Israel and Hamas led by the United States, Qatar and Egypt.
Chehayeb reported from Beirut. Associated Press reporters Natalie Melzer in Tel Aviv, Israel; Aamer Madhani in Washington; Samy Magdy in Cairo; Jack Jeffery in Jerusalem and Christopher Weber in Los Angeles contributed to this report.
Pope Francis suggests Israel’s actions in Gaza and Lebanon disproportionate and immoral
Thai PM’s approval rating jumps 31% as cash gift rollout kicks in
By Anuchit Nguyen
HAILAND Prime Minister
TPaetongtarn Shinawatra’s popularity surged in the latest survey as the new government approved its version of a cash handout program.
The daughter of Thaksin Shinawatra secured an approval rating of 31.35 percent in the quarterly survey by National Institute of Development Administration, up from 4.85 percent in the last poll. The institute, which is a graduate school in Bangkok, conducted the poll between Sept. 16 and Sept. 23 from every region in the country and covered some 2,000 respondents.
Paetongtarn’s administration, which took office earlier this month, has started the first phase of a cash stimulus program to help revive sagging growth in Southeast Asia’s second-largest economy. The premier last week said there would be “many more” economic stimuli, with the next stage of the cash giveaway seen to cover about 26 million people. The Thai leader also led efforts for assistance and restoration in the flood-ravaged northern provinces in the past few weeks. Paetongtarn said the planned minimum wage increase to 400 baht ($12.4) per day should be implemented within the year. The PM said in a statement after the survey results that her government will work even harder to solve Thailand’s problems and improve the lives of its people.
Natthaphong Ruengpanyawut, the leader of the country’s main opposition, the People’s Party, came second with 22.9 percent, according to the survey released on Sunday. The survey on potential leaders also showed that 23.5 percent of respondents saw “no suitable candidate” for the nation’s top leadership position. Bloomberg News
Freedom Party makes historic gains in Austria’s election, but path to power remains uncertain
By Stephanie Liechtenstein The Associated Press
VIENNA—The Freedom Party secured the first far-right national parliamentary election victory in post-World War II Austria on Sunday, finishing ahead of the governing conservatives after tapping into anxieties about immigration, inflation, Ukraine and other issues. But its chances of governing were unclear.
Ishiba is a defense and security expert and has proposed an Asian version of NATO military alliance. He has also advocated for more equal Japan-US security alliance, including joint management of US bases in Japan and having training bases for Japanese forces in the United States. Ishiba on Friday stressed Japan needs to reinforce its security, noting recent violations of Japanese airspace by Russian and Chinese warplanes and repeated missile launches by North Korea. He pledged to continue Kishida’s economic policy aimed at pulling Japan out of deflation and achieving real salary increases, while tackling challenges such as Japan’s declining birthrate and population and resilience to natural disasters.
Ishiba, first elected to parliament in 1986, has served as defense minister, agriculture minister and in other key Cabinet posts, and was LDP secretary general under former Prime Minister Shinzo Abe. AP
The LDP has had a nearly unbroken tenure governing Japan since World War II. The party members may have seen Ishiba’s more centrist views as crucial in pushing back challenges by the liberalleaning opposition and winning voter support as the party reels from corruption scandals that drove down outgoing Kishida’s popularity.
ABy Nicole Winfield Associated Press
BOARD THE PAPAL
PLANE—Pope Francis suggested Sunday that Israel’s attacks in Gaza and Lebanon have been “immoral” and disproportionate, saying its military domination has gone beyond the rules of war.
Francis was asked en route home from Belgium about Israel’s targeted killing of one of Hezbollah’s founding members, Hassan Nasrallah. Friday’s strike in Beirut targeted an area greater than a city block and reduced several residential buildings to rubble, and at least six other deaths have been confirmed.
Francis didn’t mention Israel by name and said he was speaking in general terms. But he said that “the defense must always be proportionate to the attack.”
“When there is something disproportionate, there is a dominating tendency that goes beyond morality,” he said. “A country that does these things— and I’m talking about any country—in a superlative way, these are immoral actions.” He said that even if war itself
is immoral, there are rules that “indicate some morality.”
“But when you don’t do this … you see the bad blood of these things,” he said.
The death of Nasrallah has sent shockwaves throughout Lebanon and the Middle East, where he has been a dominant political and military figure for more than three decades.
US President Joe Biden said the Israeli strike was a “measure of justice” for victims of Hezbollah’s “reign of terror.”
Francis has tried to strike a balance in his comments on the Oct. 7 Hamas attack on Israel and the conflicts in Gaza and southern Lebanon that have ensued. He has called for an immediate cease-fire, for the release of hostages taken by Hamas and for humanitarian aid to get to Gaza.
Francis repeated that he calls the Catholic parish in Gaza every day to see how they are doing.
Preliminary official results showed the Freedom Party finishing first with 29.2 percent of the vote and Chancellor Karl Nehammer’s Austrian People’s Party was second with 26.5 percent. The center-left Social Democrats were in third place with 21 percent. The outgoing government—a coalition of Nehammer’s party and the environmentalist Greens—lost its majority in the lower house of parliament. Herbert Kickl, a former interior minister and longtime campaign strategist who has led the Freedom Party since 2021, wants to be chancellor. But to become Austria’s new leader, he would need a coalition partner to command a parliamentary majority. Rivals have said they won’t work with Kickl in government. The far right has benefited from frustration over high inflation, the war in Ukraine and the Covid-19 pandemic. It has also built on worries about migration.
In its election program, titled “Fortress Austria,” the Freedom Party calls for “remigration of uninvited foreigners,” for achieving a more “homogeneous” nation by tightly controlling borders and suspending the right to asylum via an emergency law.
PEOPLE check the site of the assassination of Hezbollah leader Hassan Nasrallah in Beirut’s southern suburbs on Sunday, September 29, 2024. AP/HASSAN AMMAR
www.businessmirror.com.ph
Nearly 100 dead as Hurricane Helene leaves trail of destruction across the US Southeast
By Kate Payne, Jeffrey Collins & Patrick Whittle A ssociated Press
ERRY, Fla.—North Carolina
Pofficials pledged to get more water and other supplies to flood-stricken areas by Monday after Hurricane Helene left a trail of destruction across the US Southeast and the death toll from the storm rose to nearly 100. At least 91 people across several states were killed. A North Carolina county that includes the mountain city of Asheville reported 30 people killed.
Gov. Roy Cooper predicted the toll would rise as rescuers and other emergency workers reached areas isolated by collapsed roads, failing infrastructure and widespread flooding. Supplies were being airlifted to the region around the isolated city of Asheville. Buncombe County Manager Avril Pinder pledged that she would have food and water to the city by Monday.
“We hear you. We need food and we need water,” Pinder said on a Sunday call with reporters. “My staff has been making every request possible to the state for support and we’ve been working with
every single organization that has reached out. What I promise you is that we are very close.”
Officials warned that rebuilding from the widespread loss of homes and property would be lengthy and difficult. The storm upended life throughout the Southeast. Deaths also were reported in Florida, Georgia, South Carolina and Virginia.
Cooper implored residents in western North Carolina to avoid travel, both for their own safety and to keep roads clear for emergency vehicles. More than 50 search teams spread throughout the region in search of stranded people.
One rescue effort involved saving 41 people north of Asheville. Another mission focused on saving a single infant. The teams found people through both 911 calls and social media messages, North Carolina National Guard Adjutant General Todd Hunt said.
President Joe Biden described the impact of the storm as “stunning” and said he would visit the area this week as long as it does not disrupt rescues or recovery work.
In a brief exchange with reporters, he described the impact of the storm as “stunning” and said that the administration is giving states “everything we have” to help with
their response to the storm.
Hurricane Helene roared ashore late Thursday in Florida’s Big Bend region as a Category 4 hurricane with 140 mph (225 kph) winds. A weakened Helene quickly moved through Georgia, then soaked the Carolinas and Tennessee with torrential rains that flooded creeks and rivers and strained dams.
There have been hundreds of water rescues, including in rural Unicoi County in East Tennessee, where dozens of patients and staff were plucked by helicopter from a hospital rooftop Friday. More than 2 million homeowners and other utility customers
were still without power Sunday night. South Carolina had the most outages and Gov. Henry McMaster asked for patience as crews dealt with widespread snapped power poles.
“We want people to remain calm. Help is on the way, it is just going to take time,” McMaster told reporters outside the airport in Aiken County.
Begging for help in North Carolina THE storm unleashed the worst flooding in a century in North Carolina. One community, Spruce
Continued on A12
A global overview: Key issues addressed at the 193-member UN General Assembly
By Michael Weissenstein The United Nations
THE world’s greatest stage is the sprawling Midtown Manhattan complex where leaders meet each year to discuss humanity’s future.
The United Nations’ most powerful body—the Security Council—is paralyzed by disputes, so this year’s most varied speeches were delivered before the 193-member General Assembly.
Like the 15-nation Security Council with its five vetoes, the UNGA devoted much time to the Middle East, Russia, Ukraine and Sudan. But the more democratic institution also turned global attention to topics little known outside individual countries and regions.
A look at some of the issues that countries brought to the world stage—or ignored—during their time on the global stage:
Guatemala-Belize
GUATEMALAN President Bernardo Arévalo spoke Tuesday and asserted that his country is moving beyond its dark past of US-backed dictatorship, civil war and human rights violations, saying that “corruption drowns its roots in a past of authoritarianism, repression and political violence…but we’re freeing ourselves.” He turned to Ukraine, Gaza and Sudan, UN reform and migration before focusing on a definitively local issue, the longstanding border dispute between Guatemala and Belize.
Guatemala was a Spanish colony and Belize belonged to Great Britain until Guatemala won independence in 1821. Guatemala argues that it inherited Spain’s claim to some 4,200 square miles (11,000 square kilometers) administered by Belize. Essentially the country’s southern half, the area has nature reserves, farming villages, fishing towns and some Caribbean beaches. Belize rejects Guatemala’s claim on the land. Diplomatic relations and even air travel have suffered and five Guatemalans have died in shootings blamed on Belize.
But before the General Assembly, Arévalo cited the relative lack of bloodshed as an example for the world. “We’ve shown that the way of peace and respect for multilateral institutions is the most effective way to resolve international
disputes,” he said.
North Macedonia WHAT’S in a name? The archetypal local dispute. It centers on an ancient region divided by the modern national borders of Greece, Bulgaria and the country of North Macedonia.
That last name was adopted when the nation, population about 2.1 million, declared independence from the former Yugoslavia in 1991. Greece and what the UN cumbersomely used to call the “Former Yugoslav Republic of Macedonia” went on to spar for nearly three decades. Greece said using “Macedonia” implied territorial claims on its own northern province of the same name and its ancient Greek heritage, not least as the birthplace of ancient warrior king Alexander the Great.
The name fight became “infamous as a difficult and irresolvable problem,” in the words of Zoran Zaev, the former prime minister of North Macedonia. Repeated rounds of UN-mediated negotiations proved fruitless until June 2018, when the government agreed to change the country’s name to North Macedonia. The switch took effect but the dispute slowed North Macedonia’s integration into the EU.
Bulgaria now has the main objection, a more important stumbling block than the name disagreement.
President Gordana SiljanovskaDavkova told the General Assembly Thursday that “in conditions of conflict on European soil, the stagnation of European integration not only demotivates Macedonian citizens and slows down reforms, but also destabilizes the region of Southeast Europe, leaving room for the penetration of malignant imperial and great power influences.”
Cuba
FOR decades, one of Cuba’s primary foreign-policy priorities has been ending the US trade embargo on the island, and the country successfully dedicates much of its diplomacy to winning global
critiques of the embargo.
According to Cuba’s UN mission, more than 25 countries addressed the embargo at this year’s UNGA and at least 11 leaders critiqued the US inclusion of Cuba on the list of countries that sponsor terrorism, another sanction limiting international trade. Many of the countries that spoke have benefitted from another of Cuba’s trademark programs, sending its well-trained and highly educated doctors to developing countries across the world.
Right after mentioning Ukraine and Gaza, Prime Minister Allah Maye Halina of Chad told the world that “we can’t ignore the embargo on Cuba, which hurts its people and hinders its development.” Mexico, Russia and China joined the chorus Saturday, with the Chinese foreign minister saying that “we once again urge the United States to completely lift its blockade, sanctions and terrorism-related designation against Cuba.”
Gambia
SOME local issues are uncomfortable to discuss in front of the world, and nearly every leader addresses those issues delicately or ignores them.
Gambian President Adama Barrow was silent for months this year on a bill to repeal a ban on female genital cutting, the removal of external genitalia by traditional community practitioners or health workers. The practice, which still occurs in Gambia, Kenya, Tanzania, Sudan and Somalia and other nations, can cause serious bleeding, death and childbirth complications.
Barrow said in June that he supported maintaining the ban—a declaration seen as key to Gambia’s parliament keeping it. Barrow told the General Assembly this year that, “my government places great emphasis on women’s rights, and we are dedicated to protecting and empowering women.”
“As President, I will continue to ensure that women and girls are protected and given the necessary space to contribute meaningfully to our national development agenda,” he said.
But the numbers tell a more difficult story for Gambian girls and women. The United Nations estimates that about 75 percent of women in Gambia have been subjected as young girls to cutting. In the past eight years some 30 million women globally have been cut, most of them in Africa
but also in Asia and the Middle East, UNICEF said in March.
Libya
SOME countries came to the UNGA against a backdrop of profound domestic disorder and focused some blame on external interference.
Libya plunged into chaos after a NATO-backed uprising toppled and killed longtime dictator Moammar Gadhafi in 2011. In the chaos that followed, the country split, with rival administrations in the east and west backed by rogue militias and foreign governments. Following years of strife, one of the country’s dueling authorities unilaterally fired the country’s powerful governor of the bank in August as militias mobilized in several key regions.
The presidential council in the capital of Tripoli, which is allied with the government of Prime Minister Abdul Hamid Dbeibah that controls western Libya, removed Gov. Sadiq al-Kabir, who had for years distributed the country’s oil revenues between the opposing sides. The spat led to a closure of one of the country’s main oil fields.
The political crisis stems from the failure to hold elections on Dec. 24, 2021, and the refusal of Dbeibah—who led a transitional government in the capital of Tripoli in the west—to step down. In response, Libya’s east-based parliament appointed a rival prime minister who was replaced, while the powerful military commander Khalifa Hifter continues to hold sway in the east.
The top UN official in Libya, Stephanie Khoury, said in August that the situation in Libya had deteriorated “quite rapidly.” A series of UN envoys to the country have resigned after failing to make headway in moving closer to elections and unification. In April, the previous UN envoy for Libya, Abdoulaye Bathily, resigned, blaming the country’s feuding parties and their foreign backers for the conflict’s continuation.
“Challenges are huge and complex before us,” Younis Menfi, president of Libya’s presidential council, told the General Assembly on Wednesday. “However, we’re still trying to reach consensual solutions to unite our words and ranks and gather all parties around on table to find a national solution.”
The Associated Press journalists Sonia Pérez D. in Guatemala City and Elena Becatoros in Athens contributed.
Nearly 100 dead as Hurricane Helene leaves trail of destruction across the US Southeast
Continued from A11
Pine, was doused with over 2 feet (61 centimeters) of rain from Tuesday through Saturday.
Jessica Drye Turner in Texas had begged for someone to rescue her family members stranded on their rooftop in Asheville amid rising floodwaters. “They are watching 18-wheelers and cars floating by,” Turner wrote in an urgent Facebook post on Friday.
But in a follow-up message Saturday, Turner said help had not arrived in time to save her parents, both in their 70s, and her 6-year-old nephew. The roof collapsed and the three drowned.
“I cannot convey in words the sorrow, heartbreak and devastation my sisters and are going through,” she wrote.
The state was sending water supplies and other items toward Buncombe County and Asheville, but mudslides blocking Interstate 40 and other highways prevented supplies from making it. The county’s own water supplies were on the other side of the Swannanoa River, away from where most of the 270,000 people in Buncombe
County live, officials said.
Law enforcement was making plans to send officers to places that still had water, food or gas because of reports of arguments and threats of violence, the county sheriff said.
FEMA Administrator Deanne Criswell toured South Georgia on Sunday and planned to be in North Carolina Monday.
“It’s still very much an active search and rescue mission” in western North Carolina, Criswell said. “And we know that there’s many communities that are cut off just because of the geography” of the mountains, where damage to roads and bridges have cut off certain areas.
Biden on Saturday pledged federal government help for Helene’s “overwhelming” devastation. He also approved a disaster declaration for North Carolina, making federal funding available for affected individuals.
Storm-battered Florida digs out, residents gather for church
In Florida’s Big Bend, some lost nearly everything they own. With sanctuaries still darkened as of Sunday morning, some churches canceled regular services while
others like Faith Baptist Church in Perry opted to worship outside.
Standing water and tree debris still covers the grounds of Faith Baptist Church. The church called on parishioners to come “pray for our community” in a message posted to the congregation’s Facebook page.
“We have power. We don’t have electricity,” Immaculate Conception Catholic Church parishioner Marie Ruttinger said. “Our God has power. That’s for sure.”
Georgia Gov. Brian Kemp said Saturday that it looked “like a bomb went off” after viewing splintered homes and debriscovered highways from the air.
In eastern Georgia near the border with South Carolina, officials notified Augusta residents Sunday morning that water service would be shut off for 24 to 48 hours in the city and surrounding Richmond County.
A news release said trash and debris from the storm “blocked our ability to pump water.” Officials were
China factory surveys show economy weakening, as Beijing steps up support
CBy Elaine Kurtenbach Ap Business Writer
HINA’S economy weakened further in recent weeks, according to surveys released Monday, signaling the need for more support as the government ratchets up stimulus.
The Caixin purchasing managers survey showed new manufacturing orders fell at the fastest pace in two years in September.
“Operating conditions in China’s manufacturing sector deteriorated in September after improving during August,” the report said. “Furthermore, firms lowered their hiring and purchasing activity.”
The issue of insufficient effective domestic demand remains prominent, with significant pressure on employment and weak market expectations.
An official survey released by the National Bureau of Statistics showed a less drastic decline but it marked a fifth straight month of contraction.
The purchasing managers index was at 49.8 in September, up from a sixmonth low of 49.1 in August. The index is on a scale where figures above 50 indicate expansion.
The survey showed that factory output rose while new orders fell.
Chinese stock markets surged Monday, reflecting enthusiasm over a barrage of policy measures announced last week, including lower interest rates and smaller down payment requirements for mortgages and a cut in required bank reserves.
“There is no doubt that the coordinated and emphatic policy stimulus measures announced by Beijing have justifiably invoked optimism,” Tan Boon Heng of Mizuho Bank in Singapore said in a commentary.
The main index smaller market in Shenzhen soared 8.2 percent while the Shanghai Composite index jumped 5.7 percent
“The stimulus package announced last week should help shore activity
over the coming months,” Gabriel Ng of Capital Economics said in a report. But he noted that imbalances between excess supply of many products versus weak demand persist. And trade measures against China, such as higher tariffs on electric vehicles and other goods, also will weigh on the economy.
“In this environment, a meaningful cyclical recovery would require sizeable fiscal stimulus,” he said. “There has yet to be any official announcement on fiscal support, though some media reports suggest that one could come soon.”
Over the weekend, Beijing moved forward with the measures announced last week to support the property industry and revive languishing financial markets. The central bank announced on Sunday that it would direct banks to cut mortgage rates for existing home loans by October 31. Meanwhile, the major southern city of Guangzhou lifted all home purchase restrictions over the weekend, while both Shanghai and Shenzhen revealed plans to ease key buying curbs.
Property developers have struggled after the government cracked down on excessive borrowing for projects several years ago. Housing prices have continued to fall and the government has moved to ensure that developers deliver apartments that were paid for but not yet built.
The downturn in the property sector has rippled throughout the world’s second-largest economy, hitting many other industries that depended on booming housing construction, such as appliance makers and manufacturers of building materials. It has slowed China’s recovery from the massive disruptions of the Covid-19 pandemic, adding to pressures on Chinese consumers worried over pay cuts, job losses and weaker asset prices.
The economy expanded at a 4.7 percent pace in the last quarter, slightly below the government’s target for about 5 percent.
Britain’s last coal-fired plant is closing, ending 142 years of coal power in UK
By Jill Lawless The Associated Press
LONDON—Britain’s last coal-fired power plant will close on Monday, ending 142 years of coal-generated electricity in the nation that sparked the Industrial Revolution.
The Ratcliffe-on-Soar station in central England is to finish its final shift at midnight, after more than half a century of turning coal into power. Owner Uniper says many of the 170 remaining employees will stay on during a two-year decommissioning process.
The UK government hailed the closure as a milestone in efforts to generate all of Britain’s energy from renewable sources by 2030. The shutdown makes Britain the first country from the Group of Seven major economies to phase out coal—though some other European nations, including Sweden and Belgium, got there sooner.
Energy Minister Michael Shanks said the plant’s closure “marks the end of an era and coal workers can be rightly proud of their work powering our country for over 140 years. We owe generations a debt of gratitude as a country.”
“The era of coal might be ending, but a new age of good energy jobs for our country is just
beginning,” he said.
The world’s first coal-fired electricity plant, Thomas Edison’s Edison Electric Light Station, opened in London in 1882.
Ratcliffe-on-Soar, which opened in 1968, is a landmark whose eight concrete cooling towers and 199-meter (650-foot) chimney are seen by millions of people a year as they drive past on the M1 highway or speed by on trains.
In 1990 coal provided about 80 percent of Britain’s electricity. By 2012 it had fallen to 39 percent, and by 2023 it stood at just 1 percent, according to figures from the National Grid. More than half of Britain’s electricity now comes from renewable sources such as wind and solar power, and the rest from natural gas and nuclear energy.
“Ten years ago, coal was the leading source of this country’s power—generating a third of our electricity,” said Dhara Vyas, deputy chief executive of trade body Energy UK “So, to get to this point just a decade later, with coal’s contribution replaced by clean and low carbon sources, is an incredible achievement,” Vyas said. “As we aim for further ambitious targets in the energy transition, it’s worth remembering that few back then thought such a change at such a pace was possible.”
Freedom Party makes historic gains in Austria’s election, but path to power remains uncertain
Continued from A10
The Freedom Party also calls for an end to sanctions against Russia, is highly critical of Western military aid to Ukraine and wants to bow out of the European Sky Shield Initiative, a missile defense project launched by Germany. Kickl has criticized “elites” in Brussels and called for some powers to be brought back from the European Union to Austria.
“We don’t need to change our position, because we have always said that we’re ready to lead a government, we’re ready to push forward this change in Austria side by side with the people,” Kickl said in an appearance alongside other party leaders on ORF public television. “The other
parties should ask themselves where they stand on democracy,” he added, arguing that they should “sleep on the result.”
Nehammer said it was “bitter” that his party missed out on first place, but noted he brought it back from lower poll ratings. He has often said he won’t form a coalition with Kickl and said that “what I said before the election, I also say after the election.”
More than 6.3 million people were eligible to vote for the new parliament in Austria, an EU member that has a policy of military neutrality.
The Associated Press writers Philipp Jenne, Pietro De Cristofaro and David Keyton in Vienna and Geir Moulson in Berlin contributed to this report.
From onion crisis to tough new law: Declaring war on agricultural crime
The recent signing of the Anti-Agricultural economic Sabotage Act (AGeS) by President Marcos is a much-needed and long-overdue measure to address the persistent issue of market manipulation and exploitation in the country’s agricultural sector.
(Read the BusinessMirror story: “New law will dismantle cartels behind smuggling of agri goods,” September 27, 2024).
The Philippines was thrust into the global spotlight last year when unscrupulous groups engineered a dramatic surge in onion prices, making the humble vegetable unaffordable for many Filipinos. This embarrassing incident underscored the urgent need to tackle the networks of market manipulators who have been wreaking havoc on food prices and supply.
The new AGES law rightly classifies smuggling, hoarding, and profiteering of agricultural products as economic sabotage—a serious offense punishable by life imprisonment and hefty fines. This sends a clear message that the government will no longer tolerate these exploitative practices that undermine the livelihoods of farmers and the welfare of consumers.
By targeting not just the masterminds but also all accomplices involved in these criminal activities, including financiers, brokers, and transporters, the law leaves no room for loopholes in accountability. By casting a wide net, the law seeks to dismantle the intricate webs of collusion that have enabled cartels to dictate prices and supplies.
The establishment of the Anti-Agricultural Economic Sabotage Council, led by the President himself, and the dedicated team of prosecutors to handle these cases, demonstrate the administration’s commitment to effective enforcement and swift justice. The promised rewards and incentives for whistleblowers will also incentivize the public to assist in rooting out these economic saboteurs.
Agriculture Secretary Francisco Tiu Laurel Jr.’s endorsement of the AGES highlights the importance of imposing stiffer penalties on violators to deter smuggling and hoarding activities that threaten the livelihoods of farmers and fisherfolk.
Moreover, the requirement for establishing a Daily Price Index for agricultural products underscores the government’s commitment to transparency and fair pricing mechanisms, benefiting both producers and consumers. The proactive measures outlined in Republic Act 12022 are essential not only for safeguarding the agricultural sector but also for preserving the socio-economic well-being of the nation.
While the new law is a significant step forward, its success will ultimately depend on the government’s ability to follow through with consistent and decisive implementation. The challenge will be to overcome the deep-rooted networks of influence and corruption that have long plagued the agricultural sector.
Nonetheless, this legislation represents a bold and necessary move to protect the country’s food security, safeguard the livelihoods of farmers and fishermen, and ensure that all Filipinos have access to affordable, quality agricultural products.
The successful implementation and enforcement of RA 12022 hinges on the strong collaboration and cooperation of government agencies, farmers, and consumers. Eradicating corruption, smuggling, and hoarding is essential to creating a sustainable and equitable agricultural sector, which will ultimately benefit more than 110 million Filipino consumers.
BusinessMirror
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Rolando M. Manangan BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines.
The gold selling scandal of 2024
TOUTSIDE THE BOX
he controversy surrounding the sale of part of its gold holdings by the Bangko Sentral is mired in ignorance and political agenda. That is typical for the times we live in unfortunately. Comments circulating on social media—the platform for the “experts”—are both revealing and disturbing assuming these commentators are functionally literate and have access to the Internet.
“Gold is use (sic) to back up Currency. If you’re (sic) run out of gold, your economy will bankrupt.” This analysis was shared many times I assume as a way to spread “wisdom” and not as a joke or parody. Therefore, let us examine that thought.
John Maynard Keynes said in 1924, “In truth, the gold standard is already a barbarous relic” and that was when some currencies were “backed” by—meaning convertible to—gold. However, 100 years later there are exactly Zero currencies on planet earth “backed” by gold. I was asked on ‘X’ what does back national currencies and the answer is “God’s Own United States Dollar.”
There are nations that use the US dollar as their official currency, including Ecuador, El Salvador, and Panama. More than 65 countries peg—a fixed/semi-fixed exchange rate—their currencies to the USD, including Vietnam. What backs the USD? US government debt that is
JAPA
in unlimited quantity. Further, the US has never defaulted on its debt except during the War of 1812 when the US Treasury building was burned down.
Is it true that a central bank cache of gold is critical to the economy and currency? Apparently not. The Bank of Canada held 46 tons of gold in the first quarter of 2000 and sold it all to hold Zero tons in the first quarter of 2016 until today. Further, peso trading by the BSP is not executed in gold. Another “expert” noted that the Philippine peso lost one percent in value against the US dollar after the BSP gold selling news went viral. My favorite Korean Samgyeopsal restaurant was out of lettuce too. Coincidence?
But Russia and China are constantly buying gold and hold large reserves. True. Russia has no foreign debt and even so, no country pays its sovereign debt in gold. Even debt issued a 100+ years ago that was denominated in gold is not honored
By Alastair Gale & Yuki Hagiwara
n’S next prime minister, Shigeru Ishiba, is set to name party veterans to senior posts in his cabinet as he broadly pursues continuity in economic, monetary and foreign policy, and prepares for an expected early general election.
The new administration will officially launch on Tuesday after a vote in parliament to confirm the next national leader. The role of finance minister is set to go to Katsunobu Kato, a former top government spokesman, while Ishiba will name Takeshi Iwaya, a former defense minister, as his foreign minister, public broadcaster NHK and other Japanese media reported.
Ishiba will also likely call a national election for October 27 to try and win a mandate for his administration, according to local media. A survey by the Mainichi newspaper found that 52 percent of the public were optimistic about the new government.
The surprise victory by Ishiba in Friday’s Liberal Democratic Party leadership battle reflects a bid by the party to win back public trust after a fund-raising scandal and inflation woes sent the approval ratings of outgoing Prime Minister Fumio Kishida plummeting.
Ishiba has consistently been one of the most popular leadership candidates among the public. His distance from previous administrations gives him a cleaner image to project in an election.
The ruling LDP is unlikely to be ousted in any near-term national vote, given the relatively low support ratings of other parties. The main opposition party has just replaced its
None of the “experts” have mentioned that in the second quarter of 2002 the BSP held 274 tons of gold. That dropped to 127 tons in Q3 2007 returned to 198 tons in Q3 2018. I bet you never even noticed.
by paying with the precious metal at today’s gold price.
Russia has been cut off from the global financial settlement system and having gold in the vaults is a good protection. I keep a wad of cash hidden under my underwear knowing that maybe some day a long major brownout or earthquake is going to render ATMs and ‘GCash’ useless.
Be like Russia.
China is desperate to assure the current and future members of BRICS—including economic “powerhouses” Ethiopia and Iran—that a new age is dawning with a BRICS currency backed by and partially convertible to gold. “No really! Look at how much gold we hold.” China holds USD equivalent of 192 billion worth of gold. That is slightly larger than the GDP of Ethiopia and is less than 25 percent of the Philippine M2 money supply.
Gold is a non-performing asset that is almost useless. You cannot eat it, cover your private parts with it, or use it as shelter from the rain. The ONLY way you profit from gold, since it does not pay a dividend, and no one will pay you interest to borrow, is sell it at a higher price than the purchase cost.
None of the “experts” have men-
The surprise victory by Ishiba in Friday’s Liberal Democratic Party leadership battle reflects a bid by the party to win back public trust after a fund-raising scandal and inflation woes sent the approval ratings of outgoing Prime Minister Fumio Kishida plummeting.
leader to try and revive its flagging support levels. Tokyo stocks were down more than 3 percent in the morning session Monday as investors factored in the sharp rebound in the yen that followed Ishiba’s surprise win over Bank of Japan easing advocate Sanae Takaichi. A Takaichi victory was seen as likely to slow down or put the brakes on interest rate hikes by the central bank, putting pressure on the currency to weaken.
During his leadership campaign, the 67-year-old Ishiba expressed support for the BOJ’s policy normal-
tioned that in the second quarter of 2002 the BSP held 274 tons of gold. That dropped to 127 tons in Q3 2007 returned to 198 tons in Q3 2018. I bet you never even noticed. The BSP has had a general policy—and sometimes not followed— to keep its gold holdings ratio to total Gross International Reserves at around 10+ percent. In October 2012, the GIR was USD equivalent of 76 billion, in December 2020 it was $100 billion and now is back to $107 billion. The BSP gold holdings were flat from 2012 to Q2 2020 at 194+ tons.
What happens to the proceeds when the BSP sells an asset? The money stays with the BSP. The BSP Balance Sheet is public information. The National Government can borrow money from the BSP as it did during Covid with the amount determined by law. “Under Republic Act 7653 the BSP is allowed to lend...up to P850 billion by the Republic Act 11494, which allowed direct provisional advances within two years since the law’s effectivity.” May 20, 2022: “The National Government has paid in full its final P300-billion loan with the Bangko Sentral ng Pilipinas, said the Department of Finance.”
Unless the experts have something more substantial with which to prove nefarious incompetence and/ or malfeasance, this is a cheeseburger without the meat or the cheese.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
ization. In a television interview on Sunday he said it was important to keep monetary conditions accommodative, suggesting there was no rush to raise borrowing costs.
“I don’t think we should be talking about interest rates in a situation where we still can’t say for sure that deflation has been defeated,” Ishiba said during an interview with Fuji TV. The BOJ has raised interest rates twice this year in response to inflationary pressures, but says its policy stance remains supportive of growth. Economists expect the BOJ will raise interest rates again later this year or early next year.
Ishiba has said his economic priorities are to defeat deflation and raise wages, while encouraging revitalization of Japan’s rural regions.
While Ishiba is generally viewed as cautious about fiscal policy, he has also expressed support for government spending to supplement private See “Japan,” A15
John Mangun
Antonio L. Cabangon
OniOn prices hit as high as P700 a kilo between the latter part of 2022 and the early months of 2023.
Joint statement on the diversion of PhilHealth funds to Unprogrammed Appropriations
WE, the undersigned, join the broad segments of society in opposing the diversion of P89.9 billion of the Philippine Health insurance Corporation (PHiC) funds to the national Treasury to fund Unprogrammed Appropriations (UA).
PhilHealth is a social health insurance program that is distinct from other government-owned or controlled corporations (GOCCs) in that its funds are devoted to a strictly specific purpose. PhilHealth’s funds are ring-fenced to meet the objectives of Universal Healthcare: expanding the scope and coverage of health benefits for its members and reducing out-of-pocket healthcare expenses to the maximum. Pooling of risks and resources means that the P89.9 billion being transferred to the National Treasury comes from the premiums or contributions of all members.
In the first place, PhilHealth’s “excess funds” are not savings, but they are a result of PhilHealth’s inability to sufficiently expand benefit packages. We must hold the PhilHealth leadership accountable, instead of depriving Filipinos of healthcare funds. PhilHealth must take the necessary steps to promptly and effectively use the funds that exceed reserves for services and benefits of its members.
It is also beyond all reason to establish a trade-off between economic growth through infrastructure and social programs and public health, as every peso diverted from PhilHealth is desperately needed by Filipinos without access to healthcare. The spending for other programs should come from general appropriations, which Congress and the Executive chose not to do. Responsible public financing requires that priority programs are funded. Our people are our economy’s foremost asset, and investing in their health and education takes primacy over all other public investments.
The root of the government’s cash sweep of GOCCs lies in the insertion of pork barrel allocations into the 2024 General Appropriations Act (GAA), which displaced essential priority projects. Congress diverted priority projects (e.g. foreign-assisted projects, infrastructure, salary increases for government workers) to the Unprogrammed Appropriations, which have no guaranteed cash cover and can only be tapped when the government exceeds revenue targets. Instead of addressing inefficiencies and waste within the budget, the government is accommodating untimely and wasteful public projects, which could only be beneficial to a select few precisely by raiding PhilHealth’s funds. By all measures, this policy seriously jeopardizes the mandate to promote universal healthcare.
The 2024 GAA provision allowing the government to tap GOCC funds for Unprogrammed Appropriations and the DOF Circular 2024-003 implementing such policy apply a one-size-fits-all approach that disregards the unique characteristics of individual GOCCs. Under Republic Act 7656, most GOCCs are required to remit at least 50 percent of their annual net earnings as cash, stock or property dividends to the national government (NG). However, certain GOCCs, namely the Government Service Insurance System (GSIS), the Home Development Mutual Fund (Pag-IBIG), Employees Compensation Commission, the Overseas Workers Welfare Administration, and the Philippine Medical Care Commission (now known as PhilHealth), which are “created or organized by law to administer real or personal properties or funds held in trust for the use and the benefit of its members” are exempted from the law, and are exempt from
Proposed changes under CREATE MORE
Aremitting dividends.
It is therefore questionable that a special provision in the GAA will impinge on the charter governing a GOCC. The special provision in the GAA suggests that additional resources can be taken from the GOCCs beyond what their own charters specify. In the case of the Philippine Deposit Insurance Corporation (PDIC), its charter categorically states that it must preserve, maintain, and build up the insurance fund. Thus, while PDIC may remit dividends to the NG, it must follow its charter, including the non-inclusion of assessment collected from commercial banks. This brings to question the intent of the GAA’s special provision, whether it is intended to extract more resources beyond what the PDIC charter allows. We demand transparency from DOF and PDIC to disclose to the public the kind of resources or income that was remitted to the national government.
We urge Finance Secretary Ralph Recto to stop the impending transfer of the remaining P59.9 billion of PhilHealth funds and the funds from other GOCCs like PDIC. And we call on PhilHealth to use its funds to expand benefit packages for all Filipinos.
The transfer of the funds of PhilHealth and other GOCCs has been questioned for violating the Constitution. We believe that a judicious and prudent Supreme Court will act to uphold the rule of law and protect the interests of all PhilHealth members: the Filipino people.
Signatories:
Cielito Habito
Former Secretary, National Economic and Development Authority
Ernesto Pernia
Former Secretary, National Economic and Development Authority
Florencio Abad
Former Secretary, Department of Budget and Management
Enrique Ona
Former Secretary, Department of Health
Alberto Aldaba Lim
Former Secretary, Department of Tourism
Edilberto de Jesus
Former Secretary, Department of Education
Diwa Guinigundo
Former Deputy Governor, Bangko Sentral ng Pilipinas
Joel M. Rocamora
Former Secretary, National AntiPoverty Commission (NAPC)
Patricia Licuanan
Former Chairperson, Commission on Higher Education (CHED)
Teresita Quintos Deles
Former Presidential Adviser on the Peace Process
Alexander Padilla
Former President and CEO, Philippine Health Insurance Corporation
Nepomuceno Malaluan
Former Undersecretary, Department of Education
Cielo Magno
Former Undersecretary, Department of Finance
Madeleine de Rosas-Valera
Former Undersecretary, Department of Health
Juan Antonio Perez III
Former Executive Director, Commission on Population and Development
Oscar P. Lagman Jr.
COO, Blue Cross Insurance and former Director and Head of Healthcare Consulting, SGV Consulting
atty. Mabel L. Buted
Tax Law for Business
iming to enhance the Philippine tax incentives policy and administration, our legislature passed the CREATE mORE bill (Corporate Recovery and Tax incentives for Enterprises to maximize Opportunities for Reinvigorating the Economy), amending the present CREATE. The Bicameral Conference Committee had already approved the bill on September 10, 2024. After the same is signed into law, we will be faced with yet another change in our Tax Code. So, here is a preview of the proposed amendments affecting Registered Business Enterprises (RBEs).
Under CREATE MORE, RBEs opting for or covered by the Enhanced Deductions (ED) Regime will be subjected to income tax on their taxable income derived from registered projects or activities at a reduced rate of 20 percent. These enterprises availing of the ED will also enjoy 100 percent additional deduction on their power expense. The 5 percent Special Corporate Income Tax Rate (SCIT) that used to be paid in lieu of all national taxes and local taxes will also be considered a substitute payment for all local fees and charges imposed by the LGUs, in addition to the national and local taxes.
In the proposed bill, the period to enjoy ED or SCIT of RBEs was increased (10 to 27 years). The period to avail for the income tax-based incentives, including the Income Tax Holiday, depends on the granting authority (either the Fiscal Incentives Review Board or FIRB or the
Investment Promotion Agency or IPA). IPAs have the power to grant incentives for investments of P15 billion and below.
An RBE local tax (RBELT) is introduced. The RBELT may be imposed by the LGUs through an ordinance at not more than 2 percent of gross income. This will be paid by RBEs enjoying ITH or ED in lieu of all local taxes, fees, and charges under the Local Government Code.
There are also changes included in the availment of incentives on VAT exemption on importation and VAT zero-rating on local purchases of RBEs. To recall, the implementing rules and regulations of CREATE limited the application of these incentives to Registered Export Enterprises (REEs) only. In addition, the supply and purchases of goods and services must be exclusively and directly used in the registered project or activity of REEs before the impor-
While these changes introduced by CREATE MORE are clear, we also hope that the rules and regulations that would be crafted to implement the same are also clear and simple so that the spirit behind the enactment of the law is achieved.
tation, and local purchases may be exempted or subjected to 0 percemt VAT. This means that these materials, supplies, goods, and services must be necessary for the registered project or activity, and without them, such project or activity cannot be carried out.
Under CREATE MORE, these requirements are relaxed. In the bill, not only REEs but also registered domestic market enterprises (DMEs) would enjoy the VAT incentives, if they are considered high-value DMEs. These will include only (a) those enterprises with investment capital of more than P15 billion and engaged in sectors considered import-substituting, or (b) those whose export sales are at least 100 million USD in amount in the immediately preceding year. Further, qualified RBEs will be exempted from VAT and subjected to 0 percent VAT on their importation and local purchases, provided that the goods and services are directly attributable to the registered project or activity. These apply to any goods and services that are incidental to and reasonably necessary for the registered project or activity of the enterprise, and these embrace administrative expenses like expenses
on services on janitorial, security, financial, consultancy, marketing and promotion, and services rendered for administrative operations (e.g., human resources, legal and accounting).
One of the important changes introduced by CREATE MORE is the relaxation of the requirement for RBEs registered under IPAs administering economic or Freeport zones to exclusively conduct or operate within the zone as condition for the enjoyment of benefits. This is still the rule even under CREATE MORE. However, an RBE may institute telecommuting program, including a work-from-home arrangement covering not more than 50 percent of the RBE’s total workforce. Work conducted outside the zone, provided the conditions are properly observed, should not affect the entitlement to incentives.
While these changes introduced by CREATE MORE are clear, we also hope that the rules and regulations that would be crafted to implement the same are also clear and simple so that the spirit behind the enactment of the law is achieved.
The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at mabel.buted@bdblaw.com.ph or call 84032001 local 160.
Israel sees paralyzed Hezbollah as Lebanon fears what’s next
By Ethan Bronner
nEARly a year after Hamas’ unprecedented assault shattered their spirits, israelis are in a triumphant mood over the pummeling their military has given lebanon’s Hezbollah and the killing of its elusive leader.
The front pages of Israeli newspapers on Sunday declared a “new Middle East.” Prime Minister Benjamin Netanyahu proclaimed the death of Hezbollah chief Hassan Nasrallah had knocked out “the main engine of Iran’s axis of evil”—a network of anti-Israel militias stretching from Hamas in Gaza to Yemen’s Houthis and allies in Syria and Iraq.
In short, Israelis who’ve spent the past 12 months fearing they’re surrounded by enemies and in a state of profound insecurity are being told the tide has turned. Even the possibility of direct retaliation from the Islamic Republic is doing little to dim the jubilation.
“Israel changed the rules of the game,” said Kobi Michael, a former top official and senior researcher at the Misgav Institute for National Security and Zionist Strategy, a hawkish think tank. “Once Hezbollah is paralyzed, the entire axis is paralyzed. Iran is vulnerable.”
It all stands in stark contrast to the situation in Lebanon, where almost a week of Israeli air strikes have devastated the south, left hundreds of people dead and sent tens of thousands fleeing for sanctuary. Hezbollah has dominated Lebanese politics for two decades, and even among its local opponents there are deep worries over what its weakening may unleash.
Israel early Monday conducted its first airstrike on central Beirut in the
Japan. . . Continued from A14
demand. In choosing Kato as finance minister, Ishiba will have an official largely aligned with his views. Kato is known for clear communication and has previously worked at the finance ministry. In a Bloomberg interview last month, Kato said Japan should continue to aim for interest rates and prices to “keep moving.” He said years
nearly yearlong conflict, the Associated Press said, citing a reporter at the scene. At least one person was killed and 16 wounded, AP reported, citing an unidentified local Civil Defense official.
In the Palestinian enclave of Gaza, where a war has raged since Hamas militants killed 1,200 people and abducted 250 others on October 7, Israel is sounding increasingly bullish too. Officials say the Islamist group has been dismantled as a military threat, 23 of its 24 battalions destroyed and most of its commanders killed.
It’s all come at a terrible price for Palestinians, with at least 41,000 dead, according to Hamas, and much of the territory in rubble. Cease-fire talks have stalled and about 100 Israeli hostages are still being held.
Hezbollah began shelling Israel the day after Hamas’ attack, forcing thousands of Israelis to abandon their homes and turning parts of the country’s north into ghost towns. Both Hamas and Hezbollah are considered terrorist groups by the US.
Israel finally turned its full focus north in mid-September, targeting Hezbollah’s leadership in the deadliest and most sustained violence between the two sides since a 34-day war in 2006.
Iran has so far shown little rush to retaliate for Nasrallah’s death. President Masoud Pezeshkian stopped short of pledging a direct and im-
of stagnant prices and rates “created structural distortions.” Kato has advocated for a balanced approach to managing fiscal health and seeking growth.
Ishiba will be quickly thrust into foreign policy challenges after taking over as prime minister, including a sharp downturn in relations with China after the fatal stabbing death of a Japanese schoolboy in southern China earlier this month. Military tension is also high after a Chinese military aircraft made an
More liberal Israelis, suspicious of Netanyahu’s right-wing coalition, have welcomed the strikes but say the country needs to seize the moment and push for a negotiated peace.
mediate attack on Israel, and in his international debut at the United Nations last week tempered his remarks.
‘Time for deal’
MORE liberal Israelis, suspicious of Netanyahu’s right-wing coalition, have welcomed the strikes but say the country needs to seize the moment and push for a negotiated peace.
“It’s time for a deal,” editorialized the Haaretz newspaper, urging diplomatic moves that would return the hostages and implement UN Security Council Resolution 1701, which would push Hezbollah some 30 km (18 miles) north of the border to the Litani River.
Other Israeli voices say only more force will bring results. A ground incursion may be on the cards.
“Israel would do well not to bask overmuch in its accomplishments,” wrote Yoav Limor in Israel Hayom newspaper. The military should be open to a ground operation “to distance the threats from the border and demonstrate its superiority on land.”
Such an incursion is just one of the fears stalking Lebanon, already battered by one of the world’s worst financial crises since the mid-nineteenth century and where the national government has little remit.
Southerners flee AT least 110,000 people have fled since Israel began its air raids on
unauthorized entry into Japanese airspace last month.
Early potential foreign trips include a summit meeting of the Association for Southeast Asian Nations on October 9-11 and a G20 summit in Brazil on November 18-19.
The choice of Iwaya as foreign minister would give Ishiba someone who is also well versed in security matters after serving as defense minister from 2018 to 2019. Another party veteran, Gen Nakatani, is expected to become defense minister
Lebanon over a week ago, according to Prime Minister Najib Mikati. He said that the number could reach a million within days, describing it as the “largest displacement in Lebanon’s history.”
“It’s a disaster,” said Laila Al Amine, director for Lebanon at humanitarian group Mercy Corps. “One of the biggest challenges is that the government doesn’t have the means to equip the shelters.”
Reactions to Nasrallah’s death have also jangled nerves. When Hezbollah confirmed his death Saturday, there were bursts of gunfire and cries and screams from buildings in southern Beirut, the group’s stronghold. Many Lebanese fear a new wave of street clashes between Hezbollah supporters and other players from the country’s fractured political arena, as happened in 2008 and 2021. Nasrallah’s adversaries are keeping their heads down. One group asked its followers to refrain from posting on social media or speak publicly about the assassination. Lebanon’s army on Sunday urged citizens “not to be drawn into actions that may affect civil peace at this dangerous and delicate stage in our country’s history.”
Southern residents are now scattered around the country, sheltering in schools and other public buildings.
“What will happen to us now?” said Yusra, 60, after making the 115-kilometer journey to Beirut from the border town of Yareen. Speaking from a school now accommodating the arrivals, she described a bomb striking by her house as she fled.
“I don’t know if it’s there anymore,” she said. With assistance from Dana Khraiche and Dan Williams / Bloomberg
having previously been in the role a decade ago. Ishiba, Iwaya and Nakatani will have the task of providing more clarity about Ishiba’s calls for Japan to have a more equal military relationship with security treaty ally US and for the establishment of a network of regional security partnerships in Asia similar to Nato.
A self-declared “defense nerd,” Ishiba frequently raised both ideas during the LDP election campaign period. Bloomberg
2nd Front Page
Bank fees on personal, micro merchant transactions to go
By Cai U. Ordinario @caiordinario
THE Bangko Sentral ng Pilipinas (BSP) has released a draft circular that proposes the removal of bank transaction fees for personal and “micro merchant” transactions.
In the draft circular, BSP said it will eliminate fees on electronic fund transfers for personal transactions, provided these electronic fund transfers do not exceed 10 times per week.
Transaction fees for payments of micro-merchants, according to the draft, will also be eliminated provided that gross receipts do not exceed P250,000. “We’ll make a comment,” Jose
Senate panel holds CDA budget over lapses in transport co-op backing
By Butch Fernandez @butchfBM
THE Senate Finance subcommittee reviewing the proposed 2025 budget of the Cooperatives Development Authority (CDA) has refused to endorse the measure for plenary consideration, citing key concerns, including the very weak support for the “extremely hard-hit sector” in transportation, who are being compelled to join cooperatives under the modernization program.
“I am unable to endorse your budget to plenary,” subcommittee chair Sen. Imee Marcos declared after over an hour’s grilling failed to elicit satisfactory responses by the CDA’s officials, led by Undersecretary Joseph Encabo, CDA chairman.
Marcos explained she needed a solid justification for the agency’s budget as its sponsor, and also because she is daily bombarded with queries and complaints from transport sector stakeholders who are falling through the cracks despite the vaunted benefits of the PUVMP.
In the interim, the senator told the CDA to “justify…the doubling of traveling budget expenses given the reduction in your budget.”
She said she also needed to see “a coherent timeline or at least a procedural format for the public utility vehicle [PUV] modernization vis-àvis the Office of the Transport Cooperatives [OTC] and the Land Transportation Franchising and Regulatory Board [LTFRB].”
Marcos stressed she will also have to defend the CDA budget and operations to her colleagues.
“I need as well a report, you know very well that many of my colleagues, including Sen. [Cynthia Villar], will question us thoroughly with regard to the CDA and the annual allotments of P250 million under the Coco Development Fund, so I need to understand the DOJ legal opinion…can you please make a timeline that everyone can understand…I also need to understand the issue of the administration fund and the lack of personnel. With that, we terminate the hearing for today but you will have to come back with the documents requested.”
She said she needed a clearer report because “many of my colleagues” have continuing serious concerns about the moderniza -
tion program, which majority of senators have sought to be suspended in an earlier “sense of the Senate” resolution, given so many loose ends.
Besides the lapses in the transportation sector, Marcos also raised questions on the annual allotments of P250 million under the coconut industry development fund, as she bewailed the slow process in helping coconut farmers modernize their operations and organize into cooperatives.
During the hearing, Marcos was dismayed to find out that the government support for the displaced transport stakeholders consisted mainly of assistance in processing registration papers and “training,” which, the senator noted, was often superfluous and took precious time away from the jeepney drivers’ “pasada.”
It seems, she added, the only real “benefit” that drivers and operators get from being members of a cooperative is “Ligtas Huli” (freedom from a traffic apprehension) because the LTFRB had warned that those who failed to form cooperatives or be members of existing ones will not be allowed to ply their routes.
Grilling Undersecretary Encabo who is in charge of CDA, Marcos said the apparent weakness of the cooperatives setup—touted as a pillar of the PUVMP—provides a “scary moment for public service,” given the length of time it had taken to finally implement the program and the grandiose promises made. Saying they needed to do a “benefits selling,” the senator asked officials to simply state, “what’s in it for them?” if the transport workers join cooperatives.
There is no preferential loan, no financial assistance for a special, extremely hard-hit sector. She wondered aloud how the CDA has in its budget a big allocation for the transport sector, “but you don’t give financial assistance.”
The CDA, she noted, is not even a “co-guarantor” of the loans that the newly cooperativized groups are being forced to take out. The equity support for the loan that a cooperative must take out is only P160,000 but the new vehicles they must acquire are in the vicinity of P3 million.
She concluded: “Honestly, I think you should be better prepared with the effort to cooperativize.”
Teodoro Limcaoco, president and CEO of the Bank of the Philippine Islands (BPI) and head of the Bankers Association of the Philippines (BAP), told reporters on Monday.
“I cannot speak for the industry. But for BPI, I’m okay with the circular. There’s some edits and clarifications that I’d like to make, but in general, the concept is on the right track,” he also said.
Under the draft, personal transactions are defined as fund transfers involving persons as a form of remittance or lending. These are done for personal, family, or household purposes and not for business.
Micro-merchants, the draft stated, is an end-user that avails of merchant payment acceptance activities under Section 503 of the MORPS.
These transactions meet the definition of micro-enterprises pursuant to RA No. 9501, otherwise known as the Magna Carta for Micro, Small and Medium Enterprises and other related laws and regulations.
“This includes end-users who utilize either merchant or personal accounts to facilitate acceptance
of electronic fund transfers,” the draft stated.
The draft also stated that the board of directors of BSP-Supervised Financial Institutions (BSFIs) will adopt a policy on the imposition of any fee on electronic payment transactions.
This policy will include the basis and quantitative support for the setting of fees and rationalization of the fee structure or amount.
The draft circular is currently available on the BSP website and stakeholders can submit their comments until October 11, 2024.
Based on the latest data, bank transaction fees range from zero to as high as P 150 on some Pesonet and Instapay transactions of individuals and corporates in Universal and Commercial Bank (UKBs).
For thrift banks and rural banks, bank transactions can be as low as zero to as high as P100 for certain Pesonet and Instapay transactions made by both individuals and corporates.
For digital and electronic monet issuers, the costs range from zero to as high as P75 on certain Pesonet and Instapay transactions made by both individuals and corporates.
PHL ENROUTE TO BEING CLEAN ENERGY HUB WITH 1ST EV PLANT
By Samuel P. Medenilla @sam_medenilla
WITH the opening of the first local lithium iron phosphate (LFP) batteries manufacturing plant in Tarlac, President Ferdinand R. Marcos Jr. said the country is now on its way to producing electric vehicles (EV) and becoming a clean energy hub in Asia. In his speech during the inauguration of the St. Battalion (StB) Giga Factory in Tarlac last Monday, the chief executive underscored the importance of having a reliable domestic supply of electric batteries to realize both initiatives.
“As the first manufacturing plant in the Philippines for advanced iron phosphate batteries, often used in renewable energy and electrical vehicles, the StB Giga Factory sets the stage for the Philippines to become a player in clean energy storage in our part of the world, in Southeast Asia, in our region,” Marcos said. He hopes the giga factory will help attract more investments in the Philippine renewable energy (RE) sector, which requires electric batteries.
“The upstream and the downstream businesses that will come from this are just going to be tremendous,” Marcos said.
“It sends this message to the world: The Philippines is now ready—to innovate, to lead, to become the go-to destination for high-tech, high-impact investments,” he added.
The President also welcomed the announcement of StB Chairman Trevor St. Baker of their plans to produce EVs, particularly electric trucks.
“This certainly aligns with our plans to develop the country’s EV industry and produce locally-made EVs and EV components, reducing our reliance on imported fuel,” Marcos said.
StB GigaFactory, which will start its operations on Tuesday, is the first locator at the Filinvest Innovation Park, New Clark City, Tarlac. It is expected to generate 2,500 workers once it reaches its full production by 2030 and channel P5 billion into the economy annually. The facility is projected to initially produce 300 megawatt-hours (MWh) annually, which is sufficient to power about 6,000 EVs or about 60,000 home battery systems.
StB plans to ramp up its production by 2030 to produce two gigawatt-hours of batteries annually.
Marcos lauded StB and the concerned government agencies for the swift implementation of the giga factory investment deal, which was only finalized during his trip to Australia last March.
“I’m quite impressed with the StB Giga that they were able to do this in the short time that we had,” he said. He noted the StB factory demonstrates the importance of the government’s partnership with the private sector and the country’s strong strategic partnership with Australia.
By Ma. Stella F. Arnaldo @akosistellaBM Special
BusinessMirror
to the
LECHON (roasted pig) took the show at the Terra Madre Salone del Gusto 2024 in Turin, Piedmont, Italy as the Philippine delegation showcased the country’s rich culinary heritage before 3,000 delegates from 120 countries.
On her Facebook page, Reena Gamboa, president of Slow Food Movement Negros posted videos and photos of delegates crowding the Philippine Pavilion, and said, “You can’t go wrong when there is lechon, whether in the Philippines or in Turin. The line was so long!”
Over five days, the pavilion featured signature dishes and heritage cuisine from various regions and provinces such as Cavite, Negros Island, Panay Island, the Cordilleras, among others.
In a Facebook message, Philippine Consul General to Milan Elmer G. Cato told the BusinessMirror
“It was definitely a proud moment for the Philippines at Terra Madre seeing hundreds of Italians and other visitors line up to have a taste of Filpino cuisine. Our participation
raised the profile of the Philippines here in Italy.”
Guests and participants also savored heirloom recipes such as Chicken Inasal, Adobong Bisayas, Beef Caldereta, Seafood Sinigang using the batuan fruit as souring agent, Batchoy, hot chocolate from criollo cacao, Kinilaw, along with heirloom rice, native vinegar, and Philippine coffee. Terra Madre was held at the Parco Durin from September 26 to 30.
Bacolod is slow food hub in Asia AS this developed, Bacolod City was designated as the hub of the Slow Food movement in Asia, through a memorandum of agreement signed between Bacolod Mayor Albee Benitez and Slow Food International Director General Paulo di Croce. Gamboa told this paper, “[Bacolod] will served as the branch of Slow Food International for Asia and the Pacific. So anyone who wants to learn more about the advocacy and how to adapt it in their communities will want to visit and learn how to go about it.”
She added that that designation will also be a boon for Negros Occidental, “as it will attract more visitors. This includes learning about
our own farmers, our food, our culinary heritage, and our being Filipino.”
In a news statement, Tourism Secretary Christina Garcia Frasco said, “The Philippines has one of the most organized Slow Food networks in Asia, and our delegation underscores our commitment to championing our unique food heritage and sustainability. We are excited to foster global partnerships not only in promoting good, clean, and fair food, but also in developing and promoting Slow Food Travel. With Bacolod recognized as a Slow Food International hub for Asia and the Pacific, we aim to further elevate the country’s status as a key player in sustainable food systems and place the Philippines at the forefront of the global movement toward Slow Food Travel and sustainable agriculture, providing a platform for regional collaboration and innovation.”
Showcasing Ark of Taste ingredients
SHE disclosed that the Department of Tourism (DOT) is making a bid to host Terra Madre Asia Pacific in 2025. Gamboa credited the DOT, Senator Loren Legarda, and the local governments of Bacolod and
Negros Occidental for their support to the Philippines’ attendance at this year’s Terra Madre. The country delegation was composed of 90 farmers, chefs, restaurateurs, and advocates for good, clean, and fair food. Among the key activities the delegation participated in were interactive workshops, panel discussions, and immersive food tastings, while top-tier chefs and culinary experts prepared special menus that blended traditional and modern techniques. The featured resource persons shared insights on sustainable food practices, heritage recipes, and the role of indigenous ingredients in promoting biodiversity.
On Facebook, April Justiniani, Slow Food Cooks’ Alliance Negros Coordinator, said: “At the Cooks Alliance meeting, we celebrated ‘Unity in Diversity’….We were able to showcase muscovado sugar, batuan fruit, and tultul salt.” Muscovado (raw sugar from molasses) and tultul (organic salt cooked in coconut cream) are included in the Slow Food Foundation’s Ark of Taste, a list of artisanal and heritage ingredients from around the world, but are produced in limited quantities.
COUNTING ON COOPERATIVES Senator Imee Marcos, Chairperson of the Committee on Finance-Sub Committee I, presides over the proposed 2025 National Expenditure Program budget hearing for the Cooperative Development Authority (CDA) and its attached agencies. During the session, she fields questions to Director Joselito Hallazgo, Chief of the Finance Division at CDA. Story at left. ROY DOMINGO
Editor: Jennifer A. Ng
B1 Tuesday, October 1, 2024
DMCI Homes makes a big bet on Cebu condo market
By VG Cabuag @villygc
DMCI Homes Inc. on Monday announced its foray into Cebu City’s booming condominium market as it is investing some P20 billion in the development of a 4-hectare property in Barangay Guadalupe.
“Cebu City’s robust economy and growing demand for quality homes make it an ideal location for our expansion,” company vice president for project development Dennis Yap said.
proprietary Lumiventt® Design Technology, internet-ready units and RideShare carpooling service—just some of the innovative features we’re bringing to take condominium living to new heights in this vibrant market.”
The decision to enter the Cebu property market follows the company’s successful ventures in San Juan, Batangas and Tuba, Benguet in the previous years.
While DMCI Homes is new to Cebu’s property market, its sister firm, DM Consunji Inc., the construction company, has made its mark with several landmark projects in the city.
Mabuhay Vinyl to raise plant output
MABUHAY Vinyl Corp. (MVC), a company registered with the Board of Investments (BOI), is spending P630 million on its Iligan City plant to expand its production capacity by 68 percent.
BOI said the company is raising its output due to the increasing demand for essential chemicals, such as caustic soda and chlorine.
With condominium living becoming popular in Cebu, Yap said he is confident that Cebuanos will appreciate DMCI Homes’ “valuefor-money offerings.”
“We’re equally thrilled to introduce Cebu to the distinct DMCI Homes lifestyle, showcasing our
“We’re excited to introduce our signature resort-inspired condominiums to this bustling city and be part of its dynamic development.”
Yap said that while the pandemic had temporarily halted their Cebu expansion, the opportunities in the Queen City of the South made it clear that moving forward with the plan would be the right decision.
“Cebu is a rapidly growing market with great potential. We look forward to making a positive impact and contributing to the city’s growth.”
DMCI was also part of the Cebu Link Joint Venture, a consortium with Acciona and First Balfour that built the iconic CebuCordova Link Expressway. Other landmarks built by DMCI in Cebu include SM Cebu, Shangri-La’s Mactan Resort and Spa, the Ayala Life Cebu office building and Ayala Center Cebu.
DMCI Homes said it also aims to make its mark in the city, backed by a sterling track record of completing 72 quality developments across Metro Manila, Laguna, Cavite, Baguio City, Boracay and Davao City, in its 25 years in the industry.
Shakey’s gears up for US expansion
SHA k EY ’ S Pizza Asia Ventures Inc. (SPAVI), a company controlled by the Po family, on Monday said it will expand to the United States market after its board approved the incorporation of a US unit.
In its disclosure, Shakey’s, which owns the trademarks for Middle East and most of Asia, said the US subsidiary will own and operate stores and franchises. It will also serve as a vehicle for the local Shakey’s products and brands.
“The incorporated entity will be the group’s platform in its expansion plans in the territory which will grow systemwide sales, revenues and bottomline internationally via company-owned and franchised stores in the territory. The registration is expected to be
completed 30 days from today,” it said in its disclosure.
Shakey’s claims it is the leader in chained pizza fullservice restaurant, cornering a market share of 67.5 percent market share; 22.8 percent for chained full service restaurant; and 14.4 percent for chained kiosks.
Originally an American brand established in 1954, Shakey’s expanded into the Philippines in 1975 and was then under the ownership of San Miguel Corp., primarily to promote its draft beer.
“Beginning with a restaurant on Makati Avenue in Makati, the brand expanded rapidly in Metro Manila, with most of the restaurants offering live music,” the company said on its website. In March 2016, Century Pa -
‘Chemrez plant hits full capacity’
D&L Industries Inc. said its wholly-owned unit Chemrez Technologies Inc. is already operating its coco-biodiesel plant at “an optimal capacity,” as oil firms are ramping up their orders to comply with the 3-percent biodiesel blend (B3) mandate which takes effect on October 1.
In an interview during a media tour of D&L’s P10.5-billion plant in Batangas on Monday, Chemrez President Dean A. Lao Jr. said that while its current capacity is adequate, the company may consider repurposing some lines for other oleochemical products to produce coco-biodiesel once the mandated blend is increased further.
The demand for biodiesel is seen to continue growing as the government intends to raise the mandated coco-biodiesel blend to 4 percent (B4) next year and to 5 percent (B5) by 2026.
Lao also said the company may add more lines in the new Batangas plant should the repurposing of its Quezon City facilities prove inadequate. He noted, however, that it will take longer to put up new lines compared to repurposing existing ones.
“We also have to look into it (and) see if we can get a good return on investment.”
He said the company is also ramping up the production of its higher margin coconut oil products such as laurin MCT which is fast gaining
popularity in both the domestic and export markets.
“We have to weigh carefully which will be more beneficial for us to expand,” Lao said, adding that both products use the same raw material and similar production lines but the margin for food and other applications is higher compared to biodiesel.
Chemrez is the country’s largest biodiesel manufacturer, with an annual capacity of 90 million liters, as against the industry capacity of 250 million liters.
An increase in blend to 3 percent should lead to a 50 percent increase in biodiesel volumes which may also result in better margins and profitability for the industry.
“This directive from the DOE [Department of Energy] is a huge step towards progress and the development of the biodiesel and coconut industry in general,” Lao said. “This should pave the way for greater energy self-sufficiency while collectively reducing the planet’s CO2 footprint.”
A higher biodiesel blend means displacing imported petrochemical fuel with locally produced, environmentally-friendly and sustainable fuel.
With the country’s annual diesel consumption pegged at around 15 billion liters, an eventual hike to B5 from B2 means a 3-percent reduction in diesel volume which translates to about 450 million liters of diesel displaced by biodiesel. VG Cabuag
cific Group Inc. and Arran Investments acquired control of the Shakey’s group from the Prieto family. The transaction included control over the commissary company Bakemasters Inc. and the trademark companies Golden Gourmet Ltd. and Shakey’s International Ltd.
SPAVI owns the trademarks and licenses to operate the Shakey’s brand in the Philippines. It has full control over the management and execution of Shakey’s Philippine operations.
As the brand owner, the company generates additional revenue from franchising while not having to pay royalty fees for the use of the Shakey’s name.
The company also owns the rights and trademarks in China, Australia and Oceania.
The company operates Shakey’s stores in the Philippines, United Arab Emirates and Singapore.
For the first half of the year ending June 30, the company’s net income fell 14 percent to P420 million from the previous year’s P489 million.
Operating income margins fell to 9.6 percent from 12 percent previously, primarily driven by progressive investments in systems and the organization since the second half of 2023 in support of both domestic and international expansion.
Systemwide sales reached P10.09 billion, a 14-percent growth from the previous year’s P8.82 billion, driven by new stores opened during the period and sustained growth in same store sales. VG Cabuag
“MVC’s upgraded Ion Exchange Membrane (IEM) Plant 2, the only facility of its kind in the Philippines, is key to supplying crucial raw materials for industries producing consumer goods,” the agency said in a statement on Monday.
According to the investment promotion agency attached to the Department of Trade and Industry, the expansion also includes improvements in marine-tanker capacity and depot facilities, further enhancing MVC’s distribution capabilities.
For his part, MVC President and Chief Operating Officer Steve Pangilinan said “this upgrade will not only enhance our operational efficiency but also increase our capacity by 68 percent. As we look to the future, I am
excited about the potential for more projects that will enhance MVC’s competitiveness in the industry.” Moreover, BOI said the upgraded production facilities incorporate the latest energy-efficient technologies, reducing power and steam consumption, generating steam from waste process heat, and utilizing hydrogen by-products to cut carbon emissions.
“As the only chlor-alkali facility in the country, we recognize MVC’s role in nation-building as the prime supplier of organic and inorganic compounds needed by many industries to transform natural raw materials into consumer goods that are important in daily life,” said BOI Executive Director for Investments Promotion Services Evariste Cagatan. These advancements are part of MVC’s ongoing efforts to operate more sustainably while maintaining a reliable supply of key products, the agency said. “As the only company in the Philippines producing chlorine in commercial quantities and supplying over 50 percent of the country’s sodium hypochlorite needs, MVC’s expansion further strengthens its leadership in the market.” Andrea E. San Juan
Banking&Finance BSP move expected to cut policy-making lag
By Cai U. Ordinario @caiordinario
THE enhanced Interest Rate
Swap (IRS) market and the enabling of a repo market for government securities will help shorten the lag in the transmission of monetary policymaking, according to the Bangko Sentral ng Pilipinas (BSP).
On Monday, the BSP and the Bankers Association of the Philippines (BAP) have taken the capital market development work a step further with the two complementary initiatives.
Both initiatives are envisioned to help in the creation of a smooth yield curve that would reflect market consensus and help in pricing credit instruments of varying maturities.
Kasi ngayon, ang lag, one year to
one and a half years [Right now, the lag time is one year to 1.5 years]. So that’s pretty long. Sana maging six months to one year [We hope the transmission will be reduced to six months to one year],” BSP Governor Eli M. Remolona Jr. told reporters. BAP Open Market Committee Chairman Paul A. Favila said once the International Swaps and Derivatives Association approves the peso IRS, the swaps can begin. According to
Favila, they expect an ISDA approval in November.
“Bloomberg is expected to serve as the trading platform for the enhanced Peso IRS. The BSP will serve as the publisher of the daily variable reverse repurchase rate benchmark,” BSP said.
However, Favila stressed that while the IRS and repo market for government securities will create a “smoother yield curve,” the two enhancements will not replace the BVAL curve as the benchmark.
The BAP official added that the IRS and the repo market for government securities will provide the market with options on how to better price securities.
“I think, as has happened in other markets, there will be a small spread between BVAL and the swaps curve. The swaps curve will be a bit higher than the government curve, if I may call BVAL that. That spread will represent counterparty risk among the dealers in the swaps market,” Remolona said.
The Pros and Cons of Stock Trading
STOCK trading, also known as active trading, involves frequent buying and selling of stocks to profit from short-term market fluctuations. It is an active income source, as opposed to passive investing, which stock market beginners would initially assume.
You must know this distinction, for it’s one of the top reasons people lose money in the stock market - to believe that you’re investing but actually trading. And before you go into stock trading, knowing its advantages and disadvantages would be helpful.
Pros of Stock Trading
1. Potential for high returns. By repeatedly buying stocks at a lower price and selling them at a higher price, a trader’s profit can easily accumulate to a significant income.
The potential for high returns is particularly appealing to those willing to take on higher levels of risk. However, it’s important to note that this is always accompanied by the potential for high losses. Hence, it’s necessary to approach active trading with caution. You need to develop a wellplanned trading strategy, manage risk carefully and be prepared to adjust your approach in response to changing market conditions.
2. Flexibility. As an active trader, you can buy and sell stocks anytime, giving you greater control over your portfolio. This flexibility allows you to react quickly to market news, events and changing market conditions.
For example, if you see an undervalued stock, you can buy it immediately and profit from its future price increase. Similarly, if you own a stock that experiences a sudden price drop, you can sell it quickly to minimize your losses.
Flexibility also means you can customize your trading strategy to suit your preferences and risk tolerance. You can choose the stocks you want to trade, the amount of money you want to invest and the frequency of your trades.
3. Knowledge and skillbuilding. Stock trading provides an opportunity to build knowledge and skills in various areas related to finance and investing. Active traders need to develop a deep understanding of the stock market, including market trends, economic indicators and individual company performance. To be successful in stock trading, you need to have strong analytical skills and the ability to identify patterns and trends in market data. You also need to be able to make quick decisions based
on analysis, often in high-pressure situations.
In addition, you need to develop effective risk management strategies to minimize losses and maximize profits. You need to control your emotions and avoid making impulsive decisions based on fear or greed.
Active trading can also provide an opportunity to learn from experience. By tracking your trades and analyzing their performance, you can identify areas for improvement and refine your trading strategies over time.
Cons of Stock Trading
1. HigH risk. As an active trader, you are exposed to a wide range of market risks that can impact the value of your investments. These risks include economic factors, political events and company-specific issues.
One of the key risks of stock trading is market volatility. The stock market can be highly unpredictable, prices fluctuate rapidly and sometimes without warning. This volatility can lead to sudden and significant losses if you are unprepared to manage risk effectively.
Another risk of stock trading is the potential for company-specific issues to impact the value of your investments. For example, if a company you own shares in experiences financial difficulties, the value of those shares could plummet.
2. time-consuming. You need to monitor the market closely and stay up-to-date on the latest news and trends that can impact stock prices. You must also be prepared to make quick decisions based on this information.
For many traders, this means spending long hours each day analyzing market data and tracking their investments. This can be particularly challenging if you have other professional or personal commitments that limit your time.
In addition, frequent trading can be a time-consuming process in and of itself. You need to research potential investments, execute trades and track the performance of your portfolio. This can be a demanding process that requires a lot of attention and focus.
3. transaction costs. Transaction costs include brokerage
BAP President Jose Teodoro K. Limcaoco explained that the base rate to be used for the IRS will be the overnight repo rate (ORR), which is the rate at which the BSP lends to banks.
Limcaoco said the overnight rate changes depending on the needs of the banks. The swap in the IRS reflects the rate at which a bank is willing to pay for a certain period such as 30 days.
If there is a sense that overnight rates will go up, a bank may be more inclined to receive a the overnight rate for the next 30 days. But if rates are declining, banks would be willing to lend at a particular onemonth rate.
“It is the rate at which they are theoretically willing to lend or borrow one month versus the overnight rate, or for three months versus the overnight rate, or for 3 months versus the overnight rate, or six months versus the overnight rate,” Limcaoco explained.
“So it gives a very clear sense to
fees, commissions and taxes, which can add up quickly, particularly for frequent traders.
Thus, it’s important to factor in these costs when developing your trading strategy and to carefully consider the fees associated with any broker you’re considering.
4. emotion-based decisions. When actively trading, it can be easy to get caught up in the excitement and make impulsive decisions based on emotions rather than logic and analysis.
For example, if you see a stock you’re invested in dropping in value, you may feel a sense of panic and be tempted to sell off your shares to avoid further losses.
Alternatively, if you see a stock skyrocketing in value, you may be tempted to buy in without doing your due diligence and carefully researching the company.
These emotional reactions can lead to poor decision-making and ultimately result in losses. You must manage your emotions and make decisions based on analysis and logic rather than fear or greed.
In addition, the constant ups and downs of the market can be emotionally taxing, particularly for those who are highly invested in their trades. It’s important to have a clear trading plan and stick to it, even when emotions are running high.
In summary
STOCK trading has its share of advantages and disadvantages.
One of its primary benefits is the potential for high returns. Stock trading also offers flexibility, allowing you to work from anywhere and set your own schedule. Stock trading can be a valuable learning experience that can help build knowledge and skills in finance and investing.
On the other hand, stock trading involves a high level of risk.
Stock prices can be highly volatile and unpredictable and traders can experience significant losses if they make poor investment decisions.
In addition, stock trading can be time-consuming and requires a great deal of attention and focus. You need to be able to monitor the market closely and stay up-to-date on the latest news and trends, which can be a challenging and demanding process. Plus, there are transaction costs that you should always consider.
Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personal-financial planning, attend the 109th RFP program this October. To inquire, e-mail info@rfp.ph or text at 0917-9689774.
the market participants what the banks are willing to lend or borrow from a theoretically riskless point of view for one month, three months, or six months,” he added. The BSP said 15 banks have committed to be market makers, quoting two-way prices for the one-month, three-month and six-month swaps against the ORR. These marketbased quotes from a large number of banks will form reliable benchmarks that banks and borrowers can use for pricing loans. It will also have longer tenors of one year, two years, three years, four years, five years, seven years and ten years.
These banks are BDO, BPI, China Bank, Metrobank, PNB, Security Bank, RCBC, Union Bank, ANZ, Citi, DB, HSBC, ING Bank, JP Morgan Chase, and Standard Chartered Bank Five more banks—BDO Private Bank, Maybank, Mizuho, MUFG, and SMBC—have committed to be regular participants.
Meanwhile, on the repo market, the BSP and BAP are working on
expanding the GS repo market to increase GS trading and provide another alternative benchmark especially for short term loan rates. Last year, the BAP relaunched the interbank repo market. The central bank is working with BAP to expand the market. Currently, the BSP “tags” securities to banks that place cash with it via the reverse repo window.
The central bank is now working on shifting from tagging to full delivery of these securities in line with global market practice. This will allow banks to trade these securities, vastly expanding the market.
The BSP said aside from deepening liquidity in primary and secondary bond markets, the move would also facilitate price discovery and transparency of bond prices. It will also develop hedging tools for better risk management, and attract local and foreign investors to the Philippine government securities market through the reduction of credit risks and financing costs.
Credit card account management, fees and irregular use mark complaints in Q2
MORE Filipinos made credit card complaints in the second quarter of 2024 compared to the first quarter of the year, according to the latest data from the Credit Card Association of the Philippines (CCAP).
The data showed there were a total of 4,161 credit card-related complaints in the April to June period this year. This was a 45-percent growth from the January to March period this year.
The CCAP said this accounted for 23.65 percent of the total volume of consumer complaints received by credit card issuers during the period.
“Most consumer complaints are related to credit card management and customer service, which underscore the need for the industry to pay closer attention to consumer feedback,” said Alex Ilagan, executive director of the 16-member industry association.
According to the CCAP, the top three credit card-related complaints were: account management; interest rate, fees and charges; and, unauthorized online transactions.
The data showed the share of account management to total complaints increased to 55.5 percent in the second quarter of 2024 from the 37.2 percent share posted in the same quarter in 2023.
According to the CCAP, account management includes complaints from customers encountering difficulties accessing their accounts, card applications and card activation and cancellation processes. These included non-delivery or delay in the delivery of the cards or billing statements, as well as release of rebates, promotions and rewards.
Account management also includes challenges in updating of account or client information and unposted transactions or payments.
“Paying more attention to customer needs is a positive commitment of our member-card issuers.
While there are always opportunities for improvement, most of the feedback we receive are about credit card management and customer service,” Ilagan said.
“An increasing number of consumers are engaging with their credit card issuers to seek better support in
managing their accounts, reflecting a growing awareness of credit management.”
According to the CCAP, the organization continues to work closely with its members to ensure smoother customer experiences by refining processes such as card applications, card activation, billing management and the release of rewards and rebates. These improvements aim to enhance customer satisfaction and provide greater clarity in credit card management, the CCAP said. On August 5, 2024, CCAP signed a contract with Bangko Sentral ng Pilipinas (BSP) to launch Innovative Financial Education Programs. The CCAP and the BSP are currently working together to develop a credit card e-learning course and create learning resources that will be made publicly accessible through the BSP E-Learning Academy (BELA)— an online platform offering courses on personal finance, economics and central banking. The BELA is expected to be fully accessible to the public by the second quarter of 2025, according to BSP. Cai U. Ordinario
Govt raises ₧20B from Treasury bills sale amid investors’ lower demand
By Reine Juvierre Alberto @reine_alberto
THE national government borrowed P20 billion through the issuance of Treasury bills (T-bills) on Monday despite lower demand from investors.
The Bureau of the Treasury (BTr) raised the P20 billion programmed amount by fully awarding the bids for the 92-, 182- and 364-day T-bills offered in the auction.
Total demand for the short-term debt instruments reached P76.350 billion, lower by 22.14 percent or P16.907 billion from the P93.257 billion in bids last week, September 23.
The auction was 3.8 times oversubscribed, according to the Treasury. Demands for the 92-day T-bills reached P24.370 billion, of which P6.500 billion was accepted by the Treasury.
Yields for the government securities ranged from a low of 5.150 percent to a high of 5.248 percent. The average auction yield settled at 5.196 percent, lower by 18.4 basis points (bps) than the 5.196 percent yield from the same tenor a week ago.
The 182-day T-bills tendered an amount of P24.370 billion while the Treasury awarded P6.500 billion from the bids.
Average auction yields for the 182day tenor recorded the biggest weekon-week decline by 47.5 bps to 5.005 percent from the previous auction’s 5.480 percent. Last week, yields for the 182-day debt papers declined by 46 bps from 5.940 percent.
Moreover, the government generated P7 billion out of the P25.830 billion in bids for the 364-day debt papers. Bids for the 364-day T-bills ranged from 5.400 percent to 5.525 percent. The average yield stood at 5.487 percent, down by 9.6 bps from 5.583 percent posted last week.
In the secondary market, the Tbills average auction yields continued to decline and are all lower than the prevailing rates.
Yields for the three-month tenor are 5.258 percent, 5.382 percent for the six-month tenor and 5.560 percent for the one-year tenor, based on the Bloomberg Valuation Service Reference Rates as of September 30, 2024.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said recent signals of a 0.50-bps local policy rate cut for the remainder of 2024 caused the weekon-week decline of T-bills yields and the comparable PHP BVAL yields. Finance Secretary Ralph G. Recto,
who is also a member of the Monetary Board, said the Bangko Sentral ng Pilipinas (BSP) could match the latest 0.50 rate cut of the US Federal Reserve. This could “effectively maintain the tight 0.75 interest rate differential with the Fed and maximize the monetary easing on top of the latest RRR (reserve requirement ratio) cuts,” Ricafort said.
The economist said easing inflation is expected, with projections suggesting rates could drop to 2 percent in September 2024 from 3.3 percent in August.
Recent declines in global crude oil prices may also support the continued cooling of inflation both locally and in the United States, Ricafort added.
The Treasury aims to raise P145 billion from the domestic debt market in October, borrowing P100 billion through T-bills and P45 billion from Treasury bonds (T-bonds).
The government will borrow P2.570 trillion this year, following a mix of 75:25, of which P1.923 trillion will be raised domestically while P646.084 billion will come from foreign sources.
It has borrowed a total of P1.933 trillion as of the end of August 2024 to finance its budget deficit.
PerSonal fInanCe
fitz Gerard Villafuerte
Art
Edwin Wilwayco and the forces that guide his painting hand
IN creating his signature abstract paintings characterized by verve and grace, Edwin Wilwayco says greater forces are at play. The veteran artist maintains he’s merely a conduit, a paintbrush, with his faith the hand and his music the force.
An artist of nearly five decades with multiple accolades, including being among the Cultural Center of the Philippines’ 13 Artists awardees in 1994, Wilwayco begins every painting session in his home studio in Parañaque City with a prayer. After this, he turns on his beloved speakers, playing his favorite tunes for hours on end while he works the canvas.
Classical music figures heavy in the rotation.
“I have always been inspired by the genre as an artist,” Wilwayco said. “Along with prayer, music is a force that guides my painting hand.”
The artform is also the subject of his stunning brand of abstraction—an artistic visualization of melody. His brushstrokes dance to the scintillating allentando and suspenseful ritardando of classical music, interpreting the auditory works into visual pieces full of life, movement, drama.
Wilwayco presents the latest set of his artworks inspired by classical music in his upcoming solo exhibition at Arte Bettina, titled Rhythmic Reverie. The show opens this Saturday, October 5, and will run until October 17.
While Wilwayco’s past music-inspired exhibitions centered on mononymous maestros such as Vivaldi, Schubert, Beethoven, Chopen, Dvorak, and Bach, his upcoming show focuses on no composer in particular.
Instead, Rhythmic Reverie serves as the artist’s nod to the entire genre that helped shape his art but he once despised.
Wilwayco grew up in Guimba, Nueva Ecija, where his father always spun vinyl records, introducing him to the wonders of music. He rocked to Elvis and rolled to The Beatles. Back then, the classical genre was never an option. It turned out that all Wilwayco needed to warm up to the idea and eventually embrace the type of music that, to him, proved life-changing was a serendipitous listen.
The artist was in England in the 1980s as a British Council Scholar for painting at the West Surrey College of Art and Design, Farnham. The late Prof. Eric Torres, Ateneo Art Gallery’s first curator and a good friend, asked Wilwayco to buy him a set of vinyls in London, primarily of classical composers. The artist complied. Curious, he inspected the records and decided to play one on the turntable. He hasn’t lifted the needle since.
Wilwayco began with Mozart’s early symphonies and then the maestro’s later works, followed by Beethoven and Vivaldi. With every song he was moved, as the notes painted in his mind a line moving and colors dancing.
All these years later, Wilwayco revisits that cathartic experience in Rhythmic Reverie and shows how much he has evolved since. He’s much more in tune with the genre now, understanding the control behind what once seemed like chaos.
In the artwork austerely titled No. 5, for instance, bold lines frame the audience’s attention into a particular area. However, wandering eyes who dare go outside the boundaries are rewarded with splotches of color pops and other textured details. Meanwhile, No. 15 carries more elements and meanings awaiting discovery. There are smaller pieces as well that hold narratives that are just as intense, such as the verdant No. 21 or the astral No. 26, marked by swooshing patterns that communicate motion and strength— akin to the vigorous emotions and top-level artistry involved in classical music.
Looking at a Wilwayco painting almost automatically plays the artist’s musical inspiration in the background. In Rhythmic Reverie, the greatest
composers are brought to life, albeit in a different form of artistic expression, under the filter of Wilwayco’s abstraction but as timeless nonetheless. Wilwayco’s upcoming one-man exhibition opens on October 5 at Arte Bettina (0906-8430310, artebettinagallery@gmail.com) in Greenbelt 5, Makati City. More information is available at the gallery’s Facebook and Instagram pages with the handle @artebettina. ■
‘2024 TURNER PRIZE’ EXHIBITION BY PIO ABAD ON VIEW UNTIL FEBRUARY 2025 AT TATE BRITAIN, LONDON
TWENTY-TWENTY Four marks the Turner Prize’s 40th anniversary, and its return to Tate Britain for the first time in six years after touring to other cities around the UK. Established in 1984, the Turner Prize is one of the world’s best-known prizes for the visual arts. Contemporary art is now central to the nation’s cultural life, and the Turner Prize has played an important role in that development.
One of four artists shortlisted for the prestigious 2024 Turner Prize, Pio Abad’s (born in 1983, Manila, Philippines; lives and works in London, England) art explores cultural loss and colonial histories, often reflecting on his upbringing in the Philippines. Featuring drawings, etchings and sculptures that depict and transform artifacts from Oxford museums, Abad highlights their overlooked histories and connections to everyday household items. He was nominated for his solo exhibition To Those Sitting in Darkness at the Ashmolean Museum, Oxford.
He is the curator of the estate of his aunt, the Filipino American artist Pacita Abad. He has recently co-curated monographic exhibitions on Pacita Abad at the Museum of Contemporary Art and Design Manila and Spike Island, Bristol. He also co-edited the publication Pacita Abad: A Million Things to Say in 2021.
Named after the radical painter JMW Turner, the Turner Prize was first awarded in 1984. Each year, it is given to a British artist who has created an outstanding exhibition or other presentation of their work. A jury shortlists four British artists, or artists based in Britain, for outstanding exhibitions or projects held over the previous year. This year’s artists are Pio Abad, Claudette Johnson, Jasleen Kaur, and Delaine Le Bas. The 2024 Turner Prize exhibition runs until February 16, 2025 at Tate Britain.
By Eugenia Last
GEMINI (May 21-June 20): Someone will mislead you if you come across as gullible. Question everything, go directly to the source, research and decide what’s best for you. Act on your own behalf and let others do as they please. Socialize and interact, but most of all, trust and believe in yourself. ★★★★★
CANCER (June 21-July 22): Sit tight if your thoughts aren’t clear. Put your energy into self-improvement, health and fitness, and expand your circle of friends and interests. Don’t let anger seep into conversations or cause frustration and grief. Stay calm, listen and proceed with a positive attitude. Choose peace over discord. ★★★
LEO (July 23-Aug. 22): Fix up your living space; invest time and money in yourself and your surroundings. Efficiency will make a difference in the outcome of a project. Ask questions and gather information to help you decide what you can achieve independently and when to call for help. ★★★
VIRGO (Aug. 23-Sept. 22): Explore places and pastimes that excite you. A change will motivate you and give you a clear picture of your goals. The prerequisite to happiness is doing the right thing at the right time. Don’t hold back; follow your dreams and get on with life. ★★★
LIBRA (Sept. 23-Oct. 22): Enthusiasm will make a difference. How you influence others to see things your way will determine the outcome. Opportunity knocks, and time, charm and patience will seal a deal that can exceed your expectations. Take action when action is necessary. Stick to facts and figures. ★★★
SCORPIO (Oct. 23-Nov. 21): Interactions will give you something to consider. Communication, conferences, reunions and gatherings that put you in touch with motivational people and influences will impact how you move forward. Be open and receptive to change, and embrace whatever makes you feel good about yourself.
SAGITTARIUS (Nov. 22-Dec. 21): Be careful; someone you least expect will lead you astray. Look for opportunities that you have insight into, and replenish your thoughts with the history of something or someone you want to pursue. Don’t take a risk; be thoughtful, gather facts and be realistic regarding what you discover. ★★
CAPRICORN (Dec. 22-Jan. 19): Question your choices and start conversations with experts, but don’t give in to anyone who treats you arrogantly. You decide what’s best for you. Your intuition is smack-dab on target, and if you do your due diligence, it will lead you to positive change and profit. ★★★★★
AQUARIUS (Jan. 20-Feb. 18): Simplify your life instead of adding unnecessary stress. Spending on something you don’t need, or getting into a joint venture, shared expenses or iffy investment, will be costly physically and emotionally. Stick to what and who you know, use your intelligence and know when to say no. ★★★
PISCES (Feb. 19-March 20): Downsize, rethink your strategy, restructure your plans and put your energy into studying and researching the possibilities. Your actions will make a difference
‘long shots’ BY LEO DUDLEY
The Universal Crossword • Edited by David Steinberg/Anna Gundlach/Adrian Johnson/Jared Goudsmit/Taylor Johnson
Martial arts, acting blend perfectly for Rocco Nacino and Carlo Cabral
to Viu Philippines this September 30, adding to the growing list of the network’s titles to binge-watch on the streaming platform.
GMA (www.gmanetwork.com), the country’s leading broadcast media company, and Viu Philippines, a leading panregional over-the-top (OTT) video streaming service, continue their partnership through a premium catch-up service for audiences to enjoy GMA programs on Viu Philippines for free. GMA programs coming to Viu Philippines beginning September 30 are Kara Mia, Magkaagaw, One of the Baes, Madrasta, and Beautiful Justice. GMA’s high-concept fantasy series starring Barbie Forteza and Mika dela Cruz, Kara Mia is based on a true story from India and an urban legend in Great Britain.
Magkaagaw turns up the heat for audiences with Sunshine Dizon and Sheryl Cruz starring in a story that explores how malevolence from a past love can turn a legal wife into the person she hates the most: a mistress. Setting sail on romantic shores is One of the Baes, dubbed as a “millennial fairy tale” which stars Rita Daniela and Ken Chan.
Meanwhile, the fiercest and most glamorous rivalry awaits audiences in Madrasta, starring Arra San Agustin. Just how far is one willing to go in the name of justice? For the three women played by Gabbi Garcia, Bea Binene and Yasmien Kurdi, they will unite and track down the syndicate responsible for the tragic death of their loved ones—and seek justice for everything they have lost.
Besides this new roster of programs to enjoy, other GMA shows earlier made available on Viu include I Left My Heart in Sorsogon, Legal Wives, Artikulo 247, Return to Paradise, Nagbabagang Luha (Flame of Love), The Fake Life, Nakarehas na Puso (Prisoners of the Past), Lolong, Widows’ Web, First Yaya and its sequel First Lady, Anak ni Waray Vs. Anak ni Biday (Hidden Lies), Hanggang sa Dulo ng Buhay Ko (Obsession), Sahaya, Onanay (The Way to Your Heart), Pamilya Roces (Family Jewels), and Ika-5 Utos (Revenge).
MARTIAL arts is a wide spectrum of skills-based sports that encompasses a variety of focus, execution and specialization which improves both the physical and mental wellness of an individual. Some of the more popular styles include karate, jujitsu, boxing and judo, and more and more people are drawn to martial arts like some of the local celebrities that we know.
GMA star Rocco Nacino discovered the many benefits of martial arts early on, while he was still in the university. “I wanted to be well-equipped, and my main motivation then was really self-defense since I had to commute to and from school. I wanted to protect myself, I wanted to be safe in the streets of Manila.”
Nacino tried muay thai, boxing, wing chun and kali, and was eventually drawn to jiujitsu. “It is both a mental and physical discipline, where you take the fight to the ground to subdue your opponent,” he shared.
Nacino, who has a brown belt in Brazilian jiujitsu, recently signed a contract with Zeus Combat League to officially seal his position as the CEO of this fast growing mixed martial arts company.
Part of his role is to use his many platforms as a celebrity athlete to promote awareness of the many benefits of mixed martial arts. “I have also been teaching children the basics of martial arts in our gym in Antipolo, and it pays to instill in the kids the values of respect, discipline, resilience and focus at an early age.”
He added, “The skills and discipline I learn in martial arts, I also use in my being an actor and it really helps a lot!”
BAREKNUCKLE BOXER AND ACTOR
HE is constantly seen in the widely followed action drama series Batang Quiapo and Carlo Cabral is grateful for this big door that has opened for him.
“It’s my first major acting exposure and I’m thrilled to be working alongside our main actor, producer and director Coco Martin. Initially, I did not realize how big a following the series has in the TV landscape but later on, people recognize me when I go out, or get out of parking. I’m just so happy and grateful that Coco took me in and opened the big door
for me as an actor.”
Cabral is a professional bareknuckle fighter before he was invited to be part of the series. “Bareknuckle fighting is very new in the Philippines so there’s hype about it. I have to admit that it’s a brutal sport, and less forgiving compared to other combat sports, but it has worked in favor of my physicality.”
He shared that bareknuckle boxing needs a lot of focus and discipline. “One mistake due to lack of focus and concentration could mean getting knocked out in a brutal fashion. One is also prone to cuts because you get hit with a bare fist. Even if you win without getting hit, you are never without injury because your hands are usually severely swollen after every match.”
Working out is key in both Cabral’s favorite sport and his work as an actor.
“To stay healthy and fit, discipline is a must. Preparing for a match and being an actor on the set for long hours entail a kind of discipline that many sports can deliver. My role in Batang Quiapo is also highly
‘Megalopolis’ flops, ‘The Wild Robot’ soars at box office
By Jake Coyle The Associated Press
Inside Out 2, have particularly powered the box office this year. David A. Gross, a film consultant who publishes a newsletter for Franchise Entertainment, said the genre should reach $6 billion worldwide in 2024—which, he noted, “is back to pre-pandemic levels.”
physical and I do a lot of action scenes so I have to be tough inside and out.”
These two celebrities also believe that martial arts can be therapeutic, aside from the physical and mental benefits that people get from it. We look forward to see more acting projects for both Rocco Nacino and Carlo Cabral where they can use their skills in martial arts. n
SID LUCERO, BEAUTY GONZALES STAR IN ‘OUTSIDE’, NETFLIX PHILIPPINES’ FIRST ZOMBIE FEATURE
“YOU can’t keep out what’s already inside.” This ominous line concludes the newly released trailer for Outside, Netflix Philippines’ first zombie feature. Directed by acclaimed TV commercial and content filmmaker Carlo Ledesma, the film promises to deliver a gripping psychological horror experience when it premieres on October 17. The story follows a family of four led by its unstable patriarch, Francis (Sid Lucero). Together with his wife Iris (Beauty Gonzales) and sons Josh (Marco Masa) and Lucas (Aiden Tyler Patdu), they flee to Francis’ secluded farmhouse in the province to seek refuge and restore some semblance of normalcy back amid a devastating zombie outbreak.
robot who raises an orphan gosling. Audiences agreed, giving the film an “A” CinemaScore. Wild Robot is likely set up a long and lucrative run for the Universal Pictures release. Paul Dergarabedian, senior media analyst for Comscore, predicts The Wild Robot “may take a page from the Elemental playbook by opening to respectable box office and then looking toward long-term playability.” Pixar’s Elemental, which like The Wild Robot wasn’t a sequel, debuted with a modest $30 million but went on to gross nearly $500 million worldwide. Family movies, led by the year’s biggest hit in
Megalopolis, Coppola’s vision of a Roman epic set in modern-day New York, was never expected to perform close to that level. But the film’s $4 million debut was still sobering for a movie that Coppola bankrolled himself for $120 million. Following its premiere at the Cannes Film Festival, critics have been mixed on Coppola’s first film in 13 years. Audiences gave it a “D+” CinemaScore. By any financial measure, Megalopolis was
“Everyone’s so worried about money,” Coppola told The Associated Press in an interview ahead of the film’s release. “I say: Give me less money and give me more friends.”
Studios passed on Megalopolis after Cannes. Lionsgate ultimately stepped forward to distribute it, for a fee. Coppola also picked up the tab for most of its $15 million in marketing costs. The film, which stars Adam Driver, Nathalie Emmanuel and Aubrey Plaza, also played in about 200 IMAX locations, which accounted for $1.8 million of its ticket sales. After three weeks atop the box office, Tim Burton’s Beetlejuice Beetlejuice slid to second place with $16 million in its fourth weekend of release. The Warner Bros. sequel to the 1988 Beetlejuice, starring Michael Keaton and Winona Ryder, has amassed $250 million domestically in a month of release.
Speaking at Netflix APAC Southeast Asia Showcase in Indonesia in June, director Carlo emphasized that Outside is more than just a zombie film. For him, it’s a “terrifying psychological thriller” about the struggles of a family caught in the midst of a zombie pandemic. “At its core, it’s a film about a family’s survival,” he adds.
Carlo’s breakthrough in the horror genre came in 2011 with his found-footage film debut The Tunnel, followed by Sunod in 2019 and the horror-comedy short The Kapre. Carlo describes Outside as his most personal project to date, drawing inspiration from his experiences growing up in Negros and his own feelings of isolation during the pandemic, a period when the idea for the film began to take form. Outside promises to shake up this October with its harrowing tale of survival in a desolate world riddled with more than just the undead. The film stars Sid Lucero, Beauty Gonzales, Marco Masa, and Aiden
ROCCO NACINO (left) and Carlo Cabral
THE POSTER artwork for the Francis Ford Coppola epic Megalopolis
REPHIL.APP: Revolutionizing Philippine Real Estate with a Secure, Integrated Digital Platform
THE Philippine real estate industry is undergoing a digital transformation with the launch of REPHIL. APP, a comprehensive platform designed to streamline property transactions for everyone involved. REPHIL.APP serves as a central hub for property listings, financial transactions, and client management, offering a seamless experience for buyers, sellers, brokers, and agents.
The platform features unlimited nationwide listings, allowing users to access a vast range of properties across the Philippines, from luxury condominiums to residential lots, listed by both large developers and individual sellers. Brokers and agents can update property availability instantly, ensuring buyers receive accurate information.
REPHIL.APP also includes a Content Management System (CMS) for easy listing management, a Customer Relationship Management (CRM)
system for nurturing leads, and an automated commissions management system for streamlined transactions. The platform integrates with banks, lenders, and financial institutions, simplifying loan applications and payments for buyers. REPHIL.
APP verifies and licenses all brokers and agents, protecting buyers from fraudulent transactions and “colorum” agents.
REPHIL.APP empowers real estate professionals with the tools they need to
succeed, while providing buyers with a secure and transparent platform to find their dream properties. The platform streamlines processes, expands reach, enhances security, and improves client relationships.
REPHIL.APP is committed to creating a more efficient, transparent, and secure real estate market in the Philippines. The platform is designed to meet the evolving needs of the industry and empower all stakeholders to thrive in the digital age.
Honda donates life-saving generators to power communities
HONDA Philippines, Inc. (HPI), in its commitment to corporate social responsibility, generously donated 70 units of 6.5KVA Generator Sets to the Philippine Red Cross (PRC). As a trusted partner of Honda, PRC has been reaching out and helping communities for decades, notably during the COVID-19 pandemic in 2020 and Super Typhoon Odette in 2021.
trustworthy institutions like the Philippine Red Cross, as we share the common value of saving lives of the Filipinos. Under the banner of the Honda You campaign, we mobilize the spirit of giving back to the community by taking a proactive approach to improving the quality of life of every Filipinos” said Sayaka Arai, HPI President.
Present at this momentous event were HPI officers headed by its President, Sayaka Arai; VicePresident for Sales and Marketing Jomel Jerezo; along with other officers and Honda personnel. PRC Chairman Richard Gordon was joined by Sec. General Gwendolyn Pang and the PRC team.
Honda Philippines, Inc. (HPI), the leading manufacturer/distributor of motorcycles and power products, is committed to being One with the Community through its advocacies for Clean & Green Surroundings, Supporting Quality Education, Improving Quality of Life in the Community and Protecting Human Lives through Road Safety.
Toyota PH turns over Land Cruiser Prado to two-time Olympic gold medalist Carlos Yulo
LEADING mobility company Toyota Motor Philippines (TMP) has turned over a brand-new Land Cruiser Prado to Filipino gymnast Carlos Yulo, who won two gold medals in the 2024 Olympics held in Paris, France. It can be recalled that the automotive manufacturer announced this mobility incentive in recognition of Yulo’s milestone win.
The luxury SUV was ceremonially awarded to Yulo in an event at the TMP manufacturing plant in Sta. Rosa, Laguna witnessed by hundreds of the company’s team members. The turnover ceremony was led by TMP President Masando Hashimoto and Vice Chairman Dr. David Go and was also attended by other representatives of TMP’s top management and the Labor Union.
TMP also toured Yulo around the manufacturing plant and gave him a glimpse of how the Philippine-made Toyota models Vios, Innova, and the soon to be launched Tamaraw are assembled locally by Filipino workers.
“Thank you, Caloy, for being an inspiration. Like the Prado, you are legendary in every way. We hope the Prado will Move Your World and help you achieve even more,” shared TMP President Masando Hashimoto during his speech.
Yulo secured his first gold medal in the individual men’s vault in artistic gymnastics,
and his second in the individual men’s floor exercise. He makes history by being the first Filipino and Southeast Asian to win multiple gold medals in the Olympics.
According to TMP President Hashimoto, Toyota Motor Corporation (TMC) Chairman Akio Toyoda is “very proud of him and all the athletes who pushed themselves to achieve the impossible.”
Yulo also recently went back to Paris for the Paralympic Games, where he supported the Philippine Paralympic athletes and engaged in discussions on giving back to the communities that have helped shaped him as an athlete.
“I know this gift isn’t just about me. It’s about this community that has been cheering me on. Toyota, I am so grateful to be a part of your team, this leading brand, this community, and I hope that this gift will inspire others to also chase their own dreams and never give up,” shared Yulo during his acceptance speech.
Yulo will be driving a 2025 Land Cruiser Prado with a 2.4 turbo engine and automatic transmission. He personally selected the White Pearl Mica colorway.
For more updates on Toyota products, services, promos and events, follow Toyota Motor Philippines on Facebook and Instagram, ToyotaMotorPH on X, and join the ToyotaPH community on Viber.
Sun Life Foundation turns over Barangay Health Station to Brgy. Maasin in Tarlac
SThey also support continuous communication during disasters, crucial for coordinating relief efforts and ensuring community safety. Additionally, they help PRC operate efficiently during power outages caused by natural disasters like typhoons and the current La Niña situation.
“We at Honda, are committed to supporting
Honda aims to support life-saving programs, especially during calamities and disasters, by donating generator sets to the PRC. These generators shall enhance emergency response by providing reliable power to PRC chapters, ensuring timely assistance and powering essential medical equipment.
HPI aspires to become “a company that society wants to exist,” and will contribute to the realization of a sustainable society by serving people with the joy of mobility and comfort and expanding life potential through its social contribution initiatives.
For more details about Honda products and promos, visit us at our website www.hondaph. com and follow our Facebook page, Honda Philippines, Inc. and Instagram, @hondaph_mc
DLSU to offer Executive MBA Program in Laguna Campus
DE La Salle University Ramon V. del Rosario College of Business announced its first Executive MBA program which begins in January 2025 or the second trimester of A.Y. 2024-25.
The announcement was made during the general membership meeting of ALPHA, the largest organization of human resources professionals based in Laguna Technopark, held at the DLSU Laguna Campus last August 29, 2024. DLSU MBA Graduate Program Coordinator
Dr. Raymund Habaradas described the Executive MBA, or EMBA, as an intensive 20-month 39-unit professional management program designed for middle to senior managers and business owners of companies in the Laguna Technopark and other industrial parks in the Calabarzon area.
The DLSU EMBA program will feature intensive six-hour classes that will be held every Saturday exclusively at the DLSU Laguna Campus, which is located right next to Laguna Technopark. Along with the in-person classes are asynchronous three-hour weekly online sessions that the students can take in their own time. The program will be a compressed version of the existing MBA program of DLSU, allowing busy managers to earn the degree in only five
DR. Raymund Habaradas, DLSU MBA program coordinator trimesters, as compared to the traditional program which usually takes nine. Organization and Management Department Chair
Dr. Maria Paquita Bonnet sees the opportunity for CEOs and senior managers to benefit from Lasallian business education, which distinguishes itself through an emphasis on ethical leadership and humanistic management. This is best exemplified in the unique component of the program called “Insider Action Research,” which replaces the thesis as a final course requirement.
Under this component, students carry out needed changes in their respective companies by collaborating with their colleagues and subordinates at work. The results are welcomed by companies as unique solutions stemming from the broadened perspective and collaborative thinking applied by managers in their MBA classes at DLSU.
The EMBA program is particularly focused on developing leadership in the IT and manufacturing companies that dominate the industrial parks in the Calabarzon region, supporting the call from economics researchers to develop high organizational capabilities and boost manufacturing and exports in order to raise the Philippines as an economic powerhouse in the region.
Scholarships are available for EMBA students, through the DLSU St. La Salle Scholarship Program, a merit-based scholarship offering 25 percent, 50 percent, 75 percent, and 100 percent tuition discounts. Discounts are also available for group enrollees consisting of five and more who are from the same company.
Online application to the EMBA program is ongoing until October 12 at www.dlsu.edu.ph/ admissions/graduate. Applicants need to be in middle to senior positions to qualify for the EMBA program.
UN Life Financial-Philippines Foundation, Inc. (Sun Life Foundation), the philanthropic arm of life insurer Sun Life Philippines, recently turned over the completed Maasin Barangay Health Station (BHS) to residents of Brgy. Maasin in Pura, Tarlac.
This brings the community closer to basic primary health services such as consultations, prenatal checkups, immunizations, health education, and referrals to larger health facilities as necessary. This is complemented by the Community-Based Health and Wellness Program, where a Community Health Nurse trains a Barangay Nutrition Scholar, Barangay Health Workers, and Cluster Leaders to serve the community.
“Sun Life Foundation has always been at the forefront of bringing health services to underserved populations,” says Sun Life Foundation Executive Director Kristine Millete. “This program is not just about improving the health of communities, but
also about strengthening the foundations upon which Filipinos can build brighter futures.”
The turnover is part of a multiyear project launched in partnership with Health Futures Foundation, Inc. (HFI), which aims to build fully equipped health facilities in remote areas across the country.
“HFI and Sun Life Foundation are planting the seeds for a thriving community,” says HFI Executive Director Pedrito de la Cruz. “We have faith that the community will be able to maintain the Barangay Health Station’s operations with help from the local government’s health unit.” The turnover of Maasin BHS brings the number of operational stations to nine, following the turnover of eight stations in Batangas in 2023. As an advocate of social welfare, Sun Life Foundation transforms communities through programs encompassing health, education, and environmental sustainability.
IN the photo are, from left, Jean Gologabin, Director and Cofounder; Red Rosales, Director and Cofounder; Abu Md Rahman, CEO and Cofounder; Joanne Oliva Rahman, Secretary and Cofounder. and Dexie Gacutno, Director and Cofounder.
AT the turnover ceremony were, from left, PRC Secretary General Gwendolyn Pang, PRC Chairman Richard Gordon, HPI President Sayaka Arai and HPI Vice-President Jomel Jerez.
IN the photo are, from left, Toyota Motor Philippines (TMP) President Masando Hashimoto, two-time Olympic gold medalist Carlos Yulo, and TMP Vice Chairman Dr. David Go.
Reclaiming the Klamath: A $450 million effort to save native plant species and salmon habitat
By Virginia Gewin
ONE day last January, close to two-dozen people rose at dawn to hand-sow thousands of pounds of native plant species across a vast swaths of sand, silt and clay that had emerged when the reservoirs behind four hydroelectric dams on the Klamath River in Oregon were drained.
The Klamath once boasted the third-largest salmon population in the West. But the dams—built a century ago to provide power to a growing US Northwest—destroyed 90 percent of them by turning a cool, free-flowing river into a warm, stagnant reservoir thick with toxic algae. The Klamath Dam Removal project, at a cost of about $450 million, is one of the largest efforts in American history to redress an environmental wrong. But getting rid of the reservoirs was just the beginning. As soon as the sediment settled, the race was on to plant the right kind of vegetation before the wrong kind took hold. An aggressive trio of invasive weeds—medusahead, cheatgrass, and star thistle— are among the formidable pests that outcompete slowergrowing native plants. And the consequences of letting them spread unchecked will be grave not only for animal species, but humans as well. A little-known beneficiary of global warming, they offer little wildlife habitat and are significantly more fireprone than native species— the very last thing an alreadyburning American West needs.
Wildfires are laying waste to unprecedented amounts of American acreage. As more barren soil is exposed, there’s more opportunity for invasive plants to take hold. Josh Chenoweth, the leader of the Klamath team, selected native species to best reclaim the once submerged landscape for its original plant and animal denizens, part of a national effort to preserve native vegetation.
But the challenge is formidable. Restoration plans often require the collection of native plant seeds within roughly 100 miles of the site where they are to be planted. As a result, multiple growing seasons are needed to accumulate enough seeds. The endeavor takes significant investment and time—the kind of business ready made for investors with deep pockets. Private equity firms have been moving in, buying up independent seed growers while touting their arrival as a lifeline to an increasingly crucial industry. But the consolidation could instead hinder the success of future restoration efforts while potentially driving some seed growers out of business.
“The right seeds, in the right place, at the right time to restore our public lands and bolster climate resilience.”
The US government is, by far, the biggest purchaser of native seed because of regulations requiring the use of local, climate-adapted
seed for federal restoration projects. In February, the Biden Administration announced a $157 million investment to support 206 of these projects in 48 states—part of a broader $2 billion restoration agenda. Of that, more than $8 million will fund the National Seed Strategy, a program to collect native seed and increase regional seed production capacity. And in February, the Bureau of Land Management (BLM) announced an $18 million investment in the infrastructure, tools, research and labor needed for a robust native seed supply chain.
The new initiative, US Department of Interior Secretary Deb Haaland said at the time, “will help ensure we get the right seeds, in the right place, at the right time to restore our public lands and bolster climate resilience.”
But according to Tom Kaye, the founder and chief scientist at the Institute for Applied Ecology in Corvallis, Oregon, current US restoration commitments will meet only a “fraction of the need.” Citing the uptick in wildfires, invasive species and tree die-offs tied to global warming, he warns that much more is needed to protect native ecosystems.
Six years ago, members of the local Yurok Tribe began collecting native seed for the Klamath dam restoration on their own, since there were no local commercial seed vendors able to provide it in volume. The collected seeds were then sent to contract growers around the West to be expanded into the roughly 19 billion pure live seeds needed to sow the Klamath site twice (just in case the first time fails). In addition to being less flammable and suitable for local wildlife in a way the invasive weeds are not, local native plants also can withstand the region’s punishing summer heat and lack of rain.
“It’s very expensive to custom grow native seed,” says Chenoweth, senior riparian ecologist for the tribe. While none were willing to provide a precise figure, a back of the envelope calculation—given that native seed cost roughly $50 per pound and 19 billion seeds weigh in the tens of thousands of pounds—suggests a cost in the millions of dollars. The initiative was funded under the $450 million agreement that formed the Klamath River Renewal Corporation, paid for with PacifiCorp utility surcharges and bond funding from the State of California.
To restore salmon habitat, Chenoweth designed a plan to re-establish wetlands, oak woodlands, conifer forests and
grasslands—each of which influence the complex life cycle of salmon. Wetlands store water so streams can maintain water flows; shrubs and sedges along riverbanks provide nutrients and insects to support a diverse food web, as well as shade necessary to keep the water cool enough for spawning. Old, fallen trees can create pools where gravel can settle—ideal for salmon to lay their eggs.
Unlike the uniformity sought when farming monoculture crops for human or livestock consumption, however, native seed cultivation aims to capture all the genetic diversity in each species. “We want plants that are the opposite of what a farmer wants,” says Kaye, whose group holds an annual National Native Seed Conference. “The natural world needs plants that are genetically diverse and don’t mature at the same time.”
But the native seed industry has been struggling to grow a commercial sector where both big and small companies can thrive—especially since, unlike other farmers, they don’t have access to government assistance or crop insurance. A 2023
National Academies of Sciences [NAS] report highlighted that the native seed market cannot currently meet restoration needs, especially as climate change-induced disasters mount. Given that one exceptionally bad wildfire year can wipe out native seed inventories, the risk becomes clear.
This has created an opening for private equity firms, which
contend they are uniquely positioned to provide capital investment necessary to overcome the cost and risk involved. Last year, Norwalk, Connecticut-based Heartwood Partners purchased Native Seed Group, a collection of the 12 top US native seed producers. It’s the biggest player in the field with 1,142 native grass, shrub and wildflower species.
“It’s easy to view private equity and big companies as the problem,” says Chief Executive Officer Rob Wendell. “The majority of private equity invests capital into expansion activities that will generate growth.” The $9.6 billion restoration industry is certainly increasing. In the native seed space, “private equity is making us more capable of being local.”
“Local” being the key— native plants collected near the restoration sites are already adapted to the climate. But custom collection and production increases the cost. Critics of private equity firms contend they will do the opposite, focusing on fewer common “workhorse” varieties that are suboptimal to locallycollected varieties but easier to produce—maximizing profit but leaving ecosystems less resilient.
“Since NativeSeed Group consolidated, prices have gone up,” Chenoweth says. “[And] one of the biggest problems with commercial sources is a lack of diversity.”
Matthew Benson, a manager at BFI Native Seeds—which provided the bulk of the seeds
The US government is, by far, the biggest purchaser of native seed because of regulations requiring the use of local, climate-adapted seed for federal restoration projects. In February, the Biden Administration announced a $157 million investment to support 206 of these projects in 48 states—part of a broader $2 billion restoration agenda.
for the Klamath project—said he’s not sure his operation will survive a more concentrated market. His company focuses on roughly 250 locally adapted “boutique” species varieties, which shift each year depending on restoration funding. “The native seed industry has consolidated to the point that it looks like an oligopoly,” he says.
US federal agencies oversee 650 million acres of public lands—roughly one-third of all US acreage. These lands are the biggest driver of native seed demand. The Bureau of Land Management purchases around $20 million of seed each year. “Anywhere between 8590 percent of seed bought is bought for fire rehabilitation and restoration,” says Peggy Olwell, plant conservation and restoration program lead for the bureau.
The NAS report recommended government agencies be better customers to the industry— most notably, by providing long-term restoration goals companies can plan their seed growing around. In the last year, the government has made progress on that front, says Vera Smith, senior federal lands policy analyst at the non-profit Defenders of Wildlife.
Smith says the Department of Interior’s Native Seed and Restoration Center—designed to coordinate native seed demand and supplies across federal agencies—could be a game changer. But more needs to be done to help seed producers meet demand, she says. “This isn’t an industry that is going to pop up that organically. There’s a lot of barrier-to-entry costs,” says Smith.
In Winters, California, rows upon rows of flowering yellow tufted poppies bloom adjacent to patchy pepperweed. The planting by Hedgerow Farms, a NativeSeed brand, is a species they anticipate will be in demand in the near future. It’s the first crop grown from pepperweed seed collected last year in the San Joaquin Valley.
“You never really know how it’s going to behave. It’s kind of a wild animal,” explains Julia
Michaels, NativeSeed Group’s vice president for research and outreach. “There’s a lot of speculation that there will be demand for San Joaquin species given groundwater legislation known as SGMA.”
California’s Sustainable Groundwater Management Act requires local agencies develop plans to protect groundwater levels. As a result, up to 900,000 acres of irrigated farmland will come out of production by 2040, according to a Public Policy Institute of California report last year. And much of it will need to be restored.
Other seed growing groups are figuring out how to become efficient on smaller scales. In 2023, Pat Reynolds left Hedgerow to lead a non-profit, Heritage Growers, to produce native plant species as cheaply as possible. In central Oregon, Kaye and his colleagues have created cooperative groups such as the Willamette Valley Native Plant Partnership, to efficiently collect, grow and distribute remnant prairie species across smaller organizations in the region.
“We need a native seed industry that includes big seed companies so that we have enough seeds for the huge restoration needs on our landscapes—and seed producers that deliver small-batch, locallyadapted seed that is genetically diverse,” explains Kaye. “We can’t take short cuts and grow a ton of one genetic type and sell it to everybody.”
In early May, as the Klamath River flowed unimpeded, the banks were carpeted with native California poppies, lupine and grasses. Chenoweth counted as many as eight butterfly species on the hand-sown seed. “It was incredibly successful,” he says. He’s also taken steps to create his own seed supply via a BLM grant, part of their Seeds of Success program. He plans to collect and multiply boutique seed, such as Oregon Sunshine and yarrow, that he wants to use in future restoration around the region. “Whatever poundage I produce and stash is a win,” he says. Bloomberg News
COPCO No. 2 was fully removed in October 2023, marking the first of four dam removals along the Klamath River. PHOTO COURTESY OF AMERICANRIVERS.ORG
Pogačar brilliancy at work in Zurich
Zof Australian Ben O’Connor and 58 clear of defending champion Mathieu van der Poel of the Netherlands, who finished third in a sprint to the line ahead of Latvian Toms Skujins and Belgian contender Remco Evenepoel in fifth place.
“I put a lot of pressure on myself for today. The race unfolded pretty quickly,” Pogačar said. “I never gave up. It was an incredible day, I cannot believe what just happened.”
Pogačar achieved the rare treble of winning the worlds, the Tour and the Giro d’Italia in the same year. He also won the prestigious Liège–
Thailand ace triumphs as Ardina falters in final round in Arkansas
T18th in regulation to force the playoff at Pinnacle Country Club with each sinking birdies in the 18th on the first extra hole.
Suwannapura shot a career-best 10-under 61, playing the back nine in seven-under 28, to match Li at 17-under 196.
Bastogne–Liège classic and the Strade Bianche, both with similar solo attacks.
“After many years fighting for the Tour de France and other races I never had the world championship as a clear goal, but this year everything went smoothly,” Pogačar said. “After the perfect season it was a really big goal to win the world championship and I can’t believe it happened.”
On Sunday, he had a prestigious teammate on the road: Primož Roglič, the record-equaling four-time Spanish Vuelta champion.
But he didn’t need him and it was Pavel Sivakov of France who joined Pogačar as he made a breakaway 100 kilometers out.
“I don’t know what I was thinking,” Pogačar said. “But I went with the flow and luckily I made it.”
The peloton—led by a determined Van der Poel—tried to counter them with about 70 kilometers left.
The front two maintained their lead of around 40 seconds, with Van der Poel now joined by Evenepoel, the 2022 world champion and reigning Olympic champion. But Evenepoel, who
won last weekend’s time trial, had no teammates with him.
After Pogačar dropped Sivakov, he rolled through the countryside leading to Zurich and the title after finishing third last year.
He completed the 274-kilometer route, which started from Winterthur and had elevation gains of 4,470 meters, in six hours, 27 minutes and 30 seconds.
Jerusalem defends belt in ‘25, Taduran fights in November
By Josef Ramos
Two-time world champion Julian Alaphilippe of France went out of the race early on. The Soudal Quick-Step rider was caught in a crash and hurt his left shoulder.
Bacyadan returns to kickboxing
MPWhinny Bayawon and Enrile Amangao in Cambodia.
They fly to Phnom Penh on Friday.
“Lucy was not the easy player to play in a playoff with, so I’m really glad to play and stay calm and stay within myself, play my game,” said Suwannapura, who jumped into husbandcaddie Michael Thomas’ arms after the winning putt. “Today happened, so I’m very happy.”
Suwannapura won her third LPGA Tour title, playing the last 22 holes without a bogey. The 31-year-old Thai player also won the 2018 Marathon Classic and teamed with Cydney Clanton to take the 2019 Dow Great Lakes Bay Invitational.
Tied for 25th entering the day, Li shot a tournament-record and career-best 60, making her third eagle of the round on 18. Ardina was in second place entering the final round but stumbled with a 75 marred by double-bogey on No. 13 and tied for 44th. The 30-year-old Paris Olympian had two birdies and four bogeys to finish at 6-under 207 for $11,004. Suwannapura bagged $450,000 and Li earned $275,072.
DOTTIE ARDINA has a double-bogey marred fourth round to tie for 44th place. AP
ARIS Olympics boxer Hergie Bacyadan sets off for Cambodia to compete in his other sport— kickboxing—in the Asian championships set October 6 to 14 at the National Olympic Stadium in Phnom Penh.
“There’s no rest after Paris because I had to prepare myself for Cambodia,” Bacyadan, 30, said Monday.
The pride of Kalinga will be compete in women’s 70 kgs in Cambodia, where she will be joined by three-time Southeast Asian Games champion Jean Claude Saclag, Jovan Medallo, Janah Lavador, Ralph Yosorez,
“Preparation is crucial at this point and strategy especially that I do not have any idea who will be my opponents there,” Bacyadan said. “But I never stop conditioning and training myself.”
The Filipino kickboxers are hoping to win gold medals in the Asian championships to qualify for the World Games next year in Chengdu, China.
Bacyadan is a versatile combat sports athlete—she won a world championships gold medal in vovinam while dabbling in kickboxing, sanda of wushu and most recently boxing where she qualified for the Paris Games. Josef Ramos
Junior golfers get to feel TCC in practice for national finals
Wrenched out heart
ATOTAL of 62 young players will get their first taste of the prestigious The Country Club (TCC) course in Tuesday’s official practice round ahead of the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (PGT) Match Play Finals. The finals kick off Wednesday with an 18-hole stroke play round to determine player rankings for the head-to-head match play duels. Golfers in the 13-15 and 16-18 age categories will also begin
Quarterfinal
with
according to each
At
the players will have to contend with strategically placed bunkers and numerous out-of-bounds areas, particularly on the tricky No. 4. The greens vary in size but are uniformly challenging due to their sleek and unpredictable nature.
ELVIN JERUSALEM will savor his World Boxing Council (WBC) title at least for the remainder of 2024 while his minimum weight counterpart in the International Boxing Federation (IBF), Pedro Taduran, will defend his belt in November in Korea.
“We have two exciting options next year after my successful mandatory defense two weeks ago,” said Jerusalem, referring to his unanimous decision victory over Mexico’s Luis Castillo last September 22 in Mandaluyong City. Jerusalem could opt for a rematch with erstwhile champion Yudai Shigeoka of Japan or a unification fight with either World Boxing Organization (WBO) champion Oscar Collazo of Puerto Rico or Thammanoon Niyomtrong of Thailand next year. Collazo (10-0 with seven knockouts) will defend his belt against Niyomtrong (25-0 record with nine knockouts) on November 16 in Riyadh.
“I can go for a rematch with Shigeoka or wait for the winner between Collazo and the Thai in November,” Jerusalem (23-3 record with 12 knockouts) said. “All I need to do is condition myself and be always be competitive.” He returns to training next week in Cebu and will fly to Hamburg for the prestigious WBC Annual Convention from December 8 to 14. Jerusalem, 30, lost his WBO belt in his first title defense to Collazo on May 27, 2023,
JERUSALERM
TADEJ POGAČAR
ON the occasion of the 75th anniversary of the founding of the People’s Republic of China, Ambassador Extraordinary and Plenipotentiary of China Huang Xilian shares his views with BusinessMirror on a series of topics.
BusinessMirror: Ambassador Huang, can we start with an overview of China’s development over the past 75 years since China achieved national independence and liberation and has emerged as a global player with consequential influence.
Ambassador Huang: Thank you. Yes, this October 1st marks the 75th anniversary of the founding of the People’s Republic of China. Over the past 75 years, the Communist Party of China (CPC) has united and led Chinese people of all ethnic groups in working tirelessly to secure great achievements. China has moved from weakness and poverty to strength and moderate prosperity in all respects. It has embarked on a new journey of building a great modern socialist country in all respects and achieving national rejuvenation with Chinese modernization. We became the second largest economy in 2010 and have remained so ever since. In 2023, our GDP exceeded 126 trillion yuan. China adheres to the peoplecentered approach and the fruits of development are for all Chinese people to share. Since the inception of the reform and opening up in the late 1970s, China has lifted more than 800 million people out of poverty, accounting for more than 70 percent of the global total poverty alleviation over the same period. China has the world’s largest and most promising middle-income group totaling over 400 million people. The average life expectancy of Chinese people has risen to 78.6 years. With the continued advancement of modernization, the Chinese people’s expectation for a happy life is turning into a new reality. China’s development is driven
In celebration of the 75th anniversary of the founding of the People’s Republic of China
not only by a reasonable growth in quantity but also an effective upgrade in quality. Right now, the traditional industries are under transformation and upgrading, and the cultivation of new forms of industries is accelerating.
High-quality and innovation-driven development is becoming the main theme of China’s economy. Although it is inevitable to face temporary difficulties in specific areas during the alternation of the old and the new, the economic fundamentals sustaining China’s long-term sound growth remain unchanged. China will not waver in our determination to promote high-quality development.
The Third Plenary Session of the 20th CPC Central Committee was convened successfully not long ago. It mapped out an overall plan to further deepen
Exclusive Interview with Chinese Envoy to the Philippines Ambassador Huang Xilian on China’s Development, the Third Plenary Session of the 20th CPC Central Committee,
What the Future Holds for PH and ASEAN Relations with China and Others
the wind and waves, creating new opportunities for the world with its own development.
BusinessMirror: Your Excellency, you mentioned the CPC Central Committee’s recent third plenary session. Can you tell us more about it?
Ambassador Huang: The Third Plenary Session is an important, remarkable and historic meeting that was successfully convened last July. It adopted the Resolution of the Central Committee of the Communist Party of China on Further Deepening Reform Comprehensively to Advance Chinese Modernization. More than 300 important reform measures have been rolled out, covering each and
reform comprehensively to advance Chinese modernization, sending a strong signal to the rest of the world that China will continue reform and opening-up in the new era. This is a demonstration of the pulse of the time, that China is committed to pursuing high-quality development and high-standard opening up. The great ship of Chinese economy will keep sailing forward riding
every aspect of advancing Chinese modernization.
The Resolution laid out a series of key objectives such as finishing the building of a high-standard socialist market economy in all respects. It will be the first time in human history to achieve collective modernization of a super-large population of more than one billion people. We will unswervingly promote high-quality
development, of which developing new productive forces is an intrinsic requirement and an important focus. We will develop artificial intelligence, digital economy, green economy and other frontier areas, and build the name-brand “Invest in China”, turning China’s large market into a “strong magnetic field” for global innovation.
Openness is a defining feature of Chinese modernization. For many years, China has been the world’s largest trader in goods, second largest trader in services, the largest investor, and enjoys the second largest inflow of foreign capital. It is the main trading partner of nearly 200 economies. The Resolution stipulates that China will steadily pursue high-standard opening-up to promote reform. It will open itself wider to the world through international cooperation, align with high-standard international economic and trade rules, further push through institutional opening-up, and remove barriers to market access.
China has become what it is today and integrated into the world through reform and opening up. It will march on to the future and benefit the world through further deepening reform comprehensively. With its new achievements in modernization, China will create new opportunities for the development of the world, and better play its role as a responsible major country with enhanced international influence and stronger capacity to steer new endeavors and greater moral appeal.
BusinessMirror: What opportunities will China bring to the Philippines and other ASEAN countries?
Ambassador Huang: A more open China will generate more opportunities for mutually beneficial cooperation with countries in the region. China’s contribution to world economic growth has stayed at around 30% over the years. According to IMF estimates, China accounts for over 50% of Asia’s economic growth. A one percentage point increase in Chinese growth leads to a 0.3 percentage point increase in the Asian economy.
China and ASEAN have built closer economic and trade ties. China has remained ASEAN’s largest trading partner for 15 consecutive years, while ASEAN has remained China’s largest trading partner for four consecutive years. In the first half of this year, the trade volume between the two sides increased by 10.5% year-on-year. In 2023, China’s investment in ASEAN increased by 44.6%, and the cumulative two-way investment exceeded US$380 billion. For example, ASEAN has attracted the most overseas investment by Chinese car companies. In 2023, Chinese electric cars accounted for 67% of all EVs sold in ASEAN. Cooperation in clean energy such as wind power, hydropower, and solar energy continues to expand, spurring
the region’s energy transformation.
To be more specific, China has been the largest trading partner of Vietnam for more than 20 years, of Malaysia, Thailand, Cambodia, Indonesia, Singapore for more than a decade and of the Philippines for 8 consecutive years. Solid and substantive progress has been made in making China and ASEAN countries interconnected. ChinaLaos Railway has witnessed booming passenger and freight services. Jakarta-Bandung High-Speed Railway is trending on social media. China-Laos-Thailand-Malaysia crossborder railway train has officially started operation. The freight services of the sea-rail intermodal train of the new western land-sea corridor have risen by 20.8% in the first half of this year. All these contribute to deeper integration of our industrial and supply chains. Take Vietnam, last year, our bilateral trade reached 229.8 billion USD, with Vietnam’s exports to China increased by 4.8%. Durian exports, in particular, amounted to nearly 2.2 billion USD, of which 2.1 billion USD worth of the fruit was exported to China, or a tonnage of nearly 500,000.
Fueled by new productive forces, the potential of China’s super-large market continues to be tapped, and our economy maintains a long-term positive trend. This will bring new development prospects to ASEAN countries and the world.
BusinessMirror: China always says, its modernization cannot happen without a sound external environment. What efforts has China made to ensure a favorable environment, especially diplomatic ones?
Ambassador Huang: The Third Plenary Session underscores that Chinese modernization is the modernization of peaceful development. China remains firm in pursuing an independent foreign policy of peace and is dedicated to building a community with a shared future for mankind.
As a responsible major country, China unswervingly promotes sound interactions with other major countries. For example, great efforts have been made before China and the United States managed to stabilize bilateral relations. China is also committed to the development and revitalization of the “Global South”. The Forum on China-Africa Cooperation (FOCAC) Summit was successfully held in Beijing in September. The international community hailed it as an event highlighting the Moment of the “Global South”. China calls for taking the legitimate security concerns of all countries seriously, and peacefully resolving differences and disputes through dialogue and consultation, pointing the way for properly resolving hotspot issues. Since last year, China has successfully mediated the reconciliation between Saudi
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Economy & Infrastructure
CREATING A MIRACLE
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Arabia and Iran, setting off a “wave of reconciliation” across the Middle East.
China has released a position paper following the outbreak of the latest round of Palestinian-Israeli conflict, and facilitated reconciliation talks among various Palestinian factions in Beijing, an important step towards peace and stability in the Middle East. Since the full escalation of the Ukraine crisis, China has tirelessly conducted shuttle diplomacy, and remains the most staunch and active party in promoting peace talks.
China has also facilitated multiple rounds of peace talks on the conflicts in Myanmar, stayed committed to maintaining peace and security on the Korean Peninsula, and continued to promote negotiations on the Iranian nuclear issue. In the Horn of Africa, in support of regional countries to tackle security, development and governance challenges, China has proposed and worked with relevant countries to step up the implementation of the Outlook on Peace and Development, mediated actively on hotspot issues and provided humanitarian assistance.
China has taken practical actions to safeguard world peace. Over the past 75 years, China has not provoked a single conflict or war, nor has it occupied a single inch of foreign land. Instead, it has always been committed to handling land and maritime boundary disputes through negotiation and consultation, and has so far successfully solved the boundary issues with 12 of its 14 land neighbors, and the boundary we have delineated and demarcated accounts for 90% of China’s total land boundary with neighbors.
This provides a new model for the peaceful resolution of historical border issues and other international disputes.
As to the South China Sea issue, China signed the Declaration on the Conduct of Parties in the South China Sea
Building a Better World Together
(DOC) with ASEAN countries with a view of safeguarding neighborhood friendliness and regional cooperation, and has consistently and effectively implemented it. China and ASEAN countries are advancing negotiations of the Code of Conduct in the South China Sea, actively engaging in practical maritime cooperation, and working to pool efforts of neighboring countries in safeguarding peace and stability in the South China Sea. At the same time, China will continue to manage differences properly
media. Friends from different countries have been brought close to China by visiting the country and fostering friendship with its people. China has opened new visa-free entry service to more and more countries and regions, leading to flourishing exchanges between China and the rest of the world. The 72/144-hour visa-free transit policy has been expanded to 54 countries. Filipinos and visitors from other 58 countries are now eligible for 30 days of visa-free travel to China’s Hainan province.
through dialogue and consultation with parties directly involved.
BusinessMirror: Our newspaper and other media reported on a recent visit to China. They talk of a vibrant and heart-warming China in stark contrast to the usual narratives from Western media. What's your take on such an apparent discrepancy?
Ambassador Huang: Blurred by Western media and Western narratives all along, many Filipino friends can’t see China clearly and their perception of China’s domestic and foreign policies is misguided. As is often said, seeing is believing. The best way to understand a country is to be there.
China recorded 14.64 million inbound trips by foreigners in the first half of this year, up by 152.7% year on year. Lately, various travel videos tagged “China Travel” have gone viral on social
China and the Philippines are close neighbors with exchanges going back a thousand years. To all Filipino friends, you are most welcome to China and meeting an amazing country beyond imagination!
BusinessMirror: Ambassador Huang, you’ve been here almost five years. Next year, the two countries will celebrate 50th anniversary of the establishment of diplomatic relations. What’s your take on the bilateral ties?
Ambassador Huang: China and the Philippines are neighbors facing each other across the sea. The exchange of ships and merchants between our two countries began more than a thousand years ago. Over 600 years ago, Chinese navigator Zheng He made multiple stops at the Manila Bay, Visayas and Sulu on his seven overseas voyages of friendship and cooperation. In
1417, the East King of Sulu led a delegation to visit China and was warmly received by Emperor Yongle of the Ming dynasty. His descendants remained in China, leaving behind touching stories of ethnic and cultural integration between the two countries. Jose Rizal, commonly known as the “Father of Filipino Nationalism”, has Chinese ancestry and is not only a national hero of the Philippines, but also a source of pride for the Chinese. For thousands of years, China has never occupied a single inch of land of the Philippines. On the contrary, migrant Chinese fought together with the locals against Western powers when the latter invaded the Philippines with their strong ships and powerful cannons, plunging the country into an abyss of misery. In pursuing respective national independence and liberation, China and the Philippines fought shoulder by shoulder. Dr. Sun Yat-sen and Mariano Ponce, our revolutionary forefathers, rendered support to each other and fostered friendship, leaving an indelible mark on friendly exchanges between the two countries. Every year, I visit, with colleagues from the Embassy, the Manila Chinese Cemetery where many overseas Chinese martyrs for Philippine independence and liberation are buried. They include nine Chinese diplomats who fought against the invasion of Japanese militarism. 2025 will mark the 50th anniversary of the establishment of diplomatic relations between China and the Philippines. In 1975, the older generation of leaders of our two countries made the right decision of establishing diplomatic ties despite the shadow of bloc confrontation. Their courage and sense of responsibility leaves a precious legacy to us. The peoples of China and the Philippines have been close by heart and tied by blood over the past 50 years. Our
cooperation in various fields has yielded fruitful results. I assumed my post at the end of 2019. Nearly five years have passed. In the spirit of sharing weal and woe, we have worked together to fight the COVID pandemic, and to respond to typhoons and other natural disasters. Thanks to our concerted efforts, an array of China-Philippines cooperation projects have turned from vision to reality. Moreover, we saw the enchanting landscape on the Chinese Navy Ship “Qi Jiguang”, and also sweated in the friendship walk “Lakad Magkaibigan”. It is in line with the common aspirations and fundamental interests of 1.5 billion people of the two countries together to live in harmony, conduct friendly cooperation, and seek common development. History shows that China-Philippines relations have always maintained an overall momentum of growth despite ups and downs. This historical trend cannot be stopped by any force.
The South China Sea issue is neither the mainstream nor the sum total of the bilateral relationship between China and the Philippines. History also shows that once the differences are properly managed by the two sides, the road of ChinaPhilippines cooperation will be even broader. China-Philippines relations are at a key moment now. What kind of China-Philippines relations do we hope to bring into the next 50 years? The question is worth thinking and exploration for all. We can draw lessons from history, and prepare ourselves better for the future. Let us renew the original commitment to our diplomatic ties, keep in mind the well-being of the two peoples, always remember the fundamental interests of our two countries, and work together to steer clear of disruptions, and advance China-Philippines friendship and cooperation for a steady and sustainable growth of China-Philippines relations.
On
Mombasa
Station of the Mombasa-Nairobi Standard Gauge Railway. The Mombasa-Nairobi Railway is a flagship Belt and Road project jointly constructed by China and Kenya.
