THE Philippine economy is now expected to perform better until 2026 amid “turbulent times” faced by the East Asia and the Pacific region, according to the latest reports from the World Bank.
In its East Asia Pacific report, the World Bank said the country is expected to post a growth of 6 percent this year and 6.1 percent next year. These are upgrades from the bank’s April forecasts of 5.8 percent in 2024 and 5.9 percent in 2025.
In the Washington-based lender’s Macro Poverty Outlook (MPO) for the Philippines released this month, growth is expected to average 6 percent until 2026.
“Strong growth will be driven by robust domestic demand, benefitting from more accommodative monetary policy, and sustained public investment. Private consumption will remain as the main growth engine, supported by steady remittance inflows, a healthy labor market, and lower
inflation,” World Bank said. However, in the EAP, the World Bank warned that there are signs that domestic demand has been moderating in emerging economies such as Indonesia, Thailand, and the Philippines.
The EAP also noted that private investment growth remains weak and, particularly for the Philippines and Timor-Leste, public investments is the one supporting economic growth.
Data from the Philippine Statistics Authority (PSA) showed
that construction posted a 16.1-percent growth in the second quarter while Government Final Consumption Expenditure grew 10.7 percent. The PSA data also showed that public construction, which is also the data for “general government,” grew by 21.8 percent in the second quarter of 2024.
“Countries in the East Asia and the Pacific Region continue to be an engine of growth for the
“WB,” A2
WOMEN WITH JOBS HELP CUT AUG UNEMPLOYMENT
By Cai U. Ordinario @caiordinario
OVER a million women joined the labor force in August but almost the same number worked for more than 40 hours a week, according to the Philippine Statistics Authority (PSA).
On Tuesday, the PSA disclosed that 49.15 million Filipinos were employed in August, a 1.08-million increase from August 2023 and 1.46 million higher than in July 2024. This led to the reduction in unemployed Filipinos, whose numbers reached 2.07 million in August 2024—a reduction of 149,000 from August 2023, and 305,000 lower than in July 2024. (See: https://businessmirror.com. ph/2024/10/08/unemployment-underemployment-declines-in-august-psa/)
“Medyo maganda iyong datos natin sa labor force participation, employment even in unemployment [Our results are quite good for labor force participation, employment even in unemployment],” National Statistician Claire Dennis S. Mapa said in a briefing.
“One major factor that we identified in August 2024 is there were a lot of women who participated in the labor force and most of them were absorbed in the labor market,” he added, partly in Filipino.
10 DEVELOPERS MAKE HUGE
By Ma. Stella F. Arnaldo @akosistellaBM Special to the BusinessMirror
JUST 10 developers are pouring in the most number of investments in expanding the country’s hospitality industry.
In his third quarter report, Leechiu Property Consultants (LPC) Director for Hotels, Tourism, and Leisure Alfred Lay said, of the over 40,000 hotel keys in the pipeline, 54 percent of them are owned and are being constructed by the following developers,
namely: DoubleDragon Corp. with 4,324 keys; Megaworld Hotels and Resorts (3,889); Hann Philippines (2,850); The Henann Group (2,800); Anchor Land Holdings (2,270); SM Hotels and Conventions Corp. (1,723); AppleOne Properties Inc. (1,063); Robinsons Hotels and Resorts (1,016); Cebu Landmasters Inc. (899); and Ayala Land Hotels and Resorts Corp. (889). He cited that 26.3 percent of the hotel rooms in the pipeline are in the upscale category, See “Hotels,” A2
By Reine Juvierre S. Alberto @reine_alberto
REGIONAL Directors of the Bureau of Internal Revenue (BIR) will soon issue a mission order in an attempt to crack down on illicit tobacco trade and help plug excise tax leakages.
In a media forum on Tuesday, Revenue Region (RR) South National Capital Region Director Edgar B. Tolentino said all 22 revenue regions will conduct their own covert surveillance operations against illicit tobacco traders this October 2024.
“The Operations Group will conduct a nationwide mission or -
der to combat this illicit tobacco trading, which will happen this month, to support the Large Taxpayers Service in collecting excise taxes,” Tolentino said. Through a mission order issued by a BIR Regional Director, revenue officers are authorized to undertake surveillance on identified business establishments.
Data from the Bureau of the Treasury (BTr) showed BIR’s excise tax collection amounted to P167.480 billion as of the end of July 2024, P27.359 billion short of the P194.839 billion target for the January to July 2024 period.
See “BIR,” A2
Dapat, while incumbent Vice Mayor Carmelita Abalos aims to succeed
father-in-law, Benjamin Abalos Sr., as mayor of Mandaluyong City. Additionally, former Commission on Audit Commissioner Heidi Mendoza is also running for the Senate. Former Bohol governor and congressman Arthur Yap is the first nominee of the Murang Kuryente party-list. Detained pastor Apollo Quiboloy, represented by Atty. Mark Tolentino, vies for a Senate seat. San Juan City Mayor Francis Zamora is seeking a possible third term, while CIBAC aims for reelection under incumbent Rep. Brother Eddie Villanueva. NONIE REYES, ROY DOMINGO, NONOY LACZA
Govt ready to bring home 40K Pinoys from Lebanon
PBy Samuel P. Medenilla
@sam_medenilla
RESIDENT Ferdinand Marcos on Tuesday announced the government is ready to bring home over 40,000 Filipinos who are now at risk from the ongoing conflict in Lebanon and Israel.
“I wish to reassure the public that the Philippine government is doing everything it can to ensure the safety of over 40,000 Filipino nationals in Lebanon and in Israel and to bring them home so that they have a place that they can feel safe in, so long as they ask to come home,” the chief executive said in his departure speech at the Villamor Airbase in Pasay City, before flying to Laos for the ASEAN summit.
He urged the concerned OFWs from Israel and Lebanon to avail themselves of repatriation from the government, while flights are available.
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or those that can be booked for P5,700-P7,500 a night. Also, “55 percent of the pipeline keys by leading developers use alternative ownership models, such as condotels, to improve cash flow during development,” he explained. These developers have also been “targeting key locations like resort and casino destinations to capitalize on strong tourism demand.”
In 2023, the extremist militant group Hamas launched attacks against Israel from the Gaza strip. In retaliation, Israel invaded the Gaza strip, resulting in its ongoing clash with Hamas.
The conflict spread to Lebanon after Hezbollah forces fired rockets in northern Israel, which prompted Israeli forces to launch attacks against the militant group. Both ongoing conflicts have led to the repatriation of OFWs in Israel and Lebanon.
The Philippines urged all parties to refrain from escalating the violence and to work towards a peaceful resolution of the conflict.
Marcos called on all involved parties to adhere to international humanitarian law, especially the principles of proportionality, and to peacefully resolve their conflicts.
“The Philippines will always stand for the principles of international law and the safety of Filipinos in the Philippines and
A number of the hotel developers have also hired international hospitality chains to manage their properties, with the top brands being Accor, Ascott, Radisson Hotels, Marriott International, and Dusit International.
LPC and the Philippine Hotel Owners Association recently collaborated on the first Philippine Accommodation Pipeline 2024 report, which revealed some P250 billion in private sector hotel investments in 158 hotels and resorts with over 40,000 keys. (See, “Investors are putting hotels,
overseas,” he said.
Amid the escalating tension in southern Lebanon, the Department of Foreign Affairs (DFA) and the Department of Migrant Workers (DMW) are now preparing for the mass repatriation of OFWs from the Middle East country.
Marcos reported that of the 1,500 applicants for repatriation from Lebanon, a third have already gone home.
He said another 500 are still having their papers processed.
“The DFA will expedite this and OWWA [Overseas Workers Welfare Administration] will be chartering the flights to bring them home,” Marcos said.
The President said DMW and OWWA are also set to bring home 162 distressed OFWs from Israel this month.
“Once they return to the Philippines, the DMW and OWWA are ready to provide assistance to them,” Marcos said.
but where’s infra?” in the B usiness M irror Sept. 18, 2024.)
New hotel keys will be in Parañaque
NEXT week, the Department of Tourism (DOT) will be unveiling its Philippine Hotel Industry Strategic Action Plan, a blueprint for the expansion of the industry. Speaking on what he expects of the plan, Lay said, “I think it’s an opportunity for the DOT to See “Hotels,” A5
Women.
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world economy,” Manuela V. Ferro, Vice-President of the World Bank for East Asia and the Pacific, said in a statement.
“However, growth is slowing. To sustain strong growth over the medium-term countries in EAP must be proactive in modernizing and reforming their economies to navigate changing patterns of trade and technological change,” she added.
Based on the MPO, risks to the outlook for the Philippines remain tilted on the downside. Threats such as the slowdown in global growth could soften demand for Philippine products abroad.
Climate change is also expected to be a major factor amid the expected decline in poverty incidence. The World Bank said poverty incidence is projected to decrease to 13.6 percent in 2024 from 17.8 percent in 2021.
This will continue to decline to 11.3 percent in 2026. This is computed using the World Bank’s poverty line for lower-middle-income countries of $3.65 per day using 2017 Purchasing Power Parity (PPP).
“On the domestic front, food security may be challenged given persistent weakness in agriculture output, especially in the presence of a stronger-than-expected episode of La Niña,” the MPO stated.
“Future commodity price shocks caused by geopolitical conflicts, an increase in trade restrictions, and climate-related disasters remain the main downside risks,” it added.
The EAP also noted that while China’s neighbors benefited from its strong growth for the last three decades, the growth of China is weakening.
Import demand in China only grew by 2.8 percent in the first seven months of this year compared to nearly 6 percent per annum in the previous decade.
Global uncertainty can also negatively impact EAP economies. It added that heightened economic policy uncertainty could reduce industrial production and stock prices in EAP by up to 0.5 percent and 1 percent, respectively.
“East Asia’s development model—relying on open global markets and labor-intensive production— is being challenged by trade tensions and new technologies,” said World Bank East Asia and Pacific Chief Economist Aaditya Mattoo.
“The best response is to deepen trade agreements and to equip people with the skills and mobility to take advantage of the new technologies,” he added.
The World Bank projects growth in East Asia and the Pacific at 4.8 percent in 2024, slowing to 4.4 percent in 2025. Growth in China, the region’s largest economy, is projected to decline from 4.8 percent this year to 4.3 percent in 2025.
This will be driven by persistent property market weakness, low consumer and investor confidence, as well as structural challenges like aging and global tensions.
Growth in the rest of the region is forecast to increase from 4.7 percent in 2024 to 4.9 percent in 2025, benefiting from increasing domestic consumption, recovering goods exports, and a tourism rebound.
The Pacific Island countries are forecast to grow by 3.5 percent in 2024 and 3.4 percent in 2025, as tourism recovers. Investment growth remains feeble across much of the region. Cai U. Ordinario
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However, Assistant Commissioner Jethro M. Sabariaga has said the gap between the current excise take of the government from its target collection will further widen this year due to consumers’ shifting consumption.
“As of this date, we’re down already to P10 billion in tobacco [excise tax collection] and [that’s very hard to overcome],” Sabariaga said.
The BIR has set the full-year excise tax target collection to P326.195 billion, of which P324.557 million will come from the Large Taxpayers Service while the remaining P1.637 billion will be collected by RRs. Metro Manila, consisting of RR5 Caloocan, RR6 Manila, RR7A Quezon City, RR7B East NCR, RR8A Makati City and RR8B South NCR, will collect a total of P315.883 million in excise taxes.
On Monday, the BIR raided four large-scale manufacturers of illegal cigarettes in Clark, Pampanga, which owed the BIR a total of P8.061 billion in tax liability.
Internal Revenue Commissioner Romeo D. Lumagui Jr. said earlier that smuggled cigarettes and vape products have cost the national government P7.2 billion in unpaid taxes just this year.
RR71 Quezon City Regional Director Mahinardo G. Mailig said the BIR, together with the RRs, are strictly monitoring cigarettes and even vape products entering the country as well as the status of excise tax collections.
“Although majority of excise tax collections are tasked to Large Taxpayers Services, Revenue Regions are also doing their part,” Mahinardo added.
Apart from intensifying their public information drive, Mahinardo said RRs are also conducting enforcement activities, such as auditing and issuing mission orders, to improve their excise tax collections.
Continued from A1
Based on the year-on-year data on labor force participation rate (LFPR), Mapa said 1.03 million women joined the labor force and the same number or 1.03 million were also absorbed into the labor market or were employed.
The data also showed 1.085 million women worked for over 40 hours a week. De La Salle University economist Maria Ella Oplas considered this a win for women nationwide, highlighting that women now have a choice to work of become overemployed.
Being employed alone, she said, offers women greater economic and financial freedom. Nonetheless, being overemployed is a concern and creating some balance is also necessary.
“That is very good news for women. It’s a victory to women because it means there are employment opportunities available for women; women have the option to not only find employment but to go beyond 40 hrs a week working; and employment means greater economic freedom for women,” Oplas told BusinessMirror Oplas, however, considers this temporary or seasonal and expects that by January next year, some decline in employment could be in order. The holidays is what is driving this increase as there are “lots of buying and selling in the economy.”
Based on the data from PSA, some 643,000 women were employed or joined the wholesale and retail trade sector followed by public administration and defense with 277,000 women.
The list also includes accommodations and food services, 273,000 and other service activities such as computer repair, laundry services, domestic services, etc., 266,000 women.
“Rising female labor-force participation can be traced largely to increased female schooling,” former Socioeconomic Planning Secretary Dante B. Canlas told B usiness M irror
“Many households thus find it essential to have a two-income earner arrangement, compelling many married women to seek work,” he added. Overemployed women
MEANWHILE , Ateneo de Manila University economist Leonardo Lanzona Jr. told B usiness M irror that women being overemployed could mean they are working two or three jobs just to make ends meet.
Lanzona said many of these women could be engaged in contractual or nonregular labor arrangements.
This is common among women who are looking for “work from home” arrangements so they can continue caring for their children while earning a living.
“In general, women are concerned with other factors that are not related to compensation. Greater engagement in digital labor platforms allows them to find extra income without leaving home and their children,” Lanzona told B usiness M irror
Based on the results of the Labor Force Survey data, while there was a decline in underemployment numbers, there was a 31.4-percent year- on-year growth in the number of Filipinos who are invisibly underemployed.
Being invisible underemployed is the category for Filipinos who, despite working 40 hours a week or more, still desire more hours of work to increase their incomes.
The data showed 631,000 workers became invisibly underemployed in August 2024 compared to a year ago. There were a total of 2.637 million invisibly underemployed Filipinos in August.
Unfortunately, Lanzona said this is not seasonal because many Filipinos who look for these kinds of jobs that offer flexibilities can also suffer from low compensation and/or the absence of benefits.
“These jobs offer very little protection and tend to be very unstable. In reality, people do not prefer these types of jobs but are forced to accept in the absence of better options,” Lanzona said.
Given that many of these work from home jobs require gadgets, Lanzona also said it worsens income inequality in the Philippines. Instead of just providing labor inputs, gadgets are needed to earn a living.
Outpaced by AI
THE World Bank also warned that if these workers do not upskill, there is a danger that these jobs will soon be gone.
World Bank East Asia and Pacific Chief Economist Aaditya Mattoo said basic or simple jobs similar to those performed by business process outsourcing firms in the country are vulnerable to advances in technology such as Artificial Intelligence. Given these challenges, Canlas said it is “premature to be dancing in the streets” given the low inflation and decline in unemployment in the country in August. Canlas said many Overseas Filipinos could also be affected by the escalating Israel-Hamas-Iran conflicts in the Middle East. More needs to be done if the country is to have a truly merry Christmas.
Socioeconomic Planning Secretary Arsenio M. Balisacan said on Tuesday that the latest data from PSA “can lead us to a more vibrant holiday season.” (See: https://businessmirror.com.ph/2024/10/08/unemploymentunderemployment-declines-in-august-psa/)
“Labor quality is a better Christmas gift. Give me that, and will also be happy in the new year. Unfortunately, this government cannot offer me this small request,” Lanzona said.
PSA data
THE PSA said that by broad industry group, the services sector remained the top sector in terms of the number of employed persons, with a share of 63.3 percent of the 49.15 million employed persons.
The agriculture and industry sectors accounted for 19.3 percent and 17.4 percent of the employed persons, respectively.
The top five subsectors in terms of annual increase in the number of employed persons in August 2024 were Wholesale and retail trade and the repair of motor vehicles and motorcycles at 1.13 million workers and Public administration and defense, compulsory social security at 678,000.
Other top industries were accommodation and food service activities with 537,000 workers; other service activities, 380,000; and transportation and storage, 342,000 workers.
On a month-on-month changes in the number of employed persons in August 2024, the top five subsectors with the largest increase were the wholesale and retail trade; repair of motor vehicles and motorcycles at 1.15 million and public administration and defense, compulsory social security at 351,000 workers. The list includes education with 209,000 additional
Risa seeks to question former Chinese ‘spy’
SBy Butch Fernandez @butchfBM
EN.
Anna Theresia “Risa” Hon
-
tiveros, whose Senate panel is leading marathon hearings on Philippine Offshore Gaming Operators (Pogo)-related crimes, has asked the Department of Foreign Affairs (DFA) to arrange a meeting with Chinese-Cambodian businessman She Zhijiang, who is known for his extensive gambling investments across Southeast Asia including Cambodia, the Philippines and Myanmar.
Hontiveros, chairman of the Committee on Women, Children, Family Relations, and Gender Equality, made the request at Tuesday’s public hearing after She’s cellmate in a jail in Thailand, Wang Fu Gui, claimed that dismissed Bamban, Tarlac, Mayor Alice Guo, also known as Guo Hua Ping, was allegedly involved in espionage activities for China.
“The committee makes of record that it does not necessarily endorse the comments on the illegality of the arrest of Mr. She or its motivations geopolitical or otherwise. However, if our national security is implicated, it is our responsibility to listen and to investigate further. Ignoring these questions that strike at the heart of our national security would be the height of folly,” Hontiveros said in mixed Filipino and English.
In her earlier panel interview with Wang Fu Gui, the latter said he was the cellmate of She Zhijiang, and “we were good friends who trusted each other and lived in prison for 1.5 years. After my release, he entrusted me to handle some of his declassified file matters.”
Wang claimed She “gave me access to some of the top-secret documents, and I am only one of the custodians of these documents. Still, the opening of every one of them is only valid if it is authorized by Mr. She’s own decryption passphrase.”
Asked why he claimed in the Al Jazeera documentary that the file of Guo Hua Ping (Alice Guo) was found in the files of She Zhijiang, Wang said the “declassified file kept by Mr. She
is large and I only have declassified a portion under his authorization.” He added: “Guo Hua Ping was a spy but not a special one. It just so happens there is a copy of her state security background there. And her situation with Mr. She has a lot of similarities.”
Wang also told the Senate interviewees that She told him: “First of all, all field agents recruited by State Security will have very detailed background information investigated, and there are also special hacking teams and hometown associations and chambers of commerce in charge of overseas information collection, including the secrets and weaknesses of some people that will be held in the background information, and this is the main method of controlling the field agents overseas by State Security. For example, Guo Hua Ping’s fake Filipino identity is such a secret and weakness that she can only listen to State Security. Mr. She’s experience is similar.”
Questions on Guo Hua Ping’s assignment and the possible information she passed to the Chinese government “need to be asked directly to Mr. She Zhijiang himself, as he is in the know. While the overseas special agents recruited by China’s State Security include spies who collect intelligence, many others work for the political and economic interests of the Chinese Government, such as officials and businessmen in some countries.” Yang brothers, too?
LATER in the hearing, Hontiveros said she has “persuasive information that the file of one of the Yang brothers is with She Zhijang,” referring to Michael Yang, the controversial special economic adviser of former President Rodrigo Duterte, and Yang’s brother Antonio, who was arrested recently at the Manila airport, on the basis of an Interpol notice.
Hontiveros had shown in earlier hearing information on Michael Yang’s links to the Pogo business.
Earlier, Hontiveros said the committee had validated some of the verifiable claims in both the Al Jazeeravideo and Wang Fugui’s statement, such as the
travel records of She Zhijiang and his deep ties to the Philippines.
“This is clear as day: The Pogos used local government officials and law enforcement. There are indications that they were also used by foreign interests, and nests of syndicates,” Hontiveros added.
She Zhijiang is currently detained in Thailand and is fighting extradition to China over charges related to operating online gambling sites in Southeast Asia.
For his part, Sen. Sherwin Gatchalian noted that She Zhijang was jailed in Thailand for the same crimes of human trafficking, money laundering, among others, that are being pinned on Alice Guo and her cohorts.
Security agencies prodded EXPRESSING alarm over the recent “explosive revelation” in a documentary tagging Guo as a Chinese spy, the chairman of the Senate defense committee on Tuesday urged security authorities to promptly verify the allegations, as he pushed for amendments to the over 80-year-old law against espionage.
In his opening remarks at the tricommittee investigating Pogo-linked crimes, Senate President Pro Tempore Jinggoy Estrada asked: “Could this be a confirmation of what we have suspected all along that our country now has Chinese “sleeper agents” in our midst? Or could this revelation be just a ploy or another propaganda?” He was referring to the documentary featuring She Zhijang.
“There is a need to take a closer look into this and verify whether or not covert and illegal operations are being undertaken here as part of a foreign country’s global influence operation.”
Sen. Joel Villanueva, also setting the tone for possibly the last Senate hearing on Pogos and the evils linked to them, warned that corruption of local officials and of government institutions by Pogo elements is a serious challenge to the integrity of the 2025 midterm elections.
Villanueva, who as former chair of the Labor committee investigated the big human-trafficking scandal in Cen -
tral Luzon several years ago, praised the Senate committee led by Deputy Minority Leader Risa Hontiveros for doggedly pursuing the multi-pronged inquiry against all odds.
“The inquiry has shown how criminals have made a mockery of our systems,” Villanueva said, noting how cases of “human trafficking, prostitution, torture, debt bondage, forced labor, illegal detention, kidnapping, illegal drugs, etc. were discovered in association with these Pogos.”
Meanwhile, Estrada sought as well a serious investigation to ferret out “all those who exploited the vulnerabilities in our system either for personal gain or for the benefit of a foreign entity and make them accountable,” referring to gaps in the system for issuing vital personal documents like birth certificates and passports.
“Barely two weeks ago, talks have become rife that Alice Guo—or Guo Huaping—was a Chinese state security agent after Al Jazeera came up with a documentary that interviewed a China-born gambling tycoon, who is currently being detained in Thailand.
In that documentary, the businessman has a dossier of his fellow agents at the China Ministry of State Security (MSS), which include Guo.” Guo’s lawyers had said they plan to sue her accuser, who may have spun a tale to gain asylum in Thailand.
The MSS, Estrada noted, “is the principal civilian intelligence, security and secret police agency of China, and is responsible for foreign intelligence, counterintelligence, and political security of the Chinese Communist Party.”
As chairman of the Senate Committee on National Defense and Security, Peace, Unification and Reconciliation, Estrada said he wanted the Philippine security agencies to quickly check these allegations. “But one thing is for certain: Defending against malicious foreign interference should be a top priority.
“Whether Guo Huaping leads a double life is up to the defense and intelligence agencies to pursue, and the Senate must be updated on any development.”
Marcoleta guns for Senate, Villanueva seeks second term
By Justine Xyrah Garcia
TWO incumbent party-list legislators are again running with one seeking a Senate seat and another a second term.
SAGIP Rep. Rodante Marcoleta and CIBAC Rep. Eduardo Villanueva were among the early filers on the last day of the filing of certificates of candidacy (COC) and certificates of nomination and acceptance (Cona).
After being kicked out from five committees of the House of Representatives last month, Marcoleta of the Social Amelioration and Genuine Intervention on Poverty (SAGIP) party-list group now sets his sights on the Senate.
In 2022, Marcoleta also ran for Senate under then-presidential candidate Ferdinand Marcos Jr.’s slate but withdrew at the last minute owing to his poor rating in pre-election surveys. Ang aking paniwala ay ganap na akong nakahanda. Sa dami ng kababayan natin na nanawagan na sana makapaglingkod pa ako sa mas mataas na level, gusto kong paunlakan ang panawaganng iyon,” he said, when asked if he would withdraw his candidacy again.
When asked if he still trust the electoral process, Marcoleta said that his mere filing of COC is enough to say that he trusts the poll body in delivering a clean and honest elections Wala akong allegations sa mga Comelec officials. Ang aking question initially ay ang sistema at makina na maaring gamitin sa susunod na election,” he said.
Last August, Marcoleta linked Commission on Elections Chairman George Garcia to two offshore bank accounts
which allegedly received deposits from South Korean banks. With such bank transactions, Marcoleta said that the Comelec’s joint venture with Korean company Miru Systems is suspicious.
However Garcia was able to prove that the accounts that Marcoleta alleged were fictitious and threatened to “expose Marcoleta and his handlers,” stopping Marcoleta from making more statements on the issue.
Prior to representing SAGIP, he first served as the representative of Alagad party-list group during the 13th, 15th, and 16th Congress. With his more than a decade experience in the House, he is best known for slashing the Commission on Human Rights’ budget to P1,000 and pushing for the distribution of the anti-parasitic drug Ivermectin to treat those with Covid-19—despite the World Health Organization warning that the efficacy of the drug is under question.
He also worked for the permanent denial of ABS-CBN’s franchise renewal.
Death penalty for corrupt officials
VILLANUEVA filed his bid for re-election as the first nominee of Citizens’ Battle Against Corruption (CIBAC).
If elected, Villanueva said that he would prioritize a death penalty bill for government officials who will be guilty of pocketing public funds worth at least P100 million.
“Ang death penalty ay approved ng Diyos [para]sa heinous crime. Naisip namin sobra an g corruption... kaya ang unang batas namin ay death penalty,” Villanueva said. Villanueva has been advocating for
death penalty since 2019, arguing that even the Bible approves it.
Prior to becoming a member of the lower House, Villanueva was as an evangelist and founder of the Jesus is Lord Church Worldwide.
He also had failed bids for president in 2004 and 2010, and for senate in 2013.
Re-election, comeback bids
THE final day of filing COCs for the House of Representatives was highlighted by a wave of re-election and comeback bids, as several notable political figures confirmed their candidacies for the 2025 elections.
Former Mandaluyong Rep. Alexandria “Queenie” Pahati Gonzales is poised to make a comeback to the House of Representatives as she officially filed her COC to represent the Lone District of Mandaluyong City.
Gonzales was accompanied by her husband, current Mandaluyong Rep. Neptali “Boyet” Gonzales II, when she filed her COC at the Comelec’s National Capital Region (NCR) office headquarters in Greenhills, San Juan.
“I am deeply honored to have the opportunity to serve the people of Mandaluyong once again,” Gonzales, a former Channel 5 reporter, said.
“There is still so much work to be done, and I am dedicated to continuing the initiatives that have a direct impact on the lives of our constituents,” she added.
Gonzales previously served as the congresswoman of Mandaluyong City from 2016 to 2019.
She authored and co-authored key legislation that led to the enactment of the Mental Health Law and the
‘Signing of military SRDP law bodes well for nation’s defense’
By Jovee Marie N. dela Cruz @joveemarie
THE leadership of the House of Representatives said on Tuesday that signing the Self-Reliant Defense Posture Revitalization Act will mark a significant milestone for the nation’s defense capabilities, particularly amid escalating tensions in the West Philippine Sea.
Speaker Ferdinand Martin Romualdez lauded the Marcos administration for prioritizing national security and modernizing the military, stating that the revitalized defense posture will play a key role in maintaining peace and stability in the region while safeguarding the Philippines’ maritime interests.
“As a nation, we are committed to peace and diplomacy in the resolution of disputes, but we will also stand by our duty to defend our territory and uphold international law. This law ensures that our military is wellprepared and self-sufficient,” he said.
The Self-Reliant Defense Posture Revitalization Act aims to boost local defense industries, enhance military modernization efforts, and foster partnerships with allied nations to secure a credible defense posture in the face of external threats.
“This is a pivotal moment for the country. The passage and signing of this law sends a strong message that we are serious about protecting our sovereignty and securing our future,” said Romualdez.
Romualdez stressed the act’s importance in reducing the nation’s dependence on foreign military imports by enhancing local manufacturing capabilities and research and development.
“This law will not only strengthen our security but also open up opportunities for our industries to grow and innovate. It paves the way for greater collaboration between government and private sector partners to build a robust defense ecosystem,” he added.
Universal Health Care Law, significantly improving access to essential health services nationwide.
Additionally, she supported the Universal Access to Quality Tertiary Education Act, commonly known as the Free Tuition Law or Unifast, advocating for accessible higher education for all Filipinos.
“Education and health are fundamental rights that should be accessible to everyone. I have always believed that by empowering our citizens through quality education and healthcare, we lay the foundation for a stronger community,” she said.
In infrastructure development, Gonzales made significant strides by establishing the very first 11-story “green” city jail in Mandaluyong and in the entire National Capital Region. This modern facility not only improved living conditions for inmates but also incorporated sustainable environmental practices.
Former lawmaker Miro Quimbo has filed his COC to run for congressman of Marikina’s Second District, a position he previously held from 2010 to 2019. Quimbo vowed to champion initiatives aimed at addressing the persistent flooding in Metro Manila, particularly in Marikina.
Meanwhile, Puwersa ng Bayaning Atleta (PBA) Partylist Rep. Margarita Nograles also filed her COC, this time vying for the First District of Davao City.
The daughter of the late Speaker Prospero Nograles, she emphasized her focus on youth empowerment, sports, and grassroots programs as
He noted that RA 12024 mandates that preference should be given to Filipino-owned enterprises engaged in the development, production, manufacturing, assembly, servicing, or operation of materiel in the Philippines.
In addition, the law opens doors for innovation in fields like artificial intelligence, robotics, and cyberdefense.
Romualdez affirmed the commitment of the House of Representatives to fully support the law’s implementation by ensuring adequate budgetary allocations for the modernization of the Armed Forces and the development of the local defense industry.
New law will ensure adequate defense assets
THE enactment of the SRDP law marks a significant milestone in bolstering the country’s defense capabilities and self-sufficiency, Senate President Pro Tempore Jinggoy Ejercito
Estrada said.
“This is a major step in strengthening the country’s defense posture by reducing dependence on foreign suppliers and promoting a self-sufficient defense industry,” said Estrada, the chairman of the Senate Committee on National Defense and Security and sponsor of the measure in the Upper Chamber.
Estrada added that the new law is expected to enhance cooperation between the government, the private sector and research institutions in developing new technologies.
Under the new law, locally-owned companies will be given preference when it comes to the development, maintenance, and operation of critical military materiél, including, but not limited to, arms and ammunition, weapon systems, combat training, armor, and various other military equipment. The SRDP law likewise offers incentives for manufacturers to set up or move production to the Philippines, while protecting local businesses from unfair competition.
“By prioritizing Filipino-owned companies in the development and supply of defense-related materials, we not only secure our national interests but also create more opportunities for job generation, skill development, and research advancement within the country,” he added.
Estrada also emphasized the importance of a self-reliant defense industry to address regional security challenges, highlighting that local production and technological advancement are key to a strong and sustainable national defense.
“Through this measure, we ensure that our defense resources are not merely acquired but are built, maintained, and perfected by our own people,” Estrada said.
Minimal foreign support
THE newly-signed Self-Reliance Defense Posture (SRDP) Revitalization Act will allow the Philippines to defend itself with minimum reliance on foreign support.
This was emphasized by the Armed Forces spokesperson, Col. Francel Margareth Padilla, when asked Tuesday on the benefits of this newly-signed law.
“This is a very welcome development for the Armed Forces, and this aligns with our legal frameworks to enhance the country’s readiness in advancing internal and external security threats,” she said. Padilla said the newly-enacted law also supports the “long-term economic benefit” of a thriving local defense industry.
It also contributes to job creation and technological advances in the Philippines.
She also said the SRDP is not only about arms and military equipment but will also allow the country to develop its own tools for cyber defense. With Butch Fernandez and Rex Naval
Marcos confident local govts will be ‘dynamic frontliners’
By Samuel P. Medenilla @joveemarie
ITH Cavite Gov. Juanito
WVictor “Jonvic” Remulla at the helm of the Department of the Interior and Local Government (DILG), President Marcos is confident that local governments will become “dynamic frontliners.”
In a statement, Marcos said he picked Remulla as the new Secretary of the Interior and Local Government (SILG) due to his achievement of making Cavite an economic powerhouse throughout his
career in public service.
“His extensive and excellent work in local government administration has been met with acclaim, in the press, and by the people who have voted him nine times to office,” Marcos said.
“I do not have to spell out my marching orders to him because as a boot on the ground he knows what to do and how best to do it, the most important of which are keeping our people safe in their homes and making our local governments dynamic
PCC study: Robust capacities needed to address competition in digital marts
By Andrea San Juan @andreasanjuan
HE Philippines should de -
Tvelop “robust” domestic capacities to address potential competition issues in digital markets amid big tech companies being accused of dominating the local market, a market study conducted by the Philippine Competition Commission (PCC) noted.
In a statement, the country’s anti-trust body said it has released a market study highlighting the need for a discussion on emerging competition concerns and potential regulatory reforms in the Philippine digital economy.
The market study’s title is: “Digital Platforms and Online Advertising: A Guide for Competition Policy.”
PCC said this is particularly important given that the same big tech companies accused of abusing market dominance in advanced jurisdictions are also operating in the Philippines.
“Unlike traditional markets, digital platforms such as social media and online marketplaces present unique challenges to how an online market is analyzed and how regulators address competition concerns,” PCC said.
Among others, the study explores how digital platforms use advantages such as leveraging their user base for premium services and advertising, creating “significant barriers” to entry for new competitors, PCC noted.
It said the study recommends three action points for the Philippines to develop its internal capabilities: building relationships with
advanced jurisdictions through bilateral and regional partnerships, considering advocating for specialized laws on the digital economy, and strengthening the implementation of the Philippine Competition Act through comprehensive guidelines for digital market investigations.
The PCC noted that without “strong internal capacities,” including a well-prepared workforce capable of investigating and resolving complex digital market issues, the country risks ineffective enforcement of antitrust laws.
Therefore, building these capacities is essential for the competition authority to render “sound” decisions and ensure fair competition in the digital economy.
The study discussed initiatives in the US and the European Union
against major technology companies, ranging from abuse of dominance in online shopping to manipulation of advertising space auctions.
The EU’s Digital Markets Act (DMA) is often cited as a model for legislation aimed at curbing the market power of technology giants, but concerns are raised about its potential bias against US-based companies.
In Southeast Asia, the study flagged that there is no unified antitrust law specific to the digital sector.
But PCC noted that efforts by the Association of Southeast Asian Nations (Asean) Experts Group on Competition are underway to address competition issues in cross-border digital trade, including the development of an investigation manual and enhanced capacity-building initiatives.
House-approved measure liberates microentrepreneurs from usurers
By Jovee Marie N. dela Cruz @joveemarie
ALAWMAKER is calling on the Senate to expedite the passage of a House of Representatives-approved bill aimed at fostering the growth of microentrepreneurs by providing accessible capital through low-interest, no-collateral loans.
Bicol Saro Rep. Brian Raymund Yamsuan emphasized that the measure seeks to institutionalize the government’s Pondo Para sa Pagbabago at Pag-Asenso (P3) Program, which aims to liberate small entrepreneurs, such as market vendors and sari-sari store owners, from the exploitative practices of “five-six” moneylenders.
“Small businesses with enough profits and opportunities to expand. This is what we envision in pushing for the swift passage of the bill institutionalizing the government’s Pondo sa Pagbabago at Pag-asenso or P3 Program,” said Yamsuan, who recently filed his candidacy to run as representative of Parañaque’s Second District
she campaigned for the district seat in the 2025 elections.
in the 2025 midterm elections.
Besides providing low-interest, no-collateral loans, the P3 Program also aims to shield microentrepreneurs from the usurious lending practices of “five-six” moneylenders, Yamsuan said.
“Five-six” moneylenders are those that require borrowers to pay P6 for every P5 they lend out. This means a high nominal interest rate of 20 percent that they charge over an agreed period of time, which drives borrowers deeper in debt.
Yamsuan said institutionalizing the P3, which would ensure that this microfinance program would remain sustainable over the long term, is aligned with his H.O.P.E. platform for Parañaque City’s 2nd District. His H.O.P.E. agenda stands for Health, Opportunities, Peace, and Education.
Yamsuan is among the principal authors of House Bill 7363, or the proposed P3 Act, which was already approved by the House of Representatives on its third and final reading last year.
Manila Rep. Joel R. Chua also filed his COC seeking a second term as congressman of the district that covers Quiapo, Sta. Cruz, Binondo, Blumentritt, and San Nicolas. Tingog Party-list group reaffirmed its dedication to serving as the voice of
Several counterpart versions of the P3 Act in the Senate have yet to reach plenary approval.
“We call on the Senate to pass this measure that will benefit microbusinesses and small enterprises. The bill will benefit not only Parañaquenos and Bicolanos but also other micro and small entrepreneurs as well as aspiring ones in different areas of our country,” Yamsuan said.
“When there is an opportunity to increase profit, there is also an opportunity to expand one’s business and hire more employees, which in turn means many people would be able to get jobs. The long-term gains under the P3 will make the program a prime driver of our economic growth,” he added.
Yamsuan said HB 7363 aims to create the Pondo sa Pagbabago at PagAsenso Fund to ensure the program’s sustainability.
The effective interest rate imposed on P3 loans as proposed under the bill shall not exceed 1 percent per month for direct lending, and 2.5 percent per month if borrowed from accred -
the underrepresented and marginalized sectors of society as it filed COC.
Ako Bicol second nominee, Alfredo Garbin, Jr. filed his certificate of nomination and acceptance in bid to return to Congress.
Garbin said Ako Bicol’s first nominee is
ited PFIs.
To make P3 easily accessible to micro and small enterprises (MSEs), the bill authorizes the SBC to accredit partner financial institutions (PFIs) to extend loans under the program. These include rural banks, thrift banks, development banks, cooperative banks, cooperatives, non-stock savings and loan associations, microfinance institutions and other qualified lenders.
Yamsuan said the billwould benefit more than 90 percent of businesses classified as MSEs.
The current P3 program being implemented by the Department of Trade and Industry (DTI) through its lending arm, the Small Business Corporation (SBC), extends loans of between P5,000 and P200,000 to microentrepreneurs.
Its targeted borrowers are small sari-sari store owners, carinderia operators, market vendors, and other small community-based entrepreneurs.
From July 2022 to May 2024, the program has benefited 154,423 microentrepreneurs.
incumbent Rep. Elizaldy Co, and the third nominee is John Chan.
He said current Ako Bicol Rep. Jil Bongalon is running for congressman at the First District of Albay.
With Jovee Marie N. dela Cruz
Manila water shifts to solar power
MANILA Water Co. Inc. will install a total capacity of 2.5 megawatt peak (MWp) solar power systems in three key facilities as part of its goal to reduce carbon footprint. The solar PV systems, with an estimated solar power generation of 3.6 million kilowatt hour (MkWh) per year, will be installed in the Cardona Treatment Plant (TP), East La Mesa Treatment Plant (TP), and the San Juan Compound. The target installation period is set for the fourth quarter of the year. Manila Water customers in Metro Manila, Rizal province, San Juan City, and Quezon City will benefit from improvements in terms of operational efficiency.
By shifting to renewable energy, the company will also reduce greenhouse gas emissions by approximately 2,564 tons of carbon dioxide (CO2) equivalent (CO2e) annually.
Manila Water said this move is in support of the National Energy Efficiency and Conservation Plan (NEECP) of the Department of Energy (DOE) and the government’s goal towards energy sufficiency whilst promoting sustainability.
“As a company whose business is heavily reliant on nature, it is imperative for us to be proactive in ensuring environmental sustainability across all
Marcos. . .
Continued from A3
frontliners of service,” he added.
Marcos administered the oath of office of Remulla, who was accompanied by his family, in Malacañang on Tuesday.
Remulla replaced former SILG Benjamin C. Abalos Jr., who resigned from the Cabinet last Monday after he filed his Certificate of Candidacy (COC) to run for senator in the 2025 polls.
On Monday, Remulla’s brother, Justice Secretary Jesus Crispin Remulla, announced the Cavite governor’s new designation in the Cabinet.
Aside from being governor of Cavite, Remulla also previously served as vice governor, and member of the Cavite Provincial Board.
“When he worked his way up, he brought his province along with him. In
aspects of our operations. The Decentralized Solar installation is just one of the many energysaving measures Manila Water is undertaking as part of our Energy and Sustainability Masterplan,” Manila Water Corporate Communication Affairs Group Director Jeric Sevilla said. In 2023, Manila Water partnered with Ditrolic Energy for a 15-year solar facility power purchase agreement worth P217 million. By investing in renewable energy sources, Manila Water secures more sustainable operations while contributing to the broader goal of reducing the country’s dependence on fossil fuels.
Aside from transitioning to renewable energy, Manila Water recognized that energy efficiency is a key driver of its decarbonization strategy. Across all business units, both in the East Zone and Non-East Zone operations, certified energy managers and conservation officers conduct regular energy audits. These audits identify opportunities to reduce energy consumption and improve operational efficiency, in line with ISO 50001 Energy Management standards and compliance with Republic Act No. 11285, or the Energy Efficiency and Conservation Act. Lenie Lectura
every position his people gifted him with an overwhelming mandate for a job well done, he repaid the people’s trust with hard work and honest service,” Marcos said.
“Clearly, Governor Jonvic is more than qualified to handle the challenges of one of the government’s most important jobs,” he added.
The new SILG earned his Bachelor of Arts degree from the University of the Philippines-Dilliman.
He was supposed to seek a re-election as Cavite governor, before he was invited to join the Marcos administration.
As the new SILG, Remulla said he wants to strengthen the capabilities of local governments and the police.
“This will not be achieved by mere words or unlimited in-fighting. This can only be done through consensus building, community empowerment, and enhancing civic responsibility,” Remulla said partly in Filipino in a social media post.
www.businessmirror.com.ph
AFILIPINO worker in the eastern province of Saudi Arabia was executed for killing a Saudi national over money issues.
Foreign Affairs Undersecretary for Migration Affairs Eduardo de Vega refused to identify the Filipino upon the request of his family.
Saudi authorities executed the Filipino on October 5, and the Philippine government only learned about this Tuesday through unofficial channels.
“The subject pleaded guilty to the crime. He hit the Saudi national’s head twice with a hammer. He even tied the corpse and put it in a cargo ship or something,” De Vega said.
The Filipino had a business venture and was asking for his share from the Saudi victim when the altercation happened, he added.
The crime occurred sometime in October 2020. A Saudi court found him guilty and sentenced him to death in March 2022.
President Ferdinand Marcos Jr. appealed to Saudi King Salman bin Abdulaziz Al Saud in August last year. King Salman stayed his execution last September 2023.
Saudi apparently did not inform the Philippine Embassy in Riyadh
THE National Food Authority (NFA) will lower its buying price for palay to P23 per kilo by next week, according to Agriculture Secretary Francisco Tiu Laurel Jr.
“I agreed with [NFA Administrator Larry Lacson] to bring down to P23 the price of palay by next week,” Laurel said during the Senate deliberations on the DA’s proposed budget for 2025.
“But of course, we have to inform the farmers first so they won’t be shocked by our move,” he added.
Laurel said that as of today, the buying price for palay is around P26 to P27 per kilo.
The Philippine Chamber of Agriculture and Food Inc. (PCAFI) said that with the ongoing harvest, a P23 per kilo buying price could bring down retail rice prices.
“Main crop harvest is still ongoing which is expected to result in an increase in our current supply of rice. This condition including the NFA buying of P23 per kilo is expected to bring down the retail price of rice to the benefit of consumers,” PCAFI President Danilo Fausto told the BusinessMirror.
He noted that on the side of farmers, having a P20 to P23 per kilo buying of palay would result in a gross average per-hectare revenue of P80,000 to P100,000, which is “acceptable during wet season.”
However, Fausto said that farmers could recover during the dry season with 50 to 75 percent increase in revenue if irrigation, fertilization and use of hybrid
that the King has reversed the stay on execution, a normal practice in Saudi.
De Vega said the only way that the OFW could have been saved from the gallows was if the victim’s family pardoned him and paid blood money.
However, in this case, the victim’s family refused to even meet the Embassy-appointed lawyer.
The Embassy’s lawyer is working with the OFW employer to release his unpaid wages.
“We did all we could: court appeal, presidential letter of appeal, trying to get the victim’s family to accept blood money. In the end, these efforts were not successful as the victim’s family insisted on the death penalty instead of accepting blood money,” he added.
There are still nine Filipinos on death row in Saudi Arabia where there are 1 million Filipino workers. Around 50 Filipinos are also facing death penalty elsewhere.
“We [call] on all our kababayans overseas to follow the law. What the (Philippine) government can do is limited by reality—by the legal system of the host country, by the level of guilt or innocence of the accused,” he said. Malou Talosig-Bartolome
Asia’s powerful women list has 7 Filipinos, 1 Fil-Aussie
Sseeds would be adopted.
The Samahang Industriya ng Agrikultura (SINAG) said the current farmgate prices of palay range from P15 to P17 per kilo for wet and fresh while P18 to P21 per kilo for clean and dry.
“Okay ang P23 to P25 per kilo na floor price ng NFA for dry,” SINAG Executive Director Jayson Cainglet told the BusinessMirror.
However, Cainglet noted that the grains agency’s buying price for wet and fresh unmilled rice should be at least P17 to P20 per kilo.
“[The government should] ensure funds so the NFA can compete to buy palay,” he said. For this wet season, the NFA said it plans to buy between 6.4 million and 8.7 million bags of palay. It has sought from the Department of Budget and Management (DBM) the immediate release of P9 billion of rice procurement funds to increase its war chest to around P11 billion.
Meanwhile, the grains agency recently raised its selling price of rice to P38 a kilo from P25 per kilo to the Department of Social Welfare and Development (DSWD) and other government agencies. According to the NFA, it is set to rake in P557.3 million in additional revenues from the hike in the price of rice sold to other agencies.
“The higher selling price agreed to by the DSWD will help not only reduce NFA losses but also give it additional resources to buy more palay from our farmers,” Laurel said in a statement. Ada Pelonia
because I think we have very limited resources to work with, and the Strategic Action Plan is about focusing those resources in a direction.”
outline a path forward. I would like to see a framework that allows a direction to be set, where we can then coalesce all the stakeholders, whether it be private sector developers, the other departments within the government, so that we’re all moving in the one direction,
Over 8,600 new keys have been added to the vibrant pipeline in Metro Manila, with most of the larger hotels opening in Parañaque City in the next few years. “Parañaque City’s hotel supply is set to increase with the upcoming openings
By Malou Talosig-Bartolome
EVEN Filipinos and a FilipinoAustralian were named by Fortune magazine among the 100 most powerful women in Asia.
Fortune unveiled Tuesday the list of Most Powerful Women Asia 2024, featuring the 100 leading women from finance, energy, transportation, food and beverages and hospitality sectors.
Fortune editors named seven Filipina leaders in this list. They are:
Martha Sazon GCash president and CEO
Robina Gokongwei-Pe
Robinsons Retail Holdings President and CEO
Lorelei Quiambao Osial
Shell Pilipinas President and CEO
Ana Maria Margarita
Bautista Dy Ayala Land President and CEO
Lynette Ortiz Land Bank of the Philippines President and CEO
Lourdes T. Gutierrez-Alfonso Megaworld President
Rhoda Huang Filinvest Development President and CEO.
Melani Perkins , cofounder and CEO of Canva, was named the 12th most powerful Asian women.
Perkins, Australia’s youngest billionaire, is part Filipino from her paternal lineage.
“(Canva), now valued at $26 billion, remains the world’s highestvalued startup both founded and led by a woman,” Fortune wrote.
Among the seven Filipinos on Fortune’s list, GCash’s Sazon is rated most powerful woman in
the Philippines. Fintech app GCash has over 94 million Filipino users, offering a range of services from remittance to savings and credit. Half of GCash’s users are women, and almost all are lower-or middle-income.
“In August, GCash’s valuation rose to $5 billion after an investment from MUFG, Japan’s largest lender. The investment has renewed discussions about Mynt, GCash’s parent company, going public, and Sazon says the firm is waiting for the right time to IPO,” Fortune wrote.
Gokongwei-Pe comes as second most powerful among Filipina corporate leaders. Her company, Robinsons Retail Holdings, is one of the largest retailers in the country with a network of 2,400 stores and over 2,000 franchise drug stores.
“In January, Gokongwei-Pe will become chairman and Stanley Co will replace her as CEO. She’s also on the board of JG Summit Holdings and Cebu Pacific Air,” the international magazine reported.
Meanwhile, Quiambao-Osial, Pilipinas Shell’s first president and CEO, rose from the ranks in finance and accounting before she was promoted to leadership roles
in United Arab Emirates and Iraq. Filinvest’s Huang, on the other hand, is an outsider of the banking, property and power conglomerate. She is an accountant by training and worked with JPMorgan Chase, Credit Suisse Philippines and BPI Capital before being appointed as president and CEO of Filinvest. The first person to lead the company outside of the Gotianun family, she made a good impression with 30 percent profit growth in fiscal 2023.
Other Fortune 100 THE country with the most number of powerful Asian women is China with 20 CEOs.
Leading Fortune’s list of most powerful Asian woman in 2024 is Grace Wang, chairwoman and CEO of Luxshare.
Luxhare is one of the key suppliers of Apple products such as AirPods, Apple Watches, Vision Pros and iPhones. In 2024, it posted a revenue of $32.8 billion.
“The Fortune 100 MPW Asia rankings recognize women who are redefining the concept of leadership by transforming companies, disrupting industries and driving growth, innovation and business excellence, whilst inspiring the next generation of leaders,” Fortune said in a statement.
‘Member of China MSS’ made many trips to PHL
TBy Joel R. San Juan @jrsanjuan1573
HE Bureau of Immigration (BI) on Tuesday confirmed that a certain Ma Dongli, who is believed to be a member of China’s Ministry of State Security, had travelled to the Philippines with different visas more than 30 times since 1995.
Ma Dongli has been tagged as a security contact of She Zhijiang, who confessed to being a Chinese spy in an Al Jazeera documentary and tagged dismissed Bamban Mayor Alice Guo as a Chinese state agent.
of Banyan Tree Manila Bay, Hotel Okura Manila Bay, and the city’s fourth integrated casino complex, Westside City Resorts,” said Lay. These and other hotels will account for 2,863 rooms of the total pipeline in the metro.
Quezon City follows with the opening of six hotels with 1,714 keys. “In Quezon City, 70 percent of the pipeline keys will be supplied by local
At the continuation of the Senate investigation into the illegal activities of Philippine Offshore Gaming Operators (POGOs), the committee chaired by Senator Risa Hontiveros showed its recorded video teleconferencing with Wang Fu Gui, the friend and former cellmate of She, who claimed that Ma could also be Guo’s handler.
“There is a high probability that he is also Guo Hua Ping’s handler, and that Mr. She Zhijiang’s contact with Guo Hua Ping is through Ma Dongli, that is the only thing that I can answer,” Wang said.
Immigration Commissioner Joel Viado told the Senate that
brands, including Fili HotelBridgetowne and Hotel 101 Libis,” he added.
New air links to lift arrivals IN third place is Makati City, with the opening of five hotels with 1,259 rooms. “In Makati, most keys are being developed by Ayala Land Hotels and Resorts Corp., with the remaining inventory to be operated by Ascott,” he said.
Ma travelled to the Philippines several times from 1995 to 2018 based on its records.
However, Viado told the Senate that the BI would investigate the possibility that Ma may have visited the country more than what is reflected in its database by assuming other identities.
Viado said based on its records, Ma first arrived the Philippines on May 28, 1995 and left the country on November 6, 1995.
His latest arrival was on June 22, 2018 and he left on June 27, 2018.
Viado said Ma managed to enter the Philippines after being is -
Meanwhile, new aviation links are expected to lift the number of foreign tourists in the country this year, enough for government to surpass last year’s 5.5 million arrivals. “New international routes should bring enhanced international arrivals from Hong Kong, Singapore, (and) Bangkok. (But the) Philippines is unlikely to meet the DOT’s 2024 target of 7.7 million foreign arrivals, though it
sued with a special investors visa, a Cagayan Economic Zone Authority (CEZA) working visa, 9A or a temporary visitor’s visa, and an EO 408 visa.
“If he is a member of the Ministry of Security Services of China, he can assume other identities, In fact we have information he has an American identity,” Senator Bato dela Rosa said.
Dela Rosa said the BI should immediately issue an alert to all its immigration officers in order to detect any attempt by Ma—who can be considered as a national security threat—to return to the country.
8. GANESHAN, PRAVEEN
Instrumentation Inspection And Assesment Manager
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ASHTEL PHILIPPINES, INC.
Unit 215b, 2nd Flr, V-mall, Gsc, Greenhills, City Of San Juan
9. KULAMULLA PARAMBATH, ASWIN
Purchasing Manager
Brief Job Description: Provide regular reports on spending, savings, and procurement performance to senior management.
BRIGHT LUME IT SOLUTIONS INC. Unit 202 Erisha Condominium, 1142 P Ocampo Street, Barangay 757, Santa Ana, City Of Manila
10. XIAO, ANPING Software Training Specialist
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CF GLOBAL MARKETING CORP. G/f Victoria 1 Bldg.,
14. ZHAO, LIANBAO Marketing Executive
15. TANG, ZIJUN Operation Manager
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53.
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DC WIDEWEB CONSULTANCY INC. Room 203, Webjet Building, Tatalon, Quezon City
56. CAI, ZHICHENG Marketing Consultant
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60. SHENG, YIMING Marketing Consultant
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62. ZHANG, GUOQUAN Marketing Consultant
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63. CAI, HUAXING Marketing Specialist
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64. CHEN, RONGFANG Marketing Specialist
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65. CHEN, WANLI Marketing Specialist
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66. CHOONG CHEE LOONG Marketing
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112. WANG, DONG Marketing And Sales Agent
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114. ZHENG, DESHENG Marketing And Sales Agent
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115. SINGH, GURMINDER Indian Marketing For Virtual
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116. SHI, ZHENJUN Mandarin Admin II For Virtual
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and communication skills.
Salary Range: Php 30,000 - Php 59,999
EJAD MARKETING CORP. 3rd Flr. Offices Ortigas Center, Galleon Adb Ave., San Antonio, City Of Pasig
117. WEI, YEJUN Financial Service Consultant
Brief Job Description: Develop and implement marketing strategies to promote products/services and enhance brand visibility.
118. XU, WENDA Financial Service Consultant
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119. YAP KAR WAI Marketing Executive
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Brief
120.
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Brief Job Description: Interprets spoken Chinese in real-time during business meetings, conferences, and other events.
Basic Qualification: Fluent in English and Mandarin languages and considerable work experience as consultant.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Fluent in English and Mandarin languages and considerable work experience as consultant.
Salary Range: Php 30,000 - Php 59,999
Basic Qualification: Fluent in English and Mandarin languages and considerable work experience as consultant.
Salary Range: Php 30,000 - Php 59,999
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199. XU, ZHENGJIE Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
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200. ZHU, HONGYING Translator (Mandarin)
Brief Job Description: Translate written documents, audio recordings, or spoken conversations accurately and efficiently from one language to another.
Salary Range: Php 30,000 - Php 59,999
S.T. FASHION WEAR PH INC. Unit F-04 Baclaran Bagong Milenyo Bldg., F.b. Harrison St. Cor. Russel Ave. St., Barangay 76, Pasay City
201. ISLAM, MD SIRAJUL Marketing Associate
Brief Job Description: Responsible for assisting in the planning and execution of marketing campaigns.
202. SANDHU, BUTTA SINGH Multilingual Business Manager
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SINCERELY SERVICES INC.
Units 2 & 3 24/f Tower 6789, 6789 Ayala Ave., Bel-air, City Of Makati
204. SUN, ZHONGLONG Mandarin Technical Support
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205. AMSILI, SHAKED Passport X POS Support
Brief Job Description: Responsible for providing first-line technical support for the Passport X Point-of-Sale (POS) system to fuel station staff and other end-users and for diagnosing and troubleshooting hardware and software issues related to the POS system, ensuring timely resolution to minimize downtime.
TELFA OUTSOURCING SERVICES INC.
21/f Tower 2 The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati
206. LY TOAN KY Foreign Language Customer Service
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language.
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Wmilitary strikes are targeting Iran’s armed allies across a nearly 2,000-mile stretch of the Middle East and threatening Iran itself. The efforts raise the possibility of an end to two decades of Iranian ascendancy in the region, to which the 2003 US invasion of Iraq inadvertently gave rise.
In Washington, Tel Aviv and Jerusalem, and Arab capitals, opponents and supporters of Israel’s offensive are offering clashing ideas about what the US should do next, as its ally racks up tactical successes against Hezbollah in Lebanon and the Houthis in Yemen and presses its yearlong campaign to crush Hamas in Gaza.
Israel should get all the support it needs from the United States until Iran’s government “follows other dictatorships of the past into the dustbin of history,” said Richard Goldberg, a senior adviser at Washington’s conservative-leaning Foundation for the Defense of Democracies—calls echoed by some Israeli political figures.
Going further, Yoel Guzansky, a former senior staffer at Israel’s National Security Council, called for the Biden administration to join Israel in direct attacks in Iran. That would send “the right message to the Iranians—‘Don’t mess with us,’’’ Guzansky said.
Critics, however, highlight lessons from the US military campaign in Iraq and toppling of Saddam Hussein, when President George W. Bush ignored Arab warnings that the Iraqi dictator was the region’s indispensable counterbalance to Iranian influence. They caution against racking up military victories without adequately considering the risks, end goals or plans for what comes next, and warn of unintended consequences.
Ultimately, Israel “will be in a situation where it can only protect itself by perpetual war,” said Vali Nasr, who was an adviser to the Obama administration. Now a professor at Johns Hopkins School of Advanced International Studies, or SAIS, he has been one of the leading documenters of the rise of Iranian regional influence since the US invasion of Iraq.
With Israeli Prime Minister Benjamin Netanyahu giving limited weight to Biden administration calls for restraint, the United States and its partners in the Middle East are “at the mercy of how far Bibi Netanyahu will push it,” Nasr said, referring to the Israeli leader by his nickname.
“It’s as if we hadn’t learned the lessons, or the folly, of that experiment ... in Iraq in 2003 about reshaping the Middle East order,” said Randa Slim, a fellow at SAIS and researcher at the Washingtonbased Middle East Institute.
Advocates of Israel’s campaign hope for the weakening of Iran and its armed proxies that attack the US, Israel and their partners, oppress civil society and increasingly are teaming up with Russia and other Western adversaries.
Opponents warn that military action without resolving the grievances of Palestinians and others risks endless and destabilizing cycles of war, insurgency and extremist violence, and Middle East governments growing more repressive to try to control the situation.
And there’s the threat that Iran develops nuclear weapons to try to ensure its survival. Before the Israeli strikes on Hezbollah, Iranian leaders concerned about Israel’s offensives had made clear that they were interested in returning to negotiations with the US on their nuclear program and claimed interest in improved relations overall.
In just weeks, Israeli airstrikes and intelligence operations have devastated the leadership, ranks and arsenals of Lebanon-based Hezbollah—which had been one of the Middle East’s most powerful fighting forces and Iran’s overseas bulwark against attacks on Iranian territory—and hit oil infrastructure of Yemen’s Iranallied Houthis.
A year of Israeli airstrikes in Gaza appears to have reduced the leadership of Iranian-allied Hamas to a few survivors hiding in underground tunnels. However, Israeli forces again engaged in heavy fighting there this week, and Hamas was able to fire rockets at Tel Aviv in a surprising show of enduring strength on the Oct. 7 anniversary of the militant group’s attack on Israel, which started the war.
Hezbollah leader vows to intensify rocket attack, predicts more Israeli displacement
By Bassem Mroue & Tia Goldenberg
The Associated Press
BEIRUT—Hezbollah’s acting leader said Tuesday that even more Israelis will be displaced as the militant group extends its rocket fire deeper into Israel, in a defiant televised statement marking the anniversary of fighting that escalated into war last month.
Sheikh Naim Kassem, the acting leader of Hezbollah, said its military capabilities are still intact and that it has replaced all of its senior commanders after weeks of heavy Israeli airstrikes across large parts of Lebanon, including targeted strikes that killed much of its top command in a matter of days. He also said Israeli forces have not been able to advance after launching a ground incursion into Lebanon last week. The Israeli military said a fourth division is now taking part in the incursion, which has expanded to the west, but operations still appear to be confined to a narrow strip along the border.
The Israeli military says it has dismantled militant infrastructure along the border and killed hundreds of Hezbollah fighters. On Tuesday, it said a strike in Beirut had killed Suhail Husseini, who it described as a senior commander responsible overseeing logistics, budget and management of the militant group.
There was no immediate comment from Hezbollah, and no way to confirm battlefield claims made by either side.
“We are firing hundreds of rockets and dozens of drones. A large number of settlements and cities are under the fire of the resistance,” Kassem said in a video address, speaking from an undisclosed location. “Our capabilities are fine and our fighters are deployed along the frontlines.”
He said Hezbollah’s top leadership was directing the war and that the commanders killed by Israel have been replaced. “We have no vacant posts,” he added.
He said that Hezbollah will name a new leader to succeed Hassan Nasrallah, who was killed in an Israeli airstrike in a bunker in Beirut last month, “but the circumstances
Anticipated Israeli counterstrikes on Iran could accelerate regional shifts in power. The response would follow Iran launching ballistic missiles at Israel last week in retaliation for killings of Hezbollah and Hamas leaders.
It also could escalate the risk of all-out regional war that US President Joe Biden—and decades of previous administrations— worked to avert.
The expansion of Israeli attacks since late last month has sidelined mediation by the US, Egypt and Qatar for a cease-fire and hostage release deal in Gaza. US leaders say Israel did not warn them before striking Hezbollah leaders in Lebanon but have defended the surge in attacks, while still pressing for peace.
Vice President Kamala Harris, the Democratic presidential nominee, said in an interview with CBS’ “60 Minutes” aired Monday that the US was dedicated to supplying Israel with the military aid needed to protect itself but would keep pushing to end the conflict.
“We’re not going to stop in terms of putting that pressure on Israel and in the region, including Arab leaders,” she said.
Israel’s expanded strikes raise for many what is the tempting prospect of weakening Iran’s anti-Western, anti-Israel alliance with like-minded armed groups in Lebanon, Iraq, Syria and Yemen to governments in Russia and North Korea.
Called the “Axis of Resistance,” Iran’s military alliances grew— regionally, then globally—after the US invasion of Iraq removed Saddam, who had fought an eightyear war against Iran’s ambitious clerical regime.
Advocates of the US invasion of Iraq, and overthrow of Saddam, said correctly that an Iraqi democracy would take hold.
But the unintended effects of the US intervention were even bigger, including the rise of Iran’s Axis of Resistance and new extremist groups, including the Islamic State.
“An emboldened and expansionist Iran appears to be the only victor” of the 2003 Iraq war, notes a US Army review of lessons learned.
“Two decades ago, who could have seen a day when Iran was supporting Russia with arms? The
are difficult because of the war.”
The Israeli military said that 85 projectiles were launched from Lebanon toward northern Israel in a significant burst of fire on Tuesday.
Israel’s aerial defense intercepted most of the rockets, the military said. A 70-yearold woman was moderately wounded by shrapnel and Israeli media aired footage of what appeared to be minor damage to buildings near the coastal city of Haifa.
The military also said that it struck Hezbollah targets in the southern Beirut suburbs, known as the Dahiyeh, where the militant group is headquartered.
Hezbollah began firing rockets into northern Israel on Oct. 8, 2023, the day after Hamas’ surprise attack into Israel ignited the war in Gaza. Hezbollah and Hamas are both allied with Iran, and Hezbollah says its attacks are aimed at aiding the Palestinians.
Israel began carrying out airstrikes in response and the conflict steadily escalated, erupting into a full-fledged war last month.
The Lebanese militant group has said it will stop the attacks if there is a cease-fire in Gaza, but months of diplomatic efforts on that front have repeatedly stalled.
Goldenberg reported from Jerusalem.
reason is because of its increased influence” after the US overthrow of Saddam, said Ihsan Alshimary, professor of political science at Baghdad University.
Even more than in 2003, global leaders are offering little clear idea on how the shifts in power that Israel’s military is putting in motion will end—for Iran, Israel, the Middle East at large, and the United States.
Iran and its allies are being weakened, said Goldberg, at the
Foundation for the Defense of Democracies. So is US influence as it appears to be dragged along by Israel, Nasr said.
The conflict could end up hurting Israel if it bogs down in a ground war in Lebanon, for example, said Mehran Kamrava, a professor and Middle East expert at Georgetown University in Qatar.
After four decades of deep animosity between Israeli and Iranian leaders, “the cold war between them has turned into a hot war. And this is significantly changing—is bound to change—the strategic landscape in the Middle East,” he said.
“We are certainly at the precipice of change,” Kamrava said. But “the direction and nature of that change is very hard to predict at this stage.”
contributed.
AP reporters Julia Frankel in Jerusalem and Qassim Abdul-Zahra in Baghdad
China struggles to revive economy; stimulus plans disappoint investors
By Zen Soo Ap Business Writer
HONG KONG—China’s economic planning agency outlined details of measures aimed at boosting the economy on Tuesday but refrained from major spending initiatives.
The piecemeal nature of the plans announced Tuesday appeared to disappoint investors who were hoping for bolder moves, and Shanghai’s benchmark gave up a 10 percent initial gain as markets reopened after a weeklong holiday to trade just 3 percent higher. The head of the National Development and Reform Commission said the government will frontload 100 billion yuan ($14.1 billion) in spending from the government’s budget for 2025 in addition to another 100 billion yuan for construction projects. The scale of spending overall was well below the multi-trillion yuan levels that analysts said might be expected.
Nobel
Prize in physics
The NDRC’s chairman, Zheng Shanjie, said China was still on track to attain its full-year economic growth target of around 5
awarded
percent. But he acknowledged the economy faces difficulties and an increasingly “more complex and extreme” global environment.
to 2 scientists for discoveries that enable machine learning
By Daniel Niemann & Mike Corder
The Associated Press
STOCKHOLM—John Hop -
field and Geoffrey Hinton
were awarded the Nobel Prize in physics Tuesday for discoveries and inventions that formed the building blocks of machine learning.
“This year’s two Nobel Laureates in physics have used tools from physics to develop methods that are the foundation of today’s powerful machine learning,” the Nobel committee said in a press release.
Hopfield’s research is carried out at Princeton University and Hinton works at the University of Toronto.
Ellen Moons, a member of the Nobel committee at the Royal Swedish Academy of Sciences, said the two laureates “used fundamental concepts from statistical physics to design artificial neural networks that function as associative memories and find patterns in large data sets.”
She said that such networks have been used to advance research
in physics and “have also become part of our daily lives, for instance in facial recognition and language translation.”
The Nobel Prize in physics was awarded a day after two American scientists won the medicine prize for their discovery of microRNA.
Three scientists won last year’s physics Nobel for providing the first split-second glimpse into the superfast world of spinning
electrons, a field that could one day lead to better electronics or disease diagnoses.
The 2023 award went to French-Swedish physicist Anne L’Huillier, French scientist Pierre Agostini and Hungarian-born Ferenc Krausz for their work with the tiny part of each atom that races around the center and is fundamental to virtually everything: chemistry, physics, our bodies and our gadgets.
Six days of Nobel announcements opened Monday with Americans Victor Ambros and Gary Ruvkun winning the medicine prize for their discovery of tiny bits of genetic material that serve as on and off switches inside cells that help control what the cells do and when they do it.
If scientists can better understand how they work and how to manipulate them, it could one day lead to powerful treatments for diseases like cancer.
The physics prize carries a cash award of 11 million Swedish kronor ($1 million) from a bequest left by the award’s creator, Swedish inventor Alfred Nobel. It has been awarded 117 times. The laureates are invited to receive their awards at ceremonies on December 10, the anniversary of Nobel’s death.
Nobel announcements continue with the chemistry physics prize on Wednesday and literature on Thursday. The Nobel Peace Prize will be announced Friday and the economics award on October 14.
Corder reported from The Hague, Netherlands.
Chagos islanders displaced for US military base protest a deal on their future made without them
By Jill Lawless The Associated Press
ONDON—Islanders who were forced to leave their remote Indian Ocean home to make way for a US military base half a century ago protested outside the UK Parliament on Monday against a deal they say has decided their homeland’s fate without them.
The British government announced last week that it is handing the Chagos Islands to Mauritius under an agreement that will see the American naval and bomber base stay on one of the islands, Diego Garcia. Opponents accuse the government of surrendering sovereignty over a British territory. And the deal has left displaced residents uncertain whether they can go home.
“They announced a deal without even consulting us, which is at the center of all this tragedy,” said Frankie Bontemps, who called the UK-Mauritius agreement “history repeating itself.”
“They have a deal which is suitable for them, best for them, of course. And what about the people? What about the people that they ignored like 65 years ago?”
The Chagos Islands, a tropical archipelago just south of the equator off the tip of India, have been under British control since 1814. They have been known as the British Indian Ocean Territory since 1965 when they were split off from Mauritius, a then-UK colony that gained independence three years later.
Britain evicted as many as 2,000 people from the islands in the 1960s and 1970s so the US military could build the Diego Garcia base, which has supported US military operations from Vietnam to Iraq and Afghanistan. In 2008, the US acknowledged it also had been used for clandestine rendition flights of terror suspects.
Many of the islanders resettled in Britain and fought unsuccessfully in UK courts to return home. Their cause has garnered international support, notably among African nations and within the United
Nations. In a non-binding 2019 opinion, the International Court of Justice ruled that the UK had unlawfully carved up Mauritius when it agreed to end colonial rule in the late 1960s.
The UN General Assembly followed that opinion with a resolution demanding that Britain end its “colonial administration” of the Chagos Islands and return them to Mauritius.
Britain’s newly elected Labour government says that without the deal the status of the military base would be under threat from legal challenges.
Foreign Secretary David Lammy said the new government “inherited unfinished business” from the previous Conservative administration, which began negotiations with Mauritius in 2022.
“The status quo was not sustainable,” Lammy told lawmakers in the House of Commons. “A binding judgement against the UK seemed inevitable.”
Under the agreement, the UK will retain sovereignty of Diego Garcia for an initial
period of 99 years, paying Mauritius an undisclosed rent.
US President Joe Biden welcomed the deal, saying it “secures the effective operation of the joint facility on Diego Garcia into the next century.”
But Britain’s Conservative opposition said the decision to hand over a piece of UK territory sets a worrying precedent for other far-flung possessions including Gibraltar, which is claimed by Spain, and the Falkland Islands, claimed by Argentina.
The government strongly denies that.
Starmer spokesman Dave Pares said Monday that “British sovereignty of Gibraltar and the Falkland Islands is not up for negotiation.”
The agreement will create a resettlement fund for displaced Chagossians aimed at letting them move back to the islands –apart from Diego Garcia. The UK says details of any returns are now the responsibility of Mauritius.
The Associated Press journalist Kwiyeon Ha contributed to this story.
China’s leaders have been struggling to rev up growth since the Covid-19 pandemic ended.
A downturn in the property market has deepened that challenge, as consumer spending has lagged and global demand also has slowed.
In a note, UBS chief China economist Tao Wang said that the market was “likely expecting a significant fiscal stimulus.”
A modest package of 1.5 to 2 trillion yuan ($210 billion to $280 billion) is more reasonable to expect in the near-term, she said, with another 2 to 3 trillion yuan ($280 billion to $420 billion) in 2025.
In September, China unveiled a monetary stimulus package including cuts to mortgage rates and in the amount of reserves are required to keep on deposit with the central bank. Those and other measures were the most aggres -
sive efforts so far to try to pull the property industry out of the doldrums and spur faster growth.
On Tuesday, the NDRC said that new measures would focus on boosting investment and spending and supporting small and medium-sized businesses that operate at a disadvantage to large, statecorporations.
But much of the information focused on technical issues such as payment regulations, management of projects and deployment of bonds for financing. To counter falling housing sales and home prices, Zheng said there would be “comprehensive policy measures to help stop the decline in the real estate market.”
“In response to volatility and declines in the stock market, we will introduce a series of powerful and effective measures to strive to boost the capital market,” he said, without giving details.
By Hyung-Jin Kim The Associated Press
SEOUL, South Korea—North Korean leader Kim Jong Un warned again that he
use nuclear weapons in potential conflicts with South Korea and the United States, as he accused them of provoking North Korea and raising animosities on the Korean
state media reported Tuesday. Kim has issued similar threats to use nuclear weapons preemptively numerous times, but his latest warning came as outside experts say North Korea could ramp up hostilities ahead of next month’s US presidential election.
In a Monday speech at a university named after him, the Kim Jong Un University of National Defense, he said that North Korea “will without hesitation use all its attack capabilities against its enemies” if they attempt to use armed forces” against North Korea, according to the North’s official Korean Central News Agency.
“The use of nuclear weapons is not ruled out in this case,” he said.
Kim said North Korea’s nuclear response posture must be fully enhanced because South Korea and the United States are pushing to beef up their military alliance based on joint nuclear and strategic planning, a move that he said would increase the danger of breaking the balance of power on the Korean Peninsula.
Kim apparently refers to the new South Korea-US deterrence guideline that the two countries signed in July to integrate South Korean conventional capabilities with US nuclear weapons to better deal with North Korea’s evolving nuclear threats. South Korea has no nuclear weapons.
Since adopting an aggressive nuclear
doctrine in 2022, North Korea has repeatedly vowed to use nuclear weapons first if it perceives the leadership in Pyongyang as under threat. But many experts question if North Korea could really do so because its military is outgunned by the US and South Korean forces. US and South Korean officials have warned that an attempt by North Korea to use nuclear weapons would
CONSTRUCTION cranes are seen near the central business district in Beijing
WASHINGTON—It’s not just the presidential election: Foreign governments are targeting House and Senate races around the country in their effort to meddle with American democracy this election year, intelligence officials warned Monday.
Russia and China have launched influence operations designed to help or hurt candidates in specific congressional races. Without giving specifics about the number of affected races, an official from the Office of the Director of National Intelligence said Monday that both countries have zeroed in on races where they believe they have a national security interest at stake.
Other smaller nations may be trying their own influence operations, officials said. Cuba is “almost certainly” trying to boost candidates that the Cuban government believes would support their interests in America, according to a report on foreign election threats released Monday, roughly a month out from the election.
The warning from intelligence officials comes during a particularly tight battle for the House and Senate, where control could be decided by just a handful of races. While much of the attention has focused on attempts by foreign adversaries to influence the presidential race, Monday’s warning underscores the threat that online disinformation also poses in state and local contests.
Leaders in Russia and China understand the American political system well enough to recognize that this year’s close elections create good conditions for the use and spread of disinformation, said the
official, who briefed reporters on condition of anonymity under rules set by the office of the director.
Foreign adversaries have also targeted some races even further down the ballot, including statewide offices and state legislative campaigns, the official said.
Moscow’s goal is to erode support for congressional candidates who favor assisting Ukraine in its war with Russia. Officials wouldn’t say which candidates were targeted, but it’s likely that the Kremlin’s effort is intended to hurt Democrats and centrist Republicans who have supported Ukraine.
China has targeted candidates from both parties based on their stance on issues of key importance to Beijing, including support for Taiwan. Officials said they have observed Chinese disinformation agencies focusing on candidates in “tens” of races.
Officials also said that Cuba has in past elections tried to help candidates that it views as supportive of better relations with the island, such as reduced economic sanctions. They said it was highly likely that leaders in Havana were mounting similar campaigns ahead of an election that could have big consequences for relations with Washington.
Influence operations can include false
or exaggerated claims and propaganda designed to mislead voters about specific candidates, issues or races. It can also include social media posts or other digital content that seeks to suppress the vote through intimidation or by giving voters false information about election procedures.
Along with cyberattacks on election systems, influence operations that stoke distrust and divisiveness are a critical threat facing the 2024 election, national security officials have said.
State and local authorities have invested heavily in securing the vote that last week, Jen Easterly, director of the US Cybersecurity and Infrastructure Security Agency, told The Associated Press there is no way a foreign adversary could alter the overall results.
Disinformation can be a harder threat to quantify. Foreign adversaries create networks of fake websites and social media accounts mimicking Americans, and then work to amplify divisive and incendiary claims about contentious debates like immigration, the economy or the federal
New York City mayor faces further staff resignations amid ongoing investigations
By Jake Offenhartz & Karen Matthews
The Associated Press
EW YORK—Embattled New York
NCity Mayor Eric Adams said Monday that he had accepted the resignation of his deputy mayor for public safety, Philip Banks, the latest senior official to leave as the mayor fends off an indictment and calls to step down.
Adams’ director of Asian affairs, Winnie Greco, also resigned and the city fired another former aide, Rana Abbasova, who previously served as the mayor’s liaison to the Turkish community, a spokesperson for City Hall said Monday evening.
Federal investigators have seized devices from all three officials—along with several other high-ranking city appointees—as part of apparently separate investigations that have engulfed the Democrat’s administration and prompted an exodus of top officials in recent weeks.
Adams said on TV station NY1 that Banks had told him Sunday that “he wants to transition to some other things” and “doesn’t want this to be a constant burden on the work that we’re doing in the city.” The mayor added, “I wish my good friend well.”
Banks’ resignation comes days after his brother, the city’s schools chancellor David Banks, announced he was stepping down months earlier than planned at the direction of the mayor.
Federal prosecutors have said they are pursuing “several related investigations” in addition to the case against the Adams, who was indicted late last month
on charges of accepting illegal campaign contributions and bribes from foreign nationals. He has pleaded not guilty.
In a separate probe, federal prosecutors are scrutinizing whether a consulting firm run by a third Banks brother, Terence, broke the law by leveraging his family connections to help private companies secure city contracts, according to a person familiar with the matter. The person spoke to The Associated Press on condition of anonymity because they were not authorized to disclose information about the investigations.
All three Banks brothers have denied wrongdoing. An attorney for Philip Banks, Benjamin Brafman, said Monday that federal prosecutors had assured him his client was not a target of the investigation. He said prosecutors were initially scrutinizing “insignificant” Zelle payments between the brothers that were actually related to poker games.
Adams has rebuffed calls to resign, brushing off concern about his ability to govern as he mounts his legal defense and reshapes his administration. “I am confident when the true story gets out and not a one-sided version, New Yorkers are going to see that we can stay focused and get the job done,” he said Monday.
But he has faced mounting pressure to sever ties with those caught up in the investigations, including from Gov. Kathy Hochul, a Democrat who has the power to remove him from office. The city’s police commissioner, Edward Caban, and a top mayoral advisor, Timothy Pearson, have also stepped down.
Adams appointed Philip Banks in 2022 as deputy for public safety, a role that gave him wide influence over the
nation’s largest police and fire departments. Banks, a longtime friend of Adams, had previously served as the NYPD’s highest-ranking uniformed member, but resigned abruptly in 2014 after becoming ensnared in another corruption scandal that shook City Hall.
Banks was not charged in that incident but was named as an unindicted co-conspirator. He later acknowledged that he accepted undisclosed gifts from two businessmen—including overseas travel, meals and cigars—who were convicted of bribing police officers and other officials.
Greco, meanwhile, had served as Adams’ conduit to the city’s Chinese American communities for close to a decade, organizing campaign fundraisers that brought in tens of thousands of dollars and traveling with Adams to China on multiple occasions when he was Brooklyn borough president. She was hired as the city’s director of Asian American affairs soon after Ad -
government’s response to disasters.
Officials in Russia, China, Iran and Cuba have all rejected accusations that their governments are trying to interfere with the US election, despite indications that the use of disinformation designed to influence the outcome of this year’s elections is increasing.
When foreign governments target a specific candidate, office or organization with election information they are often given what’s called a defensive briefing by intelligence officials. While ODNI won’t say how many defensive briefings they have delivered so far this election cycle, they say the number is three times higher than the previous cycle.
In the presidential race, intelligence officials have concluded that Russia supports Trump, who has criticized Ukraine and the NATO alliance while praising Russian President Vladimir Putin. They have assessed that China is taking a neutral stance in the race between the Republican former president and Vice President Kamala Harris, a Democrat.
ams took office, most recently earning a salary of $196,000 a year, records show.
In November, the city’s Department of Investigation opened a probe into Greco following a report in the local news outlet The City that raised questions about her political fundraising and whether she used her position in the administration to obtain personal benefits.
Then, this past February, federal agents searched two properties belonging to Greco, as well as the New World Mall, a popular Asian food court in Flushing, Queens. Campaign records show Adams held at least three fundraisers at a restaurant inside the mall, receiving dozens of donations that were $249—the maximum amount that qualifies for the city’s generous matching funds program.
Adams’ alleged manipulation of the matching funds program is at the center of the federal charges brought against him last month. Among other things, the indictment accuses him of directing a different former aide to solicit campaign cash from Turkish nationals, which was then funneled to his campaign under the names of American citizens, allowing him to unlock public funds that provide an eightto-one match for small dollar donations.
That former aide described in the indictment matches the description of Abbasova, who was put on leave in November 2023, when the federal probe first became public. A spokesperson for City Hall did not provide a reason for her termination Monday.
An attorney for Adams, Alex Spiro, has accused the former aide of misleading prosecutors for her own benefit.
“They’re hiding that their key witness lied,” Spiro said following Adams’ arraignment. “The main lie is that Eric Adams knew about anything having to do with this.”
An attorney for Greco did not immediately return a request for comment. A voicemail left at a phone number listed for Abbasova was not returned.
Iran opposes Trump’s reelection, intelligence officials have said, seeing him as more likely to increase tension between Washington and Tehran. Trump’s administration ended a nuclear deal with Iran, reimposed sanctions and ordered the killing of Iranian Gen. Qassem Soleimani, an act that prompted Iran’s leaders to vow revenge.
Last month federal authorities charged three Iranian men for their alleged involvement in Iran’s hacking of Trump’s campaign. Iran later offered the material to Trump’s Democratic opponent, but no one replied.
Officials said Monday they have seen no indications that Iranian disinformation is targeting down ballot races so far in 2024.
NEW York City Mayor Eric Adams said he accepted the resignation of his deputy mayor for public safety. AP/SETH WENIG
The El Niño crisis: A call for urgent irrigation reforms
ThE country experienced one of the strongest El Niño episodes in nearly half a century this year.
The Department of Agriculture (DA) announced in August that the El Niño-induced droughts in 15 regions damaged farm goods worth P15.3 billion. (See, “Report: Farmers lose P15.3B due to El Niño,” in the BusinessMirror, August 5, 2024). Task Force El Niño said in May that 276 cities and municipalities declared a state of calamity due to the impact of droughts not just on agriculture but also on the health of residents.
Suffering the brunt of the weather phenomenon was the crops subsector, which usually accounts for half of the agriculture sector’s output at any given time. The damage sustained by the sector this year compares with the impact of the episode in 2015 and 2016. A report published by the World Bank titled “Striking a Balance: Managing El Niño and La Niña in Philippines’ Agriculture,” indicated that the El Niño event nearly a decade ago lasted for 18 months, affected about a third of the country and caused $327 million in agricultural production losses.
The report indicated that the Philippines experienced seven El Niño Southern Oscillation (ENSO) events since the 1980s. Unlike in previous decades, however, the intervals between ENSO events are becoming shorter in recent years. Prior to the El Niño episode in 2015, the Philippines was struck by the weather phenomenon in 2009, which lasted until 2010 and destroyed billions of pesos worth of farm products.
This has made it an imperative for policymakers to look for mechanisms that will enable farmers to cope with the ill effects of El Niño. One idea that had been pitched by the Department of Agriculture (DA) is to build peripheral canals that will allow rainfall to be channeled to farmlands instead of just letting the water go straight to the sea via flood control structures. (See, “Govt keen on irrigation scheme to boost food output,” in the BusinessMirror , October 7, 2024). The DA said it is planning to work with other agencies such as the Department of Public Works and Highways to deliver badly needed irrigation to local farms.
The Philippines, according to government officials, gets around 2.6 meters of rainfall annually. However, it has yet to fully exploit the potential of rainfall to augment the country’s water supply. Sans an efficient way of collecting rainfall and faulty flood control programs, flooding occurs in many parts of the country whenever it experiences heavy rainfall due to the southwest monsoon or typhoons.
Policymakers should focus their efforts on production areas that are badly in need of water. Of the total irrigable areas of 3.128 million hectares nationwide, 65 percent or 2.042 million hectares have irrigation facilities as of 2021. (See, “NIA: Projects expanded PHL’s irrigated areas,” in the BusinessMirror , June 2, 2022). Delivering irrigation to the remaining one million hectares of farms where staples such as rice and high value crops can be planted should be the government’s top priority if it intends to make food more affordable.
Lower rates crucial for nation building
TTHE BUILDER
hE construction sector oftentimes is the driver of economic growth. The government and, more importantly, the private sector provide more economic opportunities when they spend more on building roads and infrastructure, houses and offices, and factories.
All they need is an impetus to perk them up. Private construction, for one, will benefit from reduced interest rates once the Bangko Sentral ng Pilipinas (BSP) begins its monetary easing cycle in line with the US Federal Reserve’s policy.
A low interest rate will help developers, contractors and homebuyers in their decision-making. The cost of borrowing has a direct impact on project affordability, a big factor in the Philippine real estate sector.
The BSP eased its policy following subdued household consumption
Iand a declining inflation trend this year. Starting with a 25-basis-point cut in key interest rates in August 2024, the central bank hinted at continuing the easing cycle with at least a 50-basis-point adjustment in October and December.
The BSP also lowered the reserve requirement ratios of banks, effectively unleashing an additional P400 billion in the lending capacity of the financial system.
Lower interest rates amid stabilizing inflation would support consumer spending and private sector invest-
By Augusta Saraiva & Enda Curran
N June, more than half of Americans told Gallup pollsters that they want to curb immigration, the highest share in more than two decades. The surge in southern border crossings after the pandemic put the issue at the top of voters’ minds. Former President Donald Trump, the Republican nominee for the White house, has capitalized on this dynamic—accusing immigrants of taking jobs that would otherwise go to native workers, spreading false rumors about migrants in Ohio and proposing the biggest deportation program in US history. At the same time, Democrats have tried to strike a harder tone: The outgoing Biden administration has made it more difficult for immigrants to claim asylum, while Vice President Kamala harris is pitching border reform and blaming the GOP for striking down a bipartisan bill that Democrats say would have curbed the numbers.
We believe in the wisdom of the BSP in striking a balance between keeping prices stable and supporting economic growth. It always looks at economic data to arrive at a decision, but given the easing inflation rate and the need to induce consumer spending, an interest rate reduction may be the best bet at this point.
ments as well, including residential, commercial and industrial projects.
New building constructions were sluggish in the first half of 2024 amid weak demand from homebuyers discouraged by elevated interest rates.
Home mortgage rates spiked this year, hurting bank customers tied to regular loan repricing.
Even the International Monetary Fund (IMF) noted the sluggish growth in consumer spending in the Philippines. This prompted the multilateral institution to lower its economic growth forecasts for the country, as high interest rates would likely continue weighing on domestic demand.
The IMF adjusted its 2024 gross domestic product (GDP) outlook for the Philippines to 5.8 percent from 6 percent and the 2025 forecast to 6.1 percent from 6.2 percent. The IMF’s forecasts are below the government’s 6 percent to 7 percent target range for 2024 and 6.5 percent to 7.5 percent for next year. An IMF mission, led by Elif Arbatli Saxegaard, said the downward revision reflected the fund’s view that private consumption would grow slightly with less momentum. The mission saw the growth outlook tilted to the downside, with risks from an anticipated slowdown in major economies, commodity price volatility, supply shocks and geopolitical tensions. The IMF said easing global financial conditions, private investment such as public-private partnerships or larger foreign direct investment (FDI) inflows could lift growth. As inflation rate settled within the target range of 2 percent to 4 percent this year, the BSP may decide to induce consumer spending and investments by further reducing
See “Villar,” A15
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With politicians trading punches and millions of immigrants caught in the middle, Zeke Hernandez, a professor at the Wharton School of the University of Pennsylvania, has made an effort to refocus the conversation before the election. His book, The Truth About Immigration: Why Successful Societies Welcome Newcomers, which came out in June, makes the case that the US economy can only benefit from the arrival of more people. In part, the topic is personal. Hernandez traded his small country of Uruguay for the chance to attend college in Utah on a scholarship. When
an American friend told him he’d come to the US only to steal a scholarship from a deserving American, then a job, then eventually a girlfriend, Hernandez somewhat guiltily believed him. Married now to an American wife with whom he has children and a holder of a US passport and a job at one of the nation’s top business schools (incidentally, Trump’s alma mater), he’s changed his mind. “In the process of trying to understand what creates economic prosperity, I realized immigration was inseparable from that growth,” says Hernandez, 44. He argues that those who warn
More people also means more consumers in the economy, more taxpayers feeding into government budgets and so on, he says. Those who take lower-skill roles provide an additional boost by pushing native workers up the ladder into higher-productivity jobs. When more immigrants take child-care jobs, for example, American women can enter back into the labor force. “An influx of workers is not just an influx of workers,” Hernandez says. “It’s an influx of consumers. It’s an influx of potential entrepreneurs. It’s an influx of investors. It’s an influx of taxpayers that grow the economic pie. You don’t have more people competing for the same pie of the same size. You have more people building a bigger pie.”
that more immigration will ultimately mean more competition for jobs and translate into weaker pay gains for Americans are missing a key point: Those critics assume that the number of potential jobs in the economy is static when it’s a figure that
changes as more people arrive. That fact is familiar to economists and anyone who’s delved into academic studies of immigration’s impact— Hernandez himself has written them—but in his book he aims for a conversational tone that emphasizes the tangible advantages immigration can bring. He tells the story of Guatemalan chicken chain Pollo Campero’s rapid expansion into the US, which serves as an example of how immigrants attract investment from their home countries while helping to boost consumer spending among natives and introducing products and services. Nodding to patriotic sports fans, he argues that America’s failed World Cup campaigns in the 20th century can be attributed in part to harsh immigration laws that curbed flows from European countries with stronger soccer traditions. More people also means more consumers in the economy, more taxpayers feeding into government budgets and so on, he says. Those who take lower-skill roles provide an additional boost by pushing native workers up the ladder into higherproductivity jobs. When more immigrants take child-care jobs, for example, American women can enter back into the labor force. “An influx of workers is not just an influx of
See “A Wharton,” A15
Ambassador Antonio L. Cabangon Chua
Mark Villar
US yields back at 4% for first time since August on Fed rethink
By Alice Gledhill & James Hirai
Key US Treasury yields are back at 4 percent, a level last seen in August, after a blowout jobs report undercut chances for another big interest-rate reduction from the Federal Reserve.
Bonds dropped Monday, extending a plunge from late last week following surprisingly robust September payrolls data. The 10-year yield rose as much as six basis points to 4.03 percent, while the two-year yield jumped as much as up 10 basis points to 4.02 percent. The underperformance in shorter-dated Treasuries saw a key part of the yield curve briefly invert once again.
The moves reflect swirling doubts over the Fed’s next moves. Money markets no longer see another halfpoint cut this year, while a quarterpoint reduction in November that was once seen as certain is now priced at about an 80 percent probability. For the first time since August 1, there are fewer than 50 basis points of cuts implied through the end of the year.
“We’ve expected higher yields but anticipated a somewhat gradual adjustment,” Goldman Sachs Group Inc. strategists including George Cole wrote in a note. “The extent of strength in the September jobs report may have accelerated that process, with renewed debate on the extent of policy restriction, and, in turn, the likely depth of Fed cuts.”
Monday’s open interest data, which tracks positioning in the futures market, fell sharply across multiple contracts linked to the Secured Overnight Financing Rate, signaling capitulation of long positions. Meanwhile in the options market, there were a bunch of new hawkish hedges targeting just one more quarter-point rate cut for this year.
Economists at Citigroup in a report Monday said they expect the Fed to cut interest rates by a quarter point in November, joining other Wall Street banks in abandoning forecasts for a half-point cut in the wake of strong September employment data released Friday.
Shorter-dated Treasury yields, which are more closely linked to the outlook for Fed monetary policy, rose faster than longer maturities on Monday, flipping the curve back out of its normal shape.
Two-year yields briefly traded above 10-year rates for the first time since September 18, reversing a trend toward normalization that had been gaining momentum over recent weeks. Historically, bond yield curves slope upward with longer
Monday’s open interest data, which tracks positioning in the futures market, fell sharply across multiple contracts linked to the Secured Overnight Financing Rate, signaling capitulation of long positions. Meanwhile in the options market, there were a bunch of new hawkish hedges targeting just one more quarterpoint rate cut for this year.
notes paying higher yields, a norm that was disrupted for almost two years as the Fed hiked rates aggressively.
European bonds followed US Treasuries lower. The German 10year yield rose four basis points to 2.25 percent, the highest in over a month, while its UK equivalent rose six basis points to 4.19 percent. The selloff following Friday’s jobs data is just the latest twist in a year that’s forced investors to recalibrate their expectations for the economy and Fed policy numerous times. US services activity also caught traders off guard last week, exceeding all forecasts, and casting further doubt on theories that the economy was deteriorating more rapidly than feared.
Traders are now looking ahead to a series of speeches from Fed policymakers for further clues on the path for rates. Minneapolis Fed President Neel Kashkari, as well as his Atlanta and St. Louis counterparts, Raphael Bostic and Alberto Musalem, along with Fed Board member Michelle Bowman speak at different events on Monday.
The market is also awaiting US inflation data later this week. The consumer price index is expected to rise 0.1 percent in September, its smallest gain in three months. Fed Chair Jerome Powell has said projections issued by officials, alongside their September rate decision, point toward quarter-point rate cuts at the final two meetings of the year.
“It doesn’t need a recession to get inflation to tolerable levels, so the Fed is easing policy without waiting for genuine economic weakness,” said Dario Perkins, managing director at TS Lombard. “By now, everyone should have realized the Fed is cutting rates pre-emptively.” With assistance from Liz Capo McCormick, Edward Bolingbroke and Cristin Flanagan/Bloomberg
Comelec cannot cancel COCs of candidates ordered dismissed by the Ombudsman pending appeal
By Atty. Romulo B. Macalintal
WITh utmost due respect to our Commission on elections (Comelec), it has no power to administratively cancel the certificates of candidacy (COCs) of candidates “with immediately executory order of dismissal from Ombudsman with the accessory penalty of perpetual disqualification from holding public office,” allegedly pursuant to its Resolution No. 11044-A dated September 4, 2024.
It should be noted that said Resolution No. 11044-A was an amendment to Comelec Resolution No. 11044, which did not contain such rule and which was merely limited to final judgment of conviction in a criminal case, citing the 2013 case of Jalosjos vs. Comelec. As a matter of fact, even in past elections, the Comelec’s power to administratively cancel a COC is limited to final conviction in criminal cases with the accessory penalty of perpetual disqualification, and was never applied to administrative cases decided by the Ombudsman while pending appeal.
There is not even a provision under the Omnibus Election Code or the Local Government Code that provides that a candidate who is penalized by virtue of an administrative case is automatically disqualified to run for public office pending appeal of said decision, or even if said decision is NOT yet final.
Hence, it is a wonder of all wonders why and how Comelec can come up with such an arbitrary, if not a whimsical, rule that its power to administratively cancel a COC will now involve candidates dismissed by an executory order of the Ombudsman with the accessory penalty of
There is not even a provision under the Omnibus Election Code or the Local Government Code that provides that a candidate who is penalized by virtue of an administrative case is automatically disqualified to run for public office pending appeal of said decision, or even if said decision is NOT yet final.
perpetual disqualification when it is very clear that, in the Jalosjos case, the cancellation of a COC may only be imposed in cases where there is already a FINAL judgment of conviction in a criminal case, without mention of Ombudsman decisions in administrative cases.
While decisions of the Ombudsman may be executory, the accessory penalty of perpetual disqualification is not yet final when the dismissed public official appeals the Ombudsman decision to the Court of Appeals. In other words, pend-
ing appeal, the accessory penalty of perpetual disqualification is not yet imposable and could not yet be enforced.
As such, should a public official, who has a pending appeal for the reversal of the Ombudsman’s executory order of dismissal, be immediately barred (through the administrative cancellation of the COC) from seeking an elective public office in 2025?
To this, Chief Justice Alexander Gesmundo aptly states in a case that, without seeking to reward corrupt public officials, “it must be remembered that they are still subject to competitive and recurring democratic elections wherein the people decide their political fate.”
Also, in one case, former Chief Justice Reynato Puno said that “in cases where the sovereignty of the people is at stake, we must not only be legally right but also politically correct.” So it must be, let the people decide.
Atty. Romulo B. Macalintal is an election
Maldives pivots back toward India to ease China debt squeeze
By Dan Strumpf, Sudhi Ranjan Sen & Malavika Kaur Makol
The president of the Maldives swept into power a year ago on a campaign to push India out of the island nation’s affairs and draw closer to China. Now, as a debt crisis looms and earlier Chinese loans come due, he is in New Delhi looking to mend some fences.
Mohamed Muizzu arrived in New Delhi on Sunday on a four-day state visit—his first since taking office— with the financial crisis one feature of discussions with Prime Minister Narendra Modi’s government. Prior to the trip, Muizzu has softened his rhetoric notably, saying he’s never opposed India and New Delhi knows the financial strain his nation is under and was willing to help.
That’s a contrast to a year ago when he won elections on an “India Out” campaign, pushing for the withdrawal of Indian troops from the Maldives and promising new big-ticket projects backed by China. His campaign thrust the Maldives to the center of the rivalry between the two powers, which have been vying for influence over the Indian Ocean nation known for pristine beaches and its strategic location straddling global shipping routes.
Both China and India have poured hundreds of millions of dollars worth of loans into the Maldives in recent years, saddling the tourismdependent nation with debt amid a protracted economic slowdown, a drought of foreign reserves and a slow return of visitors.
a restart in tourism and a review of the introduction of India’s digital payments platform in the island nation, the person said.
During their meeting Monday, Modi and Muizzu discussed a potential free trade agreement, as well as ways for New Delhi to help the island nation develop infrastructure and military capacity, India’s External Affairs Ministry said. India has also extended two currency-swap agreements to the Maldives—one US-dollar agreement worth $400 million and one Indian-currency agreement worth 30 billion rupees ($357 million)—to shore up its access to foreign currency.
The currency agreements are aimed at bolstering confidence in the economy of the Maldives, Indian Foreign Secretary Vikram Misri told reporters in New Delhi. He said the two sides will continue to work on defense cooperation, adding that both countries handled the withdrawal of Indian troops with sensitivity.
The Maldives’ looming debt crisis and its economy are all high on the agenda for Muizzu’s visit, according to an Indian official familiar with the matter, who asked not to be identified as the discussions are private. The two sides will also review Indian projects in the Maldives and will seek a restart in tourism and a review of the introduction of India’s digital payments platform in the island nation, the person said.
Fitch Ratings estimates the country’s total external debt obligations will grow to $557 million in 2025, and exceed $1 billion by 2026. The island nation’s foreign reserves stood at just $437 million as of the end of August, sufficient to cover only around one-and-a-half months of imports.
A default event was looking more likely, according to Fitch, while the International Monetary Fund has also warned of a potential debt crisis.
the People’s Bank of China recently signed an agreement to expand the use of local currencies between the two countries.
“President Muizzu has tried to steer the Maldives away from its traditional reliance on India to a more independent foreign policy, including friendlier relations with China,” said Søren Mørch, head of emerging markets debt at Danske Bank AS. “This recent bailout from India has shown the limits of this approach.” Tourism crunch T HE debt crunch comes as the Maldivian economy has failed to maintain momentum in the wake of the Covid-19 pandemic. While GDP growth reached 13.9 percent in 2022, it slowed to 4 percent last year, with tourists spending at rates below pre-pandemic levels, according to the World Bank. Relations between the Maldives and India took a dive in January after a social-media spat in which a Maldivian deputy minister mocked Modi—prompting a backlash from Indian citizens and several celebrities calling for a tourism boycott of the island.
its benchmark interest rates, which affect the borrowing costs of banks. The overnight borrowing rate is now at 6.25 percent.
Inflation rate eased to 3.3 percent in August 2024 and likely fell below 3.0 percent in September, per the BSP estimates. This gives the Monetary Board flexibility to make big cuts in the overnight borrowing and lending rates in the fourth quarter of 2024. BMI, a Fitch Solutions unit, said the BSP may cut rates more aggressively in the remaining months of the year in keeping with the Fed’s monetary easing. The Fed reduced its own interest rates by 50 basis points in September and is expected to cut rates further. BMI believes the BSP will have more policy room to maneuver with a 100-basis-point cut of its own.
Policymakers are starting to grow increasingly concerned about the Philippine economy’s health, BMI said, as it is in need of support following the second-quarter GDP data.
We believe in the wisdom of the BSP in striking a balance between keeping prices stable and supporting economic growth. It always looks at economic data to arrive at a decision, but given the easing inflation rate and the need to induce consumer spending, an interest rate reduction may be the best bet at this point. It will support the capital-intensive construction and infrastructure sectors. Builders rely on loans and external financing to fund their projects.
Low interest rates reduce the cost of residential and infrastructure projects, stimulating economic activities and job creation that are the cornerstones of nation building.
Per BMI, the boost received from a surge in investment activity in the second quarter would prove difficult to sustain against the backdrop of high interest rates. In the face of an economic slowdown, policymakers will likely seek to unwind restrictive policy settings to bolster growth at the earliest possible time, according to BMI. The BSP will hold its next policy-setting meeting on October 17. Finance Secretary Ralph Recto, a member of the Monetary Board, floated the possibility of a 50-basispoint cut this month.
The Maldives’ looming debt crisis and its economy are all high on the agenda for Muizzu’s visit, according to an Indian official familiar with the matter, who asked not to be identified as the discussions are private. The two sides will also review Indian projects in the Maldives and will seek
A Wharton
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workers,” Hernandez says. “It’s an influx of consumers. It’s an influx of potential entrepreneurs. It’s an influx of investors. It’s an influx of taxpayers that grow the economic pie. You don’t have more people competing for the same pie of the same size. You have more people building a bigger pie.”
Research by the nonpartisan Congressional Budget Office lends support to his thesis. It found immigration could help bolster the US economy by about $7 trillion over the next decade by swelling the labor force and increasing demand. Still, it cautioned that overall wages will rise more slowly, in part reflecting the increase in the number of lowerskilled workers.
There’s the sticking point. The benefits of growth in gross domestic
The Maldives’ debt is estimated at 110 percent of gross domestic product, and risks are growing it may fail to make payments on its sukuk. If that were to happen, it would be the world’s first default of an Islamic bond.
India gave the Maldives a $50 million lifeline last month to help it avoid that outcome, but that was likely only a short-term fix given additional looming payments, according to investors and analysts.
product are well and good on average and reason enough for investors and white-collar professionals to feel upbeat about immigration. But what about people in lower-skill jobs directly facing newcomers in the market? Does it depress their wages? While adding more low-skilled workers may initially bring down average wages simply by changing the mix of jobs in the economy, it’s more complex to determine whether it harms native workers. Hernandez tries to tackle what for decades has been the million-dollar immigration question among economists.
“The rule is, when supply and demand are allowed to function freely, immigrants don’t impact wages,” he says. He relies on, among other studies, research by Nobel Prize-winning economist David Card, who analyzed the supply shock triggered by the arrival of thousands of Cubans in Miami in 1980 to conclude that those immigrants had no impact on
“This is a growing concern and the debts are piling up,” said Aditya Gowdara Shivamurthy, an associate fellow at the Observer Research Foundation, a New Delhi-based think tank. “They’ve been able to repay until now. What will happen next is something we will have to see.”
China and India are the No. 1 and 2 external lenders for Maldivian central government debt, respectively. The Maldives owed about $400 million to the Export-Import Bank of India and about $530 million to the ExportImport Bank of China at the end of last year, according to official figures.
China has said it’s held discussions with Male over debt relief, while
Floridians’ wages. In an environment this politically charged, it’s no surprise that Hernandez says he’s gotten some pushback—and even the occasional slur—from readers and some people who haven’t opened the book. “I know I am not flawless, but I think I have done a fair job in representing the literature,” he says. To offset the polarization around the issue, he’s tried to keep his argument and presentation upbeat, down to the choice of bright colors on the book jacket. “We made a very deliberate choice for the book to be colorful and happy,” he says. The Truth About Immigration sweeps through the history of US immigration, dealing with the fallout from laws to curb it, such as the Chinese Exclusion Act and 1924 National Origins Act, as well as numerous success stories arising from the “triangle of immigration, investment, and jobs.” He draws in-
In an interview with the BBC, Muizzu said the Maldives is not facing a sovereign debt default, nor would it join an IMF funding program. Still, India’s backing in any potential debt restructuring is likely to prove invaluable, making a fencemending with New Delhi all the more important, said Gulbin Sultana, associate fellow at the Manohar Parrikar Institute for Defence Studies and Analyses, a government-backed think tank in New Delhi.
“Muizzu is re-balancing ties with India, as is New Delhi trying to reset its ties with the island nation,” she said. Bloomberg
vestment links between the German heritage of Rush Township, Pennsylvania, and the establishment there of EMD Electronics, a unit of Merck KGaA. He cites Alphabet, Instacart, Intel, Nvidia and others as companies that had immigrants behind their success.
If Hernandez has one message for skeptics, it’s this: Rather than viewing immigration as a policy of benevolence, think of it as a matter of national interest. That giant sucking sound (to borrow from the late presidential candidate H. Ross Perot) is the US vacuuming up the rest of the world’s talent pool. But Hernandez is under no illusions about the prospect for turning all the doubters around. “I would love for this book to change the entire conversation and influence the election,” he says. “But I don’t have the delusion that one book will change that .” Bloomberg Markets
lawyer
Villar . . .
RECTO: EXPECT MORE JOBS TO OPEN UP AS HOLIDAYS NEAR
MORE job opportunities await Filipinos as the holiday season nears and commodity prices dropped to a four-year low, according to Finance Secretary Ralph G. Recto.
In a statement on Tuesday, Recto said the creation of more than 1.45 million new jobs for Filipinos in August 2024 and the 1.9 percent inflation rate in September 2024 are “back-to-back good news.”
“Asahan po natin na mas maraming trabaho ang magbubukas para sa ating mgakababayandahilsapatuloynapagbaba ng inflation rate na magpapalakas sa kita ng ating mga negosyo at bawat pamilya.[Expect that more jobs will open for Filipinos because of the continued decrease in the inflation rate that will the income of businesses and families],” Recto said.
At the same time, Recto expects more economic opportunities will be created in the wholesale and retail trade sectors due to the upcoming holiday season marked by increased shopping.
Unemployment rate went down month-on-month to 4 percent in August 2024 from 4.7 percent in July 2024 and lower than the 4.4 percent recorded in August 2023. (See: https:// businessmirror.com.ph/2024/10/08/ unemployment-underemploymentdeclines-in-august-psa/)
There were 2.07 million unemployed and 5.48 million underemployed Filipinos in August 2024.
Meanwhile, the number of employed
Filipinos stood at 49.2 million, higher than the 47.7 million employed Filipinos in July 2024 and 48.1 million in August 2023.
The wholesale and retail trade sectors were credited as the biggest drivers of employment in August 2024, adding 1.15 million more workers to the workforce from the previous month.
Other sources of job growth include public administration and defense; compulsory social security (351,000); education (209,000); transportation and storage (207,000); and other service activities (172,000).
Further, underemployment rate also dropped to 11.2 percent in August 2024 from 12.1 percent in July 2024 and 11.7 percent in August 2023. Underemployed Filipinos declined by 146,000 year-on-year and 293,000 month-on-month.
Recto expects the enactment of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (Create More) bill will attract more capital-intensive investments into the country and generate jobs in the BPO, IT, construction, accounting and healthcare sectors, among others.
The Finance Chief further underscored that the swift implementation of the government’s Artificial Intelligence (AI) roadmap and strategy to upskill the Filipino workforce and cultivate a new generation of research scientists, engineers and research and development innovators.
PHL food, electronic factory output slows to 4-mo low
By Cai U. Ordinario @caiordinario
THE country’s manufacturing output posted a four-month low in August, according to the latest data from the Philippine Statistics Authority (PSA).
Based on the Production Index and Net Sales Index formerly known as the Monthly Integrated Survey of Selected Industries (Missi), the Volume of Production (VoPI) slowed to 2.8 percent in August.
This was the slowest since the 1.4 percent posted in April 2024. In July, the VoPI grew 6.8 percent and 5.6 percent in August 2023.
“This brings the average growth rate of VoPI for manufacturing from January to August 2024 to 1.7 percent,” the PSA said in a statement on Tuesday.
The PSA attributed the slowdown to the manufacture of food
products, which posted VoPI growth of 0.6 percent from 13.1 percent in July; and a contraction of 0.4 percent in August 2023.
Another reason is the slower VoPI in the manufacture of computer, electronic and optical products at 4.2 percent in August 2024. In July, the VoPI of this commodity group grew 13.2 percent and a contraction of 3 percent in August 2023.
The PSA also said the manufacture of coke and refined pe -
troleum products posted annual growth of 15.5 percent, slower than the 20.4 percent posted in July 2024 and 47.5 percent in August 2023.
“Of the remaining 19 industry divisions, six exhibited annual declines during the period.
Meanwhile, 13 industry divisions posted annual increases in August 2024,” PSA said.
Capacity utilization rate
MEANWHILE , the PSA said the average capacity utilization rate for the manufacturing section in August 2024 was reported at 75.5 percent.
This was the slowest since June when the average capacity utilization rate was at 75.3 percent. In July, the average capacity utilization rate was 75.7 percent and was at 74 percent in August 2023.
“Capacity utilization rate is the ratio of total output to the maximum rated capacity of the
establishment,” PSA defined the average capacity utilization rate.
PSA said all industry divisions reported capacity utilization rates of more than 60 percent during the month.
The top three industry divisions in terms of reported capacity utilization rate were manufacture of textiles with 82.2 percent.
This was followed by the manufacture of other non-metallic mineral products at 82 percent; and the manufacture of machinery and equipment except electrical, at 82 percent.
The PSA also said the proportion of establishments that operated at full capacity or 90 percent to 100 percent was 28.9 percent of the total number of responding establishments.
Less than half of these establishments or 41.1 percent operated at 70 to 89 percent capacity and 30 percent operated below 70 percent capacity.
IBy Samuel P. Medenilla @sam_medenilla
N the wake of the recent “dangerous incidents” at the West Philippine Sea (WPS), President Marcos will call for the peaceful resolution of international disputes during the 44th and 45th Association of Southeast Asian Nations (Asean) Summit in the Lao People’s Democratic Republic (PDR).
Marcos made the statement after a Chinese Coast Guard ship fired its water cannons against ships of the Bureau of Fisheries and Aquatic Resources (BFAR) on Tuesday. The BFAR ships were on a mission to provide supplies to seven Filipino mother boats and 16 small fishing boats.
“As we continue to grapple with sharpening regional tensions, including
the recent dangerous incidents in the West Philippine Sea, I intend to champion our advocacies in promoting an open, inclusive, and rules-based international order, and for the peaceful resolution of any disputes in accordance with international law,” Marcos said in his departure speech at the Villamor Air Base in Pasay City. He said the Asean Summit is the ideal venue to discuss such issues on geopolitical matters, including the ongoing issues in Myanmar as well as conflicts in Ukraine and in the Middle East. The Asean has been working on the Code of Conduct at the South China Sea since 2017.
Aside from the territorial concern, Marcos said he will also raise the issues such as food and energy, security,
trade, and investment, supply chain resilience, the micro, small and medium enterprises (MSME), and the impacts of climate change.
“This administration will continue to ensure that our constructive and deepening engagements with Asean, our Dialogue Partners, and stakeholders serve our national interest and the well-being of the Filipino people,” Marcos said. Marcos is participating in the Asean Summits and related summits from October 8 to 11. He has arrived at the Wattay International Airport for the four-day event. Upon his arrival at 4:16 pm (Philippine time),
is expected to meet the
PDR to update them on the developments in the
Editor: Jennifer A. Ng
B1 Wednesday, October 9, 2024
Leechiu: Demand for office space declines in July-Sept
By VG Cabuag @villygc
Office leasing volumes fell 16 percent to 215,000 square meters in the third quarter from the previous year’s 255,000 square meters, according to Leechiu Property consultants inc.
For the three quarters of the year, however, demand reached 900,000 square meters, up by 11 percent from the previous year’s 809,000 square meters, thanks to the good takeup during the first half.
P o G o s, or Philippine offshore gaming operators, account for
merely 8 percent of this year’s demand, indicating their limited exposure, according to Mikko Barranda, the company’s director for commercial leasing.
“We see that there’s very healthy live requirements. So, there are companies today that are pushing hard to transact (hoping to close
the deal) before the end of the year, which gives us a lot of hope. And finally, how does 2025 look like? We have been in a very large supply injection in the past years. So many buildings were completed.”
As a result, the projected annual office supply is expected to fall by half which could lead to lower vacancies next year. Barranda said only 50 percent of whatever office space completed this year will be injected into the market.
Vacancy levels, he said, show promise due to the 56 percent of anticipated pipeline buildings that will be moved from this year to 2025.
Currently, there are 3.1 million square meters of vacancy space, out of the total 18.4 million square meters of supply.
Major areas like Makati and
Bonifacio Global City saw a slight vacancy increase of 13 percent.
The property consultant said the IT-BPM sector, or information technology and business process management sector, has demonstrated year-after-year that it is still the leading demand driver.
PoGos, meanwhile, comprised 45 percent of total leasing demand pre-Covid, but it has not been a major contributor to demand since 2020.
“In addition to growth, a notable rise in government transactions has been observed,” the company said.
The IT-BPM sector accounts for 55 percent of live demand, while the traditional sector is now driven by government agencies.
Bonifacio Global City and Makati are as the most preferred locations for tenants in Metro Manila, it said.
EV makers bank on FTA with SoKor
By Andrea E. San Juan @andreasanjuan
ALoCAL auto group is pin-
ning its hopes on the country’s free trade agreement (FTA) with South Korea to spur the assembly of electric vehicles (EVs) in the Philippines.
Electric Vehicle Association of the Philippines (EVAP) Chairman Emeritus and Solar & Wind Electric Power Inc. President Ferdinand I. Raquelsantos said his group is keen on enticing Korean vehicle makers to assemble their EVs in the country.
“What we want really is the local assembly of electric vehicles and we’re hoping Korea would be the first one to do that,” Raquelsantos told reporters on the sidelines of the
Hon
Hai boosts capacity
Hon Hai Precision Industry
Co. plans to boost server capacity to meet stronger-than-anticipated demand for nvidia Corp. chips used to develop AI, reflecting its expectations that spending on artificial intelligence will stay high.
Chairman Young Liu told Bloomberg Television that demand for the next-generation Blackwell chips was “crazy,” echoing similar remarks from nvidia Chief Executive officer Jensen Huang last week.
The Taiwanese company is now building the world’s largest assembly plant for servers housing nvidia’s most advanced Grace Blackwell chips in Mexico. Hon Hai will have a planned capacity of 20,000 GB200
n VL 72 servers in 2025, according to Liu, disclosing its scale for the first time. “There was a lot of talk that the need for compute may be saturated pretty soon. But it looks like the demand is still growing. So that’s beyond our expectations,” Liu said. However, Liu said there was a “hiccup” in the production of GB200 servers, confirming again a delay with Blackwell supply. Shipments are now expected to start in the late fourth quarter instead of early in the o ctober-December period, he said. Bloomberg News
ICTSI opens new port in Indonesia
By Lenie Lectura @llectura
In TER n ATI on AL Container Terminal Services Inc. (ICTSI) has opened a new terminal in Indonesia, the Razon-led firm announced Tuesday.
Philippines-Korea Business Forum last Monday.
Raquelsantos said his group has already started discussions with Kia regarding the assembly of combustion engine vehicles in 2019, when he was a part of the delegation of the Board of Investments (BoI) in Korea.
“Unfortunately, at that time, we still don’t have an FTA. I think that would be a very good way for us to start producing locally vehicles of Kia and most especially for Hyundai which is selling a lot of electric vehicles in the Philippines. I hope Korea has a plan to include the local assembly of Bongo.”
During one of the Senate hearings which tackled the resolution concurring in the ratification of the free trade deal between South Korea
and the Philippines, Senator Imee Marcos noted that tariffs for motor vehicles would be reduced to zero.
“Under RCEP [Regional Comprehensive Economic Partnership] originally the tariff is at 30 percent and then reduced to 5 percent. Eventually it will go down to zero,” she said.
Currently, Raquelsantos said there are about 58 models of EVs in the Philippine market but majority of these are from China.
“Besides China, of course, there’s Korean and European brands. So other brands, of course, Tesla is here, made in the US. But again, there’s Tesla here that is made in China, so there’s a mix. But as far as other brand is concerned, I think almost everybody’s here. At least the high-
end brands are here already, the most popular brands.”
In the EV landscape, Raquelsantos said the country’s partnership with Korea started even before the pandemic.
“Back in 2007, we started our own EV. In fact we were the first in Asean that started manufacturing EVs. We thought of doing this on public transport that’s why we started the electric jeepney back in 2006 and we rolled it out in 2007.”
Raquelsantos said A-Tech from Korea visited the Philippines and inquired about their electric vehicles.
“So, we gave them our design and of course they want to replicate it. What they did was they bought two units from the Philippines and brought it to Korea.”
More Power energizes Iloilo substation
Mo RE Electric and Power Corp. (More Power) has energized its newly rehabilitated Molo substation in Iloilo City.
The rehabilitation of the 23-year-old Molo substation began in June last year. More Power spent P60.6 million to modernize the 25/30MKVA substation by replacing outdated and unreliable equipment, including the control system, switchyard, and other important devices.
“The Molo substation had been in operation for 23 years without proper maintenance, leading to frequent equipment malfunctions,” More Power President Roel Z. Castro said on Tuesday.
“This upgrade is essential not only to meet the increasing demand for electricity due to population growth and commercial expansion in the area but also extends the life of the transformer and improves its performance using advanced technology to ensure stable and efficient power distribution.”
While the Molo substation was being upgraded, a 30/36 MVA mobile substation provided temporary power to keep the electricity supply running smoothly.
The new Molo substation can reduce the risk of outages, especially during peak demand as power could now be rerouted through the Supervisory Control and Data Acquisition (SCADA) system if a transmission line segment encounters a fault.
“More Power’s SCADA implementation is notable as the first Distribution Utility in Panay and one of the few in the Philippines, setting a benchmark for modern power management,” said Armil Logarta, More Power project management and development head.
“As a result, any power interruption will be minimized, greatly enhancing service reliability for both residential and commercial customers. The integration of this modern substation into Iloilo City’s power system also allows for smarter load management, ensuring that More Power can
swiftly respond to fluctuations in demand.”
With the Molo substation fully operational, the mobile substation will now be relocated to the Mandurriao substation to temporarily provide power while it undergoes its own rehabilitation starting this o ctober.
More Power is currently implementing its five-year development plan, which aims to significantly enhance the electricity distribution system in Iloilo City. As part of this initiative, a substantial load from the Molo substation will be transferred to the new Arevalo Substation early next year.
“This transition is a vital step in our mission to enhance power distribution throughout Iloilo City, ultimately improving the daily lives and business operations of our consumers,” Castro added. “This upgrade will also allow the company to better manage electricity distribution, responding quickly to changes in demand.” Lenie Lectura
The East Java Multipurpose Terminal (EJMT) officially opened for business last october 2 in Lamongan Regency, Indonesia. It is strategically located in Terminal Umum Tanjung Pakis-Pelabuhan Brondong, alongside Lamongan Shorebase.
“The new terminal will provide another option for our customers in Lamongan, Tuban, and as far as Central Java, serving both their domestic and international trade requirements.
Backed by a deep-water berth and the largest mobile harbor cranes in East Java, our customers can now deploy larger vessels, allowing them to load more cargo and reduce their overall costs per unit by calling at EJMT,” Patrick Chan, EJMT chief executive officer, said in a statement.
Construction of EJMT began in March 2023. With a 300-meter quay line, deep water draft of 13.5 meters (LAT), a 500-meter swinging basin, and state-of-the-art handling equipment for bulk, project, and containerized cargo, EJMT is ready to support the economic goals of local and regional industries.
David Lim, Eastern Logistics CEo, said the terminal will support the oil and gas sector as clients can import materials directly to Lamongan Shorebase, reducing both transit time and logistics costs.
“our heavy lift deck and advanced
crane infrastructure enable efficient handling of heavy-lift cargo, supporting energy sector projects across Indonesia, including wind farm installations and offshore platform development,” said Lim. Last August, the company reported that its profits jumped by 34 percent to $420.55 million in the first half from $313.80 million the year prior due to the robust performance of its portfolio of international terminals.
The company’s revenue from port operations also recorded an increase of 13 percent to $1.32 billion, driven by higher ancillary services, favorable tariff adjustments, and a more favorable container mix at certain terminals.
ICTSI handled a consolidated volume of 6.31 million twenty-foot equivalent units (TEUs) in January to June, marginally higher than the last year’s 6.28 million TEUs.
“We’ve delivered a strong first half performance, yet again demonstrating the strength of ICTSI’s diversified international portfolio and continued delivery of our strategic initiatives,” Enrique K. Razon Jr., ICTSI chairman and president, said. The company’s capital expenditures for the first half of the year reached $185.72 million, primarily directed toward ongoing expansions in Mexico, Brazil, the Philippines, and the Democratic Republic of Congo.
ICTSI’s estimated capital expenditures for 2024 are projected at approximately $450 million, which includes investments in terminal expansions, equipment acquisitions, and development of new projects.
ACEN tweaks investment strategy for wind project
GIGA Ace 6 Inc., a wholly owned subsidiary of ACEn Corp., on Thursday said its board approved a revision in its investment strategy for a 335-megawatt (MW) onshore wind power project.
“The approval modifies the ACEn Board approval dated September 4, 2023, covering the original investment into the Isla Wind Power Project, through Giga Ace 6, Inc.,” ACEn said in a disclosure.
The company gave no further details except that its investment into the Quezon north Wind Power Project, formerly called Isla Wind Power Project, phases 1 and 2, includes supporting infrastructure and transmission assets.
The company did not disclose the approved investment amount.
Giga Ace 6 was among the successful bidders during the Department of Energy’s Second Green Energy Auction Round (GEA-2).
Based on earlier DoE data, the wind power project will stretch across the munipacilities of Paete, Pakil, and Kalayaan in Laguna, and Mauban in Quezon.
GEA 2 encourages more investments in power generation as well as to promote the growth of renewable energy (RE) as one of the country’s primary sources of energy by facilitating transparent and competitive selection of RE facilities to help realize the government’s target of 35 percent RE in the energy mix by 2030 and 50 percent by 2040.
ACEn currently accounts for 4.8 gigawatts (GW) of attributable renewables capacity in operation and under construction. It aims to grow its renewables capacity to 20 GW by 2030. The company has been pioneering initiatives in early coal retirement and committed to becoming a net Zero greenhouse gas emissions company by 2050. Lenie
Photo from www.ictsi.com
Editor: Vittorio V. Vitug
DTI to fete Mimaropa’s creativity, innovation
THE Department of Trade and Industry (DTI) announced it is set to hold the “Tatak Pinoy: Obra Mimaropa,” a celebration of the region’s diverse products and talents. This event will take place at the Glorietta Activity Center from October 24 to October 27 to showcase the best of Mimaropa’s creative industries and local enterprises.
More than 50 micro-sized, small and medium-sized enterprises (MSMEs) from Occidental and Oriental Mindoro, Marinduque, Romblon and Palawan will converge to offer a wide array of locally made products, including handicrafts, food, fashion, lifestyle, eco-friendly goods, health and wellness products and many more.
Beyond a trade show, “Tatak Pinoy: Obra Mimaropa” will feature a series of creative talks led by experts from the film, music, art and fashion industries.
The event promises a rich cultural experience with performances representing the five provinces within Mimaropa. The opening ceremonies will honor top performers from the recent Cities and Municipalities Competitive Index. It will also acknowledge regional winners of the Pamilihang Bayan ng Bidang Mamimili, a program recognizing local government units with public markets that uphold industry standards in consumer protection and empowerment.
Moreover, participants will gain valuable insights from informative talks on Halal certification, responsible seafood sourcing and market opportunities for coconut industry players. A seminar on food safety will further equip entrepreneurs and industry stakeholders with essential business knowledge.
“We are driven by the passion and commitment of our entrepreneurs and artists. The Tatak Pinoy: Obra Mimaropa aims to connect and unite them, fostering a sustainable creative industry,” DTI-Mimaropa Regional Director Rodolfo J. Mariposque was quoted in a statement as saying.
According to the DTI, the event is a revival of the successful “Mimaropa Naturally Agri Trade and Tourism Fair,” held annually from 2015 to 2019.
The DTI explained that the official logo for the “Tatak Pinoy: Obra Mimaropa” pays homage to the region’s multicultural heritage. This emblem symbolizes the intricate patterns used in handicrafts and clothing, the thriving butterfly industry and the artistic expressions of the Mangyan communities.
Key officials from the DTI, national government and local government units are expected to attend the opening program.
This trade fair is a collaborative effort spearheaded by government agencies from the Mimaropa region, including the Philippine Exporters Confederation Inc., the Department of Tourism, the Department of Agriculture and the provincial government units of Romblon, Occidental Mindoro, Marinduque and Palawan.
“This robust government partnership further benefits from the unwavering support of key national programs, such as the ‘Tatak Pinoy’ program, the ‘One Town, One Product Philippines,’ the Coconut Farmers Industry Development plan, the Shared Service Facilities program and the Comprehensive Agrarian Reform program,” read the statement from the DTI.
The Power of Momentum
IT is said that momentum is every leader’s best friend.
And why not?
Victories are achieved as a result of an overwhelming force that gives way to critical mass. Such force is called momentum. And having it will definitely help your team break barriers as you move forward and achieve goals, especially during periods when things are slow and difficult. As a leader, everything changes once you have momentum. Here’s three things about momentum that can help you achieve breakthroughs.
DTI taps Enstack-app owner for digital shift of businesses
BUSINESS management app operator Enstk (SG) Company Pte. Ltd. (DBA Enstack) announced on September 26 that it was tapped by the Department of Trade and Industry (DTI) “to fast-track the digital shift of businesses in Metro Manila.”
In a statement, the company said officials representing the DTI’s National Capital Region Office (DTINCRO) and the e-commerce platform operator signed a Memorandum of Understanding in Makati City last month to hold ‘digitization’ learning sessions for small businesses starting in the third week of October.
“These sessions will empower entrepreneurs by providing them free online stores with Enstack, which do not require any additional setup to accept cash on delivery, process cashless payments, and manage ship -
ping—all in one app,” the company said. “Through hands-on guidance, business owners will learn how to set up their online stores within minutes, leverage cash-on-delivery and cashless payments, and streamline deliveries—all through Enstack’s no-code platform.”
According to Enstack, its personnel will also train business owners on running productivity tools like inventory management, accounting and expense, and analytics like sales reports.
“The app is already complete in itself, and they don’t need to go to
one provider for one aspect of their business or to another for another aspect. We understand that if you are onboard to the Enstack app, all the aspects of the business are already there. So, we find their technology really appropriate and very accessible for our businesses,” DTI-NCRO’s officer-in-charge regional director Winston T. Singun was quoted in a statement as saying.
According to the no-code eCommerce store builder, it will conduct consultation sessions to assess and develop businesses’ digital transformation roadmaps. These sessions will focus on how enterprises can prioritize digitization programs, allocate resources effectively, and foster innovation within their organizations.
“Our mission is to empower entrepreneurs by providing smart, simple digital tools. We want to ensure that anyone with an idea can transform it into a thriving business, even the aspiring entrepreneurs who might just be starting or are still small,” Enstack Cofounder and CEO Macy Castillo was
quoted in the statement as saying.
“Through these digital learning sessions, we aim to help small business owners leverage Enstack’s comprehensive tools to manage their operations more efficiently and grow their customer base.”
According to Singun, more than half of NCR businesses yet to go digital. He added that the digitization of businesses remains a significant challenge even in Metro Manila, with “more than 50 percent” of enterprises in the region having yet to go digital.
Singun said the NCR hosts about one in five of the country’s small and medium enterprises, which is why their digitization is crucial for the economy.
“Napakalaking number ang nag-onboard during Covid because they were forced to,” he explained.
“The challenge for us in the DTINCRO now is to reach all these enterprises and onboard them to go e-commerce.” For her part, Castillo said entrepreneurs need to digitize fully to reach more customers and have greater efficiency in daily operations.”
US small-biz optimism little changed in September
US small-business optimism was little changed in September as firms dialed back capital spending plans, illustrating historically high uncertainty ahead of the US presidential election. The National Federation of Independent Business optimism index edged up 0.3 point to 91.5 after declining in August by the most in more than two years. The group’s uncertainty index rose 11 points to a record high
Sustain the momentum EFFECTIVELY catching and creating momentum takes considerable time and effort. For a disciplined leader, this means continuous steps outside the comfort zone.
Create or catch a moment
YOU don’t usually find momentum on a silver platter. You either catch it or craft something that can work for you. Momentum is like a golden opportunity—you need to discern its possibilities and harness it at the right time, which is usually “now.” Grab opportunities that can help you move your team forward. But sometimes, especially when the going gets tough, you need to create your own momentum by developing activities and influencing scenarios specifically designed to get the team moving.
Focus at the moment
IN order to harness momentum, you need to focus at the moment. Leaders and teams usually focus on the future. There’s nothing wrong with this, however, we all tend to put more emphasis on what we want to achieve and imagine how life can be so much easier on the other side, that we lose focus of what we should be doing “now.” Remember, momentum is a now thing. It’s not something in the future. We need to focus at the moment in order to gain momentum today so that we can improve lives tomorrow.
Once you ride on a specific momentum, you need to sustain it by riding on another, to help you and your team to continually move forward. It never ends. Such is the nature of genuine leadership and purpose of teams. After all, the reality of victories and improving lives are not a one-off thing—it’s a sustained effort of always moving from one point to another.
You don’t stop simply because you are already the best. Remember, the best can still get better!
As a leader, always endeavor to achieve victory for your team. And you can do this by harnessing the power of momentum. And that’s why it’s your best friend. By the way, the first thing to do after reading this article is to move. God bless you on your journey towards leadership success!
Alexey Rola Cajilig is the president of Arcway Consultancy Inc., executive director of ARC Docendi and senior vice president and chief operations officer of EM-Core Dotnet Inc. Cajilig is also a sales leadership coach, strategic sales operations consultant, Christian motivational speaker, human ecologist and author of “The Effective Seller.” He is also the creator of “ARCH Styles,” a behavioral and personality assessment tool. If you have questions and suggestions, you may send an email to alexey.cajilig@ gmail.com.
as small-business owners await the outcome of the November election. Three of the 10 components that make up the optimism index fell, while five increased and two held steady. The share of firms planning capital expenditures slid by 5 points to 19 percent, the lowest reading since April 2023. Some 34 percent of firms reported job openings they couldn’t fill, the smallest share since the start of 2021.
Twenty-three percent of smallbusiness owners reported that inflation was their single most important problem, down 1 point from August but still the top issue as elevated prices and interest rates continue to take a toll.
ABy Eddy Duan & Lisa Du
N increasingly popular gym franchise
in Japan costs around $20 a month, offering teeth whitening, photo booths and—almost as an afterthought—exercise equipment.
The patchwork concept is called Chocozap, run by Rizap Group Inc., a billion-dollar fitness company that made its name in high-end personal training. In less than two years, the sub-brand has tapped into a casual and frugal gym user base with more than 1,500 locations and 1.2 million-plus customers.
Typical memberships in Japan’s ¥278.4 billion ($1.9 billion) gym industry are on par with the UK or the US, at around $60 to $80 a month, but Chocozap has taken the concept and adapted it for a wider base, seeking to draw in casual users willing to sign up at a lower price. That’s made the business a major player in the sector, which saw a 2.2-percent rise in the number of customers to 2.8 million last year.
The oddball gyms—some of which also have gel manicure equipment—was created as an experiment during the coronavirus pandemic when Rizap’s core business of personalized training was suffering. As people spend more time working flexible hours and at home, they’re also seeking out more enriching experiences while keeping fit. Most recently, some locations even began offering CT scans.
“We decided to incorporate elements of convenience stores—open 24 hours, in convenient locations, and frequently change the offerings,” said Takayuki Suzuki, president of Rizap Technologies, the subsidiary involved in developing the Chocozap concept.
The first part of its name “choco” has nothing to do with cocoa beans, but comes from the Japanese word chokotto, or “a little bit.” Despite their offerings, the gyms are designed to save on costs; there are no showers because most customers stop by on their way home, or pop in for light exercise. Chocozap constantly adds and removes services depending on how well they do with users.
A standard Chocozap location is small and unmanned, which has made it easy for Rizap to deploy locations amid a chronic labor shortage. Members enter the locations by accessing the gyms using their smartphone app. Inside,
Among those reporting lower profits, 37 percent blamed weaker sales and 14 percent said the decline was due to prices of materials. Labor costs were cited by another 13 percent, and 11 percent singled out lower selling prices.
Results of the NFIB survey were based on 559 respondents through September 27. Bloomberg News
While a net 15 percent of owners said they plan to create jobs in the next three months, up 2 percentage points from the prior month, hiring plans are still below the levels seen the last time the economy experienced solid growth, NFIB said.
Oddball gyms in Japan now offer laundry, karaoke
they’ll find gym equipment, and use the various offerings that usually need to be booked in advance. The color scheme is minimalist white and yellow, making it seem cozier than conventional gyms.
“They’ve managed it well to make it efficient,” said Kyoichiro Shigemura, an analyst at Nomura Securities Co. “The business model is hard to pursue as scale-of-economy is needed to make a profit, so anyone who attempts to challenge them will face two to three years of losses.”
Rizap went public in 2006, and is known for its TV ads showing Japanese celebrities becoming slimmer and fitter in a matter of months. Its intense gym program can cost as much as ¥600,000 for two months of instruction but was a hit, helping the company reach a current market value of around ¥140 billion.
Chocozap reached profitability on a monthly basis in late 2023 and expects to be profitable this year. A cleaning service comes through twice a week—and the company has also experimented with membership fee discounts if
customers are willing to help with cleaning.
To keep costs down, Rizap employees visit the China Import and Export Fair in Guangzhou every year to see what kinds of funky and fun products are available. So far, some of the equipment introduced include single karaoke boxes and massage chairs.
“We realized on-site staff are not fundamental values gym offers, and lowering barriers to visit as much as possible unlocks demand,” Suzuki said.
The brand aims to more than double number of stores to 3,000 by 2027, and eventually reach 10,000—on the same scale as conveniencestore chains. There are plans to add more services and machines, and also expand overseas. It already has about a dozen locations overseas, mostly in China, and one in Santa Monica.
“I keep the membership for the Karaoke machine,” said Miwa, a part-time worker in her 40s who initially signed to exercise. “The only complaint I have is how the Karaoke box isn’t perfectly soundproof.” Bloomberg News
Banks will profit from cuts in reserve requirement ratio
By Cai U. Ordinario @caiordinario
THE reduction in the reserve requirement ratio (RRR) by the Bangko Sentral ng Pilipinas (BSP) will not automatically lead to more lending for Filipinos but higher profitability for banks, according to ANZ Research.
In its latest brief, ANZ Research focused on the implications of the reduction in the amount of deposits banks must hold in reserve. The BSP recently cut the RRR for universal and commercial banks by 250 basis points to 7 percent from the initial 9.5 percent with a promise of even more cuts in the coming months. The central bank aims to bring this down to 5 percent in two years. ( https://businessmirror.com. ph/2024/10/01/gov-eli-eyeing-zerorrr-in-5-yrs-to-boost-bank-lending/)
“Overall, the decision to lower the RRR is a positive development; though, in the short term, credit growth is unlikely to materially accelerate. The demand for credit re -
By VG Cabuag @villygc
Tmains moderate at an overall level and is narrowly focused on some segments of household lending,” ANZ Research said.
ANZ Research said when RRRs are cut, the excess liquidity does not automatically reach borrowers in the form of more lending. Banks have the option to sink these funds into BSP’s market-based tools of liquidity management or other market-based liquidity management tools.
“As the RRR is not market determined, it does not accurately reflect prevailing liquidity conditions. Neither does the RRR earn interest for banks,” ANZ Research said. “A reduction will therefore bolster bank
HE Ayala Corp. (PSE: AC) announced last Tuesday it has secured a senior long-term loan facility of $200 million from Metropolitan Bank and Trust Co. (PSE: MBT), marking another milestone in a relationship that has spanned more than three decades.
The loan facility supports AC’s strategic financing initiatives for its ongoing commitments and investments in emerging portfolios, namely, technology and payments, health, logistics and mobility, the company said.
The deal was signed middle of September by AC CFO Alberto M. de Larrazabal, company Treasurer Estelito C. Biacora, MBT Head of Institutional Banking Sector Mary Mylene A. Caparas and MBT Head of Large Corporates Maria Elena Z. Trinidad.
“We have always been a proud partner of Ayala Corp. because we share their mission of enabling individuals and businesses in the country. This
SO much propaganda has been unleashed against Israel, portraying it as a “villain” in the current Middle East armed conflict. What is truth and fiction?
Recall that Iran is considered the world’s worst exporter of global terrorism and its allies in Syria, Lebanon and Yemen want to exterminate Israel from the face of the earth.
Israel has been using proxy agents in Hezbollah and Hamas to engage Israel militarily and on October 1, 2024, using 200 ballistic missiles was Iran’s first direct attack on Israel.
It was largely an “acoustic war” with Iran announcing later that it had no joy in escalating the war in the Middle East but instead gave Israel the pretext to attack Iran in three possible ways as a consequence.
One way is for Israel to obliterate its nuclear facilities before it can weaponize the nukes and pose a real threat in the region. The other way is to cripple Iran economically and bomb its oil facilities. (Iran has the fourth-largest global oil reserves).
Or lame its military infrastructure and defang its warlike behavior for good. Any of the three can stop Iran on its evil tracks.
Iran and its allies are facing a “Military Might Mite” in Israel, the 17th most capable military nation in the world with the geographic size of New Jersey and less than 10 million people. It has achieved the highest levels in science and technology development resulting in a projected gross domestic product of $623 billion by 2026 and a
profitability and reduce intermediation costs. It should also, over time, improve policy transmission.”
ANZ Research also said the historical data in the Philippines showed that it there is no “durably positive relationship” between the reduction in RRRs and bank lending.
This indicated that the Philippine credit cycle has been independent of RRR cuts even with the exclusion of 2020 and 2021 or the pandemic years.
Banks, the think tank said, also face issues in terms of demand for funds. Household lending is high and rising at a faster rate but this demand is for credit card related borrowings, salary loans and “others.”
“These types of borrowing reflect weak household economic conditions as opposed to favourable income prospects. The latter should have resulted in borrowings for durable assets,” ANZ Research said.
In terms of the demand for loans by firms, ANZ Research said, this is affected by other factors aside from access to credit and lower interest rates.
Based on the results of the BSP’s Business Expectation Survey, firms are concerned about increased competition and insufficient demand for their products rather than interest
deal is a testament of our decades-long support to the Ayala Group’s growth aspirations of building businesses that transform industries, challenge the status quo, and bring innovations that contribute to the Philippines’s social and economic development goals, all while being a standard bearer for good corporate governance,” Caparas said.
MBT, one of the country’s largest and most trusted financial institutions, has been a longstanding financial partner of AC and its business units providing credit facilities for real-estate developments, renewable energy projects, and data centers.
“This loan agreement with Metrobank will support our efforts to sharpen our portfolio and allocate capital to clear business winners. We are glad to partner with Metrobank, an institution that has been working with us for over 30 years, supporting our purpose of building businesses that enable people to thrive” de Larrazabal said.
per capita income of $54,221. Israel has 170,000 active military men and 465,000 reserves. It is protected by a sophisticated dome system against any military attacks. It has 2,200 tanks and 530 armed trucks, 399 attack jets, 43 helicopters, five submarines and 49 patrol boats. It has the most sophisticated intelligence units headed by the Mossad. Israel saw through Iran’s malicious strategy. First, Iran unleashed the murderous Gaza animals that attacked 1,700 Israelis in a harmless concert scene on October 7, 2023. Iran knew this would infuriate Israel who would not allow the crime to go unpunished- and then attack Gaza as it did.
So, they earlier spent billions in building Gaza underground tunnels, then placed hospitals and schools above them and egged the world to blame Israel when they were destroyed above ground. They also used the tunnels to hide and abuse the hostages. The Hamas also killed innocent Palestinians in Gaza and claimed them to be Israeli wrongdoings.
As two million people in Gaza were displaced, Iran placed the blame on
rates and access to credit.
“On balance, we do not anticipate a boost to credit arising from the RRR cuts until non-financial constraints on the Philippines’ business cycle eases,” ANZ Research said.
In terms of benefitting from the RRR cuts, ANZ Research explained that this will “suppress banks’ net interest margins (NIM),” which is consistent with previous reductions in RRRs.
ANZ Research also said the BSP is likely to absorb the bulk of the additioanl liquidity resulting from the lower RRRs. The BSP has a host of liquidity market tool that can absorb these.
These tools include open market operations such as reserve repurchase agreements; BSP bills; term deposit facility; and foreign exchange swaps. The tools also include standing facilities such as the overnigh deposit and lending facilities.
Earlier, the BSP said it could eliminate the RRRs in the next five years to help banks increase their lending and investment activities.
BSP Governor Eli M. Remolona Jr. said he is keen on bringing down the RRR to zero, effectively eliminating it, within his term. Remolona assumed office in 2023 and is expected to end his term in 2029.
the door of Israel when it was the perpetual non-availability of top Hamas negotiator Ya Yah Sinya that made the “ceasefire” talks in Gaza an impossible task: bringing the Gaza War to nearly a year of endless combat. And it fueled anti-Israel global resentment.
Amid the Gaza offensive of Israel, the Hezbollah in Syria and Lebanon kept firing missiles at Israel to make Israel attend to a difficult war of attrition on many fronts. Thus, Israel’s assassinations of Hamas and Hezbollah leaders Hassan Nasrallah and Ismael Haniyeh and the massacre of Hezbollah officers and men by the detonation of pagers and communication facilities (by long-distance detonation) were preemptive strikes to nip Iran’s evil strategy in the bud.
With its proxy agents largely obliterated in Lebanon and Syria- Iran tried to show intransigence in the October 1 direct attack. Now Iran will have hell to pay.,
Hopefully, Israel’s expected massive counterattack against Iran will be so decisive - it could also force Hamas to go to the ceasefire table with its patron Iran largely bloodied. Now, Israel (and its main ally, the USA) must repair the “reputational damage” done by propaganda against them. It seems it is inevitable that Israel will have “to escalate in order to de-escalate.” Will it succeed?
People must not forget the historical and Biblical significance of the state of Israel since it was proclaimed an independent nation back
Solon OK with BSP plan to lose transaction fees
By Butch Fernandez @butchfBM
SAYING the time to waive service fees on electronic fund transfers is long overdue, Senate President Francis Joseph “Chiz” G. Escudero has thrown his full support for the declared intent of the Bangko Sentral ng Pilipinas (BSP) to remove such charges for personal transactions and payments to micro-sized, small and medium-scale enterprises (MSMEs).
At the same time, Escudero said through a recent statement he hoped “the thresholds will be higher and the coverage wider, to benefit more consumers and expand further the user base of digital payments.”
Stakeholders have until October 11 to submit to the central bank their comments on its draft circular on zerofee transactions as posted on the BSP website.
Some people may dismiss the transaction fee on each fund transfer as negligible, Escudero said, but stressed that “if you add them up, say a year’s worth, the amount could be substantial.”
The Senate chief cited regulator reports that individual transactions billed by one firm could reach as high as P75, while some firms charge senders as much as P600.
“Parang alkyansiya ‘yan. Maaring barya-barya lang ang naihuhulog pero ‘di mo namamalayan na ang laki na pala ng ipon [It’s like a piggy bank. You may be dropping in some loose change but your savings could keep growing before you know it],” Escudero said.
With the rapid growth in the utilization of digital payments and electronic fund transfers, “new and appropriate regulations must also pick up speed. These cannot be behind the curve,” he added.
Escudero cited data showing the share of digital payments to total retail payment transactions in the country exploded to close to 53 percent last year, beating the BSP’s expectations.
“The number of monthly transactions were about 2.6 billion in 2023. That means about 3.6 million transactions happen every hour. That’s the snapshot of our migration toward digital payments,” he said, partly in Filipino.
BSP circular
THE BSP recently released a draft circular that proposes the removal of bank transaction fees for personal and “micromerchant” transactions.
In the draft circular, the central bank said it will eliminate fees on electronic fund transfers for personal transactions, provided these electronic fund transfers
do not exceed 10 times per week.
Transaction fees for payments of micro-merchants, according to the draft, will also be eliminated provided that gross receipts do not exceed P250,000. The head of the Bankers Association of the Philippines (BAP), Jose Teodoro K. Limcaoco, said they are seeking some clarifications from the central bank, “but in general, the concept is on the right track.”
The draft defines personal transactions as fund transfers involving persons as a form of remittance or lending. These are done for personal, family, or household purposes and not for business.
A micro-merchant, per the draft, is an end-user that avails himself of merchant payment acceptance activities under Section 503 of the Manual of Regulations for Payment Systems. These transactions meet the definition of micro-enterprises pursuant to Republic Act (RA) 9501 (Magna Carta for MSMEs) and other related laws and regulations.
The draft circular is currently available on the BSP website and stakeholders are encouraged to submit their comments until Friday.
Based on the latest data, bank transaction fees range from zero to as high as P150 on some Pesonet and Instapay transactions of individuals and corporates in universal and commercial banks. For thrift banks and rural banks, bank transactions can be as low as zero to as high as P100 for certain Pesonet and Instapay transactions made by both individuals and corporates. For digital and electronic monet issuers, the costs range from zero to as high as P75 on certain Pesonet and Instapay transactions made by both individuals and corporates.
‘Solid, unassailable logic’ ESCUDERO said the logic behind the call to collect no fees on person-to-person digital money transfers for personal, family, or household purposes is “solid and unassailable.”
“If the use of electronic money channels is reasonable in frequency and the amounts being sent, then that should really be a zero-fee transaction,” he said. “It is in the same vein that zero fees must be imposed on digital payments to small businesses.”
“If we want to build our economy from the ground up, this is where these firms are, grassroots and community entrepreneurs, whose cost of doing business will be reduced with the move to zero fees on digital payments,” Escudero added. “Above all, this is the kind of incentive that will not cost the government a single centavo.”
in 1948- after centuries of its people being wandering Jews.
Many Christians believe the Israelis are part of the “Chosen People” descended from the line of David and a promise of God to the faithfulness of Abraham. Israelis are supposed to be the “beacon of light” to reflect God’s “character on earth.” What about Israel’s counter-violence— is that necessarily non-Christian? Maybe not.
Self-defense, legally and morally, is a solid defense to use violence as a reaction. Besides, history had shown mortal combats between the Romans and Jews- and the Christians and the Muslims as they battled for the possession of the Holy Land during the Holy Crusades. The Middle East War is not something new.
Bible scholars have shown that the final battle of Armageddon, the last war that will reportedly presage the Second Coming of Christ will be fought somewhere in the middle of Israel, near the holy city of Jerusalem.
Based on one’s own Christian beliefs and in the context of presentday geopolitics, Israel is not going to “go quietly into the night” in the present-day Middle East War. Quite on the contrary.
Zoilo P. Dejaresco III, a former banker, is a financial consultant, media practitioner, author and a Life and media member of the Financial Executives Institute of the Philippines (Finex). His views here are personal and do not necessarily reflect those of the Finex and the BusinessMirror . Contact the author via dejarescobingo@yahoo.com.
By Reine Juvierre Alberto @reine_alberto
THE Bureau of Internal Revenue (BIR) underscored that budget allocation is crucial in achieving its goal of 100-percent digitalization of tax filings and payments and providing “excellent taxpayer services.”
Revenue Region (RR) Manila and RR Makati City Director Renato N. Molina said the budget for digitalization is important in order to give taxpayers the appropriate digital services.
“By doing that, we can say that in the coming years, we can at least accomplish our goal of providing excellent taxpayer service,” Molina said.
For 2025, the BIR is requesting a budget allocation of P2.762 billion to support its digital initiatives. About P1.822 billion will be used for its Digital Transformation (DX) Program while P939.962 million will fund its other information and communications technology projects.
The digitalization budget accounts for 15.62 percent of next year’s proposed budget of the BIR amounting to P17.684 billion.
In its Strategy Roadmap, the BIR aspires to be “highly digital, propelled by empowered revenuers with integrity, providing excellent services aligned with international tax standards” by 2028.
By being highly digital, the BIR aims to fully embrace digitalization to deliver better service to the taxpaying public through its frontline services and backend functions.
Further, the BIR targets to continuously upgrade its DX Program to strengthen and modernize the bureau and equip taxpayers with real-time access to their records and relevant information.
In the first half of 2024, 91 percent or 11.17 million of total tax returns were filed electronically, while 9 percent or 1.09 million of returns were filed manually, according to the BIR. Molina expressed optimism the BIR
This undated photo shows (left to right) Metropolitan Bank and Trust Co. (PsE: MBT) First Vice-President Maria Elena Z. Trinidad, MBT Execu-
(PsE: AC) Chief
Image BusinessMirror
Reytech taps Acumatica, Fasttrack Solutions to streamline project efficiency with ERP integration
FILIPINO builder Reytech Construction & Development Corp. (Reytech, www.reytech.ph) has adopted the cloud-based enterprise resource planning (ERP) solutions of Acumatica through ERP solutions provider Fasttrack Solutions as part of its ongoing efforts to improve operational efficiency and achieve better client project outcomes.
Reytech commercial director Jay Pantangco says that the ERP integration will be implemented in Q1 2025 with employees currently training to familiarize themselves with the construction management software and ensure Acumatica’s seamless incorporation into their daily operations. Pantangco adds that Acumatica’s real-time data access capabilities and integration can support not only the organization’s processes but can also help affirm their teams’ insights and decisions.
“We partnered with Fasttrack Solutions to implement Acumatica because they are a trusted name in ERP implementation in the Philippines and Southeast Asia. We appreciate that Acumatica provides flexible and scalable solutions tailored for the construction industry,” says Pantangco.
“For us, the most critical aspects of this ERP system allow us to streamline project planning and execution, anticipate accurate financial management, optimize the use of machinery and resources, and provide insights and analytics that support strategic decisions.”
Fasttrack Solutions adds that Acumatica has been a great tool for construction firms to have a 360-degree view of their operations, helping decisionmakers make intelligent projections.
“As Acumatica impacts various aspects of a project, expected results include faster project delivery, improved transparency and sustainability, and better resource management—all aimed to enhance client service delivery and satisfaction,” shares Fasttrack Solutions managing director Kerwin Malabanan.
“We are excited to partner with Reytech Construction as they take a significant step toward digital transformation,” says Acumatica Asia director Thorsten Leppek.
“Our solutions will enhance Reytech’s operations by merging their commitment to quality with advanced technology that’s easily adoptable, improving their workflows and delivering greater value to their diverse roster of clients.”
This partnership comes as Reytech continues to build on its track record, boasting a 100 percent completion rate for 30 years. Recent successes include the turnover of Landers Naga, the membership shopping store’s first branch in the Bicol region which opened in July 2024.
Reytech is on track to complete the construction of Landers Vermosa in October 2024, marking the store’s inaugural branch in Cavite.
“As Reytech Construction enter its fourth decade in the industry, we see this as a great leap in making sure we improve all aspects of our projects, from cost to scheduling,” notes Hector Reyes, founder and chairman of Reytech Construction. “We want to deliver our best in every step.” Founded in 2008, the Washington-based Acumatica offers modern, cloud-based business management platforms designed for small to medium-sized businesses, enabling them to connect all facets of their operations.
Investing in best-in-class solutions that empower its people underscores Reytech’s client-focused approach and commitment to delivering a seamless end-to-end project management experience.
More than mashed: Ways to elevate the humble potato, according to Chef Kalel Chan
By Pauline Joy M. Gutierrez
IN many cuisines, potatoes are often seen as a humble staple, typically relegated to sides or prepared as simple dishes. But for Chef Kalel Chan, the culinary architect behind Chotto Matte, Friends and Family, Jones All Day, and Farmer’s Table Tagaytay, this versatile ingredient offers boundless possibilities.
“There are so many things you can do with potatoes,” Chan said during a recent cooking demo hosted by Potatoes USA, the marketing and research organization established by US potato growers and importers. “The key is to understand the textures and flavors you want to bring out, and to pair them with ingredients that enhance rather than overpower their natural flavor profile.”
Another trick, he said, is to cook them at just the right temperature. Chef Chan then proceeded to demonstrate his craft, transforming the ordinary spud into dishes that go far beyond the typical mashed, fried, or roasted fare.
His take on the Potato Ramen (featuring handmade potato noodles with Sichuan dandan sauce) was a symphony of textures and flavors, with the tender potato noodles providing a satisfying chew. The Mapo Tofu Potato Cheese Fries were a playful twist on a classic comfort food, combining the savory heat of mapo tofu with the cheesy indulgence of fries.
MAPO TOFU POTATO CHEESE FRIES (SERVES 4)
Ingredients: 20g cooking oil
20g garlic
20g ginger
20g onions
200g ground pork
40g shoyu (soy sauce)
60g sake
20g mirin
20g sugar
200g water
2g Sichuan ground pepper
60g tobanjan (fermented chili bean paste)
30g sesame oil
200g soft tofu
50g grated cheddar cheese
50g grated pepper jack cheese
20g chopped spring onions
400g US seasoned crisp fries
10 ml slurry (cornstarch + water mixture)
Procedure:
Heat oil in a pan and sauté the garlic, ginger, and onions until fragrant.
Add the ground pork and cook until browned. Stir in the sake, mirin, shoyu, sugar, Sichuan pepper, tobanjan, sesame oil, and water. Simmer for 2 minutes and thicken with the slurry.
Add the soft tofu and cook briefly.
Fry the US seasoned crisp fries and top with the mapo tofu mixture.
Sprinkle the grated cheeses on top, and garnish with chopped spring onions.
A MAINSTAY IN FILIPINO KITCHENS
“THE US is the largest supplier of frozen potatoes
Mental health concern or performance issue?
IN today’s rapidly evolving workplace, leaders are increasingly expected to be attuned not only to the productivity of their team but also to their wellbeing. As mental health becomes a central focus in organizational culture, distinguishing between performance issues rooted in work-related challenges and those stemming from mental health concerns is critical. There are employees who take advantage of the ambiguity by passing off incompetence for mental health concerns. Leaders need to be equipped with the ability to identify when someone is struggling due to personal challenges, or when there may be a lack of knowledge, skills gap, or behavioral problem.
One way managers can handle this delicate task is by looking for patterns, not isolated incidents.
A single missed deadline or reduced output may result from various factors like a heavy workload or personal conflict. However, if such behavior becomes consistent and deviates from an employee’s usual performance, it warrants further investigation.
Signs of concern include increased absenteeism, social withdrawal, a drop in enthusiasm, or difficulty focusing. While performance issues may show similar patterns, they usually stem from job-specific tasks or skills.
All employees experience stress at some point, but how they handle that stress can provide clues about the root cause. When facing excessive work-related stress, most employees can articulate the specific challenges they are facing, such as deadlines or workload. Mental health concerns, on the other hand, may manifest as disproportionate stress responses to even routine tasks. An employee who suddenly feels overwhelmed by day-to-day responsibilities or shows visible signs of anxiety when previously they were confident might be experiencing more than just work stress. People managers can help by regularly checking in with employees about their workload, encouraging open communication, and creating an environment where stress management is part of the
conversation.
You also need to consider personal and behavioral changes. Behavioral changes can provide insight into whether an employee is facing mental health challenges. If someone who was once social and engaged suddenly becomes withdrawn, isolated, or uncommunicative, it could be a red flag. Mental health concerns often manifest in changes to behavior and demeanor. On the other hand, performance issues tend to be more task-specific and less about overall mood or attitude. For instance, an employee might still engage socially but struggle with executing specific job responsibilities. In such cases, the issue may be skill gaps, lack of training, or other workplace factors.
One of the most effective ways to differentiate between mental health concerns and performance issues is by fostering an environment where employees feel safe to share their struggles. If a leader notices a change in an employee’s performance or behavior, it is crucial to have a private, compassionate conversation. The aim of this discussion is not to diagnose mental health conditions but to create a space where the employee can share if they are facing personal challenges. Open-ended questions such as “I have noticed a change in your performance lately, is there anything going on that I can support you with?” help draw out team member’s feelings and help you
to the Philippines,” said Reji Retugal, the country representative for Potatoes USA. “In fact, the majority of frozen potatoes you find in supermarkets and restaurants throughout the [country] are sourced from the US.”
Retugal elaborated on the variety of potato products available, saying, “We offer potatoes in three popular formats: fresh [table stock], frozen, and instant [dehydrated]. These versatile potato products can seamlessly fit into a wide range of culinary traditions and dietary preferences, including the increasingly popular plant-based diets.”
Beyond their culinary versatility, potatoes are not merely a source of carbohydrates—they are also nutrient-dense, packed with energy, and inherently free from fat, gluten, and cholesterol. A single 148gram serving of skin-on potatoes contains 27 mg of vitamin C, which accounts for 30 percent of the daily recommended intake, along with 620 mg of potassium.
Despite concerns regarding the potential overshadowing of local produce by US imports, Retugal clarified that US potatoes are strategically imported only during the off-season for local varieties. This typically occurs around November and during the rainy season, ensuring that local farmers have the opportunity to sell their crops without excessive competition.
“We [also] work with a lot of chefs like Kalel Chan,” Retugal emphasized, alluding to how their creativity helps highlight the versatility of this ingredient, making it a key component in both traditional and contemporary culinary practices. n
identify their issues. Sometimes, the team members will be upfront about their mental health struggles, and other times they may simply need feedback, clarity, or training on performance-related matters. But you would not know if you do not ask. If you suspect that an employee’s performance is being affected by mental health concerns, it is important to involve Human Resources or a professional resource. HR can guide managers in adhering to company policies and ensure that the employee receives appropriate support. This could involve offering the employee access to mental health services, adjusting work expectations temporarily, or ensuring they have time to address their mental health needs. Mental health concerns are often sensitive, so it is critical that confidentiality and care are observed when approaching HR for assistance. It is important to note that mental health concerns and performance issues are not always separate. Mental health challenges can directly affect an employee’s ability to perform their job effectively. Anxiety, depression, or other mental health conditions may hinder an employee’s focus, motivation, or decision-making skills. As such, people managers need to address both the performance issue and the underlying cause simultaneously. For example, if an employee’s anxiety is causing them to miss deadlines, a solution might involve both time management support and providing access to mental health resources.
An effective people manager needs to balance productivity with empathy. Differentiating between performance issues and mental health concerns is a delicate process that requires keen observation, open communication, and an understanding of human behavior. By fostering an environment of support, leaders can ensure their teams remain both mentally healthy and high-performing. In doing so, they build not only a more compassionate workplace but a more resilient one.
FROM left: Emmanuel Baesilico (Fasttrack), Kerwin Malabanan (Fasttrack), Jay Pantangco (Reytech), Thorsten Leppek (Acumatica APAC), Eugene Uyboco (Fasttrack), and Hector Reyes (Reytech) mark a new era for Reytech as it signs deal to integrate cloud-based ERP solution provider Acumatica through Fasttrack Solutions to improve operations.
PhilHealth, UNICEF launch benefit package to address severe malnutrition in children
THE Philippine Health Insurance Corporation (PhilHealth), with support from the United Nations Children’s Fund or UNICEF, has launched the firstever Severe Acute Malnutrition Outpatient Therapeutic Care Benefit Package in the Philippines and globally.
This groundbreaking initiative puts lifesaving treatment within reach of the country’s most vulnerable children. For the first time, the country’s national health insurance system includes comprehensive support for children suffering from severe wasting and other life threatening forms of acute malnutrition.
Severe acute malnutrition (SAM) is one of the most critical global health concerns affecting 14.3 million children worldwide, yet only a small percentage receive the necessary treatment. In the Philippines, where one in three children faces the triple burden of malnutrition—undernutrition (stunting and wasting), micronutrient deficiencies, and overnutrition (overweight and obesity)—nearly 600,000 children suffer from wasting. In regions like Bangsamoro Autonomous Region in Muslim Mindanao, the wasting rate reaches 10 percent, double the national average.
SAM is the most dangerous form of undernutrition and can leave children extremely thin, weak, and unable to fight off infections. Without early identification and immediate intervention, SAM can quickly
lead to death, or even if the child survives, it can lead to stunting later on. Children with SAM have very low weight-for-height, a very low mid-upper arm circumference, or suffer from nutritional oedema. Families and caregivers whose children have SAM should visit their local health centers to access this free benefit package.
The SAM benefit package is available in health centers and primary care facilities across the country to ensure that lifesaving treatment and care reach those in most need.
Through the benefit package, families with children suffering from SAM will receive treatment services worth P7,500 for children zero to six months old and P17,000 for children six to 60 months old.
This financial support helps relieve families from the burden of added treatment costs.
The treatment package provides medical care and ready-to-use therapeutic foods, which help restore weight and treat the underlying infections affecting children with severe acute malnutrition.
Families are also supported with ongoing counseling from health professionals, who
MERALCO TO POWER SAMSUNG’S PLANT EXPANSION IN LAGUNA. Manuel V. Pangilinan-led Manila Electric Company (Meralco) is committed to serve the additional power requirement of Samsung Electro-Mechanic Philippines Corporation’s (SEMPHIL) manufacturing plant in Calamba, Laguna. Technical discussions have already started, with the expansion seen to be operational in the next couple of years. This upgrade will provide stable and reliable power crucial to its operations. Meralco, through the leadership of Chairman and Chief Executive Officer Manuel V. Pangilinan (front row, center), committed to support the expansion of SEMPHIL’s existing manufacturing plant. With him in the photo, front row, left to right, are Meralco Executive Vice President and Chief Operating Officer Ronnie L. Aperocho, SEMPHIL Head Office Support Team Vice President Kyutaeck Park, back row, from left to right, Meralco Assistant Vice President and Head of Enterprise-Industrial Victor L. Risma IV, Meralco Senior Vice President and Chief Revenue Officer Ferdinand O. Geluz, Meralco First Vice President and Head of Customer Retail Services Charina P. Padua, Meralco Vice President and Head of Enterprise and National Government Ma. Cecilia M. Domingo, SEMPHIL Support Team Leader Young Kwon Kim, SEMPHIL Head Office Infrastructure Team Leader Myungrae Cho, and SEMPHIL Infrastructure Group Professional Baejeom Yi. Meralco remains committed to supporting semiconductors and electronics businesses like SEMPHIL, which play a vital role in the country’s economic growth and development.
COOLAIRE Consolidated Inc. recently announced that the company has achieved ISO 9001:2015 re-certification, underscoring their continuing commitment to deliver the highest standards of quality in the refrigeration and cold storage industry. This re-certification comes at a momentous time as it celebrates its 55th year, marking over five decades of leadership and innovation. The ISO 9001:2015 re-certification reflects the company’s dedication to continuously improve its systems, products, and services to meet the evolving needs of its customers. As the first and only refrigerated van manufacturer in the Philippines to achieve this international recognition, Coolaire remains at the forefront of the industry, setting benchmarks for quality and performance. It is a testament to its ongoing efforts to maintain operational excellence and a customer-centric
approach and signifies its commitment to upholding global standards that ensure consistency, efficiency, and reliability in every product and service it offers.
As the company expands across the country, Coolaire remains committed to providing cutting-edge solutions for truck refrigeration and cold storage systems, helping businesses nationwide preserve their goods with confidence. It also reaffirms its position as the preferred and most widely-used brand in the Philippines for truck refrigeration, and cold storage solutions used to help preserve their products—and their dreams.
For more information, contact us at: 8372-8879 to 82
guide them in proper infant and young child feeding and hygiene practices to prevent the reoccurrence of malnutrition. Regular follow-ups through home visits help monitor each child’s progress, especially those who are not responding well to treatment or struggling to thrive. Moreover, referrals to inpatient care are available for children with medical complications and requiring more specialized care.
“These packages are PhilHealth’s support to the government’s effort to fight malnutrition in the country. With these,
we may help reduce the developmental and medical impacts of malnutrition to the children and their families that will lead to a healthier Philippines,” said PhilHealth President and CEO Emmanuel R. Ledesma Jr. PhilHealth and UNICEF encourage health providers and parents to take full advantage of this package. As the first line of defense in the fight against child malnutrition, primary care health workers have the power to save lives by ensuring that children in their care are identified early and receive the appropriate treatment
they need for SAM. “Every child, whoever they are and wherever they live, has the right to a healthy start in life, and no family should be held back by financial barriers when it comes to life saving treatment to overcome malnutrition,” said Oyunsaikhan Dendevnorov, UNICEF Representative to the Philippines. “Through a national health insurance, we can make sure every child is identified early and has free access to the care they need. We are giving them a real chance at a healthy and productive future.”
Enchanted Kingdom celebrates 29 years of timeless magic this October
ENCHANTED Kingdom (EK), the first and only world-class theme park in the Philippines, officially marked the start of the celebration of its 29th anniversary this September 28, 2024, Saturday at the Eldar’s Theater.
This year’s celebration reflects on how EK stood the test of time and imprinted its legacy among every Filipino family by providing transformational experiences across generations ever since the Park opened its magical gates in 1995.
“Looking back to almost three decades of Enchanted Kingdom, we truly have cultivated countless magical memories that transcends trends and generations. We are hopeful and excited to continuously be a part of everyone’s story through our timeless offerings for the years to come,” said Nico R. Mamon, EK’s 29th Anniversary Celebration Chairman.
The launch unveiled the roster of events and offerings EK prepared for everyone in line with its commitment of providing magical experiences and memories that last a lifetime.
Timeless Magic Concert and Fireworks Show GEAR up this October 19 for the peak of the 29th Anniversary festivities.
In partnership with Universal Music Group (UMG) Philippines and Coca-Cola, EK is set to bring you a magical night of musical escape with the Timeless Magic Anniversary Show. This will feature world-class performances from G-Force, Janine Berdin, and one of the biggest names in OPM, Zack Tabudlo. EK’s homegrown talents — SMS, Victoria’s Way, and the Kingsmen — will also be there to serenade us all.
And to top off this enchanting day, guests will witness a new and enchanting display with the Timeless Magic Fireworks Show. The sky will light up in sync with the 29th Anniversary Theme Song composed and sung by SMS.
EK’s SMS Shines with New Music
EK has honed many world-class talents such as the EK Circle of Artists, and our premier vocal groups Victoria’s Way and the Kingsmen.
This year, our very own P-pop girl group SMS will shine the brightest as they finally share their music on Spotify! Stream their first single “EK High! (Dance Like Me)” and watch out for the release of their new song “Meant to Shine.”
New Enchanting Ride
CREATE more timeless memories with your loved ones with the new family thrill ride that will be coming soon. This newest addition to EK’s lineup of
attractions will bring fun and excitement to guests with its thrilling ride movement.
Seamless Online EKsperience
ENJOY optimized browsing with the addition of new features on the EK Mobile App. Guests can now receive push notifications to stay informed and engaged with upcoming promotions and on-the-day events. Plus a special access when you’re inside EK: you can now plan your way around the Park by checking estimated queue times for each ride right from the app. An enhanced EK Online Store will also be launched this October for a seamless booking and shopping experience. New features include an improved calendar selection and an enhanced design featuring our latest merchandise offerings.
Timeless Offerings
BRING home the magic with the newest set of EK merchandise like the Eldar Pop, Twin Princesses Rag Dolls, and the six-piece set EK Christmas Baubles. Shop these and more at our merchandise shops like the immersive tram souvenir shop at the EK Portico.
With our newest gated attraction, the Midway Mirror Maze, guests will step into a world of illusions, twists and turns as they navigate the labyrinth of mirrors and lights. Perfect for adventurers, the Midway Mirror Maze attraction promises a fun and challenging experience that will test one’s sense of direction.
Drop by our new Snaptooth Snack
Station located at the Midway Boardwalk and savor more of our refreshing treats such as the chicken wings, sandwich, fries, and chips. Plus, kiddie sandwiches are also available especially made for the little ones!
Don’t miss out our latest partner tenants, Tater’s and Fortune Bakeshop; and try out our food offerings such as the Princess Cookies, Tricolor Eldar Cupcake, Eldar Face Round Cake, and many more. EK also welcomed two iconic brands in its magical home for an enhanced retail and dining experience. Located at the EK Portico, have a magical time at Starbucks and Cafe Mary Grace which are open every day even when EK is closed.
More Days of Timeless Festive Magic MAKE the most out of the holiday season here at EK!
Start planning your next magical visit as we open the Park five days a week this October. We will also be open every day starting December 15 until the first week of January.
Feel the Filipino festive cheer as EK brings back our giant Parol and Christmas Tree this November. Also embrace the magical spirit of the holidays with our Christmas shows and Christmastime Parade.
Get the perfect gift ideas to your loved ones as we launch our holiday e-catalogue. Also check out the world-class products made by local artisans at Pugad in AGILA, OTOP in Jungle Outpost, and other upcoming seasonal vendors.
EDGE certification promotes sustainability
By Rizal Raoul S. Reyes @brownindio
The International Finance Corp. (IFC)-backed excellence in Design for Greater efficiencies (eDGe), a globally recognized certification system, fills an important need for a sustainable construction standard that could be widely accepted and at the same time be universally applied yet flexible to regional needs.
Through an EDGE certification, construction can be affordable by using technology and inexpensive methods to simplify the process. Present in 170 countries, it is a benchmark for excellence in environmental design.
The IDC experience
Romolo Val E n T ino n a T i , Executive Chairman and CE o of i talpinas Development Corp. ( i DC) told the Business m irror in an email interview it was among the pioneering real estate developers in the Philippines to adopt the EDGE certification as a green building rating tool.
a s an “EDGE Champion” in the country, all of i DC’s projects have achieved EDGE accreditation, These are Primavera Residences, Primavera City, in Cagayan de o ro and m iramonti Green Residences in
Sto. Tomas, Batangas. a dditionally, i DC’s upcoming developments, such as Verona UpTown, Verona Gusa, and Firenze Residences in Cagayan de o ro, m oena Estate in Bukidnon, Baia Verde in m orong, Bataan, and Riviera Residential Resort in Puerto Princesa, are in various stages of design and are also applying for EDGE certification.
a s a third-party, independent certifying body, EDGE ensures buildings awarded green certification are designed and constructed in accordance with sustainable architectural principles. However, n ati said EDGE does not influence the financial modeling of the project— this remains the responsibility of the developer to ensure the project is both sustainable and profitable.
From i DC’s experience, he said a well-designed and built green build -
ing proves to be more profitable than conventional structures, both in the short and long term, benefiting developers and end users alike.
l ocal developers can benefit a lot in using the EDGE standard. i t factors the unique characteristics of each country, recognizing that a green building in the Philippines will differ from one in other countries due to variations in climate, economic growth, accessibility to resources and their costs, and other factors.
EDGE places significant emphasis on passive green design strategies—sustainable design solutions that rely more on architecture than on high-tech appliances or specialized features. This allows developers to achieve sustainability without substantially increasing construction costs, making green buildings more affordable and encouraging wider market adoption.
a s a user-friendly software, EDGE allows architects and engineers to access it online, input data, analyze building performance, and complete the process remotely, resulting in significant resource savings and a reduction in C o ₂ emissions.
EDGE helps PHINMA’s sustainable drive
PH inma Properties is also utilizing EDGE towards sustainability as three ongoing projects have already achieved EDGE certification.
“We aim to be a solutions provider in the real estate industry, commit -
ted to delivering meaningful housing solutions that will help shape better citizens and create nurturing environments,” said President and CE o Raphael B. Felix. “With every home, we strive to provide dignified lives for Filipinos, cultivating a sense of community and shared responsibility through the Bayanihan spirit,” said Felix.
Felix said PH inma Properties integrate modern Filipino architecture and ergonomics at the heart of its designs. Each home is carefully crafted with the Filipino family’s needs and traditions at the forefront, resulting in bright and airy spaces ideal for family gatherings, service areas tailored
to everyday needs, and amenities that resonate with cultural values.
For over three decades, Felix said PH inma Properties has exemplified Filipino heritage and excellence through numerous projects across the country. m oreover, the company is committed to building safe, comfortable homes and fostering uplifting communities for Filipino families, which Felix refers to this mission as the company’s “ n orth Star.”
a side from championing national development by doing projects outside the n ational Capital Region to address the unmet needs of Filipinos, PH inma Properties is focusing to serve
multi-segment markets to enable more Filipinos to achieve homeownership. Saludad, its newest township located in the heart of Bacolod City and a joint venture with JEPP Real Estate Co., built on the enduring heritage of Bacolod’s most respected local families.
Felix said they envision Saludad as a sustainable catalyst for local economic growth through its integrated components that meet the
Amaia launches Tower 2 of Amaia Skies Sta. Mesa
S
Four share lead in Iloilo Challenge
FOUR players—Chanelle Avaricio, Mikha Fortuna, Chihiro Ikeda and Gretchen Villacencio—matched two-over-par 72s to take a share of the lead at the Iloilo Golf and Country Club heas drama unfolded in day one of the International Container Terminal Services Inc. (ICTSI) Iloilo Golf Challenge on Tuesday.
The day-long battle in hot condition tested the players’ mental toughness and course management at the challenging 5,778-yard layout to set up one of the fiercest starts in the Ladies Philippine Golf Tour.
Avaricio, who was on track for the solo lead, suffered a costly bogey on the 18th to allow Fortuna, who birdied her closing hole on the ninth, to force a four-way tie.
“I struggled a bit but managed to bounce back with two chip-in birdies and made a couple of par-saving putts from long range,” said Avaricio, reflecting on her up-and-down round. “I’ll try to hit more fairways in the next rounds.”
The tough challenge of the par-70 course saw Mafy Singson and Sarah Ababa hot on the heels of the leaders
SBy Josef Ramos
AN MIGUEL Beer takes on Barangay Ginebra San Miguel and Rain or Shine clashes with TNT Tropang Giga at the start Wednesday of the Governors’ Cup semifinals that have all the makings of epic clashes a year before the Philippine Basketball Association turns half a century old. The Beermen and Gin Kings clash in the first game at 5 p.m. while the Elasto Painters and Tropang Giga take the floor at 7:30 p.m. at the PhilSports Arena in Pasig City. All four teams are in familiar territory with San Miguel Beer owning 29 league titles, Ginebra having 15, TNT boasting of nine and although Rain or Shine has two trophies, coach Yeng Guiao has seven championships across his name. The first game is a clash of league titans and both sides know the tough challenge ahead of them in the bestof-seven series as Grand Slam coach Tim Cone steers an Ginebra side that’s
with their first-round 73s.
Princess Superal, Daniella Uy and Florence Bisera posted 74s to say in the mix for an intense showdown in the final two rounds of the P1 million championship sponsored by ICTSI.
Harmie Constantino, a three-time winner this season, also contended for the lead but fell back with a double bogey on her closing hole at No. 9 for a 75 and into a tie for 10th place with Marvi Monsalve and Kayla Nocum.
Jiwon Lee, playing in her first official game at the Iloilo course, had a rollercoaster round, too. She started with a double-par on the tricky par-4 first hole after driving out of bounds twice and despite five birdies, she struggled with six bogeys to finish far off the pace.
The 16-year-old former Junior Philippine Golf Tour standout, who has already won both the Lakewood Championship as an amateur and the Splendido Taal leg as a professional, ended the day with a 79 at 13th place with Apple Fudolin. Fortuna, despite a shaky start with three bogeys, birdied her final hole (No.
9) to join the leaders.
“The course is short but tricky. I just told myself to stay patient,” said Fortuna, who also emphasized the importance of staying grounded, especially in pressure-filled moments.
Ikeda, looking to end a long title drought, relied on her short game to stay in contention.
“My irons weren’t great, but my short game saved me,” said Ikeda, although she found the course’s fast and sloping greens difficult to manage.
Meanwhile, Villacencio, who struggled early with a four-over start on the back nine, came alive with birdies on Nos. 7 and 8 to card a 34 on the front side and grab a share of the lead.
With only one stroke separating the top contenders, and the course continuing to demand precision and patience, the title chase remains wide open. Avaricio, Fortuna, Ikeda and Villacencio will look to build on their strong starts, while experienced players like Superal, Uy and Constantino, along with Singson, remain dangerous threats as the tournament heads to the crucial second round play Wednesday.
limping against an SMB crew that has an efficient 6-foot-10 eight-time Most Valuable Player.
“We deal with what we have and we’ll figure out a way,” Cone said Tuesday. “But obviously, having to go with June Mar Fajardo in the series is going to be a big concern for us.”
T“Hopefully, our quickness and athleticism give us an edge,” added Cone, whose team is depleted by the injuries on Jeremiah Gray, Jamie Malonzo and Isaac Go.
Fajardo’s not biting.
“That’s not true,” Fajardo told BusinessMirror. “Ginebra is an absolute
SENATOR Christopher “Bong”
Go expressed his support for the proposed budgets of the Philippine Sports Commission (PSC) and Games and Amusement Board (GAB) as the Senate tackled the two organizations’ 2025 budget on Monday.
Go emphasized the critical role of sports in nation-building as well as in inculcating values such as discipline, hard work and sportsmanship to the youth while keeping them away from harmful vices such as illegal drugs.
In his opening speech, Go highlighted the successes of Filipino athletes in recent years, proudly recalling the milestones reached during his tenure as chairperson of the Senate Committee on Sports since 2019 and sponsor of the national budget for sports being Vice Chair of the Senate Finance Committee.
title contender with great guards and rim protector—Japeth Aguilar.”
San Miguel Beer teetered to the semifinals by having to survive Converse in a quarterfinals series that went the full five games only last Sunday.
Ginebra, on the other hand, is well rested after sweeping Meralco, winner of the Commissioner’s Cup.
“They also have Justin Brownlee,” Fajardo added.
Brownlee, Ginebra’s all-around resident import, is up for a tough matchup against EJ Anusike, a fresh replacement for San Miguel Beer’s injured import Jordan Adams.
Chot Reyes, meanwhile, said his Tropang Giga must bring a clamp in order to defend against the the Elasto Painters he described as a well-oiled machine.
“A battle of contrasts. No. 1 defensive team against No. 1 in offensive team,” Reyes said. “If we can limit their scoring, we have a chance to beat them.”
Rain or Shine has been burning the hoops with its 112.2 points average per game average against TNT’s 94.5 points.
“We got our first Olympic gold medal in Tokyo through Hidilyn Diaz,” said Go, adding that the Philippines was also proud with the silver medals Nesthy Petecio and Carlo Paalam clinched and the broze Eumir Felix Marcial grabbed in boxing also in Tokyo.
The Senator further detailed the country’s accomplishments in the Paris Olympics, where Carlos Yulo won two gymnastics gold medals and Petecio and fellow boxer Aira Villegas captured bronze medals.
Go emphasized that these successes are proof of the country’s growing reputation as a major contender in international sports as a result of
made a bold statement in his pursuit of a breakthrough victory on the Philippine Golf Tour (PGT) with an impressive six-under 64 to secure a one-stroke lead over Guido van der Valk at the start of the International Container Terminal Services Inc. (ICTSI) Iloilo Golf Challenge on Tuesday.
Benefiting from an early morning start and the lift, clean and place rule due to soggy fairways from recent rains, Concepcion launched his title campaign in style at the Iloilo Golf and Country Club.
Concepcion rebounded by birdying three of his first eight holes to start his bounce back tournament after missing the cut in the last PGT leg at Forest Hills.
Despite a setback on the ninth, he rallied with four more birdies on the back nine to cap a near-perfect 34-30 round.
“I took a break after missing the cut at Forest Hills. I went back to basics, tried to brush it off, and move forward,” said Concepcion, who also praised the well-maintained surface of the tight but tricky par-70 layout, which was built in 1907. “I putted really well, and the greens are excellent. You can’t complain much about a 64.”
Van der Valk, who posted a 65, birdied four of the first seven holes then came back from two bogeys with a trio of birdies from the 13th to finish in solo second, while Ira Alido carded a 66 to take third, highlighting his back-nine surge with three birdies.
Defending champion Rupert Zaragosa and veterans Tony Lascuña and Reymon Jaraula were among those tied at fourth with rounds of 67. The course’s narrow fairways and small greens continued to pose significant challenges, but the players adapted well. Concepcion’s late birdie barrage, combined with precision shot-making, gave him the edge, but he knows the fight for top honors in the P2.5 million championship organized by Pilipinas Golf Tournaments Inc. is far from over.
OP-NOTCH tennis action returns after a two-month break as the Rep. Edwin Olivarez National Open Series II and the National Juniors Championships kick off Thursday in Sucat, Parañaque City. To accommodate the large number of participants, organizers will utilize both the Olivarez Sports Center and Parañaque City courts for the twoweek-long tournament that features the country’s seasoned players and promising young talents.
Leading the charge is Eric Jed Olivarez, fresh off a victory in August’s Mayor Eric Olivarez National Open where he toppled multi-titled Johnny Arcilla.
As the top seed in the 64-player draw, Olivarez is eyeing another Open title, with notable contenders including doubles partner Vicente Anasta, Eric
SMB pedigree against Ginebra’s fan support
WHAT begins today is another duel pregnant with limitless lies and truths.
That’s because whenever San Miguel Beer (SMB) and Barangay Ginebra San Miguel face each other, there is that nagging notion that both squads are bound to trade punches half-heartedly, treat each other with kid gloves.
That’s a lie as true as Senator Bong Go running for senator again. There is only one reason for that: They are sister teams, making them outright targets of hanky-panky.
Of course, SMB wouldn’t compromise its
Tangub, Loucas Fernandez, John Mari Altiche, Noel Salupado, John Benedict Aguilar and Lance Fernandez. Olivarez and Anasta also vie in the men’s doubles category, where they will face strong competition from the Rolly Saga-Bryan Saarenas pair. Other notable doubles teams include Loucas and Lance Fernandez, Altiche and Alberto Villamor, Agustines and Brent Cortes, and Tangub and Elvin Geluz.
“I started really good, and hit some great shots, but it sort of fell apart a little bit midway through,” said van der Valk, emphasizing the mental strength required to navigate the course in the coming rounds. “Thankfully, I made three birdies in a row at the back which got me back into a good mindset.” Alido credited his superb approach shots for his strong start.
“I hit a lot of greens, and they were perfect enough to set me up for birdies,” he said. “I missed a few chances, but my approach game gave me plenty of opportunities.”
Concepcion-Carrier and U-Tex in the original lineup of the PBA that had its inaugural game on April 9, 1975, at the then Araneta Coliseum. The rest have left through the years, leaving only San Miguel Beer as the last team standing today from the nine founders.
Barangay Ginebra, which arrived in 1979 and was first coached by Pilo Pumaren, later acquired Robert Jaworski and Francis Arnaiz from the disbanded Toyota in 1984. Not long after, Jaworski was named player-coach of Ginebra, ushering in the team’s immense popularity through Jaworski’s neversay-die mantra and super-infectious charisma. Under Jaworski, Ginebra won four PBA titles between 1986 and 1997—all practically achieved in dramatic fashion built around a storm of fan support unprecedented in cage history.
It is this fan adulation phenomenon that has continued to put Barangay Ginebra up there up to now. If there should be a team that can rightfully lay claim to the saying that the
crowd is its “sixth man,” it is Ginebra hands-down. Thus, it is this succinct specter that San Miguel Beer has to deal with when it plays Ginebra in Game 1 today (Wednesday, October 9) at the start of their best-ofseven war in the PBA Governors’ Cup at the Smart Araneta
EXPECT the Gin Kings’ Tim Cone and the Elasto Painters’ Yeng Guiao to pull out the best from their hat of tricks in the best-of-seven semifinals series.
CHANELLE AVARICIO has a near topsy turvy first round to share the lead with Mikha Fortuna. NONIE REYES
launches his title campaign in style at the Iloilo Golf and Country Club.
