BusinessMIrror September 03, 2024

THE WORLD | A6 RUSSIA LAUNCHES FRESH MISSILE AND DRONE BARRAGE ON KYIV, OTHER UKRAINIAN CITIES

By Andrea E. San Juan @andreasanjuan

HE Philippine pharmaceuti-

Tcal industry stands to benefit from the relocation of business operations of US multinational pharmaceutical firms as Southeast Asia is positioned to capture this growth opportunity, according to the Philippine Pharmaceutical Manufacturers Association (PPMA).

In its economic outlook, BMI, a Fitch Solutions company, noted that Southeast Asia (SEA) is positioned to “leverage nearshoring for economic growth, with the pharmaceutical sector poised to benefit significantly from these trends.”

Asked if the Philippine pharmaceutical industry will gain from this growth opportunity in the region, PPMA President Higinio Porte Jr. said, “Yes, because we are

strengthening the capability of local manufacturers.”

“We are also looking into partnering with multinational pharma companies to scale up Philippine operation and build facility in the planned Pharma Zone,” Porte told the BusinessMirror in a Viber message on Monday. The PPMA head added a caveat: “We need to strengthen, though, regulatory processes to make it

faster and easier.”

According to BMI, “This transformation presents SEA with a significant growth opportunity, particularly as geopolitical tensions between Mainland China and the US continue to escalate with the likelihood of BIOSECURE Act being passed in the US.” BMI explained that the

BusinessMirror

See “Pharma,” A2

AMLC CLOSE RANKS VS. EVADERS, LAUNDERERS

THE Bureau of Internal Revenue (BIR) will team up with the Anti-Money Laundering Council (AMLC) to intensify its crackdown on tax evaders and money launderers.

Internal Revenue Commissioner Romeo D. Lumagui Jr. convened with AMLC Executive Director Matthew M. David and other officers on August 29, 2024, to discuss interagency cooperation and coordination, the BIR said on Monday.

“This interagency cooperation between the BIR and the AMLC will pave the way for future investigations on tax evasion and money laundering,” Lumagui said.

The BIR chief pointed out that tax evaders are now utilizing sophisticated ways to evade taxes and store their wealth illegally, such as through the use of “ghost receipts.” Ghost receipts are fake receipts issued by non-existent or shell companies that do not conduct legitimate business activities. Buyers of ghost receipts use them to lower their tax liabilities by increasing their expense reports to reduce their taxable profit.

This creates “a scheme that directly endangers the integrity of our financial system,” the BIR said.

“The law is clear, all sources of income, whether from legal or illegal means, are taxable,” Lumagui added.

House Committee on Ways and Means Chairman Joey Sarte Salceda said the collaboration would also benefit the AMLC, empowering it to get initial warrants for authorities to investigate tax evaders for other financial crimes.

“Anything that involves money laundering almost always involves tax evasion, because the former involves hiding ill-gotten income,” Salceda said.

The lawmaker added that he advocated for “Al Capone tax laws,” named after the notorious American gangster nabbed for tax evasion, in 2022. This would presume that if the source of income or wealth cannot be proven or traced to some taxed transaction, it becomes prima facie evidence or sufficient evidence for filing tax evasion cases.

“Tax evasion is always easier to track as a lead for other crimes,” Salceda noted.

The BIR vowed it would work handin-hand with the AMLC to run after criminals engaged in violations of tax and anti-money laundering laws.

About P370 billion in foregone revenues were recorded due to fake transactions using ghost receipts, and an estimated 30,000 corporations and sole proprietors have been identified as buyers of ghost receipts.

DRESSED CHICKEN INVENTORY IN COLD STORAGE DIPS

TBy Ada Pelonia

HE country’s dressed chicken inventory declined as traders made way for the “ber” months’ shipments, according to the United Broiler Raisers Association (Ubra).

Data from the National Meat Inspection Service (NMIS) showed that dressed chicken inventory in cold storage facilities nationwide stood at 31,917 metric tons (MT) as of August 26. This was lower than the 32,413 MT recorded in the previous week.

“Importers are maybe creating more space for their September to December arrivals,” Ubra Chairman Elias Jose Inciong told

the BusinessMirror via Viber.

Figures from the NMIS, an attached agency of the Department of Agriculture (DA), revealed that a chunk of the inventory during the period consisted of imports at 21,601 MT while the local inventory held 10,315 MT. For the dressed chicken inventory, the agency said its data excluded freshly chilled chicken and mechanically deboned meat (MDM), adding that the inventory for those already in distribution channels was not included.

NMIS data showed the frozen pork inventory registered an increase to 60,275 MT as of August 26 from 58,031 MT in the previous week.

Imports held the bulk of the inventory at 58,874 MT while pork from local raisers stood at 1,400 MT.

Cold storage facilities in Region 3 and Region 4-A held a chunk of the pork inventory during the period. Both regions also accounted for the bulk of the dressed chicken inventory, according to NMIS.

Meanwhile, the country’s meat imports grew by nearly 10 percent in the first semester, driven by higher chicken and pork purchases abroad.

Data from the Bureau of Animal Industry (BAI) showed meat imports increased by 9.64 percent

RETAIL prices in Metro Manila or the National Capital Region (NCR) increased in July 2024, according to the latest data from the Philippine Statistics Authority (PSA). This is the first time there was a month-on-month increase in the General Retail Price Index (GRPI) since February 2023 when the GRPI increased to 6.6 percent from 6.3 percent in January 2023.

The July increase in the GRPI was faster than the 1.8 percent posted in June 2024, but slower than the 3.9 posted in the same period in 2023. In the January to July period, the GRPI posted a 2.1-percent growth.

“The primary contributor to the uptrend in the annual rate of

GRPI in NCR was the higher annual increase observed in the index of mineral fuels, lubricants and related materials at 7.4 percent in July 2024 from 5.7 percent in the previous month,” PSA said. Apart from fuels, crude materials, inedible except fuels such as firewood and charcoal also posted a higher growth of 1.1 percent from 0.8 percent in June. This was followed by chemicals, including animal and vegetable oils and fats such as those used for paints, varnishes, pharmaceutical preparations, and cosmetics, among others. The growth in these items’ retail

By Reine Juvierre S. Alberto

Lower employment, buying activities cited in Aug PMI

By Cai U. Ordinario @caiordinario

LOCAL manufacturers may have been more cautious in August as the latest Purchasing Manager’s Index (PMI) showed a decline in employment and buying activity.

In its latest PMI data for the Philippines, Standard & Poor’s (S&P) Global Market Intelligence said the country’s PMI was unchanged at 51.2, the same figure posted in July.

While this still showed sustained manufacturing sector growth, S&P said this also reflected the low confidence of businesses in growth prospects in the coming months.

“Employment fell, and buying activity cooled, suggesting that manufacturers remain cautious about growth prospects,” S&P Global Market Intelligence economist Maryam Baluch said.

“Confidence levels also waned in the latest survey period and hit a four-month low, further confirming that expectations

surrounding the production outlook have softened,” she added. S&P said the data on employment in August showed a reversal of the trend in July. There were contractions observed in three of the four survey periods it conducted.

The report, however, noted that amid the decline in the number of employees, there were greater efforts to complete orders, which indicated “sufficient capacity.”

Further, S&P noted that while the PMI supported efforts to increase purchasing of inventories, there was a slowdown to a fivemonth low in the buildup of preproduction inventories.

“Post-production inventories were depleted in August, the

first downtick noted since February followed five consecutive months of stock building,” S&P said in a report.

Nonetheless, S&P said, the health of the country’s manufacturing sector strengthened on the back of the improvement in demand trends for Filipino goods amid a weak foreign demand for Philippine goods.

The selling price for manufactured products increased but at a slower pace. S&P said this indicated that firms may be absorbing some of the cost to boost sales and remain competitive.

S&P said Filipino manufacturing firms indicated that there will be some increase in factory output in the coming 12 months, “with the respective index printing well above the neutral 50 mark.”

“The Filipino manufacturing sector showed sustained and modest gains midway through the third quarter. Growth in output and new orders accelerated on the month, thereby highlighting improving demand trends,” S&P said in a report.

Earlier, the National Economic and Development Authority (Neda) said the share of the

country’s manufacturing sector to GDP has been declining for the past 22 years and is the greatest threat to the prospects of reducing poverty nationwide.

In a recent forum hosted by the Economic Journalist’s Association of the Philippines and San Miguel Corporation, Socioeconomic Planning Secretary Arsenio M. Balisacan cited a need to boost manufacturing growth to increase productivity and incomes nationwide.

In a presentation, Balisacan said the share of manufacturing to GDP was at 20.2 percent in the 2001 to 2003 period, but it declined to 16.2 percent in the 2011 to 2013 period and 15.3 percent in the 2021 to 2023 period.

On the sidelines of the forum, Balisacan explained that the manufacturing sector is associated with high-quality jobs, especially for unskilled and semi-skilled workers.

Balisacan said the manufacturing sector provides an alternative for those leaving the farm sector for high-quality and more productive employment. (See: https:// businessmirror.com.ph/2024/ 07/09/manufacturings-declining -share-in-gdp-alarms-neda/).

NCR…

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prices was at 2.2 percent in July 2024, higher than the 2 percent posted in June 2024.

PSA data also showed another commodity group—manufactured goods classified chiefly by materials such as leather, rubber, wood, paper, and textiles among others—also posted faster growth.

The growth of these items’ retail prices in Metro Manila increased to 1.2 percent in July 2024, faster than the 1.1 percent posted in June 2024.

However, slower annual increases in July 2024 were observed in the indices of beverages and tobacco, at 2.4 percent from 2.6 percent.

Growth was also slower in GRPI in machinery and transport equipment, at 0.3 percent during the month from 0.4 percent in June 2024.

“The indices of food and miscellaneous manufactured articles retained their previous month’s annual rates of 2.4 percent and 1.5 percent, respectively,” PSA said.

The GRPI is an economic indicator designed to measure the change in the price levels of commodities as well as monitor the retail trade sector and function as a deflator in the national accounts.

The index is composed of eight major commodity groups. The data was rebased to 2012 prices in August 2019.

Cai U. Ordinario

Chicken…

Continued from A1

to 647,745 metric tons (MT) from January to June this year, compared to the 590,766 MT recorded in the same period in 2023.

Chicken imports rose 4.13 percent to 221,598 MT from 212,811 MT. Mechanically deboned meat (MDM) accounted for the bulk of chicken imports at 124,837 MT.

Based on BAI data, pork imports grew by 10.73 percent to 316,995 MT from the 286,275 MT recorded in the same period last year. Pork cuts accounted for most of the shipments, followed by offals at 113,851 MT and 112,597 MT, respectively.

enactment of the BIOSECURE Act will “significantly” impact the US pharmaceutical market by necessitating a shift away from Contract Research Organizations (CROs) and Contract Development and Manufacturing Organizations (CDMOs) based in “foreign adversaries” such as Mainland China.

As such, BMI noted that geopolitical tensions are increasing pressure for decoupling, encouraging US multinational drug makers to seek alternative locations for their operations.

“As a result, SEA is well-placed to capitalize on this shift,” the research firm noted, citing the region’s growing labor force, improving infrastructure and supportive governmental policies as the “favorable conditions” which make Southeast Asia an “attractive” destination for pharmaceutical firms looking to diversify their supply chains and reduce dependency on any single market.

However, BMI said despite several competitive advantages for markets across SEA, such as the “favorable” labor costs in comparison to Mainland China as well as its “geographical proximity” to the rest of Asia Pacific region, the uptake of nearshoring initiatives has been slow.

“The region has yet to fully harness the potential of nearshoring and foreign direct investment [FDI], both of which could be transformative for its economies,” said BMI.

Pharma sales outlook

THE BMI economic outlook noted that pharmaceutical sales in SEA are seen to rise from $29.2 billion in 2023 to $38.2 billion in 2028.

However, the research firm pointedoutthat“theimplementation of nearshoring, backed by targeted FDI, could significantly enhance these growth forecasts, catalyzing the region’s integration into global value chains.”

For the Philippines, the

BMI outlook noted, PPMA announced plans to increase local manufacturers’ share in government procurement from less than 5 percent to 50 percent by 2030, with the establishment of the Philippine Pharmaceutical Procurement to centralize procurement and create larger batch sizes for local manufacturers to make them more competitive.

Last month, Philippine Economic Zone Authority (Peza) Director General Tereso O. Panga underscored that the proclamation of the Victoria Industrial Park in Tarlac as a special economic zone is a “major milestone for our push to see the first pharmaceutical ecozone operating within this administration, and ultimately, for the country’s overall pharmaceutical industry.”

The Peza chief said the establishment of this industrial park is a “crucial” step in expanding the pharmaceutical sector within the country and will make medicines affordable and accessible.

“We are optimistic that this will be the start, as we intensify our initiatives on this to achieve our goal of making the Philippines a global leader in pharmaceutical manufacturing,” Panga said in July 2024. Peza said the Victoria Industrial Park is seen to accommodate players in the pharmaceutical industry, diversify the pharma and medical activities in the country, and encourage the creation of other pharma zones nationwide.

As of December 2023, Peza said it hosts 27 companies engaged in pharmaceutical and medical device manufacturing, including Terumo (Philippines) Corporation, Arkray Industry, Inc., Royale Life Pharma Inc., JMS Healthcare PHL, Inc., Philipcare Medical Manufacturing Inc., Kaneko Medical Philippine Inc., Merck Business Solutions Asia Inc., and Cargill Oil Mills Philippines, Inc.

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such as computers, under the LMSP and urged DepEd to take legal action against the non-compliant suppliers. These delays, which began during the Duterte administration in 2020, continued into 2023 under the leadership of Vice President Sara Duterte, who resigned on July 19.

“You’re asking for a P10-billion budget for the same program, yet you have not utilized the remaining funds properly, and you did not even file a complaint against these erring suppliers,” Adiong said, stressing the urgent need to hold these companies accountable for their failures.

The LMSP aims to address facility gaps in schools located in difficult terrains and isolated islands by upgrading makeshift classrooms and infrastructure, particularly in schools without electricity.

Adiong noted that only 50 percent, or approximately P10.29 billion, of the P20.54-billion allocated under the LMSP had been utilized, raising serious concerns about the department’s efficiency.

Despite the program’s goal to construct facilities at 152 sites, Adiong asked why a big chunk of the funds remained unutilized and why there were substantial delays in completing these projects, especially as the department is now seeking an additional P10 billion— an amount DepEd later clarified was actually P3 billion.

“When the infrastructure strand was created, we talked to the three contractors, giving them a chance to continue. After they were given a certain deadline, only one of the contractors was able to finish, I think, 95 percent of what was allotted to it. The other one managed around 25 percent or 30 percent,” Densing explained.

He added, “The balance, I think, they will not be able to build anymore. The third contractor had zero output, and this is the contractor in charge of Mindanao. We are now in the process of terminating those contractors who did not comply with their requirements.”

Adiong emphasized the LMSP’s vital role in providing quality education to the country’s most marginalized communities.

He deplored the slow pace of project completion, as huge funds have been left unutilized or reverted due to supplier inefficiencies.

“Why are we spending so much money on equipment when the suppliers haven’t fulfilled their obligations? This is a significant issue,” Adiong argued.

He urged DepEd, under Angara’s leadership, to ensure that accountability is enforced and to take decisive action against those who deliberately failed to deliver on their contracts.

Angara assured the House panel that DepEd will take strong measures against those responsible for the delays.

DepEd Undersecretary Epimaco Densing III explained that out of the three contractors selected for the LMSP, only one had completed 95 percent of their work, while the other two, including one responsible for projects in Mindanao, failed to deliver, with one producing no output at all.

Poe vows to push for passage of tougher animal welfare law

By Butch Fernandez @butchfBM

SEN. Grace Poe on Monday vowed to continue pushing for the passage of her bill that strengthens the animal welfare law, which has not been shortlisted among the priority bills but which she has explained impacts as well on the well-being of humans.

Gracing an event hosted by an animal welfare group at the weekend, Poe affirmed her advocacy for animal rights, and lauded the initiatives of private groups and individuals helping improve the situation of animals.

“When private groups and individuals work together for an advocacy, much can be accomplished,” Poe said, partly in Filipino, as she joined fellow animal welfare advocates at the second anniversary of Biyaya Animal Care in Mandaluyong City.

“In the Senate, I will continue to push for the rights of our pet dogs and cats, along with the responsible pet owners,” she added.

More than 4,000 people showed up during the event, which gave free neutering and spaying to dogs and cats, among other services.

In pushing her advocacy, she had pointed to the need to address the alarming spike in the number of stray animals, which she said must be addressed as they also are a factor in the rising incidence of rabies, a fatal neurological disease spread by infected animals.

She noted that her grandfather, Fernando Poe Sr., had died of rabies at a relatively young age, but his son and the senator’s father, Fernando Poe Jr., had never borne a grudge at animals and even took care of several dogs, including her own when she was abroad.

Poe is the author of Senate Bill 2458 that seeks to strengthen the Animal Welfare Act.

The bill pushes to equip barangays with animal welfare programs to allow them to act effectively against cruelty incidents.

The measure aims also to establish standards geared towards engendering responsible pet ownership, as well as ethical behavior and accountability from all those who have control over or provide care to animals.

Poe said she and several senators have proposed a budget for local governments and concerned agencies to ramp up free neutering and spaying services nationwide, and to provide free anti-rabies vaccines to victims of animal bites.

The senator stressed the need to fund city and municipal pounds to equip them in caring for stray animals. Her bill likewise carries stiff penalties for animal cruelty and neglect.

“We received reports about the dogs and cats abandoned in a city pound at the height of a storm. While those responsible for this neglect have been punished, we don’t want a repeat of what happened,” Poe said in her message.

Japan Ground Self-Defense chief visits Philippine Army commander

HIGHLIGHTING the growing security ties between the Philippines and Japan, Gen. Yasunori Morishita, the chief of staff of the Japan Ground SelfDefense Force (JGSDF) on Monday paid a visit to his Filipino counterpart, Lt. Gen. Roy Galido, to discuss how the militaries of the two nations can cooperate further. The meeting took place at the Army headquarters in Fort Bonifacio, Taguig City.

“During the call, Morishita and Galido discussed the ways ahead of the bilateral and multilateral defense cooperation [activities] such as the conduct of the Chief of Army Symposium in Australia and the Land Forces Summit in Japan.

“Moreover, future joint exercises including Exercise Balikatan (Ex-BK), Exercise Salaknib (Ex-SN), and Exercise Yama Sakura (Ex-YS) were also tackled. Col. Louie Dema-ala, Army spokesman, said in a statement.

On July 8, the Philippines and Japan signed the Reciprocal Access Agreement (RAA) which will pave the way for the two nations to have more more military cooperation.

Defense Secretary Gilberto C. Teodoro called the Philippines-Japan RAA a “milestone” and “part of the collective international effort to ensure peace and stability in the Indo-Pacific and the Asian Region.”

“[The RAA is another milestone in our shared endeavor to ensure a rules-based international order to ensure peace and stability in the Indo-Pacific and particularly in our region,” he added.

The new bilateral defense agreement, which requires the concurrence of the Senate and ratification by Japan’s Diet, paves the way for joint military exercises, and closer defense and security relations between the two countries.

The RAA with the Philippines is Japan’s first with a member of the Association of Southeast Asian Nations (Asean).

Among others, the agreement will lift restrictions on military exchanges between Japan’s Self-Defense Forces and the Armed Forces of the Philippine for joint exercises and disaster relief operations, both in the Philippines and in Japan. Rex Anthony Naval

Go shows solidarity with barangay leaders

SEN. Christopher Go emphasized the critical role of barangay leaders in strengthening local governance as he attended the Liga ng mga Barangay National Congress at the SMX Convention Center in Pasay City on Saturday, August 31.

The event, led by LNB President Maria Katrina Jessica Dy of Isabela, brought together barangay officials from various localities from all over the cuntry.

In his address, Go expressed solidarity and praised barangay leaders for their unwavering dedication, especially amid challenging times. He underscored the importance of supporting barangay officials to improve governance at the grassroots level.

He reiterated his deep-rooted connection with barangay officials, sharing his experiences working closely with them in Davao City.

Go gave away shirts, basketballs, and volleyballs to all attendees present as tokens of appreciation. There were also select recipients of shoes and mobile phones.

Landslides kill 4; Marcos says government aid ready

By Jonathan L. Mayuga

@jonlmayuga

& Samuel P. Medenilla

@sam_medenilla

LANDSLIDES triggered by heavy rains brought by the induced southwest monsoon or habagat and Tropical Storm Enteng killed at least four people as of Monday and rains are expected to continue until Thursday.

Three of the fatalities were victims of a landslide in Antipolo. The victims include a pregnant woman and two youngsters aged 12 and 15. The other landslide fatality was from Punta Princesa, Cebu.

President Marcos at the same time assured on Monday that government aid is now ready for distribution in areas affected by the torrential rains from Tropical Storm Enteng (international name: Yagi) and the southwest monsoon.

Marcos also committed the government to provide timely advisories regarding suspensions of classes and work related to the latest weather disturbance.

In a chance interview after the opening of the 2024 National Peace Consciousness Month and the Commemoration of the 28th Anniversary of the 1996 Final Peace Agreement with the Moro National Liberation Front (MNLF), the

‘Sara

Chief Executive said government assistance will be deployed as soon as the weather improves in the affected areas.

“And we’re prepared for the aftermath of all of these. As usual, we already made forward placement of the needed [disaster relief]. We will just have to wait for the weather to see what it will do,” he said.

The President also said they are closely monitoring the movement and effects of Tropical Storm Enteng to determine if another round of suspension in classes and government work will be declared.

Malacañang suspended classes in public and private schools in all levels in the National Capital Region due to the heavy rains and floods caused by the latest weather disturbance on Monday.

Marcos said they are coordinating with the concerned local governments for the said region-wide

declaration of class suspension.

The President noted that local governments can make their own decision on class suspension.

“”We will try to give the bulletin as early as possible for work and school tomorrow. My instruction to them is as much as possible, before we sleep today, we know if there will be classes or not tomorrow so the people can adjust accordingly,” Marcos said.

When asked if he will hold a situation briefing with the National Disaster Risk Reduction and Management Council (NDRRMC) as in previous typhoons, he said there is no need for it for now since the inter-agency body is busy responding to typhoon-hit areas.

“They are working. That’s always my policy. I don’t...[hold situation briefings] while we are in the middle of a crisis. I don’t call them while they are working,” Marcos said.

“Besides, they keep reporting to me about specific areas, which have developments,” he said.

In its 5:00 p.m. Tropical Cyclone Bulletin on Monday, the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said Tropical Storm Enteng is over Quirino Province after making landfall in Casiguran, Aurora.

The center of the eye of the storm was spotted in the vicinity of Maddela, Qurino, and is moving northnorthwestward at 20 kilometers per hour.

Enteng is packing maximum sustained winds of 85 km/h near the center and gustiness of up to

105 km/h.

Tropical Cyclone Warning Signal (TCWS) 2 is up over Ilocos Norte, Apayao, the eastern portion of Kalinga (Rizal, Pinukpuk, City of Tabuk), Cagayan including Babuyan Islands, Isabela, Quirino, and the northern portion of Aurora (Casiguran, Dilasag, Dinalungan, Dipaculao, Baler).

Meanwhile, TCWS 1 is still up over Batanes, Ilocos Sur, La Union, the eastern portion of Pangasinan (Rosales, Asingan, Binalonan, Sison, San Manuel, Santa Maria, Balungao, San Quintin, Tayug, Umingan, Natividad, San Nicolas), Abra, the rest of Kalinga, Mountain Province, Ifugao, Benguet, Nueva Vizcaya, the rest of Aurora, Nueva Ecija, the eastern portion of Bulacan (Doña Remedios Trinidad, Norzagaray, City of San Jose del Monte, Obando, City of Meycauayan, Bocaue, Balagtas, Bustos, Baliuag, Pandi, Santa Maria, Marilao, Angat, San Rafael, San Ildefonso, San Miguel), Metro Manila, Rizal, the northeastern portion of Laguna (Santa Maria, Mabitac, Pakil, Pangil, Famy, Siniloan), and the northern portion of Quezon (General Nakar, Infanta, Real) including Polillo Islands. Meanwhile, because of the rough seas caused by Enteng, thousands of passengers were stranded in various seaports, the Coast Guard reported. From 8 a.m. to 12 noon, the Coast Guard said 3,383 passengers, including truck drivers and helpers were stranded in Southern Tagalog, Western Visayas, Bicol, and Eastern Visayas.

left host of problems at DepEd’

By Jovee Marie N. dela Cruz @joveemarie

ADEPUTY minority leader on Monday accused Vice President Sara Duterte of leaving a legacy of unresolved issues in the Department of Education (DepEd), placing an undue burden on her successor, former senator and now Secretary Juan Edgardo Angara, particularly the Matatag curriculum.

House Deputy Minority Leader France Castro made the remarks during the House Committee on Appropriations hearing on the proposed P793.18 billion budget for DepEd and its attached agencies for 2025. Duterte resigned as DepEd secretary effective July 19.

with the burdensome Matatag curriculum,” she said.

Angara stated that a draft department order on the Matatag curriculum is already in progress. “We are listening to the concerns of our teachers,” he said.

Earlier, Angara said the DepEd is considering implementing the Matatag curriculum with greater flexibility as it works to address the country’s learning gap.

Angara emphasized that the Matatag Curriculum will remain in place despite growing calls for its removal.

However, the department is exploring ways to adjust the curriculum to ensure it does not place an excessive burden on teachers, he added.

Pitagan responded to Batangas Rep Jinky Luistro’s query regarding the department’s low 19.22 percent utilization rate for its ICT packages.

“We have this P11 billion budget. You requested this for 2023. Why did you only disburse P2 billion? Luistro asked.

Pitagan said that the 2023 DepEd Computerization Program (DCP) budget was underutilized because the department was focused on fulfilling the previous year’s (2022) funding obligations. He mentioned that the department is still catching up on these critical deliveries.

that the DepEd Computerization Program (DCP) is intended to enhance the ICT skills of students and teachers. However, state auditors reported a dismal budget utilization rate of 50.07 percent with zero accomplishments for fiscal year 2023, further underscoring the department’s operational shortcomings during that year.

Unpaid remittances

“It’s hard for me to appreciate the explanation that your priority is continuing, which is the budget from 2022,” Luistro said.

Go recently filed SBN 2802 last August 27, proposing to provide a fixed 6 year term of office for Barangay and Sangguniang Kabataan (SK) officials, aiming for a more stable and sustained leadership at the grassroots level.

Go, as chairman of the Senate Committee on Health and Demography, also filed Senate Bill 427, the Barangay Health Workers Compensation Act, to ensure fair compensation and benefits for these frontline workers if enacted into law.

He also touched on the essential role of barangays in the governance structure, stating, “You are superstars in your own rights especially in public service in your communities.”

Concluding his message, Go reaffirmed his commitment to championing the needs of barangay officials and encouraged them to continue their vital work for their communities.

The senator then discussed his legislative efforts to support barangay officials, particularly Senate Bill 197, which aims to establish a Magna Carta for Barangays. This proposed legislation seeks to recognize barangay officials as regular government employees, granting them the same benefits and protections, including salaries, allowances, and other emoluments if enacted into law.

“In fairness to Secretary Angara, I’ve had a longstanding relationship with him since my days as a teacher. Secretary Angara has always been very accommodating and has consistently supported bills related to teachers’ salaries. Now that he’s the secretary, it seems like an improvement from the previous leadership,” Castro said.

However, Castro quickly shifted her focus to the challenges inherited from the previous administration.

She noted that the curriculum has placed significant strain on high school teachers, who are now burdened with seven to eight teaching loads per day, with each class lasting 45 minutes under Matatag curriculum.

“They’ve really maximized the six-hour workload,” Castro said, highlighting the excessive demands on teachers.

Castro called for an immediate review of the Matatag curriculum, emphasizing that its implementation was rushed and fraught with problems.

“The previous administration left you [Angara] with this issue, and now our teachers are struggling

Undelivered computers

CASTRO also raised serious concerns from the Commission on Audit’s (COA) report regarding DepEd’s Computerization Program (DCP).

“This is crucial to me, because we want to provide laptops and computers to our teachers,” Castro said, citing the COA’s findings on delays, non-delivery, and inefficiencies within the program, especially the mishandling of DCP packages.

DepEd failed to deliver nearly P9 billion worth of laptops and other e-learning equipment in 2023, congressmen were told on Monday.

During the hearing for the 2025 DepEd budget, the director of the department’s Information and Communications Technology Service (ICTS), Ferdinand Pitagan, confirmed the findings of the 2023 COA report.

The report observed that DepEd, under the leadership of Vice President Duterte, had only utilized P2.18 billion out of its P11.36 billion budget for computers, laptops, smart televisions, and other e-learning equipment.

One computer for every 30 teachers

PITAGAN also revealed that the current student-to-computer ratio is 1:9, while the teacher-to-computer ratio is 1:30.

“That is almost impossible to facilitate an e-learning system having one computer for 30 teachers,” said Luistro, attributing these delivery delays to the poor performance of the Philippines in the global learning assessment, Pisa. Pisa is the Program for International Student Assessment.

Luistro said that the Philippine education standard has remained low over the past five years. She noted that in 2018, out of 79 countries, the country ranked last in reading and second to last in science and mathematics. In 2023, out of 81 countries, the Philippines ranked 76 in reading and mathematics and 79 in science.

Luistro also noted that ICT technologies change quickly, and the computers brought several years ago may become obsolete soon. The 2023 COA report highlighted

CASTRO also expressed concerns about unpaid remittances totaling over P5 billion to various entities, including the Bureau of Internal Revenue (BIR), Government Service Insurance System (GSIS), Philippine Health Insurance Corp. (PhilHealth), and Pag-IBIG Fund. According to the 2023 COA report, unremitted taxes amounted to P1.3 billion owed to the BIR, P3.1 billion to the GSIS, P503 million to PhilHealth, and P182 million to Pag-IBIG. Castro emphasized the impact on teachers and non-teaching personnel, particularly the delayed remittances to the GSIS, which could result in interest charges and surcharges against their accounts.

“This GSIS issue is critical because if premium loan remittances are delayed, the teachers or nonteaching personnel will bear the interest costs,” Castro warned, stressing the financial burden on DepEd employees.

“If payments aren’t made on time, there will be interest and surcharge against the accounts of the teachers or non-teaching personnel,” she added, urging immediate action to address these financial obligations. Angara and other DepEd officials assured that the COA observations, particularly regarding unremitted taxes and premiums, are being addressed through an ongoing reconciliation process.

PDRC pact with PCA paves way for arbitration hearings in PHL

IN pursuit of their shared objective of promoting arbitration as an effective means of peaceful dispute settlement, the Philippine Dispute Resolution Center Inc. (PDRC) entered into a Cooperation Agreement with the Permanent Court of Arbitration (PCA). The two organizations will collaborate to promote the resolution of international disputes through arbitration and other alternative dispute resolution (ADR) methods in the Philippines and Southeast Asia.

Under the greement, the PCA and PDRC will, among other initiatives, collaborate towards the organization of PCA meetings and hearings at the PDRC’s facilities in Bonifacio Global City, Taguig City, as well as PDRC meetings and hearings at the PCA’s premises in the Peace Palace, The Hague, the Netherlands. They will also exchange information and hold conferences, seminars and specialized events together.

The signing ceremony was held at the headquarters of the PDRC, during the visit of PCA Secretary General Marcin Czepelak

to Manila.

The PDRC was represented by its president, lawyer Rogelio Nicandro, while the PCA was represented by Czepelak.

Philippine Ambassador to the Netherlands J. Eduardo Malaya, who is concurrently the acting president of the PCA Administrative Council, its policy making board, for term 2023-2024, and lawyer Victor Lazatin, PDRC chairman, stood as witnesses to the signing of the Cooperation Agreement in the presence of the officers and members of the PDRCI and other members of the Philippine arbitration community.

At a forum prior to the signing ceremony, Nicandro welcomed the signing of the Cooperation Agreement, stating that “having the Philippines as a venue for hearings in PCA-administered proceedings will result in cost and time savings for local businesses and also raise the capacity and experience of local arbitration institutions and practitioners.”

For his part, Malaya remarked that the

Talk to each other!

By Henry J. Schumacher

DO you also have colleagues who tend to disappear when things get tough?

Probably yes! And are they all under 30? Probably not! Nonetheless, the notion

persists that it is only “these young people” who are uninterested in work but eager for vacations, sabbaticals, and a punctual end to the workday.

It’s easy to judge another age group and be surprised, especially when opinions differ. What is often forgotten is that we were once young ourselves and will (hopefully) grow older. Furthermore, the world doesn’t stand still.

So, does the changing attitude have more to do with life circumstances and age rather than the year of birth? When I was a child, there was only one TV channel. I wrote my job applications on an old typewriter, relying on what I had learned in life so far.

cooperation between the PDRC and PCA enhances the country’s profile as an advocate of a rules-based order.

“The signing of the PDRC-PCA Cooperation Agreement raises the international reputation of the Philippines as a preferred arbitral forum and promotes the use of arbitral institutions located in the country,” he said.

The PCA is the oldest, existing international organization devoted to the peaceful settlement of disputes, having been established in 1899 by the Convention on the Pacific Settlement of International Disputes. In operations for the last 125 years, the PCA has developed into a modern, multi-faceted arbitral institution well situated to meet the evolving dispute resolution needs of the international community. It has one of the heaviest caseloads of all international courts and tribunals, supporting in 2023 alone a record 218 registry cases, including investor-state disputes and contract-based disputes involving a state entity. The PCA is composed of 124 Member States, with the Philippines joining it in 2010.

PDRCI is a non-stock, non-profit organization incorporated in 1996 out of the Arbitration Committee of the Philippine Chamber of Commerce and Industry (PCCI).

“What, you’re already that old?” asked a new colleague in the office recently. I felt a bit like a dinosaur. But yes, life back then seems almost unimaginable today.

The Baby Boomers and Generation X will remember well that we were always many: in kindergarten, school, or when entering the workforce. We had to adapt and assert ourselves amidst plenty of competition. In return, there was the promise of earning more through hard work compared to our parents’ generation.

Today, young people face the challenge of maintaining the status quo economically (excluding economically privileged heirs). They also experience a world undergoing multiple crises. The impacts of artificial intelligence and ongoing climate change are becoming increasingly evident, and yet these are just the beginnings.

DA allows transport of swine, but issues strict requirements

TBy Ada Pelonia @adapelonia

HE Department of Agriculture (DA) is disallowing the transport of live pigs for slaughter from infected farms and those within a 500-meter radius from where an Africal Swine Fever (ASF) infection was detected.

The prohibition is part of Administrative Circular 6 which modified the movement protocols for live pigs for slaughter purposes. The circulate was signed by Agriculture Secretary Francisco Tiu Laurel Jr.

“There is a need to utilize the products derived from these healthy animals, thereby averting further waste and addressing the low supply of pork in the market,” the circular read.

AC 6 also specified that the movement of hogs outside the 500-meter up to 1-kilometer radius from where the deadly hog disease was

Geopolitical tensions are even leading to war in the Middle East, Ukraine and places in Africa, and power shifts are questioning the future role of the “West.” These are fundamental questions, and it’s not surprising that some are contemplating what this means for their own lives and the role of work under these conditions.

Although I no longer work daily with people who could be my children, I haven’t noticed in any job context that no one wants to work anymore, and everyone just wants to chill. Like in other age groups, some are committed while others do just enough to get by.

Ambitions play a key role, but personal engagement also correlates with the behavior of direct supervisors. If the motto isn’t just “Command and Control” but includes creating a motivating work environ -

detected is allowed within the city or town, provided that the pigs tested negative for ASF.

It added that live pigs from areas outside the 1-kilometer radius but still within the red (infected) zone could be transported for slaughter across all zones, subject to compliance with the requirements outlined in the circular.

DA said red zones are cities or towns with confirmed outbreaks of ASF.

The documentary requirements include the ASF-Transport Clearance (ASF-TC); Local Shipping Permit (LSP) which is valid only for the duration of the ASF-TC; and livestock, poultry products, and by-products Transport Carrier Registration.

The ASF-TC is a certificate issued by the Bureau of Animal Industry (BAI) or DA Regional Field Office (Darfo) to farms authorizing the transport of live pigs that have undergone laboratory testing and confirmed negative for ASF.

ment, employees will go the extra mile.

Understanding what drives the younger generation and adapting leadership styles is essential.

One noticeable difference is that younger people today make clearer demands. If a company promotes flexible working hours and development opportunities, they expect these to be provided and will criticize when there’s a large gap between the stated company culture and the actual experience. Young employees don’t want to be told what to do; they want to find solutions for the issues presented (which I like).

Sometimes I admire these younger people; I didn’t have the courage to do that as a young man. This makes leadership today more complex than before.

“The pigs must be transported directly from the origin to the specified destination in the LSP. Loading and unloading of pigs during transit is strictly prohibited,” the circular read. It added that all hogs should be slaughtered within 24 hours of arrival at the slaughterhouse.

Meanwhile, the circular noted that the trader or shipper should implement strict precautionary measures to ensure that all vehicles and conveyances used for hauling are subjected to appropriate biosecurity protocols before and after each shipment. This is to prevent any risk of contamination that could endanger farms and healthy animals, according to the circular.

“Any violation of this Circular by the shipper shall result in the immediate suspension of the BAI Handlers License and Transport Carrier Registration, and may lead to the issuance of a show cause order or criminal prosecution,” it read.

While intentions are easy to express, implementing lasting changes in a company is much harder and more time-consuming. But this can be discussed, allowing younger generations to learn that there’s a big difference between demanding and doing. Demographic trends make the war for talent real for all professions. Thus, judging the younger generation isn’t very helpful. What is needed is honest dialogue and the willingness to question one’s own actions. Without self-reflection at the leadership level, future economic success will be elusive. As I said in the topic of this column: “Talk to each other”! In a motivating work environment, employees will go the extra mile. Understanding what drives the younger generation and adapting leadership styles is essential. I am super interested in your responses to my column; please contact me at hjschumacher59@gmail.com

Amid Enteng’s flood, PRC ramps up rescue, relief ops

HILIPPINE Red Cross (PRC)

PChairman and CEO Richard Gordon has instructed the national headquarters and its Chapters to ramp up rescue and relief operations for those affected by flooding in Luzon and Visayas due to heavy rains from the southwest monsoon enhanced by Typhoon Enteng.

Gordon ordered the mobilization of the PRC’s 143 volunteers and staff to implement its preparedness measures, deploy its prepositioned equipment and vehicles, and ensure chapters operate in optimal capacity.

“We have been preparing our assets for intensified rains even prior to the entry of tropical storm Enteng. Our rescue boats, amphibians, ambulances and water tankers have been deployed, with our trucks and payloaders on standby,” Gordon said, adding that PRC’s dedicated staff and volunteers in Mandaluyong and chapters are promptly responding to calls for rescue in flooded areas.

“Our Welfare teams are also readying our food trucks to serve hot meals in evacuation centers,” said Gordon.

The PRC has so far assisted and rescued 40 individuals in Camarines Sur, Naga City, 47 in Cavite, and 13 in Albay with the help of the local governments.

A 6x6 RLW truck was sent out to Marikina from PRC headquarters to aid in operations. A humvee was also on its way to San Isidro, Rizal to augment the Rizal Chapter’s current capacity.

As of 3 p.m. on September 2, PRC units were assisting 4,534 families or 19,812 individuals in 72 evacuation centers in gravely hit areas in Metro Manila, Rizal and Cavite. Welfare teams have served 35 hot meals to stranded passengers at Masbate City port.

“We laud our volunteers and

staff, especially those who are braving the flood waters to rescue citizens, and those preparing hearty meals for displaced people in evacuation centers. We are on alert 24/7, but we are particularly monitoring the water dam level, because if it rises, especially alongside the high tide, flooding will worsen,” Gordon added.

The PRC is also on the lookout for spikes in dengue and leptospirosis cases, with the Health and Blood services securing enough prophylactic medication (Doxycycline) for the chapters, and ensuring blood supplies are adequate.

“We have seen an influx in dengue and leptospirosis in recent weeks, in part because of persistent rains. We expect an increase in the risk of leptospirosis transmission due to the floods. We strongly advise the public to avoid wading in flood waters, and contact their nearest health centers as soon as symptoms are felt,” said PRC Secretary General Dr. Gwen Pang.

The Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA) forecast continuous heavy to intense rains until September 4 in many parts of Northern and Central Luzon, Metro Manila, Calabarzon, Mimaropa, and Bicol Region.

Waist- to chest-deep floods were reported in Las Piñas City and Rizal province, while ankleto knee-deep flooding was seen in Naga City, Legazpi, Albay, Masbate, Parañaque, Malabon, Bulacan, Quezon City, Cavite, Marikina, Navotas, and Caloocan. Malacañang suspended all government work and classes in all levels of public and private schools in Metro Manila on Monday; and on Monday evening, it announced the further suspension of these on Tuesday. Claudeth Mocon-Ciriaco

PHL eyeing e-travel system as key to paperless airport

Continued from A10

“The DICT designed eTravel with cybersecurity in mind. We have layers of security, including multi-factor authentication, to protect user data,” he assured. However, Almirol advised travelers to use the eTravel mobile app to avoid malware and keyloggers. He said, “oftentimes it is the device we use that can expose” travelers to these threats.

Down the line, the government plans to integrate more travel-related services into the eTravel app.

Almirol said the DICT is currently in discussions with the Commission on Filipinos Overseas (CFO) to integrate the eVisa process into the

eTravel system.

This integration aims to streamline the experience for foreign nationals entering the Philippines, particularly those arriving for long-term stays or marriage to Filipino citizens.

With the eVisa embedded within the eTravel platform, travelers will no longer need to submit additional documentation at immigration; instead, all necessary information will be processed electronically upon passport scanning.

“We aim to generate more efficiencies within the government— to make processes more streamlined. Travelers should experience a better travel experience so we will enhance the eTravel system more,” Almirol said. Lorenz S. Marasigan

14 Aussie investors joining trade mission to PHL

Continued from A10

“The mission will showcase the Philippines as an investment destination and as a hub for Australian businesses to expand into Southeast Asia,” it also noted. Yu said this mission is “more than a commercial venture,” but a “testament to the enduring friendship between Australia and the Philippines.” She added, “We’re not just investing in business deals; we’re investing in our shared future.”

After renting for 84 years, Comelec to have own bldg

By Justine Xyrah Garcia

THE Commission on Elections

eyes to end its 84 years’ leasing experience with the construction of its very own building in Central Business Park 1, Pasay City.

During its groundbreaking ceremony on Monday, Comelec Chairman George Garcia said that it is a “dream come true” for the commission to have its own building like other key government agencies in the country.

“Napaka hirap din po dahil para sa kaalaman ng lahat, napakalaki ng binabayaran ng Comelec sa pag rerenta ng mga buildings sa Intramuros,” he explained.

(It’s also very difficult because, for everyone’s information, the Comelec pays a huge amount for renting buildings in Intramuros.)

While Garcia did not disclose the exact amount of rent, he noted that the cost of leasing various buildings in Intramuros, Manila

could have long financed the construction of several new buildings for the commission.

Currently, the offices of Comelec are still scattered throughout the Walled City, with its main office situated on several floors of the Palacio del Gobernador.

“Simbolo ito ng pagnanais ng Comelec na maging isang independent constitutional body. Para na rin mapatunayan na yung karangalan, dignidad, dangal, at independence ng komisyon ay nandyan,” the chairman said.

(This is a symbol of Comelec’s desire to be an independent constitutional body. It also serves to demonstrate that the honor, dignity, and independence of the

TPB  eyes ‘good’

THE Tourism Promotions Board

(TPB) will be holding its annual Philippine Travel Exchange (Phitex) from September 3 to 5, at the Conrad Manila.

As of Monday, 89 confirmed buyers from 19 countries, along with 11 Philippine sellers, indicated attendance at the  country’s largest government-organized travel trade event.

“While we have [fewer] sellers this year [versus 164 last year], I’m hoping we will still do well and generate a good amount of sales,” said Maria Margarita Montemayor Nograles, chief operating officer of the TPB. In 2023, sales leads generated at the event hit P346 million. There were 322 total delegates last year, compared to this year’s 206.

Conceptualized in 1996, Phitex has been held annually since 2024 and consistently attracts a global audience of qualified buyers, offering them a platform to engage with a diverse range of Philippine sellers through curated business appointments.

“Over the years, Phitex has emerged as a pivotal annual marketing occasion that strengthens the Philippines’s

commission are intact)

The new P8.2-billion Comelec headquarters will have three wings. The centermost part will serve as the main building, to house the chairman’s and commissioners’ offices, and session hall among others.

The building on the left will feature the multistory parking and storage spaces, while the right one will be used for the

Comelec academy. This project is led by Design Coordinates Incorporated, one of the leading domestic companies in the construction project management field. Meanwhile, Megafoundation International Corporation will be the foundation specialist. According to Comelec, the construction of its new office will be completed by 2028.

sales as Phitex opens Sept 3

brand image. Our theme for this year, ‘The Power of Collaboration in Tourism,’ fosters and nurtures a spirit of strong partnerships among participants in promoting competitive, creative, and experiential tourism packages,” said the TPB chief.

The event features a two-day, in-person Travel Exchange (Travex) that will bring together international buyers and Philippine seller companies. Beyond Travex, Phitex will also present the Phitex Educational Program (PEP) Talk,  and a series of post-event tours for international buyers, featuring nine destinations across four tour modules: Bohol-Cebu, Siargao-Bucas Grande, Iloilo-Guimaras, and CDO-Bukidnon-Davao.

Buyers can also take a Metro Manila City Tour on September 6, including visits to the Philippine Travel Mart (PTM) and the Dive, Resort & Travel (DRT) Philippines—private sectorled travel trade events—at the SMX Convention Center in Pasay.

These tours aim to showcase the diversity of Philippine tourism products, to increase tourism arrivals and revenues. “The best way to promote a destination is by

experiencing it firsthand. We want our partners to create their own travel memories, so they can truly understand why the Philippines is a destination worth visiting,” Nograles underscored.

Manila hosting of RI convention MEANWHILE , the TPB said the Philippines’s hosting of the Rotary International convention in 2028 appears to be a lost cause.

Maria Margarita Montemayor Nograles, chief operating officer of the TPB, which had earlier announced the event, told the BusinessMirror , “I think the Rotary International Convention is beyond our control. We supported Rotary Philippines before with technical assistance, via video of the Philippines and hosted some dinners.”

The TPB is the marketing arm of the Department of Tourism (DOT), and earlier said in a news statement that the event will be the “largest and most multicultural gathering ever hosted in the country.”

A separate source speaking on background added it was the “Rotary Group [Philippines] that asked for TPB’s support in bidding for the Philippines’ hosting [in

2022]. Meetings were held sometime February and March [between the TPB and the Rotarians], then TPB executives flew to the United States in May 2022,” to meet with RI officials.

Another source said, Rotary clubs in the Philippines “were banking on the support of TPB e.g. part of the venue rentals, hosting the reception. But as you know, as government, we cannot budget for ‘future’ events…. Nevertheless, the TPB was willing to help look for sponsors for the 2028 global convention.”

The international convention, scheduled on June 3-8, 2028, would have brought in some 25,000 international delegates, according to RI’s own news statement in February 2023. The cancellation of the event in Manila was announced in late June.

The TPB has taken the lead in promoting Meetings, Incentives, Conventions, Exhibitions (MICE), as it is one of the priority sectors under the DOT, although a strategic action plan has yet to be finalized. (See, “New MICE branding unreels sans updated MICE roadmap,” in the BusinessMirror , July 15, 2024.)

Arnaldo

Ma. Stella F.

PBBM to young Pinoys: Protect ocean wealth

By Samuel P. Medenilla @sam_medenilla

Based on the latest income classification data of the World Bank, the Philippines needs a Gross National Income (GNI) per capita of $4,516 to $14,005 to become an upper middle income country. (See: https://businessmirror. com.ph/2024/07/04/economymust-grow-6in-2024-to-reachumic-goal/) Andrea E. San Juan

In July 2024, Socioeconomic Planning Secretary Arsenio M. Balisacan estimated that the Philippines’s current Gross National Income (GNI) per capita at $4,230. This is still short of $286 from the low end of the new World Bank threshold of $4,516 to be classified as an Upper Middle Income Country (UMIC).

PRESIDENT Ferdinand Marcos called on the youth on Monday to help in protecting and preserving the country’s maritime resources for the country’s future generations.

The chief executive made the remarks in his video message for the celebration of the Maritime and Archipelagic Awareness Month (Mana Mo) 2024.

“I encourage everyone, especially our youth, to support and to join the countrywide coastal clean-up and conservation activities,” Marcos said.

“As stewards of this incredible gift, it is incumbent upon us to preserve and develop these resources to their fullest potential,” he added.

He made the timely appeal as Mana Mo also coincides with the observance of Fish Conservation Week, International Coastal

Clean-up day, and National Maritime day.

The country’s waters, he said, remains a crucial source of resources for the country’s socioeconomic development.

The National Economic and Development Authority (Neda) estimated the country’s ocean resources have an estimated value of P1 trillion.

Marcos said the celebration of Mana Mo will help raise awareness of the importance of the country’s maritime resources.

“Our country is fortunate and blessed with vast maritime and archipelagic resources that can be utilized for the benefit of our people,” he said.

“This year’s celebration of MANA Mo is a clarion call to raise greater consciousness on maritime and archipelagic concerns as well as to engage our people in protecting our maritime interests and resources from various threats,” he added.

PALACIO DEL GOBERNADOR WIKIMEDIA COMMONS

The World Russia launches fresh missile and drone barrage on Kyiv, other Ukrainian cities

KYIV, Ukraine—Russia launched a barrage of drones, cruise and ballistic missiles at Kyiv and possibly other cities, Ukraine’s air force said early Monday.

Several series of explosions rocked the Ukrainian capital in the early hours of Monday, sending residents into bomb shelters.

Kyiv Mayor Vitalii Klitschko said emergency services were called to the Holosiivskyi and Solomianskyi districts of Kyiv. One person was reportedly injured by falling debris in Shevchenkivskyi district, Klitschko said.

“There will be an answer for everything. The enemy will feel it,” the head of the Presidential Office, Andrii Yermak, posted on his Telegram page following the attack.

According to the air force, Russia fired several groups of cruise

accompanied by

targeting Kyiv.

An explosion also rang out in Kharkiv, Ukraine’s second largest city, according to Ukrainian media.

The barrage comes a day after Russia’s military reported intercepting and destroying 158 Ukrainian drones targeting multiple Russian regions in one of the biggest attacks of the war that has raged for about 2 1/2 years.

Forty-six of the drones were over the Kursk region, where Ukraine has sent its forces in recent weeks in the largest incursion on Russian soil since World

War II. A further 34 were shot over the Bryansk region, 28 over the Voronezh region, and 14 over the Belgorod region—all of which border Ukraine.

Drones were also shot down deeper into Russia, including one each in the Tver region, northwest of Moscow, and the Ivanovo

region, northeast of the Russian capital. Russia’s Defense Ministry said drones were intercepted over 15 regions, while one other governor said a drone was shot down over his region, too.

Moscow Mayor Sergei Sobyanin said that falling debris from one of the two drones shot down

South Korea president skips opening ceremony of parliament as strife with opposition deepens

SBy Kim Tong-Hyung

Associated Press

EOUL, South Korea—Presi -

dent Yoon Suk Yeol boycotted the formal opening of South Korea’s parliament on Monday as his squabbles with the opposition deepen over allegations of wrongdoing by top officials and his wife. It’s a tradition for South Korean presidents to deliver a speech at opening ceremonies for National Assembly sessions, and Yoon is the first to skip the event since the country’s transition from a military dictatorship to democracy in the late 1980s.

Yoon, a conservative who narrowly won election in 2022, has struggled to navigate a parliament controlled by liberals who have stymied his agenda and called for investigations into allegations of corruption and abuse of power involving his wife and government officials.

Yoon also faces declining approval ratings as concerns grow over his government’s ability to deal with a worsening job market, soaring household debt and

a prolonged strike by thousands of doctors that is straining medical services.

Asked about his decision to skip the legislature’s opening ceremony, Yoon’s office said lawmakers must first “normalize the National Assembly, which over issues demands for special prosecutor investigations and impeachments,” before inviting Yoon.

Jo Seoung-lae, spokesperson of the main opposition Democratic Party, said Yoon’s refusal to at -

tend the ceremony displayed his “arrogance” and disregard for the assembly’s role to check and balance the executive branch.

“It’s impossible to produce results in national governance without having respect for the National Assembly,” assembly Speaker Woo Won-shik said during the opening ceremony as he lamented Yoon’s absence.

Following parliamentary elections in April in which the liberals extended their majority, the

current assembly began meeting in May. But its official opening ceremony was delayed for months because of political bickering.

Opposition lawmakers are pushing for an investigation by special prosecutors into allegations that top government and military officials tried to cover up the circumstances surrounding the death of a marine who drowned during a search for flood victims in 2023. They want another independent investigation into allegations that Yoon’s wife, Kim Keon Hee, was involved in stock price manipulation and other wrongdoing.

Yoon has denied the accusations.

Yoon’s office, which rejected a previous bill calling for special prosecutors to investigate the marine’s death, described the allegations as groundless and politically motivated. Yoon and his party also criticized the opposition’s move to hold a parliamentary hearing in July to address online petitions signed by tens of thousands calling for his impeachment. South Korea’s Constitution limits a president to a single five-year term, so Yoon cannot seek reelection.

Palestinian militants kill 3 Israeli police officers in West Bank attack

over the city caused a fire at an oil refinery.

Ukrainian drone strikes have brought the fight far from the front line into the heart of Russia.

Since the beginning of the year, Ukraine has stepped up aerial assaults on Russian soil, targeting refineries and oil terminals to slow down the Kremlin’s assault.

Also in Russia, regional Gov. Vyacheslav Gladkov said 11 people were wounded in Ukrainian aerial missile attacks in the Russian border region of Belgorod on Sunday. These included eight in the regional capital, also called Belgorod.

Meanwhile, Russia’s Defense Ministry said Sunday it had taken control of the towns of Pivnichne and Vyimka, in Ukraine’s Donetsk region. The Associated Press could not independently verify the claim.

Russian forces have been driving deeper into the partly occupied eastern region, the total capture of which is one of the Kremlin’s primary ambitions. Russia’s

army is closing in on Pokrovsk, a critical logistics hub for the Ukrainian defense in the area.

At least three people were killed and nine wounded on Sunday in Russian shelling in the town of Kurakhove, some 20 miles (33 kilometers) south of Pokrovsk, Donetsk regional Gov. Vadym Filashkin said. Also on Sunday, 44 people were wounded when Russia attacked the Kharkiv regional capital, also called Kharkiv, Mayor Ihor Terekhov said. The city was struck by 10 missiles, with a shopping center, a sports facility and residential buildings among those damaged. Elsewhere in Ukraine overnight, eight drones were shot down out of 11 launched by Russia, according to the Ukrainian air force.

One person was killed and four wounded in shelling overnight in the Sumy region, local officials said, while Kharkiv Gov. Oleh Syniehubov said five other people had been wounded in his region. AP

Israel in turmoil as general strike over deaths of hostages divides nation, disrupts sectors

By Tia Goldenberg The Associated Press

TAVIV, Israel—A rare call for a general strike in Israel to protest the failure to return hostages held in Gaza led to closures and other disruptions around the country on Monday, including at its main international airport. But it was ignored in some areas, reflecting deep political divisions.

Tens of thousands of Israelis had poured into

Banks, some large malls and government offices were all closed due to the strike and public transit was limited. Municipalities in Israel’s populated central area, including Tel Aviv, were participating in the strike, leading to shortened school hours and cancellations for public daycares and kindergartens.

maintaining relentless military pressure on Hamas, whose October 7 attack into Israel triggered the war. They say it will eventually force the militants to give in to Israeli demands, potentially lead to more successful rescues and ultimately annihilate the group.

Israel’s largest trade union, the Histadrut, called for a general strike for Monday, the first since the start of the war. It aims to shut down or disrupt major sectors of the economy, including banking, health care and the country’s main airport.

Airlines at Israel’s main international airport Ben-Gurion were halting outgoing flights between 8:00 and 10:00 a.m. Those flights either departed early or were slightly delayed, and travelers were seen lining up at check-in counters despite the limited disruption. Arriving flights were continuing as usual during that time, according to the Israel Airports Authority.

Many municipalities, however, including Jerusalem, were not participating in the strike. Israeli media reported that the state appealed to a labor court to cancel the strike, saying it was politically motivated. The demonstrations on Sunday appeared to be the largest since the start of the war, with organizers estimating that up to 500,000 people joined nationwide events and the main rally held in Tel Aviv. They are demanding that Netanyahu reach a deal to return the remaining roughly 100 hostages held in Gaza, a third of whom are believed to be dead, even if it means leaving a battered Hamas intact and withdrawing from the territory. Many Israelis support this position, but others prioritize the destruction of the militant group over

The

China’s influence casts shadow over South Pacific diplomatic summit as Taiwan reference removed

By Charlotte Graham-Mclay

The Associated Press

NUKU’ALOFA, Tonga—Turmoil over China’s push for influence in the South Pacific has overshadowed the region’s most important diplomatic summit after a Pacific island leader apparently pledged to erase an affirmation of Taiwan’s involvement in the meeting from its closing statement, at Beijing’s behest.

The Pacific Islands Forum—a group of 18 island nations, plus Australia and New Zealand—initially included a reassertion of the standing of self-governing Taiwan, which China claims as its own territory, in a public communiqué Friday outlining leaders’ agreements after their weeklong annual meeting. But it was then removed on Saturday.

Officials at the summit in Nuku’alofa, Tonga, did not explain why the statement had changed. But video posted by a news outlet late on Sunday appeared to show a Pacific leader assuring China’s special envoy to the Pacific, Qian Bo, that the reference to Taiwan would be removed after Qian demanded it in remarks to reporters.

The document row highlights a fraught, largely private regional debate about China’s role in the region that Pacific nations had sought to publicly quash ahead of the meeting. The chaotic end to the annual summit—at which member nations had emphasized regional unity and rejected major powers’ jostling for influence in their affairs—shows how difficult it is for some of the world’s tiniest nations to balance the demands of larger countries who see them as geopolitical pawns, analysts said.

“The ability of the (forum) to pursue increasingly demanding regional agendas... and at the same time manage the geopolitical interests of external actors is clearly at risk,” said Anna Powles, a professor at Massey University’s Center for Defense and Security Studies.

The public display of China’s influence wielding as it denounced the summit’s mention of Taiwan was “deeply troubling” and provoked questions about autonomy for the region’s top diplomatic body, she added. In 2019, six Pacific nations recognized Taiwan as an independent democracy—a snub to Beijing—but Taipei’s allies in the region have since dwindled to three.

The Pacific Islands Forum began in 1971 for leaders to coordinate responses to the issues confronting a remote, diverse region where individual nations hold little solo sway on the global stage. Its leaders, from low-lying islands imperiled by rising seas, were at the forefront of urging action on climate change.

Annual meetings were not widely attended until the Pacific Ocean in recent years emerged as the site of an intense geopolitical contest for influence over

waters, resources and political power. As Beijing wooed Pacific leaders with loans, diplomacy and security agreements, Western alarm about its foothold in the region grew, prompting a rapid expansion of attendance of forum summits.

This year, Pacific leaders sought to channel the global clamor toward their preferred topics—the climate change havoc and crises of debt, health and security, including fundraising for a Pacific-led climate and disaster resilience facility in Tonga—while warning major powers against overshadowing the summit with geopolitical squabbling.

“We don’t want them to fight in our backyard here. Take that elsewhere,” Baron Waqa, the forum’s secretary-general and a former president of Nauru, told reporters in July.

For most of the five-day summit, an uneasy calm prevailed, at least in public, with superpowers making unusual overtures of cooperation to opponents.

As the forum’s partner nations presented their offerings to Pacific leaders on Wednesday, US Deputy Secretary of State Kurt Campbell said the United States and China had pledged to work together to find areas of cooperation on Pacific projects. In response, China’s emissary, Qian, said Campbell’s words were encouraging and that cooperation between Beijing and Washington was in the region’s best interests—although those remarks were not recorded in a public version of his statement.

“It’s a different approach, that’s for sure,” said Mihai Sora, director of the Pacific Islands Program at the Lowy Institute, an Australian think tank, adding that in the past the United States and China had each cast the other as the region’s aggressor. “I remain deeply skeptical about what potential there would be for any credible cooperation.”

Still, it reflected an effort by superpowers to display new restraint. Even the announcement of a regional policing program, which Australia will fund to apparently counter China’s offers to equip and train Pacific police, did not provoke rancor from Beijing.

“China welcomes all parties to make concerted efforts for the development and prosperity of the Pacific Island countries,” said China’s Foreign Ministry spokesperson Lin Jian when asked about the initiative Wednesday.

Campbell was later recorded on a reporter’s microphone candidly telling Australia’s Prime Minister Anthony Albanese that the United States had stepped aside in the Pacific policing matter to allow Australia to take the lead.

At the summit’s final news conference, Pacific nations underlined health care and climate initiatives as their central concerns for the year ahead. Their final communiqué set out a new tiered structure for partner

Beirut residents consider moving to Syria as tensions rise following Israeli airstrike

By Abby Sewell The Associated Press

BEIRUT—Residents of Beirut’s southern suburbs have been scrambling to make contingency plans since an Israeli airstrike on an apartment building in a busy neighborhood killed a top Hezbollah commander and touched off fears of a full-scale war. For most, that means moving in with relatives or renting homes in Christian, Druze or Sunni-majority areas of Lebanon that are generally considered safer than the Shiite-majority areas where the Hezbollah militant group has its main operations and base of support.

But for a small number, plan B is a move to neighboring Syria. Although Syria is in its 14th year of civil war, active fighting has long been frozen in much of the country. Lebanese citizens, who can cross the border without a visa, regularly visit Damascus. And renting an apartment is significantly cheaper in Syria than in Lebanon.

Zahra Ghaddar said she and her family were shaken when they saw an apartment building reduced to rubble by the July 30 drone strike in her area, known as Dahiyeh.

nations, who must now prove their genuine involvement with a number of Pacific nations to secure permission to attend the annual summit. It also included a sentence affirming the forum’s 1992 agreement on Taiwan’s standing with the organization.

That suggested leaders, who had spent Thursday in closed-door discussions, had privately agreed to allow Taiwan’s ongoing attendance at the summit even though the new tiered structure might otherwise exclude it.

“Taiwan was allowed to be in Tonga and have meetings with its partners and that continues to be the understanding going forward,” Surangel Whipps Jr, president of Palau, one of three Pacific nations to recognize Taiwan, told The Associated Press on Saturday.

The apparent assurance that Taiwan’s attendance would continue unchanged enraged Beijing, which has intensified pressure on Taipei’s remaining allies to sever ties. Qian told reporters on Friday that the sentence in the leaders’ final statement “must be a mistake” and insisted a correction was required.

Soon after, the Pacific summit’s communiqué was unlinked on its website. The next day, officials circulated a new document to reporters with the line affirming Taiwan’s involvement removed—and no explanation for the change.

“The version as finalized does not change nor impact the decisions of the meeting, nor any standing decisions of the forum leaders,” a forum spokesperson, Lisa Williams-Lahari, told the AP in a written statement.

On Sunday night, however, Radio New Zealand published footage taken in public by a reporter that showed Cook Islands Prime Minister Mark Brown apparently telling the Chinese envoy, Qian, “we’ll remove it,” in reference to the document, as the pair shook hands. Brown did not immediately respond to AP’s request for comment.

Taiwan’s foreign ministry said in a statement supplied to the AP Monday that the communiqué did not jeopardize its position in the forum or remove its right to participate.

“Taiwan expresses the strongest condemnation to China’s arrogant intervention and unreasonable behavior that undermines regional peace and stability,” spokesperson Jeff Liu said.

The Solomon Islands, which severed diplomatic ties with Taipei in 2019 in favor of Beijing, will host the 2025 summit. Before then, the forum should “urgently develop guardrails to prevent further disruption and undermining of regional unity,” Powles, the analyst, said.

The Associated Press writers Emily Wang contributed reporting from Beijing and Johnson Lai from Taipei.

So they looked across the border.

Ghaddar’s family found a four-bedroom apartment in Aleppo, a city in northwestern Syria, for $150 a month. They paid six months’ rent in advance and returned to Lebanon.

Along with Hezbollah commander Fouad Shukur, two children and three women were killed and dozens more were injured in the targeted Israeli attack.

Previously, the Lebanese capital had been largely untouched by the near-daily crossborder clashes that have displaced around 100,000 people from southern Lebanon and tens of thousands more in Israel since October 8. That’s when Hezbollah began firing rockets into northern Israel in support of its ally Hamas, which a day earlier led a deadly raid in Israel that killed some 1,200 people and took another 250 hostage. Israel responded with an aerial bombardment and ground offensive in Gaza that has killed more than 40,000 Palestinians. In recent weeks, the conflict in Lebanon appeared on the brink of spiraling out of control.

Ghaddar said her family first considered moving within Lebanon but were discouraged by social media posts blaming displaced civilians, along with Hezbollah, for the threat of all-out war. Also, surging demand prompted steep rent hikes.

“We found the rents started at $700, and that’s for a house we wouldn’t be too comfortable in,” she said. That amount is more than many Lebanese earn in a month.

Israel periodically launches airstrikes on Syria, usually targeting Iranian-linked military sites or militants, but Bashar Assad’s government has largely stood on the sidelines of the current regional conflict.

Israel and Hezbollah fought a bruising monthlong war in 2006 that demolished much of southern Lebanon and Beirut’s southern suburbs. At the time, some 180,000 Lebanese took refuge in Syria, many taking shelter in schools, mosques and empty factories. Those who could afford it rented houses. Some put down permanent roots.

Rawad Issa, then a teenager, fled to Syria with his parents. They returned to Lebanon when the war ended, but Issa’s father used some of his savings to buy a house in Syria’s Hama province, just in case.

“That way, if another war happened, we would already have a house ready,” Issa said.

The house and surrounding area were untouched by Syria’s civil war, he said. A few weeks ago, his sister and her husband went to get the house ready for the family to return, in case the situation in Lebanon deteriorated.

Issa, who works in video production, said he initially planned to rent an apartment in Lebanon if the conflict expanded, rather than joining his family in Syria.

Global Finance ranks BSP governor among top global performers

The world is taking notice of the Philippines’ economic stewardship. Bangko Sentral ng Pilipinas (BSP) Governor eli M. Remolona, Jr. was recently recognized as one of the top-performing central bank governors globally, receiving an “A-” rating in Global Finance magazine’s Central Banker Report Cards 2024. This prestigious accolade, awarded to the best central bankers worldwide, is a testament to Governor Remolona’s effective leadership during his first year in office. (Read the BusinessMirror story: “The Olympics of central banking,” August 30, 2024).

The Central Banker Report Cards, a respected annual ranking published by Global Finance since 1994, evaluate central bank governors from nearly 100 countries based on their performance in key economic areas. Governor Remolona’s “A-” rating reflects his success in navigating the challenging global economic landscape, marked by rising inflation and interest rates. Global Finance’s meticulous grading process evaluates central bank governors on a spectrum of crucial metrics including inflation control, economic growth objectives, currency stability, and interest rate management. This comprehensive assessment provides a holistic view of central bankers’ effectiveness in fulfilling their mandates and driving economic progress. Grades are determined on a scale ranging from “A+” to “F,” with “A” denoting outstanding performance and “F” indicative of failure. The comprehensive Central Banker Report Cards 2024 grade list will be published in both the October print and digital editions of Global Finance, and will also be available online at GFMag.com.

As Joseph Giarraputo, the founder of Global Finance, aptly notes, the battle against inflation has been a central focus for central bankers globally, with policies such as adjusting interest rates playing a pivotal role in achieving tangible results. The Central Banker Report Cards not only recognize success but also spotlight innovative strategies, resilience, and originality exhibited by leaders like BSP Governor Remolona.

The esteemed ratings of “A+” for Denmark, India, and Switzerland, “A” for countries including Brazil, Chile, and Vietnam, and the “A-” accolade received by Governor Remolona place a spotlight on excellence in central banking practices worldwide. These ratings are not merely badges of honor but reflections of the dedication, foresight, and strategic acumen that central bankers bring to their roles.

Global Finance’s rigorous evaluation process, supported by financial experts and a comprehensive algorithm, ensures objectivity and consistency in grading, transcending borders and regions. It underlines the critical role central bankers play in shaping national economies, safeguarding financial systems, and steering countries towards sustainable growth and stability.

The report highlights the crucial role central bankers have played in combating inflation, utilizing higher interest rates as their primary weapon. The tangible results of these efforts are now evident, with inflation dropping significantly across the globe. Governor Remolona’s strategies, characterized by creativity, originality, and resilience, have demonstrably contributed to this positive outcome.

This recognition is not only a personal achievement for Governor Remolona but also a significant boost for the Philippines. It underscores the country’s commitment to sound economic policies and its ability to attract global investment. The “A-” rating signals to the international community that the Philippines is a stable and reliable partner for economic cooperation. Moving forward, it is crucial that the BSP and the country’s economic managers build on this momentum and continue to implement policies that foster sustainable economic growth, financial stability, and an improved standard of living for all Filipinos.

BusinessMirror

The Fed rate cut. So what?

TJohn Mangun

OUTSIDE THE BOX

heR e is one day of the year, regardless of culture or calendar, when most people come with optimism. That is the first day of a New Year. Many societies have specific and elaborate rituals to begin a new year with the belief that the “new” may hold better times than did the “old.”

It can be also true for the stock market. While it is about a fifty-fifty chance, even the Philippine Stock Exchange can see an increase in prices during January and on through the first quarter of a new year.

The Philippine Composite Index (PSEi) reached its intraday high on April 2, 2024 at 7071, up 8.5 percent from the 2023 close. We are told this was in anticipation of the US Federal Reserve Open Market Committee (FOMC) reducing its benchmark interest rate as many as seven times in 2024. To date, no changes have been made to the US Fed Funds Rate. The PSEI retreated in June to an intraday low of 6158 about 300 points below the 2023 ending figure.

The PSEi is now trading around 6800+. Coincidentally—or not— Brent crude oil also reached its yearly

CT. Anthony C. Cabangon

Lourdes M. Fernandez

Jennifer A. Ng Vittorio V. Vitug

Lorenzo M. Lomibao Jr., Gerard S. Ramos

Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Ruben

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high in April and is now back to the 2023 closing price area.

The FOMC is scheduled to meet September 20/21 and analysts are expecting that rates will be lowered then. The consensus question is whether the rate cut will be 0.25 percent or 0.50 percent. Currently the Fed Fund rate is 5.5 percent.

The Philippines lowered its interest rate percent in August from 6.5 to 6.25 and while there were concerns about the exchange rate of the peso, the Philippine peso has actually appreciated slightly against the US dollar. However, the peso had been in an appreciating uptrend since the end of June. There is concern that the Bangko Sentral may be out of step with the FOMC by lowering rates early.

However, many nations, both big and small, have lowered their rates

hiNA’S remaining growth engines are showing signs of sputtering while the property market continues to drag on the economy, highlighting the urgency of government intervention to keep an increasingly unlikely growth target in sight.

Factory activity contracted for a fourth straight month in August, according to an official poll of manufacturers. The latest sales figures showed a worsening residential slump, after China Vanke Co.—one of the nation’s biggest developers— underlined the industry’s woes late Friday by reporting a half-year loss for the first time in more than two decades.

Even the private Caixin manufacturing purchasing managers index—which has tended to show stronger results—flashed warning signs, despite recovering to 50.4 last month after slipping into contraction in July. The cost of production materials fell for the first time in five months, while manufacturers slashed selling prices to remain competitive.

“The challenges and difficulties in stabilizing growth over the coming months will be substantial,” Wang Zhe, senior economist at Caixin Insight Group, said in a statement accompanying the data release on

Monday. “There is an increasingly urgent need for China to enhance policy support.”

Beijing has struggled to contain the property downturn and now faces the prospect of increasing protectionism and a shaky global outlook weighing on exports. Several rounds of measures aimed at reviving domestic demand have done little to overcome the retreat, endangering the government’s growth target and spurring economists to call for additional stimulus.

The economic chill from China has shown signs of spreading across Asia. Taiwan’s manufacturing activity eased for a second straight month in August as confidence among firms fell to the lowest level this year on concerns about the global economy, according to data from S&P Global.

Although Taiwan’s purchasing managers’ index still indicated an expansion, Indonesia’s PMI fell to the lowest in three years to remain stuck in contraction territory for a second

If the FOMC lowers rates in September, will it have a positive effect on the PSEi? Maybe. But I will stand by my public comments. The local market will go higher or lower, 90 percent dependent on local issues, including politics and inflation/oil prices. Yes, there may be an indirect effect from the FOMC if the BSP follows with a reduction in rates. However, the former two issues are much more significant.

already. The list: Botswana, Morocco, Sweden, Singapore, Bolivia, Czech Republic, Canada, UK, New Zealand, Peru, Philippines, Romania, Jamaica, Sri Lanka, Mexico, Colombia, and Pakistan. This is in hope of increasing economic growth and wanting to slowly decrease rates if the Fed goes lower.

If the FOMC lowers rates in September, will it have a positive effect on the PSEi? Maybe. But I will stand by my public comments. The local market will go higher or lower, 90 percent dependent on local issues, including politics and inflation/oil prices. Yes, there may be an indirect effect from the FOMC if the BSP follows with a reduction in rates. However, the former two issues are much more significant.

Regardless of all that financial

Beijing has struggled to contain the property downturn and now faces the prospect of increasing protectionism and a shaky global outlook weighing on exports. Several rounds of measures aimed at reviving domestic demand have done little to overcome the retreat, endangering the government’s growth target and spurring economists to call for additional stimulus.

consecutive month. The reading for South Korea improved but stayed below June’s level.

“We believe more fiscal easing is necessary to help secure the ‘around 5 percent’ full-year growth target,” Goldman Sachs Group Inc. economists including Lisheng Wang and Andrew Tilton wrote in a note.

Year-to-date data show rising risks that revenues from tax and land sales will fall short of the budget projection this year, they wrote. That will weigh on government spending if there’s no upward revision to the official deficit target and no extrabudget quotas for government bond issuance.

posturing, how will we know if any PSE rally is sustainable?

“Is the PSEi moving higher?” So far so good although it appears that 6700 or even 6500 is possible. If that happens, we reassess the situation.

“Is trading volume increasing?” Also, so far so good. Overall volume is still flat, but we are seeing some increasing action in the PSEi issues.

“Are the Blue-Chip issues providing leadership?” Yes, but the move higher from the June low is creating some nervousness and selling. We wait for individual support prices to hold.

“Have we Broken and are Holding major resistance?” Close but not close. The failure of the PSEi to ‘B&H’ 7000 on a weekly closing basis 10 times since January 2023 is ugly. The Weekly Double Top at 7000 is calling for that move to 6700/6500.

“Are ‘good’ companies with ‘bad’ stocks going up?” Not even close. There are a few but even then, some of these few are going higher from 10year lows, not counting “Covid 2020.” A sustainable rally or not, I see potentially good trading opportunities to year-end. The volatility this year has been favorable for us traders and should continue with an upside bias.

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.

“The economy will need more policy support to pull out of its extended period of weakness... Government spending will have to remain the key lever to lift aggregate demand when private demand is not forthcoming— and the pace needs to accelerate,” said Bloomberg economists Chang Shu and Eric Zhu.  Economists at banks including UBS Group AG and JPMorgan Chase & Co. now expect China will fall short of delivering on its growth target.  Adding to the gloom, the official manufacturing PMI declined to 49.1 from 49.4 in July, the National Bureau of Statistics said. The reading has been below the 50-mark separating growth from contraction for all but three months since April 2023. Both the input-cost and output prices sub indexes declined in August. In a statement accompanying the PMI data on Saturday, NBS analyst Zhao Qinghe attributed the latest contraction to high temperatures, heavy rainfall and a seasonal slackening of production in some industries. The non-manufacturing measure of activity in construction and services rose to 50.3, boosted by consumption during the summer holiday season,

Cabangon

Populists surge in Germany’s regional votes, humbling Scholz

By Michael Nienaber & Arne Delfs

ChAnCellOR Olaf Scholz’s ruling coalition was punished in two regional elections in eastern Germany on Sunday, with populist parties on the extreme right and left taking more than 60 percent of the vote in Thuringia and almost half in Saxony.

The Alternative for Germany is on course for a clear victory in Thuringia on 32.8 percent, according to projections for public broadcaster ARD. It represents the first triumph for a far-right party in a German state ballot since World War II, even if it’s highly unlikely to be able to form a government as it’s shunned by the other parties represented in parliament.

The three members of Scholz’s alliance—his Social Democrats, the Greens and the Free Democrats— between them got less than 15 percent in each of the two states. The FDP got nowhere near the 5 percent threshold for getting into either regional parliament and the Greens fell short in Thuringia. The only mainstream party to do relatively well was the conservative CDU, which is projected to win narrowly in Saxony ahead of the AfD and finish second in Thuringia.

The results deal another bitter blow to Scholz and his deeply unpopular government and highlight the risk it faces ahead of the next national election due in just over a year. The picture looks equally dire for another state ballot in three weeks in Brandenburg—the region that surrounds the capital Berlin and is home to Scholz’s Potsdam constituency.

With Germany’s economy stagnating and migration topping voters’ concerns, nationwide support for the three ruling parties has dwindled to record lows. Backing for the conservative CDU/CSU alliance is on around 32 percent—roughly the same as the SPD, Greens and FDP combined—and the AfD, which has tapped into concern among some voters about impact of rising numbers of refugees, is in second place on about 18 percent.

Optimism that Germany would rebound in 2024 from two years of almost zero growth has faded as an anticipated jump in consumer spending failed to materialize and the country’s industrial sector continues to struggle. A lack of investment in basic infrastructure in recent decades has left a legacy that’s increasingly impossible to ignore.

Bickering within the ruling coalition over how to tackle the challenges facing the world’s third-largest economy, apparently without being able to offer effective solutions, has prompted many to reject the three governing parties.

Although not unexpected, the battering for the ruling parties in Saxony and Thuringia could prompt renewed calls for an early general election. It may also fuel debate about whether Scholz is the right man to lead the Social Democrats into the ballot next September.

Lars Klingbeil, a co-leader of the SPD, said Scholz retains the party’s full backing, while Kevin Kuehnert, the SPD general secretary, acknowledged that the results in the two regions also send a message to the national government in Berlin.

“We need to explain and communicate our policies more and much better, this applies not only for Saxony and Thuringia but for Germany as a whole,” Kuehnert said in an interview with ZDF television.

“We must become more self-confident within the ruling coalition and show much clearer to voters what the SPD stands for,” he added.

Despite its victory in Thuringia, the AfD—which authorities have classified as right-wing extremist in both regions that voted Sunday—has no clear path to forming a government.

In Sunday’s voting, a new far-

What is happening to CREATE MORE?

TThe results deal another bitter blow to Scholz and his deeply unpopular government and highlight the risk it faces ahead of the next national election due in just over a year. The picture looks equally dire for another state ballot in three weeks in Brandenburg—the region that surrounds the capital Berlin and is home to Scholz’s Potsdam constituency.

left party, the Buendnis Sahra Wagenknecht, was on 15.5 percent in Thuringia and 12 percent in Saxony, according to early projections. Founded only in January after Wagenknecht split from the Left party, it’s likely to play a key role in attempts by mainstream parties to keep the AfD out of power in Thuringia.

All other political groups, including the BSW, have ruled out cooperating with the party—a firewall similar to the one that thwarted Marine Le Pen’s far-right National Rally in France after President Emmanuel Macron called a snap legislative election in June. That should limit any possible impact on financial markets, which were unsettled by the rise in popularity of French fringe parties. Germany’s DAX index hit a new record last week, topping its previous peak of May 15.

Wagenknecht, whose party’s policies include stopping aid for Ukraine and curbing immigration, again ruled out any cooperation with the AfD in Thuringia. She indicated that she was ready to govern in a coalition with the CDU, which will likely need the Left party to secure a majority of seats.

“I don’t think that we’re seen by voters as an AfD light,” she told ZDF. “We are simply closing a representation gap in the political spectrum.”

Alice Weidel, a co-leader of the AfD, called the party’s performance “historic” and “a requiem” for the coalition in Berlin and said voters clearly want the AfD in government as the strongest party in Thuringia.

Scholz’s coalition “should be asking itself if it can even continue in office,” Weidel told ARD. While it’s unlikely to be able to convince any other party to join it in coalition, with more than a third of the seats in the state parliament it could potentially block major decisions such as judicial appointments.

The CDU’s solid performance Sunday could also impact the process of choosing a conservative chancellor candidate.

As things stand, the leader of the party, Friedrich Merz, seems likely to secure the nomination and can claim some credit for the success in Saxony.

However, a number of other hopefuls can’t yet be ruled out, including North Rhine-Westphalia Premier Hendrik Wuest and Bavaria Premier Markus Soeder, who leads the Christian Social Union, the CDU’s sister party in the southern region.

Merz has said the CDU and CSU will decide on their joint candidate after the Brandenburg vote. The final state election before the next national ballot is at the beginning of March in Hamburg, the port city where Scholz used to be mayor and his SPD rules in coalition with the Greens.

Some 3.3 million people were eligible to vote in Saxony, which borders Poland and the Czech Republic, and about 1.7 million in Thuringia. Bloomberg

atty. irwin C. nidea Jr.

Tax law for business

he CR eATe MOR e versions of the house of Representatives and the Senate have major conflicting provisions in terms of policy direction. One of the major differences of the two is that the house version wants to resurrect the Cross-Border principle, while the Senate version wants it to remain dead.

The tax treatment of export sales is based on the Cross Border Doctrine and Destination Principle of the Philippine VAT system. Under the Destination Principle, goods and services are taxed only in the country where these are consumed. In this regard, the Cross Border Doctrine mandates that no VAT shall be imposed to form part of the cost of goods destined for consumption outside the territorial border of the taxing authority. Hence, actual export of goods and services from the Philippines to a foreign country must be free of VAT; while those destined for use or consumption within the Philippines shall be imposed with VAT (GR 236235).

The House version of CREATE MORE defines “freeport zone” as isolated and policed areas adjacent to a port of entry, which shall be operated and managed as a separate customs territory for value-added tax and customs duty purposes. The Senate version, on the other hand, has stricken off the phrase “separate customs territory.” Does this show that the senators are not keen in bringing back the cross-border doctrine?

The Senate version of CREATE MORE has expanded goods and services that are considered zero-rated when sold to a registered business enterprise (RBE) that is located in the freeport zone. Goods and services that are sold to RBEs must only be directly attributable to its registered activity for it to be considered zerorated. In CREATE, which is still the prevailing rule now, the goods or services that are sold to an RBE must be directly and exclusively used in its registered activity. It means that goods to be considered zero-rated must be converted into or intended to form part of a finished product for sale, or to be used in the chain of production.

Both houses of Congress want to abandon the direct and exclusive rule. Although the Senate does not want to define freeport zones as separate customs territory, it is one with the House in saying that goods and services that are sold to RBEs are VAT zero-rated only if they are directly attributable to their zerorated sales. By reviving the CrossBorder doctrine, the House wants to change the current rule (under

There is a clamor for CREATE MORE because CREATE is found wanting. I hope that the concerns of all stakeholders are properly addressed in the final version that will be passed into law. If not, expect CREATE MOST.

CREATE) that sales between a domestic market enterprise (DME) that are in the freeport zone are subject to VAT. The House version proposes that sale and delivery of goods to registered enterprises within a separate customs territory should be subject to zero percent VAT. This proposal is not present in the Senate version.

There are peculiar provisions that the House version wants to introduce. First, it wants to consider as VAT exempt sale of goods and services to a Registered Export Enterprise (REE) whose total sales are exported. On the other hand, sale of goods or services by a VAT-registered seller to an REE will only be zero-rated if export sales are less than 100 percent of total annual production. In other words, if I sell to an REE that exports 100 percent of its total annual production, I will not be able to claim input VAT that I incurred for my production because my sales are considered exempt from VAT, but if I sell to an REE that does not have 100 percent export sale, I will be able to claim my input VAT because my sale is considered VAT zero-rated. There appears to be a disincentive in selling to a 100 percent export enterprise. The Senate version, on the other hand, considers sale to an REE regardless of location as VAT zero-rated.

Another conflicting policy direction between the two versions of the CREATE MORE bills is the power of the Investment Promotion Agencies (IPA) vis-à-vis the Fiscal Incentives Review Board (FIRB). The House version wants to return to the IPAs, which includes PEZA, SBMA, among others, the power to approve incentives and limit the FIRB’s powers to a mere recommendatory and policy making body. The Senate version, on the other hand, wants the FIRB to remain in control in approving incentives and in policing RBEs. One of the major changes being proposed in the Senate version of the bill is the transfer of the power to grant VAT refund to the Department of Finance from the Bureau of Internal Revenue. There is also a strict timeline to be observed and a mechanism where taxpayers may request reconsideration of a denied claim. Unlike now, where a motion for reconsideration of a denied claim is not an available remedy. There is a clamor for CREATE MORE because CREATE is found wanting. I hope that the concerns of all stakeholders are properly addressed in the final version that will be passed into law. If not, expect CREATE MOST.

The author is a senior 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 irwin.c.nideajr@ bdblaw.com.ph or call 8403-2001 local 330.

Japan’s firms lift outlays in sign of modest domestic demand

By Erica Yokoyama & Keiko Ujikane

JApA

neSe businesses boosted investment in the second quarter of the year, reaffirming signs of confidence that the economy is recovering slowly with the help of an uptick in domestic demandled activity.

Capital expenditure on goods excluding software rose 1.9 percent in the three months through June from the previous quarter, the finance ministry reported Monday. The reading was stronger than the gauge for business investment in gross domestic product data released earlier by the Cabinet Office, which showed such spending increased 0.9 percent from the previous quarter.

Spending on equipment including software grew 7.4 percent from a year earlier, rising for a 13th consecutive quarter while missing economists’ consensus estimate of a 10 percent gain. The figures will be factored into revised GDP figures for the second quarter due for release on September 9. Economists will parse the combination of stronger and weaker than expected results as they try to determine how economic growth figures might be revised.

Overall, Monday’s data are in line with earlier indications that the world’s fourth largest economy continues on a path of mild recovery. The preliminary GDP figures indicated that the economy rebounded to growth in the three months

China.

. . Continued from A8

the statistics office said.

As trade tensions with the US and Europe increase, headwinds for the manufacturing sector are growing. For the mid-term outlook, much will depend on the outcome of the US election: former President Donald Trump has argued for 60 percent tariffs on Chinese imports, while Vice President Kamala Harris’s China policies are expected to be more in line with President Joe Biden’s approach.

On the property front, the latest data was also discouraging.

through June, driven by a pickup in domestic demand, especially private consumption.

Monday’s data may result in a downward revision to capex, according to Naoki Hattori, senior economist at Mizuho Research & Technologies.

“Business spending growth in the April-June quarter will remain positive quarter on quarter, but it will likely be revised slightly downward from the preliminary 2Q GDP figure,” Hattori said.

Taro Saito, head of economic research at NLI Research Institute, sees a revision in the opposite direction. “Business spending will likely be revised slightly upward, but it won’t be a big revision,” he said.

A closer look at the figures pointed to stronger investment in the more domestic oriented service sector. On a quarter-on-quarter basis, manufacturing investment fell 3.3percent compared with a 4.9percent gain for services.

“The non-manufacturing sector, especially the service sector, is the main driver of the increase,” said Hattori. “Inbound demand is quite strong, and investment in lodging

The value of new-home sales from the 100 biggest real estate companies fell 26.8 percent from a year earlier to 251 billion yuan ($35.4 billion), faster than the 19.7 percent decline in July, according to preliminary data from China Real Estate Information Corp.

At least 10 city governments have loosened or scrapped their new-home price guidance to let market demand play a bigger role, a move that’s expected to drive more real estate companies to cut prices.

China is considering allowing homeowners to refinance as much as $5.4 trillion of mortgages to lower borrowing costs for millions of families and boost consumption,

Businesses are expected to continue boosting investment in an effort to cope with a chronic labor shortage, according to Hattori. Japan’s large service sector firms are facing the worst manpower constraints in 32 years, according to the BOJ’s June Tankan report.

and food and beverage have driven growth.”

The fresh sign of resilient internal demand offers support for the Bank of Japan’s July 31 decision to raise interest rates and cut bond purchases in a policy tightening step. Governor Kazuo Ueda said at a parliamentary hearing last month that the move was appropriate as economic data were aligning with forecasts.

In the latest outlook report released in July, the bank said “business fixed investment has been on a moderate increasing trend,” as corporate earnings improve and business confidence remains at a favorable level.

In the April-June period, 64 percent of Topix companies beat earnings expectations while 33 percent missed, a better ratio than the previous quarter, according to Bloomberg-compiled data. Profit growth beat estimates despite weaker-thanexpected growth in sales, the data showed.

The government also presented

Bloomberg News reported Friday. While lower mortgage rates would hurt profitability at state-run banks, analysts say it might help the real estate sector.

“In essence, it’s a transfer of wealth from banks to households, so positive for consumption,” said Larry Hu, head of China economics at Macquarie Group Ltd. “But the size is too small to be a game changer, given the current consumption landscape in China, which is pretty dire.”

The growth headwinds have yet to result in a more forceful government response, with less than half of budgeted expenditure completed in the first seven months of 2024. On Fri-

its view that business investment is showing signs of picking up in its August monthly economy report, maintaining the relatively positive view for a sixth month.

Businesses are expected to continue boosting investment in an effort to cope with a chronic labor shortage, according to Hattori. Japan’s large service sector firms are facing the worst manpower constraints in 32 years, according to the BOJ’s June Tankan report.

Atsushi Takeda, chief economist at Itochu Research Institute, said that while the data may result in a downward revision to capital spending in next week’s revised GDP, he sees Japan’s economy heading for a recovery in the third quarter, which may keep the BOJ on track for a rate hike in December.

The government is also intensifying calls for more investment in decarbonization efforts. Japan’s economy ministry requested ¥1.25 trillion to fund efforts to reduce carbon emissions for the year beginning April, a nearly 30 percent increase from the previous year. The ruling Liberal Democratic Party is paying close attention to economic trends, as it heads into a leadership contest later this month. A snap general election may follow soon after a new prime minister is chosen to replace Fumio Kishida. So far more than 10 names have been floated as potential candidates. Bloomberg

day, Finance Minister Lan Fo’an said the economy is still growing at a clip of 5%, describing its performance in the first half as “generally stable and progressing steadily.”

But economists are calling for more support, especially if external demand wanes.

“In the near term, we expect the PBOC to guide commercial banks to lower existing mortgage rates,” said Lu Ting, an economist at Nomura Holdings Inc. “For bolder stimulus measures, we think this is more likely to happen in the fourth quarter, when Beijing’s concerns over growth become more elevated.” With assistance from Paul Abelsky, Jenni Marsh, Stanley James and Clarissa Batino/ Bloomberg

BusinessMirror

SBMA’s 5 port expansion projects boost freeport, LEC

By Andrea E. San Juan @andreasanjuan

THE Subic Bay

Metropolitan Authority (SBMA) said five port expansion projects worth P40 billion are set to expand the logistics capability of the Subic Bay Freeport Zone, support the Luzon Economic Corridor and increase tourist arrivals in the country.

“Our total is P40 billion. I’ll say around five projects. There are several port expansion projects,”

Ronnie R. Yambao, Senior Deputy Adminsitrator for Operations of SBMA, told reporters on the sidelines of the 2024 Regional Development: Subic/Clark Business Conference organized by foreign business chambers last Friday in Makati City. Among the projects is the construction of a multipurpose port terminal at Lower Mau to support the Luzon Economic Corridor which would cost P13 billion.

SBMA said the P13-billion project cost would cover the construction of a 570-meter wharf with a depth of 12.9 meters. It has a back-up area of 17.2 hectares for

warehouses and open storage areas.

“This project will provide an additional capacity of 2.5 million metric tons bulk cargoes,” SBMA said, adding that this is one of the identified projects under the Public Investment Program of the National Economic and Development Authority (Neda).

SBMA, a Government-Owned and -Controlled Corporation (GOCC) tasked with the management and administration of the Subic Bay Freeport Zone, said the Lower Mau port terminal “shall facilitate increase economic growth through additional berthing facility.”

Citing this project’s impact, SBMA said “High percentage of domestic and international commerce is by sea, the efficiency of maritime transportation has become increasingly essential to national competitiveness.” This, SBMA added, will contribute to the Luzon Economic Corridor key infrastructure project.

Another project is the construction of a multipurpose port terminal at Redondo Peninsula to support the Luzon Economic Corridor.

With a project cost of P11 billion,

House Appropriations

panel chief: Education urgently needs reforms

By Jovee Marie N. Dela Cruz @joveemarie

THE chairman of the House Committee on Appropriations on Monday called for strategic reforms and increased support to the country’s education sector as Filipino students are falling behind global standards.

House Appropriations Committee Chairman Elizaldy Co made the call during the briefing for the P793.18-billion budget of the Department of Education for 2025, as he welcomed newlyappointed DepEd Secretary Edgardo Angara.

“It’s deeply concerning that Filipino students are lagging behind global standards in science and math,” Co said.

Co cited the alarming results of the 2022 Programme for International Student Assessment (Pisa), where the Philippines ranked third from the bottom in science and sixth from the bottom in both mathematics and reading among 81 countries.

“These results are a wake-up call. We cannot afford to let our students fall further behind. We must act now to address these learning gaps and provide our children with the education they deserve,” Co said.

“The education system is in urgent need of strategic calibration,” he added, echoing the sentiment expressed by President Ferdinand Marcos Jr. in his third State of the Nation Address last July. “It’s not just about literacy; it’s about equipping our youth with problem-solving skills and critical thinking that are essential for tomorrow’s challenges. We need an education system that does more than just teach—it must

inspire and empower.”

Co also cited the need to reduce dropout rates and ensure that remote and marginalized communities, as well as teachers, receive the necessary resources. Teachers, he said, are the “second parents” of students, with a critical role in the education system.

Co said there should be enough educators to teach the over 23 million enrollees in elementary and high school for the school year 2024-2025.

With a proposed budget of P748 billion, the DepEd represents the largest allocation in the National Expenditure Program, marking the government’s commitment to education as an investment in the nation’s future.

Co said this substantial budget reflects President Marcos’s vision to strengthen the country’s education system and ensure that Filipino students are well-prepared for challenges ahead.

“Let’s support the President’s vision by helping the new Secretary fulfill his mandate through endorsement of the Department of Education’s proposed 2025 budget,” Co said.

Erring suppliers ALSO, House Assistant Majority Leader Rep. Zia Alonto Adiong on Monday called for urgent action against suppliers who failed to meet their contractual obligations under the Department of Education’s (DepEd) Last Mile Schools Program (LMSP).

Adiong criticized the suppliers’ inaction as a “disservice” to students in remote areas, noting that only 50 percent of the allocated P20.54 billion had been utilized.

Adiong condemned the delays in delivering essential resources,

SBMA said this project would involve the “construction of a 600-meter wharf with a depth of 14 meters and a breakwater. It has a back-up area of 30 hectares.”

Construction includes warehouses, open storage, offices and support facilities. The project is seen to increase the port capacity with additional 3 million metric tons of cargo.

Another project that is underway is the construction of a Subic Bay Cruise Ship Facility.

The first phase of this project entails construction of a double-berth, 380-meter pier with a depth of 12 meters. The reclamation of 20 hectares and the construction of Cruise Passenger Terminal, Area for Cruiser-elated businesses will transpire under the second phase.

SBMA said phase 1 could cost P1.2 billion and is expected to be finished by 2028-2029, while the second phase costs P8.96 billion, with officials hoping to see it finished by 2030-2032.

International and local cruise operations of the Subic Bay cruise ship facility are seen to generate jobs and revenue from port fees and dues, and increase tourism spending.

SBMA Chairman and Administrator Eduardo Jose L. Aliño called the Cruise Ship Terminal a “game-changer” project by the SBMA.

According to Yambao, this cruise ship terminal will be the home port of the Philippines, meaning cruise ships can come in, the passengers can stay overnight to two days.

To add to this, he said, “We have an airport. We are the only Freeport Zone in the country that has the concept of flying in guests through our airport and then board the cruise ships and then they go on for a tour. Or the cruise ships arrive, the passengers disembark and then take the airport to fly somewhere.”

“So, that’s the concept. The Subic Bay as a home port is a game-changer project initiated by our chairman because we wanted to contribute in the national government’s program to increase tourist arrivals. And one way to do that is by inviting cruise ships,” he also noted.

As to funding sources for these projects, Yambao said, “This is through public-private partnership or through an Official Development Assistance (ODA).”

PHL EYEING E-TRAVEL SYSTEM AS KEY TO PAPERLESS AIRPORT

THE Philippine government is leveraging the eTravel system to transform the country with fully “paperless airports” that aim to provide better travel experience to airport users.

In an interview with the BusinessMirror on Monday, Department of Information and Communications Technology (DICT) David Almirol said the eTravel system, introduced in 2022 with only one component, now features eight other travel processes, streamlining the tasks needed at airports.

“In the past, travelers had to fill out multiple forms—arrival and departure cards, customs and currency declarations, and even health and tourism forms. These were spread across eight separate systems,” Almirol explained. “Now, with eTravel, we’ve unified these into a single, seamless system that automates much of the process as soon as a passenger’s passport is scanned.”

According to Almirol, the introduction of the eTravel system has reduced processing times at airports by up to 30

seconds per passenger, an improvement in efficiency that is expected to grow as the system is further refined.

“While we don’t have a definitive study yet, our initial assessments show that the system is effective in reducing wait times and easing the burden on both travelers and airport staff,” he noted.

The eTravel system, which initially covered immigration processes when it launched, was expanded this year to integrate seven additional systems, covering everything from customs to health declarations.

This consolidation is inspired by best practices from countries like Japan, which has successfully implemented paperless border controls.

“We are following the best practices from other countries. Japan declared that their airports are now paperless. Our goal is to be included in the list of countries that have paperless airports as well,” he said. Given the sensitive nature of the data collected through the eTravel system, Almirol said data privacy and security protocols are in place.

Continued on A5

AUSTRALIA will help the Philippines attain its dream to become an upper middle income economy, as it is set to bring 14 businesses to explore investment opportunities in the country, according to Australian Ambassador to the Philippines HK Yu.

“Australia is continuing to seek opportunities to partner with the Philippines to help it reach its ambition to be an upper middle income economy soon,” Yu said in a statement on Monday.

Australia is set to hold a trade and investment mission to the Philippines this week.

The Australian envoy emphasized that this business mission is Australia’s “Strategic Partnership” in action, adding, “The

Philippines’s need for high-quality investment in capital, expertise, and technology aligns perfectly with Australia’s strengths.”

Seeing the Philippines as “one of the fastest-growing economies” in Southeast Asia coupled with its recent economic liberalization measures, the Australian embassy said in its statement that the Philippines offers “substantial prospects for increased two-way trade and investment.”

According to the Australian embassy, the trade and investment mission will be spearheaded by Shemara Wikramanayake, Managing Director and CEO of Macquarie Group, a global financial services group which has been active in the Philippines for 20 years.

Wikramanayake will lead a delegation of 14 Australian businesses, including C-level executives from Australia’s pension funds (Australian Super and Future Fund), resources equity firm (EMR Capital), leading corporates (ANZ and Telstra) and key agribusiness players (Bega Foods, Costa Group, GrainCorp, Sunrice and Pristine Pacific).

The Australian embassy noted that the business delegation will meet senior government officials; Philippine conglomerates; and Australian companies that have long-established and successful operations in the Philippines.

The Australian business delegation will also be briefed by the Asian Development Bank (ADB)

on co-investment opportunities. “Consultations with the Philippine Government will focus on investment opportunities and regulatory framework in agrifood, infrastructure, transportation, and energy sectors,” the Australian embassy noted in its statement on Monday, adding that these are the sectors where Australia’s expertise complements the Philippines’ capabilities and aligns with the Philippine Government’s priorities.

Over 250 major Australian companies are operating in the Philippines, employing over 44,000 Filipinos, and hundreds of smaller enterprises create thousands more jobs, the Australian embassy said.

Editor: Jennifer A. Ng

B1 Tuesday, September 3, 2024

SEC: New program offers remedy to delinquent firms

By VG Cabuag @villygc

The Securities and exchange Commission (SeC) is implementing a program that will allow corporations which failed to submit their annual reports on time to reclaim their good standing status.

The Sec issued last August 30 Memorandum c ircular (Mc ) No. 13, Series of 2024, providing for the enhanced compliance i ncentive Plan ( eci P).

“As a regulator, the Sec is committed to ensuring that entities under its supervision are compliant with all the laws, rules and regulations applicable to them,” Sec c hairman emilio B. Aquino said.

Applicants are required to submit the corresponding supporting documents, the Sec said.

LNG proponents urged to rethink business plan

Under eci P, non-compliant corporations, including those placed under delinquent status, may settle their unassessed or unpaid fines and penalties for P20,000. Meanwhile, suspended and revoked corporations, including those with pending petitions for the lifting of the suspension or revocation order issued against them, may settle only 50 percent of their assessed fines and pay the petition fee of P3,060.

The new ruling also covers violations under Sec Memorandum circular No. 28, Series of 2020, which requires all entities registered with

“After the Sec Amnesty Program, the commission has strictly imposed higher revised fines and penalties to encourage strict and habitual compliance with reportorial obligations and good corporate housekeeping. With the launch of eciP, we are affording corporations under our supervision another opportunity to remedy their violations, at lower fees, and restore their good standing.”

the Sec to designate and submit their official and alternative email addresses and mobile phone numbers. Applications of non-compliant, suspended and revoked corporations for eci P may be submitted starting September 2 through November 30 this year.

Non-compliant corporations include those that have not submitted their general information sheet (Gi S) and annual financial statement (AFS) intermittently or consecutively in previous years, or have not complied with Mc 28. Delinquent corporations, meanwhile, are those that have failed to file their AFS or Gi S for three times, consecutively or intermittently, within a period of 5 years. Payment of the eciP fee, in itself, does not automatically confer compliant status to availing corporations or lift the suspension and revocation of their certificates of incorporation.

For non-compliant and delinquent corporations, they must submit their latest reportorial requirements due at the time of the application through the Sec e lectronic Filing and Submission Tool and submit their official and alternate email addresses and mobile phone numbers through the Mc 28 Submission Portal.

For corporations whose certificates of incorporation have been suspended or revoked, they must submit a Petition to Lift Order of Suspension/ r evocation of certificate of r egistration, along with supporting documents such as their latest due AFS and Gi S, Mc 28 compliance, Secretary’s certificate of No intra- corporate controversy, latest mayor’s or business permit, and certificate of registration with the Bureau of i nternal r evenue.

Should an applicant-corporation fail to submit the complete set of requirements within the prescribed period, the eci P fees, as well as the initial petition fee of P3,060 applicable to suspended and revoked corporations, will be forfeited.

BPI revokes import license of trader

TBy Ada Pelonia

he Bureau of Plant industry (BPi) revoked the import license of Manila-based LVM Grains enterprises over the unauthorized importation of agricultural food products from Vietnam. in an order issued by BPi Director Gerald Glenn Panganiban, the company was also told that the agency canceled all the sanitary and phytosanitary import clearances (SPSics) it issued to LVM. An SPSic would certify that an inbound shipment is safe for human and animal consumption and would not bring in any pests that could be detrimental to the local agriculture sector.

BPi said its review of the ex-

DirecTV viewers lose ABC, ESPN

DirecTV customers lost access to ABc and eSPN after the pay-television service and Walt Disney co., the owner of those networks, failed to come to terms on a new contract.

ABc eSPN and other channels were no longer available on the DirecTV service, the parties confirmed Sunday. DirecTV has about 11 million customers, making it one of the largest pay-TV services in the United States.

DirecTV, which is owned by AT&T inc. and TPG inc., has been holding out for better terms from Disney.

Management wants a reduction in the minimum number of subscribers it has to pay for. it also wants to offer smaller packages of channels for specific genres, such as sports, entertainment and kids programming.

rob Thun, chief content officer at DirecTV, said in an interview that Disney wanted the company to waive legal rights to challenge the entertainment giant in court over antitrust issues. Bloomberg News

planation of LVM to the agency’s show-cause order on why MV royal 89 has a shipment of milled rice, coffee, and cashew nuts from Vietnam consigned to the Manila-based importer without an import clearance “was not credible.”

“Further, our records also showed that your company has previously committed multiple non-compliance,” Panganiban said in a statement. BPi said the importation of plants, planting materials, and plant products requires import clearance and the accompanying phytosanitary certificate issued by the country of origin.

“This is to ensure that the shipment was able to comply with the phytosanitary requirements set by

our office and ensure freedom of the commodities from quarantine or exotic plant pests.”

‘Utilize SPSICs’

Me ANW hiLe , Agriculture Secretary Francisco Tiu Laurel Jr. recently issued Memorandum circular (Mc) 35 which urged rice traders to “fully utilize” their applied SPSics.

“The actual product/consignment must be shipped out within 60 days from the date the SPSic is issued, regardless of the country of origin. This shipment is still subject to plant quarantine procedures at the port of entry upon arrival,” the circular read. it added that traders may face sanctions and penalties for noncompliance.

“Low or no utilization of SPSics may result in sanctions and penalties in accordance with the guidelines as this can create discrepancies in the forecasting being done in relation to the availability of rice supply.”

r ice import arrivals as of August 22 reached 2.72 million metric tons (MMT), according to BPi data.

Agriculture Assistant Secretary and Spokesman Arnel de Mesa said shipments after July 6 were already levied with the 15-percent tariff rate.

Figures from BPi showed that rice imports from July 1 to August 22 stood at 376,353.70 metric tons (MT). This was lower than the average shipments made from the first semester which reached 390,065.93 MT.

Marcos asked to review PHL energy plan

The Private Sector Advisory

c ouncil (PSA c ) called on

President Ferdinand r Marcos Jr. to reassess the Philippine e nergy Plan and to focus on the affordability of power and self-sufficiency.

PSA c also recommended revising capacity auctions, including the Green e nergy Auction Program (G e AP) and aligning power supply procurement plans to drive down electricity costs for consumers.

On the matter of water security, PSA c said the government must implement flood control basins as part of its i nfrastructure Flagship Projects, particularly concentrating on the 88 rivers identified by the i ntegrated Water r esources Management Office ( i W r MO).

The council also urged the government to expedite the privatization of water utilities in other metropolitan centers facing water supply challenges, following the successful model in Metro Manila. This move would improve water distribution systems, reduce non-

revenue water losses, and streamline permit processing.

“These initiatives are crucial to driving progress and uplifting communities. By focusing on affordable energy and reliable water supply, we aim to create a foundation for long-term development that benefits every Filipino.

The private sector stands ready to collaborate with the government by sharing expertise, resources, and innovative solutions to make these goals a reality,” Sabin Aboitiz, PSA c lead convenor and Aboitiz Group president and ce O, said in a statement.

PSAc called for the Metropolitan Waterworks and Sewerage System r egulatory Office (MWSS-rO) to closely monitor the enhanced Lifeline Program to provide greater discounts to low-income consumers, particularly those who are marginalized or beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).

Further, PSA c proposed that the i W r MO study the feasibility of improving water service levels in the provinces, balancing

investment needs with efforts to expand coverage and enhance service quality.

President Marcos expressed his gratitude for PSA c ’s commitment and insights, recognizing the importance of these recommendations in achieving the administration’s goals of accessible, affordable, and reliable essential services.

“ i sat down with the Private Sector Advisory c ouncil [PSAc ] to discuss opportunities to improve the lives of every Filipino family through critical infrastructure that will lower electricity rates, ensure a reliable water supply, and enhance flood protection,” said President Marcos on his i nstagram post.

i am grateful to our private sector partners who are committed to helping us achieve these goals.”

PSA c said it remains committed to partnering with the government to deliver on its promise of sustainable and inclusive development, reinforcing its role as a catalyst for positive change in the Philippines.

By Lenie Lectura @llectura

AcOALiT iON advocating for the protection of the Verde i sland Passage (V i P) on Monday welcomed the cancellation of a proposed liquefied natural gas (LNG) import terminal of Vires energy corp. (V ec), a subsidiary of A Brown co. inc. (ABci) of businessman Walter Brown.

“This cancellation is a win for the fisherfolk, members of the faith community, and stewards of creation decrying the impacts of LNG to communities and our environment. There is now one project less in the gas fleet bringing destruction to our Amazon of the oceans.

With this move, A Brown co. also confirmed just how high-risk an investment LNG really is. All that are still backing the LNG buildout in the country should rethink their business decisions,” said Fr. edwin Gariguez, Lead convenor of Protect V iP. V ec has informed the Department of energy (DOe) that it is withdrawing the notice to proceed (NTP) issued in 2021 for the LNG project in Simlong, Batangas. The NTP covers its proposed integrated LNG floating storage and regasification facility (FSrU), which includes a 450-megawatt (MW) floating power plant. The FSrU was supposed to be operational by January 2025. instead, V ec may proceed to procure LNG from third-party sources that will fuel its planned gas power plant.“This model will leverage existing gas infrastructure in the Batangas area to support the development of new power plants and will also shorten the time when power generation can happen since V ec will no longer need to construct an LNG terminal,” ABci said last week.

Protect V iP, however, expressed alarm over a plan to double the capacity of its proposed LNG power plant project to 900MW from the original 450 MW. The project will also be

converted into an onshore facility.

“We’re dismayed that A Brown and Vires are keeping their ears shut to the rejection by fisherfolk and other sectors of gas and LNG. When these power plants are built, the coasts that serve as spawning ground to fish are destroyed; the very large tankers carrying LNG are also a cause for concern.

Many families will also be robbed of the only livelihood they know if they are pushed to leave the coasts because of these projects,” said restituto Bobadilla of Bukluran ng mga Mangingisda sa Batangas-Batangas city.

According to Protect V iP, the revised project proposition should be held against the strictest environmental standards by the Department of environment and Natural resources (DeNr). This includes a recent court of Appeals decision to a continuing mandamus petition filed by Protect V iP, mandating the agency to finally issue rules under the c lean Water Act on restricting sources of pollution in bodies of water found to have alarming levels of pollution, as is the case for parts of the V iP.

“We urge the DeNr to ensure the most rigorous environmental compliance by A Brown co., especially with the significantly different nature and capacity of the project from when its compliance certificate was issued in 2017.

At the same time, we look forward to the long overdue issuance of rules on non-attainment areas. The V iP and other bodies of water across the country have been suffering from unchecked pollution from gas and other environmentally critical projects for far too long,” said Gerry Arances, executive Director of sustainability think-tank center for energy, ecology, and Development (ceeD).

Ac Bi did not immediately respond to a BusinessMirror request for comment on Monday.

Photo from www.ProtectviP.org

Banking&Finance

Afasa law enforcement seen to foil illegal Pogos

By Butch Fernandez @butchfBM

THE new law targeting financial scammers, whose operations are seen among the crimes associated with illegal Pogos, should be enforced fully and right away, in order to prevent them from ensnaring more victims, the Senate deputy minority leader asserted last Monday.

lic Act 12010,” in the wake of last weekend’s rescue in Cebu of nearly a hundred Indonesian nationals. RA 12010, or the Anti-Financial Account Scamming Act (Afasa), was

enacted in July and had been cited by the Bangko Senttral ng Pilipinas (BSP) as a key weapon in stemming the surge of financial crimes perpetrated by international rings, including those behind illegal Pogos.

Hindi tayo papayag na ginagawang headquarters ng mga scammers ang Pilipinas [We cannot allow our country to be the headquarters of scammers],” Hontiveros said Monday.

“These cunning scam hub operators are transnational. In our hearings in the Senate, information we unearthed showed that these hubs thrive because of the forced labor of victims of human trafficking, Filipinos or foreigners. Under Afasa, this is economic sabotage,” the senator added, partly in Filipino.

Raids on illegal Pogos that were found to have also thrived on cyber fraud and financial scams showed

SBy Reine Juvierre Alberto

THE Bureau of the Treasury (BTr) upsized the amount it fully awarded on Monday’s Treasury bills (T-bills) auction, raising P22.60 billion amid mixed yields.

The Treasury made a full award of bids for the short-term debt papers despite the slight increase in most average yields.

The national government raised P6.50 billion as programmed from the 91-day T-bills, with tenders reaching P18.01 billion.

The average yield for the 91-day T-bills decreased to 5.947 percent from the 5.966 percent posted in last week’s auction, August 27. Rates for the debt papers ranged from 5.940 percent to 5.960 percent.

The auction committee increased the accepted non-competitive bids for the 182-day securities and raised P9.100 billion, higher than the P6.500 billion programmed borrowing. Demands for the 182-day T-bills reached P19.260 billion.

Investors’ average asking yield for the 182-day T-bills increased to 6.002 percent from last week’s 5.996 percent from last week’s auction. The government security rate settled between 5.980 percent and 6.020 percent. Meanwhile, average rate of the 364-day government securities went up to 6.040 percent from the previous auction’s 6.022 percent. Yields for the debt papers ranged from 6.000 percent to 6.055 percent.

The government accepted P7 billion from the sale of 364-day T-bills as demand for the tenor settled to P15.835 billion.

In comparison, the Bloomberg Valuation Service Reference Rates are 5.912 percent for the threemonth tenor, 5.982 percent for the six-month tenor and 6.080 percent for the one-year tenor, as of August 29, 2024.

The Treasury said the auction was 2.7 times oversubscribed with total

By Cai U. Ordinario @caiordinario

THE United Nations Development Programme (UNDP) and the Department of Finance (DOF) will develop a comprehensive strategy for climate finance in the Philippines with the aim of helping consolidate financing solutions for climate change action in the country. A statement the UNDP issued last Monday explained the formulation of the plan of action will be

bids reaching P53.1 billion.

“With its decision, the Committee raised a total of P22.6 billion compared to the P20 billion initial offer,” it said. Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the recent issuance of $2.5 billion US dollar global bonds has siphoned off some of the excess liquidity from the financial system and caused the slightly higher average auction yields.

Ricafort said investors have also locked in investable funds in longerdated tenors amid the easing trend in local and global bond yields after the Monetary Board reduced key policy rates by 0.25-basis points on August 15, 2024, and the expected US Federal Reserve (Fed) rate cut on September 18, 2024.

The Fed is expected to deliver a series of three consecutive 25-basis point interest rate cuts from 2024 to 2026, which could be matched locally, Ricafort added.

Meanwhile, Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said the Monetary Board will make another 25-basis point reduction in policy rates either in its October or December meeting this year to significantly affect economic growth (See: https://businessmirror.com.ph/2024/08/17/ bsp-easing-cycle-seen-as-governor-remolona-says-another-ratecut-possible/).

This September, the government aims to raise P80 billion through the sale of T-bills in the domestic debt market. It would also borrow P115 billion from the issuance of Treasury bonds (T-bonds) this month.

Gross domestic borrowings reached P1.484 trillion as of end-July 2024, up by 30.69 percent year-onyear from P1.135 trillion.

The government will borrow P2.570 trillion this year, following a borrowing mix of 75:25, of which P1.923 trillion will be raised domestically while P646.084 billion will come from foreign sources.

TATE-run Land Bank of the Philippines (LandBank) will soon launch the new “EasyCash for Emergencies” feature allowing credit cardholders quick access to emergency funds using their credit limits.

The bank said on Monday the new feature will enable LandBank credit cardholders to convert their available credit limits into cash for emergency situations.

The converted emergency funds will be credited directly to the cardholder’s LandBank deposit account with flexible repayment options of up to 36 months.

Eligible cardholders will receive

many victims came from neighboring countries, especially within the Asean.

Afasa, Hontiveros noted, “also has a provision that allows the use of seized assets for victim protection. It is time we set the law in motion.” Those responsible for allowing the scams must be brought to justice, she said. “To deter future scams, we must provide justice to the victims,” the senator added.

Pogo ban

HONTIVEROS said the continued uncovering of crimes associated with Pogos underscores the importance of complying with the President’s order to ban Pogos effective end-2024.

“We exert so much effort in our Pogo inquiry in the Senate, so we can find an effective solution to

a text message and email from LandBank confirming their eligibility for the credit limit conversion. Customers may also call the bank’s Customer Care to request the cash conversion.

“We want to boost the ability of our clients and partners to recover quickly from calamities and disasters. We have expanded our accessible financial support interventions to help build resilience and expedite response and rehabilitation efforts,” LandBank President and CEO Lynette V. Ortiz was quoted in the statement as saying.

As such, LandBank has also enhanced the “Community Assis -

By VG Cabuag @villygc

THE Bank of the Philippine Islands has allocated some P3 billion of loan amount to be given mainly to affordable and socialized housing sector.

According to BPI Vice President Dexter Lloyd C. Cuajotor, the lender wants to reach as many affordable housing developers, “so we can book the loans of their clients.”

Cuajotor added that the P3 billion is just an initial funding for the sector and will be up for review once consummated.

The BPI is one of the handful of lenders that extend loans to affordable housing owners, as the bulk of these were coursed through state-owned Pag-IBIG Fund, or the Home Mutual Development Fund.

The bank will finance 95 percent of the total contract price for accredited projects with a value from P300,000 to P3.5 million.

“Normally, the loan term is just 20 years; now it’s up to 30

years,” Cuajotor said at the sidelines of the 4th Affordable Housing Summit 2024. “And then we lowered the income requirement to P25,000 (combined income), so more can qualify.”

“Now, clients have options; not anymore just Pag-IBIG [Home Development Mutual Fund]. They can also come to us,” he added.

The housing summit was organized by the Organization of Socialized Housing Developers of the Philippines Inc. (OSHDP).

The BPI has already accredited at least 42 member-developers of OSHDP and was aiming to accredit more developers during last week’s summit by sending accreditors to the event.

“There are about 141 [developers], so we will accredit more. We’ll start the conversation, so, more and more projects,” Cuajotor said.

He added that borrowers can apply for a BPI housing loan through the bank’s various lending centers, such as through BPI branches and agency banking partners.

completely shut down Pogos in the Philippines,” the senator added in a separate statement.

“Our hearings have strongly established that these POGOs are run by organized and syndicated criminal groups complicit with some public officials. That is why we are determined as well to make responsible officials liable for abetting these,” Hontiveros said, partly in Filipino.

She said remedial or amendatory legislation arising from the longrunning inquiry should include proposals to strengthen coordination among the law enforcement and regulatory agencies, in tandem with local government units, so as to completely banish the evils spawned by Pogos.

Hontiveros lamented how, despite the mandate given by President

tance and Reintegration Support

Plus Lending” program for affected farmers and fishers; cooperatives; micro, small and medium enterprises (MSMEs); corporations and electric distribution utilities to access loans to fund their recovery and restore regular business operations.

The loan obtained by eligible borrowers may be used as working capital, capital expenditures, and for the repair, construction, or acquisition of equipment, facilities and structures damaged by disasters.

Electric distribution utilities may also utilize the loan as shortterm working capital to cover the

GOTIANUN-LED East West Banking Corp. (PSE: EW), the country’s 11th largest bank in terms of assets, seeks to anchor its business on sustainable growth after its portfolio profile, in terms of loans, has improved since the pandemic.

“You have a good time, don’t overdo it, right?” EW CEO Jerry G. Ngo said. “I think it’s really important you really focus on sustainable growth. And that’s what we’re really aiming for: to get a sustained growth trajectory for the bank to gain economies of scale, to gain automation and efficiencies out of that.”

Ngo, an ex-Citibanker and Standard Chartered bank executive, explained there was an era of quick expansion by global banks amid the inavailability of infrastructure.

But as infrastructure were built, the big banks has retreated and many smaller banks like EW embarked on hyper-localization, he added.

“My preference, I want to be bigger where it matters, right? That’s the approach, have the right talk in the right areas, and then focus your activities,” Ngo said.

He cited a study by Harvard University that shows “people would rather go to the dentist than go to the bank.”

Ferdinand R. Marcos Jr. in his third State of the Nation Address, “patuloy ang underground operations ng mga Pogo [underground operations of Pogos continue], so I am calling on our law enforcement agencies to step up so as to enforce the total ban of the President.” Such possibility that Pogos will simply “go underground” had been the argument of Pagcor officials in saying that a total Pogo ban could drive the illegal Pogo operators deeper underground, and beyond the reach of law enforcers and regulators.

Hontiveros expressed apprehension that Pogos might simply be “rebranded” so they can continue operating, noting information that some Pogos will be cast as “call centers” or will be concealed in special economic zones.

increased costs of generation and distribution.

Moreover, the state-run bank is also offering an Electronic Salary Loan (eSL) to employees of government agencies with LandBank payrolls for convenient and fast access to funds.

Eligible borrowers can apply for the eSL online through the LandBank website, iAccess or the Mobile Banking App (MBA), with the loan proceeds being directly credited to their accounts.

Current eSL borrowers who have demonstrated good payment standing for at least three months can easily renew their loans. Reine Juvierre Alberto

Force on Sustainable Finance or “Green Force” and other

stakeholders to advance the climate finance agenda from public, private and alternative sources for climate action.

“The effects of the recent typhoons remind us of why Sustainable Development Goal no. 13 or Climate Action is urgently needed in the Philippines. Aside from adaptation and mitigation measures across infrastructure, industry, agriculture, energy, and transportation, the climate crisis also demands financing to make all these actions possible,” UNDP Philippines Resident Representative Selva Ramachandran was quoted in the statement as saying. At its core, the UNDP said the Climate Finance Strategy will mobilize resources for climate action projects, consolidate funding from disparate sources, align public spending to the national development agenda, and encourage climatefriendly investments and innovations

from the private sector.

The new strategy carves out a financing program from the Sustainable Finance Roadmap by the Green Force to focus on climate finance solutions. It also builds on funding opportunities for projects drawn from recent government plans. These include the National Adaptation Plan (NAP) and the Nationally Determined Contributions (NDCs) Implementation Plan by the Department of Environment and Natural Resources (DENR) and the Climate Change Commission (CCC).

“All these financing projects are commitments to empower the local government units and the national government agencies to stand on the forefront of climate action. We look forward to identifying possible needs to bridge the gaps in our shared financing requirements to implement our climate action through a

whole-of-nation approach,” said Maria Luwalhati Dorotan Tiuseco, DOF Undersecretary for Climate Finance Policy Group (CFPG). The UNDP and the DOF also aim to bridge the gap on how the Philippines can access the international climate finance fund. Locally, the Green Force aims to support communities access the People’s Survival Fund (PSF) amid the country’s growing cost on disaster response, mitigation, and future-proofing cities amid climate change. In a recent workshop, discussions focused on strengthening the collaboration between the different agencies and private sector in addressing the climate change challenge.

Part of the output for these efforts is to co-pilot climate finance solutions in the strategy that may be presented at the UN Climate Change Conference – 29th Conference of the Parties (COP 29) in

Baku, Azerbaijan this November 2024.

“This year, the UK FCDO identified that finance for climate action is a key pillar in our partnership with the Philippines, where increasing the quantity, quality and accessibility of financing is a priority. We commit to work with stakeholders and mobilize climate finance beyond the National Adaptation Plan and the Nationally Determined Contribution Implementation Plan to improve capacity and strengthen the enabling environment for climate finance in the country,” said Alistair White, UK FCDO Deputy Head of Mission. Earlier, the DOF said the national government secured backing from the Asian Development Bank (ADB) and is set to receive a $500-million loan to improve the climate resilience of local communities, ecosystems and the national economy.

“Because [doing the latter] causes so much anxiety,” Ngo said. “So that’s why the whole insight of what we’re trying to do is to make it as easy as possible. In fact, the whole point, at some point, we get to embed banking and to make it invisible.”

He added that the lender only targets some 40 percent of its 2.6 million clients to use its recently-enhanced banking application.

“I think the momentum is strong enough; and we can even do much higher than that. So, I’m actually very hopeful we can overshoot those things that clients really like the product,” Ngo said. Ngo led the launch of a mobile banking platform called EasyWay that he said is designed to “streamline and elevate the banking experience.”

The launch of EasyWay is a major milestone in the build-up to EastWest Bank’s 30th-anniversary celebration, which kicked off last month and will run through July next year.

“EasyWay is more than just a banking app; it’s a clear demonstration of our efforts to make banking simpler and more accessible for our customers,” Ngo said. “As we mark our 30th anniversary, we are thrilled to present this intuitive tool that will redefine how our customers engage with us.” VG Cabuag

The program is part of the ADB’s $10-billion climate finance commitment for the Philippines from 2024 and 2029. It builds on the first CCA program signed in June 2022. That agreement made the Philippines the pioneer in ADB’s firstever policy-based loan for climate action. According to the DOF, Asakawa said during Wednesday’s meeting that the ADB Board will review next week the Philippines’s new Country Partnership Strategy (CPS) for 2024 to 2029. The CPS is a strategic framework for ADB to engage with each developing member country. This focuses on areas such as human development, economic competitiveness, quality infrastructure, climate action and private sector development (See: https://businessmirror.com.ph/2024/08/30/phl-tosecure-500m-adb-loan-for-climate-

Sen. Risa Hontiveros, who chairs one of three committees probing crimes linked to Philippine Offshore Gaming Operators (Pogo), cited the “the urgent need to enforce Repub -

Art BusinessMirror

MY-PHL Art Expo, MaArte Fair: Busy art weekend in Makati

THE local art scene was abuzz over the weekend with two large events in Makati City—one celebrating a milestone anniversary of the friendship between two countries, the other raising awareness for heritage conservation.

In celebration of the 60th anniversary of the bilateral relations between Malaysia and the Philippines, the Embassy of Malaysia in Manila, in collaboration with One Ayala, Makati City Council and Artemis Art, mounted an art expo on August 30 at One Ayala. Just a few meters away at The Peninsula Manila, the MaArte Fair, one of the Museum Foundation of the Philippines (MFPI)’s annual flagship events, opened on August 29. Both events ran until September 1.

The Malaysia-Philippines art expo featured artists from the two countries. Each side featured the works of five local artists under the theme Celebrating Friendship Through Art: A Kaleidoscope of 60 Years of Diplomatic Relations Between Malaysia and the Philippines

“Art has always been a powerful medium of expression, transcending boundaries and languages; it speaks to our shared humanity, dreams, struggles, triumphs,” Ambassador of Malaysia to the Republic of the Philippines Dato’ Abdul Malik Melvin Castelino said during the press launch of the event. “The expo itself is more than an exhibition. It’s a testament to the rich culture and heritage of the artistic communities of our two nations.”

The roster of Filipino artists featured a mix of veteran and young talents, namely, Anthony Palomo, Ramon Orlina, Francisco Guerrero, Dennis Bato, and Niakie. The same went for their Malaysian counterparts, comprised of Dato Prof Tajuddin Ismail, SC Shekar, Juhari Said, Anniketyni Madian, and Syahbandi Samat.

One of the highlights of the showcase was a collaboration piece between a Filipino and a Malaysian artist, reflecting the bond between the two countries. Chosen for the project were the Philippines’ Dennis Bato and Malaysia’s Syahbandi Samat. They

overcame the logistical challenge of working from separate countries and said they were happy overall with the result of their joint presentation.

“It’s a collaboration between the two countries,” said Samat, a self-taught 32-year-old artist from Malaysia whose primary medium is the ballpoint pen. Bato, 35, and working towards a Master of Fine Arts degree from the University of the Philippines, added that their approach was to focus on their personal art practices and the concept of perception.

“We believe that, as artists, we rely heavily on perception, that’s why sometimes we subconsciously reflect the contemporary realities of what’s happening in our environment through our art,” he said. “Following that idea, we believe that focusing on our personal art practice gave that idea of the ‘Filipinoness’ and ‘Malaysianness’ of the works.”

The two likewise explored the idea of parallelism between the two countries, taking cue from the idiom “Same same, but different.”

Aside from the showcase of artworks, the art expo also presented cultural performances by Malaysia’s Touché Production. There were panel discussions as well, featuring some of the participating artists. One of the talks centered on the perspectives on contemporary Southeast Asian art.

to Castelino, the Malaysian ambassador, the hope for the art expo is to open the door to more collaborations between Malaysia and the Philippines in the field of arts and beyond.

Meanwhile, across the Malaysia-Philippines Art Expo venue in Ayala Avenue ran MFPI’s MaArte Fair 2024. The 15th edition of the annual event was billed as its biggest to date, filling up The Peninsula Manila with a record 153 vendors showcasing Filipino artistry and craftsmanship. The count is up from last year’s 116. “We have more community-based vendors and artisans than ever,” MFPI president and MaArte Fair committee chairman Daniel Jacinto said during the press launch.

The MaArte Fair serves as one of the annual flagship events of the MFPI. Structured as a fundraising event, the proceeds from the fair go to the National Museum of the Philippines and various museum communities across the country.

The MFPI advocates for the preservation of the Philippine cultural assets, and to amplify the awareness and appreciation for the country’s rich artistic and cultural heritage. The MFPI envisions developing more programs to continuously fund and improve the welfare of the National Museum of the Philippines and its various museum beneficiaries.

Local comic artists, cosplayers share spotlight in comic convention

FILIPINO comic artists and cosplayers gathered in a celebration of creativity and ingenuity at the recently concluded DrawINK Convention.

One of the highlights was a panel discussion, titled Komikeros in the Digital Landscape, headlined by popular local illustrators and social media personalities Drew Borja of Hunghang Flashbacks and AJ Bacar of Sskait.

The special guests expounded on their processes, sources of inspiration, and how they incorporated and promoted Filipino culture in their works. They imparted several tips on building a brand identity, as well as growing the audience.

The talk walked the audience through the setbacks and triumphs that established their presence in the online comic industry.

The fete featured an Artist Alley, which showcased the iconic figures and merchandise of Sskait, APOG, and chef budz. It also provided a platform for starting Benildean comic artists and illustrators to present and promote their original pieces.

A cosplay competition set the stage for participants and enthusiasts alike to channel their imagination as they donned meticulously curated garbs complete with accessories to breathe life into the persona of their choice—

whether it be from video games, manga series, or anime

The winners were screened by titleholder Djyrmae Subagan, awardwinning cosplayer Anthony Aposaga, and professional cosers Emi “LiaBear” Gonzales, Yoruino, and Aster Siu.

The entrants were judged based on the fidelity of their outfits to the original works, craftsmanship of the details and props, presentation of mannerisms, and lasting impression on the viewers.

Attasha Ysabella Dioso emerged as the champion. She was recognized for her “superb performance” as Furina de Fontaine from the action role-playing

gacha game Genshin Impact Gelssie Acero, who portrayed Fu Hua from Honkai Impact 3rd and Edrielle Anne Nachor who came as Ozamu Dazai from Bungo Stray Dogs placed Second and Third, respectively. The festivity concluded with an intimate DrawINK Night, which turned the spotlight on the organizers and convenors.

The three-day event was organized by DrawINK, the premier comic organization of the De La Salle-College of Saint Benilde (DLS-CSB).

More information about DrawINK can be found at www.facebook.com/ drawinkbenilde.

By Eugenia Last

giving straight answers. Facts are your route to reforming, replacing and revitalizing your path forward with honesty and a chance to make a positive difference. ★★★

VIRGO (Aug. 23-Sept. 22): Monitor what others do and say. A problem at work or in your community that influences your position or reputation is best averted quickly. Control your emotions and speak the truth; you’ll overrule anyone trying to make you look bad. ★★★

LIBRA (Sept. 23-Oct. 22): An open mind and compassionate heart will get you through anything you encounter. Use common sense and bounce your ideas off people you trust to give you an honest opinion. Stop worrying about your approval ratings and start trying to please yourself. ★★★

SCORPIO (Oct. 23-Nov. 21): As long as you keep changing your mind, it is best not to make a move. Focus on getting things done before you venture down a new path. Check out an activity or event that captures your attention. What and who you encounter will offer valid considerations. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Rethink your plans and eliminate any action fueled by someone else’s wants. It’s you who must be happy with your path forward. Choose what makes you content with yourself, your lifestyle and the company you keep. Self-improvement is within reach. ★★

CAPRICORN (Dec. 22-Jan. 19): Take the train that leads to financial gain, a better lifestyle and a healthier attitude. Don’t abuse yourself to amuse others or to fit in with the wrong crowd. Surround yourself with positivity and a plan that ensures you do and achieve the best outcome possible. ★★★★★

AQUARIUS (Jan. 20-Feb. 18):

PISCES (Feb.

According

WORLd-RENOWNEd BRISTOL OLd VIC THEATRE SCHOOL ANd REPERTORy PHILIPPINES FORgE A PARTNERSHIP

RepeRtORy philippines (Rep) announced that it has forged a partnership with world-renowned Bristol Old Vic theatre School (BOV tS) for Rep’s Bridge project program that will bring UK conservatoire training to Manila in 2025. Bristol Old Vic theatre School is one of the most successful and well-respected drama schools in the UK, attracting students internationally and is known in the industry as a benchmark of quality in professional acting, and technical, production and stage management training. Some of its many notable alumni include Jeremy Irons, patrick Stewart and Oscar winning actors Daniel Day Lewis and Olivia Colman. there have been five Filipino theater artists who trained at and graduated from BOV tS, namely actors pinky Amador, petra Joan Athene, James Bradwell, Kirsten Foster, and theater director Victor Lirio. Rep is a Manila-based theater company dedicated to producing english-language productions and providing actor training. Helmed with BOV tS alum, director Victor Lirio, and designed as a collaborative congress for Filipino theater practitioners in the philippines, UK and US, Rep’s Bridge project began in February 2024 when it presented Harold pinter’s Betrayal, recipient of several Gawad Buhay citations, with an international company of Manila, New york- and London-based actors and designers including another BOV tS alum, actor James Bradwell. the program, in collaboration with Mint College in Bonifacio Global City, also offered classes in Shakespeare’s text Rhetoric, Stanislavski-based Scene Study work, Fundamentals on Scenic Design, Music Composition, and a Speaker Series forum with Lirio and the London-based Filipino actors before an audience of local theater practitioners including actors, designers, tutors, stage managers, and producers. the sessions were offered to theater practitioners for free.

Naomi Miller, head of development at BOV tS, commented: “From our very beginnings nearly 80 years ago, Bristol Old Vic theatre School has always sought to bring storytellers from across the globe together in learning, practice and performance. We are incredibly excited to be partnering with Repertory philippines and Mint College to showcase and share the expertise of our teachers and practitioners, to learn from artists in Manila, and to help underpin the amazing talent and potential of Filipino theatermakers with a strong foundation in conservatoire style training.” the courses for Rep’s Bridge project will continue to be offered for free and will be programmed with BOV tS under the leadership of Rep’s artistic director, Jeremy Domingo, and the team at BOV tS. they will be announced later this year.

Domingo commented: “I’m excited to launch this global initiative on my first year at Rep as artistic director. We are looking forward to expanding our training institute at Rep and continuing to build and bridge a collaborative theater community for Filipino artists—in production and in training. We have quite a rejuvenated season planned for the next few years.” More information is available at www. repertoryphilippines.ph.

Creative film women assert their presence at Sinag Maynila Festival

The movie tells the story of two men who are both chasing online fame but who are continuously haunted by their complicated past filled with deep, dark and nasty secrets. Flores handpicked actor Tony Labrusca to play these two lead characters.

that take place in the innermost realm of a mentally challenged individual. When these episodes kick in, that’s when the moth flies,” she shared.

The filmmaker said that the Sinag Maynila festival will serve as a platform for the short film to be accessible to a wider audience, and hopefully to create ripples in awareness that mental health is something we should freely talk about. “By being part of this festival, I hope that film can help challenge the stigma surrounding mental health, using empathy as a bridge to more understanding and acceptance.”

LOVE LETTER TO FILIPINO-CHINESE WOMEN

WHEN the Sinag Maynila Festival opens this week, the spotlight will not only be on the participating entries but on the creators of these films. We specifically highlight three of the women artists who bravely faced their respective challenges to come up with films they all can be proud of.

“Tony delivered more that I expected. He told me that this is, by far, his most challenging acting assignment to date, and he surprised me after every shoot day. I think that the strength in his portrayal of these two different characters was made more substantial because Tony allowed himself to be both vulnerable and vigorous during our filming, creating the personalities needed to give the characters the layers they required,” shared the filmmaker.

After the festival, Flores intends to do more films with her team at The Jumpcat Experiment Company, through the support of her good friend and coproducer Josie Garcia.

GMA Network senior vice president for entertainment group Lilybeth G. Rasonable

gMA’S SVP LILyBETH g. R ASONABLE TO SPEAk AT CONTENTASIA SuMMIT

LILyBetH G. RASONABLe, GMA Network senior vice president for entertainment group, will be among the speakers at the ContentAsia Summit 2024 on September 4 in taipei, taiwan. A seasoned industry professional who rose through the ranks, Rasonable played a key role in GMA Network’s leadership in the philippine broadcasting industry, creating groundbreaking and phenomenal programs, like Mulawin, Encantadia, Darna the local adaptation of Marimar; My Husband’s Lover, Royal Blood the musical variety show All-Out Sundays among many others. through Rasonable’s leadership, viewers were given a more diverse program lineup. these included the philippine adaptation of Descendants of the Sun the live-action adaptation of the Japanese anime Voltes V: Legacy, the historical portal fantasy series Maria Clara at Ibarra and most recently, two of the network’s biggest dramas this year: Widows’ War and Pulang Araw.

Rasonable’s talk at ContentAsia Summit 2024 will give audiences a sneak peek of GMA Network’s upcoming series in 2025, Sang’gre the ContentAsia Summit 2024 provides data-driven insights about regional content trends and production strategies across the region. through talks and presentations by seasoned experts, participants have a front-row seat to industry knowledge, information, and networks. It will be held from September 2 to 4 in taipei, taiwan, and will conclude on September 5 with the 5th annual ContentAsia Awards, where GMA Network (www.gmanetwork.com) has multiple nominations. these include Secret Slaves: The Jessica Soho Special Report on Human Trafficking (Best Current Affairs programme Made in Asia for Regional Asia and/ or International Markets), (Best Asian Feature Film/ telemovie), All-Out Sundays (Best Variety programme), and Dingdong Dantes for his performance as Napoy in Royal Blood (Best Male Lead in a t V programme).

For her entry to the festival, Joan Lopez-Flores wears three hats—director, co-producer and scriptwriter. What You Did is her first full-length feature and she is happy to share that she is the first female filmmaker ever for the festival that was founded by movie producer Wilson Tieng and director Brillante Mendoza.

“I am still overwhelmed with emotions with where this love project is taking me and my team.

When I got word that the movie made it as one of the official competing entries for the full-length narrative category, I was overjoyed. Then I had to quickly snap back to reality for the daunting preparations we had to make for the festival,” she said.

“I am happy to see more and more Filipino women creatives pursuing filmmaking and the support we are getting from artists, co-creators and suppliers in the film industry is growing tremendously, “ she added.

METAPHOR FOR MENTAL HEALTH

YOUNG filmmaker Gayle Oblea is happy that her short film will have its Asian premiere in her native country after being screened in festivals in the United Kingdom, Italy, Belgium, and the US. As The Moth Flies is a powerful narrative about a woman’s assessment of her partner’s dysfunctional mental state and the repercussions it brings to their relationship.

“It is a metaphor for the unpredictable episodes

REBECCA CHUAUNSU is both the producer and the lead actor in the movie In Her Locket, an entry in the full-length category of the Singa Maynila festival directed by J.E. Tiglao.

The movie is a family drama, about relationships and inheritance, highlighting the traditions of many Filipino-Chinese families in the Philippines. Chuaunsu plays the lead character living with dementia who is able to slowly recall her painful past through a precious locket.

“The movie is my love letter to the Fil-Chi women and the many sacrifices they have to undergo because of traditions that we cannot easily break,” shared Chuaunsu, a part-time actress, family matriarch, and businesswoman. She also produced Binondo, the musical, many years ago.

Chuaunsu underwent a filmmaking workshop with Brillante Mendoza years ago and this is the fruit of her constant artistic cravings.

Cheers to these brave women film creators. n

‘DeADpOOL’ tOpS CHARtS yet AGAIN AS ‘ReAGAN’ BeAtS expeCtAtIONS ON SLUGGISH LABOR DAy WeeKeND

By Kaitlyn Huamani

The Associated Press

JUST like in the movies, Deadpool can’t be killed. Deadpool & Wolverine, one of the defining movies of the summer, ruled the box office on a weekend with quiet openings and low theater attendance as the summer movie season came to an anticlimactic close.

For the second weekend in a row, Wolverine, Marvel’s smash hit that has shattered records and become the best-selling R-rated movie of all time, topped the charts, with other holdovers from the summer following behind. After six weeks in theaters, the film made $15.2 million domestically Friday through Sunday, and it’s expected to cross the domestic $600 million mark following Monday’s Labor Day holiday. The Ryan Reynolds and Hugh Jackman superhero flick will be one of only 16 titles to hit that milestone.

Reagan, a biopic starring Dennis Quaid as the 40th US president, was the only new release competitive with holdover films that opened earlier this summer. Exceeding projections, the first full-length film about President Ronald Reagan earned $7.4 million over the three-day weekend, with an estimated cumulative total of $9.2 million including projections for Monday.

Audiences have reacted to the movie positively, giving it an “A” CinemaScore and a 98 percent audience score on Rotten Tomatoes. Critics have been less receptive, giving it a 19 percent rating and deeming it rotten on the popular ratings site. It ranked

The summer movie season, which runs from Memorial Day through Labor Day, proved to be full of surprises, flops and overperformers. Deadpool, and Twisters brought in impressive earnings and remained on the charts for several weeks after their releases, with all four titles claiming spots in the top 10 Labor Day weekend.

“If you were to write up a blueprint of perhaps the most unpredictable summer ever, 2024 might be just that,” said Paul Dergarabedian, senior media analyst at Comscore. “ May gave us a challenge, but June, July and the beginning of August really delivered.”

The cumulative summer box office clocked in at over $3.6 billion domestically—a dip of 10 percent from 2023’s $4 billion season that could likely be attributed to the “Barbenheimer” box office craze that drew crowds en masse to see Barbie and Oppenheimer last summer.

The close of the season brought what Dergarabedian described as a “stranglehold” of familiar summer hits on box office rankings, with Alien: Romulus and It Ends With Us rounding out the top three for the second weekend in a row. Six of the top 10 films of the weekend had been playing for three or more weeks.

FROM left: Joan Lopez-Flores, Rebecca Chuaunsu and Gayle Oblea.

Retired Justice to champion Manila Central Post Office rehab, revitalized Postal Bank

FORMER Court of Appeals Justice Stephen C.  Cruz has taken his oath of office as Chairman of the Philippine Postal Corporation (PHLPost) before Executive Secretary and former Chief Justice Lucas Bersamin which was held in Malacanang Palace.

On top of PHLPost, Cruz’s plans include the restoration, rehabilitation and determination of the “best use” of the burnt historic Manila Central Post Office building together with the Inter-Agency Task Force for the MCPO rehabilitation headed by the Department of Tourism.

He will work for the establishment of a Postal Museum, and allied works related to the promenade and development of tourism, consistent with the various projects of the Marcos Administration. Also, he will exert all effort for the return and digitalization of the

postal bank. The OF Bank (formerly PostalBank) was transferred by the previous administration to Landbank.

Cruz’s programs signal a new beginning towards a harmonious working relationship with Postmaster General and CEO Luis D. Carlos especially in the digital transformation of the postal service.

He will likewise lobby for the immediate return of the Postal ID as a functional card due to the insistent demand and clamor of thousands of Filipinos here and abroad who wish to acquire and renew their Postal Identity Card (Postal ID).

Cruz is a graduate of the Ateneo Law School Class of 1976. He joined the office of former President Ferdinand Marcos Sr. as a legal officer in 1977, the year he passed the bar.  In 1980, he worked as Senior Associate Attorney at Nazareno Law Office.

He served as Presiding Judge of the Lucena RTC Branch 60 for six years from 2000 to 2006, before being appointed to the Court of Appeals-Manila in 2006 until 2020.

With more than 37 years of law practice, Cruz teaches at the University of the East College of Law, Enverga University College of Law, and San Carlos University in Cebu. He also taught at the Philippine Christian University College of Law. Cruz replaced Mike Planas, who served PHLPost for three months, as Chairman of the Board of Directors.

SMX Convention Center celebrates return of Culinaire 2024 with 10 partner caterers

THE largest convention center operator in the country SMX Convention Center marked the grand return of its signature culinary event, Culinaire, last August 6, 2024 with the captivating theme “Flavor Flix.” Over guests 1,000 enjoyed a unique dining experience showcasing the culinary excellence of 10 esteemed partner caterers with the thrilling flair of movies and series from popular streaming platforms.

Held in the expansive Function Rooms 3 to 5 of SMX Convention Center Manila, which together span a total venue space of 5,200 square meters, the event transformed the place into a vibrant culinary wonderland. All 10 caterers showcased their creativity and event styling inspired by a film of their choice. Guests had the chance to savor a full range of offerings, starting with free-flowing cocktails at the “Love Island” bar by Event Shakers, and a tantalizing set of appetizers, entrées, and desserts, from the rest of the caterers.

The partner caterers and their film adaptation themes were: BIZU with Bridgerton, CONRAD MANILA with Memoirs of a Geisha, The Creamery Catering with Queen Charlotte, Hizon’s Catering with The Bear, Via Mare with Maria Clara, Kitchen City with Squid Game, Tjioe Chew with Mulan, Juan Carlo with Stranger Things, M Catering with Avatar, and Event Shakers with Love Island.

Throughout the evening, guests also participated in the voting process to determine the People’s Choice Awards with categories: Best Appetizer, Best Entrée, and Best Dessert. Meanwhile, a panel of culinary experts conducted a blind tasting earlier in the night to determine their own top picks.

The winners were announced with much anticipation: Best Appetizer was awarded to The Creamery’s “The Queen’s Garden,” Best Entrée went to Juan Carlo’s “Vecna’s Enigma,” and Best

and

Corp.(SMHCC)

Marketing and Business Development,  with the Best Dressed attendees of the night: Kyle Cervantes and Pablo Bairan.

Dessert was claimed by The Creamery’s

“Afternoon Tea with Charlotte.” In the People’s Choice Awards, Juan Carlo swept all categories, earning top honors for their appetizers, entrées, and desserts, with their “Stranger Things” theme.

Opening the event, Michael Jaey Albaña, Vice President – General Manager of SMX Convention Center, highlighted the significance of Culinaire’s return after a long hiatus since 2019. It can be recalled that the previous years have been challenging for the MICE and events sector, caused by the pandemic.

“Each offering is not just food but a story, a piece of art that showcases the ability and eagerness to elevate the experience of your event.” He noted that as the industry begins to recover robustly in 2024, this event represented a celebration of its resurgence.

As the premiere event venue operator in the country, SMX Convention

BLOOD DONATION DRIVE. Lopez-led economic zone developer First Philippine Industrial Park (FPIP) in Tanauan City, Batangas, concluded another blood-letting activity in support of efforts of the Philippine Red Cross for voluntary or non-renumerated blood from donors. FPIP holds the blood-letting activity every quarter as part of its support for the PRC branch in

of Santo Tomas and

Roundtable on Coconut Sustainability to Take Place in Manila this

September

TCenter continues to lead the industry in providing exceptional venues for meetings, incentives, conferences, and exhibitions (MICE). However, as Albaña highlighted, Culinaire also exemplifies SMX’s flexibility in celebrating life’s important milestones, such as birthdays and weddings.

This year’s event was a remarkable collaboration between partner caterers and SMX-accredited event suppliers, including Black Tie Entertainment for the live band and DJ; Metrotech, CNS Events Solutions, FORSC INK INC, City Neon Philippines, Inc, Centrex, MSD Godspeed, Ginger Event Styling, RSL for lights and sound, GEV ME for the automated registration system, and STAGES as event organizers.

The evening was filled with exquisitely prepared dishes and topnotch entertainment, ensuring guests experienced the full magic of Flavor Flix.

Gregory Bardies, Executive Director of the Sustainable Coconut Partnership. “Our goal is to create a platform for meaningful dialogue and actionable insights that will drive sustainability in the coconut industry and create a positive impact for farmers’ livelihoods.”

At the main conference day, participants can expect to gain insights into best practices for sustainability, forge new partnerships and explore sustainable business opportunities. This year, the Sustainable Coconut Partnership are also organizing a field trip study tour and a training event for practitioners to equip themselves to drive sustainability in the coconut industry.

The Sustainable Coconut Roundtable promises to be an invaluable experience for anyone involved in the coconut supply chain. Registration for the event is now open. For more information, please visit the Sustainable Coconut Partnership’s website https://www. coconutpartnership.org

Ajinomoto Factory in Cebu marks 20

Strong Years of Business Operations

AJINOMOTO Philippines Flavor Food Inc. Cebu or APF Cebu celebrates its 20th Anniversary.

To mark the company’s growth and transformation since its opening in 2004, APF Cebu organized a planting activity of mangrove trees with their theme “Mangrove Planting: Sustaining the Environment, Marching on to 2030.” This initiative is a testament to APF Cebu’s commitment towards sustainability and community engagement as it commemorates twenty years of excellence in the food industry.

Over 100 APF Cebu employees joined the Fisher Folk Organization of Barangay Day-as in Cordova, Cebu, where they planted 1,200 mangrove saplings. This is to acknowledge the importance of the role they play as these trees protect the shorelines from erosion. They also contribute to enhancing the areas’ biodiversity by providing habitats for marine life.

Led by APC Group President Koichi Ozaki, Vice President Makoto Tanabe, APF Bulacan Factory Director Juanito Ramos Jr. and APF Cebu Factory Manager Teodoro Wong Jr., a total of 1,200 pieces of mangroves were planted. This is a significant number to help strengthen the coastal ecosystem restoration of Barangay Day-as.

Last year, APF Cebu also conducted a similar planting

activity in another strategic location in Cebu. This was done in Barangay Calawisan in Lapu-Lapu City, where the saplings have now shown significant growth as they have established strong roots in the coastal soil. This year’s mangrove planting is another promising activity that will be sustained through continuous monitoring to add to the number of the existing mangroves in these areas. After the outdoor activity, a thanksgiving mass was held at the APF Cebu office to express the company’s debt of gratitude for the 20 strong years of stable operations. After mass, a formal program followed that included congratulatory and inspirational messages from top management of Ajinomoto Philippines. The sharing of testimonies from long-tenured Ka-Aji’s (a term fondly used by the employees of Ajinomoto Philippines in addressing their colleagues) and intermission numbers by talented employees made this occasion all the more celebratory.

APF Cebu will continue its pursuit for growth, stable operations, and involvement in their sustainability efforts and community activities towards Roadmap 2030 while continuously producing high quality products that stays true to Ajinomoto’s commitment to Eat Well, Live Well!

IN the photo are, from left, Michael Albaña, SMX Convention Center Vice President and General Manager; Walid Wafik, SM Hotels

Conventions

Senior Vice President – Operations; Agnes Pacis, SMHCC Vice President – Commercial; Leah Magallanes, SMHCC Vice President – Quality and Sustainability; and Neil Rumbaoa, SMHCC Vice President –

With men at the front lines, women watch over Ukraine’s night sky for Russian drones

By Vasilisa Stepanenko & Samya Kullab The Associated Press

KYIV, Ukraine—When the air raid siren bellows in the dead of night, the women in arms rush to duty.

Barely two months since joining the mobile air-defense unit, 27-year-old Angelina has perfected the drill to a tee: Combat gear fitted, anti-aircraft machine gun in place, she cruised behind the wheel of a pickup, singing along to a Ukrainian song about rebellion.

The rest unfolded in seconds: Under a tree-lined position near Kyiv’s Bucha suburb, she and her five-woman unit mounted the gun, checked the salvo and waited. The chirp of crickets filled the silence until the Russian-launched Shahed drone was shot down—on this August night, by a nearby unit— another menace to near daily life in Ukraine eliminated.

To shoot down a drone brings her joy. “It’s just a rush of adrenaline,” said Angelina, who like other women in the unit spoke to The Associated Press on condition only their first names or call signs be used, in keeping with military policy.

Women are increasingly joining volunteer mobile units responsible for shooting down Russian drones that terrorize Ukrainian civilians and energy infrastructure as more men are sent east to the front line.

While women make up only a tiny fraction of the country’s armed forces, their service is vital. With tens of thousands of men reportedly recruited every month, women have stepped up as crucial operations from coalmines to territorial defense forces accept them to fulfill traditionally male roles. At least 70 women have been recruited into the Bucha defense

forces in recent months for antidrone operations, said the area’s territorial defense commander, Col. Andrii Velarty. It’s part of a nationwide drive to attract parttime female volunteers to fill the ranks of local defense units.

The women come from all walks of life—stay-at-home moms to doctors like Angelina—and call themselves the “Witches of Bucha,” a nod to their role of keeping watch over the night skies for Russian drones.

Some were motivated to volunteer by the Russian massacre of hundreds of Bucha residents during the monthlong occupation of the Kyiv suburb by Russian troops soon after the February 2022 invasion. Bodies of men, women and children were left on the streets, in homes and in mass graves.

“We were here, saw these horrors,” said Angelina, who treated wounded residents, including children, during the Russian occupation.

So when she spotted a sign calling for female recruits on a highway while driving in June with her friend, Olena, also a doctor, “we didn’t hesitate,” she said.

“We called and were immediately told ‘Yes, come tomorrow,’” she said. “There is work that we can do here.”

A grueling training AT a training session deep inside Bucha’s forest this month, female recruits ranging in age from 27 to 51 were being tested on how quickly they could assemble and

disassemble rifles. “I have eighth graders who can do this better,” their instructor shouted.

The recruits were taught about a variety of weapons and mines, tactics and how to detect Russian infiltrators—their skills adapted to a war in which their enemy’s methods are always changing.

“We train no less than men,” said Lidiia, who joined a month ago.

A 34-year-old sales clerk with four children, Lidiia said her main motivation was to do her part to protect her family. Her children have looked at her differently since she began wearing army fatigues, she said.

“My younger son always asks, ‘Mom, do you carry a gun?’ I say, ‘Yes.’ He asks, ‘Do you shoot?’ I say, ‘Of course I do.’”

“I’ve always been the best for them, but now I’m the best in a slightly different way,” she said.

On July 31, she was on duty when Russia launched 89 Shahed drones,

all of which were destroyed. Lidiia was an assistant machine-gunner that night.

“We got ready, we went to the call, we found that there were a lot of targets all over Ukraine,” she said. “We had night-vision devices so it was easy to spot the target.”

What did she feel as her unit shot down three of the drones?

“Joy and some foul language,” Olena said.

After shooting down drones, the day job begins

WHEN the sun rose, Angelina and Olena removed their heavy combat gear and went home to slip on surgical scrubs. Another shift, this time at the intensive care unit at the hospital where they work, was about to start.

By midnight, they would be back near the tree line, waiting for incoming Russian drones. “Today I slept for two hours and forty minutes,” Olena said.

There is no escape from the war

for both women.

Their boyfriends are soldiers, and Angelina, an anesthesiologist, met hers at the hospital where he was recovering from a combat wound to his foot.

Seeing the numbers of wounded Ukrainian soldiers was one reason she decided to volunteer.

“To bring our victory closer. If we can do something to help, why not?” she said.

Angelina’s boyfriend worries every time she is on duty and the air raid alarm sounds. He texts her, “be careful” and when it ends, “write to me”—despite it being much scarier on the front lines, she said.

‘We are no longer women, we are soldiers’

T HE Russian drone attacks are typically more intense at night, but daytime attacks are just as deadly. The drone unit spends entire nights driving back and forth from their base in the forest to the

position. Sometimes they stand there for hours waiting to shoot.

“There is nothing easy about it. In order to shoot it down, you have to train constantly,” Angelina said. “I have to train all the time, including on simulators.”

Their platoon commander, a confident woman with long braided hair who goes by the call sign Calypso, leads training in shooting, assault skills and combat medicine every Sunday.

There’s no difference between the male and female volunteers, she said.

“From the moment we come to serve, sign a contract, we are no longer women, we are soldiers,” she said. “We have to do our job, and men also understand this. We don’t come here to sit around and cook borscht or anything.”

“I have a feeling the girls and I would shoot down these Shaheds with our bare hands, with a stick, if we had to—anything to stop them from landing on our children, friends and family.”

The women in the mobile-fire units are on duty every two or three days. They work in groups of five, with a machine gunner, assistant, fire support, a driver and commander.

“Of course, war is war, but no one has canceled femininity,” Calypso said. “It doesn’t matter whether you hit a Shahed with painted eyes or not, the work is still going on. And not everyone has a manicure.”

As more women are trained to join the ranks of the territorial defense forces, the safer Ukraine’s skies will be, Angelina said.

“This means that I can make at least some small contribution to the fact that my mother sleeps peacefully, that my brothers and sisters go to school peacefully and they can meet their friends peacefully,” she said.

“So that my godsons can also grow under a relatively peaceful sky.”

Starmer’s doom and gloom risks eclipsing Labour message of hope

By Alex Wickham, Ailbhe Rea & Irina Anghel

KEIR STARMER faces growing doubts among senior Labour politicians about his administration’s gloomy messaging, after calculated interventions bookending the parliamentary recess focused on the UK’s ailing public finances and the tough measures needed to fix them.

Just before Members of Parliament headed into their summer break, Chancellor of the Exchequer Rachel Reeves signaled taxes will have to rise to fill an unexpectedly large fiscal black hole of £22 billion ($29 billion) left by the previous Conservative government. Just 6 days before MPs return, Starmer warned “things will get worse” before they improve, as his administration grapples with the budgetary void. Rounding out a challenging first two months in office for the premier, Britain was hit by days of far-right rioting between the two speeches. The danger for Starmer is the focus on tough decisions and fiscal rigor risks drowning out the positive message of a party returning to power in a landslide election win after 14 years out of office with a program to improve the lives of working people.

With optimism in short supply, the first rumblings of dissent are already surfacing ahead of Parliament’s return next week.

In conversations with Bloomberg, these aides, backbench MPs and ministers — even some in cabinet — questioned whether Downing Street needs to better calibrate its message to highlight plans to turn the country around, rather than risk an overly negative approach that distracts from Labour’s own policies. Otherwise, there’s a danger that the party’s annual conference in three weeks will be dominated by rows about the budget, according to the people, who asked not to be named discussing their private views.

Polling suggests more positivity may be needed. New Gallup data collected during the election and shared with Bloomberg found that Britons were more pessimistic about their economic futures than during the 2009 financial crisis. Some 62 percent said the economy was getting worse where they lived, compared to just 19 percent who said it was improving. And a majority of Brits already have a negative view of the new government, according to a YouGov survey released this week.

Starmer is live to the danger.

“This is actually a project of hope,” he told reporters traveling

with him to Germany. “But it’s got to start with the hard yards of doing the difficult stuff, of clearing out the rot first.”

Those tough calls are likely to crystallize on Oct. 30, when Reeves delivers her first budget. The doom and gloom camp, as one Labour lawmaker described it, is led by the chancellor, who’s determined to hammer home to the public that she’s been handed a woeful budgetary inheritance by the Tories.

“Many of the same problems that led to the Labour Party’s landslide win in the British election in July are now theirs to solve,” said Benedict Vigers at Gallup.

Reeves’s strategy is seen internally as an extension of the electoral tactics deployed by Starmer’s top aide Morgan McSweeney: a cautious approach to spending and a focus on the political turmoil wrought by the Conservatives. The chancellor views the rhetoric as necessary to show she has no choice but to make unpopular calls, people said.  Starmer is fully signed up to that approach and believes the public want politicians to be up-front with them rather than deploy the false boosterism of former prime minister Boris Johnson, people familiar with his thinking said.

Labour strategists see getting the least popular decisions out of the way early on in the administration as sensible politics. The premier’s allies argue one of his strengths has been choosing a strategy and sticking to it no matter the criticism or distractions, a virtue they see as vindicated by the election win.

“Over the weeks ahead we’ll hear more about not just the tough decisions needed but also the journey the government is embarking on,” Jonathan Ashworth, chief executive of the pro-Starmer Labour Together think tank, said. Starmer could adopt an argument of “prudence for prosperity,” he added.

Others in Labour are unsure. Some lawmakers say Number 10 has given disproportionate airtime to fiscal woes and not enough to conjuring a positive narrative about the government’s first 100 days, from restoring mandatory housing targets and agreeing National Health Service pay deals to unveiling legislation centered around Starmer’s so-called ‘missions’ to improve the country.

There are also concerns that the negativity will only worsen political disillusionment. This argument is seen as an extension of a pre-election clash some MPs had with Starmer and Reeves, who

they dubbed the “no machine” for lacking ambition and blocking new policies and spending. Some early decisions have already proved controversial, and none more so than Reeves’s surprise decision to remove winter fuel payments from pensioners. Some Treasury officials had doubts over the politics of the policy beforehand, but Reeves insisted it was necessary to help balance the books, people familiar with the matter said. But the decision to means-test the benefit landed worse than expected, leading to efforts to mitigate the impact without conducting a fullscale U-turn.

Others describe early evidence of hubris by Downing Street in making a series of quick decisions after winning power without thinking them through. They cite a recent cronyism row involving civil service appointments and a government pass awarded to a donor.

Further policy concerns cited by Labour MPs include Reeves’s orders for departments to find billions of pounds in savings, scrapping a cap on self-funded social care spending without a policy to replace it, and a lack of plans to abolish a policy limiting child benefit to a family’s first two children.

A VOLUNTEER for an air-defense unit prepares a machine gun near Bucha, Kyiv region, Ukraine on August 9, 2024. AP/EVGENIY MALOLETKA

KEIR STARMER ANTHONY DEVLIN/BLOOMBERG

Gawilan enters finals of pet event in Paris

JPGT Malarayat 1st round reset

THE first round of the International Container Terminal Services Inc. (ICTSI)

Junior Philippine Golf Tour (JPGT) Luzon Series 6, originally set for Monday at the Mount Malarayat Golf and Country Club in Lipa City, has been canceled due to typhoon “Enteng,” according to the organizer Pilipinas Golf Tournaments Inc. (PGTI).

“Due to weather conditions, we regret to inform you that Round 1 of the JPGT Luzon Series 6 has been canceled. The safety of the players is our top priority, and the current weather does not permit us to proceed as planned,” the PGTI said in a statement.

“We apologize for the short notice and any inconvenience this may cause. Further details regarding rescheduling will be provided soon,” the PGTI statement added.

Tropical storm “Enteng” has caused widespread flooding across Metro Manila, including the roads leading to Mount Malarayat.

Although the 27-hole course is designed for all-weather play, the organizers emphasized that the safety of the young participants remains their top priority.

The penultimate leg of the sevenstage Luzon series features players across the 8-9 and 10-12 age groups (both set to compete over 36 holes) and the 13-15 and 16-18 age divisions (scheduled for 54 and 72 holes, respectively).

Per JPGT rules, the cancellation of the first round will result in the reduction of each event by one round. Consequently, if weather conditions allow, the 8-9 and 10-12 divisions will play one round on Tuesday, wile the 1315 division will now play two rounds also on Tuesday and Thursday, while the premier category will be reduced to a 54-hole tournament.

VErnie Gawilan led from start to finish in topping the second heat in 5 minutes and .13 seconds to easily reach finals of the men’s 400-meter freestyle S7 event of swimming at the 17th Paralympic Games at the La Defense Arena in Paris on Monday. Gawilan stormed through the heat to finish third overall among the eight qualifiers behind American Austin Evan (4:56.48), who came from behind to  relegate Neutral Paralympic Athlete Alekseei Ganiuk to runner-up honors (4:56.68) in the other heat.

“I didn’t have to pour it all, maybe 90 percent, so in can get a good lane in the finals,” said Gawilan, who’ll swim his second straight finals in the event at 5:30 p.m. (11:30 p.m. in Manila) where he finished sixth in the Tokyo edition in 2021.

“I feel I’m in better condition now,” added 33-year-old Davao City native, who has a personal best of 4:54.24 in the event when he made his Paralympic Games debut in Rio de Janeiro in 2016.

Born with underdeveloped extremi-

ties with one normal arm and having no legs, Gawilan could not help but notice the difference between himself and his opponents in his third straight stint in the games supported by the Philippine Sports Commission.

“It feels like I’m the only one who’s disabled,” quipped the athlete with a smile at the post-swimming interview before heading to the locker room.

His performance was a great comeback after bowing out early in the men’s 200-meter individual medley SM7 event over the weekend.

Gawilan was the fastest from the get-go, completing the first 50 meters in 35.47 seconds, slowed down slightly at the halfway point, before gaining his second wind to finish strongly and way ahead of the pack.

He said, the fact that he won the heat and qualifying third to the finals was fine but acknowledged “the others were also pacing themselves so I didn’t have to be overconfident.”

Otom aims to make a splash in Paris ANGEL MAE OTOM is ready in what

promises to be a highly exciting race in the women’s 50-meter backstroke S5 event on Tuesday.

“Angel is doing good. I’m happy with the progress,” said national para swimming coach Tony Ong on the eve of Otom’s debut in the games for physically-challenged athletes.

“Angel had a long 3,000-meter easy swim to get back her long and lean muscles,” added Ong, which was why she and Ernie Gawilan decided to skip the national Paralympic team’s courtesy call at the Philippine embassy over the weekend.

A third-year irregular student at the UP-Diliman College of Human Kinetics, the armless Otom is a top medal among the six para athletes vying in the Paralympic Games supported by the Philippine Sports Commission.

She is ranked No. 5 in the women’s 50-meter backstroke in the Para Swimming world rankings and is tipped to make it to the finals from the first heat scheduled at 10:26 am. (4:26 p.m. Manila time).

PHL Paralympians get strong backing from PHL community

TEAM Philippines got a timely confidence boost in the 17th Paralympic Games with Philippine Ambassador to France Junever MahilumWest urging the strong backing of the Filipino community in the nation’s quest for medals.

Four more Filipino Paralympians are still in the hunt for a glorious podium finish starring para swimmers Ernie Gawilan and Angel Mae Otom, as well as wheelchair racer Jerrold Mangliwan and javelin thrower Cendy Asusano halfway through these Games.

“Let us provide them all our support,” said Mahilum-West during the special gathering on Sunday at the Embassy of the Philippines. “May they ignite a new generation of para athletes and torch bearers who will carry forward this legacy of inspiration and dedication in the years to come.”

There are at least 25,000 Filipino in France ready to throw their support to the national para athletes, according to Philippine Deputy Chief of Mission Eric Gerardo Tamayo.

“Paris 2024 is sending a message

to the world of a gentle revolution for inclusion,” Mahilum-West said.

“Let’s us all heed this call through the programs and activities involving our community.”

Swimmer Angel Mae Otom will open her bid in the women’s 50m backstroke S5 on Tuesday and wheelchair racer Jerrold Mangliwan steps into the Stade de France anew for the qualifying heats of the men’s 100m T52 race on Thursday.

“As far as the Paralympic movement is concerned, we are definitely trying

Akari-Creamline showdown postponed

THE highly-anticipated Premier Volleyball League (PVL) Reinforced Conference championship showdown between the unbeaten Akari Chargers and multi-titled Creamline Cool Smashers has been postponed because of severe weather conditions.

Originally set for Monday at the Smart Araneta Coliseum, the match has been rescheduled to Wednesday at the Philsports Arena in Pasig City, according to the organizing Sports Vision.

“Due to severe weather conditions caused by Tropical Storm ‘Enteng,’ the one-game finale between Akari and Creamline has been moved to September 4,” Sports Vision stated. “Our top priority is the safety of our players and fans.”

Typhoon “Enteng” has caused widespread flooding throughout Metro Manila, including the

roads leading to the Cubao venue, making travel hazardous for both participants and spectators.

The PVL, meanwhile, upheld the first referee’s decision regarding the non-call on a net touch during PLDT’s semifinal match against Akari last Thursday.

The league cited FIVB Rule 11.3.2, which allows players to touch the net as long as it doesn’t interfere with the play.

Akari went on to claim the victory, positioning the overachieving Chargers just one win away from completing a Cinderella-like run to the championship via sweep.

The PLDT management has reluctantly accepted the PVL’s ruling late Sunday and in a statement expressed gratitude to its fans for their unwavering support and reiterated its commitment to upholding the integrity of the sport.

Testing his limits, Castigador also competed in the premier 18-andunder category but fell short, as Labindao exacted revenge with a dramatic 7-5, 7-6(11) victory.

the girls’ side, top-seeded Policarpio held off unranked Jannah Justalero, 6-4, 6-4, to claim the girls’ 14-and-under crown in the Group 2 tournament, hosted and sponsored by

our best to push the development of para sports in our country to further the Paralympic movement, the core values of which are determination, inspiration, courage and equality,’’ Philippine Paralympic Committee president Michael Barredo said.

“The Ambassador mentioned inclusion revolution,” Barredo said.

“Again, it is aligned with our mission and vision in the Paralympic movement to make for an inclusive world through para sport and an inclusive Philippines through para sport.”

As the rescheduled finals approach, fans eagerly anticipate the conclusion of what has been one of the most thrilling and unpredictable PVL Reinforced Conference editions in recent years.

Trenas and presented by Dunlop. However, the rising star from Muntinlupa missed out on matching Castigador’s two-title achievement, as she fell to Maria Alexandra Onte, 4-6, 6-1, 10-8, in the 16-and-under finals. Other notable winners in the week-long tournament, part of the nationwide junior circuit initiated by Palawan Pawnshop president Bobby Castro, included

and

Meralco finds ways despite fitness issues

By Josef Ramos

MERALCO has pulled off several huge victories despite injury issues and is determined to stay ahead in the Philippine Basketball Association (PBA) Governors’ Cup.

Eight players are dealing with injuries with Brandon Bates struck by asthma and Cliff Hodge suffering from back spasm but nonetheless are seeing action for the Bolts, who managed to move to 3-1 won-lost for a share of the Pool A lead with the TNT Tropang Giga.

Bolts head coach Luigi Trillo and Serbian consultant Nenad Vučnić steered the squad to victories despite the absence of Raymond Almazan (knee), Allein Maliksi (left adductor strain), Aaron Black (meniscus), Norbert Torres (dengue) and Raymar Jose (back spasm).

The Bolts notched back-to-back wins behind three-time best import Allen Durham leading the way.

Bates and Hodge also played in Meralco’s 109-99 win over NorthPort on Sunday despite limited action.

“That was very important because even with those injuries, we were getting contributions from the other guys,” Trillo told BusinessMirror on Monday, referring to Durham’s 34 points, 16 rebounds and nine assists against NorthPort. “Allen Durham was the constant for us in both games.”

“We are finding ways to win and hoping we sustain it with still six games left in the elimination,” he added.

Meralco opened Season 49 with a 99-94 win over Magnolia last August 18, but lost to TNT, 73-93, before beating Terrafirma, 107-91, and NorthPort.

Chris Banchero had 23 points and Bong Quinto added 18 points against NorthPort.

After missing the Terrafirma game, Chris Newsome came back against the Batang Pier and contributed eight points, six assists and five rebounds.

Meralco faces Converge on Wednesday at the Smart Araneta Coliseum at 5 pm, aiming to continue their winning ways.

Blackwater (1-3), meanwhile, looks to follow up on its 95-88 victory over Barangay Ginebra when it clashes with Phoenix Super LPG (0-3) in Pool B at 5 p.m.

ETERAN

ERNIE GAWILAN vows to pour it all to bag a medal in the Paralympics.

ANGEL MAE OTOM debuts in Paris pool on Tuesday.

PREMIER Volleyball League commissioner Sherwin Malonzo explains the league decision to reporters.