BusinessMirror August 08, 2024 by BusinessMirror

UNDEREMPLOYMENT DATA BUGS JOBLESS PICTURE

By Cai U. Ordinario @caiordinario

THE number of full-time Filipino employees looking for additional income sources increased in June 2024 when commodity prices remained elevated and preparations for the upcoming school year were under way.

While the number of unemployed Filipinos continued to decline to 1.62 million in June 2024, the number of underemployed Filipinos increased to 6.083 million in June 2024. (See: https://businessmirror. com.ph/2024/08/07/unemploymentcontinues-decline-only-1-62m-filipinos-unemployed-in-june-24-psa/)

The number of underemployed Filipinos increased 3.5 percent in June 2024 compared to June 2023, but surged 26.3 percent compared to May 2024. There was a 208,000 year-on-year increase in the number of underemployed Filipinos, but a 1.268-million increase month on month.

“While we see encouraging ﬁgures in terms of our job generation, we will continue to focus on generating high-quality and well-paying jobs to address the issue of vulnerable employment and ensure a brighter future for our Filipino workers,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in a statement. Based on PSA data, the number of underemployed Filipinos is composed of visibly underemployed and invisibly underemployed Filipinos. There were a total of 3.454 million who are visible underemployed and 2.629 million who are invisibly un-

By Rizal Raoul S. Reyes @brownindio

THINK tank Stratbase ADR is asking the government to beef up the digital connectivity infrastructure in schools across the country to uplift the students’ declining critical thinking skills.

“The start of another school year is upon us, and aside from the usual problems of providing basic school facilities for our public school students, we must address the lack of critical thinking skills that would allow them to navigate the challenges of the real world,” said Professor Victor Andres Manhit, president of Stratbase ADR Institute.

“We want our learners to be capable of critical thinking so that they can analyze information and distinguish the real from the fake, form their opinions from sound and logical arguments, solve problems, and make evidencebased decisions in different aspects of their lives.”

Manhit also warned that critical thinking will not be achieved without the foundational skills obtained from the areas of math, science and reading.

He stressed that Stratbase supports the new leadership at the Department of Education as it seeks to improve the Philippines’ performance in the next round of ranking of the Program for International Student Assessment, which measures the performance in these three subjects of students all over the world.

In the recent PISA ranking, the Philippines scored 353 in reading, 340 in mathematics, and 357 in science, among the lowest in its ranking.

“We were hoping that the dismal results in 2018 would prompt us to work harder for the sake of our students, but then the pandemic happened, and our schools were not ready to quickly shift to online learning creating what experts call a learning gap that must be addressed,” Manhit said.

“As of 2022, we remain one of the most learning challenged countries in the world. This

has a tremendous impact not only on our economic future as a country but on the quality of life of our people,” Manhit said.

“Technological advances have allowed foundation subjects like math, science, and reading to be taught more effectively, with interactive e-learning modules enriched with a multimedia learning experience,” Manhit said.

“The conventional classroom methods can now be complemented by the rich content and digital skills that could be acquired through exposure to the online world—of course with proper guidance and precaution from mentors.”

Nevertheless, the huge digital divide in the Philippines leaves students in disadvantaged areas way behind their counterparts in more “connected” geographical locations.

The Philippines faces herculean challenges in providing adequate broadband connectivity, particularly in rural areas. As of 2021, only about 27 percent of the population had access to fixed

GIR inches up by end-July on

HIGH gold prices boosted the country’s Gross International Reserves (GIR) in the period ending July 2024, according to the Bangko Sentral ng Pilipinas (BSP).

Central bank data showed the country’s GIR reached $105.65 billion, higher than the $105.19 billion posted in the end-June 2024 period.

The data also showed the GIR in end-July 2024 was higher than the $99.951 billion posted in the same period last year.

“[The data] reﬂected mainly the upward valuation adjustments in the Bangko Sentral ng Pilipinas’ [BSP] gold holdings due to the increase in the price of gold in the international market, net income from the BSP’s investments abroad, and the National Government’s [NG] net foreign currency

deposits with the BSP,” the central bank said in a statement.

The data showed the gold holdings of the BSP reached $10.312 billion in end-July 2024, higher than the $9.91 billion posted in end-June 2024. Other components of the GIR included foreign investments which reached $90.07 billion during the period while special drawing rights (SDRs) remained at $3.75 billion in the end-July period, the same level it was in end-June 2024.

However, the country’s reserve position in the fund declined to $719.9 million as of end-July 2024 from the $740.4 million in the end-June period. There was also a decrease in foreign exchange holdings to $791.2 million in the end-July 2024 period, from $802.2 million in the end-June period.

Nonetheless, BSP noted that the latest GIR level represented a more than adequate external liquidity buffer equivalent to 7.8 months’ worth of imports of goods and payments of services and primary income.

Per the central bank, GIR is deemed adequate if it can finance at least three-months’ worth of the country’s imports of goods and payments of services and primary income.

Further, the GIR in the end-July period is also 6.1 times the country’s short-term external debt based on original maturity, and 3.8 times based on residual maturity.

BSP explained that short-term debt based on residual maturity refers to outstanding external debt with original maturity of one year or less, plus principal payments on medium- and long-term loans of the public and private sectors falling due within the next 12 months.

PUVMP implementation stays despite Senate reso

By Samuel P. Medenilla @sam_medenilla

DESPITE a resolution by 22 senators to suspend implementation of the Public Utility Vehicle Modernization Program (PUVMP), President Ferdinand Marcos said the initiative will still push through.

In an interview with reporters in Pampanga on Wednesday, Marcos maintained that those aﬀected drivers and operators, who are resisting the PUVMP are only the “minority.”

“Eighty percent have already consolidated. So, what will happen? The 20 percent will decide for

deremployed. Visibly underemployed are Filipinos who are working less than 40

the lives of the 100 percent?” he said.

“So, we will listen to the majority and the majority said we should push through. So, that’s what we will do,” he added.

Last week, 22 senators signed a resolution seeking the suspension of the PUVMP, citing valid con-

hours a week. Invisible underemployed is the category for those Pinoys who, despite working 40 hours a week or more, still desire more hours of work to increase their incomes.

cerns raised by aﬀected drivers and transports groups.

Those who did not participate in the franchise consolidation as part of the PUVMP will be considered colorum if they continue to operate.

The Land Transportation Franchising and Regulatory Board (LTFRB) reported there were 10,000 jeepney units, which failed to comply with the consolidation as of last May.

Marcos said the government can no longer aﬀord to postpone the PUVMP, which has already been deferred seven times.

He said the initiative will help pave the way for the country to reduce its carbon emissions by replacing old PUVs with more environmentally-friendly alternatives, such as those electricpowered.

to harness digital technologies in improving the delivery of education to young Filipino learners.

“The countries which have traditionally scored high in PISA—Finland, Canada, Japan, and South Korea, for instance—all have robust broadband infrastructures which in turn support digital learning that supports access to information and high-quality learning methods,” Manhit said.

“Reliable internet for all ensures access to educational resources, digital learning platforms, and facilitating global knowledge exchange,” he added.

The PSA’s data showed an increase of 297,000 or 12.7 percent year on year and 772,000 or 41.6 percent month on month among invisibly underemployed Filipinos in June 2024. These full time workers who desired additional hours of work to increase their incomes include the 195,000 who came from the construction industry; 167,000 from the wholesale and retail trade and the repair of motor vehicles and motorcycles; and 140,000 from the manufacturing sector.

million; and middle-skilled, 1.7 million workers.

The Neda Chief added that there was also a signiﬁcant decline in parttime jobs at 1.5 million and vulnerable employment at 521,000 compared to last year.

“To sustain these gains, we will persist in improving the country’s business climate to attract investments that generate higher-quality jobs. The government will address bottlenecks and expedite processes to fulﬁ ll investment pledges and reap the beneﬁts of liberalization reforms,” stated Balisacan.

Manhit pointed out that connectivity can be achieved through sustained efforts to expand fixed broadband, enhance mobile broadband, closer partnerships between the public and private sectors, and the implementation of digital literacy programs that address the skills of both students and their teachers.

In addition, the level of GIR as of a particular period is considered adequate, BSP said, if it provides at least 100-percent cover for the payment of the country’s foreign liabilities, public and private, falling due within the immediate 12-month period. Cai U. Ordinario of industrial fuel while MTKR Jason Bradley was reportedly carrying 5,500 liters of diesel but this was denied by the

Infl ation in June 2024 was at 3.7 percent, with food infl ation reaching 6.5 percent. Rice infl ation was at 22.5 percent, marking the 6th consecutive month when rice prices were above 20 percent.

In July, when many schools were scheduled to open, inﬂ ation even increased to 4.4 percent. The prices of commodity groups linked to school openings such as Newspapers, Books and Stationery increased 7.5 percent in July when it was only at 5.9 percent in June.

Inﬂ ation in education services was faster in July 2024 at 5.8 compared to only 3.8 percent in June 2024. Inﬂ ation in Early Childhood and Primary Education and Secondary Education posted 6.5 percent in July 2024 from 3.7 percent and 3.8 percent in June 2024, respectively.

Government response

THE National Economic and Development Authority (Neda) noted that still-signiﬁcant employment growth was observed in Construction with an addition of 938,000 jobs and manufacturing with 353,000 jobs.

“The government’s swift implementation of infrastructure projects and the continued improvement of operating conditions for manufacturing ﬁ rms have led to these employment gains,” Balisacan said.

“Increasing investments in renewable energy, water supply, and mining and quarrying have also supported employment growth in these areas,” he added.

Balisacan also noted an increase in the number of full-time workers at 3.1 million; wage and salaried, 2

from A

confectionery-maker, which saw a 13-percent increase in revenue last year to $538 million. With confectionery brands such as Ceres and Goya sold in over 17 countries, the company’s biggest market is Indonesia, which contributed nearly two-thirds to sales, or $353 million.

The Neda chief added that the government will continue to enhance productivity by enabling the adoption of emerging technologies and equipping the workforce through upskilling and reskilling.

Among these initiatives is the establishment of Industry 4.0 facilities, led by the Department of Trade and Industry and the Department of Science and Technology.

These facilities aim to foster a collaborative learning environment where large enterprises, MSMEs, and the academe can share knowledge on industry 4.0 management and advanced production technologies.

The government likewise supports fully implementing the National Artiﬁcial Intelligence (AI) Strategy Roadmap 2.0, which aims to strengthen the country’s capacity for sustainable digital transformation, innovation, and entrepreneurship in the digital economy.

Neda advocates passage of the Apprenticeship Bill, which will institute reforms in the apprenticeship program and equip the youth with job-ready skills through a blend of workplace training and classroom learning.

First semester

BASED on PSA data, a total of 48.6 million Filipinos were employed in the ﬁ rst semester of the year, for an employment rate of 96.1 percent.

The number of employed Filipinos this year increased from 48.3 million while the employment rate improved from 95.4 percent.

In terms of unemployment, there were a total of 1.95 million jobless Pinoys from January to June this year, for an unemployment rate of 3.9 percent.

Th is improved from the 2.3 million jobless workers last year when the unemployment rate was higher at 4.6 percent in the ﬁ rst semester of 2023.

Underemployment, in terms of magnitude, was unchanged at 6 million in the ﬁ rst semester of last year and this year. However, the underemployment rate improved to 12.3 percent in the ﬁ rst six months of 2024 from 12.5 percent last year.

“We need to equip our students with the necessary competencies so that they could be productive and responsible citizens later on,” said Manhit. “Harnessing digital readiness will accelerate their learning and enable them to thrive in the digital world that awaits them,” said Manhit.

for the thousands of liters of oil spill off the coast of Mariveles, Bataan that affected nearby provinces such as Cavite and Marinduque. DOJ spokesman Jose Dominic Clavano IV said there were “red flags” noticed during the initial fact-finding investigation conducted by the interagency task force last Friday at the DOJ headquarters.

“So far the red flags are, on its face, based on the accounts of the PCG [Philippine Coast Guard] on what led to the oil spill. But, we can see some irregularities already,” Clavano stressed. “We are looking at the sea worthiness of the vessels to make sure that licenses issued to them were not based on misrepresentation,” he added.

Clavano, however, stressed that the main priority as of the moment is to iron out the details on how to compensate the fisherfolk and other individuals affected by the oil spill. Cavite Gov. Jonvic Remulla and the owner of the sunken MT Terra Nova met Wednesday at the Office of the Provincial Governor, Trece Martires in Cavite to discuss the grant of claims of the local fishermen who were affected by the incident.

Clavano, who attended the meeting, said authorities estimated the extent of damage suffered by fisherfolk, marine and aquatic resources to be in the billions of pesos. Aside from the filing of cases, the DOJ will also aid local government units (LGUs) in compensating affected fisherfolks and residents, he assured.

The DOJ will assist the provincial government of Cavite in their dialogues with the owners, and insurance agents of the sunken vessels. Reports showed that MT Terranova, owned by Shogun Ships Company Incorporated, capsized on July 25 off Limay, Bataan. Two days later, the PCG reported the sinking of MTKR Jason Bradley also in Bataan, which

PRESIDENT Ferdinand Marcos Jr.

Four-committee House panel to invite former President, police chiefs anew

By Jovee Marie N. dela Cruz @joveemarie

THE four-committee pan-

el of the House of Representatives will invite anew former President Rodrigo Duterte and former chiefs of the National Police to its hearing on extrajudicial killings, the war on illegal drugs, and crimes attributed to Philippine offshore gaming operations (Pogos).

In a news conference on Wednesday, the House Committee on Human Rights chairman, Manila Rep. Bienvenido Abante Jr. said their participation in the inquiry will help shed light on the different facets of these interrelated concerns.

Abante stressed that the Quad Committee investigation is a national security concern, and that the Human Rights Committee had previously invited the former President to attend its inquiry “but he did not come.”

“We will invite the former Chief Executive again, as the other committees would like to invite him because only he can answer certain questions,” Abante said.

The lawmaker said Duterte is in a position to respond to data provided by groups like the National Union of People’s Lawyers, which alleges that an estimated 20,000 were slain in the previous

administration’s war on drugs, and that 16,000 of those were killed by vigilante forces.

Abante added that the National Police provided the Human Rights Panel with data showing that 21 drug lords, 7,000 drug pushers, and 440 drug users lost their lives in the anti-illegal drug campaign.

“We also found out that there was a reward system; where did the money come from that was given to those who killed?” Abante questioned.

He said an invitation would also be extended to Sen. Ronald “Bato” dela Rosa in his capacity as a former National Police chief.

“Now, it’s up to him whether he will attend or not. We will also invite Harry Roque and all the former directors general [of the National Police] involved during the war on drugs,” Abante said.

He emphasized that aside from crafting remedial legislation to address the issues that the Quad Comm will unearth, one of its goals is to prosecute those found to have violated the law.

On Tuesday, the lower chamber adopted House Resolution 1880, authorizing a four-committee panel to thoroughly investigate Pogos, crimes associated with them, illegal drugs, and the Duterte administration’s contentious antidrug war.

Angara breezes through confirmation hearing

By Butch Fernandez @butchfBM

FORMER Senator Juan Edgardo “Sonny” Angara, newly named Secretary of Education, breezed through the confirmation screening by his former colleagues at the Commission on Appointments.

The bicameral Commission on Appointments (CA) screening panel readily endorsed the speedy confirmation of the son of former Senate President Edgardo Angara. Sen. Raffy Tulfo, who chairs the CA’s Committee on Education endorsed for plenary approval Angara’s ad interim appointment. Angara was a senator since 2013 and was supposed to end his second term in 2025. Before his term in the Senate, he finished his three three-year terms at the House of Representatives (2004–2013).

He officially replaced Vice President Sara Duterte as head of the Department of Education last July 19. His father, the late Senate President Edgardo Angara, was former president of the University of the Philippines.

“I know Secretary Sonny will be

more than capable of leading the country to a better future through the students that he will take under his wing. I look forward to working with you Sec. Sonny and seeing the changes you will be making in the Department of Education,” Tulfo said in his endorsement speech at the CA’s plenary session on Wednesday.

“Mr. Chairman, I move that the Commission confirms the ad interim appointment of Mr. Edgardo Manalang Angara as Secretary of the Department of Education [DepEd]. I so move, Mr. Chairman,” he added.

The panel only took less than 10 minutes to approve Angara’s nomination as he was excused from delivering his opening statement while members of the CA panel, as a courtesy to the nominee who was a member of both the Senate and the House of Representatives, no longer questioned his fitness to the position.

Senate President Francis Escudero later explained that this was expected as part of a long tradition in the chamber to quickly endorse nominations of its former members.

House leaders nix term extension

LEADERS of the House of Representatives on Wednesday dismissed a proposal to amend the Constitution to extend the term of office for congressmen from three years to five years, with a limit of two consecutive terms.

The proposal, outlined in Resolution of Both Houses 8, was introduced last Monday by Ilocos Norte Rep. Angelo Barba. Zamboanga City Rep. Manuel Jose Dalipe, majority leaders, emphasized that under Speaker Ferdinand Martin G. Romualdez’s leadership, the House has been focused on amending the Constitution’s “restrictive” economic provisions to attract more foreign investments.

“We are sticking with that advocacy, because that is what we think will be good for the country, and that is what we believe the people will accept,” he said.

He noted that the proposed economic amendments have garnered broad support from both the business community and the general public. A recent survey by big data research firm Tangere indicated that six

Close to 50K fishers threatened by oil spill ‘effect’ in Manila Bay

By Jonathan L. Mayuga @jonlmayuga

THE threat of oil spills continues to affect fishing communities in Bataan, Cavite, Metro Manila, Bulacan, and Pampanga, as a result of a Bureau of Fisheries and Aquatic Resources (BFAR) warning not to buy and eat fish caught from oil-affected areas.

According to BFAR, the number of Fisherfolk in Areas to be Potentially Affected by the Bataan Oil Spill based on the BFAR Municipal Fisherfolk Registration (FishR) program is 46,090 as of July 26, 2024.

BFAR has been conducting onground monitoring and assessment of fishing areas and communities that are potentially affected by the three consecutive maritime incidents in the waters of Bataan.

These include oil spill following the capsizing and sinking of the motor tanker (MT) Terra Nova near the coast of Lamao Point in Limay on July 25, 2024, and MTKR Jayson Bradley in the shallow waters of Mariveles on July 27, 2024; as well as the running aground of MV Mirola 1 in the vicinity waters of Mariveles on July 31.

According to the National Disaster Risk Reduction and Management Council, the oil spill has so far affected 25,145 fishermen, and 21 coastal cities and municipalities are currently under a state of calamity.

The DA-BFAR has deployed personnel in catch landing sites and local markets in the affected and nearby areas to ensure that oil spill-contaminated seafood does not reach the consumers and at the same time, evaluate market dynamics to maintain the price stability of fish.

At the same time, the BFAR’s floating assets have been mobilized to assist partner agencies in monitoring and surveillance, clean-up operations, and fabrication and deployment of oil spill booms using used nets and coco fiber.

The BFAR has been in close

out of 10 Filipinos support these reforms, believing they will lead to increased job opportunities and economic growth.

“While there is broad acceptance for these reform proposals, a proposed constitutional amendment that is political in nature, on the other hand, will surely divide our people. They will suspect self interest as the motivation behind such a proposal,” he said.

He mentioned that the House’s proposed economic Charter amendments were already forwarded to the Senate earlier this year for further consideration. This refers to Resolution of Both Houses 7, authored by Romualdez, which was approved by the House in March and sent to the Senate promptly.

“So those are the proposals of the House. Procedurally, I am not sure if we can entertain another constitutional amendment resolution, although I believe the House is inclined to confine itself to economic charter reforms,” Dalipe said. For his part, the chairman of the House

Committee on Constitutional Amendments, Cagayan de Oro Rep. Rufus Rodriguez, reiterated that the House will not consider constitutional amendment proposals that are political in nature.

“I think the House leadership will not favor this proposal. The Speaker has repeatedly declared that the push for Charter reform at this time is confined to amending the Constitution’s restrictive economic provisions,” Rodriguez said.

He said the collective stand of the Speaker and House members on economic charter reform is consistent with the unequivocal declaration of President Marcos Jr. in his Philconsa speech on February 8 this year.

Rodriguez quoted the President as telling the group of constitutionalists:

“I want to make it clear: This administration’s position in introducing reforms to our Constitution extends to economic matters alone, or those strategically aimed at boosting our country’s economy. Nothing more,” he said.

“So the ball on the proposed changes in the Constitution’s economic provisions is now in the Senate’s court,” he added. Jovee Marie N. dela Cruz

coordination with the Provincial Local Government Units and the Regional Disaster Risk Reduction Management Council (RDRRMC) to expedite the early recovery program.

The Bureau is set to release fuel subsidies and additional food packs/relief packages to mitigate the impact of the oil spill on the livelihood of displaced fishers.

Additionally, the agency is also validating alternative areas for capture fishing.

As a safety measure, the Bureau

advises against consuming fish caught in areas where oil slicks have been observed. This is to avoid incidents of food poisoning as a result of ingesting contaminated seafood. DA-BFAR, likewise, urges fisherfolk and the general public to remain calm and monitor the situation through updates issued by government authorities.

‘Fish tastes like oil’

JOCHELLE MAGRACIA, chairperson of the Bataan-based group YoungBEAN, told the BusinessMirror that BFAR’s warning is not without basis.

“I’ve eaten fish. I’m [from] Barangay Lamao and the fish tastes like oil,” says Magracia.

Barangay Lamao is the site of the first vessel that sank in Limay, Bataan, carrying around 1.4 million liters of industrial fuel oil. The Philippine Coast Guard (PCH) is having trouble safely extracting the oil, which creates a feeling of fear among the coastal communities.

“What if the oil started to leak and affect us? How long will this problem last?” she asked in Filipino.

According to MaGracia, fish that used to sell at P300 per kilo could not even fetch a buyer for P50 a kilo.

“What is happening is that the fishermen and their families are the ones eating the fish that they catch,” she said.

According to her, help from the government is not felt in the coastal communities of Bataan. “The first time, fishermen were the ones to got the package of support. That was July 30. But then first week of August, the wife or children of fishermen are being required to pick up the package. I don’t know why but it is now harder for the fishermen to receive the support,” she lamented.

“In Mariveles, where the third vessel was reported, the oil is very much visible now and there were activities to contain the oil through improvised spill boom,” she added.

According to BFAR, developments on the incident and the impact on fisheries such as the imposition of fishing bans could affect 10,988 fishermen in Bataan alone. However, the figure does not include the unregistered fishermen. In Bulacan, there are 8,264 fishermen and 5,902 in Pampanga. In the Calabarzon, there are 13,806 registered fishermen, all in the province of Cavite; and 7,130 in Metro Manila.

Thursday, August 8, 2024

Gatchalian opposes toll hike

SBy Butch Fernandez @butchfBM

EN. Sherwin Gatchalian on Wednesday opposed any planned toll increase on the country’s major toll roads and urged the Toll Regulatory Board (TRB) to consider the welfare of consumers.

Gatchalian said the TRB should first ensure a seamless experience for toll road users before giving its nod to any application by toll operators for a rate hike.

He criticized the TRB for allowing toll rate increases despite operator’s failure to comply with the minimum performance standards and specifica-

tions (MPSS) adopted by the board. He pointed out that, among the 17 key performance indicators (KPIs) included in the MPSS, only two indicators are currently being utilized. Gumawa kayo ng performance standards pero hindi ninyo sinusukat ito at pinapayagan pa ring magtaas ng toll rate. I want this key performance index fixed,” said Gatchalian.

He reminded that it is “not a oneway street“ noting that “investors are also picking the tab.” Hindi lang one way street iyan Naglalagay nga ng pera ang investors, pero tinitingnan ba natin ang serbisyo na ibinabalik nila?” Gatchalian asked TRB

Executive Director Alvin Carullo at

a recent hearing when Carullo said a possible toll increase may happen this month.

At the same time, the lawmaker noted that faulty radio frequency identification (RFID) systems along major toll roads exacerbate vehicular bottlenecks approaching major toll booths.

He presented videos showing user experiences when entering or exiting defective RFID systems, which contribute to traffic congestion, recalling that “such is the common experience of residents of Valenzuela who take the North Luzon Expressway on a daily basis.”

Ang trabaho ng TRB simple lang, pro-

tektahan ang mga consumers at ibigay ang magandang travel experience. Pero kahit palpak na ang RFID at natatrafik sa mismong toll road, pinapayagan pa rin ng TRB na magtaas ng toll,” said Gatchalian.

He acknowledged that the government encouraged private sector investment in the country’s toll roads. “I support that they should be compensated for their investments and contracts should be honored to encourage them to invest some more.”

Having said that, he concluded that “we should also be very strict about the services they provide, especially to consumers and the riding public.”

Legislator asks PCSO to pay fees of indigents’ physicians

By Jovee Marie N. dela Cruz @joveemarie

THE chairman of the House of Representatives’ Committee on Appropriations has called on the Philippine Charity Sweepstakes Office (PCSO) to pay the professional fees of physicians who treat indigent patients and proposed the use of a corporate credit card to expedite the payment process if it cannot provide cash or checks. Ako Bicol Rep. Zaldy Co, appropriations committee chairman, stressed the challenges faced in implementing the Medical Assistance for Indigent and Financially Incapacitated Patients Program (M AIPP), which is administered by the Department of Health (DOH).

‘“We put funds in every hospital, but the problem is in the hospitals, doctors don’t want their professional fees covered by MAIPP; they want cash and could not wait for 30 days,” Co told PCSO during Tuesday’s budget briefing.

According to Co, while guarantee letters from DOH cover the medical bills of poor patients under the M AIPP progr am, doctors often request their professional fees be paid in cash, separate from the hospital bills. This then poses a problem for indigent patients in settling their total medical expenses.

“We’ll take care of the medical bill. Can the PCSO take care of the doctors’ professional fees?” he asked, noting that the PCSO also provides financial assistance for medical and hospitalization expenses.

Co stressed the need for prompt action on this matter, especially since the ultimate goal of the M AIPP program is to deliver immediate and comprehensive medical care to those who need it most.

“Hope we can help each other; anyway, GM [general manager] and AGM [assistant general manager] earlier said that they are for charity,” Co said, referring to PCSO general manager Mel Robles and assistant general manager Lauro Patiag.

Co also proposed the use of a corporate credit card to expedite the payment process, in case the PCSO cannot give cash or a check.

Co said this step would foster a more collaborative and trusting relationship between medical professionals and the government,

ensuring that patients are not denied care due to administrative inefficiencies.

PCSO officials welcomed Co’s proposal, acknowledging the need to enhance the effectiveness of the government’s medical aid for impoverished patients.

Addressing the issue of delayed payments is crucial for the success of M AIPP, the agency said, adding that they would craft strategies to make the process more efficient.

Meanwhile, Co is also seeking a law that would require doctors to accept payments through the M AIPP program.

“If we have a law stating that hospitals cannot deny patients even if they don’t have money to pay for the bill, we should also have a law providing that doctors should not refuse payments from the Maipp,” he said.

AmCham Partners with SM on Advocacy for Job Acceleration

THE American Chamber of Commerce of the Philippines recently signed a memorandum of understanding with SM’s Job Opportunities Building Skills

(J.O.B.S.) advocacy. This partnership is designed to provide upskilling opportunities to thousands of employees within the AmCham network and allow AmCham’s more than 800 member companies to participate in SM Job Fairs across the country.

Incorporated in 1920, AmCham continues to help contribute to the economic growth of the Philippines and serve the interests of Philippine and American businesses through the participation of members in promoting its long-term objectives.

“AmCham has always pushed towards upskilling our local workforce as we see how crucial it is in the sustainability of business,” shares Ebb Hinchliffe, Executive Director

of AmCham. “The SM J.O.B.S. advocacy’s twopronged approach to empowering the Filipino worker is quite an effective way to reach people and provide opportunities nationwide.”

Taking off from the success of its internal upskilling program, the SM Group strategically partnered with the American Chamber to effectively impact a significant portion of the Filipino workforce. Through the partnership, workers will be equipped with digital skills to enhance their productivity and contribute to their professional development.

Courses like Digital Marketing for eCommerce, Cloud Foundation, Business Analytics, and Computer Security are among the available subjects for interested employees.

To support job generation with AmCham’s members, “SM will continue to

Pinoys feel pinch of climate change

By VG Cabuag @Villygc

ARESEARCH from global professional services company GHD showed 95 percent of surveyed Filipinos feel they have experienced the effects of climate change.

The said figure was the highest compared to 64 percent average in the 10 nations it surveyed. The research also showed 94 percent of Filipinos believe that the government should spend more to protect communities from water-related climate change events, like storms, floods and rising sea levels.

Daniele Coronacion, GHD’s executive advisor-Philippines, said the findings reflect widespread support across all age groups for resilient infrastructure that can withstand climate-related challenges.

“Our objective in pursuing this research was to better understand intergenerational differences, but what we have found is that all generations in the Philippines are united in their desire for more sustainable infrastructure and communities,” Coronacion said.

“Intergenerational equity is about achieving fairness and justice across all generations, both now and in the future. The survey shows that there is broad agreement on priorities that must be tackled and an optimistic outlook that makes progress possible. At the same time, there is a need to ensure that everyone’s voices are heard and all generations are included in decisionmaking,” she said.

GHD, a company that started as an

engineering firm in Australia, surveyed people across 10 countries: Australia, Canada, Chile, New Zealand, the Philippines, Qatar, Singapore, the United Arab Emirates, the United Kingdom and the United States.

A total of 13,000 adults, sampled to be representative of age, gender and region in these countries, participated in the survey in mid-May 2024. When asked to look 30 years into the future and consider “…whether the decisions being made by the current generation of leaders will leave your community in a better or worse state than it is today,” all Filipino generations are more optimistic than their counterparts.

The differences are most stark with older generations, with 63 percent of Filipino Gen X and 65 percent of Filipino Baby Boomers agreeing the state of their community would be much better or a little better, compared to 10-country averages of 44 percent and 34 percent respectively.

All generations in the Philippines nominated “Developing green, nature-based solutions to ensure supply of clean, safe drinking water that protects natural waterways/oceans” as the highest priority, with Generation Z respondents giving equal priority to “Building a sustainable economy that reduces, reuses, repairs, recycles, recovers and disposes sustainably.”

Compared to respondents in other countries, Filipino respondents in particular cited concerns about safety and quality of roads and bridges, the research said.

hold job fairs across the country to match job opportunities with the right skills and talents. By providing a venue for employers and potential employees, we are doing our part in pushing job acceleration,” said Teresita Sy-Coson, lead of the J.O.B.S. project under the Private Sector Advisory Council (PSAC).

With this maiden partnership in the private sector, SM’s commitment to invest in people and be a catalyst to job generation remains strong. Employees can stay competitive and at pace with the changing demands of the workforce while companies become future-ready to take on the challenges of the global economy.

FIRST row, left to right: AmCham’s Victoria Co, Lorish Lozano, Ebb Hinchliﬀe (AmCham Executive Director), Debbie Sy (SM Foundation Executive Director), Tessie Sy-Coson (SMIC Vice Chairperson), Linda Atayde (SM Foundation). Second row, left to right: Sophia Mauleon (AmCham), Anne Racoma (SM Foundation), Sarah Gomez (AmCham), Shaine Hostallero (NU), Edwin Lacierda (SM J.O.B.S. Lead), RJ Ermita (NU President), Tata Medado (APC President), Vic Chan (SMIC), Ethel Concepcion (SMIC), Cedrik Forbes (SMIC).

PSA

upgrades GDP growth in Q1; it’s 5.8%, not 5.7%

By Cai U. Ordinario

@caiordinario

THE country’s economic performance in the first three months of the year was better than initially estimated, according to the Philippine Statistics Authority (PSA).

On Wednesday, the PSA said it upgraded its estimate for firstquarter GDP growth to 5.8 percent from the initial disclosure of 5.7 percent.

Mark C. Pascasio, Officer-inCharge Assistant National Statistician of PSA’s Macroeconomic Accounts Service, said the revision was mainly due to updated data from various banks.

“(It was brought about by the) availability of updated establishment surveys, bank data (and) Financial Statements (as well as) data from Insurance Commission,” Pascasio told BusinessMirror.

PSA said the growth of financial and insurance activities was revised to 10.3 percent from the initial estimate of 10 percent in the first three months of the year.

The growth of wholesale and retail trade and the repair of motor vehicles and motorcycles was also revised to 6.6 percent from 6.4 percent in the January to March period.

The data also showed the growth of electricity, steam, water and waste management

was revised to 6.9 percent from 6.3 percent in the first quarter of 2024.

Pascasio told this newspaper that the revision made for financial and insurance activities accounted for 0.04 percentage points of the revision in first-quarter GDP growth.

The revisions in the wholesale and retail trade and the repair of motor vehicles and motorcycles and electricity, steam, water and waste management each contributed 0.02 percentage points in the change in estimates.

“The revised levels are quite small. Additional 1.9 billion pesos from Financial and insurance activities,” Pascasio also told BusinessMirror.

Given these changes, upward revisions were also observed in the first quarter of 2024 in the annual growth rates of the Gross National Income (GNI) and Net Primary Income from the Rest of the World.

The growth of the country’s GNI was upgraded to 9.8 percent from the initial estimate of 9.7 percent while the growth of Net Primary Income from the Rest of the World was adjusted to 57.6 percent from 57 percent.

The PSA said it revises the GDP estimates based on an approved revision policy consistent with international standard practices on national accounts revisions.

PHL can lick poverty with better job numbers–Recto

By Reine Juvierre S. Alberto @reine_alberto

THE Philippines could achieve its goal of reducing single-digit poverty incidence sooner if it can continue its momentum in posting higher employment rates and ramp up investments to create more jobs, according to Finance Secretary Ralph G. Recto.

Latest Labor Force Survey (LFS) result showed the employment rate reached 96.9 percent in June 2024, equivalent to 50.28 million employed individuals. The unemployment rate continued to decline to 3.1 percent, translating to 1.62 million unemployed Filipinos, the second lowest since April 2005.

(See: https://businessmirror. com.ph/2024/08/07/unemployment-continues-decline-only1-62m-filipinos-unemployedin-june-24-psa/)

“These figures prove that our efforts are paying off and that we are on track to lift 10 million more Filipinos out of the poverty line by the end of the President’s term,” Recto said in a statement

on Wednesday.

However, the number of underemployed Filipinos increased to 6.083 million in June 2024. These are individuals who are employed but are looking for better job opportunities.

The services sector continues to provide the most jobs for the month, accounting for 58.7 percent or 29.5 million of the employed population. This was followed by agriculture at 21.1 percent or 10.6 million and industry at 20.2 percent or 10.1 million sectors.

“With an all-time-high gross national income (GNI) per capita and very robust labor market, favorable factors are in place for us to become an upper-middle income country by 2025,” Recto said.

The Philippine Statistics Authority (PSA) reported the country’s GNI grew to 9.8 percent in the first quarter of 2024.

‘Higher budget to grow the economy’ RECTO said the proposed P6.35trillion national budget for 2025 will create more quality jobs for

Congressional Medal of Excellence for Caloy

By Jovee Marie N. Dela Cruz @joveemarie

FOR winning two gold medals in the ongoing 2024 Paris Olympics, the House of Representatives has conferred upon gymnast Carlos Edriel Yulo the Congressional Medal of Excellence, the highest award given to Filipino achievers in the fields of sports, business, medicine, science, and arts and culture.

Lawmakers adopted House Resolution (HR) No. 1864, introduced by Speaker Ferdinand Martin G. Romualdez and other House leaders.

“Caloy Yulo is truly one of the greatest Filipino athletes of all time, earning the country not only one but two gold medals in the Olympics. Ang kanyang tagumpay ay tagumpay ng bawat

Pilipino, at napalaking karangalan ang kanyang hatid sa Pilipinas [His triumph is the triumph of every Filipino, he has brought so much honor to the Philippines],” said Romualdez.

Aside from the conferment of the Congressional Medal of Excellence, HR 1864 also congratulates Yulo, who clinched the gold medal in the men’s artistic gymnastics floor exercise and men’s vault apparatus during the 2024 Paris Summer Olympics held at the Bercy Arena, Paris, France.

“Fondly called ‘Caloy’ by his family and friends, Carlos Edriel Yulo redeemed a remarkable victory and captured the gold medal in the floor exercise with a historic score of 15.000 points, dethroning Tokyo Olympic champion Artem Dolgopyat of Israel and besting Jake Jarman of Great Britain,” the

DHSUD eyes

THE Department of Human Settlements and Urban Development (DHSUD) is now eyeing to use P1.65 trillion in sovereign guarantees to complete its greatly reduced target of just over a million housing units by 2028.

Sovereign guarantees is a government’s guarantee that an obligation will be satisfied if the primary obligor defaults.

In a press briefing Wednesday, DHSUD Secretary Jose Rizalino L. Acuazar announced President Ferdinand Marcos has approved the proposal to fast-track their implementation of the Pambansang Pabahay para sa Pilipino (4PH) program.

He said the guarantee is expected to give the private sector and government financial institutions (GFI) the confidence to lend money to the government through the National Housing Authority (NHA) and Social Housing Financing Corporation (SHFC) for the construction of

resolution read.

“The stellar routine performance of Carlos Edriel Yulo in the final vault events with a total score of 15.116 overtook Armenia’s Artur Davtyan and Great Britain’s Harry Hepworth,” it added.

Yulo was raised in Malate, Manila, watching the country’s top gymnasts at the Rizal Memorial Sports Complex, the place where he started his career at the age of eight by joining the Gymnastics Association of the Philippines.

“Before his feat in the 2024 Paris Summer Olympics, Carlos Edriel Yulo was a gold medalist in the vault event at the men’s apparatus finals and a silver medalist in the parallel bars event during the 50th Federation Internationale de Gymnastique (FIG) Artistic Gymnastics World Championships,” the resolution said.

He also secured two gold medals and five silver medals during the 30th Southeast Asian Games held in the Philippines in December 2019, and he holds the record as the first Southeast Asian male and first Filipino gymnast to win a gold medal in the floor exercise event during the 49th FIG Artistic Gymnastics World Championships held in HannsMartin-Schleyer-Halle in Stuttgart, Germany.

“For his remarkable victory and exceptional performances at the 2024 Paris Summer Olympics that brought great honor and glory to the country while showcasing the magnanimity of a Filipino athlete, Carlos Edriel P. Yulo deserves the utmost recognition and commendation,” it continued.

Yulo will be furnished with a copy of the resolution.

P1.6-T govt guarantee in housing

more housing units.

“In the past, we used private money, but the inflow of funds was very slow,” Acuzar said.

DHSUD was initially targeting to construct over 6 million housing units by 2028, but it was scaled down due to lack of funds.

Government economic managers will study the final amount of the sovereign guarantees, which the government will avail of, and from where it will be sourced.

However, DHSUD Undersecretary Avelino D. Tolentino III said they projected the government will need P1.65 trillion worth of guarantee to complete at least 1.2 million housing units in the 53 ongoing 4PH projects nationwide by 2028. Of the housing units, 12,000 are scheduled to be turned over this year.

“When we talk about sovereign guarantees, it’s not necessarily the cash that will be shelled out by the government.

In fact, it will be only used to fast-track our borrowing from the private sector. And also, the [amount that will borrow], for the developmental loan, is ready to be paid for by end user financing,” Tolentino said.

DHSUD hopes it can still increase its new housing targets depending on the result of its subsidy program.

“We also have a target of 3.2 million [housing units] by 2028, depending on the result of the subsidy, the guarantee and the capacity of the government to provide the subsidy,” DHSUD Undersecretary Garry V. De Guzman said.

Tolentino projected the sovereign guarantee they will need for the higher target will also be raised to P4 trillion.

Under the 4PH, the government will use private funds and loans for the construction of housing units and then provide subsidies to qualified beneficiaries to help lower their monthly amortization costs so they can

afford the government housing units.

Acuazar said the typical P4H housing unit cost only P1.4 million per unit, which is significantly lower compared to the P4 million to P5 million from private property developers.

He said they can further lower the said price by no longer relying on private property developers for the construction of their future 4PH housing units. Instead the said projects will be taken over by the NHA and the SHFC.

“In that system, we will be able to save on costs since the developer’s profit will be eliminated,” Acuazar said.

Despite their reduced targets, DHSUD assured it will provide affordable housing to each Filipino.

“Expect that, we will work harder to help every Filipino family continue to dream and have their own home,” the DHSUD chief said. Samuel P. Medenilla

Filipinos, increase their incomes, reduce poverty incidence and grow the economy at a faster rate.

The national budget is equivalent to 22.1 percent of the country’s 2025 projected GDP and is higher by 10.1 percent than the 2024 national budget of P5.77 trillion.

More than half of the 2025 national budget, or about 62.6 percent, will be allocated for both social and economic services, such as infrastructure, health, education, human capital development, social welfare, employment, housing and other social protection programs.

“We, at the DOF, will ensure that every peso to be collected or borrowed to fund our gargantuan budget, will be stretched to deliver the biggest bang per buck for the Filipino people,” Recto said.

Govt initiatives TO bridge the digital divide from Luzon to Mindanao, the DOF said the government will soon implement the Philippine Digital Infrastructure Project and the National Broadband

Program to equip the next generation of workers for a future driven by artificial intelligence (AI).

The Department of Trade and Industry (DTI) also established Industry 4.0 facilities for a collaborative learning environment among large enterprises, micro, small and medium enterprises (MSMEs) and the academe to share knowledge on industry 4.0 management and advanced production technologies.

The National Artificial Intelligence (AI) Strategy Roadmap 2.0 is also implemented by the government to strengthen the country’s capacity for sustainable digital transformation, innovation and entrepreneurship in the digital economy.

The DOF added it is utilizing fiscal policy as a tool to promote a regime that rewards AI, innovation and the creation of new knowledge through the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (Create More) Bill to bring in more investments for human capital development.

DBP releases ₧579M for People’s Survival Funds

THE Department of Budget and Management (DBM) has released P579.312 million to the Bureau of the Treasury (BTr) to implement community resilience and sustainability projects under the People’s Survival Fund (PSF).

In a statement on Wednesday, the DBM said Budget Secretary Amenah F. Pangandaman has approved the release of a Notice of Cash Allocation (NCA) amounting to P579.312 million.

“We are giving all the necessary aid for our LGUs to undertake projects crucial for enhancing resilience and sustainable development. Through the People’s Survival Fund, we empower local communities in the fight against the climate crisis,” Pangandaman was quoted in the statement as saying.

The DBM said the fund will be allocated to six development grants, five full-scale projects and extra support for two ongoing projects across the country, particularly in Northern and Eastern Samar, Mountain Province, Bukidnon, Isabela, Quezon, Province of Sarangani and Agusan del Norte.

The PSF, established through Republic Act No. 10174, provides long-term financing to local government units (LGUs) and

accredited local or community organizations for climate change adaptation programs.

To counter the adverse impacts of climate change, the fund enables the country’s enhancement of adaptive capacities, ensuring sustainable development and protecting vulnerable communities.

One of the focus areas of the PSF is flood control through the construction of levees, floodgates and drainage systems. In coastal regions, seawalls and other coastal defense structures are built to protect communities from storm surges and coastal erosion.

The PSF has also supported the agricultural sector by developing climateresilient crop varieties and sustainable farming practices for food security amid changing climate conditions.

Moreover, the PSF also enhances early warning systems to allow communities to respond quickly to natural disasters and reduce damage.

The fund also enables environmental restoration projects such as reforestation and mangrove restoration, which contribute to carbon sequestration, biodiversity conservation and coastal protection against storm surges and erosion.

Trillanes sues Duterte, Go over ₧16-B Navy project

By Joel R. San Juan @jrsanjuan1573

FORMER Senator Senator Antonio F. Trillanes IV on Wednesday filed another plunder and graft case before the Department of Justice against former President Rodrigo Duterte, Senator Bong Go and several former government and military officials in connection with the alleged anomalous implementation of the P16-billion Philippine Navy Frigate Acquisition Project (FAP).

Trillanes anchored his latest complaint against Duterte and his allies on information gathered from the investigation conducted by the Senate in 2018, including testimonies from officials with knowledge of the alleged manipulation done by the respondents to favor private contractor Hyundai Heavy Industries Co. Ltd. (HHI). Also named respondents in the complaint were former Department of National Defense (DND) Undersecretary

Raymundo Elefante, former Department of Budget and Management (DBM) Undersecretary Lloyd Christopher Lao, former Philippine Navy Chief Admiral Roberl Empedrad, former DND-Defense Acquisition Office (DAO chief Leodegario dela Paz, FAP Technical Working Group (TWG) legal officer Marlon Dayao, and officials of Hyundai Heavy Industries Co. Ltd. Namely Kisun Chung, Ki Young Sung, Joung Woo Byin and Sandra Han. Trillanes is specifically seeking the prosecution of the respondents for violation of Section 2 of Republic Act 7080 or the Act Defining and Penalizing the Crime of

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August 8, 2024

US leaders call for calm in the Middle East as more American forces head to the region

By Lolita C. Baldor The Associated Press

WASHINGTON—Calling for calm in the Middle East, top US national security leaders said Tuesday that they and allies are directly pressing Israel, Iran and others to avoid escalating the conﬂict, even as the US moved more troops to the region and threatened retaliation if American forces are attacked.

“It’s urgent that everyone in the region take stock of the situation, understand the risk of miscalculation, and make decisions that will calm tensions, not exacerbate them,” Secretary of State Antony Blinken said at the close of a meeting with Australian leaders.

At the same time, Defense Secretary Lloyd Austin noted the attack Monday on US forces in Iraq by an Iranian-backed militia group, which injured seven personnel, and made it clear that the US won’t hesitate to respond.

“Make no mistake, the United States will not tolerate attacks on our personnel in the region,” Austin told reporters at a press conference

after the meeting. “And we remain ready to deploy on short notice to meet the evolving threats to our security, our partners or our interests.”

He said an “Iranian-backed Shia militia group” conducted the attack, but officials are still trying to determine which one. Blinken and Austin met with Australian Foreign Minister Penny Wong and Defense Minister Richard Marles at the US Naval Academy in Annapolis, Maryland, to discuss efforts to expand military cooperation and broaden diplomatic efforts in the Asia Pacific. But they led their remarks with calls for de-escalation and

Tuesday, August 6, 2024 AP/SUSAN WALSH

support for a cease-fire. “Australia also underlines the risks to all in the region of escalation and of miscalculation,” said Wong, calling this a “decisive moment” for a cease-fire in the war between Israel and Hamas.

Their comments came as Hamas named Yahya Sinwar—a masterminded of the October 7 attacks in Israel that set off the war—as its new leader, fueling fears that the announcement will provoke Israel and that tensions will escalate into broader war.

Tehran has also vowed revenge

against Israel over the killing last week of Hamas’ top political leader in Iran, and Lebanon’s Hezbollah is threatening retaliation over an Israeli strike that killed one of the group’s senior commanders in Beirut.

It has all complicated efforts by American, Egyptian and Qatari mediators to salvage negotiations over the cease-fire and hostage release deal in Gaza.

Blinken said further attacks will only perpetuate conflict, adding that “we’ve been engaged in intense diplomacy with allies

China’s exports surge 7% in July, less than forecasts, while imports pick up momentum

By Elaine Kurtenbach Ap Business Writer

BANGKOK—China’s exports rose 7 percent in July from a year earlier, below economists’ forecasts for growth closer to 10 percent as trade tensions and weakening growth in the United States and other major markets weighed on demand.

Chinese leaders have ramped up investment in manufacturing to rev up an economy that stalled during the pandemic and is still growing more slowly than hoped. But moves to tame inflation by raising interest rates have bit into consumer demand in affluent Western countries.

Imports climbed 7.2 percent to $215.9 billion, picking up momentum on stronger trade with other Asian countries that now supply many industrial components, materials and consumer products to China. Exports to the United States rose 2.4 percent

year-on-year while shipments to Southeast Asian countries, now Beijing’s biggest trading partner overall, jumped 11 percent.

Exports totaled $300.6 billion in July, expanding at the slowest pace in three months and leaving a trade surplus for July of $84.7 billion. That was down from a record $99.1 billion the month before, but

the surplus rose nearly 8 percent in January-July from the same period a year earlier.

During the first seven months of the year, China’s exports climbed 4 percent from a year earlier, while imports were up a lackluster 2.8 percent as growth in consumer demand remained muted.

China’s exports are forecast to weaken in coming months as sharp hikes in US and European tariffs on electric vehicles take effect. As reports said freighters have been seen carrying big shipments of vehicles to European ports to try to beat those duties, exports of vehicles rose 18 percent in the first seven months of the year from the same period in 2023.

The rebound in imports in July is likely to take hold as the government moves to support consumer demand and revive China’s ailing property sector, Z ichun Huang, China economist at Capital Economics, said in a report.

“We expect import volumes to rise further in the coming months. The leadership appears more worried about the near-term outlook compared to a few months ago, and has signaled a step-up in fiscal spending. This is likely to boost construction activity, driving up demand for industrial commodities,” Huang said.

Thai court dissolves Move Forward Party, which won election but failed to take power

BANGKOK—A court in Thailand on Wednesday ordered the dissolution of the progressive Move Forward Party, which finished first in last year’s general election, saying it violated the constitution by proposing an amendment of a law against defaming the country’s royal family. The Constitutional Court said it voted unanimously to dissolve the party because its campaign to amend the law was considered an attempt to overthrow the nation’s constitutional monarchy. The Move Forward Party was unable to form a government after topping the polls because members of the Senate, at that time a conservative military-appointed body, declined to endorse its candidate for prime minister. The Election Commission had filed a pe-

tition against the Move Forward Party after the Constitutional Court ruled in January that it must stop advocating changes to the law, known as Article 112, which protects the monarchy from criticism with penalties of up to 15 years in jail per offense. The ruling also imposed a 10-year ban on political activity on those who held the party’s executive positions while it campaigned for the proposed amendment. Among them are its charismatic former leader, Pita Limjaroenrat, and current chief Chaithawat Tulathon. It remained unclear what will happen to the rest of its non-executive lawmakers, although Pita said in an interview with The Associated Press that the party will ensure they have a “smooth transition into a new house,” or a new party.

Lawmakers of a dissolved political party can keep their seats in Parliament if they move to a new party within 60 days.

Move Forward and its reform agenda shook up Thai politics by winning the most seats in the 2023 elections even though afterward it was blocked from taking power. The latest legal action is one of many that have drawn widespread criticism and are seen as part of a yearslong attack on the country’s progressive movement by conservative forces trying to keep their grip on power.

The party was denied power after the Senate refused to accept its then-leader Pita’s nomination as prime minister. Senators, who were given power to veto prime ministerial candidates by the constitution adopted in 2017 under a military govern-

ment, said they opposed Pita because of his intention to reform the royal defamation law. Move Forward was later removed from a coalition formed with the now-governing Pheu Thai party and became head of the opposition.

In its arguments submitted to the court, Move Forward said the Constitutional Court does not have jurisdiction to rule on the case and the petition filed by the Election Commission did not follow due process because Move Forward was not given an opportunity to defend itself before it was submitted to the court. The court said in its ruling that it has the authority to rule on the case, and that its previous ruling in January was enough of an evidence for the Election Commission to file the case without having to hear more evidence from the party.

and partners communicating that message directly to Iran. We communicated that message directly to Israel.”

Still, Austin laid out a number of US military troops movements in recent days to help defend Israel from possible attacks by Iran and its proxies and to safeguard US troops, including the deployments of additional fighter jets. He also said the USS Abraham Lincoln aircraft carrier will replace the USS Theodore Roosevelt in the region “later this month.”

According to a US official, about a dozen F/A-18 fighter jets and an E-2D Hawkeye surveillance aircraft from the USS Theodore Roosevelt flew from the Gulf of Oman to a military base in the Middle East on Monday.

The Navy jets’ land-based deployment is expected to be temporary, because a squadron of Air Force F-22 fighter jets is enroute to the same base from their home station in Alaska. The roughly dozen F-22s are expected to arrive in the Middle East in the coming days, said the official, who spoke on condition of anonymity to discuss troop movements.

It’s not clear how long all of the aircraft will remain together at the base, and that may depend on what—if anything—happens in the next few days.

US officials released more details

on Tuesday about the rocket attack that hit the military base in Iraq on Tuesday. They said five US service members and two contractors were hurt when two rockets hit the alAsad airbase.

The officials, who spoke on condition of anonymity to discuss military personnel, said five of those injured were being treated at the airbase and two were evacuated, but all seven were in stable condition. They did not provide details on who was evacuated.

The rocket attack is the latest in what has been an uptick in strikes on US forces by Iranian-backed militias. It comes as tensions across the Middle East are spiking but is not believed to be connected to the Hezbollah and Hamas killings. In recent weeks, Iranianbacked Iraqi militias have resumed launching attacks on bases housing US forces in Iraq and Syria after a lull of several months, following a strike on a base in Jordan in late January that killed three American soldiers and prompted a series of retaliatory US strikes. Between October and January, an umbrella group calling itself the Islamic Resistance in Iraq had regularly claimed attacks that it said were in retaliation for Washington’s support of Israel in its war against Hamas in Gaza and were aimed at pushing US troops out of the region.

Calm returns to Wall Street; stocks bounce back after their worst drop in nearly 2 years

By Stan Choe Ap Business Writer

NEW YORK—A rising tide swept stocks higher, and calm returned to Wall Street after Japan’s market soared earlier Tuesday to claw back much of the losses from its worst day since 1987.

The S&P 500 climbed 1 percent to break a brutal three-day losing streak. It had tumbled a bit more than 6 percent on a raft of concerns, including worries the Federal Reserve had pressed the brakes too hard for too long on the US economy through high interest rates in order to beat inflation.

The Dow Jones Industrial Average rose 294 points, or 0.8 percent, while the Nasdaq composite gained 1 percent. Stocks of all kinds climbed in a mirror opposite of the day before, from smaller companies that need US households to keep spending to huge multinationals more dependent on the global economy.

Stronger-than-expected profit reports from several big US companies helped drive the market. Kenvue, the company behind Tylenol and Band-Aids, jumped 14.7 percent after reporting stronger profit than expected thanks in part to higher prices for its products. Uber rolled 10.9 percent higher after easily topping profit forecasts for the latest quarter.

Caterpillar climbed 3 percent after the maker of heavy machinery reported stronger earnings than expected.

The whiplash moves for financial markets globally have been the result of several technical factors, not just worries ignited by several weaker-than-expected reports on the US economy, in what strategists at Barclays called “a perfect storm” for causing extreme market moves.

One is centered in Tokyo, where a favorite trade for hedge funds and other investors began unraveling last week after the Bank of Japan made borrowing more expensive by raising interest rates above virtually zero.

That scrambled trades where investors had borrowed Japanese yen at low cost and invested the cash elsewhere around the world. The resulting exits from those investments may have helped accelerate the declines for markets around the world.

Japan’s Nikkei 225 jumped 10.2 percent Tuesday to claw back much of its 12.4 percent sell-off the day before, which was its worst since the Black Monday crash of 1987. Stocks in Tokyo rebounded as the value of the Japanese yen stabilized against the US dollar following several days of sharp gains.

“The speed, the magnitude and the shock factor clearly demonstrate” how much of the moves were driven by how traders were positioned, according to the strategists at Barclays led by Stefano Pascale and Anshul Gupta.

Still, some voices along Wall Street are continuing to urge caution.

Barry Bannister, chief equity strategist at Stifel, is warning more drops could be ahead because of a slowing US economy and sticky inflation. He’s forecasting both will be worse in the second half of this year than what much of Wall Street expects, while saying a measure of how expensive the US stock market is still looks “frothy” when compared with bond yields and other financial conditions.

The stock market’s “dip is not a blip,” he warned in a report, and called it “too soon to jump back in.”

He had been predicting a coming “correction” in US stock prices for a while, including an acknowledgement in July that his initial call was early. That was a couple days before the S&P 500 set its latest alltime high and then began sinking.

While fears are rising about a slowing US economy, it is still growing, and many economists see a recession in the next year or so as unlikely. The US stock market is also still up a healthy amount for the year so far, and the Federal Reserve says it has ample room to cut interest rates to help the economy if the job market weakens significantly.

The S&P 500 has romped to dozens of all-time highs this year and is still up nearly 10 percent so far in 2024, in part due to frenzy around artificial intelligence technology. Critics have been saying that euphoria has sent stock prices too high in many cases. AP Business Writers

SECRETARY

State Antony Blinken, left, standing with Defense Secretary Lloyd Austin, right, speaks during a news conference at the United States Naval Academy in Annapolis, Md.,

VP Kamala Harris introduces running mate Minnesota Gov. Tim Walz as the ‘vice president America deserves’

By Colleen Long, Zeke Miller, Steve Karnowski, Will Weissert & Seung Min Kim The Associated Press

PHILADELPHIA—Kamala

Harris introduced Minnesota Gov. Tim Walz to the nation at a raucous rally Tuesday in battleground Pennsylvania that was aimed at building momentum for the newly minted Democratic presidential ticket in the sprint toward Election Day.

“He’s the kind of person who makes people feel like they belong and then inspires them to dream big.... That’s the kind of vice president America deserves,” Harris said while standing with Walz in Philadelphia.

Taking the microphone after Harris, Walz revved up the crowd for the rigorous campaign to come.

“We’ve got 91 days. My God, that’s easy. We’ll sleep when we’re dead,” he said.

The remarks reflected the urgency of the moment, with Harris tapping Walz for the ticket during one of the most turbulent periods in modern American politics. Republicans have rallied around former President Donald Trump after he was targeted in an attempted assassination in July. Just days later, President Joe Biden ended his reelection campaign, forcing Harris to scramble to unify Democrats and decide on a running mate over a breakneck two-week stretch.

In choosing the 60-year-old Walz, Harris is elevating a Midwestern governor, military veteran and union supporter who helped enact an ambitious Democratic agenda for his state, including sweeping protections for abortion rights and generous aid to families.

It was her biggest decision yet as the Democratic nominee and she went with a broadly palatable choice—someone who says politics should have more joy and who deflects dark and foreboding rhetoric from Republicans with a lighter touch, a strategy that the campaign has been increasingly turning to since Harris took over the top spot.

Harris hopes Walz will help her shore up her campaign’s standing across the upper Midwest, a critical region in presidential politics that often serves as a buffer for Democrats seeking the White House. The party remains haunted by Trump’s wins in Michigan and Wisconsin in 2016. Trump lost those states in 2020 but has zeroed in on them as he aims to return to the presidency this year and is expanding his focus to Minnesota.

Since Walz was announced, the team raised more than $20 million from grassroots donations, the campaign said. Walz is far from a household name. An ABC News/Ipsos survey conducted before he was selected but after vetting began showed that nearly 9 in 10 US adults did not know enough to have an opinion about him.

Harris devoted much of her speech to telling the audience about Walz’s life and work, which included stints as a social studies teacher and a football coach.

“To those who know him best, Tim is more than a governor,” she said.

“We both believe in lifting people up, not knocking them down,” she said. “We both know that the vast majority of us have so much more in common than what separates us. And we see in our fellow Americans neighbors, never enemies.”

Harris, the first Black woman and person of South Asian descent to lead a major party ticket, initially considered nearly a dozen candidates before zeroing in on a handful of serious contenders.

Nobel laureate Yunus will head Bangladesh’s interim government after unrest ousted Hasina

By Julhas Alam & Sheikh Saaliq

The Associated Press

DHAKA, Bangladesh—Nobel laureate Muhammad Yunus will head Bangladesh’s interim government after longtime Prime Minister Sheikh Hasina fled the country amid a mass uprising that left hundreds of people dead and pushed the South Asian nation to the brink of chaos. The decision, announced early Wednesday by Joynal Abedin, the press secretary of the country’s figurehead President Mohammed Shahabuddin, came during a meeting that included military chiefs, organizers of the student protests that helped drive Hasina from power, prominent business leaders and civil society members.

A longtime political opponent of Hasina, Yunus is expected to return soon from Paris, where he is advising Olympic organizers, media reports said.

An economist and banker, he was awarded the 2006 Nobel Peace Prize for his work developing microcredit markets. Yunus has been hailed for bringing thousands out of poverty through Grameen Bank, which he founded in 1983, and which makes small loans

Trump has focused much of his campaign on appealing to men, emphasizing a need for strength in national leadership and even featuring the wrestler Hulk Hogan on the final night of the Republican National Convention. Harris’ finalists—all white men—marked an acknowledgement of the Democrat’s need to at least try to win over some of that demographic.

She personally interviewed three finalists: Pennsylvania Gov. Josh Shapiro, Arizona Sen. Mark Kelly and Walz. Harris wanted someone with executive experience who could be a governing partner, and Walz also offered appeal to the widest swath of the diverse coalition.

His selection drew praise from lawmakers as ideologically diverse as progressive leader Rep. Alexandria Ocasio-Cortez, D-N.Y., and independent Sen. Joe Manchin of West Virginia, a moderate who left the Democratic Party earlier this year.

A team of lawyers and political operatives led by former Attorney General Eric Holder pored over documents and conducted interviews with potential selections. Harris mulled the decision over on Monday with top aides and finalized it Tuesday morning, according to three people familiar with Harris’ decision who spoke on condition of anonymity to describe private deliberations.

Shapiro, an ambitious politician in his own right, struggled with the idea of being No. 2 at the White House and said he felt he had more to do in Pennsylvania, according to one of the people familiar with Harris’ decision. There was also public pushback to Shapiro for his stance on Israel from Arab American groups and younger voters angry over the administration’s response to the Israel-Hamas war.

The other contenders threw their support behind the ticket Tuesday, and Shapiro was one of the speakers at Tuesday’s Philadelphia rally. Biden described the Harris and Walz ticket as “a powerful voice for working people and America’s great middle class.”

Walz coined one of Democrats’ buzziest campaign bits to date, calling Trump and his running mate Ohio Sen. JD Vance “just weird,” a label that the Democratic Governors Association—of which Walz is chairman—amplified in

open fire.”

to businesspeople who wouldn’t qualify for regular bank loans.

Other members of the new government would be decided soon, after discussions with political parties and other stakeholders, Abedin said. The president had dissolved Parliament on Tuesday, clearing the way for an interim administration and new elections. Shahabuddin also ordered the release of opposition leader Khaleda Zia from house arrest, a longtime Hasina rival who was convicted on corruption charges in 2018. The streets of Dhaka, the capital, were calm Tuesday, a day after violence swept parts of the country amid Hasina’s sudden departure. On Tuesday, jubilant protesters thronged the ousted leader’s residence, some posing for selfies with soldiers guarding the building after Monday’s wave of looting.

The Bangladesh Police Association went on strike after police stations and security officials were attacked across the country Monday. The association said “many” officers had been killed but gave no number. Officers would not return to work unless their safety is assured, the association said. It also apologized for police attacks on student protesters, saying officers were “forced to

a post on X and Democrats more broadly have echoed.

On Tuesday, Walz said : “Just an observation of mind, I just have to say it. These guys are creepy and, yes, just weird as hell.”

Harris, second gentleman Doug Emhoff and Walz will spend the next five days touring critical battleground states, visiting Wisconsin and Michigan on Wednesday and Arizona and Nevada later in the week.

Vance, for his part, planned stops in some of the same areas. He said Tuesday that he called Walz earlier in the day and left a voice message.

The Trump campaign on Tuesday immediately tried to tag Walz as a far-left liberal.

“It’s no surprise that San Francisco Liberal Kamala Harris wants West Coast wannabe Tim Walz as her running-mate – Walz has spent his governorship trying to reshape Minnesota in the image of the Golden State,” said Karoline Leavitt, Trump’s campaign press secretary.

Trump, who often weighs in on the news on his social media network, posted simply, “THANK YOU!” after the news of Walz’s selection was public. He followed

up with another post a few hours later, proclaiming “This is the most Radical Left duo in American history” and suggested Biden “feels that he made a historically tragic mistake” and would try to get back in the race again.

Walz, who grew up in the small town of West Point, Nebraska, was a teacher, coach and union member at Mankato West High School in Minnesota before entering politics.

He won the first of six terms in Congress in 2006 from a mostly rural southern Minnesota district and used the office to champion veterans issues. Walz served 24 years in the Army National Guard, rising to command sergeant major, one of the highest enlisted ranks in the military, although he didn’t complete all the training before he retired so his rank for benefits purposes was set at master sergeant.

He ran for governor in 2018 on the theme of “One Minnesota” and won by more than 11 points.

David Ivory, a 46-year-old St. Paul resident, rode over to Walz’s residence on his bike with his kids shortly after the announcement to deliver their congratulations.

“He’s just down to earth. He gets it. He can talk to anybody,”

Ivory said. “He doesn’t seem like he’s above anybody.” As governor, Walz had to find ways to work in his first term with a legislature split between a Democratic-controlled House and a Republican-led Senate. Minnesota has a history of divided government, though, and the arrangement was surprisingly productive in his first year.

Walz easily won reelection in 2022, and Democrats flipped the Senate to win full control of both chambers and the governor’s office for the first time in eight years. A big reason was the Dobbs decision from the conservative-majority Supreme Court that overturned a federal right to an abortion.

Walz currently serves as cochair of the bipartisan Council of Governors, advising the president and the Cabinet on homeland security and national defense issues. He was first appointed to the position by Trump, then later reappointed by Biden.

Miller, Long and Kim reported from Washington. Karnowski reported from Minneapolis. Associated Press writers Michael Balsamo and Michelle L. Price in New York and Michael Goldberg in Minneapolis contributed to this report.

Yunus, who had called Hasina’s resignation the country’s “second liberation day,” had faced corruption charges during her rule that he derided as politically motivated. He could not immediately be reached for comment, but a key organizer of the protests, Nahid Islam, said he had agreed to head the interim administration.

Islam said protesters would propose more names for the Cabinet and suggested that it would be difficult for those in power to ignore their wishes.

Hasina fled to India by helicopter as protesters defied a military curfew to march on the capital, with thousands eventually storming her residence and other buildings associated with her party and family.

The unrest began in July with protests against a quota system for government jobs, which critics said favored people with connections to her party. But they soon grew into a broader challenge to Hasina’s 15-year rule, which was marked by human rights abuses, corruption, allegations of rigged elections and a brutal crackdown on her opponents.

The government’s violent response to the demonstrations, which killed about 300 people in just a few weeks, only fueled the protests more.

Saaliq reported from New Delhi, India.

THE recent discourse surrounding Temporary Restraining Orders (TROs) issued by trial courts highlights a critical issue plaguing the country’s judicial system. Instances where TROs were issued, such as in the case of the Kapa Community Ministry International Inc. financial scandal, demonstrate the real-world impact of judicial decisions on the lives of millions of people.

A Regional Trial Court judge in General Santos City issued a TRO against the Securities and Exchange Commission to halt the enforcement of a cease and desist order against Kapa, which deceived five million individuals by offering a fraudulent promise of a 30% monthly return on investments for life. While the Supreme Court rightfully found the judge culpable of gross ignorance of the law and subsequently suspended him for two years without pay, it is crucial to acknowledge that greater protection could have been afforded to the public had he not intervened to obstruct the SEC’s regulatory actions.

Moreover, the obstruction caused by TROs in critical sectors like product standards enforcement, as highlighted by Dr. Jesus Lim Arranza in his B USINESS M IRROR column on Wednesday, raises alarms about the vulnerability of regulatory frameworks to manipulation by unscrupulous entities.

Dr. Arranza said the Department of Trade and Industry was prevented from enforcing mandatory product standards for glass products due to the TROs from the Makati and Pasay Regional Trial Courts. Although the Makati court’s injunction has been lifted, the Pasay RTC’s order remains in effect, leaving flat glass without standardized regulations. This absence of standards is concerning as flat glass is extens ively used in buildings and houses. The TRO allowed traders to freely distribute substandard glass products without fear of repercussions, as there are no mandatory product testing, inspec tions, or market monitoring for compliance.

The TRO issued by the Taguig Regional Trial Court affecting Meralco’s bidding activities for power supply requirements brings to light a complex interplay between legal interventions and economic interests. The court recently extended the TRO that halted the competitive selection process (CSP) or bidding for 1,000 MW of necessary power supply for Meralco—a decision that could have negative consequences on the provision of electricity to millions of consumers.

‘Japanic Monday’

This situation arose from the complaint of the consortium operating the Malampaya Gas Field, contending that the bidding terms violat ed laws favoring indigenous natural gas in power supply contract awards—an assertion that Meralco has refuted. In a recent statement, Meralco clarified that power plants using Malampaya gas have signaled interest to participate in the bidding process.

Due to the TRO, the bidding for two power supply contracts—600 MW and 400 MW—will face an unnecessary delay.

Joe Zaldarriaga, Meralco vice president and head of corporate communications, highlighted the critical repercussions of delays in bidding processes. Postponements in these auctions directly impact the pockets of ordinary consum ers. Any delays in executing power supply agreements not only jeopardize energy security but also force Meralco to seek essential supply from the volatile spot market, leading to increased costs for consumers. He emphasized that adhering to the scheduled implementation of supply contracts could have provided consumers with cost-efficient electricity, averting these challenges.

Meralco said the CSP biddings are conducted wi th a high degree of transparency and adhere to strict processes and rules set by the De partment of Energy and the Energy Regulatory Commission. In fact, the DOE has issued a Certif icate of Conformity to proceed with the CSPs, confirming that the biddings co mply with all applicable gove rnment rules and regulations. It is essential to recognize that even after the bid is awarded, the ERC must conduct a thorough evaluation to ensure that these cont racts comply with government standards and regulations. Unfortunately, the halting of Meral co’s bidding process for power supply requirements underscores the disruptive impact of TROs on vital economic activities.

2005

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893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

‘2

OUTSIDE THE BOX

024: The Year Of Uncertainty.” I know that I keep repeating that phrase. But if you do not understand that idea, then you cannot understand and put into perspective all that is happening around us. Uncertainty breeds fear and fear leads to two opposite behaviors: paralysis and hyperactive decision-making.

I looked at the predictions for 2024 from some of the best minds.

“24 Things We Think Will Happen In 2024” from Vox thought that there was an 85 percent chance Narendra Modi would remain as

India’s prime minister. Good call. The Financial Times writers said on December 30, 2023. “Keir Starmer will become UK prime minister”. Another good call.

But then again, the FT also pre-

You cannot say that the world in general, and the West in particular, is even close to stable politically, socially, and economically. This is not a game of Jenga where one or two blocks being removed creates a shaky tower. The world is now a large pile of 54 wooden blocks, and they are all on fire.

dicted that “X will go bankrupt”. Robin Harding, FT’s Asia editor, wrote, “Will the Bank of Japan raise rates above zero? No. Contrary to market expectations of several further increases, rates will end the year no higher than zero”. Bad call.

Regarding uncertainty, I cannot find anyone who for 2024 predicted riots in England and massive protests in Ireland over migrant immigration. Whose crystal ball saw Sheikh Hasina, the longest serving prime minister in Bangladesh history and daughter of the nation’s founder, resigning and fleeing to India, after protests against her government—which killed over 200—and the military taking over the government.

The events in the financial/as-

Climate crisis hinges on green power for the poor, Rockefeller study shows

By Antony Sguazzin

THE world’s poorest nations need to triple power production by 2050 to prosper and will become the biggest emitters of climate-warming gases unless they are given assistance to build renewable energy facilities, the Rockefeller Foundation said in a new report.

A study of the world’s 72 most energy-poor nations, of which 44 are in Africa, shows that they will need to deploy 8,700 terawatt hours of clean energy production a year, or twice the US’s current generation, to avoid accounting for three quarters of emissions by 2050. That would necessitate— depending on what technologies are used—the construction of about 5,000 gigawatts of generation capacity. There are 3.8 billion people “liv-

ing with insufficient electricity to access modern opportunity and prosperity,” the foundation, which was founded in 1913, and Catalyst Energy Advisors said in the report, The Green Power Gap. “For those billions, and the good of everyone on the planet, we must plan for a future of energy abundance that avoids triggering a climate crisis.”

While most people in these countries, which range from India to Vanuatu and Liberia, use well under 1,000 kilowatt hours of electricity

each a year, an 11th of the average American’s consumption, demand is expected to rise fast. Still, the group of countries has the world’s best solar energy potential and there’s an array of increasingly affordable green energy technology and equipment they could be given access to, the researchers wrote.

“There are already signs they’re following the pathway emerging economies started out on half a

set markets the past seven days— with Monday’s trading called by one analyst “Japanic Monday”— happened for a variety of reasons. From the experts who actually do know best.

The Bank of Japan raised interest rates causing massive liquidation worldwide by traders who had borrowed yen for “free” and who will now have to pay for that borrowed money. Further, it is a good time to get your cash back in your home country with the yen having appreciated by 10 percent since mid-July.

With Donald Trump’s momentum to the White House weakening, Big Money is skeptical about the future of “Bidenomics” if massive borrowing continues, which it will.

Further the dreaded “Sahm Rule” is looming over the markets. The Sahm Rule says: “The initial phase of a recession has started when the three-month moving average of the US unemployment rate is at least half a percentage point higher than the 12-month low”. The US is there already. The rule has a track record of only two false positive recession alerts since 1959.

century ago,” the researchers said in the study of the growth in energy consumption in the countries. “It is a clear challenge in the quest to reduce global emissions.” The researchers didn’t estimate the amount of finance needed, saying that will be determined in later work.

“It is an academic exercise up front to understand the opportunity,” said Ian Muir, head of insights at Catalyst Energy, on a media call. The report comes ahead of the official January launch of Mission 300, a program announced in April by the World Bank to give at least 300 million Africans access to electricity by 2030.

The World Bank will allocate $25 billion of concessional finance to the program while a further $5 billion will come from the African Development Bank, Rajiv Shah, president of the foundation, said on the call. Currently about 600 million Africans, or roughly half the population, have no electricity.

John Mangun

Japan morphs into the center of worry for global investors

By Lisa Du & Ruth Carson

IN less than a week, Japan has completely upended the world’s expectations for its markets and economy.

The country was the darling of the financial world for over a year. Its weak currency pushed the stock market to record highs and rekindled inflation after decades. Then the Bank of Japan hiked rates last Wednesday and Governor Kazuo Ueda indicated he intended to keep going, helping trigger a sharp rise in the yen and wild gyrations across the global markets. Traders and investors were forced to abandon strategies based on macro views that Japan’s currency would stay weak and interest rates wouldn’t rise too fast.

“Without a doubt this is absolutely new ground for markets. There’s soul searching everywhere now that we have a BOJ that seems hell-bent on getting away from years of zero or negative rates policy,” said Stephen Miller, a consultant at Grant Samuel Funds Management and former BlackRock Inc. fund manager. “Japan is now at the center of emergent worries — across everything, stocks, bonds, yen, credit, everything.” Volatility coursed through Japan’s markets with the Nikkei 225 suffering its biggest rout since 1987 on Monday, only to come roaring back 10 % the next day. The whiplash carries implications for the country’s politics and households as the market turmoil could impact consumer confidence and Japan’s delicate climb out of deflation. Adding to investors’ confusion, the yen weakened about 2 % on Wednesday after BOJ Deputy Governor Shinichi Uchida said the bank wouldn’t raise rates as long as markets are unstable.

“The risk is that consumption and investment will be held back due to the increased uncertainty in the markets,” said Hirofumi Suzuki, chief foreign-exchange strategist at Sumitomo Mitsui Banking Corp. “If it drags on, it could affect business behavior and households as well.”

The initial historic selloff in the market indicates that any momentum trades hoping to profit from the weak yen and the broad rally in Japanese equities have been wiped out, according to analysts. The surge in the yen also derailed one of the most profitable market strategies this year : carry trades that involve borrowing the Japanese currency to invest in other global assets. The yen’s rebound set off a rush to take profits on these trades and close positions, which exacerbated the currency’s rise.

“This outsized response compared with previous instances of carry trades being quickly unwound suggests there is more at play in Japan than recession fears—and could have global ramifications if it continues,” said Wei Li, global chief investment

A downturn in the market could also spark an increase in stock buybacks as companies take advantage of lower share prices. Regulators and overseas investors have been pushing for firms to adopt a more shareholder friendly policies.

strategist at BlackRock.

Politicians and business leaders have sought to soothe concerns in Japan, particularly around expanded tax-free investment accounts—an initiative to get people to move some of the more than 1 quadrillion yen sitting in bank accounts as of March into the market. Foreign investors that have stayed will likely be taking a longer view focused on companies that have been diligent about reform, business growth and balance sheet management.

“I think it’s a market that should now suit fundamental analysis—bottom up, rather than top down,” said Pelham Smithers, whose Londonbased firm offers research on Asian companies with a focus on Japan. “Going forward it becomes an interesting time if you are a stock picker.”

There’s an emerging view that BOJ’s move was a misstep and influenced by political pressure, as several prominent politicians had called out the weak yen in recent weeks. That could jeopardize the relationship between the Japanese government and the central bank—and impact Prime Minister Fumio Kishida’s bid to be reelected as the head of Japan’s ruling party next month, said Takuji Aida, chief economist at Credit Agricole.

Others supported the BOJ’s move. Christopher Willcox, the head of trading and investment banking at Nomura Holdings Inc. said the increase in rates was the right decision given the country’s macro environment and changing decades of easy money policy was bound to be disruptive.

“They always knew that the unwind was going to be very difficult,” said Willcox. “So I think the BOJ is playing it extremely smart.” A downturn in the market could also spark an increase in stock buybacks as companies take advantage of lower share prices. Regulators and overseas investors have been pushing for firms to adopt a more shareholder friendly policies.

“This opportunity is unique,” said Atul Goyal, an equity analyst at Jefferies. “The selloff creates an opportune moment as some companies are about to announce results and have board meetings, it’s possible for some of them to announce large buybacks.” With assistance from Daisuke Sakai, Erica Yokoyama, Momoka Yokoyama and Anchalee Worrachate/Bloomberg

‘Alipato at Muog’: The search for justice for the desaparecidos

Four pathways COUNTRIES will be able to access funding by committing to reforms that allow the roll out of green energy and private investors could plow in two or three times the amount committed by the two banks, Shah said. About a third of the money could be spent in Nigeria, Africa’s most populous country. The researchers mapped out four pathways for energy poor countries to follow should they have sufficient access to finance : Gradual grid greening : Suitable for countries like India with developed grids and considerable fossil fuel assets.

Atty. Dennis Gorecho

KUWENTONG PEYUPS ATBP.

THE search for a desaparecido is the search for justice.

“Alipato at Muog,” (Flying Embers and a Fortress) by JL Burgos at the Cinemalaya Independent Film seeks to “uncover the hard truths” surrounding the enforced disappearance of his older brother and other desaparecidos.

“Desaparecidos” is the Spanish and Portuguese word for “disappeared people” or victims of forced disappearance.

The abduction of peasant activist Jonas Burgos was brazen – done at noontime of April 28, 2007 in a crowded mall in Quezon City. Burgos was never seen again and the military has repeatedly denied any role in his disappearance.

As his family launched their search, a car plate brought them face to face with powerful forces.

Despite insurmountable barriers, anonymous informants have dropped leads and even provided the last known photo of Jonas in captivity. Edita, the 80-year-old mother, and her filmmaker son lead the long and arduous fight for justice.

Presented through testimonials of their lawyer, a reporter, a former Justice Secretary and Human Rights Commission Chair, and witnesses who agreed to appear on condition of anonymity, combined with anima-

tion and never-before-seen footage of the family’s relentless search, the documentary film weaves the stories together to uncover the truths, however painful, about the brother’s disappearance.

“But how can justice prevail when the crime is committed by the very institution that is mandated to protect its people? Where does one even turn for answers? Telling Jonas’s story is telling the story of more than a thousand victims of enforced disappearance,” JL Burgos said.

On February 2, 2014, the Supreme Court upheld the 2013 findings of the Court of Appeals that ruled the military and the government responsible for the disappearance of Burgos. The SC also directed the Commission on Human Rights (CHR) to re-investigate the case, citing serious lapses in the previous investigations of the police.

The truth about his enforced disappearance authored by the military remains to be a mystery. Meanwhile, the suspects in the case, all military officers, have been promoted, granted choice positions in government and the military hierarchy and enjoy the perks that go with their positions.

“Our nightmare is the nightmare of every family of a desaparecido.

Data from the human rights group Karapatan and FIND indicated that there are between 950 to 1,000 desaparecidos during the late dictator’s term, 821 during Cory Aquino’s presidency, 39 under Ramos’ term, 26 under the Estrada administration, 206 during Arroyo’s term, 29 during Noynoy Aquino’s administration, and 20 under Duterte’s term.

There are no illusions that this documentary will stop enforced disappearances. But it is my hope that this film will serve as both a step towards finding Jonas and a stride towards justice for all victims of enforced disappearance,” JL Burgos said.

Alipato is screened days before “International Day of the Victims of Enforced Disappearances” or “Desaparecidos Day” that is observed every August 30 since 2011.

The United Nations (UN) Commission on Human Rights defined desaparecidos with three elements : (a) deprivation of liberty against the will of a person; (b) involvement of government officials, at least by acquiescence; and (c) refusal to acknowledge the deprivation of liberty or concealment of the fate or whereabouts of the disappeared person. Enforced disappearances are clear violations of fundamental human rights, including the right to life, liberty, and security of person, as well as the right to due process and a fair trial.

The UN identifies as particular concerns (a) the ongoing harassment of human rights defenders, relatives of victims, witnesses and legal counsel dealing with cases of enforced disappearance; (b) the

use by States of counter-terrorist activities as an excuse for breaching their obligations; (c) and the widespread impunity for enforced disappearance.

The Anti-Enforced or Involuntary Disappearance Act of 2012 was signed into law on December 21, 2012. The law makes the crime of enforced disappearance punishable by life imprisonment. The law treats enforced disappearances as a violation of human rights and a crime separate from kidnapping, serious illegal detention, and murder.

Under the present administration, among the recorded desaparecidos are University of the Philippines alumni and indigenous people’s rights activists Gene Roz Jamil “Bazoo” de Jesus and Dexter Capuyan, abducted on April 28, 2023 in Taytay, Rizal. Coincidentally, Burgos, De Jesus and Capuyan were abducted on the same day but 16 years apart. As the struggle for truth and justice by the families of the desaparecidos continue, Filipinos must be vigilant against the ominous threat of State-sponsored suppression of dissent.

Peyups is the moniker of University of the Philippines. Atty. Dennis R. Gorecho heads the seafarers’ division of the Sapalo Velez Bundang Bulilan law offices. For comments, e-mail info@ sapalovelez.com, or call 09175025808 or 09088665786.

Harris VP pick Tim Walz’s long history with China may prove awkward

By Iain Marlow

DEMOCRATIC vice presiden-

tial candidate Tim Walz has connections to China dating back decades that could help inform Kamala Harris’s approach to the world’s second-biggest economy, but may also spell trouble with leaders in Beijing and Republicans back home.

The little-known Minnesota governor taught English in China’s southern Guangdong province in 1989 and 1990, making him the first person on a presidential ticket to have that kind of experience living in the country since George H. W. Bush, who served as US ambassador in Beijing in the 1970s.

Walz has often spoken affectionately about China’s people.

“If they had the proper leadership, there are no limits on what they could accomplish,” he told a local newspaper after returning from China in 1990. “They are such kind, generous, capable people.”

lunch with the Dalai Lama, the Tibetan spiritual leader exiled by China. His interest in the country has also extended to policy-making, with Walz co-sponsoring numerous pieces of legislation in the US House, including the Hong Kong Human Rights and Democracy Act of 2017.

Walz also co-sponsored numerous resolutions, including those condemning China’s censorship of the killings in Tiananmen Square in 1989, and ones expressing concern about the treatment of Falun Gong practitioners.

With Walz appearing prominently on the national political scene for the first time on Tuesday, many on social media began poring over a long record of comments on China, some of them decades old.

China have tracked a familiar evolution from hope that an economic opening up would lead to greater political freedoms to frustration about what he’s called China’s worsening human-rights record. His positions appear largely in sync with the Biden administration approach to China, which aims to compete with Beijing in military and economic spheres, and cooperate where possible on climate or narcotics trafficking.

tight race for the White House at a time when the China relationship is much more confrontational.

While China appears to be a personal issue for Walz, that’s only good “to a point” and doesn’t reflect the “zero-sum competition” between the US and China, said Michael Sobolik, a senior fellow at the American Foreign Policy Council and author of Countering China’s Great Game: A Strategy for American Dominance.

Decentralized solar storage : For countries with good solar radiation and undeveloped power grids decentralized mini-grids with batteries would be suitable. Burkina Faso is a candidate.

Decentralized renewable mix : Suitable for countries such the Democratic Republic of Congo with few transmission lines but a variety of potential renewable power sources including solar and mini-hydro power plants.

“These are the countries that will determine whether the world” can keep the global average temperature from rising more than 1.75C, Shah said of the group of 72 nations. The world needs “very dramatic scaling up of high leveraged financing to support the green transition in places that don’t have the fiscal headroom” to pay for the energy generation capacity themselves, he said. Bloomberg

Mixed grid renewable evolution : Countries like Nigeria with densely populated cities will need to rely on centralized grids that utilize on renewable energy and battery storage.

Walz got married on the fifth anniversary of the deadly 1989 Tiananmen Square military crackdown, with his wife Gwen telling a local newspaper “he wanted to have a date he’ll always remember.” He’s also posted on social media that he had a “life-changing”

“Crypto market crash triggered by “aggressive” selling by Jump Trading. Jump Crypto appears to be liquidating millions of crypto”.

Jump is a large global Proprietary Trading firm that transferred $277 million of crypto Ether over the past 10 days and had readied another $341 million potentially for sale”.

Financial calamities start with a trigger. The 1997 Asian crisis

“I don’t fall into the category that China necessarily needs to be an adversarial relationship,” Walz said in a video interview posted in 2016 that focused mainly on agriculture that is now being reposted on X. “I totally disagree, and I think we need to stand firm, on what they’re doing in the South China Sea. But there’s many areas of cooperation that we can work on.”

At the same time, his views on

began when the Bank of Thailand and the Bank of Korea almost simultaneously massively devalued their currencies when they could no longer afford to maintain the locked exchange rate to the US dollar.

In February 2007, stock prices in China and the US fell substantially as data showed a decline in US home prices, fueling fears of bad growth. Through 2007, losses on mortgage-related financial assets began to cause “strains” in global financial markets, and in December 2007 the US economy entered a recession.

“I think the idea was, with a free market economy, we’d see a more opening of the Chinese grip on—on social life and on human rights,” Walz said in a congressional hearing in 2016. “That simply has not occurred.” Walz’s stance toward China— and his past meeting with the Dalai Lama—may open him to criticism from Beijing. But a Chinese official, who asked not to be identified, said the choice of Walz is unlikely to impact US policy as American politicians are unified in their hardline views on China. In Beijing’s view, every candidate believes untrue and harmful things about China, the official said.

On the other hand, some of the governor’s more nuanced takes on the country from his trips could leave him open to Republican attacks during a

Is this the beginning of another financial crisis? My analysis is “Not. Gonna. Happen”. Here is why.

Substantial financial crises— and bursting bubbles—occur in a time of relative stability, note even in 1929. Yes, there are always signs of some unraveling around the edges but in 1926, the aggregate volume of business for the year was the largest in US history. Inflation was insignificant. Then, like a fire getting out of control, the situation slowly deteriorates at first and then explodes. Remember before 1997, we had the “Asian Economic Miracle” in Thailand and

“The Chinese people aren’t Americans’ enemies, and Walz understands that basic reality—on the other hand, Walz seems overly optimistic, almost Pollyannish, about Washington’s struggle with the Chinese Communist Party,” Sobolik said. “Like President Biden and Vice President Harris, Walz seems to reject a cold war framing for US-China relations. That’s a bad thing.” Spokespeople for Walz didn’t immediately respond to a request for comment on Tuesday.

“I lived in China, I’ve been there about 30 times,” Walz said back in 2016. “But if someone tells you they’re an expert on China they’re probably not telling you the truth, because it’s a complex country.” With assistance from Peter Martin/Bloomberg

South Korea. The World Bank published in 1993 a report, “The East Asian Miracle”.

From Ernest Hemingway’s 1926 novel, The Sun Also Rises. “How did you go bankrupt?” Bill asked. Two ways, Mike said. “Gradually and then suddenly”.

Farm output shrinks 3.3% in Q2 on El Niño’s impact

By Ada Pelonia @adapelonia

THE country’s farm output contracted by 3.3 percent in the second quarter as El Niño ravaged farmlands, according to the Philippine Statistics Authority (PSA).

PSA data indicated that the crops and livestock subsectors recorded declines in terms of value while the poultry and ﬁsheries subsectors buoyed the performance of Philippine agriculture in April to June.

The value of agriculture and ﬁsheries production amounted to P413.91 billion in the reference period at constant 2018 prices. Th is was lower than last year’s P427.69 billion.

Prior to the pandemic years, the lowest recorded agricultural output was the 4.9-percent decline posted in the ﬁ rst quarter of 2016.

Roehlano Briones, a senior research fellow at the Philippine Institute for Development Studies

(PIDS), attributed the reduction in the value of the country’s agriculture output in the reference period to the dry spell and the onslaught of tropical cyclones.

“The losses are due to El Niño and typhoons,” Briones told the BusinessMirror.

Agriculture Assistant Secretary Arnel de Mesa said the weather phenomenon that wreaked havoc on local plantations was the primary driver in the decline of the crop subsector.

“El Niño was the main driver of the decline registered in crop subsector, particularly for palay, corn, and sugarcane,” De Mesa told reporters in a brieﬁ ng on Wednesday, speaking partly in Filipino. PSA data showed that crop

production, which amounted to P220.04 billion, declined annually by 8.6 percent, with the value of palay and corn production posting a 9.5-percent and 20.3-percent decline, respectively.

Livestock production amounted to P63.33 billion and contracted by 0.3 percent during the reference period, with the value of hog production recording a 0.2-percent decline.

Meanwhile, Briones said the ﬁsheries and poultry subsectors seem to have recovered in the ﬁ rst semester of the year.

PSA data showed that the value of ﬁsheries production reached P60.40 billion, recording an increment of 2.2 percent.

Poultry, which amounted to P70.15 billion, posted a growth of 8.7 percent, with every poultry commodity recording increments in their value of production.

De Mesa said the ﬁ sheries and poultry subsectors contributed “signiﬁcantly” to the overall agricultural output.

“[These counterbalanced the drop] in crop production, which is the largest segment at 53.2 percent of the total value of agricultural production,” he said.

In terms of volume, poultry production recorded an 8.7-percent increase to 739,720 MT from the previous year’s same period level of 680,500 MT.

“Chicken production, with a 70.4-percent share to the total volume of poultry production, grew by 8.9 percent. It primarily contributed to the annual increment of poultry production during the period,” the PSA said.

Crop production in the second quarter slid by 13 percent to 15.56 MMT from last year’s 17.88 MMT, with decreases in sugarcane, palay, and corn production as its main driver.

The volume of ﬁsheries production dipped by 6.2 percent to 1.02 MMT from the 1.08 MMT output in the same quarter of 2023.

It added that the decline in the subsector were noted in seaweed, roundscad ( galunggong ), and bigeyed scad (matangbaka).

Livestock production recorded a 0.2-percent decrease to 539,330 MT from 540,460 MT in the same period last year.

“The top contributor to this decrement was carabao production, which dropped by 2.4 percent annually.”

OBy VG Cabuag @villygc

NLY three Filipino companies made it to Forbes Asia announced its 2024 Best Under A Billion list, which recognizes 200 top-performing small and mid-sized listed companies in the Asia-Paciﬁc region.

Topping the list were Far Eastern University Inc., which had sales of $88 million and market value of $287 million.

Lucio Co’s Philippine Bank of Communications was also on the list with market value of $118 million.

Meanwhile, luxury products retailer SSI Group Inc. also made it to the list, which had sales of $489 million and market value of $192 million.

The Forbes list spotlights 200 leading public-listed companies in the Asia-Paciﬁc region with annual sales above $10 million and below $1 billion.

From a universe of over 20,000 listed companies, candidates were selected, not ranked, based on a composite score that incorporated their overall track record in measures such as debt, sales and earnings-per-share growth over both the most recent ﬁscal one- and three-year periods, and the strongest one- and ﬁve-year average returns on equity.

World Expo 2025

The list, which started in 2002, featured some of Asia’s biggest success stories. Notable alumni include tech companies Baidu, Alibaba and Tencent from China; India’s digital services and consulting company Infosys and biopharmaceutical ﬁ rm Biocon; popular fast-food chain Jollibee Foods Corp. from the Philippines and Malaysian budget carrier AirAsia.

“While geopolitical and inﬂ ationary headwinds sapped momentum from some Asia-Paciﬁc economies, strong domestic demand supported by an uptick in infrastructure spending and global trade powered the region’s overall growth in 2023.

“A

flourishing middle class that is willing to spend on eating out and the steady return of tourists put 21 food and beverage companies on this year’s list, more than double from last year,” Forbes said. The rebound in consumer spending, the publication said, also contributed to a renewed glow in the beauty business, while, easing supply constraints saw the number of semiconductor fi rms, last year’s standout sector, fall to eight from 14. Among the newcomers on the list is Delfi, a Singapore-based

See “Forbes,” A

is good

exposure for PHL tourism

By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror

THE Philippines’s participation in the World Expo 2025 in Osaka is expected to enhance the country’s proﬁ le in Japan and expose it to a wider international audience, as it targets the arrival of 8.4 million foreign tourists next year.

In a Viber message to the BusinessMirror, Tourism Promotions Board (TPB) Chief Operating Oﬃcer Maria Margarita Montemayor Nograles, said, “About 28 million people are projected to visit the World Expo 2025. So, the Philippines has the opportunity to boost not just arrivals from Japan, but encourage other nationalities to come to the Philippines, see our beautiful sights, and experience our legendary Filipino hospitality.”

The TPB, the marketing arm of the Department of Tourism (DOT), recently unveiled the design for the Philippine Pavilion for the world expo in separate events in Manila and Osaka.

The DOT sits as the CommissionerGeneral of the Philippine Organizing Committee (POC) for the world expo, with the TPB serving as the secretariat. The World Expo 2025 Osaka will run from April 13 to October 13, 2025.

Japan is a key tourism market for the Philippines. In 2019, prior to the pandemic, the Philippines received 682,788 Japanese tourists, who accounted for some 8.3 percent of the 8.3 million total inbound travelers that year, a historic high.

Of the 4.87 million outbound Japanese travelers from January to May in 2024, the Philippines received just 158,461, data from the Japan Tourism Bureau (JTB) showed. Th is year, Japanese tourists prefer to travel to South Korea, Taiwan, Hong Kong, Th ailand, and Macau.

Outbound tourism trend

ACCORDING to a JTB Travel Trends report, the number of outbound Japanese travelers could reach 14.5 million this year, some 72 percent of the level in 2019. The slow rebound in outbound tourism was attributed to “inﬂ ation, the cheaper yen, and ongoing uncertainty in situations and certain areas.”

For these reasons, JTB said, “the number [of outbound travelers] is not expected to recover to its pre-Covid level at least until 2025.”

JTB also estimated total outbound travel expenditure by Japanese at

Y4,960 billion (P1,979.25 billion) this year, slightly exceeding the 2019 level, or 104 percent. “The average spend per person is expected to exceed the previous year and the highest since 2000,” it said. Under the DOT’s National Tourism Development Program 2023-2028, inbound tourists are projected to reach 8.4 million in 2025, up 9 percent from the 7.7 million targeted this year.

In a news statement, Tourism Secretary Christina Garcia Frasco said, “Japan has been a steadfast partner of the Philippines, with bilateral relations deeply rooted in nearly seven decades of diplomatic and economic cooperation on various fronts, including trade and investment. Our people-to-people relations have also been long standing, with Japan consistently ranking as one of our top tourist markets, providing our third largest source of international visitors to the Philippines in 2023, and with the Philippines also ranking as one of Japan’s top source markets.”

Design of PHL Pavilion

SHE added, “The Memorandum of Cooperation in Tourism, signed last year between our countries, has fortiﬁed these relations as does our participation in this Expo which shall expand our ties in tourism, trade, and investment, even as we look forward to expanding the same ties with the rest of the world as nations and peoples converge in Osaka in 2025.”

Immersive experiences and Filipino craftmanship will be the main features of the Philippine Pavilion, said Nograles. With its theme “Nature, Culture, and Community : Woven Together for a Better Future” (Woven), the pavilion “reﬂects our commitment to innovation, sustainability, and economic progress,” she added. Architect Carlo Calma leads the design team for the pavilion.

“For the ﬁ rst time at the World Expo, our pavilion will oﬀer live performances integrated into the structure. Th is immersive space will use technology to highlight the diverse heritage of our 18 regions. The facade will display 212 handwoven textiles, showcasing the largest collaboration of weavers in a single project,” she said.

“At the TPB, Community-Based Tourism is a priority agenda for us not only to give that unique Philippine experience to every traveler that visits our country but also to empower local communities all over the nation,” Nograles underscored.

Ship owners in oil spill face raps, DOJ vows

HE Department of Justice (DOJ) on Wednesday vowed to file charges against the owners and personnel of MT Terra Nova and two other sea vessels that may be found liable for the thousands of liters of oil spill off the coast of Mariveles, Bataan that affected nearby provinces such as Cavite and Marinduque.

DOJ spokesman Jose Dominic Clavano IV said there were “red flags” noticed during the initial fact-finding investigation conducted by the interagency task force last Friday at the DOJ headquarters.

“So far the red flags are, on its face, based on the accounts of the PCG [Philippine Coast Guard] on what led to the oil spill. But, we can see some irregularities already,” Clavano stressed.

“We are looking at the sea worthiness of the vessels to make sure that licenses issued to them were not based on misrepresentation,” he added.

Clavano, who attended the meeting, said authorities estimated the extent of damage suffered by fisherfolk, marine and aquatic resources to be in the billions of pesos.

Aside from the filing of cases, the DOJ will also aid local government units (LGUs) in compensating affected fisherfolks and residents, he assured. The DOJ will assist the provincial government of Cavite in their dialogues with the owners, and insurance agents of the sunken vessels. Reports showed that MT Terranova, owned by Shogun Ships Company Incorporated, capsized on

Editor: Jennifer A. Ng

By Lorenz S. Marasigan @lorenzmarasigan

CEBU Air Inc., the operator of budget carrier Cebu Pacific (CEB), saw its profits dropping by 5.4 percent in the first six months of 2024 due to higher costs related to increased passenger activities.

Accord ing to a d isclosure to the stock exchange, Cebu A ir’s net income stood at P3.55 bi llion as of endJune, lower than the P3.75 bi llion it recorded the year prior T he ca rrie r ’s revenues s ur ged by 18.1 percent, reaching P51.439 bi llion as of June 30, compared to P43.551 bi llion in the same period last year T his g rowth was primari ly f ueled by substantial increases across passenger, cargo, and anci llar y revenue streams. Passenger revenues climbed by 18.4 percent, to P35.680 bi llion, up f rom P30.126 bi llion last year, as Cebu Pacif ic recorded a 12.1-percent rise in passenger volume, translating to an “add itional 1.2 mi llion passengers,” and a 5.7-percent uptick in average fares, which reached P3,101 for the current period.

Ca r go r even u es also r ose by 31.9 percent to P2.636 bi llion f rom P1.998 bi llion in the prev ious year, while ancillar y revenues increased by 14.8 percent to P13.123 bi llion f rom P11.427 bi llion last year

However, Cebu A ir also posted a 15.5-percent increase in operating expenses to P45.95 bi llion f rom P39.79 billion due to the higher flight activ ity and the depreciation of the Phi lippine peso.

Cebu A ir CEO Michael Szucs noted that the second quar ter has been a strong period for the company, saying that the company recorded the “ highest passenger count in a single quar ter in its histor y” at si x mi llion.

“T his has been a ver y impor tant quar ter for our airline, marked by signif icant achievements and crucial mi lestones. We’ve set new highs in ter ms of passengers flown, f inalized our quasi-reorganization, and made the historic order of up to 152

Cebu Pacif ic said it is conf ident of sur passing its 24-mi llion passenger target for the year as it anticipates stronger appetite for travel in the coming months.

“I do think we wou ld look to surpass the 24 mi llion passenger number for next year, but clearly that’s something we w i ll watch out for So right now, off icially, our target is 24 mi llion this 2024, but I think we’ll cer tainly breach that,” said Xander Lao, CEB President and Chief Commercial Off icer during t he recent launch of the airline’s d irect flights f rom Mani la to Chiang Mai in T hailand. Last year, CEB recorded 20.87 mi llion passengers. T his year, it is targeting to fly 24 mi llion passengers. Lao said the airline may even exceed the f ig ure as it has more aircraft that it intends to deploy to new routes and new destinations in the four

Banks lift SMIC earnings in Jan-June

Cbi llion, whi le revenues grew 6 percent to P157.7 billion f rom the prev ious P148.17 bi llion

“SM’s double-d ig it g rowth in the f irst half reflects a positive env ironment for our businesses. Improved discretionar y spending in the second quar ter lifted retai l sales, whi le our banks, proper ty and por tfol io investments continued to deliver We remain cautiously optimistic for the balance of the year,” SMIC President and CEO Frederic C. DyBuncio said.

Of SMIC’s total net ea r n i ngs, bank ing accounted for the largest share at 50 percent, proper ty contributed 27 percent whi le retai l accounted for 14 percent. T he share of por tfolio investments reached 9 percent.

“We were also pleased w ith the demand and positive feedback on our recent maiden Euro Med ium-Ter m Notes i ssu ance, hi g h l i g ht i ng t he quality of our f inancials and investability of strong Filipino companies,” DyBuncio said.

SM Retai l net income was down by 9 percent to P7.6 bi llion f rom P8.4 bi llion last year due to a high base effect f rom the impact of the lifting of mobility restrictions on consumption in 2023

Revenues in the f irst half g rew 4 percent to P196.9 bi ll ion f rom P188.5 bi llion.

IT he second qu a r te r r eflected higher g rowth by 6 percent in retai l revenues and 2 percent in net income indicative of spending on discretionar y items, such as appliances, beauty and fashion. Specialty retail revenues went up by 5 percent. Food retai l revenues expanded by 7 percent, the company said.

In Januar y to June, SM Retai l had 355 stores, bring ing the total retai l network to 4,208 stores.

Shopping mall operator SM Prime Holdings Inc. reported its consolidated net income went up by 13 percent to P22.1 bi llion in the f irst half f rom P19.4 bi llion in the same period last year Consolidated revenues g rew 8 percent to P64.7 bi llion f rom P59.9 bi llion.

BDO Un ibank Inc. posted net ear nings of P39.4 bi llion in the f irst half, 12 percent higher year-on-year,

on the stronger momentum f rom its core inter med iation and fee-based ser v ice businesses.

C hi na Bank i ng Cor p. repor ted that its net income in the f irst half rose to a record P11.4 bi llion, up 6 percent compared to last year on the back of stronger core lend ing and deposit-tak ing activ ities.

Atlas Consolidated Mining and Development Cor p., meanwhi le, repor ted an increase in net income to P2.07 bi llion whi le revenues g rew 23 percent to P12.5 bi llion as a resu lt of higher copper metal prices.

SMIC also said Phi lippine Geother mal Production Co. Inc. recently embarked on the exploration and development of new geothermal energy sources in various parts of Luzon that w i ll help bolster power security for that region and advance the countr y’s renewable energy objectives. VG Cabuag

By VG Cabuag @villygc

SConsolidated sales for the period end ing June, increased by 4 percent to P192.9 bi llion f rom the prev ious year’s P184.58 bi llion.

“SMFB has had a strong star t to the year, and we remain focused on leverag ing our strengt hs to d rive g rowth and eff iciency,” SMFB Chairman Ramon S. Ang said.

“We are also committed to suppor ting our nation’s food security and economic g rowth by expand ing access to essential products. We are ver y optimistic about the oppor tunities a head and conf ident in our abi lity to deliver continued value to all our stakeholders.”

San Mig uel Foods saw sales rising by 3 percent to P87.8 bi llion, driven by the double-d ig it revenue g rowth i n prepa red and packaged foods along w ith resi lient pou ltr y sales.

Key brands, such as Tender Juicy Hotdogs, Purefoods Luncheon Meat, Magnolia dair y and San Mig Coffee, also maintained strong sales.

Higher volumes, improved pricing, and lower raw material costs

and

Despite

“strong

and

Last March, SMFB repor ted that its income in 2023 rose 10 percent to P38.1 billion from the prev ious year’s P34.66 billion, despite the challenges of an unpred ictable macroeconomic landscape.

Consol idated sales duri ng t he pe riod reac hed P379.8 bi ll ion, a 6-percent increase f rom the prev ious year’s P358.85 bi llion, w ith all business units repor ting g rowth in sales compared to 2022. T his was attributed to improved volumes and pricing strateg ies.

Mynt’s valuation more than doubled to $5 bi llion after Mitsubishi UFJ Financial Group Inc. said last week that it wou ld invest $393 mi llion for an 8-percent stake in the company. Ayala Cor p. wou ld acquire an additional 8-percent stake to raise its interest to 13 percent. Bloomberg News

By Lenie Lectura @llectura

NGRID P owe r Hold i ngs Inc., (I P HI) a j o i nt vent ur e between ACEN Co r p. and Ma ru ben i As i an P owe r Co r p., h as p r oposed t h e const ru ct i on of a 150-megawatt (MW) batte r y ene r gy sto r age system (BESS) i n Pi l i lla, R i zal. T he batte r y p r o j ect i s meant to sto r e elect ri c ity f r om t he g ri d and t i me-s hi ft elect ri c ity s u pply to ot he r t i me i nte r val. Also, it w i ll se r ve as a so urce of anc i lla r y se rv i ce fo r t he L u zon g ri d and powe r qu al ity i mp r ovement fo r d i st rib ut ion ut i l it i es to help ease t he f r e qu ency and voltage p r oblems. “T h e Pi l i lla BESS s h all be ope rated w i t h ene r gy t i me-s hi ft i ng as i ts p ri ma r y f u nct i on. T h e plant w i ll c h a r ge f r om t h e g ri d w h e r e t h e r e i s ene r gy s ur pl u s, and t h e elect ri c i ty ma r g i nal p ri ces a r e low. T h e sto r ed ene r gy w i ll t h en be d i sc h a r ged and sold to t h e g ri d i n pe ri ods of hi g h -powe r demand and hi g h elect ri c i ty ma r ket p ri ces,” I P HI told t h e env ir onmental management b

appl i cat i on fo r an env ir onmental compl i ance ce r t i f i cate. It w i ll be connected to t h e Nat i onal G ri d Co r po r at i on of t h e Phi

added I P HI. T h e const ru ct i on fo r t h e p r oposed BESS i s expected to f i n i s h i n t h e second qu a r te r of 2025 w hi le t h e comm i ss i on

ri t i s h company Agg r eko Inte rnat i onal Pr o j ects Ltd. (Agg r eko). T h e Ing ri d d i esel plant h as been p r ov i d i ng c ri t i cal se r v i ces to t h e L u zon g ri d s i nce Octobe r 2021, and h as been h elp i ng stave off seve r e powe r o u tages espec i ally d uri ng t h e d

Off-cycle rate cut to allow govt to tap cheaper loans

By Reine Juvierre Alberto @reine_alberto

THE Monetary Board (MB) could opt for an oﬀ-cycle reduction in key policy rates to allow the government to tap into cheaper domestic loans, according to Finance Secretary Ralph G. Recto.

Recto told reporters at a forum last Wednesday he expects a reduction in interest rates within the year, which could happen on or before the scheduled August 15 policy meeting of the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP).

GUEST COLUMN

Are tech-savvy Filipino Millennials and GenZs Web3 ready?

By Nelson Lumbres

FROM the widespread use of social media to the rapid adoption of mobile banking, Filipinos have consistently demonstrated a keen interest and adeptness in navigating the digital world. This tech-savvy spirit is especially strong among Millennials and Gen Zs, who make up 40 percent of the Philippine population. This digital fluency positions them perfectly for the emerging digital landscape called Web3. This new paradigm is not just transforming the way we interact with the internet; it’s also becoming a booming space for Millennials and Gen Zs.

However, the question begs to be: Are young Filipinos Web3 ready?

Opportunities

WEB3 offers young people the chance to participate in the creation of a new digital economy. They can invest in cryptocurrencies, foster creativity in arts and entertainment with the use of non-fungible tokens (NFT) and develop decentralized applications (dApps) that transform industries from finance to healthcare. With companies rapidly adopting Web3 technologies, there are emerging career opportunities that young Filipinos can tap into. IT-based jobs with a focus on Web3 knowledge are becoming a hot trend, with companies offering competitive salaries, averaging close to P300,000 per month in 2022, to fill these tech-based positions. Positions in cybersecurity are also in demand, as the decentralized nature of Web3 requires robust security measures to protect user data and assets.

Web3 education

UNFORTUNATELY, educational institutions haven’t quite kept up with the rapid advancements in Web3 technologies. Gen Zs globally wish to have more access to credible educational resources about Web3, according to a report.

In our local setting, many schools and universities are still focused on traditional IT curricula, leaving a gap in the knowledge and skills needed to thrive in the Web3 space. This can be a significant hurdle for young Filipinos eager to dive into this new digital frontier. While traditional education systems might be slow to catch up, there are plenty of alternative pathways to Web3 education. Online courses and tutorials are readily available, offering accessible and often free resources to learn about

blockchain, cryptocurrencies, NFTs and dApps. Some platforms even provide comprehensive courses in local dialects. Local tech communities and organizations are also stepping up. Hackathons and code camps, for example, are great opportunities for young enthusiasts to gain hands-on experience and network with professionals. Events like these not only provide practical skills but also foster a collaborative environment where ideas can be exchanged and innovations can be born. They can interact and connect with each other and with experienced professionals in the Web3 space who can provide guidance, industry insights and career advice.

As digital natives who grew up with smartphones practically glued to their hands, young people are more than ready to seize Web3 opportunities. With a mix of self-directed learning, community support and mentorship, the next generation is well on their way to becoming leaders and innovators in this exciting new digital landscape.

Nelson T. Lumbres (https://www. linkedin.com/in/nelsonlumbres/) is the co-founder of ICP Hub Philippines, a non-profit organization that aims to boost blockchain education through the adoption of Internet Computer Protocol (ICP). Lumbres’s views do not necessarily reflect those of the B USINESS M IRROR S To learn more about ICP, visit https:// internetcomputer.org/.

Why Web3 Matters?

BEFORE we dive into W eb3 and why youngsters are all about it, let’s take a brief historical perspective. Remember those clunky websites with barely any moving parts? That was Web1 or often called the “Static Web.” It was characterized by simple, static web pages with limited interactivity. Then came Web 2.0, the “Social Web,” which ushered in the era of social media and interactive web applications. We got to chat, share and create content, but these centralized platforms raised concerns about data privacy, content moderation and control.

That’s where Web3 comes in. It’s about giving the power back to users with a more secure and interactive way to navigate the web. According to McKinsey & Company, Web3 is a term used to describe the next iteration of the internet, one that is built on blockchain technology and is communally controlled by its users. The implications of Web3 are vast, opening up new avenues for innovation across various sectors, including finance, art and governance.

“I would prefer lower rates so that we could borrow domestically with lower rates as well,” added the Finance Secretary who sits as a member of the MB representing the government. The government aims to borrow

P1.923 trillion in 2024 from the domestic debt market and follows a 75: 25 borrowing mix in favor of domestic sources. The state will adopt an 80 : 20 mix from 2025 to 2028 and borrow P2.037 trillion locally to finance its programs and projects.

Recto said a 50-basis point (bps) reduction in interest rates for the whole year could even be higher but relative to the actions of the United States Federal Reserve (Fed) and inflation expectations. Inflation reached 4.4 percent

in July 2024, faster than the 3.7 percent posted in June but slower than the 4.7 percent in July 2023, breaching the government’s target of 3 to 4 percent.

(See: https://businessmirror. com.ph/2024/08/06/inflationsurge-in-july-due-to-poweradjustment-higher-cost-ofmeat-psa/)

Recto added that the MB is set to meet today, August 8, to discuss and consider global market updates, the latest inflation data and what BSP Governor and MB Chairman Eli M. Remolona Jr. would say, among others.

Recently, Remolona said monetary authorities are “always open to [an] off-cycle meeting” that could lead to the easing of interest rates despite higher inflation recorded in July 2024. (See: https://businessmirror.com. ph/2024/08/07/july-inflationdata-dims-rate-cut-hopes/)

“[The July inflation print is] slightly worse than expected. But the 4.4 [percent] includes 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,” said the BSP chief.

Recto said despite Remolona’s remarks of “a little bit less likely” rate cut due to elevated inflation, it is “still likely.”

Meanwhile, Citi Economist for the Philippines Nalin Chutchotitham said the easing core inflation and lower inflation trajectory continue to support a possible rate cut in August. However, the BSP could choose the “cautious side” and delay its rate cut to October.

“We maintain our call for 25bps rate cuts in August, October and December 2024, followed by 25bps rate cuts in February, May, and August 2025 as our base case,” Chutchotitham added.

If monetary authorities decide to maintain rates on August 15, the next policy meeting would be in October, a month after the Fed is expected to cut rates. The BSP could still cut earlier than the Fed given Recto and Remolona’s openness to an off-cycle rate reduction.

GOCC’s funds transfer not ‘pork barrel’–DOF

FINANCE Secretary Ralph G. Recto defended the decision of the Department of Finance (DOF) to park idle funds of staterun corporations to the Treasury with the promise these would be used to fund government projects.

During a forum last Wednesday, Recto denied allegations these funds are considered “pork barrel,” which is the use of government funds for projects designed to please voters or legislators and win votes.

“That is the farthest from the truth,” Recto said when asked by someone in the forum there are “fears” the unprogrammed funds will be used as a “campaign kitty.”

The question was posed after the DOF ordered P20 billion from the Philippine Health Insurance Corp. (PhilHealth) and P80 billion from the Philippine Deposit Insurance Corp. (PDIC) transferred to the Treasury.

Recto said the transfer was upon the instruction of Congress, under the Special Provision written in the Unprogrammed Appropriations in the 2024 General Appropriations Act (GAA). Thus, the DOF released a circular on the utilization of fund balances of government-owned and –controlled corporations to bankroll

unprogrammed appropriations. The DOF Circular 003-2024 authorized the PhilHealth and the PDIC to remit a total of P200 billion to the Treasury until the end of the year. This has caused criticisms from lawmakers, medical groups and the public for violating the Universal Health Care (UHC) Law.

Recto told BusinessMirror denied the move was far from violating the UHC law and its provisions. (See: https://businessmirror.com.ph/2024/07/15/dofphilhealth-excess-fund-camefrom-ng-subsidies/)

“Hindi pork barrel ang pondo sa unprogrammed appropriations [The funds for unprogrammed appropriations are not pork barrel],” said the DOF chief. Instead, Recto said, these would be exclusively used to finance several government initiatives. The latter include : foreign-assisted projects (FAPs) amounting to P51.7 billion; personnel benefits worth P27.6 billion; the P27.6-billion public health emergency benefits and allowances for health care and non-health care workers; the proposed Salary Standardization VI for government employees, P40 billion; and, various projects of the Department of Public Works and

Highways (DPWH), P26.6 billion.

The FAPs include the PanayGuimaras-Negros Island Bridges project, the Metro Manila Flood Management project, Metro Manila Subway Project Phase I, Bataan-Cavite Interlink Bridge project and the North-South Commuter Railway project, among others.

“If we do not fund these projects, it will be delayed further. We are paying interest because of the delays. We will be heavily indebted if we do not do this because of interest payments piling up,” Recto said.

He said the DOF also consulted the Governance Commission for GOCCs (GCG) and sought the legal opinions of the Government Corporate Counsel (OGCC) and the Commission on Audit (COA) to ensure full compliance with the law.

“We must make money work for us so that we don’t work for money. Paikutin natin para kumita, para lumago ang ekonomiya, mas maraming trabaho ang mabibigay, tumaas ang kita ng tao, mabawasan ang kahirapan kaysa natutulog lang don. [We should grow the money instead of letting it idle in GOCCs to grow the economy, create more jobs, increase the workforce’s

Venom blockchain tapped to digitize accountable forms

ENOM blockchain-technology operator

VVNM Vault Ltd. announced recently it is working on an agreement with Manila to digitize its accountable forms, after “the Republic of Philippines has chosen to use Venom in its country-wide digitization campaign.”

In a statement, VNM Vault (DBA Venom Foundation) said the digitized accountable forms are not limited to invoices or receipts, cash tickets, documentary stamps and special bank receipts individually identified, accounted for and afforded appropriate security.

“The project represents a major milestone, marking the world’s largest blockchain use case and showcasing Venom’s capability to handle large-scale, sovereign-level operations,” read the firm’s statement.

According to VNM, the project that aims to digitize approximately 10 billion transactions in accountable form using Venom blockchain technology, “marks a new phase in the country’s digitalization journey and promises to revolutionize financial operations.”

“The project expects to significantly

enhance transparency, reduce costs, and improve the efficiency and security of financial transactions across the nation.”

According to the company, the Philippines initially considered utilizing the Hyperledger technology of IBM Inc. to implement its digitization plan.

However, the country eventually decided to move forward with the Venom blockchain instead due to its “unparalleled scalability, high throughput, security, and low transaction costs.”

With efforts underway in the Philippines to reform financial operations, Venom brings key qualities to the table that will help usher in a new era of efficiency and transparency in the country while also helping to curb inflation.

Citing a 2021 report by AlphaBeta Inc., VNM said the digital transformation through the Venom blockchain in the Philippines can unlock up to $101.3 billion (P5 trillion) in annual economic value by 2030, equivalent to about 27 percent of the country’s gross domestic product in 2020.

“This represents billions of dollars in additional revenue to boost the economy,” the company added.

The National Printing Office (NPO), responsible for printing about 10 billion pieces of accountable forms annually, is leading the digitization initiative where it was looking to tap Venom’s help.

In its post on X (formerly Twitter) on August 1, which also contained the firm’s announcement of its selection, VNM said that the the Philippines prints approximately 10 billion paper receipts annually.

VNM CEO Christopher Louis Tsu was quoted in the statement as saying that “transitioning to digital receipts using the Venom blockchain not only reduces printing and processing costs, but also demonstrates the massive utilization of the Venom blockchain in the form of hundreds of millions of Venom tokens annually.”

“By working with Venom or considering its product, the NPO and the Philippine government as a whole are demonstrating

income and decrease poverty],” Recto said.

“ May pera naman bakit hindi gamitin? Dadagdagan natin ang utang natin to finance these projects? Magbubuwis tayo ng dagdag sa tao eh may natutulog naman na pera? [We have the money so why should we not spend it? We will just incur debt to finance these projects? We will tax the public when we have money sleeping?],” the Finance chief added.

However, Recto said he will leave the decision with the Philhealth Board to continue with the plan to increase PhilHealth’s members’ contributions to 5 percent this year. If PhilHealth deems the increase to be too high and the funds ultimately unable to be spent, I would leave it up to the board to decide to decrease the contributions, the DOF chief added. Recto said he prefers to lessen the out-of-pocket expenses of PhilHealth members and a better benefit package.

Earlier, PhilHealth President and CEO Emmanuel R. Ledesma Jr. said he is not personally keen on increasing its members’ monthly health insurance premium contributions in 2026 due to its good cash position.

readiness to keep pace with the times, ready to adopt advanced technologies to achieve better outcomes in governance and citizen services,” the company said.

According to VNM, the project “represents a landmark opportunity, not only for the company but for the blockchain industry as a whole.”

“The world’s largest blockchain use case signifies a seismic shift in how sovereign states perceive and utilize blockchain technology,” it added.

And by working with VNM, the company said the Philippine government “demonstrates unprecedented trust and confidence in blockchain as a secure, scalable and efficient solution for national-level operations.”

The move is poised to revolutionize the way governments and large institutions handle data, transactions, and record-keeping, setting a new standard for transparency and efficiency.

Tsu claims that with Venom’s incredible throughput of 100,000 transactions per second and low transaction costs, the technology “is becoming a leader in institutional blockchain solutions.” Dennis D. Estopace

Health& Fitness

Understanding bad cholesterol crucial for heart health, experts say

By Candy P. Dalizon

WHILE total cholesterol was once the primary concern, current focus is on LDL or bad cholesterol as elevated LDL levels significantly raise the risk of heart attack, stroke, and other heart problems.

A simple blood test called a lipid panel is used to measure total cholesterol, HDL- cholesterol (highdensity lipoprotein, often called good cholesterol), LDL-cholesterol (low-density lipoprotein cholesterol) and triglycerides, another type of fat in the body.

LDL cholesterol builds up in artery walls, increasing the risk of heart disease and heart attacks. In contrast, HDL cholesterol helps remove harmful cholesterol from the body. High triglyceride levels also contribute to heart disease risk.

“Take a look at your lipid profile, appreciate the breakdown and know that LDL cholesterol is what you should watch out for,” said Dr. Lourdes Ella Santos, head of Preventive Cardiology, Cardiovascular Institute of Cardinal Santos Medical Center (CSMC).

“When you go back to your doctor, and you take a look at your lipid profile, look at LDL cholesterol, whatever your LDL cholesterol is, if you reduce that LDL by 39 mg/dl or 1 mmol/L, you can reduce your risk of having a heart attack or stroke by 20 percent. That’s one-fifth lower the risk of having a heart attack or stroke just by lowering your LDL cholesterol by 39 mg/dl,” added Dr. Santos.

Panel speakers

DR. Santos was one of the panel speakers during the first of the SwissCham Roundtable Series dubbed “Inspiring Conversations on Heart Health : Turning Second Chances to Lifelong Victories” held on Tuesday, August 6, 2024 at The Westin Hote. Dr. Santos is a preventive cardiologist, the country’s one and only clinical lipidologist, and a hypertension specialist.

Dr. Santos cited four “magic numbers” to remember with regard to LDL cholesterol level. The target LDL for individuals with no risk factor is below 130 mg/dl.

“However, if you have diabetes, your LDL goal should be below 100. If you have diabetes with another risk factor or menopausal, smoker, obese, hypertensive, then your LDL goal becomes even lower, 70 mg/dl,” said Dr. Santos.

Dr. Santos pointed out “If you’ve already had an event, if you’ve had a stroke or a heart attack, that magic number goes down to 55 mg/dl and below. And each time you go back to your doctor, these are the numbers you should be targeting. If you’re not hitting these goals, talk to your doctor about it.”

Dr. Santos said regular cholesterol tests are recommended for individuals without risk factors starting at age 40. However, early cholesterol screening is recommended for individuals with a family history of heart disease and those with other risk factors.

How often you should get a cholesterol test depends on your cholesterol levels, health conditions or

other health problems, and heart disease risk. Those being treated for high cholesterol may need more frequent tests, depending on the cholesterol level and the type of treatment being used.

Dr. Santos said that patients with dyslipidemia may need cholesterol tests every three months. Dyslipidemia refers to abnormal levels of lipids in the bloodstream, a major risk factor for cardiovascular diseases. It usually means the LDL levels or triglycerides are too high.

Know your risks

PROLONGED exposure to high LDL cholesterol increases the risk of heart attack earlier in life. High cholesterol often shows no symptoms, leading many to be unaware of the condition until serious health problems arise.

The Unblocked Movement for Heart Health, co-created by partners and Swiss multinational pharmaceutical corporation Novartis, is aimed at encouraging people to get their cholesterol checked, become more aware of their own heart health and be able to live life “unblocked” with a healthy heart.

To know your risk factors for cardiovascular disease and learn more about the Unblocked Movement for Heart Health, visit https: // unblockedmovement.ph/.

Dr. Antonio Say, CSMC Chief Medical Officer, said adopting a heart-healthy lifestyle can significantly reduce your risk of heart disease. This includes getting enough quality sleep, quitting smoking, eating healthily, maintaining a healthy

weight, limiting alcohol, increasing physical activity, and managing cholesterol, blood sugar, and blood pressure.

Roundtable Discussion Series on Heart Health

TO promote awareness of cardiovascular disease and identify best practices in tackling atherosclerotic cardiovascular disease (ASCVD) in the country, the Swiss Chamber of Commerce of the Philippines (SwissCham Philippines), in collaboration with Novartis Healthcare Philippines, is organizing this roundtable series. ASCVD refers to conditions that include coronary heart disease (CHD), such as myocardial infarction (heart attack), angina, and coronary artery stenosis.

The event aimed to motivate participants to respond to the call to action : Know Your Cholesterol Numbers and Act Now to Achieve Your LDL-C Goal.

During the discussion, Dr. Santos and Dr. Sia were joined by Raul Pagdanganan, CSMC President & CEO; Dr. Ariel Miranda, CSMC Cardiovascular Institute Chairman; Joel Chong, Country President, Novartis Healthcare Philippines, and Dr. Elmer Punzalan, Department of Health (DOH) Undersecretary.

Dr. Nicolas Bruhl, Ambassador of Switzerland to the Philippines, delivered the welcome remarks while Christine Fajardo, Chairperson, SwissCham Philippines and Communications and Engagement Head, Novartis Healthcare Philippines, concluded the event.

Calls to amend vape law mount with SC ruling

By Claudeth Mocon-Ciriaco

MANY of today’s children are tomor-

row’s victims of tobacco as tobacco use, which generally starts during adolescence, is rising among young people, the World Health Organization (WHO) said. However, health advocacy groups believe that the countr y’s next generation can be better protected from the ill-effects of tobacco products following the Supreme Court (SC) decision defending public health by affirming its previous ruling that recognizes the regulatory power of the Food and Drug Administration’s (FDA) over the health aspects of tobacco products.

The decision also fortifies our country’s commitment under the WHO-Framework Convention on Tobacco Control (WHO-FCTC), said HealthJustice and Parents Against

“The Supreme Court decision is a landmark triumph in our battle to reduce tobacco consumption and its deadly consequences to Filipinos, especially the youth. Tobacco consumption causes more than 110,000 deaths every year in the country. Aside from this staggering and irreplaceable loss of human

WANFANG Hospital, led by Superintendent Dr. Tsan-Hon Liou, recently concluded a successful visit to Manila from July 23 to 27, 2024. This visit aimed to strengthen medical collaborations and share innovative healthcare practices with the Philippines, marking a significant step in the hospital’s efforts to foster international medical alliances. Key highlights of the visit included the signing of two crucial Memoranda of Understanding (MOUs). On July 26, Wanfang Hospital and the Chinese General Hospital and Medical Center (CGHMC) signed an MOU to enhance cooperation in medical research and clinical practice. The agreement was formalized by Dr. Tsan-Hon Liou and Dr. Samuel Dee Ang, witnessed by guests from both institutions. On the same day, Wanfang Hospital signed an MOU with Jose R. Reyes

lives, the country suffers more than P215 billion in economic losses every year. The decision removes any doubt and obstacles for the Department of Health and the FDA to continue their mandate of protecting the health of our people and stopping the destruction caused by the tobacco industry,” said former Health Secretary Dr. Jaime Galvez Tan, also a Board Member of HealthJustice.

PAV calls to amend Vape Law

MEANWHILE, the Parents Against Vape (PAV) sees this ruling as an opportunity to return the regulatory power over vape and electronic cigarette products to FDA.

“This is another reason for our legislators to amend the Vape Law. The Parents Against Vape has been consistently calling on our lawmakers to amend the law and return the regulatory power to FDA. The Supreme Court has already affirmed the regulatory authority of the FDA over the health aspects of tobacco products. It’s about time that our legislators do their part to correct the Vape Law,” Rebie Relator, president of PAV, said. For his part, Atty. Alexander Padilla, former Health Undersecretary, said that the SC

Memorial Medical Center, represented by Dr. Wenceslao S. Llauderes. This pivotal agreement aims to foster collaboration in medical training, research, and patient care, paving the way for innovative healthcare advancements.

A significant event during the visit was the symposium “Innovations in Healthcare: AI, Precision Medicine, and Beyond,” held in the afternoon of July 26 at Seda Vertis North Hotel. Hosted by Wanfang Hospital in collaboration with Taipei Medical University, the symposium featured pioneering presentations on AI in medicine, digital histologic image analysis, AI in cardiology, minimally invasive surgery, deep learning for osteoporosis screening, cryotherapy for endobronchial lesions, chemo hyperthermia treatment for bladder cancer, management of rifampicin-resistant tuberculosis, HIV

ruling is a vindication of the DOH and FDA’s efforts to regulate the health aspects of tobacco products.

“This regulatory win is significant and timely given that our country is facing another health crisis brought by the tobacco industry through its aggressive push of vapes and heated tobacco products. The DOH and FDA should crackdown on these harmful products before it is too late for our youth,” said Padilla.

Last July 13, 2024, the SC voting 10-3 reversed the RTC decision and upheld the FDA’s regulatory authority over the health aspects of tobacco products under Republic Act No. 9711, or the Food and Drug Administration Act (FDAAct). The SC junked the motions filed by PTI who argued that the Inter-Agency Committee Tobacco has sole powers over tobacco products, and its health aspects. Senior Associate Justice Marvic M.V.F. Leonen penned both decisions. HealthJustice supports the position of the DOH and the FDA that it has regulatory powers over the health aspects of tobacco products.

The organization maintains that with the SC decision, there is no legal obstacle

initiatives and programs, and comparative studies in bile duct repair. The symposium served as a vibrant platform for exchanging cutting-edge knowledge and discussing future advancements in healthcare technology.

Following the symposium, Wanfang Hospital hosted “Taiwan Night,” an event designed to cultivate camaraderie among attendees. The evening featured a sumptuous buffet dinner, spirited interactions, and a lively karaoke session. This memorable night showcased cultural exchange and underscored the unity and shared commitment to advancing global healthcare. The event was graced by several esteemed VIPs and representatives from various institutions, reflecting the high significance and wide-reaching impact of the symposium and Taiwan Night. Attendees

CAPITOL Medical Center (CMC) is now a contracted partner for PhilHealth’s Z -Benefit package for Coronary Artery Bypass Graft (CABG) procedures. The launch and contract signing in July 2024 marked another significant milestone for CMC, making it one of the 11 contracted facilities in Metro Manila and 28 in the whole country.

A significant 18.4 percent of total mortality nationwide is caused by cardiovascular disease, making it one of the leading causes of death in 2023, according to the Department of Health. Statistics show that cardiovascular diseases are more prominent in males compared to females.

“There are 500 to 600 cases of CABG procedures done every year at the Philippine Heart Center. This figure marks an increasing demand for intervention to address the rising prevalence of cardiovascular disease management,” added Dr. Arsenio D. Alcantara, PhilHealth Benefit Administration Section Head.

The CABG procedure is an integral part of the care for high-mortality cardiovascular diseases, providing hope and opportunities for better quality of life. Research shows that people who undergo successful CABG procedures can have a remarkable 20-year survival rate. This procedure not only saves lives but also creates better quality and more productive lives.

for the said agencies to exercise its jurisdiction to other tobacco products such as vapes, heated tobacco products, and novel tobacco products.

Watered down provisions RA 11900, or the Vape Regulation Law, lapsed into law in July 2022 and adopted watered down provisions that instead harm the health of our future generations, with the age of access to vapes lowered from 21 to 18 years old, restrictions eased on flavors, and regulatory powers vested on the Department of Trade and Industry (DTI) rather than the FDA.

The case stemmed from the efforts of the DOH and FDA to regulate the health aspects of tobacco products in view of the grave and serious consequences to Filipinos’ health.

However, the tobacco industry, through the Philippine Tobacco Institute, Inc. (PTI), challenged before the Regional Trial Court of Las Piñas the issuance of the DOH and FDA.

The regional trial court, through Acting Presiding Judge Romulo Villanue ruled in favor of PTI and declared the issuance of the DOH and FDA void.

included Deputy Representative Teng-Shi Yang and Miss Irene Yao-Ling Wang from the Taipei Economic and Cultural Office in the Philippines. Filipino dignitaries and medical professionals from the Department of Health of the Philippines, along with representatives from the Philippine General Hospital, Chinese General Hospital and Medical Center, Jose R. Reyes Memorial Medical Center, Lung Center of the Philippines, and the University of the Philippines Manila were also present. Industry partners, including ASUS and Wistron Medical Technology, also participated, ensuring a diverse and comprehensive discussion on healthcare innovations. The event saw a robust turnout of around 90 participants, fostering a vibrant exchange of ideas and strengthening the foundations for future collaborations.

However, this intervention is quite costly. Pre-operative and post-operative laboratory tests and medications add to the expense as well. But with

the help of the PhilHealth Z -Benefit Package for CABG, beneficiaries will receive financial assistance from PhilHealth.

Dr. Joselito Atabug, CMC Section Head for Cardiology, stewarded the Coronary Artery Bypass Graft Procedure in 2017 and is now grateful and honored that PhilHealth has granted CMC accreditation for the Z -Benefit package for CABG. He and his team promise to care for patients with utmost excellence.

“This program is a testament to our commitment to ensuring that quality healthcare is accessible to all, regardless of their financial status. We are not only improving individual lives but also strengthening the health and well-being of our entire community,” said Dr. Jorge T. Logarta, CMC Medical Director.

CMC President Victoria Lorelie M. Tan lauded CMC’s steadfast commitment to delivering healthcare excellence. The pandemic may have affected the institution, but its goal has never changed, and it continues to strive for better service by improving in all aspects.

“Our dedication to advancing medical technology without causing financial strain and our commitment to making high-quality cardiac care accessible to all Filipinos are unwavering. This new accreditation ensures that our patients will receive the best possible care, supported by PhilHealth’s comprehensive coverage, reducing the financial burden on families,” said Tan.

ABy roderick l. Abad Contributor

GE is just a number. But it matters a lot when you want to enhance, if not maintain at all, your physical attributes as you get older. True beauty lies in the harmony between physical and external appearance, beaming an aura that goes beyond what meets the eye.

This is what CHARM By Joel Lopez MD is championing for : to offer comprehensive wellness.

“CHARM stands for Center for Healthy Aging and Regenerative Medicine,” CHARM Chief Executive Officer and Medical Director Dr. Joel Lopez told reporters on the sidelines during the grand launching of the wellness hub held at the South Wing Atrium, Greenhills Mall last July 31, 2024.

“We are dedicated to helping you embrace the beauty of healthy aging and regenerative medicine. Our approach combines the art of aesthetics enhancement with the science of rejuvenation,” he added.

On healthy aging, regenerative medicine

FOR Dr. Lopez, healthy aging is living life to the fullest as you grow older. This could be achieved by maintaining physical, mental and emotional well-being and, at the same time, adapting to the natural changes that come with age.

“We aim to optimize your body’s regenerative potential, by leveraging innovative treatments and techniques. Whether you seek to improve the appearance of your skin, enhance joint function, or promote overall wellness, our regenerative medicine services can help unlock your body’s innate ability to heal and rejuvenate,” he noted.

Journey towards robust health, ageless beauty

CHARM By Joel Lopez, MD envisions a future where age is not a hindrance to feel confident and vibrant.

Believing that the “one size, fits all” approach does not always apply to health and beauty, it strives to provide clients with comprehensive, holistic, personalized and age-appropriate natural solutions to help them combat age-related deterioration, enabling them to live longer and achieve healthier lives.

Backed by scientific expertise and personalized care, CHARM embarks on a transformative journey towards radiant health and timeless beauty.

“We believe that healthy aging and regenerative medicine go hand-inhand. Our goal is to empower you to live life to the fullest, embracing the beauty and vitality that come with each passing year,” Dr. Lopez stressed. For consultation, visit CHARM By Joel Lopez, MD at the Lower Ground Floor, Greenhills Mall, San Juan.

“Our team of experts understands the unique needs and desires of individuals who wish to age gracefully, and we offer personalized solutions to help you look and feel your best at every stage of life,” he said. Regenerative medicine, on the other hand, is a cutting-edge field that harnesses the natural healing abilities of your body to restore and regenerate damaged tissues.

Editor: Anne Ruth Dela Cruz

Medical Center (CMC) is the newest contracted facility for PhilHealth’s

Benefit

ackage for Coronary Artery Bypass Graft (CABG) procedures.

In Mongolia, SFA charts new pathways; boosts ‘third neighbor’ ties, cooperation

By Malou Talosig-Bartolome

ULAANBAATAR—Secretary

Enrique Manalo went on an oﬃcial visit to Mongolia on August 4 and 5, where he dialogued with the East Asian nation’s top government oﬃcials.

Aside from Prime Minister Luvsannamsrai Oy un-Erdene, Deputy Prime Minister Sa inbuyan Amarsaikhan and Foreign Minister Battsetseg Batmunkh, the Secretar y of Foreign Affairs (SFA) also convened w ith State Great K hural Committee on Security and Foreign Policy chair Temuulen Ganzorig who also chairs the Philippines-Mongolia Parliamentar y Friendship Group.

In those meetings, the secretar y reaffirmed the Philippines’s commitment to enhancing bilateral ties w ith Mongolia, while urging the need to work together in support of an open, inclusive, and rules-based global order governed by international law that is informed by the principles of equity and justice.

Policy Consu ltations, then for malized a memorandum of understanding (MOU) on cooperation between the Depar tment of Foreign Affairs (DFA) and the Mongolian Ministr y of Foreign Affairs, which commits both sides to bi lateral cooperation, as well as coord ination on bi lateral and inter national issues of common concer n.

T hey also signed an MOU w ith the Philippine Sports Commission and the Mongolian Ministr y of Education, Culture, Sports, and Youth on sports cooperation.

i desp r ead flood i ng. Anno u nced by Sec r eta r y of State Antony Bl i nken duri ng hi s

v i s it to Man i la on Ju ly 3 0, t he ass i stance was s u pposed to add r ess

t he i mmed i ate needs of affected and v u lne r able comm u n i t i es i n B u lacan, Pampanga, Ilocos No r te, Ilocos S ur, Lanao Del S ur, Mag ui ndanao del No r te, Mag ui ndanao del S ur, and t he Nat ional Cap ital Reg ion.

T hr o u g h t he f u nd i ng, USAID, i n pa r tne r s hi p w it h Cat hol i c Re-

l i ef Se r v i ces and Act ion Aga i nst H u nge r , wo u ld h ave p r ov i ded fam i l i es w it h access to food a i d, h yg i ene k its, eme r gency s h elte r k its, clean wate r and one-t i me cash t r ansfe r s t h at w i ll allow t hem to recove r f rom t he d i saste r safely, and w it h d i gn ity. “T he US i s p r ov i d i ng $1 m i ll ion [o r P 55 m i ll i on] to ens ur e l i fesav i ng ass i stance reac hes fam i l ies ac r oss t he a rc hi pelago w ho h ave been devastated by seve r e floodi ng and landsl i des,” sa i d Act i ng M i ss i on D ir ecto r Betty C hu ng of USAID. “We a r e comm itted to wo r k i ng w it h t he Phi l i pp i ne gover nment and people as t hey rebui ld and r ecove r f r om t hi s d i saste r.” Acco rd i ng to t he US Embassy, USAID h as been p rov i d i ng log i st ical a id to t he Depa r tment of Soc i al Welfa re and Development and Depa r tment of Hu man Settlements and Ur ban Development si nce Ju ly 16,

“T he Philippines and Mongolia share the same values of freedom, democracy, and respect for the rule of law,” the SFA said. “Our two countries are determined to chart our respective paths as sovereign states with our own strategic agencies, free from external interference.”

He noted that the Philippines’s independent foreign policy resonates w it h Mongol i a’s “T hird Neighbor Policy,” which seeks to strengthen the countr y’s foreign relations beyond its immediate neighborhood.

T he trip marked the first bilateral official v isit to Mongolia by a Philippine Foreign Affairs secretar y, and is part of the year-long commemorative activ ities marking the 50th year of the establishment of both countries’ diplomatic relations.

In line w ith the commemoration, Manalo and Battsetseg convened t he four t h Phi l ippi nes-Mongol i a

Foreign missions provide support in ‘Carina’s’ wake

seve r e effects cau sed by…[Ca ri na. T he US Embassy team i s wo r k i ng closely w it h Phi l i pp i ne] gove r nment agenc i es...”

In coo rd i nat ion w it h local aut ho rit i es, t he US gove r nment h as so fa r s u ppl i ed 700 eme r gency s helte r s i n t he Bangsamo r o Reg i on and Mag ui ndanao del S ur s i nce Ju ly 21 t hr o u g h USAID and t he IOM.

“We cont i n u e to coo r d i nate closely w i t h local pa r tne r s to d i sc u ss add it i onal ways fo r t h e US to p r ov i de ass i stance to affected commu n it i es,” US Embassy spokespe r son Kan i s h ka Gangopad h yay sa i d.

China Embassy, group donate goods

IN i n hi s soc i al med i a acco u nt, Amb. Hu ang X i l i an of C hi na conveyed r ead i ness to extend ass i stance: “My hea r t i s w it h all our Fi l ip i no f ri ends affected by ‘Ca ri na.’ O ur s i nce r e sympat h y goes to t hose w ho h ave lost t he ir loved ones i n t he floods. Stand r eady to p r ov i de help and get t hr o u g h t hi s t r y i ng t i me toget he r.” T he C hi nese Embassy i n Man i la and t he Phi l i pp i ne C hi nese C h ambe r of Comme rce and Indu st r y Inc. t hen donated P3 .5 m i ll ion wo r t h of r el i ef goods to fam i l i es affected by t he onslau g ht of t he so ut hwest monsoon and “Ca ri na” i n Man i la. T h e dep u tat i on sa i d at least 3 ,500 rel ief packages we re p rov i ded to benef i c i a r y-fam i l i es duri ng t he donat ion d ri ve. Eac h package conta i ned ri ce, canned food, and noodles as i mmed i ate r el i ef to t he s ur v i vo r s. “I was glad to del i ve r t he f ir st batc h of r el i ef packs to t he r es idents of Ba r ayon affected by t he typ h oon toget h e r w i t h…V i ce Mayo r Yu l Se r vo,” Hu ang s h a r ed

abo ut t he d i st ri b ut ion i n Tondo, Man i la. “We hope t hese hu mble donat ions wou ld be of help to t hose fam i l i es i n need. Hand- i n- h and, we stand toget he r i n t r y i ng t i mes, and p r ay fo r ea r ly r es u mpt ion of no r mal l i fe i n t he affected a r eas.”

EU releases humanitarian aid

MEANWHILE, t h e E ur opean

Un ion h as r eleased € 1.2 m i ll ion, o r mo r e t h an P 76 m i ll ion, i n human ita ri an a i d i n r esponse to t he past mont h ’s floods. T he f u nd i ng, it sa i d, w i ll help add r ess t he most p r ess i ng needs of M i ndanaoans. Comm i ss ione r fo r C ri s i s Management Janez Lena rčič sa id : “T he [sta r t of t hi s yea r ’s monsoon and typhoon season h as been ver y h a rd fo r t hose i n t he Phi l i pp i nes, and]

t he EU i s steppi ng up its ass i stance to t he most affected pop u lat ions.

T hi s f u nd i ng w i ll h elp p r ov i de mu c h needed r el i ef to people i n M i ndanao.”

T hi s allocat ion was allocated to p r ov i de eme r gency r el i ef to t he most v u lne r able fam i l i es i n heavi ly affected a r eas, foc u s i ng i n pa rt i c u la r on food ass i stance, access to safe wate r and san itat ion fac i l it i es, and ot

t he typ hoon.”

Other nations commiserate THE Un ited A r ab Em ir ates (UAE) Embassy also conveyed its leade r s’ sympat hi es. Pres ident S he i k h Moh amed b i n Z ayed Al Na hyan sent a message of condolence to Fe rd i nand R. Ma rcos Jr fo r t hose affected by floods cau sed by “‘Ca ri na, whic h swooped t h e Phi l i pp i nes and r es u lted i n seve r al cas u alt i es and i njuri es ” T hey w i s hed t he i njur ed “a speedy r ecove r y.”

Fo r t he ir pa r t, S he i k h Mo h ammed b i n Ras hi d Al Makto u m w ho i s t he v i ce p r es i dent, p ri me m i n i ste r and ru le r of D u ba i ; and S he i k h Manso ur b i n Z ayed Al Na h yan w ho i s t he v i ce p r es i dent, dep uty p ri me m i n i ste r and c h a ir of UAE’s Pr es i dent i al Co ur t, sent s i m i la r messages to Ma rcos Jr acco rd i ng to t he embassy.

Amb. HK Yu P SM sa i d Canbe rr a was also p r epa r ed to r espond i f r e qu ested by t he Phi l i pp i nes.

On X, s he posted t h at “A u st r al i a [sympat hi zes w it h t hose affected by ‘Ca ri na,’ ] and t h at t he ir embassy mon ito r ed t he s it u at ion, as it kept contact w it h Phi l ippi ne gove r nment and pa r tne r s: “ [We a r e] p r epa r ed to r espond i f r e qu ested.” Fo r t h e Canad i an Embassy’s pa r t, Amb. Dav i d Ha r tman conveyed its conce r ns and sympat hies to t hose i nd i v i du als and commun it i es i mpacted by ‘Ca ri na : “We stand ready to s u ppor t as needed.” Ambassado r Kaz u

Given shared v u lnerabi lities to nat ural calam it ies, t he two sides agreed on the need to work together to mitigate and reduce disaster risks. As an expression of solidarity, the Philippines made a donation to assist the Mongolian government in addressing the impact of natural disasters.

Manalo also recognized Mongolia’s requests for the Philippines to aid in the area of public health, English language training, and regionaldevelopment policies. Beyond two-way t ies, t he two sides also tackled mu lt i lateral cooperat ion, whic h i ncludes nuclea r d i sa r mament and non-prol i fe r at ion, t he role of women i n peace and sec urity, t he common i

German biz community lauds SONA ’24, hopes for better environment ahead

T(SONA). G P CCI also po i nted o u t t h e i mpo r tance of i mp r ov i ng seve r al a r eas of t h e local economy, pa r t i cu la r ly i n edu cat ion and labor d i g ital i zat ion, ene r gy, i nf r ast ru ct ure, and gene r al econom i c r efo r ms. F ur t h e r, it emp h as i zed t h e need fo r v i tal r efo r ms i n ed u cat i on, i nf r ast ru ct ur e, and t h e ove r all econom i c cl i mate to s u sta i n and g row Ge r man i nvestments, as well as t h e b i late r al econom i c t i es w it h t h e Phi l i pp i nes.

Education, labor

THE c h ambe r la u ded t h e gove r nment’s plans to i nteg r ate tec h n i cal-vocat i onal ed u cat i on and t r a i n i ng (TVET), as well as s u ppo r t sta r t u ps and i nnovat i on t hr o u g h i ncent i v i zed r esea r c h and development. Add it i onally, it g r eatly s u ppo r ts r efo r ms on ed ucat i on and labo r pol i c i es s u c h as t he “Apprent ices hip Prog r am” and t h e “Ente r p ri se-Based Ed u cat i on and Tr a i n i ng F r amewo r k Act.” Ge r man ente r p ri ses h ope t h e ed u cat i on c urri c u l u m w i ll be r efo r med to r eflect an ente r p ri sebased app r oac h , en h anc i ng t h e sk i lls and econom i c p r od u ct i v ity of t h e local labo r fo r ce. T h e Ge rman bu s i ness commu n ity pa r t ic ula r ly a i ms to st r engt h en l i nkages t h at p r omote F i l i p i no wo r ke r s’ u psk i ll i ng and r esk i ll i ng. Add it i onally, t h e r e i s st r ong des ir e fo r cons i stent pol i c i es t h at boost labo r coope r at i on by Ge r many and t h e Phi l i pp i nes.

Digitalization, energy, infra THE c h ambe r c ited Ma r cos Jr ’s. emp h as i s on t h e need fo r st r ateg i c, s u sta i ned, and on-sc h ed u le i nf r ast ru ct ur e p r o j ects to add r ess connect i v i ty, powe r costs, and d i g i tal i zat i on. T h e AHK Wo r ld

B u s i ness O utlook Spri ng 2024 s urvey s h ows t h at Ge r man f ir ms a r e pa r t i c u la r ly conce r ned about hi g h ene r gy costs and i nf r ast ru ct ur e. G P CCI i s opt i m i st i c t h at amendi ng t h e “Elect ri c

Travel insurance is a must to protect trips, adventures

AS travel restrictions continue to ease and more Filipinos prepare to go on trips both domestically and internationally this year, BDO Insurance Brokers, Inc. (BDO Insure) reiterates the signiﬁcance of travel insurance in safeguarding against unforeseen events.

"The importance of travel insurance cannot be overstated, especially in today's unpredictable environment," said Ed F. Ramirez, Retail Group Unit Head of BDO Insure. "While travel brings excitement and adventure, being prepared for the unexpected is crucial."

Travel insurance provides a safety net that covers a wide range of potential risks that travelers may encounter before, during, and after their trips. These risks include trip cancellations or terminations due to unexpected events such as illness, natural disasters, political unrest, or airline strikes.

Additionally, travel insurance offers benefits that include daily hospitalization

cash assistance, personal accident insurance, personal liability, loss or damage to baggage, flight delay, and missed connecting ticket.

"Whether traveling for leisure, business, or exploration, having travel insurance is not just a precaution but a necessity," emphasized Ramirez. "As more Filipinos prepare to travel in 2024, we urge everyone to prioritize their safety and financial security by investing in travel insurance."

Filipino travelers may choose from BDO Insure's well-curated selection of travel insurance products that fit their needs and preferences.

Domestic Travel - up to P1 million emergency medical treatment benefit

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coverage International Travel – up to P1.5 million emergency medical treatment benefit inclusive of up to P1.5 million Covid-19

coverage International Travel P2.5 million – For Schengen visa requirement, up to P2.5 million emergency medical treatment benefit inclusive of up to P2.5 million Covid-19 coverage Through partnering with leading and trusted insurance providers, BDO Insure was able to provide a comprehensive selection of insurance products to address the growing demands of their clients.

Ascott unveils new ecology activity book ‘Every Life Around Me’

THE Ascott Limited Philippines

launched its first literary piece created for children with the publication of “Every Life Around Me,” an ecology activity book that was released at the Somerset Central Salcedo Makati together with the Looking for Juan Publication last June 26, 2024.

The talented Meg Roxas penned the book as it comes to life with the illustrations of Dani Go. It highlights the Philippines’ endemic wildlife with engaging activities that educate its readers on how they can play an active role in their preservation.

As stewards of sustainability, the Somerset brand is delighted to spread awareness for ecofriendly practices and responsible tourism through literature

NABATI

Nabati Philippines Employee Relations and

and believes that education is the first step to a sustained consciousness towards the importance of sustainable living. Children and families were treated to an afternoon of food and fun, highlighted by a storytelling session, immersive experiences, and games to enjoy the book. The book’s release also commemorates the collaboration between Ascott and the Looking for Juan Publication. Ascott is proud to tie up with the publication and hopes to support making books accessible to everyone, especially children in disadvantaged areas. The publication’s mission to empower local artists and authors to create and share their work, alongside their goal to improve functional literacy, aligns with the inclusive and harmonious

Engagement Supervisor Elbert Camatagan highlighted that this initiative marks the beginning of a series of future endeavors by Nabati Philippines, aimed at enhancing and broadening their outreach programs to establish sustainable practices, enabling them to continue making a meaningful impact in addressing food insecurity in the country.

Chix Inasal Celebrates New Milestone with Opening of Branch at SM Tanza

CHIX Inasal, a rising star in the grilled chicken quick-service restaurant (QSR) market, recently announced its 5th store location at SM Tanza, marking a significant milestone in its rapid expansion. Known for its mouth-watering inasal dishes, Chix Inasal invites you to “Subukan Ang Sarap!” and experience the unrivaled taste that has captivated many Filipinos.

Born from a vision to revolutionize the classic Filipino inasal, Chix Inasal has quickly gained popularity with its unique flavors. The brand’s tagline, “Subukan Ang Sarap!”, isn’t just a catchy phrase; it’s a confident invitation to experience their distinctive taste.

Chix Inasal is proud to be the first QSR to offer a diverse range of business models. This innovative approach allows the company to reach customers through various convenient and accessible formats: Food Court Outlets: Convenient and quick service in bustling shopping centers.

Junior Type Stores: Cozy neighborhood spots with an expanded menu. Food Trucks: Mobile units bringing our

culture championed by the Somerset Brand.

Somerset’s beloved brand icon, Cubby, returns with the launch of the activity book. Join Cubby and Friends as they guide readers through an adventure across the Philippines, from embarking on exciting urban explorations to uncovering serene and beautiful wildlife; each page is filled with information and fun for all to enjoy and discover one page at a time.

Though it can be enjoyed alone, the activity book truly comes to life when people share the experience, be it working on a coloring page or playing through the in-book board game; the book hopes to engage our country’s young minds and instil a collaborative spirit for a cleaner and better future.

The release of “Every Life Around Me” is part of Ascott’s broader Brand 360 activities, highlighting the company’s commitment to integrating sustainability into its operations. This initiative aligns seamlessly with Ascott CARES, the comprehensive sustainability program prioritizing environmental, social, and governance (ESG) considerations. As a proud Global Sustainable Tourism Council (GSTC) member, The Ascott Limited upholds the GSTC Industry Criteria, setting a gold standard for sustainable tourism practices.

Through partnerships with Kabang Kalikasan ng Pilipinas Foundation Inc. (KKPFI) and the World Wildlife Fund for Nature (WWF), Ascott advances its sustainability goals, supporting strategic initiatives to preserve the Philippines’ natural heritage.

The brand also extended its charitable efforts by donating P2.6 million worth of goods to the Philippine Food Bank Foundation Inc., intended for distribution nationwide. “Nabati Food Philippines remains dedicated to upholding its core values, with a strong focus on being a customer-centric company. Through partnerships with Rise Against Hunger Philippines and Philippine Food Bank Inc., our corporate social responsibility initiatives underscore our commitment to giving back. As we look ahead, we are exploring avenues to enhance the sustainability of our CSR efforts and we warmly invite the Filipino community to join us on this journey,” Camatagan said, adding that these initiatives serve as a way of expressing gratitude for their loyal consumers who consistently support the brand and its products.

delicious inasal to desired locations. Standalone Restaurants: Full service with a comprehensive menu in a welcoming environment. Instore Outlets: Convenient meal options in popular retail locations. As it continues to expand its reach, the company is now offering franchising opportunities to aspiring entrepreneurs. This strategic move aligns with the brand’s mission to share its mouthwatering creations with a wider audience, empowering individuals to be part of the Chix Inasal success story.

Chix Inasal’s new branches at SM Tanza and soon at SM North Edsa highlight its growth and commitment to great food. These locations bring the tasty grilled chicken closer to more customers. Everyone is invited to “Subukan Ang Sarap.” Come taste the Chix Inasal difference for yourself!

Visit the new SM Tanza branch to taste what makes Chix Inasal special. For franchising inquiries, contact us at 09177295980 or email us at franchisingchixinasal@gmail.com.

foodpanda logistics donates over

P5M to

Carina-affected Ka-pandas

DELIVERY service provider foodpanda logistics stepped up to support its delivery partners affected by Super Typhoon Carina with a donation of more than P5 million worth of food and essentials. This aid, part of the Panda Pag-asa program, aims to benefit around 10,000 of their Ka-panda delivery partners in severely affected areas such as Metro Manila, Cainta, South Metro Manila, Baguio, and Bulacan.

As part of the initiative, their pandaPatrol: Hub on Wheels, originally used to serve as a rider support hub, roamed through these target cities, distributing essential relief items such as water, rice and canned goods.

“Our Ka-pandas are always on our minds and hearts. We strive to act quickly and effectively to provide relief to our heroes who are always ready to serve customers,” foopanda logistics Rider Experience Lead Ron Sanders stated.

In the aftermath of the typhoon, which caused severe flooding in Metro Manila and neighboring provinces, delivery partners became crucial as residents relied on them for essential food and groceries. To support their efforts, foodpanda logistics implemented a nationwide earnings boost to help Ka-pandas manage delays and challenges posed by the storm.

One remarkable story came from Ronnel Quinto, a dedicated foodpanda logistics delivery partner, who left his motorcycle in a safe place and waded through the knee-deep flood in Makati to deliver an order on foot. In a heartfelt video that he shared, Ronnel expressed his determination, “I will deliver this order

whatever happens. I have to deliver this because it is already cold.”

Similarly, another “Ka-panda” delivery partner bravely navigated the floodwaters in Olongapo to ensure that an order reached its destination. Mark Joseph Quirabo recounted, “Our customers were badly affected especially when the flood waters were so high in Olongapo so I really persevered and delivered all the orders. I really wanted to accept orders because I have to work hard every day for my family.”

“We understand that some orders might take longer, resulting in extended wait times for our Ka-pandas compared to usual. To compensate for this, we’ve initiated a timely earnings boost for delivery partners handling delayed orders,” said Sanders.

Beyond food deliveries, grocery orders have become essential for many households stocking up during the storm. Ka-panda Leonardo Antig Jr. in San Pedro, Laguna, shared his gratitude after receiving free snacks from foodpanda’s grocery arm, pandamart, while picking up orders. “Thank you for the free food because you appreciated out efforts in this heavy rain.”

foodpanda logistics has lauded these modern heroes, sharing that these acts of dedication and resilience have not gone unnoticed. “We remind our Ka-pandas to always prioritize their safety, but some truly go above and beyond to ensure orders are delivered. In return, we also ask our customers to be patient with our delivery partners if there are delays due to the adverse weather conditions,” Sanders added.

IN the photo are, from left, Dani Go, Illustrator of the Activity Book; Larissa Chavez, Looking for Juan’s Co-founder and Managing Director; Cubby The Somerset Brand Icon; Myra Bass, Residence Manager for Somerset Central Salcedo Makati; Sheena Eubra, Residence Manager for Somerset Alabang Manila, and Lawrence Diego, Assistant Residence Manager for Somerset Millenium Makati

Ka-panda Leonardo Antig Jr. shows the free snacks he received from pandamart

MATH education outcomes in the United States have been unequal for decades. Learners in the top 10 percent socioeconomically tend to be about four grade levels ahead of learners in the bottom 10 percent—a statistic that has remained stubbornly persistent for 50 years. To advance equity, policymakers and educators often focus on boosting test scores and grades and making advanced courses more widely available. Through this lens, equity means all students earn similar grades and progress to similar levels of math. With more than three decades of experience as a researcher, math teacher and teacher educator, I advocate for expanding what equity means in mathematics education. I believe policymakers and educators should focus less on test scores and grades and more on developing students’ confidence and ability to use math to make smart personal and professional decisions. This is mathematical power—and true equity.

WHAT IS ‘EQUITY’ IN MATH?

TO understand the limitations of thinking about equity solely in terms of academic achievements, consider a student whom I interviewed during her freshman year of college. Jasmine took Algebra 1 in ninth grade, followed by a summer online geometry course.

This put her on a pathway to study calculus during her senior year in an AP class in which she earned an A. She graduated high school in the top 20 percent of her class and went to a highly selective liberal arts college. Now in her first year, she plans to study psychology. Did Jasmine receive an equitable mathematics education? From an equity-asachievement perspective, yes. But let’s take a closer look. Jasmine experienced anxiety in her math classes during her junior and senior years in high school.

Despite strong grades, she found herself “in a little bit of a panic” when faced with situations that require mathematical analysis. This included deciding the best loan options. In college, Jasmine’s major required statistics. Her counselor and family encouraged her to take calculus over statistics in high school because calculus “looked better” for college applications. She wishes now she had studied statistics as a foundation for her major and for its usefulness outside of school.

THE PREVALENCE OF INEQUITABLE

MATH EDUCATION

EXPERIENCES like Jasmine’s are unfortunately common. According to one large-scale study, only 37 percent of US adults have mathematical skills that are useful for making routine financial and medical decisions. A National Council on Education and the Economy report found that coursework for nine common majors, including nursing, required relatively few of the mainstream math topics taught in most high schools.

A recent study found that teachers and parents perceive math education as “unengaging, outdated and disconnected from the real world.” Looking at student experiences, national survey results show that large proportions of students experience anxiety about math class, low levels of confidence in math, or both. Students from historically marginalized groups experience this anxiety at higher rates than their peers. This can frustrate their postsecondary pursuits and negatively affect their lives.

HOW TO MAKE MATH EDUCATION

MORE EQUITABLE

IN 2023, I collaborated with other educators from Connecticut’s professional math education associations to author an equity position statement. The position statement, which was endorsed by the Connecticut State Board of Education, outlines three commitments to transform mathematics education.

1. FOSTER POSITIVE MATH IDENTITIES: The first commitment is to foster positive math identities, which includes students’ confidence levels and their beliefs about math and their ability to learn it. A growing body of material exists to help teachers and schools promote positive math identities. For example, writing a math autobiography can help students see the role of math in their lives.

2. MODERNIZE MATH CONTENT: The second commitment is to modernize the mathematical content that school districts offer to students. For example, a high school mathematics pathway for students interested in health care professions might include algebra, math for medical professionals and advanced statistics. With these skills, students will be better prepared to calculate drug dosages, communicate results and risk factors to patients, interpret reports and research, and catch potentially life-threatening errors.

3. ALIGN STATE POLICIES AND REQUIREMENTS: The third commitment is to align state policies and school districts in their definition of mathematical proficiency and the requirements for achieving it. No one adjustment to the US math education system will immediately result in students gaining mathematical power. But by focusing on students’ identities and designing math courses that align with their career and life goals, I believe schools, universities and state leaders can create a more expansive and equitable math education system. THE CONVERSATION

A way for parents to secure financial stability for

future generations

a parent gets PRULifetime Income with P2 million sum assured for a 10-year-old child, 10-year pay, the plan gets a guaranteed P900,000 total payout at the age of 24, earns continuously until age 100 and leaves P4 million to the child’s future family. (Guaranteed 5 percent annual cash payout and 200 percent insurance coverage based on sum assured. Annual payout is payable from the end of the sixth policy year until maturity if the insured is alive during the payout dates.) This structured approach not only secures financial stability for future generations but also aligns with Pru Life UK’s commitment to empowering families through reliable and sustainable financial solutions. In case you missed it, check out www.youtube.com/ watch?v=KLXea2bLBhQ.

PRULifetime Income can also provide non-guaranteed dividends starting at the third policy year. It can be paid in cash, applied to premium due or left to accumulate interest set by the company. Pru Life UK is dedicated to addressing customer needs and providing high value-for-money financial solutions through its 38,000 agency force.

“Many Filipinos now look for regular streams of income to pursue their life goals without the fear of financial instability. We want to accelerate value creation for our customers by delivering diverse financial products and solutions tailored to address their evolving and unique needs at every life stage. PRULifetime Income guarantees lifelong payouts plus double insurance coverage, helping customers achieve financial security,” emphasizes Allan Tumbaga, Pru Life UK EVP and chief customer and marketing officer. More information about PRULifetime Income can be found at www.prulifeuk.com.ph/en/prulifetime-income.

WATSONS Philippines, the leading health and beauty retailer in the country, helps hundreds of beneficiaries in different cities and towns by providing free medical services and medicine through the Alagang Pangkalusugan initiative. As the initiative’s first Metro Manila stop for the year, Watsons visited Mandaluyong College of Science and Technology in Mandaluyong City on July 6 for a medical mission that benefited 923 beneficiaries from the city’s different barangays. The Watsons medical mission was supported by Mandaluyong local government, officer partners from the City Health Board and also

partner brands. Present during the event were Mandaluyong Vice Mayor Carmelita “Menchie” Aguilar Abalos, councilor Charisse Marie Abalos-Vargas, city health officer Dr. Arnold Abalos, and Addition Hills barangay captain Carlito Cernal. Among the free medical services that the medical mission offered to Mandaluyong residents were doctor’s consultations, ECG, X-ray, hearing check, eye test, and massage. Watsons is committed to its environmental, social, and governance goal of helping to uplift the health and wellbeing of the community. It has been conducting Alagang Pangkalusugan initiatives

since 2013 in the country’s various regions. “We want to bridge the gap between Filipinos and accessible medical services and affordable medicine through the Alagang Pangkalusugan medical missions we are conducting around the Philippines. This is our first medical mission here in Mandaluyong City for this year and we are thankful to our LGU partners as well as to our health and beauty brand partners for continuously supporting Watsons’ advocacy of helping Filipinos become healthy and live life to the fullest,” said Sharon Decapia, Watsons senior AVP for marketing, PR and sustainability.

FROM left: Dr. Arnold Abalos, city health officer, Ramil Horario, controller-functional finance; Kim Reyes, director-trading beauty and commercial services; Mandaluyong Vice Mayor Carmelita “Menchie” Aguilar Abalos; Belle Pesayco, CSR pillar head; Sharon Decapia, senior AVP for marketing, PR and sustainability, coun. Charisse Marie Abalos-Vargas; Addition Hills barangay captain Carlito Cernal; Dra.

Grateful Aira overachieves in Paris

By Jun Lomibao

PARIS—Aira Villegas was denied the opportunity to get back at Turkey’s Buse

Naz Cakiroglu on Tuesday night but remained grateful now that she’s one of only nine Filipinos who have won a bronze medal in the games since the country started participating in the Olympics a century ago also in the French capital.

“Sad,” Villegas told BusinessMirror after absorbing a unanimous decision loss to Cakiroglu. “But grateful.”

The bronze compliments the two golds Carlos Yulo won in gymnastics over the weekend, a medal Villegas wanted to be at least a silver.

“I knew she felt that and it was a legitimate punch,” Villegas said. “She got a cut on her lip of that punch.” Villegas said she prepared for Cakiroglu with a mindset that she’s not yet assured of a bronze medal.

“I focused on the fight as if it was in the quarterfinals, that I don’t have a medal yet,” said Villegas, who was introduced to taekwondo first at the Remedios Trinidad Romualdez Elementary School before shifting to boxing. “But she’s really good.” She has overachieved as a first-timer in the Olympics and

“Sad because I failed to avenge my defeat to her,” said Villegas, referring to her quarterfinals loss in the 2022 world championships hosted by her tormentor’s country. “But she’s really good, technically and everything else she brings in the ring.”

Cakiroglu is that good against the Olympic ﬁrst-timer Villegas—the Turkish went on to become world champion in 2022 in Istanbul and was a silver medalist in Tokyo 2020.

The Turkish fighter was in control throughout the fight even prompting the referee to give Villegas a standing eight-count in the first round, one that surprised the pride of Barangay Lopez Jaena in Tacloban City.

“I didn’t feel the sting of that blow [forehead],” she said. “I was surprised I got the count.”

Not even a slip—which looked more like a legitimate straight from Villegas—in the second round could deny Cakiroglu the 5-0 victory and a trip to the final against China’s Wu Yu, who beat Kazakhstan’s Nazym Kyzaibay, 4-1, in the other flyweight semifinal at a packed Court PhilippeChattier in Roland Garros.

PARIS—Boxer Imane Khelif of Algeria advanced to the gold-medal bout in the women’s welterweight division at the Paris Olympics on Tuesday night, moving one win away from what she calls the best response to the worldwide scrutiny she has faced over misconceptions about her gender. With one more victory, Khelif would win Algeria’s second boxing gold medal and its first in women’s boxing. Khelif defeated Janjaem Suwannapheng of Thailand, 5-0, in the semifinals at Roland Garros, where the crowd roared for her and chanted her name repeatedly during her threeround fight. Khelif has won three consecutive bouts in Paris, and she

DOUBLE Olympic gold medalist Carlos Yulo is getting richer and richer by the day with ArenaPlus announcing a P5 million cash bonus for the gymnastics champion. The incentive, tagged “Astig Sports Bonus,” also makes Yulo an official brand ambassador for the leading sports entertainment gateway in the country. A grand hero’s welcome is expected when Yulo returns home from the Paris Olympics on Tuesday.

“We share the ﬁght, and we share Caloy’s [Yulo] historic feat,” ArenaPlus said in a statement. “In line with this historic journey, you [Yulo] deserve this ‘Astig Sports Bonus’ of P5 million.”

will win either a gold or a silver medal when she completes the tournament on Friday against Yang Liu of China. Khelif has thrived inside the ring in Paris amid criticism and stigmatization outside of it. The trouble has stemmed from the Olympicbanished International Boxing Association’s decision to disqualify her and fellow Paris medalist Lin Yuting of Chinese Taipei from the world championships last year for allegedly failing an eligibility test. The controversy has become one of the biggest stories of the Paris Olympics, but it isn’t causing any negative eﬀects on her performances in the ring. AP

The statement added: “With your enormous effort and amazing achievement will pust sports further.” Yulo’s rewards include P10 million for each of his gold medals in floor exercise and gymnastics for a total P20 million from the Philippine Sports Commission through Republic Act 10699 or the National Athletes and Coaches Benefits and Incentives Act. The House of Representatives also doubled its earlier pledge by gifting the 4-foot-11 gymnast P6 million, while a house and lot in Tagaytay City and a condominium unit worth P35 million will be provided by the Philippine Olympic Committee (POC) and a property development firm.

vowed to keep on boxing.

“I’ll keep on fighting and will target the same goal—gold,” said Villegas, an irregular Criminology student at the University of Baguio. “It doesn’t end here, in Paris.”

Villegas’s bronze is worth P2 million in bonus from the Philippine government, but she’s expected to gain more from stakeholders in as much the same way as gold medalist Hidilyn Diaz-Naranjo, silver medalists

Carlo Paalam and Nesthy Petecio and bronze medalist

Eumir Felix Marcial got from Tokyo 2020. That reward, she said, would go a long way.

“When I was starting as a boxer, my family virtually had nothing,” said Villegas, the fifth among sixsiblings, all five of them having been boxers. “My father [Bonifacio] was a fisherman in Leyte, but boxing pulled us through.”

Her dad and mom Nida, she said, also sold balut and there was a time in her childhood that she sold peanuts.

“I remember my parents selling balut so I thought of adding to the income by selling peanuts,” she said.

through other curious and interesting ways.

Us here near the equator made it a point to stay up, or wake up early, to catch the events our local heroes were featured in: pole vault with EJ Obiena, gymnastics with Carlos Yulo, boxing with Eumir Marcial, Carlo Paalam, Aira Villegas and Nesthy Petecio, to begin with. Who cares if we’ve been sleepless. It’s been pure joy to let ourselves be swept away by the monstrous wave of Olympic enthusiasm.

It’s interesting to note that our Olympic campaign in Paris is anchored on women athletes. Of our 22 competitors in nine sports of these Games, 15 are female and 17 are male. It’s the next biggest Olympic delegation we’ve sent since 1992 in Barcelona where we sent 26 athletes to compete in nine sports as well.

Most of the male athletes have now bowed out of contention. Many of the women still remain.

Besides the dreamlike accomplishments in the ﬂoor and vault events of the gymnastic competition by our Golden Boy twice over, Carlos Yulo, and the valiant ﬁght put up by our longtime champion EJ Obiena in pole vault, our women athletes have been our source of good vibes and strong morale. Aira Villegas, who has just won us a bronze in women’s boxing, was as spunky as spunky could get. She has such

By Josef T. Ramos

HERE’S some good news: Ernest John “EJ” Obiena will continue to compete this year.

However, the Filipino Olympian and world No. 2 pole vaulter will be more selective with the tournaments he’s joining.

“I’m not going to join small competitions. I’m joining high-level competitions,” Obiena said.

Obiena, the 28-year-old World Championships silver medalist, faced the media on Wednesday via online press conference to discuss his plans after falling short of a podium place in the Paris Olympics.

The focus will be on keeping his place among the elite pole vaulters of the world, thus he will prioritize events that offer more world ranking points.

“My goal right now is to hold my world ranking. There are still competitions that are lined up for me this year.”

Cutting down on events will also help Obiena stay in the game longer.

Among the priority events are Diamond League tournaments, but everything will now depend on his back problem.

A back injury that bothered him for years recurred during his Olympic preparation, but it didn’t stop him from postponing his dream of representing the Philippines again in the quadrennial event.

“This has been recurring quite a bit,” he said. “We don’t know what it

EJ OBIENA will be focusing on events offering more world ranking points. AP

is causing. I feel it when I’m walking. I do remember when I was jogging, I can feel it. But I don’t think it didn’t hinder me to perform on the day of the Olympics. It aﬀected my overall program for the Olympics.”

Obiena clariﬁed that there was no back issue on the day of the ﬁnals in

joie de vivre and faith in self that she lifts up the nation along with her sunny style of ﬁghting. Nesthy Petecio, the most illustrious of our women boxers, has made us proud on the world stage with her combination of intelligence, discipline, strength and sheer talent. With every jab, hook and straight, she gives Pinoy Pride a boost. And we certainly hope she’ll be a Golden Girl very soon too.

Let’s not forget the precedent set by our first Golden Girl Hidilyn Diaz in the 2020 Tokyo Olympics. That was significant because after she did it, getting an Olympic gold no longer seems like a hopeless, elusive dream. It’s still a hard, hard feat. But Hidilyn showed us that getting the first pickle out of the jar is always the hardest thing to do. Once that one piece gets loose, the rest follows. That’s why Carlos Yulo didn’t just settle for one Gold, but two!

One of our remaining male athletes, John Cabang Tolentino, has withdrawn from the men’s 100m hurdles repechage round of track because of injury, so only one male athlete—John Ceniza of weightlifting—is eligible to go all the way. It’s more of the girls now who are still in the running for that “bright, slightly orange-yellow, dense, soft, malleable and ductile metal” with Atomic Number 79. Besides Nesthy in boxing, Bianca Pagdanganan and

Paris but just couldn’t get the result he wanted. He ended up fourth after clearing 5.90 meters, failing in three attempts at 5.95m. World No. 1 Armand Duplantis established a new world record of 6.25m, American Sam Kendricks bagged settled for silver with a 5.95m vault and Emmanouil Karalis of Greece cleared 5.90m for bronze.

“I am going to be realistic. I didn’t expect that it will happen this year. But in sports, things happen. Unfortunately, this year has been rough since right after indoors, even indoors. But I’m certainly capable of winning that. I was that close,” Obiena added. For now, Obiena’s plan for the 2028 Los Angeles Summer Olympic Games is up in the air.

“I need that time to process it and fully commit to it that I would be there to represent the Philippines in the best of my ability,” he explained. “I will wait for the doctor’s advice before competing. My approach to injury treatment is one day at the time.” But there was a hint he could try to qualify for LA 2028.

“At 32 it’s still young. Sam Kendricks is 31 and he had his best ﬁnish. Pole vault is such a complex sport,” he said.

Obiena’s longtime conﬁdant Jim Laﬀerty revealed that Obiena was given the4 option to pull out from the competition due to his injury and noted that the Filipino deserves much respect for making a great comeback from an anterior cruciate ligament injury in 2017.

“The fact that he came fourth is beyond amazing,” Laﬀerty said. “I can state how proud I am to him. The toughness and the unwillingness to excuse. He didn’t want to tell anyone.”

Dottie Ardina in golf still have the chance to make us proud. Vanessa Sarno and Elreen Ando may give us a pleasant surprise in Hidilyn Diaz’s favorite sport. Girls sure have been and are in the spotlight in this Paris Summer Olympics. Would you believe that this is the ﬁrst Olympics with true gender equality? Fifty percent of the athletes competing in Paris are women.

But did

Hello Bianca Bianca Pagdanganan acknowledges the crowd after putting on the second green during the first round of women’s golf event at the Paris Olympics Wednesday at Le Golf National in Saint-Quentin-en-Yvelines, France. Dottie Ardina is also competing for the Philippines. AP

IMANE KHELIF has a chance to deliver Algeria its first gold medal in women’s boxing. AP

AIRA VILLEGAS rises from a humble beginning in Tacloban City. AP ggy