BusinessMirror August 07, 2024

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JUST SHORT OF PODIUM,

OBIENA WINS FILIPINOS’ HEARTS

In a nail-biting finish at the Paris Olympics, Ernest John “EJ” Obiena placed fourth in the men’s pole vault, improving from No. 11 in Tokyo. Sweden’s Armand Duplantis soared to new heights, setting a new world and Olympic record at 6.25m.

JULY INFLATION DATA

DIMS RATE CUT HOPES

HE Bangko Sentral ng

THE 4.4-percent inflation rate recorded in July, which breached the government’s target, is likely a one-time uptick caused by high base effects, according to Finance Secretary Ralph

Recto said in a statement that the July inflation print is temporary and is largely caused by the base effect on rice prices. He said government interventions will temper inflation in the coming months.

“Commodity prices in July this year were higher compared with those recorded in July 2023, when rice prices were still relatively lower,” he said in Filipino.

Headline inflation in July 2024 accelerated to 4.4 percent largely due to the rise in the average prices of both food and non-food items, with upticks in liquefied petroleum gas (LPG), fuel, meat, and fruits.

PHL export earnings hit 14-month low in June

THE growth of the country’s export earnings posted a 14-month low in June, according to the latest data released by the Philippine Statistics Authority (PSA).

PSA said the export earnings growth declined 17.3 percent in June 2024, the lowest since the 20.3-percent contraction in April 2023.

The data showed earnings from exports reached $5.566 billion in June 2024, lower than the $6.73 billion posted in June 2023. In May 2024 and June 2023, total exports sales registered annual decreases of 3.1 percent and 0.2 percent, respectively.

However, in the January to June period, export earnings reached $36.41 billion in 2024, a 3-percent growth from the $35.34

billion posted in 2023. PSA said the commodity group that posted the largest decline in export value were electronic products, the country’s primary export. Exports of electronic products amounted to $2.99 billion, a decline of nearly a billion dollars or $965.14 million from $3.955 billion.

“This was followed by cathodes and sections of cathodes, of refined copper with an annual decrease of $97.13 million; and other manufactured goods with an annual decline of $59.99 million,” PSA said. By commodity group, PSA said electronic products continued to be the country’s top exports in June 2024, with total earnings

See “Export,” A

Govt reliance on local lenders may dampen growth–report

THE national government’s reliance on domestic borrowings could crowd out private sector investments and dampen economic growth, according to an analysis by the think tank of Congress.

In the analysis of the President’s budget published by the Congressional Policy and Budget Research Department, the 80:20 borrowing mix in favor of domestic sources would come with a risk of raising the cost of private sector borrowing and limiting the available funds for private investments.

“Having large amounts of domestic borrowings may tacitly increase

of $2.99 billion or 53.7 percent of the country’s total exports during the period.

This was followed by other manufactured goods with an export value of $285.56 million or 5.1 percent of the total and other mineral products with $252.03 million or 4.5 percent of the total.

Imports MEANWHILE, PSA said the total imported goods in June 2024 amounted to $9.87 billion.

This indicated an annual decrease of 7.5 percent from the $10.67-billion import value in the same month of the previous year.

the cost of borrowing and decrease the availability of loanable funds for the private sector. This, in turn, has the potential to dampen economic growth,” it read.

Finance Secretary Ralph G. Recto told reporters on the sidelines of the budget hearing on Monday night that the borrowing mix would not crowd out potential investors.

“Not really. I think we’ll be okay,” Recto said, adding that the current borrowing mix will not cut output and consumption.

Recto said the reliance on domestic sources is preferable to reduce foreign exchange risks.

Rizal Commercial Banking Corporation (RCBC) Chief Economist Michael L. Ricafort told the Business-

In May 2024, the import value recorded an annual increase of a percent, while in June 2023, it exhibited an annual decline of 14.8 percent.

In June 2024, the commodity group that posted the highest annual decrease in the value of imported goods was transport equipment.

Imports of transport equipment amounted to $787.92 million in June 2024, a decline of nearly half a billion dollars or $445.67 million from the $1.23 billion posted in June 2023. “This was followed by metalliferous ores and metal scrap, which decreased by $338.47 million, and telecommunication equipment and electrical machinery with an annual decline of $48.23 million,” PSA said.

In the January to June period, the yearto-date annual total import value, import

Mirror the borrowing mix is a “delicate balancing act” of the government. Ricafort said there is a need to better manage foreign exchange risks entailed in foreign borrowings.

“Local borrowings may still be optimized for as long as the national government does not crowd out other borrowers from the private sector,” he said.

He added that external borrowings may still be needed in the mix to diversify funding sources.

The RCBC economist said the market is still “relatively liquid” as manifested by the continued growth in M3 or domestic liquidity.

Latest data from the Bangko Sentral ng Pilipinas (BSP) showed M3 rose by 6.5 percent to P17.399 trillion in

receipts amounted to $61.41 billion.

PSA said this represented an annual decrease of 2.5 percent from the year-todate annual total import value of $62.96 billion in January to June 2023.

The commodity group with the highest import value in June 2024 was electronic products, amounting to $2.23 billion or a share of 22.6 percent to the country’s total imports.

This was followed by mineral fuels, lubricants and related materials at $1.57 billion or 15.9 percent of the total, and transport equipment at $787.92 million or 8 percent of the total.

Markets

BASED on the latest data, PSA said the largest export market of the Philippines was the United States of America (USA)

May 2024 from P16.341 trillion in May 2023 due to increased bank lending.

The 80:20 borrowing mix will be adopted by the government until 2028. A 75:25 financing mix is programmed this year.

The state will borrow P2.545 trillion in 2025 to finance the national government’s programs and projects, slightly lower than the P2.570-trillion borrowing program for 2024.

The government will borrow P2.037 trillion from the domestic debt market next year, lower by 5.91 percent from P1.923 trillion programmed for this year.

External borrowings for 2025 will amount to P507.408 billion, down by 21.46 percent from the P646.084billion planned for 2024.

in June 2024.

Exports to the US amounted to $897.8 million or a share of 16.1 percent to the country’s total exports in June 2024.

Other major export markets were Hong Kong, which accounted for 15.9 percent of export earnings that reached $886.64 million and the People’s Republic of China, which cornered 15.6 percent or $868.44 million of total export earnings.

The data also showed Japan accounted for $746.97 million or 13.4 percent of the country’s export earnings and the Republic of Korea, $240.26 million or a 4.3 percent share of total exports.

In terms of imports, the People’s Republic of China was the country’s largest supplier of imported goods.

Shipments from China were valued at $2.6 billion or 26.3 percent of the country’s total imports in June 2024.

Other major import sources were Indonesia which accounted for 8.7 percent of total imports amounting to $861.69 million and Japan, $763.2 million or a share of 7.7 percent.

The data also showed the Republic of Korea was another top source of imports with a 7.2 percent of total shipments amounting to $715.14 million and the United States, $658 million or 6.7 of total imports. Cai U. Ordinario

Meanwhile, rice inflation slowed to 20.9 percent in July from 22.5 percent in June due to the month-on-month reduction in the retail price of milled, well-milled and special rice, ranging from -0.20 percent to -0.33 percent.

“Inflation rate is expected to stabilize and fall within target for the rest of the year as the impact of government interventions, particularly the reduced rice tariffs, will be more pronounced starting this August,” Recto said.

However, Recto said prices of vegetables could increase slightly due to the onslaught of Typhoon Carina in local plantations.

The Department of Finance (DOF) is banking on the increase in rice imports due to lower rice tariffs to beef up domestic supply and stabilize prices.

The agency added that the recent ban on Philippine Offshore Gaming Operations (Pogos) is expected to lower the demand for housing rentals and office spaces and temper rental prices.

Meanwhile, the Energy Regulatory Commission (ERC) has ordered the staggered implementation of charges from Wholesale Electricity Spot Market (WESM) purchases in June over four equal monthly installments from June up to September to counter high electricity prices.

The government is also providing fuel and cash subsidies to the vulnerable sector to lessen the impact of food and non-food inflation as well as through the proposed increase in the budget of the Pantawid Pamilyang Pilipino Program (4Ps) in the 2025 national budget.

If the Monetary Board decides to maintain policy rates next week, BSP Governor Eli M. Remolona Jr. told reporters that monetary authorities are “always open to [an] off-cycle meeting” that could lead to the easing of interest rates.

“[The July inflation print is] slightly worse than expected. But the 4.4 [percent] include a base effect of 0.3 [percentage points] so without the base effect, it’s really 4.1 [percent] which is still worse than expected but not that bad because it only slightly breached the ceiling,” Remolona said.

If the Monetary Board decides to maintain rates in August, the next policy meeting of the Monetary Board is in October, a month after the United States Federal Reserve is expected to cut rates.

However, given the openness of the Monetary Board to off-cycle meetings, the BSP could still cut earlier than the US Federal Reserve. (See: https://businessmirror.com.ph/2024/05/17/bsp-keeps-ratesbut-eyes-2-cuts-in-2nd-half/)

Initially, Remolona said the Monetary Board is keen on cutting rates ahead of the Fed despite analysts saying the BSP may not have “sufficient resources to do so.” (See: https://businessmirror.com.ph/2024/05/20/ analysts-phl-may-not-be-able-to-cut-rates-ahead-of-fed/)

The BSP chief also said the decision of the Monetary Board on whether maintaining or cutting policy rates by next week will depend on the country’s economic performance.

The PSA will release the second quarter National Income Accounts (NIA) on Thursday. Some analysts expect GDP growth will be higher than 6 percent due to base effects as the economy grew by only 4.3 percent last year. (See: https://businessmirror.com.ph/2024/08/06/q2-growth-at6-3-possible-projects-moodys-analytics/)

“If growth is unexpectedly weak and then it looks like our projections on the inflation expectations suggest lower inflation going forward, we can cut (policy rates),” Remolona told reporters on the sidelines of an event held in Pasay City last Tuesday.

Based on the latest data on inflation, notwithstanding the 4.4 percent recorded in July, BSP said the risks to the inflation outlook “shifted to the downside” due to the lower rice tariffs mandated by Executive Order (EO) 62 (Series of 2024).

Commodity prices

IN another briefing on Tuesday, National Statistician Claire Dennis Mapa said there is a possibility that the rate of increase in rice prices could fall to below 20 percent for the first time this year.

Based on data from the PSA, the country’s rice inflation averaged 22.6 percent in January and peaked at 24.4 percent in March. After March, rice inflation trended downward to average 20.9 percent in July.

Mapa said rice inflation began climbing in August 2023, when it reached 8.7 percent. The following month, rice inflation jumped by 17.9 percent.

“[Rice inflation of below 20 percent is] possible due to base effect. Although it’s also possible that its slowdown will not be as large,” Mapa said in a mix of English and Filipino.

“Definitely there will be an ajdustment in terms of rice inflation this August simply because August 2023 was a high base,” he added.

For his part, Socioeconomic Planning Secretary Arsenio M. Balisacan said the government has put in place a number of measures to bring down prices and make rice affordable for more Filipinos.

Balisacan said the Department of Agriculture (DA) launched the Ricefor-All Program last August 1 to ease the burden of high rice prices.

Under the government’s program, Balisacan said rice will be sold at P45 per kilo at selected Kadiwa centers, with prices adjusted according to the fluctuations in rice prices.

“The government is relentlessly working to address our nation’s most pressing concern of ensuring food security for every Filipino amid the faster rise in prices in July and the expected typhoons and rains due to the onset of La Niña this August,” Balisacan added.

Remolona noted in a recent briefing that rice prices are “salient” prices since they are “an important price in the formation of inflation expectations.”

Rice has a weight of 8.87 percent in the Consumer Price Index (CPI) for All Income Households and 17.87 percent in the CPI for the Bottom 30 percent of households or the poorest Filipinos.

Apart from these, Balisacan noted that inflation is expected to ease on the implementation of other measures. In preparation for La Niña, DA has assured the availability of the quick response fund, assistance, credit, and seed buffer stock.

He noted that the DA has also expedited the declogging of farm drainage systems and constructing water-impounding projects and postharvest facilities.

To assist farmers in dealing with higher fuel prices, the DA will provide around P510 million in fuel subsidies to crop, livestock, and poultry farmers. It is anticipated that around 160,000 farmers will benefit from over P3,000 in fuel assistance between August and September 2024.

“Between 2023 and 2021, about 2.5 million Filipinos were lifted out of poverty, bringing our country’s poverty incidence down to 15.5 percent from 18.1 percent. Our goal now is to sustain this momentum by addressing the constraints to food security and economic development more broadly,” Balisacan said. “We emphasize that the country’s economic gains are intended to benefit all Filipinos.”

Citing data from PSA, the National Economic and Development Authority (Neda) said food inflation accelerated to 6.7 percent in July 2024 from 6.5 percent in June 2024.

This was attributed to higher inflation rates for meat (4.8 percent from 3.1 percent); corn (17.5

from 1.3 percent), and

Under non-food items, transportation inflation registered 3.6 percent in July 2024, up from 3.1 percent in June. This increase was driven by increasing global petroleum prices due to the unexpected large withdrawals of United States gasoline stocks, optimistic fuel demand forecasts, and the ongoing geopolitical tension in the Middle East. Housing and utilities inflation (2.3 percent

Court in Mindoro convicts 2 CPP-NPA rebs

THE Department of Justice’s Anti-Terrorism

Task Force on Tuesday announced that two members of the Communist Party of the Philippines-New People’s Army (CPP-NPA) were sentenced to two years in prison after they pleaded guilty for illegal possession of firearms.

Convicted by the Regional Trial Court (RTC) in Roxas, Mindoro Oriental Branch 43 were Arnulfo Aumentado and Mary Joyce Lizada.

The trial court sentenced both Aumentado and Lizada to one year imprisonment for violation of Section 7 of Presidential Decree 1866 (Unauthorized Issuance of Authority to Carry Firearm and/or Ammunition Outside of Residence) and another year for violation of Section 41 of Republic Act 10591 or the Comprehensive Firearms and Ammunition Regulation Act.

“The period within which they are detained shall be credited in full should they abide by and follow the rules and regulations of the institution where they are continuously detained,” the court said in a ruling promulgated on July 9, 2024.

The two were apprehended by Army soldiers on April 26, 2023 at barangay Santa Teresita, Mansalay, Oriental Mindoro.

Authorities recovered from

both accused one caliber .30 carbine, a chamber-loaded Intratec 9mm submachine gun, one improvised hand grenade and two pieces of blasting caps.

Initially, both accused pleaded not guilty to the charges of illegal possession of Improvised explosive devices and class-A light weapons, penalized under Section 3 of PD 1866, as amended by RA 9516 and Section 28(c), in relation to Section 3(t) and 28(e)(1), of RA 10591.

However, both accused eventually entered into a pleabargain agreement with the prosecution upon the advice of their lawyers.

Justice Secretary Jesus Crispin C. Remulla hailed the court’s decision and the efforts of the prosecutors to secure a conviction.

“Terrorism must have no place in society, especially under the present administration’s rule where peace and unity reigns supreme over violence or hatred.

As highlighted by President Marcos in his State of the Nation Address [SONA] 2024 that extermination was never part of the administration’s drug war, it is but also fair to extend the same policy in the government’s battle against terrorism where justice rules above meaningless fighting,” Remulla said. Joel R. San Juan

House leaders want four-panel investigation on Pogo-related crimes and Duterte drug war

LEADERS of the House of Representatives want the creation of a four-committee panel to thoroughly investigate crimes blamed on Philippine offshore gambling operations (Pogos), illegal drugs, and the Duterte administration’s contentious antidrug war.

The move was initiated last Monday by Senior Deputy Speaker Aurelio Gonzales Jr., who, in a privileged speech, called for combining separate ongoing inquiries by three committees into Pogos, illegal drugs, human rights violations, and extra-judicial killings that happened in the course of former President Rodrigo Duterte’s anti-drug campaign.

Two other House members, Reps. Joel Chua of Manila and Patrick Michael Vargas of Quezon City, filed on Monday Resolution 1843, proposing a fusion of the inquiries by the three committees: dangerous drugs, public order and safety, and human rights.

A fourth member, Rep. Gerville Luistro of Batangas, suggested during Monday’s plenary session that the Committee on Public Accounts, of which she is a member, be included in the proposed multi-committee investigating panel.

Gonzales’s privileged speech, Resolution 1843, and Luistro’s suggestion have all been referred to the Committee on Rules, chaired by Majority Leader Manuel Jose Dalipe.

In his speech, Gonzales emphasized the nation’s struggle with complex issues involving public order, dangerous drugs, and human rights violations.

“We must address these issues in a coordinated and timely manner to ensure justice and the rule of law,” he said.

He noted that the committee on games and amusement, together with the committee on public order and safety, is investigating illegal Pogos and criminal activities associated with them, while the committee on dangerous drugs has an ongoing inquiry into the seizure of P3.6 billion worth of illegal drugs in Mexico town in Pampanga in September 2023.

Gonzales hails from that town THE inquiry into the drug confiscation has been prompted by two resolutions filed by Gonzales and Zambales Rep. Jefferson Khonghun. The shipment entered the country through the Subic Freeport.

A third panel, the Committee on Human Rights, has started a probe into EJKs and human rights violations linked to Duterte’s antidrug war.

A privilege speech by Alliance of Concerned Teachers Rep. France Castro and Resolution 14 filed by Kabataan Rep. Raoul Danniel Manuel prompted the human-rights panel’s probe.

“These individual inquiries by the three committees have been persistent and yet exhaustive. Still, there are issues that are interwoven, entailing scrutiny into intricate details,” Gonzales said in his privilege speech.

He said the separate investigations “have shown an overlap or commonalities among individuals or resource persons that may be invited to the hearings.”

He stressed the need for a “unified and collaborative approach” in looking into the “interconnected problems and issues” that surfaced.

“The complex yet interrelated nature of the issues surrounding public order, dangerous drugs, and human rights violations demonstrates the unique benefits of a collaborative approach that only a joint investigation can provide. A joint investigation will enable us to conduct a more inclusive and thorough examination of these interlocking issues,” the Pampanga lawmaker said.

“It will allow us to invite resource persons who can provide valuable insights across multiple areas of concern. This coordinated effort will ensure that our findings are

comprehensive and that our legislative recommendations are practical and encompassing,” he added. In their resolution, Chua and Vargas raised the same concerns as those of Gonzales.

Chua and Vargas said in the course of separate inquiries, one committee cannot tackle issues it fears may encroach on the jurisdiction of another committee.

They said the “interwoven and intricate issues” belong looked into by the concerned House committees and warrant a joint investigation. Barbers, who chairs the committee on dangerous drugs, supported the proposed consolidation of ongoing inquiries.

He said he suspected that despite the closure of illegal Pogos in Bamban, Tarlac, and Porac, Pampanga, and the 2023 seizure of a huge shabu shipment in Mexico town, there remains a secret criminal syndicate orchestrating illegal activities that the authorities claimed they have stopped.

Several Chinese are suspected to be behind illegal Pogos and the drug shipment seized in Mexico town, to which former Duterte adviser Michael Yang has been linked. None of the Chinese suspects, including Yang, have appeared before the House, which has ordered their arrest. They are believed to have fled to their homeland.

A4 Wednesday, August 7, 2024

Legislator seeks quick passage of new building code

ACONGRESSMAN

is pushing for the swift passage of the proposed New Building Act, which imposes stricter regulations on building design, construction, and maintenance to safeguard occupants against fire and other hazards.

The proposed law intends to replace the decades-old National Building Code.

Bicol Saro Rep. Brian Raymund Yamsuan also called on local governments nationwide to work with the Bureau of Fire Protection (BFP)

in conducting regular building inspections to ensure public safety following last week’s tragic fire in Manila that claimed the lives of 11 individuals.

Yamsuan issued the call after a deadly fire broke out on Friday

in an old mixed-use building in Manila’s Binondo district. BFP officials reported that the victims were trapped because the windows were sealed with iron grills, and there were limited entrances and exits in the fivestory building.

“We are deeply saddened by the tragedy that happened in Binondo, and we condole with the families of those who perished in the fire. We should not take safety for granted, especially when it involves the construction of any structure,” he said.

The Binondo fire was one of the deadliest to hit Metro Manila since the Kentex factory blaze in Valenzuela City, which killed 74 people in 2015.

“We are urging all local governments to conduct regular inspections of buildings, especially old structures, in coordination

with the local offices of the BFP to ensure that these are safe for all occupants,” Yamsuan said.

“At the same time, we need to replace our 47-year-old building code with a new law that aims to make our buildings resilient against fires, earthquakes, floods, and other hazards. The proposed New Building Act, already approved by the House of Representatives, fulfills this objective. It will help safeguard lives and minimize risks from disasters,” he added.

Yamsuan lauded Interior and Local Government Secretary Benjamin Abalos Jr. for vowing to run after those liable for the tragedy and Manila Mayor Honey LacunaPangan for ordering a thorough inspection of all structures in Manila over 15- years-old to ensure compliance with fire and building laws and regulations.

However, building inspections,

especially of old structures, should not be confined to the city of Manila but should cover the entire country to prevent a repeat of the Binondo tragedy, Yamsuan said.

Yamsuan also pointed out that the proposed New Building Act, as outlined in House Bill 8500, institutionalizes the mandatory assessment of structures over 15-years-old to ensure that they are safe from hazards.

HB 8500, of which Yamsuan is among the principal authors, was passed on the third and final reading by the House in August last year. Several counterpart measures of the bill are pending in the Senate.

Aside from providing for the mandatory assessment of buildings over 15-years-old, HB 8500 also states that clearances on structural stability and fire safety construction from the Office of

the Local Building Official created under the measure “shall be a prerequisite for the issuance of renewal of business permits or permits to operate for new occupancy or occupancy after 15 years from the date of completion of the building or structure.”

The bill also calls for the creation of a Building Regulations Standards Council (BRSC) chaired by the Undersecretary for Technical Services of the Department of Public Works and Highways (DPWH). The BRSC’s members include the Chief Fire Marshal, the highest ranking BFP official. Yamsuan said the BRSC will assist the Public Works Secretary, in his capacity as the National Building Official (NBO), in reviewing and recommending rules, regulations, and reference standards under the new building code.

Imee, FFCCCII mount ₧60-M typhoon relief effort

SEN. Imee Marcos and Federation of Filipino Chinese Chambers of Commerce and Industry Inc. (FFCCCII) President Cecilio K. Pedro on Tuesday announced their ongoing P60-million Typhoon Carina relief effort at the Pandesal Forum of the 85-year-old Kamuning Bakery Cafe. This relief effort, spearheaded by FFCCCII and Marcos, involves 30 major Filipino Chinese business, cultural, and civic organizations, providing aid to flooded and hard-hit areas of Metro Manila and nearby provinces such as Bulacan, Bataan, Pampanga, Tarlac, and Cavite. The eventual target is P100 million worth of donations for essential relief supplies like rice, canned sardines, and other necessities.

Also at the forum, Marcos and Pedro congratulated gymnast Carlos Yulo for his unprecedented success in winning two Olympic gold medals in Paris, expressing high hopes that pole vault athlete EJ Obiena, boxers, and other athletes will also secure medals in the ongoing Olympiad.

She also urged the government to revive grassroots sports programs similar to the successful Gintong Alay project of her late father, President Ferdinand E. Marcos, which nurtured champions like Lydia de Vega and Elma Muros.

Addressing questions on foreign policy, Marcos urged the government to uphold an independent and balanced approach similar to other members of the Association of Southeast Asian Nations like Malaysia, Thailand, Vietnam, and Indonesia, which prioritize trade and economic cooperation.

She emphasized the importance

of the Philippines maintaining friendly relations with all global powers for economic and strategic benefits, avoiding involvement in power rivalries. She advocated for less aggressive rhetoric and actions regarding the West Philippine Sea tensions and for continuing diplomatic negotiations. Senator Marcos also stressed the need for national defense self-reliance and regional peace through Asean consultation and consensus.

On the need for railways, Marcos lamented that China has first offered their modern railway technology to the Philippines with the Northrail project started under then President Gloria Macapagal Arroyo but unfortunately this was not continued, while other Asean countries had benefitted from China-built modern trains like Indonesia’s JakartaBandung high-speed rail, trains in Thailand and Laos. She pointed out that her home province Ilocos Norte would benefit, if the country and China can jointly build a modern train system across Luzon.

On the economy, the senator called for increased support for micro, small, and medium enterprises (MSMEs) and the promotion of local manufacturing to reduce reliance on Business Process Outsourcing (BPOs) and overseas Filipino workers (OFWs). Pedro echoed these sentiments, urging improvements in ease of doing business and energy reforms to attract more foreign direct investments (FDIs), including the adoption of nuclear energy and other new technologies to lower high electric power rates.

Consumer lawyers assail halt to Meralco bidding

TWO consumer lawyers have slammed the issuance of a temporary restraining order (TRO) on two power supply biddings of Meralco totaling 1,000 megawatts (MW), calling the move “anti-competitive” and “anticonsumer.”

Lawyers Paris Real and Andres Manuel Jr. criticized the halt order issued by the Regional Trial Court in Taguig which prevents Meralco from conducting competitive selection processes (CSPs) or biddings for 600 MW and 400 MW of power supply. The court first issued a 72-hour TRO last July 31 and later extended it for 20 days.

The case stems from the complaint filed by Prime Consortium—operator of the Malampaya Gas Field—which alleged that the terms of the CSPs violated the preference given to indigenous natural gas (ING) under existing laws. Meralco has debunked such claim, noting that power plants sourcing natural gas from Malampaya have even expressed interest to join the biddings.

“In this case, plaintiffs are not generation companies but explorers-producers of gas. As such, they have no legal personality to question a bidding process that only generation companies can participate in—especially one that the bidders themselves, including clients of petitioners, are not questioning,” Real said.

He added that it is the Energy Regulatory Commission (ERC), and not the RTC, that has exclusive jurisdiction to hear cases between participants in the energy sector.

“ERC also has authority to issue cease and desist orders, if warranted,” he said.

Manuel on the other hand labeled as “both anticonsumer and anti-competitive”efforts to revise the terms of reference of Meralco’s CSPs to favor power generation companies using indigenous natural gas even if their prices are higher.

“There is no doubt that this claim of preference by Prime Consortium will lead to a more expensive and higher cost of electricity for consumers within the Meralco franchise area,” he said.

“It should be noted that all distribution utilities are required by law [Section 23, Republic Act 9136] to supply electricity to their consumers in the least cost manner. What Prime Consortium is doing in this case is effectively strong-arming Meralco into violating its least-cost mandate under the Epira [Electric Power Industry Reform Act of 2001],” he added.

Meralco earlier said that it was reviewing the court’s order and consulting with its legal counsel to determine the next steps.

“Despite these challenges, Meralco remains steadfast in our commitment to comply with all applicable laws and regulations,” Meralco Senior Vice President and Head of Regulatory Management Jose Ronald Valles said.

“Meralco’s dedication to securing the most cost-effective power supply for our customers is unwavering. We continue to diligently work within the legal framework to fulfill this mandate, which is the cornerstone of all our CSPs,” he added.

Remulla orders Immigration to be on lookout for Roque, 11 others

THE Department of Justice (DOJ) has issued an Immigration Lookout Bulletin Order (ILBO) against former presidential spokesman Harry Roque and 11 others who are being investigated in connection to the raided Philippine Offshore Gaming Operator (Pogo) hubs in Porac, Pampanga.

Roque, a well-known humanrights lawyer, immediately branded the move of the DOJ as “political witch hunt which is intended to discourage him from criticizing the administration of President Marcos for its policies and allegations of drug use against the latter.”

‘Egg

E“I expect they will up the ante following my call, posted on Facebook, to keep Malacañang drugfree after the damning revelations of eyewitness Cathy Binag,” Roque said.

“There is no reason to leave the

Philippines. I will face my accusers and answer all allegations related to offshore gaming,” he added.

Aside from Roque, the ILBO also covers Katherine Cassandra Li Ong, former Technology and Livelihood Resource Center (TLRC) deputy director general Dennis Cunanan, Xiang Tan, Jing Gu, Stephanie Mascareñas, Michael Bryce Mascareñas, Zhang Jie, Duanren Wu, Raymund Calleon Co, Randel Calleon Co and Han Gao.

The ILBO was signed by Justice Secretary Jesus Crispin Remulla who branded Roque and 11 others as “complicit individuals” in connection to the cases against the illegal Pogo incorporators and corporate officers of Lucky South 99 and Whirlwind Corporation who were raided in Porac, Pampanga. Remulla said a precautionary hold departure order (PHDO) will also be filed at the Office of the Executive Judge pending preliminary investigation. It was not clear, however, what criminal charges would be

filed against the 12 individuals although Cunanan had already been charged before the DOJ along with suspended Bamban, Tarlac, Mayor Alice Guo and several others for qualified human trafficking in connection with the illegal activities of Pogo operators in the town.

“Considering the gravity of the possible charges, as well as the wide media coverage and public attention this has gained over the past months, there is a strong possibility that the abovementioned nationals may attempt to place themselves beyond the reach of the legal process of this Department by leaving the country,” the order read.

“Hence, we deem the issuance of an Immigration Lookout Bulletin Order (ILBO) against the subject persons in order to at least monitor the itineraries of their flight, travel, and/or whereabouts,” it added.

The ILBO was transmitted to the Bureau of Immigration for implementation.

prices to rise as demand outpaces production’

GGS, the cheapest source of protein for Filipinos, could become expensive in the coming months, according to the Philippine Egg Board Association (PEBA).

“There is a high probability that the price of eggs will rise this year,” PEBA President Francis Uyehara told reporters in an interview.

Uyehara said the current farmgate price of medium-sized eggs ranges from P6.80 to P7.20 per piece.

“This was the price in December last year, which is considered the highest recorded price,” he said in Filipino.

The price of medium-sized eggs in Metro Manila markets ranged from P7 to P8.50 per piece as of August 5, according to the latest price monitoring report of the Department of Agriculture (DA).

This was higher than the range of P5.50 to P8.50 per piece of medium-sized eggs recorded on July 1.

ty of avian influenza (AI) vaccines.

“The AI vaccine would help establish the supply and ensure food security,” he said.

Meanwhile, Agriculture Assistant Secretary Arnel de Mesa attributed the rise in egg demand to the start of the academic year and the upcoming holiday season.

“After August, tuloy-tuloy yung pagpasok ng estudyante and then ta -timing na papasok yung holiday season. We will now see an increase in demand,” De Mesa told reporters on Tuesday.

to 6 months for day-old pullets to grow and produce an additonal supply of eggs.

“[Also], farm producers failed to sell their excess eggs, which prompted them to reduce their chickens,” he said. He said the extreme weather caused layers to contract diseases.

Uyehara said it takes about 5

Uyehara the current egg supply and production could not keep up with growing demand. The extreme weather conditions during the dry season caused layer farms to incur losses.

“ Hinahabol po natin yung pagtaas ng demand towards December Pinipilit po nating habulin yung kakulangan na supply ng manok,” he said.

Uyehara urged the government to help in lowering production costs and fast-track the availabili-

He assured that the department is “speeding up” the process of approving the bird flu vaccines as the DA has partnered with the Food and Drug Administration (FDA).

“While we are speeding up things, we are also trying to ensure that safety protocols are being followed,” De Mesa said.

“We recognize the contribution of the poultry sector for continuously providing positive increases. The department would help them sustain their efforts,” he added.

Pistorius eyes stronger defense ties between Germany, PHL

ERMAN

GBoris Pistorius discussed avenues of cooperation with their Philippine counterparts following a courtesy call to the Navy on Sunday.

In a statement issued on Monday, the Navy said Pistorius and his delegation paid a courtesy call to the Navy Flag Officer In Command, Vice Adm. Toribio Adaci Jr., at Naval Station Jose Andrada, the Navy headquarters.

“During the visit, officials participated in a comprehensive maritime briefing where they reviewed current maritime security challenges and discussed strategies to enhance defense and maritime cooperation between the Philippines and Germany,” the Navy said. Adaci commended Germany’s initiatives outlined in their 2023 Defense Policy Guidelines.

“Like Germany, we prioritize cooperation with like-minded partners, advocating for the comprehensive implementation of Un-

clos [United Nations Convention on the Law of the Sea], Freedom of Navigation, and the preservation of peace and stability,” he said.

Adaci also thanked the German Federal Ministry of Defense for its unwavering commitment to maintaining peace and security by adhering to a rules-based international order in the IndoPacific region.

“As President Marcos emphasized, our shared commitment to international law strengthens our partnership and creates a favor-

able atmosphere for working together on global issues,” he said.

The Navy said the German defense minister’s presence in the country “reaffirms the strong and enduring relationship between the Philippines and Germany, grounded in mutual respect and a shared vision for progress and peace in the region.”

It added that it looks forward to further deepening partnership, enhancing capacity, and exploring further avenues with Germany and the German Navy.

Pagcor asks Marcos to exempt special BPOs from POGO ban

Continued from A14

For example, Tengco mentioned that the government could lose approximately P20 billion in revenue and around P1.5 billion in work permits and immigration fees.

He said POGOs currently employ around 31,000 direct workers, with an equal number indirectly affected.

Tengco said the shutdown will not only affect government revenues but also several ancillary sectors. Security, transportation, household help, and restaurant services, particularly those catering to Chinese clientele, will be significantly affected, he added.

Tengco said numerous Chinese restaurants, which recently began

operations, will likely close, leading to vacancies in the commercial real estate market.

During the discussions, Marikina Rep. Stella Luz Quimbo and Northern Samar Rep. Paul R. Daza voiced their support for Pagcor and wanted it to create an emergency fund for displaced POGO workers.

Quimbo said the TUPAD pro-

gram might not be suitable due to wage-level concerns.

Tengco, for his part, assured that he is collaborating with DOLE Secretary Bienvenido Laguesma to establish a fund for this purpose.

He said the Bureau of Immigration is also examining how Pagcor can assist foreign workers who cannot afford to return home.

PHOTOGRAPHER: BRENDON THORNE/BLOOMBERG

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Japan’s Nikkei index soars nearly 11% a day after massive sell-offs that shook Wall Street

JAPAN’S benchmark Nikkei 225 index closed more than 10 percent higher on Tuesday, a day after it set markets tumbling in Europe and on Wall Street. Other markets in Asia also rebounded, but more moderately, appearing to settle somewhat after the roller-

coaster ride that started the week.

The scary Monday started with a plunge abroad reminiscent of 1987’s crash that swept around the world and pummeled Wall Street with more steep losses, as fears worsened about a slowing US economy.

The Nikkei gained nearly 11 percent early Tuesday and bounced throughout the day to close up 3,217.04 points at 34,675.46 as

investors snapped up bargains after the 12.4 percent rout of the day before.

On Monday, the S&P 500 dropped 3 percent for its worst day in nearly two years, closing at 5,186.33. The Dow Jones Industrial Average reeled by 1,033 points, or 2.6 percent, to 38,703.27, while the Nasdaq composite slid 3.4 percent to

16,200.08 as Apple, Nvidia and other Big Tech companies that used to be the stars of the stock market continued to wilt.

The drops were the latest in a global sell-off that began last week, and it was the first chance for traders in Tokyo to react to Friday’s report showing US employers slowed their hiring last month by much more than

economists expected. That was the latest piece of data on the US economy to come in weaker than expected, and it’s all raised fear the Federal Reserve has pressed the brakes on the US economy by too much for too long through high interest rates in hopes of stifling inflation.

A report Monday by the Institute for Supply Management said growth for US services businesses was a touch stronger than expected, led by the arts, entertainment and recreation sectors, along with accommodations and food services.

Professional investors cautioned that some technical factors could be amplifying the

Kamala Harris is now Democratic presidential nominee, will face off against former president Donald Trump in November

WASHINGTON—Vice

President Kamala Har-

ris, a daughter of immigrants who rose through the California political and law enforcement ranks to become the first female vice president in US history, formally secured the Democratic presidential nomination on Monday—becoming the first woman of color to lead a major party ticket.

More than four years after her first attempt at the presidency collapsed, Harris’ coronation as her party’s standard-bearer caps a tumultuous and frenetic period for Democrats prompted by President Joe Biden’s disastrous June debate performance that shattered his own supporters’ confidence in his reelection prospects and spurred extraordinary intraparty warfare about whether he should stay in the race.

Just as soon as Biden abruptly ended his candidacy, Harris and her team worked rapidly to secure backing from the 1,976 party delegates needed to clinch the nomination in a formal roll call vote. She reached that marker at warp speed, with an Associated Press survey of delegates nationwide showing she locked down the necessary commitments a mere 32 hours after Biden’s announcement.

Harris’ nomination became official after a five-day round of online balloting by Democratic National Convention delegates ended Monday night, with the party saying in a statement released just before midnight that 99% of delegates casting ballots had done so for Harris. The party had long contemplated the early virtual roll call to ensure Biden would appear on the ballot in every state. It said it would next formally certify the vote before holding a celebratory roll call at the party’s convention later this month in Chicago.

An Associated Press-NORC Center for Public Affairs Research poll conducted after Biden withdrew found 46% of Americans have a favorable view of Harris, while a nearly identical share has

an unfavorable view of her. But more Democrats say they are satisfied with her candidacy compared with that of Biden, energizing a party that had long been resigned to the 81-year-old Biden being its nominee against former President Donald Trump, a Republican they view as an existential threat.

Already Harris has telegraphed that she doesn’t plan to veer much from the themes and policies that framed Biden’s candidacy, such as democracy, gun violence prevention and abortion rights. But her delivery can be far stronger, particularly when she invokes her prosecutorial background to lambast Trump and his 34 felony convictions for falsifying business records in connection with a hush money scheme.

“Given that unique voice of a new generation, of a prosecutor and a woman when fundamental rights, especially reproductive rights, are on the line, it’s almost as if the stars have aligned for her at this moment in history,” said Democratic Sen. Alex Padilla of California, who was tapped to succeed Harris in the Senate when she became vice president.

A splash in Washington before a collapse in the 2020 primaries KAMALA DEVI HARRIS was born October 20, 1964, in Oakland, California, to Shyamala Gopalan, a breast cancer scientist who emigrated to the United States from India when she was 19 years old, and Stanford University emeritus professor Donald Harris, a naturalized US citizen originally from Jamaica. Her parents’ advocacy for civil rights gave her what she described as a “stroller’s-eye view” of the movement.

She spent years as a prosecutor in the Bay Area before her elevation as the state’s attorney general in 2010 and then election as US senator in 2016.

Harris arrived in Washington as a senator at the dawn of the volatile Trump era, quickly establishing herself as a reliable liberal opponent of the new president’s personnel and policies and fanning speculation about a presidential bid of her own. Securing a spot

on the coveted Judiciary Committee gave her a national spotlight to interrogate prominent Trump nominees, such as now-Supreme Court Justice Brett Kavanaugh.

“I’m not able to be rushed this fast,” then-Attorney General Jeff Sessions said during a 2017 hearing as Harris repeatedly pressed him on potential conversations with Russian nationals. “It makes me nervous.”

Harris launched her 2020 presidential campaign with much promise, drawing parallels to former President Barack Obama and attracting more than 20,000 people to a kickoff rally in her hometown. But Harris withdrew from the primary race before the first nominating contest in Iowa, plagued by staff dissent that spilled out into the open and an inability to attract enough campaign cash.

Harris struggled to deliver a consistent pitch to Democratic voters and wobbled on key issues such as health care. She suggested she backed eliminating private insurance for a full government-run system—“Medicare for All” coverage—before releasing her own health care plan that preserved private insurance. Now, during her nascent general election campaign, Harris has already reversed some of her earlier, more liberal positions, such as a ban on fracking that she endorsed in 2019. And while Harris tried to deploy her law enforcement background as an asset in her 2020 presiden-

Japan’s Nikkei index soars nearly 11% a day after massive sell-offs that shook Wall Street

neck-snapping losses. South Korea’s Kospi index careened 8.8 percent lower, and bitcoin dropped below $54,000 on Monday from more than $61,000 on Friday. Even gold, which has a reputation for offering safety during tumultuous times, slipped about 1 percent.

On Tuesday, nearly all markets in Asia aside from Singapore saw gains. The Kospi jumped 4.3 percent to 2,546.64. Hong Kong’s Hang Seng index was up 0.5 percent at 16,775.65. And in Australia, the S&P/ASX 200 edged 0.3 percent higher, to 7,677.50.

Taiwan’s Taiex was up 1.2 percent after plunging 8.4 percent the day before. The Shanghai Composite index, largely bypassed by Monday’s drama, was up just over 1 point, at 2,861.87. Monday’s meltdowns reflected fears that damage to the economy from prolonged high interest rates has been so severe that the Federal Reserve will have to cut rates in an emergency meeting, before its next scheduled decision on September 18. The yield on the twoyear Treasury, which closely tracks

expectations for the Fed, briefly sank below 3.70 percent during the morning from 3.88 percent late Friday and from 5 percent in April. It later recovered and pulled back to 3.89 percent. “The Fed could ride in on a white horse to save the day with a big rate cut, but the case for an inter-meeting cut seems flimsy,” said Brian Jacobsen, chief economist at Annex Wealth Management. “Those are usually reserved for emergencies, like Covid, and an unemployment rate of 4.3 percent doesn’t really seem like an emergency.”

The US economy is still growing so a recession is far from certain.

The US stock market is still up a healthy amount for the year, with double-digit percentage gains for the S&P 500, the Dow and the Nasdaq Composite.

Some of Wall Street’s recent declines may simply be air coming out of a stock market that romped to dozens of all-time highs this year, in part on a frenzy around artificial-intelligence technology.

Critics have been saying for a while that the stock market looked expensive after prices rose faster than corporate profits.

Expectations for earnings are still high, with growth for S&P 500 profits this past quarter looking to be the strongest since 2021.

Upcoming US elections could further scramble things: apart from the potential impact of policies that follow the vote, market gyrations could affect the election itself.

A recession would likely to put Vice President Kamala Harris on the defensive, but slower growth would sap inflation. That would oblige former President Donald Trump to focus on ways to revive the economy instead of focusing on higher prices.

The Bank of Japan’s move last week to raise its main interest rate from nearly zero last week was another factor driving Monday’s plunge in Tokyo. Higher rates can boost the value of the Japanese yen, but oblige traders to scramble out of deals where they had borrowed money for virtually no cost in Japan and invested it elsewhere around the world.

On Tuesday, the dollar was worth 145.33 yen, up from 144.17 yen late Monday.

Surging prices for shares in Big Tech companies, like Apple, Nvidia and others known as the

tial campaign, it never attracted enough support in a party that couldn’t reconcile some of her past tough-on-crime positions at a time of heightened focus on police brutality.

Joining Biden’s team—and an evolution as vice president STILL, Harris was at the top of the vice presidential shortlist when Biden was pondering his running mate, after his pledge in early 2020 that he would choose a Black woman as his No. 2. He was fond of Harris, who had forged a close friendship with his now-deceased son Beau, who had been Delaware’s attorney general when she was in that job for California.

Her first months as vice president were far from smooth. Biden asked her to lead the administration’s diplomatic efforts with Central America on the root causes of migration to the United States, which triggered attacks from Republicans on border security and remains a political vulnerability. It didn’t help matters that Harris stumbled in big interviews, such as in a 2021 sit-down with NBC News’ Lester Holt when she responded dismissively that “I haven’t been to Europe” when the anchor noted that she hadn’t visited the US-Mexico border.

For her first two years, Harris also was often tethered to Washington so she could break tie votes in the evenly divided Senate, which gave Democrats landmark wins on the climate and health care but also

“Magnificent Seven” faltered last month on worries prices had overshot expectations for their future growth. Underwhelming profits from Tesla and Alphabet added to the pessimism.

Apple fell 4.8 percent Monday after Warren Buffett’s Berkshire Hathaway disclosed that it had slashed its ownership stake in the iPhone maker.

Nvidia, the chip company that’s become the poster child of Wall Street’s AI bonanza, fell 6.4 percent. Analysts cut their profit forecasts for the company after a report from The Information said Nvidia’s new AI chip is delayed. Recent selling has trimmed Nvidia’s gain for the year to nearly 103 percent from 170 percent in the middle of June.

Alphabet fell 4.4 percent after a US judge ruled Google’s search engine has been illegally exploiting its dominance to quash competition and stifle innovation.

Other worries also are weighing on the market. The Israel-Hamas war and other global hotspots could cause sharp swings for the price of oil.

Early Tuesday, US benchmark crude oil was up $1.18 at $74.12 per barrel and Brent crude, the international standard, advanced $1.00 to $77.30 per barrel.

The euro rose to $1.0956 from $1.0954.

constrained opportunities for her to travel around the country and meet voters.

Her visibility became far more prominent after the 2022 Supreme Court ruling that dismantled Roe v. Wade, as she became the chief spokesperson for the administration on abortion rights and was a more natural messenger than Biden, a lifelong Catholic who had in the past favored restrictions on the procedure. She is the first vice president to tour an abortion clinic and speaks about reproductive rights in the broader context of maternal health, especially for Black women.

Throughout her vice presidency, Harris has been careful to remain loyal to Biden while emphasizing that she would be ready to step in if needed. That dramatic transition began in late June after the first debate between Biden and Trump, where the president’s stumbles were so cataclysmic that he could never reverse the loss of confidence from other Democrats.

Headed to the top of the ticket AFTER Biden ended his candidacy July 21, he quickly endorsed Harris. And during the first two weeks of her 2024 presidential bid, enthusiasm among the Democratic base surged, with donations pouring in, scores of volunteers showing up at field offices and supporters swelling so much in numbers that event organizers have had to swap venues.

The Harris campaign now believes it has a renewed opportunity to compete in Arizona, Nevada, North Carolina and Georgia—states that Biden had started to abandon in favor of shoring up the so-called “blue wall” states of Michigan, Wisconsin and Pennsylvania.

“The country is able to see the Kamala Harris that we all know,” said Bakari Sellers, who was a national co-chair of her 2020 campaign. “We really didn’t allow the country to see her” four years ago. Sellers said: “We had her in bubble wrap. What people are seeing now is that she’s real, she’s talented.”

Yet Democrats are anticipating that Harris’ political honeymoon will wear off, and she is inevitably going to come under tougher scrutiny for Biden administration positions, the state of the economy and volatile situations abroad, particularly in the Middle East. Harris has also yet to answer extended questions from journalists nor sit down for a formal interview since she began her run.

The Trump campaign has been eager to define Harris as she continues to introduce herself to voters nationwide, releasing an ad blaming her for the high number of illegal crossings at the southern border during the Biden administration and dubbing her “Failed. Weak. Dangerously liberal.”

The Republican nominee’s supporters have also derisively branded Harris as a diversity hire, while Trump himself has engaged in ugly racial attacks of his own, wrongly asserting that Harris had in the past only promoted her Indian heritage and only recently played up her Black identity. His remarks are previewing a season of racist and sexist claims against the person who would be the first woman and the first person of South Asian heritage in the presidency.

“I didn’t know she was Black until a number of years ago when she happened to turn Black and now she wants to be known as Black,” Trump said while addressing the annual convention of the National Association of Black Journalists.

“So, I don’t know, is she Indian or is she Black?”

In her response, Harris called it “the same old show—the divisiveness and the disrespect” and said voters “deserve better.”

“The American people deserve a leader who tells the truth, a leader who does not respond with hostility and anger when confronted with the facts,” Harris said at a Sigma Gamma Rho sorority gathering in Houston. “We deserve a leader who understands that our differences do not divide us.”

VICE President Kamala Harris waves during a campaign rally on July 30, 2024, in Atlanta. AP/JOHN BAZEMORE

Bird flu’s return: A looming threat to PHL poultry and food security

THE scourge that threatened to cripple the local poultry industry seven years ago may again strike domestic animals if the Philippines is not careful. The Food and Agriculture Organization of the United Nations warned the Philippines and other countries in Asia-Pacific to be wary of the highly pathogenic avian influenza (AI) H5N1 virus, which has begun infecting other animals, including farmed ruminants, such as dairy cattle. FAO said the emergence of a new variant of bird flu poses new challenges for scientists, public health authorities, clinicians and communities. (See, “Rise in bird flu cases in Asia Pacific alarms experts,” in the BusinessMirror, July 31, 2024).

W hat’s more alar ming to exper ts is the rise in human cases as 13 new human cases have been repor ted in Cambod ia, w ith add itional cases in China and Vietnam since late 2003 T he UN agency said the emergence of novel A/H5N1 strains, which are more easi ly transmissible, increases the pandemic threat. Accord ing to FAO, the Phi lippines, the Greater Mekong Subreg ion and Indonesia, are facing heightened scrutiny due to their ecolog ical landscapes and limited biosecurity measures.

T he gover nment conf ir med the outbreak of bird flu in pou ltr y far ms in Pampanga on Aug ust 7, 2017. It infor med the World Organization for Animal Health (WOAH) that the outbreak star ted as early as Ju ly 24, 2017 in two pou ltr y far ms in San Luis. Prior to this, the Phi lippines had been unscathed by the spread of the bird flu v irus that struck far ms in neighboring Southeast Asian countries such as T hai land and Vietnam in the early 2000s.

Just days after the gover nment conf ir med the outbreak of AI in Pampanga, pou ltr y g rowers saw sales plummet by as much as 50 percent. Weak demand pu lled down far mgate prices and resu lted in huge losses for livestock ra isers in Central Luzon, accord ing to the United Broi ler Raisers Association. Trad ing par tners, includ ing South Korea and the United A rab Emirates shunned pou ltr y f rom the Phi lippines.

Despite the implementation of several measures aimed at preventing outbreaks, the v irus continues to circu late and affect pou ltr y far ms in the countr y. Reuters repor ted in Apri l that the Phi lippines conf ir med to WOAH the outbreak of high ly pathogenic H5N1 bird flu on a pou ltr y far m in Leyte. Mani la told the Paris-based WOAH that the affected far m is surrounded by rice f ield padd ies and a river, which are f requented by w i ld water fowl. T he outbreak of bird flu in a far m in Leyte underscores the impor tance of remaining v ig i lant especially since the novel strains of H5N1 are more transmissible. It wou ld do well for our policymakers to heed the prescriptions of FAO and other exper ts as the spread of bird flu wou ld be devastating to consumers, who have been shelling out more money in recent years for pork and even rice. (See, “Inflation surge in July due to power adjustment, higher cost of meat—PSA,” in the BusinessMirror, August 6, 2024). Collaboration between the national gover nment, local gover nments, and the private sector is essential to enhance biosecurity measures, safeg uard ing the local livestock industr y f rom animal d iseases and aver ting spi kes in food prices.

‘Railway

Trenaissance’

Mark Villar

THE BUILDER

HE latest State of the Nation Address (SONA) of President Ferdinand Marcos Jr. on July 22, 2024 provided commuters a breath of fresh air.

Wit h heavy traff ic back in Metro Mani la and t he rest of t he countr y follow ing t he opening of classes, t he speech of President Marcos gave hope t hat t he Phi lippines w i ll f inally untangle t he traff ic jams t hat have become t he da i ly g rind of our students and workers.

island. No wonder President Marcos declared the Phi lippines in the midst of a “ ra i lway rena issance.”

The government has lined up bigticket rail projects that are poised to reduce traffic congestion in the capital region and a large part of Luzon island. No wonder President Marcos declared the Philippines in the midst of a “railway renaissance.”

and MRT Line 3 rehabi litation, are under construction.

private ca r owners w i ll g rav itate toward t hese tra ins and contribute to road decongestion in t he process. Consider t hi s: t he MRT- 3 l i ne can carr y 500,000 passengers da i ly, whi le t he Metro Mani la Subway can accommodate 519,000 passengers a day. T he MRT-7 and LRT-1 Cav ite Extension Project are expected to fetch 800,000 passengers

T he NSCR, for one, is a 147-k i lometer commuter rai l system stretching f rom New Clark City in Capas, Tarlac to Calamba, Lag una, and traversing t he hear t of Metro Mani la.

T he NSCR can ser ve at least a mi llion passengers da i ly.

Since 2005 MEMBER OF

Ambassador Antonio L. Cabangon Chua Founder

www.news.businessmirror@gmail.com Printed by BROWN MADONNA Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila

President Marcos called it a ra i lway rena issance.” I cou ldn’t ag ree mo r e ju dg i ng f r om t h e nu mbe r of major ra i lway projects t hat t he gover nment is bui ld ing today. T he Phi lippines had an eff icient ra i lway system i n t he past, t ranspor t i ng commuters f rom t he sout her n end of Lu zon to t he nor t her n par t, and load ing cargos and goods in Visayas and Mindanao.

T he gover nment has lined up bigticket ra i l projects t hat are poised to reduce traff ic congestion in t he capital reg ion and a large par t of Lu zon

BTra ins are t he most eff icient and probably t he cheapest f rom of transpor tation. T hey have t he so-called economies of scale because t hey occupy less real estate but move people in g reater numbers compared w it h cars, cabs, buses and jeepneys. Because of t heir ded icated lines t hat cut along and across t horoughfares, commuters can arrive at a more pred ictable time t han ot her passengers.

T he Depar tment of Transpor tation is spearheading the construction of ra i lway lines and routes w it h 23 of its 69 infrastructure projects focused on improvements and expansions. Five of t he projects, includ ing t he Nor t h -Sout h Commute r Ra i lway (NSCR), Metro Mani la Subway, LRT Line 1 Cav ite Extension, MRT Line 7

ANGLADESH’S powerful army chief and president are working to install an interim government and calm deadly protests that led Prime Minister Sheikh Hasina to flee the country.

President Mohammed Shahabudd in said in a telev ised address that he ordered t he release of ja i led protesters, as well as ex-prime minister and opposition leader K haleda Zia. He also sa id businesses shou ld re-open on Tuesday after aut horities lift a cur few at 6 a.m. and t hat elections w i ll be held “as soon as possible.” T he head of t he ar my, WakerUz-Zaman, sa id earlier t hat a new gover nment w i ll be for med in consu ltation w it h Sha habudd in before a new vote. “An interim gover nment w i ll be for med,” t he ar my chief sa id, add ing it cou ld happen as soon as over night. “Justice w ill be ser ved for each death Keep fa it h in t he ar my.” Hasina, 76, left Bangladesh for Ind ia shor tly before t he ar my’s an-

nou ncement and was seek i ng to head to London, accord ing to people fami liar w it h t he matter who asked not to be identif ied d iscussing private infor mation. Ind ia w i ll allow her safe passage on her way to t he UK, t he people sa id.

Hasina’s location was unclear late Monday night. T he UK Foreign Off ice and Ind ia’s Ministr y of Exter nal Affairs both declined to comment on her travel. Separately, UK Foreign Secretar y Dav id Lammy called for a UN-led investigation into the unrest. “T he UK wants to see action taken to ensure Bangladesh a peacef u l and democratic f uture,” Lammy sa id. Hasina had faced pressure to resign for weeks as the demonstrations tur ned deadly. Local TV channels showed protesters stor ming her of-

Another game-chang ing rail project is t he Metro Mani la Subway Project, which accord ing to President Marcos, had seen signif icant accomplishments in its tunneling works. He also cited t he LRT-1 Cav ite Extension project in his SONA, which w i ll open to t he public t his year

“We w i ll make sure that the rightof-way issues are resolved in the most equitable, eff icient, and exped itious manner so t hat t hese w i ll not get in t he way of our inf rastructure development,” sa id President Marcos.

T hese ra i lway projects offer a better alter native to our wear y commuters. I’m sure commuters and many

Bangladesh has taken a $10 billion hit to the economy from the curfews and the Internet blackouts, according to an industry group. The unrest has made it difficult for garment manufacturers to operate, impacting the country’s foreign exchange earnings.

ficial residence on Monday afternoon and ransack ing t he bui ld ing, tak ing away f ur niture and food. At a press conference late Monday, protest organizers said they w ill meet w it h political par ties and demanded t he release of all t hose arrested in

Dollar’s slide gives Asian central banks space for rate cuts

THE global market selloff may have a silver lining for Asian central banks if sustained weakness in the dollar gives them leeway to ease monetary policy.

Asi an c urrenc ies shot

f ive-mont h peak aga

reenback t his week,

tectonic shifts in global markets due to a range of concer ns—not least worries t hat US rate setters have been too slow to ease policy. Malaysia’s ringg it led the charge in emerg ing Asia on Monday, followed by t he long-beleag uered C hi nese y u an. Bloomberg’s i ndex of Asian currencies was softer on Tuesday.

Exchange-rate weakness is one reason central banks, includ ing in China and Sout h Korea, have been war y of lowering interest rates, even though price pressures across emerging Asia have largely been lower than in most major advanced economies. Meantime, higher US y ields have d iscouraged global f unds f rom investing in Asia. T hat might all be about to change as mounting bets on Federal Reser ve rate cuts shift t he balance in favor of t he reg ion.

“T he soft dolla r and lower US y ields backd rop s h all g i ve more headroom for Asian central banks in ter ms of potential monetar y easing, if t heir domestic macro cond itions justify rate cuts,” sa id Frances Cheung, a rates strategist at OverseaChinese Bank ing Cor p. Investors ramped up bets on a Fed pivot toward rate cuts after its meeting Wednesday where Cha ir Jerome Powell signaled a September c ut cou ld be on t he table was followed up by soft labor market data on Friday.

T he swaps market is pricing in a near 50-basis-point Fed rate cut in September, whi le data compi led by Bloomberg show expectat ions for lower policy rates in t he coming mont hs have intensif ied in Korea, T ha i land and Malaysia.

T he rupia h climbed for a four t h session on Monday, strengt hening along w it h ot her currencies in t he region, after data showed Indonesia’s economy expanded sl ightly above forecast last quar ter Inflation f igures for t he Phi lippines, Ta iwan and T ha i land t his week w i ll help shape investor expectations for t he trajector y of policy in those economies too.

A weaker US dollar if t he move is sustained—wou ld be a reversal for off icials in Ta iwan and Indonesia, who had to raise interest rates earlier

. . .

continued from A

Cent ral

zon L i nk

ressway (CLLEX), t he Nor t h L u zon Exp r essway-So ut h L u zon Expressway (Nlex-Slex) Connector and t he Pla ridel Bypass wou ld be f u lly completed by t he end of t hi s yea r T he Cav ite-Lag u na Expressway (CALAX) and t he C-5 Sout h L i nk, meanwhi le, w i ll be f u lly operat ional by next yea r Pr es i dent Ma r cos sa i d t h at t hrough t hese new roads, t he reg ions of Nor t her n and Central Luzon, Metro Mani la and Sout her n Lu zon wou ld be more connected to

The rupiah climbed for a fourth session on Monday, strengthening along with other currencies in the region, after data showed Indonesia’s economy expanded slightly above forecast last quarter. Inflation figures for the Philippines, Taiwan and Thailand this week will help shape investor expectations for the trajectory of policy in those economies too.

t his year to defend t heir currencies. Ind ia’s central bank is seen shifting to a neutral stance later t his week, whi le rate decisions for t he Phi lippines, T hailand, Indonesia and Korea are due later t his mont h

“So far, Asean currencies have held up. If this remains the case, then t here is a good chance BSP w i ll cut next week and possibly Bank Indonesia the week after,” said Bloomberg economist Tamara Mast Henderson.

Meanwhi le, China’s bond market has rallied on investor hopes of more interest-rate cuts in the world’s second-largest economy.

“Asi a cent ral banks now h ave more autonomy to g uide sett ings towards domestic goals if needed,” accord ing to a note by DBS Group Hold ings Ltd. “Some rate cuts are probably in t he off ing for selected central banks t hat have been constra ined over t he past year.”

But t he dust hasn’t settled yet. Headline inflation picked up in Korea and Ind ia in recent mont hs. T he dollar’s trad itional role as a haven cou ld always k ick in if markets continue to wobble or geopolitical t hreats in t he Middle East escalate.

So cou ld a retur n of t he “Trump trade”—wagers on assets li ke t he dollar or Bitcoin seen as benef iting f rom looser f iscal policy and higher tariffs if Donald Trump were to retur n to t he W hite House.

An appeal to Supreme Court: Don’t let Bagong Pilipinas be a country of substandard products

EMAKE SENSE

VEN as most parts of the country, particularly the National Capital Region, almost stood still because many of its roads were flooded and made unpassable to vehicular traffic due to heavy rains that battered Luzon on July 23 and 24, the Federation of Philippine Industries and Fight Illicit Trade (FightIT) proceeded with its scheduled First National Anti-Illicit Trade Summit at the Manila Hotel last July 25. As chairman of both the FPI and Fight Illicit Trade, I thank those who attended: the leaders and representatives of various domestic industries, as well as the heads of regulatory agencies. I would like to express our deep appreciation for your support to our anti-illicit trade campaign.

Indeed, i ll i c it t r ades s u c h as smuggl ing, ca r tel, monopoly, and ol igopoly a re hur t i ng t he nat ion, par ticu larly its economy, its people, t he consumers, and even t he env ironment. W hi le smuggl ing is what I consider t he summa cum laude of all t hese for ms of i llicit trade, I also believe t hat t he proliferation of substandard products has far-reaching effects. I also believe t hat t he protection g iven to consumers aga inst substandard products shou ld be of t he same lengt h as t he protection to t he env ironment. In fact, t hey are linked. Just consider t he worsening ear t hquakes and typhoons due to global war ming and climate change hitting a countr y t hat has a construction industr y uti lizing mostly substandard materials, t he horror it would create would be unimaginable. T his is t he k ind of pred icament t hat t he Phi lippines is facing, especially w it h t he jud icial system prone to

being abused by unscrupu lous traders of substandard products. Case in point—t he injunction versus t he implementation of mandator y standards on flat glass, which is now on its f ift h year T he Depar tment of Trade and Industr y (DTI) was barred f rom implementing its mandator y products standard for glass products because of t he injunctions issued by t he Makati and Pasay Reg ional Trial Cour ts (RTCs). T he Makati cour t injunction has been lifted, but t he w rit issued by t he Pasay RTC rema ins in force. So for f ive years now, t here is practically no standards for flat glass, which is critical since it is being used in buildings and houses. Traders can just easi ly sell substandard glass products and no one wou ld and cou ld question t hem; no product testing, i nspect ion or ma rket mon itori ng for compliance. And t here’s no telling when t his wou ld stop because injunctions can be issued by any of

This is the kind of predicament that the Philippines is facing, especially with the judicial system prone to being abused by unscrupulous traders of substandard products. Case in point—the injunction versus the implementation of mandatory standards on flat glass, which is now on its fifth year. The Department of Trade and Industry (DTI) was barred from implementing its mandatory products standard for glass products because of the injunctions issued by the Makati and Pasay Regional Trial Courts.

t he over 1,000 Reg ional Trial Cour ts in t he countr y. Now, if t his was done in t he case of flat glass, what cou ld stop u nsc ru p u lou s t r ade r s f rom getting injunction orders for ot her critical products as well, especially construction materials. Bagong Pi lipinas—w it h all t he hopes and aspirations t hat go w it h it as env isioned by President Ferdinand Marcos Jr w i ll be tur ned into a countr y of substandard products. But t here is a way to avoid t his, and t he Supreme Cour t has t he key. In THE RULES OF PROCEDURE FOR ENVIRONMENTAL CASES, t he High Cour t stipu lated t hat: “SEC. 10. Prohibition aga inst temporar y restra ining order (TRO) and prel i m i na r y i nju nct ion.—Except the Supreme Cour t, no cour t can issue a TRO or w rit of preliminar y injunction aga inst lawf u l actions of gover nment agencies t hat enforce env ironmental laws or prevent v iolat ions t hereof.” T he prohibit ion aga inst t he issuance of a TRO or preliminar y injunction is premised on t he

Treasury rally ignites debate on how fast Fed needs to cut rates

MAJOR rally in the $27 trillion Treasury market is laying bare anxiety that the US economy is sliding into recession and the Federal Reserve will need to start aggressively cutting interest rates.

in Asia hours, paring losses in prev ious sessions.

each ot her Two major bridges in Mindanao are also set to open t his year “One is t he Pang ui l Bay Bridge, touted as t he longest water-spanning bridge in nor t her n Mindanao. T his bridge w i ll connect Lanao del Nor te and Misamis Occidental. T he other is the Guicam Bridge in Zamboanga Sibugay, which w i ll link Olutanga Island to t he ma inland of Mindanao,” sa id President Marcos. T he completion of t hese ra i lways and ot her inf rastructure projects in t he coming years and beyond w i ll no doubt def ine t he golden age of t his administration. It is a testament to nation bui ld ing and prog ress t hat our citizenr y f u lly deser ve. For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar.com.ph

A few jubi lant demonstrators were seen hugging soldiers as they awaited t he ar my chief’s speech Hasina was t he world’s longest ser v ing female head of a government, w inning a four th ter m as prime minister in an election in Januar y t hat was boycotted

“T hey w i ll probably not cut unti l after t he Fed has cut,” sa id Jon Ha rri son, manag i ng d irector for emerg ing-market macro strategy at GlobalData TS Lombard in London. Par ticu larly whi le markets are so volatile.” With assistance from Matthew Burgess, Neha D’silva, Marcus Wong, Swati Pandey and David Finnerty /Bloomberg accountabi lity,” Mi ller sa id. Earlier Monday, thousands of students def ied a gover nment-imposed cur few to ma rc h t hrough Dhaka, chanting, “We w i ll not go back.” TV channels showed troops tr y ing to control huge crowds of people who had walked t hrough t he night to t he capital to take par t in t he protests.

US gove r nment debt s ur ged Monday, pushi ng two-yea r y ields —which are sensitive to monetar y policy—below t hat of t he 10-year note for t he f irst time in two years.

T hat brief nor malization offered a v iv id ind ication t hat g rowt h concer ns are f ueling expectations for super-sized rate reductions star ting in September or sooner “T he Fed li kely realizes now t hat t hey made a mistake last week” by hold ing borrow ing costs steady at a two-decade high sa id Campbell Har vey, t he economist cred ited w it h linking the y ield cur ve w ith economic g rowt h T he y ield cur ve has nor mali zed—or d isinver ted—just before t he past four recessions, he pointed out, underscoring t he case for lower rates. “T he Fed has wa ited too long to take action.”

Bond prices stabi lized t hrough t he day, w it h shor t-ter m y ields ending higher, leav ing the cur ve inverted again as long-ter m y ields fell slightly. Over t he past week, t he two-year y ield plunged more t han 70 basis points to as low as 3.65 percent on Monday, compared to a peak t his year of 5.04 percent reached in late Apri l. Ten-year y ields dropped as low as 3.67 percent.

On Tuesday, two- and 10-yea r y ields rose about four basis points

Alongside t hose moves, swaps traders priced in at least f ive quarte r -poi nt Fed r ate c uts i n 2024, w it h about 16 percent probabi lity t hat t he US central bank opts for an emergency reduction before its next scheduled two-day meeting w raps on September 18. Traders who in Ju ly made what appeared to be long-shot bets on supersized Fed cuts are now in line to reap huge prof its.

T he extreme moves Monday were pa red after data showed t he US serv ices sector expanded i n Ju ly, helping to allay f resh angst about a broad slow i ng i n t he economy. But sent iment rema i ns on t he f ritz after Friday’s increase in t he u nemployment rate caused its t hree-mont h mov ing aver age to exceed t he 12-mont h low by h alf a percentage poi nt. Accord i ng to t he Sa h m ru le—dev i sed by for mer Fed econom i st Claud i a Sa h m—t h at means a recession i s u nder way.

Treasuries surged after t hat jobs repor t last week, tur ning into one of t he most power f u l bond-market rallies since fear of a bank ing crisis flared in March 2023 T he sense in market is t hat Cha ir Jerome Powell and his colleag ues are behind on cutting rates.

US government debt surged Monday, pushing two-year yields —which are sensitive to monetary policy—below that of the 10-year note for the first time in two years. That brief normalization offered a vivid indication that growth concerns are fueling expectations for super-sized rate reductions starting in September, or sooner.

“T he shape of t he y ield cur ve is one of several ind icators t hat helps gauge t he market’s assessment of recession risks,” said Wei Li global chief investment strateg ist at BlackRock.

“T he recent steepening reflects t he market’s assessment that the Federal Reser ve is behind t he cur ve and w i ll cut rates more agg ressively over t he next few years.”

T hat’s stok ing debate around t he Fed’s next steps. Citig roup Inc. and JPMorgan Chase & Co. last week pred icted t he central bank wou ld lower its benchmark by a half-point at both its September and November meetings.

But market pricing ind icates an increased chance of a cut even before t he Fed’s next schedu led announcement. To Har vey, who is now a f inance professor at Du ke University and an adv iser at Research Affiliates, that would be a signal of “desperation —t hat t he Fed believes t he situation is far worse t han t he market.” Pressure is on g iven US f inancial cond itions are at t heir tightest since October and t he intense nor maliza-

tion seen in t he y ield cur ve. T he two-year y ield had exceeded t he 10-year by as much as 111 basis points in March 2023 the biggest inversion since the early 1980s, according to data compi led by Bloomberg. It reached positive 1.5 basis points earlier on Monday before rever ting back to being inver ted aga in.

“T here is no problem w it h an inter-meeting Fed cut if f inancial cond it ions t ig hten so muc h t h at market liquid ity becomes impaired,” said Chris Watling, founder and chief market strateg ist at Longv iew Economics.

Dr. Jesus Lim Arranza
Villar

Pagcor asks Marcos to exempt special BPOs from POGO ban

THE chairman of the Philippine Amusement and Gaming Corp. (Pagcor) said President Ferdinand Marcos Jr. is open to its proposal to exempt special business process outsourcing (BPO) firms as well as content providers that serve gambling companies from the ban on Philippine offshore gaming operators (POGOs).

During the briefing for the 2025 national budget, Pagcor Chairman Alejandro Tengco said he had already presented his proposal to the President, who has mandated the closure of all POGOs, including 43 Internet

Gaming Licensees (IGLs), by the end of the year.

“I presented this plan to the President this [Tuesday] morning, emphasizing that saving these jobs is crucial,” Tengco added. “The President responded positively

and asked for a detailed presentation to the [Congress] committee and to him [at the Palace]. He wants us to explore how we can support these BPOs while phasing out the POGOs.”

“There are currently 14 special BPOs in operation, employing around 10,000 Filipinos,” Tengco said. “These BPOs handle customer service and support for major gaming companies, but they do not handle actual betting or gaming transactions themselves.”

Tengco said the proposal aims to save these special BPOs from impending shutdown, thereby preserving thousands of jobs for Filipinos.

He said these special BPOs, which cater to international gaming firms based in countries like Australia, Canada, Europe, and the United States, do not engage directly in gambling activities. Instead, they provide essential support services such as customer service and technical support, which are vital to the operations of these international firms, according to Tengco.

He said the proposal also extends to content providers, which like the special BPOs, do not

‘MOST

FILIPINOS SUPPORT BAN ON MOBILE PHONES IN CLASSROOMS’

handle actual betting but provide ancillary services to the gaming industry.

“The content providers also do not handle any betting. For example, a Filipino might handle transactions, but all the bettors are located abroad,” he said.

He said these firms should also be considered in the broader strategy for handling the shutdown’s impact.

“In my meetings with various government officials, including those from the Department of Labor and Employment [DOLE] and other cabinet members, the feedback has been favorable,” Tengco noted. “We need to ensure that while we address the closure of POGOs, we also protect the jobs and livelihoods of those working in these support sectors.”

He said the proposal underscores the significant economic and social impact of the POGO shutdown as the closure of these operations is expected to affect various sectors, including security, transportation, and local businesses that rely on the gaming industry.

ALMOST 8 out of 10 Filipinos support a ban on cellphones in school classrooms, according to the results of a Pulse Asia survey commissioned by Senator Sherwin Gatchalian.

The senator noted that based on the results of the survey conducted from June 17-24, 2024, 76 percent of 1,200 adult respondents nationwide agree with having a cellphone ban inside schools.

Gatchalian added the Pulse Asia survey also reported that 13 percent said they disagree, while 11 percent said they cannot say whether they agree or disagree.

The survey affirmed an overwhelming majority of Filipinos across all socioeconomic classes also support a cellphone ban in schools, with the strongest support from Class ABC (80 percent). Seventy-six percent of respondents from D support a cellphone ban in schools, while 71 percent from class E support the proposal.

It also showed across different locations in the country, a vast majority support banning cellphones in schools, with around eight out of 10 respondents in the National Capital Region (80 percent), Balance Luzon (79 percent), and Mindanao (81 percent) agreeing to the proposal. Six out of 10 (61 percent) of respondents

from the Visayas agree with banning cellphones in schools.

Gatchalian said the survey results showed that Filipinos see the benefits of imposing a ban on cellphone use in schools, especially because distraction from mobile phones in schools is linked to poorer learner performance.

According to an analysis of the 2022 Programme for International Student Assessment (PISA) by the Senate Committee on Basic Education, eight out of 10 Filipino learners aged 15 reported being distracted in class by using their smartphones, while another eight out of 10 reported being distracted by other students’ smartphone use.

Gatchalian recalled that Last June, he filed the Electronic GadgetFree Schools Act (Senate Bill 2706), which seeks to prohibit learners’ use of mobile devices and electronic gadgets from Kindergarten to senior high school within school premises during school hours.

“Malinaw na suportado ng ating mga kababayan ang ating panukala na ipagbawal ang paggamit ng mga cellphonessamgapaaralan,lalo’tna’t angpaggamitnitosaorasngklaseay maaaring makapinsala sa kanilang pag-aaral. Kaya naman patuloy nating isinusulong ang panukalang batas na magbabawal sa paggamit ng cellphone sa oras ng klase,” said Gatchalian, chairman of the Senate Committee on Basic Education.

‘PHL still banking on electronics to boost

merchandise exports’

HE country’s goods exports may not finish strong this year due to the gloomy outlook for electronics, according to the Philippine Exporters Confederation Inc. (Philexport).

“The bulk of goods remain to be electronics and if they don’t see growth, this will affect goods export performance negatively as well,” Philexport President Sergio R. Ortiz-Luis told the BusinessMirror in a Viber message on Tuesday.

Ortiz-Luis issued the statement after the Semiconductor and Electronics Industries in the Philippines Foundation Inc. (Seipi) recently projected a 10-percent decline in electronics exports for 2024 due to inventory correction and the product mix in the Philippines. (See: https://businessmirror.com. ph/2024/07/04/electronics-ex-

PHILIPPINE Amusement and Gaming Corp. (Pagcor)

Chairman Alejandro Tengco announced on Tuesday that Carlos Edriel Yulo, the 2024 Paris Olympic gold medalist, will receive a total cash reward of P20 million from Pagcor.

The announcement was made during the House of Representatives’ Committee on Appropriations hearing on Pagcor’s contributions last Tuesday.

Under the provisions of Republic Act 10699, also known as the “National Athletes and Coaches Benefits and Incentives Act,” Pagcor will award Yulo P10 million for each gold medal he won.

“As provided by law for the gold medalist, Pagcor is mandated to give an athlete who will

ports-seen-10-lower-in-2024/)

Latest data released by the Philippine Statistics Authority (PSA) showed that outbound shipments of electronic products grew 5.2 percent to $20.63 billion in the first half from the $19.61 billion recorded in January to June 2023.

Also, Philippine merchandise exports saw a 3-percent growth in the six-month period this year, and registered earnings of $36.41 billion, higher than last year’s $35.34 billion.

Electronic exports still accounted for a chunk of the pie at 56.67 percent.

In April, Ortiz-Luis said he the performance of exports will be “very fluid” due to the ongoing trade war between the United States and China, among others.

“Our export target is very fluid. We’re just being realistic about it; there’s just too many ‘ifs,’” he said. He also noted that the

$143.4-billion target set in the Philippine Export Development Plan (PEDP) 2023-2028 may not be reached this year.

Philexport’s efforts ORTIZLUIS said his group continues to implement initiatives that seek to bolster the performance of Philippine exports.

“We continue to promote, tap and develop niche markets for products such as fresh and processed food and furniture. Other potential goods are minerals of course,” he said.

Philexport is also pinning its hopes on the robust performance of the services exports.

“For services, we continue to look at tourism and [IT and Business Process Management] ITBPM,” Ortiz-Luis said.

“We will also start the nationwide roadshow for the PEDP this month to especially help address issues on the ground and boost export performance,” he added.

win gold, P10 million; since he has 2 golds, Mr. Yulo has P20 million,” said Tengco. He said the incentives are part of Pagcor’s ongoing support for Filipino athletes and their support teams, in line with the National Athletes and Coaches Benefits and Incentives Act.

According to Tengco, Yulo has yet to be formally informed about the full details of his reward.

He said this reward recognizes Yulo’s outstanding achievement in securing two gold medals at the 2024 Paris Olympics.

In addition to Yulo’s reward, the coaches and trainers who contributed to his success will receive half of the amount given to him. The coach and trainers will collectively get P10 million. Tengco said this allocation

adheres to the law, which stipulates that coaches and trainers of gold medalists are entitled to 50 percent of the cash incentive given to the athlete. For other medalists, the cash incentives are as follows: silver medalists: P5 million each and bronze medalists: P2 million each.

Coaches of silver and bronze medalists will receive half of the respective medal’s cash incentive. The coach of a silver medalist would receive P2.5 million, while the coach of a bronze medalist would get P1 million.

Lawmakers described gymnast Yulo as a “once-in-a-century Filipino athlete” following his exceptional double gold victory at the Paris Olympics in 2024. Jovee

PETRON Corp. on Tuesday reported a 6-percent drop in net income in the first half of this year to P6 billion from P6.14 billion in the same period last year.

by

Petron’s combined ser v ice station network reached 2,600 outlets in the Phi lippines and Malaysia. Sales to industrial accounts li kew ise jumped nine percent ma inly on higher demand for jet f uel and liquid petroleum gas.

Petron has a combined ref ining capacity of 268,000 barrels-per-day and produces a f u ll range of f uels and petrochemicals. It operates about 50 ter minals in t he reg ion.

Ti on events w i t h t h e Phi l i pp i ne Red C r oss Caloocan C i ty C h apte r, t h e r eby s u ppo r t i ng its m i ss i on to ens ur e a cont i nu o u s and safe blood s u pply fo r t h ose i n need,” as c i ted on t h e ce r t i f i cate. In celeb r at i on of Blood Dono r s Mont h , ALC G rou p employees also pa r t i c i pated i n t h e blood donat i on d ri ve, f ur t h e r demonst r at i ng t h e ir comm i tment to t hi s c ri t i cal ca u se. T hi s i

P4.7 3

on w h at it sa i d was c h alleng i ng ma r ket bot h at its home co u nt r y and ab r oad. T h e company’s statement r ead t h at t h e Phi l i pp i ne ma r ket “ r ema i ns c h alleng i ng; r eflect i ng t h e global s i t u at i on.” “T h e ma r ket i s i n u ndated w i t h c h eap p r od u cts as cons u me r s seek fo r val u e. T h e company i s p i vot i ng towa r ds a mo r e compet it i ve stance. Howeve r, we bel i eve t h at i n t h e long-te r m, t h e p r em iu m i zat i on st r ategy r ema i ns compell i ng,” i t added. Fo r t h e Ap ri l-to-J u ne qu a r te r, i ts i ncome was down by 12 pe rcent; i ts r even u es was almost flat at P 15.5 b i ll i on f r om t h e p r ev i o u s yea r ’s P 15.12 b i ll i on. F ir st- h alf r even u es fell 6 pe r cent to P 28.6 b i ll i on f r om t h e p r ev i o u s yea r ’s P3 0. 3 9 b i ll i on. Nonet h eless, t h e compa-

ny sa i d r es u lts a r e i mp r ov i ng qu a r te r -on- qu a r te r as t h e yea r p r og r esses w i t h i mp r ov i ng ma r -

NGINEERING

Eand const ru ct i on s u bs i d i a ri es, as well as a net loss i n t h e n i ckel m i n i ng b u s i ness. St r onge r cont rib u t i ons f r om t h e wate r and offg ri d segments pa r t i ally m it i gated t h ese i mpacts, it sa i d. “We a re now i n t he new nor mal. Ma r ket p ri ces and global s u pply

c h a i ns h ave no r mal i zed,” DMCI

C h a ir man, Pr es i dent and CEO

Is i d r o A. Cons u n ji sa i d. “So o ur c h allenge i s to st r ateg i cally man-

age costs, opt i m i ze ope r at i onal

eff i c i ency and cap ital i ze on syne r g i es ac r oss o ur b u s i ness u n its.”

G r oss r even u es fo r t h e f ir st h alf of t h e yea r fell 20 pe r cent to P 55.51 b i ll i on f r om t h e p r ev i o u s yea r ’s P 69.98 b i ll i on. Fo r t h e second qu a r te r alone, it r epo r ted a net i ncome of P 5.5 3

b i ll i on, a 32-pe r cent decl i ne f r om P 8.1 b i ll i on last yea r Reven u es fo r t h e qu a r te r d r opped by 24 pe r cent to P 28.08

b i ll i on f r om t h e p r ev i o u s P3 6.95 b i ll i on. Q u a r

kets i n As i a, E ur ope and Lat i n Ame ri ca. “T h e r e a r e s i gns t h at cons u me r conf i dence i s r et ur n i ng globally ev i denced by hi g h e r r even u es ve r s u s t h e p r ev i o u s qu a rte r am i dst c h allenges of hi g h i nte r est r ates, i nflat i on and geopol i t i cal u nce r ta i nty,” r ead t h e company’s statement. “Empe r ado r ’s b u s i ness r ema i ns r es i l i ent d u e to i ts d i ve r s i f i ed po r tfol i o i n w hi sky and b r andy, w hi c h cove r s n u me r o u s p ri ce po i nts, and i ts w i de d i st ri b u t i on, w hi c h i ncl u des ove r 100 ma r kets.” T h e F u ndado r b r and i s celeb r at i ng i ts 150t h ann i ve r sa r y t hi s yea r , w i t

globally acco r d i ng to i nd u st r y r epo r ts, i s well-pos i t i oned to w i t h stand h eadw i nds. T h e company i s conf i dent i n t h e f u t ur e of t h e b u s i ness, i t sa i d. T h e Dalmo r e d i st i lle r y i s be i ng expanded to cate r to f u t ur e demand. T h e expans i on w i ll do u ble t h e c urr ent capac i ty of t h e d i st i lle r y and w i ll be completed befo r e t h e end of t hi s yea r T h e company i s also expandi ng i ts wa r e h o u ses to accommodate ag i ng of l iqui ds f r om t h e expanded Dalmo r e d i st i lle r y. “T h e f u ndamentals of t h e company a r e i ntact and longte r m t r a j ecto r y i s st i ll on t r ack. Once global econom i es i mp r ove and cons u me r demand fo r p r em iu m and l u x ur y p r od

TC

ta

(CCC)

Ayala Land Inc. (ALI) S

nab i l ity Head Anna Ma ri a M. Gonzales sa i d t h e seven p ri vate fo r est ca r bon p r o j ects a i m to h elp r edu ce t h e ir ca r bon em i ss i ons by 10 pe rcent. “It’s i mpo r tant to sta r t ea r ly and work w it h all sectors to ac hieve our 2050 Net Ze ro comm itments,” Gonzales sa i d. CCC V i ce C h a ir pe r son and Exec ut i ve D ir ecto r Robe r t E.A. Bo rj e sa i d t h ey a r e st r engt h en i ng t h e ir coord i nat ion w it h private cor por at i ons l i ke Ayala to h elp i n t h e gove r nment’s i mplementat i on of t h e Nat i onal Adaptat i on Plan (NA P) and t h e Nat i onally Dete r m i ned Cont ri b u t i ons Implementat i on Plan (NDCI P). “Ext

THE Depar tment of Budget and Management (DBM) has conver ted the Trust Receipts for Hajj funds into a Special Hajj Fund with a budget allocation of P50.538 million, according to Budget Secretar y Amenah F. Pangandaman. During del iberat ions on t he 2025 nat ional budget at t he House of Representat ives, Pangandaman pointed to a special prov ision in t he Nat ional Commission for Musl

Banking&Finance

BSP moves vs future Microsoft snafu

PHISHING schemes and digital outages like the recent Microsoft snafu three weeks ago are just among the cyber threats that the Bangko Sentral ng Pilipinas (BSP) aims to prepare for with its newly-released Financial Services Cyber Resilience Plan (FSCRP).

T he 5-year FSCR P a ims to coord inate response and def ine protocols and mechanisms on cyber threats, increase infor mation sharing on t hese attacks, bui ld a strong cybersecurity cu lture and awareness and gat her best practices and standards to protect t he countr y’s f inancial system.

BSP Gover nor Eli M. Remolona Jr sa id whi le t he world’s d ig ital transfor mation has led to oppor tu-

P49.797-mi

allotment

nder t he 2024 General Appropriat ions Act (GAA). T he money wou ld cover administrat ive and ma intenance and ot her operat ing expenses of t he NCMF super v isor y team in t he annu al Hajj Cash balances of t he Hajj f und w i ll be covered by Execut ive Order 338 as i mplemented by a joi nt c irc u la r (JC 1-97) issued in 1997 by t he DBM, t he Commission on Aud it (COA) and t he Depar tment of Finance (DOF). Pangandaman’s explanat ion came after after Lanao del Nor te First District Cong ressman Mohamad K hal id Dimaporo sa id NCMF off icials encountered d i ff ic u lt ies ad heri ng to gover nment processes in organi zing t he Hajj Dimaporo suggested special prov isions cou ld be included in t he NCMF budget to prevent delays in payments for the annual Hajj for Fi lipino Muslims.

“T his is a manifestat ion request ing t hat t he DOF, DBM, and when t he t ime comes, [the] COA, w ill hopefully support t he idea of instead t he NCMF Secretar y always ask ing for exempt ions, perhaps we can just include it in the special prov isions of t he NCMF budget so t hat t here w i ll be no t hreat of delay of payments for t he conduct of t he annu al Hajj for t he Fi l ipino Musl ims,” Dimaporo sa id. Before, trust receipts were used to managed t he Hajj Funds.

“Special Hajj Fund na po siya as prov ided u nder RA 9997 cash balances of aff ir mat ion f und. Pwede na po nila magamit ‘yung f und nila Binago na po namin yung nat ure,” Pangandaman sa id in response to Dimaporo’s statement. Moreover t he DBM c hief sa id she had met w ith NCMF Secretar y Sabuddin N. Abdura him to d iscuss t he improvement of procurement process.

“Early processing is needed to secure suppl iers for t he upcoming Hajj By October t his year t hey need to star t identify ing possible suppliers,” Pangandaman sa id.

THE Bureau of Internal Rev-

en u e (BIR) i s bank i ng on risk-based approach auditing using mathematics and data analytics to run after cor porations and individual taxpayers issuing “ghost receipts” to evade taxes.

In a news brief ing last Tuesday, Inter nal Revenue Commissioner Romeo D. Lumag ui Jr sa id it par tnered

w it h t he Ateneo de Mani la University’s Math Depar tment to voluntari ly create a system identify ing whet her a company or ind iv idual taxpayer is f raudu lent or leg itimate.

“It’s impor tant for us to tur n to data analytics so t hat it wou ld be more accurate and t here’s science to our approac h i n deal i ng w it h tax evaders and going after t hem,” Lumag ui sa id.

UNDERSTANDING what is your friction cost in any financial transaction is something you need to know and understand, to know what your real cost is. Essentially, this is the additional cost in doing a transaction such as making a remittance, buying or selling fixed income securities, equities, unlisted shares, making any asset transfer, doing foreign exchange transactions and anything that involves money or property. Frictions costs can be broadly classif ied into t he follow ing types, namely: fees and commissions, spread, float, taxes and your cost in ter ms of time and effor t. Fees and commissions are nor mally t he charges t hat are imposed on t he transaction by t he bank, exchange or any ot her institution where t he deal is executed. Keep in mind a couple of t hings, f irst is t hat t here cou ld be more t han one insti-tution involved which may mean t hat you pay more t han once. Second, is t hat t hese fees and com-missions can be eit her be a flat charge amount or a percentage of t he transaction. As an example, when you want to make a cash w it hdrawal using an ATM outside of your Bank Network, t he fee w i ll range f rom P10 to P18. A spread is t he d ifference between t he buy ing and t he selling rate, meaning t he dealer w i ll buy somet hing f rom you at a lower price and sell t he same t hing to you at a higher price. It is also possi-ble t hat not only do you have to take a hit on t he spread but sometimes on top of t hat t hey sti ll charge a fee or commission! A ver y common example of t his is whenever you travel abroad, we wou ld typically not have t he currency of

nities for t he f inancial sector, t he sector was also exposed to online t hreats t hat “pose systemic risks” to and weaken trust on t he f inancial system.

“Our plan is not just a response to t he t hreats we face, but a proactive strategy to anticipate and mitigate f uture risks. It’s our commitment to creating a robust, secure, and resi lient f inancial system t hat can w it h-

FINEX FREE ENTERPRISE

t he countr y we are v isiting. And since our peso is not as easy to conver t abroad, we nor mally bring US dollars w it h us. Upon arrival, we conver t our dollars to t he local currency. W hen you leave and want to conver t t he local currency back into dollars, you w i ll need more of t he local currency to get t he same dollars back. It is not uncommon for money changers and banks to make a spread of 5 percent to 10 percent!

A float is somet hing t hat most people do not t hink about. W hen you pay your bi lls or make a remittance, most li kely, t he payment w i ll only be reflected t he follow ing day and sometimes after several days. You hand over your money today but t he application of t hat money only happens after a day or so. Your money is effectively in limbo where it is no longer in your bank account but not yet received by t he intended par ty. T his is what is known as t he float enjoyed by t he f inancial inter med iar y, where t hey get “f ree” money. Imag ine t his happening ever y day and in amounts t hat become huge on a cumu lative basis. T his float money can ear n interest in t he over night markets or ot her placements.

Taxes charged by t he gover nment can come in various for ms. Common examples include t he documentar y stamp tax on t he

stand cyber incidents and recover quickly f rom t hem,” Remolona sa id during t he launch of t he FSCR P last Tuesday.

Remolona noted t hat it was fort u nate t h at t he recent Mic rosoft outage, which signif icantly affected flights in t he Ninoy Aquino Inter national A ir ports (NAIA), did not affect t he f inancial sector [As] t he so-called ‘blue screen of deat h ’ experienced by Microsoft users worldw ide unfolded, the incident reminded us of t he risks associated w it h glitches in t he d ig ital supply cha in,” t he central bank chief sa id. “It wasn’t even a cyber attack. It was a software glitch t he k ind of t hing we feared wou ld happen w it h ‘Y2K’ more t han 24 years ago. T hank goodness our own f inancial system and settlement system w ithstood the glitch,” Remolona added.

Accord ing to t he central bank, based on cyber t hreat repor ts submitted by BSP-Super v ised Financial Institutions (BSFIs), more t han half or 59.48 percent of cyber f raud losses last year were linked to identity

exercise of cer ta in rights, w it hhold ing tax on salaries, interest income and payments, value added tax on sales transactions, capital ga ins tax, income tax, excise tax, tariffs, customs duties and taxes, f ranchise fees and so many ot hers. Practically all types of business activ ities and f inancial transactions are taxed by t he gover nment and in many cases, t here is even a double taxation.

Fi nally, you shou ld take i nto accou nt your total cost i n doi ng a t r ansact ion, i nclud i ng your t i me and effor t. T hi nk about it, w h ateve r sala r y you get does not all t r anslate i nto f ree and ava i lable cash to you Pa r t of t h at sala r y needs to be u sed as an expense to act u ally get to work and spend t he t i me at work s uc h as your t r anspor tat ion costs, u n i for m or clot hi ng at work, and meals. You shou ld also consider t he type of work t hat you do, t he time you spend, t he stress you encounter, t he work env ironment and t he risks you take on t he job and getting to work. Know ing your f riction costs w i ll enable you to properly evaluate if somet hing is wor t h doing.

The views and comments of Dr. George S. Chua are his own and not of the newspaper or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex President, 2010 to 2020 FPI President, an active entrepreneur in fintech, broadcast, media, telecommunications, properties and a regular member of the National Press Club. Dr. Chua is also a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC Campus, a Trustee of the Finex Foundation and the Vice Chairman of the Market Governance Board of the Philippine Dealing and Exchange Corp. Comments may be sent to georgechuaph@yahoo.com or gschua@up.edu.ph.

t heft and phishing, a 212-percent

g rowt h in cyber f raud losses compared to 2022.

Citing data from IBM Inc. in 2023

t he BSP sa id t hat between 2018 and 2022, cyberattacks saw an increasing trend across various industries such as manufacturing, professional, business and consumer ser v ices, energy and education.

“Cyber t hreats and incidents are rising w ith scores of phishing, online f raud, A PI attacks, DDoS and ot her malwa re attacks ta rget i ng superv ised institutions, t heir t hird-par ty networks and t heir clients,” read a repor t by t he BSP “Most attacks under pin t he inherent v u lnerabi lity of t he ‘ human’ component in cybersecurity; hence, t here’s a need to ramp up cyber awareness and education prog rams as more people are mig rating to d ig ital f inancial products and ser v ices.”

Instrumental to FSCR P ’s implementat ion i s t h e Ant i -F i nanc i al Scamming Act (Afasa), which was signed into law by President Ferd inand R. Marcos Jr on Ju ly 20.

T he Afasa (Republic Act 12010)

2025 Natl Budget cited as ‘debt trap’ by solon

his budget is l i ke a huge debt trap t hat Fi l ipinos w i ll inev itably bear next year It’s a debt-d riven d isaster wa it ing to happen,” Brosas sa id last Tuesday. Accord i ng to t he Depa r tment of Budget and Management (DBM), t he gover nment’s outstand ing debt is expected to balloon next year to a recordhigh P17.353 trillion. T he state w ill borrow P2.545 tri ll ion in 2025 to f inance t he nat ional gover nment’s prog rams and projects, whi le shell ing out P2.051 tri ll ion to pay off its debts.

Brosas noted t hat t he budget for interest payments on debt is set to increase by a staggering P177.6 bi ll ion, f rom P670.4 bi ll ion in 2024 to P848 bi ll ion in 2025. She crit ici zed t he administrat ion’s borrow ing spree, not ing t hat t he administrat ion of President Ferd inand R. Marcos Jr has borrowed an average of P204.7 bi ll ion mont h ly over 23 mont hs—more t han double t he rate of t he Duter te administrat ion.

“T he Marcos Jr reg ime is bur y ing us deeper in debt at an unprecedented pace, whi le fa i l ing to del iver tang ible benef its to t he masses,” Brosas sa id. T he lawmaker also quest ioned t he allocat ion of P1. 327 tri ll ion, or 20.9 percent of t he proposed 2025 budget, for the “Build Better More” program and ot her inf rastruct ure projects.

L u mag ui expla i ned t h e system i s cont i nuou sly

w it h data

f rom t he BIR and t he Sec urit ies and Exc h ange Comm i ss ion (SEC) to compa re i f t he prev iou s g host cor por at ions u s i ng g host rece ipts h as t he same c h a r acte ri st ics w it h ex i st i ng cor por at ions u s i ng t he ir i ncome, repor tori al data and f inanc i al statements. Luis Si xtus A. Esquiv ias f rom t he Off ice of the Commissioner said that t he technology notes t he geog raphic location, amount of compliance levels by comparing value-added tax to gross sales and scaling among others. Once t he system has identif ied if a cor poration is high ly probable for f raud, Lumag ui sa id t hat is when t he BIR w i ll star t its investigations. “We want to go afte r known tax evaders and t hose who are redflagged as tax evaders,” Lumagui said unli ke t he prev ious system t hat just aud its any company.

Accord ing to the BIR, the agency’s new tactic is par t of strengt hening t he BIR’s “Run After Fake Transactions” (Raft) prog ram launched in March last year T he Raft prog ram a ims to capture buyers, sellers and cer tif ied public accountants (CPAs) who are involved in t he use of fake receipts. L u mag ui sa i d an est i mated 30,000 cor porations and sole proprietors have been identif ied as known buyers of established sellers of ghost receipts. About P370 bi llion in foregone revenues were recorded due to fake transactions using ghost receipts. Wit h t he system in place along w it h its f i ling of cases before t he Depar tment of Justice (DOJ) aga inst “g host” rece ipt i ss ue r s, L u mag ui expects BIR’s collection to speed up and substant i ally i nc rease i n t he coming years. “We w i ll not let go of t his issue. We want to show to t hem t hat we w i ll not stop in t he hopes of t heir voluntar y compliance and to stop t heir operations,” Lumag ui sa id, add ing t hat some are now compliant w it h pay ing t heir taxes. Under t he Raft prog ram, t

tal estimated tax liabi lities of P17.9 bi llion. Mo r eove r, 15 c ri m i nal cases aga inst buyers and sellers of ghost receipts were f i led and legal proceedings against a total of 69 respondents at t he DOJ have

“How can we just ify pouring bi ll ions i nto g r and iose i nf r ast ruct ure when basic social ser v ices rema in severely under f unded? T he people are not benef it ing f rom t hese loans, yet t hey are burdened w it h pay ing t hem back,” Brosas sa id. She called on her fellow lawmakers to scrut ini ze t he proposed budget and real ign f unds to social ser v ices and prog rams t hat d irectly benef it t he Fi l ipino people. “We need to ca r ef u lly exam i ne t his budget. We cannot allocate f unds ma inly for debt payments and inf rastruct ure whi le Fi l ipinos go hung r y. Health education, and livelihoods must come f irst,” she sa id. Fiscal discipline LAST Monday, Recto assured members of t

George S. Chua

Image

Developing your inner validation

WHEN starting out at work, we all have the tendency to do well to impress our new manager and colleagues because we want to make them know that we are a valuable member of the team. Over time they will not be as impressed, not because you to your level of performance. When this happens, it

showcase your skills. But the question is, do you need to? When you feel the need to impress others more than yourself, it is time to check your self-worth and

Self-worth is the internal sense of being good enough and worthy of belonging to a group. This is not dependent on external achievements, relationships, or validation but is anchored on a deep-seated belief that even with all that is happening, you are a are enough means you are self-aware, you practice self-compassion, and you are willing to challenge the negative thoughts that threaten your peace of mind.

One way to know that you have a healthy view of your worth is self-acceptance. This means knowing what you are good at and accepting your weaknesses

without judgment or condemnation. You understand that imperfection is a part of being human and that way of dealing with them without putting yourself down.

Another way is drawing motivation from within rather than from external rewards or validation. This means you pursue goals and activities that genuinely others. This is where your hobbies and interests are important aspects of your self-identity and how they meet your need for inner validation. You need

you are consumed by your work, even the smallest feel invalidated. But with a hobby or interest, you can displace those feelings of disappointments and regain a sense of accomplishment.

A healthy self-worth also means healthy boundaries. You need to set and maintain healthy boundaries at work by ensuring everyone knows what you are not willing to do. You understand that saying “no” is a form of self-respect and that you do not need to please everyone to be valued. This is particularly incentives are only given to the favorites. But when you know your worth, you understand that a work well done is already a reward by itself. In the end, you will discover that a consistent work performance translates to reliability and dependability which is more valued than being pliant sycophants. You have a healthy understanding of your selfworth when you bounce back from setbacks and failures with a positive mindset. You see challenges of your inadequacy. You understand that there are things you need to improve on but you do not let disappointments and negative feedback dampen your

will to excel. In fact, you use them to improve yourself. For things that you cannot control, you treat yourself with kindness and understanding, and you forgive yourself for mistakes and avoid harsh self-criticism.

Another way of knowing you have a healthy self-worth is being authentic to yourself. This means living in alignment with your values and beliefs and you do not feel the need to conform to others’ expectations to gain approval. You appreciate the present moment and recognize the good in your life and you focus on what you have rather than what you lack.

to do is to practice mindfulness which is being aware of your thoughts and feelings in a given situation without judgment. Mindfulness helps you objectively identify who you are without being overly reactive and helps you discover the triggers that bring down your self-worth. In time, mindfulness helps you identify what is bringing you down, reduces your negative self-talk, and increases self-acceptance.

One of the ways we bring down our self-worth is listening to the negative voices inside our heads. Sadly, these could come from family members, close friends, or people we look up to who said at one point in our life that we are not good enough. Identify and challenge these negative beliefs about yourself by listing them down, crossing them out, and replacing them with your strengths and accomplishments. This way, you can have a visual representation that you are more than the negative voices inside your head.

Prioritize activities that nourish your body, mind maintaining your well-being and self-worth. One way to nourish yourself is to surround yourself with

Coffee, milk tea, and matcha can be healthy for you

FOR many busy bees, a day is never complete without their dose of nectar— usually comfort drinks like coffee, milk or bubble tea, matcha, or yogurt shake. They may not be usually considered as healthy, but these seemingly sinful drinks can actually be good for the body. Cue huge sigh of relief. From powerful antioxidants to anti-inflammatory properties, your go-to beverage can also bring health benefits in every sip.

“While water should be the undisputed No. 1 drink in your list, adding other kinds of beverages to your daily rotation can also support your health in many ways. They can help you finish your tasks, or relax and unwind. Some can even address gut issues,” says Angelo B. Lozada, MD from the section of gastroenterology of the top hospital in the Philippines Makati Medical Center (MakatiMed, www.makatimed.net.ph). “The key really is to be smart about it and choose those that provide additional nutritional value, not empty calories.” For starters, coffee’s ability to improve brain activity goes beyond letting us finish daily tasks. “Caffeine in coffee stimulates the central nervous system to encourage release of dopamine and serotonin, improving not only attention and learning but also mood and even depression,” reveals Lozada. “Coffee is rich in antioxidants that

may protect the brain from oxidative stress that leads to cell damage. Studies have shared that drinking a cup of joe daily is also linked to lower chances of dementia, Alzheimer’s disease, and Parkinson’s.”

Wondering why milk tea feels like happiness and comfort in a glass? “It’s likely because its main ingredient—which is black tea in many recipes—contains L-theanine, an amino acid that helps achieve relaxation. It does so by raising gammaaminobutyric acid, also known as GABA or the neurotransmitter associated with the

state of being calm, alleviating stress and anxiety,” shares Lozada. Another drink that’s all the rage these days is the earthy matcha, which is a specific kind of green tea that’s known for its various wellness perks. “One thing that stood out for matcha is that it’s a great source of epigallocatechin-3-gallate or EGCG, which is a powerful anti-inflammatory plant compound that has many benefits, especially on gut health,” underlines Lozada.

“Good gut health doesn’t only mean better digestion and regularity, it can also help

maintain healthy weight and blood sugar levels, preventing a number of metabolic and chronic diseases.”

Its fresh milky-tangy goodness has made yogurt a popular pick-me-up. While yogurt is best known to provide calcium and probiotics, its protein content also deserves some attention. “Yogurt shakes and smoothies can be taken before a workout to give you the protein you need to burn more and build muscle. You may also opt to have it ready after exercise as protein also helps you refuel your body,” explains Lozada.

While these widely popular drinks do offer health benefits, MakatiMed says to still be mindful of how you enjoy your favorite beverage, especially if you’re buying from popular chains. “If you want a coffee or matcha latte, try healthier options like soy or almond milk. Avoid milk tea add-ons like jelly or tapioca pearls to shave off unwanted calories. For your yogurt shake, pair it with healthy ingredients like fruits and nuts. If you can, ask to lessen the amount of sugar, use a sugar substitute, or avoid any sweetener altogether,” Lozada.

“It’s best to take these drinks as is, plain and simple, to relish their health benefits. The key is mastering self-discipline to resist indulging the sugary variations of these beverages and to consume them moderately.”

Stop worrying and start doing. Diversify and use your skills, experience and knowledge to find a path that excites you. Refuse to let what others do interfere in pursuing what makes you feel good about yourself and gives you hope for a better future.

Look for opportunities, and invest in yourself. Keep your intentions a secret until you have everything in place. The only joint venture to consider must guarantee financial support, not input or control. Trust your instincts.

You are in a better position than you realize. Don’t hesitate; strike while the iron is hot and the opportunity promises the highest return. Uncertainty is the enemy, and those raising issues will cause confusion.

Evaluate the efficiency of your home and change what isn’t working for you. Call on those you can rely on for input, and you’ll speed up the process and encourage good results. A confident attitude will inspire you to use your skills to promote something you enjoy doing.

Change what isn’t working for you, and it will help you discover an exciting passage forward. Expect criticism from someone your words or actions threaten. It’s time to follow your heart instead of bending to other’s emotional whims. Trust your instincts.

DAY: Mike Trout, 33; Charlize
49; David Duchovny, 64; Wayne Knight, 69.

Show

HER BEST FRIEND

NO one is talking about how an actress, whose husband is on one side of the political spectrum, is

be the opposite of the actress in terms of personality but they’re really alike in that they’re both social climbers who have a lot of money but not real class. While the actress has sanitized her image, thanks for her feisty (and that’s putting it kindly) character. many because she is tactless and insensitive. People are now wondering if the actress and her husband are on the same political fence, or is everyone just assuming that because they are married.

USELESS HUSBAND

THE socialite was the toast of the town when she got their marriage, the socialite, who is much younger than her husband, would foot the bill for everything. Whenever they would go out, her then-husband image. Her husband seemed like a freeloader to their socialite who sent them through school. Meanwhile, the ex-husband hooked up with another beautiful woman with money. For many, it’s a wonder how these women like him. He’s not only pretentious and stingy, but he is also not very good-looking.

SEPARATED

THE comedian’s daughter recently announced her separation from her husband and people are already wondering why it happened and where she would get

and so is her mother. The girl herself is very talented not helpless or incompetent and she is a very strong woman raised by a strong and loving mother. It’s not clear if the girl is very close to her father but she seems to be a level-headed person despite being born into wealth and she worked hard for many of the things she has now.

MEDIA PLAY

recovering from a major heartbreak. Second, the guy is rumored to be dating someone else. Third, for now they are said to be just good friends. The actress’ friends are not encouraging her to fall in love with the in relationships with many beautiful women, which included celebrities and private citizens, and none have lasted except for the most recent one. But no one really knows what is going on between them, except for them, and to be fair they are a beautiful couple (if indeed they are one).

Validation...

inadequacy are overwhelming, consider seeking help from a therapist or counselor who can provide valuable tools and insights for building self-worth. Believing that you are enough is a journey, not

star, acknowledges past ‘inappropriate language’ as controversies swirl

The Associated Press

NEW YORK—MrBeast, YouTube’s biggest star and a philanthropic force with audiences, acknowledged on Wednesday that he used “inappropriate language” in his early online days, as numerous controversies bubbled up around him and a former collaborator.

MrBeast, whose real name is Jimmy Donaldson, and his reported $700 million empire have come past racist comments by Donaldson surfaced along with allegations that a longtime colleague made inappropriate sexual comments to minors.

“When Jimmy was a teenager, he acted like many kids and used inappropriate language while trying to be funny,” a spokesman for the YouTuber said in a statement to The Associated Press. “Over the years he has repeatedly apologized and has learned responsibility to be more aware and more sensitive jokes and other mistakes when he was younger, as an adult he has focused on engaging with the MrBeast community to work together on making a positive impact around the world.”

His highly produced videos of whimsical by expressive thumbnails and punchy titles, have drawn a record 307 million Youtube subscribers. His latest uploads include “Ages 1-100 Decide Who Wins $250,000” and “I Built 100 Houses And Gave Them Away!” which, like most of his videos, garnered more than 100 million views.

The philanthropic sector has received this content with a mix of praise for encouraging direct generosity and criticism of exploitative “inspiration porn.” Donaldson’s greater ambition made itself plain in recent years through the launch of his snack brand Feastables, a branded burger chain with reviews bad enough that he sued the company behind it, and an Amazon Prime Video deal for a 1,000-contestant reality competition show.

absurd charitable acts, Donaldson built a sizable following as a gaming content creator who sometimes interacted with viewers on livestreams.

‘BLIND AMBITION FOR ATTENTION’

Rosanna Pansino in a July 24 post on X, Donaldson responded to a viewer who commented about selling Black people for money and said that “the most I would pay is probably 300.” Donaldson also one commenter repeated a racial slur, Donaldson eventually instructed his audience to stop using that word in the chat.

Pansino told AP she’d worked on various potential business ventures with Donaldson over the last several years, though none ever launched. Last fall, she complained publicly about an edit of her appearance in a MrBeast video, though eventually threats from fans.

Pansino said that contrary to popular opinion, it’s “just not true” that Donaldson has always made “family-friendly content.”

gamer and streamer, and he said horrible things and nasty things—I didn’t know that,” Pansino said. “I had no idea that history was there.”

In a separate clip from a May 2017 podcast appearance, Donaldson suggested he would have sex with the rapper Bhad Bhabie, whose real name is Danielle Bregoli and who was 14 years old at the time. The video has since been removed for “violating YouTube’s community guidelines.”

Podcast co-host Leon Lush defended Donaldson in a video posted on X last week. Lush said Donaldson because Bregoli was “way too young” and had joked take out of context.” Lush added that the recording is “cringe in hindsight” and dismissed the outcry as “a molehill turning into a mountain.”

sometimes as far as getting attention.”

COLLABORATOR CONTROVERSY

THOSE clips emerged as internet sleuths alleged that longtime MrBeast collaborator Ava Kris Tyson interacted inappropriately with minors online.

Under scrutiny are Tyson’s past conversations with an underage teenage fan, including public posts where the two discussed nude images and anime pornography. The fan denied any exploitation in a July 22 post on X, describing such accusations as “massive lies and twisting the truth.”

In a July 24 post on X, Nate Weyman said he and the fan had done unpaid technical work running Tyson’s streams and would all play video games together “for hours on end.” Weyman said Tyson had a private Discord server with about 10 people, mostly other minors around 14 years old, and would frequently spam the server with pornographic images.

Tyson announced her departure from “all things MrBeast and social media” in a July 23 post on X. Donaldson posted on July 24 that he was “disgusted and opposed to such unacceptable acts” and is hiring independent investigators to look into the allegations.

Tyson has been the target of transphobic attacks since she came out last year as transgender. Last April, Donaldson defended his close friend against a video describing her as a “nightmare” for MrBeast. Donaldson wrote on X then that “this is getting transphobia” was starting to anger him.

GIVEAWAYS QUESTIONED

LAST week, a former employee accused Donaldson of rigging the contests in his videos, running illegal

lotteries and deceiving his fans. The person made the sweeping accusations under an alias in a YouTube video that has reached over 6.9 million views since it was posted last week.

Donaldson has not publicly responded to the unsubstantiated claims. Chucky Appleby, who co-founded YouTube analytics platform ViewStats alongside Donaldson, said the former employee behavior.”

In a July 29 post on X, Appleby denied accusations that MrBeast fakes videos and said it “would have been impossible to hide” scripted segments from the “countless people on set.”

“Jimmy spends unfathomable amounts of money and time to ensure the integrity of what he does,” Appleby said. “I hate to see it come into question with a bunch of lies.”

AP direct messaged several social-media users behind the range of accusations, as well as the underage fan.

Matthew Wade, a La Trobe University sociology lecturer focused on ethics of charity, credited Beast Philanthropy for establishing partnerships with esteemed philanthropic organizations. The “gauche tone and occasional crassness” of Donaldson’s style might have been well worth his “truly extraordinary their causes, Wade told AP in an e-mail.

“Charities and philanthropic foundations cannot gamble with their reputation,” Wade said. “They must be seen as above reproach, and the steady accumulation of controversies around the MrBeast brand may too easily tarnish the pristine glow of their own.”

GMA NETWORK’S ‘ENCANTADIA’ COMES TO VIU PHILIPPINES THIS AUGUST

are enough just as you are, and your value is not determined by external factors but by the unique person that is you.

here. When you mix a propensity for dark humor with blind ambition for attention, you get” this content sometimes, Lush said. “Was being edgy the best strategy? Certainly not, although it did work

GMA Network’s iconic fantasy drama series Encantadia casts its magic on audiences anew as it comes to Viu Philippines on August 12. The popular and beloved 2016 series stars Marian Rivera as Ynang Reyna Mine-a, Glaiza de Castro as Pirena, Sanya Lopez as Danaya, Gabbi Garcia as Alena, and Kylie Padilla as Amihan, together with John Arcilla as Hagorn. The series is set in the magical world of Encantadia. Here, four royal sisters, called Sang’gres, guard gemstones that ensure peace and harmony throughout the Kingdom of Lireo. Each Sang’gre protects and controls a gemstone of fire, air, water and earth. Though the sisters have a strong bond, one of them will eventually be the leader of the kingdom. Pirena, as the eldest, is expected to rule one day, but her ambition and hunger for power worries their mother, Ynang Reyna Mine-a. Conflict arises, and peace is shattered when Pirena’s biological father, Hagorn, the evil king of Hathoria known for his dark magic, decides to use the four gemstones to conquer Encantadia. With Encantadia coming to Viu Philippines, fans can enjoy the series once more while a new generation of

audiences will have a new program to binge-watch. Making the viewing experience even better is that the drama fantasy series is available for free on Viu Philippines. More information is available at www.gmanetwork.com.

MRBEAST,
PHOTO BY SAMMY WILLIAMS ON UNSPLASH

Okada Manila Launches 'Embrace Your Own Greatness' Campaign

THE campaign underlines the resort’s commitment to provide exceptional guest experiences and world-class amenities, designed to make every guest feel like a champion.

OKADA Manila, Asia’s premier integrated resort, joins in the celebration and the spirit of the summer Olympic Games with its latest campaign, “Embrace Your Own Greatness.”

The campaign underlines the resort’s commitment to provide exceptional guest experiences and world-class amenities, designed to make every guest feel like a champion every time they stay at the five-time Forbes fivestar integrated resort.

wins. The Okada Manila experience is made even better with championshipcaliber promotions such as the Stay and Dine package, which includes complimentary dining credits worth P2,500, and the Stay, Flex, Fly offer, providing flexible check-in and checkout times along with roundtrip airport transfers.

From August 17 to September 22, 2024 families, car enthusiasts, and staycation lovers are in for an unforgettable time at The Ultimate Hot Wheels Experience at Cove Manila, Asia’s largest indoor beach club. To top off these amazing offers, guests can go on a gastronomic journey beyond flavors and explore a feast for the soul at more than 40 dining options, offering a culinary marathon that caters to every palate.

Okada Manila invites everyone to join in the celebration as the world witnesses the greatness of sport and spectacle. Guests are welcome to experience the unparalleled leisure and hospitality that has made Okada Manila a premier destination in the region.

“For every guest, every moment spent at Okada Manila is a milestone, every stay a victory lap,” said Robert Scott, Vice President of Hotel Operations at Okada Manila. “Our goal is to create an environment where the world’s finest comforts meet heartfelt Filipino warmth and Japanese hospitality, celebrating the most important part of our story—our guests.”

Whether guests are looking for a relaxing getaway, a culinary adventure, or a vibrant cultural experience, Okada Manila offers something for everyone.

The “Embrace Your Own Greatness” campaign will feature a series of events and promotions for guests to mark their achievements and enjoy personal

For more information about the “Embrace Your Own Greatness” campaign and to make reservations, please visit https://www.okadamanila. com/embrace-your-own-greatness

A Journey of Fun, Passion, Joyful Moments: Honda Riders Convention Goes to Mindanao

THE country’s No. 1 motorcycle manufacturer, Honda Philippines, Inc. (HPI), recently celebrated another milestone, the Honda Riders Convention, a grand gathering, this time for Mindanao Riders in Davao City.

To celebrate its long-standing commitment to providing Filipinos with the joy of mobility, the day was filled with adrenaline-pumping activities, treats and perks, and a full day of entertainment. It was also an opportunity for the management to get up close and personal with Honda’s loyal customers in the South and express their heartfelt thanks for their unwavering loyalty and trust.

“Everyone’s presence today strengthens the very essence of our shared passion - the joy of riding a Honda… For generations, Honda has strived to be more than just a motorcycle manufacturer; we are partners to achieve your freedom and adventure.” said HPI President Sayaka Arai.

One of the largest conventions with around 1,400 Honda motorcycle enthusiasts from multiple parts of

Mindanao signified a new level of excitement as participants were treated to a full day of exciting activities. One of the highlights was the motor show, which was a parade of various HPI models. Winner X and several Big Bikes were also provided for participants to enjoy a test ride of these most coveted products. Up for grabs were irresistible offers from trade partners, games, raffle prizes, and exciting booth games. Riders who came from different parts of Mindanao were also treated to a massage to soothe their tired body and muscles. Moreover, the event concluded with a grand raffle of two PCX160 ABS models, which is considered one of Honda’s most indemand scooter models. Much to the audience’s delight, the live performance of Silent Sanctuary filled the auditorium with songs and lighthearted cheer to celebrate this momentous occasion.

As for Sales and Marketing Division Vice President, Jomel Jerezo, this event not only signified leadership and excellence, but is also a proof of unwavering commitment in providing

only the best and most innovative motorcycle products in the country. “Your love for Honda and dedication for quality ride, is what continuously makes us Number One. Let us continue to create a healthy motorcycle community in the Philippines and create a safe and enjoyable road for everyone.”\

This momentous occasion truly reflects HPI’s passion to pursue growth and continuously come up with more events that define the Honda legacy. A symbol of brotherhood, it’s also a catalyst to bring everyone together in the spirit of adventure together with the country’s ultimate choice, the Honda motorcycle.

For more information, visit www. hondaph.com. Stay updated on Honda’s newest products and promos by following Honda Philippines, Inc. on Facebook (facebook.com/hondaph) and Instagram (instagram.com/hondaph_ mc/), YouTube (Honda Philippines_ Motorcycle) and Tiktok (tiktok.com/@ hondaphilippines) or contact (02)-85816700 to 6799, and 0917-884-6632.

LUMINISCE Holistic Skin Innovations proudly announced the launch of their newest advanced technology, Exion, manufactured and distributed by BTL Aesthetics. The unveiling event held at Tio Pepe, Molito was a grand success, showcasing the latest in AIdriven beauty technology.

Dr. Kaycee Reyes, founder of Luminisce Holistic Skin clinics, emphasized the transformative potential of Exion. With its AI-driven 4-in-1 technology, Exion stands out as a groundbreaking microneedling RF device that offers greater depth with minimal discomfort. It is the first AI-operated machine of its kind, targeting multiple areas with precision and efficacy – a game-changer in the aesthetic industry.

The event also featured BTL Aesthetics representatives, with Vic Perez, General Manager, discussing their groundbreaking innovation. He expressed excitement about Exion’s potential and its place among BTL’s other revolutionary machines, such as Emsculpt, Emface, and Emtone, all available at Luminisce.

“BTL Aesthetics is proud to partner with Luminisce in bringing Exion to the market. Our portfolio, including EmSculpt, EmFace, and EmTone, has always been about pushing the boundaries of what’s possible in aesthetic treatments, and Exion is our latest achievement,” Perez stated.

Dr. Isabelle Fernandez, Dr. Diane Baguio, and Dr. Pauline Dino of Luminisce provided detailed insights into the three main technologies integrated into Exion: EXION™ RF Fractional AI: A groundbreaking microneedling technology utilizing monopolar radiofrequency (RF) for face and body. It ensures skin tightening, correction of fibrotic tissue such as scars, and skin texture improvement, with minimal discomfort. EXION™ RF+ Targeted Ultrasound AI: The first technology to naturally boost Hyaluronic Acid without needles. It combines thermal and mechanical stimulation for versatile body solutions addressing skin laxity and localized fat deposits.

EXION™ EMFEMME 360° AI: The shortest noninvasive radiofrequency treatment addressing a wide range of vaginal concerns. It features a unique 360° technology for homogenous heating, an easy and comfortable 8-minute internal procedure, and real-time temperature tracking through AI technology. Exion treatments are now available at Luminisce clinics in Molito, BGC, and Podium. For more information about Exion and other treatments, visit Luminisce clinics or follow @luminisce_official on Instagram and Facebook.

Hannah Kong Showcases Wedding Collection 2025 at Recent Fashion Shows

RENOWNED bridal designer Hannah Kong captivated audiences at both the Conrad Inspired Beginnings Bridal Show and the 10th Edition of Marry Me at Marriott with her latest timeless wedding collection for 2025. Known for her exquisite craftsmanship and elegant designs, Kong’s newest creations embody romance and sophistication, making them perfect for the modern bride seeking

Marriott, this premier bridal fair attracts top wedding and events professionals, serving as a platform for the latest trends in bridal fashion, décor, and planning.

“I am thrilled to be part of this milestone event and to present my latest collection to an audience that appreciates the artistry and passion behind bridal fashion,” said Kong. “Marry Me at Marriott offers an unparalleled platform to connect with brides and showcase the craftsmanship that goes into each of my designs.” The fashion show featured Kong’s newest designs, blending tradition with modern elegance. The gowns, epitomizing romance and sophistication, captivated and inspired attendees.

Kong’s wedding collection is designed to make brides feel like the epitome of grace and beauty on their special day. Her innovative approach and dedication to quality ensure that each gown is a masterpiece, perfect for celebrating love and new beginnings.

To learn more about Hannah Kong Bridal gowns, follow Hannah Kong on Instagram or contact +639176811079.

HONDA Mindanao Riders’ Convention 2024 with HPI Sales and Marketing VP Jomel Jerezo and President Sayaka Arai.
BTL Aesthetics Product Manager Keith Cadena, Luminisce General Manager AJ Aguas, BTL Aesthetics General Manager Vic Perez, Celebrity Liezel Lopez, Luminisce Founder Dr. Kaycee Reyes-Bacani, and BTL Aesthetics Marketing Manager Tahnee Sunga

TOURISM INDUSTRY ON A ROLL, WELCOMES BACK AN ICONIC HOTEL BRAND

PROPERTY management and consultancy firm Santos Knight Frank (SKF) is bullish on the country’s tourism industry as tourist arrivals hit 3 million in the first half of 2024, an 11.11 percent higher than the 2.7 million of the first half of 2023.

Moreover, Lovelle Taleon, Director, SKF Consultancy Services, says the country is experiencing a growth in the hospitality industry as several hotel brands are expected to open in the second half of 2024. These are Somerset Valero, Seda One Ayala and Ascott DD Meridian Park. In the first half of 2024, Citadines Roces, Ibis Styles Manila, Solaire Resort North, Lansons Place Mall of Asia, and Grand Westside Hotel opened. Moreover, Taleon says there would be upcoming projects in Zambales, Palawan, Davao, Cebu, Baguio City and Cagayan de Oro. “With the Philippine hospitality industry poised for significant growth in the year’s second half, several high-profile openings are catering to the surge in domestic and international travelers,” says Taleon.

An iconic brand returns

THE boom of the local leisure industry has become more significant as IHG Hotels & Resorts (IHG), one of the world’s leading hospitality companies, recently announced the return of InterContinental Hotels & Resorts to the Philippines in a franchise agreement with Hann Philippines Inc., an emerging leader in the local luxury integrated resort (IR) sector with its Hann Resorts brand.

InterContinental Clark will sit at the heart of the 450-hectare Hann Reserve luxury estate in New Clark City. The development will feature three 18-hole championship golf courses designed by Nicklaus Design, KJ Choi, and Sir Nick Faldo, along with the country’s only PGAaffiliated player development facilities.

Santos Knight Frank sees new valuation law to strengthen PHL real estate’s competence

BARELY two months since its enactment, the new Real Property Valuation and Assessment Reform Act (RPVARA) is seen raising the competitiveness and foster greater transparency in the Philippine property sector, thus making the country more appealing to global investors, according to Santos Knight Frank.

Signed into law on June 13, 2024, RPVARA will standardize the conduct of appraisal and valuation in the country with the establishment of a Philippine Valuation Standards, which pushes the use of prevailing market values.

It also mandates the nationwide update of the Schedule of Market Values (SMVs), which will replace the BIR’s zonal values and local government units’ fair market values; and the creation of the Real Property Information System, a database of all real property transactions including sale and lease.

In several developed economies, real estate transactions are publicly available data that allow buyers and lessees to make better property decisions.

“RPVARA is an important step in raising the valuation standards in the Philippines and encouraging transparency

in the real estate sector. Global investors look at market transparency when entering emerging markets such as the Philippines, and RPVARA is a vital instrument to drive more investments to the country,” said Santos Knight Frank Chairman and Chief Executive Officer Rick Santos.

Impact of proposed changes in Condominium Act

WHAT’S also on the radar of the property sector is the progress of the proposed amendments to the Condominium Act.

Approved upon third and final reading in the House of Representatives in May, House Bill 10173 aims to lower the voting threshold required for voluntarily dissolving condominium corporations managing nonviable and aging properties and provides regulations for the maintenance, repair, reconstruction, and redevelopment of condominium projects.

While it’s too early to completely assess the initiative’s impact without its final form, Santos Knight Frank believes the proposed amendments have several benefits, such as addressing challenges from limited land availability in Metro Manila, improving urban resilience and sustainability, and prioritizing the safety and integrity of existing and future developments.

Hann Reserve will also include exclusive ultra-luxury residences, lifestyle commercial centers, gaming, international school, and a 10-hectare public park.

Construction will start on the 250-key property in 2027, ahead of it welcoming guests, including IHG One Rewards members, in 2031.

Chris Anklin, Senior Director, Development, IHG Hotels & Resorts said: “With its bustling megacities, natural wonders and warm and friendly hospitality, the Philippines is a beautiful country where IHG has a rich history of delivering great stays for guests in Manila, Cebu and Makati.

“The country has an ambition to become a regional tourism behemoth with rapid infrastructure development to promote

ease of travel and strong growth potential. Hann Reserve represents one of the new waves of development growth in the market, which IHG is supporting. We are confident that InterContinental Clark will enhance its attractive mix of leisure, lifestyle and business offerings and we look forward to working alongside our partners to bring more of our much-loved brands to new and exciting locations across the country.”

“We are delighted to partner with IHG to turn our vision for Hann Reserve into reality and return the InterContinental brand with its over 75 years of heritage back to the Philippines. I have always enjoyed my stays at InterContinental hotels, especially appreciating their unmatched heritage and history in luxury travel,” Dae

Sik Han, Chairman and Chief Executive Officer, Hann Philippines Inc. said.

“The InterContinental brand will bring a fresh take on luxury at Hann Reserve, an ultraluxe mountain resort getaway, and I’m confident it will elevate New Clark City as a world-class leisure destination. We hope this is the first of many collaborations through which we leverage IHG’s world-class Luxury & Lifestyle portfolio and introduce new tourism concepts and stay experiences for all travelers together.”

InterContinental Clark will be a 15-minute drive from Clark International Airport and a two-hour drive from Manila. Facilities are set to include two restaurants and two bars, meeting spaces for 600 people, the brand’s signature Club InterContinental Lounge, a Health Club and Spa, swimming pool, Kids Club and a retail outlet.

The InterContinental brand, which has been pioneering luxury travel experiences for more than 75 years, is undergoing a transformative end-to-end evolution, reimagining the luxury travel experience for the modern luxury traveler. InterContinental Clark will join more than 200 InterContinental Hotels & Resorts properties globally, each of which celebrates bold exploration, travel and cultural discovery.

As of March 2024, IHG has five open hotels in the Philippines—four of which are part of the Holiday Inn brand family—and will introduce new brands in its pipeline including InterContinental Hotels & Resorts and Six Senses.

Invest in independence: RLC Residences unveils second phase of Sierra Valley Gardens

RLC Residences kicks off August with the highly anticipated launch of the second phase of Sierra Valley Gardens, a premier residential haven nestled within a sprawling master-planned mixed-use development in Cainta, Rizal.

After the stellar debut of its first phase in 2020, Sierra Valley Gardens has emerged as one of RLC Residences’ top-selling projects, captivating millennials seeking their first real estate investment with its unique features and prime location. The initial four buildings are now 95 percent sold, boasting a remarkable 42 percent price appreciation. Building on this success, Sierra Valley Gardens proudly unveils its second phase with the introduction of its 5th building.

“Sierra Valley Gardens is truly one of our most successful projects to date, which also brought us a lot of learnings from our customers. Over time, we’ve seen how this property answers the needs of our millennial home seekers - whose goals are to seek their personal and financial independence while staying close to their loved ones. The features of this project are inspired by them, and we are grateful to continuously upgrade Sierra Valley Gardens with their needs and goals in mind so they can continuously make their smart move towards growth,” said RLC Residences Marketing Head and Chief Integration Officer Karen Cesario.

Embracing independence while maintaining connections

LOCATED inside Sierra Valley estate along Ortigas Extension, Sierra Valley Gardens is a

three-phase, 12-building condominium that promises strategic connections to commercial establishments within the estate such as a mall, retail spaces, and office building.

Its strategic address, along with future infrastructures soon to rise such as the MRT-4 station, will also link future residents to key destinations in Rizal while offering the convenience of reaching key business and lifestyle districts of the metro without sacrificing the distance between them and their loved ones.

Live out in the open

SET to provide a suburban home close to nature, Sierra Valley Gardens offers multiple indoor and outdoor amenities plus sustainable features that soon-to-be homeowners will benefit from.

Phase Two of Sierra Valley Gardens will have its three-floor clubhouse that will house the amenities of the development, such as the Residence Lounge, Lap & Kiddie Pool , Game Room, Function Room, Theater Room, and Fitness and Wellness Center. On the roof deck, the building will have its own Viewing Deck & Hydroponics Farm that promotes farm-to-table produce residents can buy for a much cheaper price in the future, while solar panels will also be installed to help power common areas in the building. Additionally, Sierra Valley Gardens will have its own Rainwater Harvesting System to supply water for landscaped areas and other non-potable requirements of the development, while electronic vehicle charging stations on select parking slots will also be installed. All these features and other design elements

make the development a sustainable community to live in.

Sparking joy by living smart SIERRAValley Gardens has smart home features that offer convenience, energy efficiency, security, and cost savings. All units are equipped with smart locks, audio-video intercom, smart lights, and switches - all for enhanced safety and security of the unit owners. Having these makes Sierra Valley Gardens the first in the area to offer future-ready homes for a smarter investment choice.

Exclusive access to digital solutions such as myRLC Home is also offered to home seekers for added convenience. Through this all-inone app, buyers can settle their payments and monitor their accounts with just a few taps on their phones. By the time they move into the unit,

“Choosing

FROM left, Morgan McGilvray, senior director, occupier strategy & solutions; Jess de Villa, engineering head, energy, engineering, and environmental management; Lovelle Taleon, director, consultancy services; Rick Santos, chairman and chief executive officer; Toby Miranda, associate director, investment & capital markets; and Leo Ruiz, research manager. THE signing of the agreement was led by (seated, from left): IHG Senior Director for Development–Southeast Asia and Korea (SEAK) Chris Anklin, IHG Managing Director for SEAK Vivek Bhalla, Hann Philippines Chairman and CEO Dae Sik Han, and IHG Vice President for Development–SEAK Patrick Finn.

Caloy

a big lift for other Pinoy athletes, says Go

ENATOR Christopher “Bong” Go

Sfiled Senate Resolution No. 1100 congratulating Paris Olympics double gold medalist Carlos Yulo.

“It is with immense pride that we recognize Carlos Yulo’s remarkable achievements. His dedication and hard work have brought honor to our country and inspired millions,” Go stated.

Yulo delivered the Philippines’ first gold medal in the Paris Olympics by winning the men’s

55-kilogram category in the Tokyo Games. In his resolution, Go highlighted the importance of sports in fostering discipline, teamwork, and excellence as outlined in the Philippine Constitution.

“This historic victory not only brings pride and joy to our nation but also serves as a beacon of hope and a testament to what the Filipino spirit can achieve on the world stage,” Go added.

Go, who chairs both the Committee on Sports and the Committee on Youth, stressed that Yulo is an inspiration for the youth.

“Congratulations to Golden Boy Carlos Yulo. Youth pa po si Carlos Yulo. Isang malaking karangalan ang ginawa mo para sa ating bayan,” Go said.

Legarda thanks Yulo for elevating Philippine sports

SENATOR Loren Legarda praised Filipino gymnast Carlos Edriel Yulo for his outstanding athletic accomplishments following his two victories in the Men’s Artistic Gymnastics competition in the 2024 Summer Olympic Games in Paris. In a Senate Resolution introduced by the senator, Legarda underscored the milestone for the Philippines as Yulo’s triumph elevated the global recognition of the country’s national athletes and brought immense pride to many Filipinos worldwide.

Yulo on Saturday gave the nation its second gold medal by winning the men’s floor exercise.

The day after, he bagged a gold medal again with victory in the vault.

Legarda noted that Yulo’s triumph at the 2024 Paris Olympics signifies the progress and potential of all Filipino athletes in the international arena. The Philippine national anthem was played, and the Philippine flag was raised twice on the global stage.

“Carlos Yulo

prouder of the recognition he has given us and the historic victory he shared with the entire nation,” Legarda said.

Sports could be beautiful, but also brutal–EJ Obiena

Sports BusinessMirror

Jun Lomibao

PARIS—Ernest John “EJ” Obiena wound up just outside the podium of men’s pole vault at the Stade de Paris on Monday night—a marked improvement from his 11thplace finish in his Olympic debut in Tokyo 2020 three years ago.

Definitely it wasn’t the result he wanted and proof that even a world No.

2 couldn’t avoid a bad hair day.

“It’s tough, it wasn’t the way I wanted it to go, I did everything I could,” Obiena told BusinessMirror after the competition that lasted more than three hours capped by superman Armand “Mondo” Duplantis setting an Olympic and world record at 6.25 meters.

“Life in sports could be very, very beautiful, at the same time brutal,” he said. “At this level, what matters are medals and fourth place is just the same as 11th or 12th.”

Obiena was in the thick of the contest at 5.90, but missed thrice at 5.95 and left the medals race to Duplantis and American Sam Kendricks and Greek Emmanouil Karalis, who eventually bagged silver and bronze, respectively.

Duplantis was the man of the night as he kept the thousands glued to their seats in the massive arena anticipating a record in the making.

The man called Mondo didn’t disappoint and was comfortably seated with 6.0 and waited Kendricks and Karalis knock each other out for the silver medal—both tried in vain for the height and ended their campaign at 5.95 and 5.90, respectively.

Duplantis? He got to 6.10 first for a new Olympic record and later 6.25 on his third attempt.

“It’s not every day that you jump high, unless I guess you’re Mondo,” said Obiena smiling. “I felt like I progressed a lot from the qualifying to the final but it was not enough.”

Will he commit another 4 rears for pole vault?

ERNEST JOHN “EJ” OBIENA’S journey to Paris began even before he qualified for Tokyo, his Olympic debut that understandably didn’t go well for a first timer. He trained at the pole vault center in Formia, Italy, under legenday Ukranian, Vitaly Petrov, the same coach who molded Sergey Bubka, who was unbeatable long before the preDuplantis era. Now, Obiena has to either reboot his future or do something else.

“We’ll take it one day at a time and see how it goes,” he said. “I think I’ve done a lot in this sport, but coming in

PARIS—Bianca Pagdanganan is bringing the lessons she learned from her Olympic debut in Tokyo 2020 and her sorties as a pro, while Dottie Ardina will employ a realistic approach to the challenge in women’s golf that starts Wednesday at the Le Golf National in Saint-Quentin-En-Yvelines.

“I think there’s still a bit of nerves, but at the same time, these are the moments you work towards,” said Pagdanganan who had a practice round with Ardina in the Olympic couse located some 45 kilometers east of the French capital.

“They say that pressure is a privilege and every chance I get, I try to soak it in because you don’t get these opportunities all the time,” she said. “My level of maturity on the course is better now, and I know how to handle the nerves and perform under pressure.”

Both International Container Terminal Services Inc. players are eager to prove themselves with Ardina setting realistic expectations on her Olympic debut but is determined to show that she can compete with the world’s best.

Pagdanganan tees off alongside Spain’s Azahara Muñoz and Switzerland’s Morgane Metraux at 11:06 a.m. (Paris time).

Yulo glory, Obiena agony

The Ladies Professional Golfers Association (LPGA) Tour’s longest hitters, Pagdanganan, 26, finished 43rd in Tokyo but this time, the national team standout is aiming for a more commendable performance against the world’s elite.

Obiena and the 12-athlete final breezed through the 5.70 qualifying height but one by one, the finalists left for the exit as the pressure to medal— in reality behind Duplantis—got stronger by the hour.

ies ociation ( LPGA) est hitters, a n, 26, finished yo but t h is t he

“I’ve learned so much about my game since the Tokyo Games and about myself and how I handle myself on the golf course,” Pagdanganan said in a recent interview.

The 30-year-old, Ardina, a veteran of the LPGA and Epson Tours, begins her campaign at 10:44 a.m. with Finland’s Noora Komulainen and Norway’s Madelene Stavnar.

m standout is aimi ng for mendable world ’s e l ite. rned the Tok yo Games and about how I handle my self on the ” Pagd anganan in a r view. year-old, A and beg ins g n at 10:44 a.m. with oora Komu la inen a nd Madelene Stavnar. o n wi ll a ls o Yu ka Tok y o e sentin g pl aying for Japan after c itizenship h er Women’s w ill a g ainst Australia’s and Thailand ace Attha y a a .m. t light c hampion Nel ly Korda, who an American e medals after Scottie d ramatic come-from-beh ind Jun Lomibao

Attention will also be on Yuka Saso—who placed ninth in Tokyo while representing the Philippines but is now playing for Japan after switching citizenship in 2022 following her US Women’s Open victory—will open against Australia’s Minjee Lee and Thailand ace Atthaya Thitikul at 11:44 a.m.

The spotlight is on world No. 1 and defending champion Nelly Korda, who will seek to complete an American sweep of the gold medals after Scottie Scheffler’s dramatic come-from-behind victory last Sunday.

hungry and determined—according to coach Reynaldo Galido.

“She’s in a different level, she’s like a tiger, ready to fight and tear her opponent apart,” said Galido of the Tokyo 2020 silver medalist who goes for a final seat in the women’s featherweight division against Poland’s Julia Szeremeta at 9:46 p.m. Wednesday or 3:46 a.m. Thursday in Manila. Petecio advanced to the medal round with a rout of China’s Xu Zichun in their quarterfinals duel on Sunday afternoon with the Filipina turning the fight into a virtual clinic.

The Pole, Galido said, could pose some challenges for Petecio but is confident about his ward, whose potential opponent in the final is top-seeded Taiwanese Lin Yu Ting, a two-time world champion and Asian Games and Asian titlist who fights Turkeys Yildiz Kahraman Esra in the in the other semifinal also on Wednesday.

Petecio nurses a loss to Lin after her Tokyo campaign, but Galido said she was not in top shape following a hangover from the numerous activities she underwent after her Tokyo success.

“Nesthy wasn’t the Nesthy we have now here

BIANCA PAGDANGANAN preps in

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