BusinessMirror August 09, 2024

6.3% Q2 GROWTH BUOYS HOPE FOR FULL-YR GOAL

By Cai U. Ordinario @caiordinario

THE steady pace of household consumption and faster government spending in the second quarter allowed the economy to exceed the low-end of the administration’s growth target despite elevated inflation and high interest rates.

FBy Andrea E. San Juan @andreasanjuan

ILIPINO Micro, Small and Medium Enterprise (MSME) exporters are finding it difficult to compete in international markets due to problems in getting necessary certifications, production pricing and regulatory compliance, according to the Department of Trade and Industry-Export Marketing Bureau (DTI-EMB).

DTI-EMB Director Bianca Pearl R. Sykimte said these challenges were underscored in the Needs Assessment Survey that the export marketing

division of DTI has been conducting to address the needs of stakeholders.

“Based on the results of the said survey, the following are the key challenges of exporters: Regulatory compliance; Production,particularly on costing and pricing and Certification,” Sykimte told the BusinessMirror in a Viber message on Wednesday.

“These challenges have made it more difficult for MSME exporters to effectively compete in international markets,” she noted.

According to Sykimte, this includes cost of complying and

getting the “necessary” certifications.

Moreover, exporters raised “lengthy process and tedious documentation required.”

She pointed out that, “Exporters both raised issues in securing local and international certifications.”

For one, the Trade official said food distributors, manufacturers and traders, including exporters, are required to apply for a License to Operate (LTO) from the Food and Drug Administration’s Center for Food Regulation and Research (FDA-CFRR).

up to 60.9% in 2nd quarter

of 2024 and in 2023. The debt-to-GDP ratio breached the recommended 60-percent threshold by multilateral lenders for emerging markets, as well as the latest approved fiscal and growth assumptions of the Development Budget and Coordination

See “Debt-to-GDP,” A

GOLD ELUDES PETECIO

NESTHY PETECIO’s golden dreams at the Paris Olympics faded with her 4-1 loss to Poland’s Julia Szeremeta, settling for bronze. This hard-fought victory, alongside Aira Villegas’s

BSP reports flattish growth in bank lending in June ’24

By Cai U. Ordinario @caiordinario

THE country’s domestic liquidity only posted a slight uptick as loans extended to residents remained flat in June, according to preliminary data from the Bangko Sentral ng Pilipinas (BSP).

The BSP said domestic liquidity (M3) grew 6.6 percent in June 2024 from 6.5 percent in May 2024. This amounted to P17.5 trillion during the period.

The data showed outstanding loans of universal and commercial banks (U/KBs), net of reverse repurchase (RRP) placements with the BSP, grew by 10.1 percent yearon-year in June, the same rate of increase as in May 2024.

“Looking ahead, the BSP will continue to ensure that domestic liquidity and credit activity remain in line

with its price and financial stability objectives,” the BSP said.

BSP said domestic claims expanded by 10.5 percent year-on-year in June from 10.7 percent in the previous month while claims on the private sector grew by 11.7 percent in June from 11.6 percent in May. The central bank attributed this to the growth in bank lending to non-financial private corporations and households.

However, based on preliminary data on bank lending, outstanding loans for production activities

slowed to 8.3 percent in June from 8.4 percent in the previous month.

These loans supported economic activities in key industries such as real estate activities which slowed to 12.3 percent in June from 13.2 percent in May; wholesale and retail trade, and repair of motor vehicles and motorcycles, 9.3 percent from 11.1 percent; and manufacturing, 8.9 percent from 10.1 percent.

Loans to other activities such as industries in transportation and storage declined to 26.2 percent in June from 26.7 percent May and electricity, gas, steam, and airconditioning supply, to 5.7 percent from 7.7 percent.

Meanwhile, outstanding loans to residents, net of RRPs, slowed to 10.1 percent in June from 10.2 percent in May, while outstanding loans to nonresidents expanded by 9.8 percent in June from 8.1 percent in the previous month.

Consumer loans to residents also slowed to 25 percent in June from 25.6 percent in May. Consumer loans were driven by credit card loans which also slowed to 28.8 percent in June from 29.4 percent in May.

Motor vehicle loans also slowed to 20.7 percent in June from 21.3 percent in May while Salary-Based

General Purpose Consumption Loans slowed to 17.4 percent in June from 19 percent in May.

Only Other consumer loans grew in June, expanding 28.6 percent from 27.5 percent in May 2024.

“The BSP will continue to ensure that domestic liquidity conditions remain consistent with the prevailing stance of monetary policy, in line with its price and financial stability objectives,” BSP said.

Meanwhile, net claims on the central government slowed to 12.1 percent from 12.2 percent due to the sustained borrowings of the National Government and the decline in its deposits with the BSP.

Net foreign assets (NFA) in peso terms rose by 8.3 percent year-on-year in June from 4.9 percent in May. The BSP’s NFA grew by 12.3 percent. Meanwhile, the NFA of banks contracted on account of higher bills and bonds payable.

MSME…

The exporters, Sykimte noted, are also required to secure a Certificate of Product Registration (CPR) to ensure food safety for consumers.

With these challenges, she underscored, “Addressing these issues are also the priority of initiatives of the DTI, [Philippine Exporters Confederation Inc.] Philexport and [Export Development Council] EDC, while we also continue to implement trade promotion initiatives.”

Sykimte said these are only among the issues faced by the country’s exporters as they grapple with “challenges in the market and behind our borders.”

Another key challenge, she noted, would be to grow in other key export sectors, enough to offset the projected decline in the country’s electronics export.

“60 percent of our merchandise exports are electronics and [Semiconductor and Electronics Industries in the Philippines Inc.] Seipi is expecting a 10-percent decline in electronics exports in 2024,” she added.

While the country is expected to “fall short” of the target set in the Philippine Export Development Plan (PEDP) this year, Sykimte said, “We are still cautiously optimistic that both goods and services export will grow and hit the [Philippine Development Plan] PDP export target of US$107 billion for 2024.”

This is consistent with the projection of the Development Budget Coordination Committee (DBCC) that goods export will grow by 5 percent this year.

In 2023, exports of both goods and services reached US$103.6 billion.

“Goods exports faced challenges, with electronics exports declining by 3.4 percent of US$955 million compared to 2022,” DTI said in a statement in April, citing data from the Bangko Sentral ng Pilipinas (BSP).

DTI said this highlights the importance of “diversifying” export portfolios and “enhancing” competitiveness in key sectors.

In contrast, Philippine services exports in 2023 “emerged as a powerhouse,” with the sector experiencing an expansion of 17.4 percent.

Debt-to-GDP...

Committee’s (DBCC) target of 60.6 percent for 2024.

Outstanding debt of the government reached P15.483 trillion as of end-June 2024, higher by 9.4 percent from the P14.147 trillion recorded in the same month a year ago.

The bulk of the government's outstanding debt is domestic debt at 68.29 percent or P10.573 trillion. The remainder is external or foreign debt at 31.71 percent of the overall debt amounting to P4.910 trillion.

Domestic debt, as a share of the economy, grew to 41.6 percent by the end of the second quarter of this year from 41.4 percent as of end-March 2024. Domestic debt-to-GDP reached 41.2 percent in 2023. Meanwhile, external debt-to-GDP rose to 19.3 percent as of end-June 2024 from 18.7 percent in end-March 2024. This is also higher than the 18.9-percent external debt-to-GDP ratio in 2023.

The government's debt-to-GDP ratio is seen to lower to 58.4 percent in 2027 and to be within the internationally accepted threshold in 2027, coming from a 60.2-percent debtto-GDP ratio in 2026. (See: https:// businessmirror.com.ph/2024/08/06/elevated-debt-to-accelerate-economic-recovery-recto/).

We’ll keep pushing down: Recto “WE are determined to continue pushing it below 60 percent so we have enough buffer in case another crisis hits us. And to be clear, there is nothing wrong with a country having debts," Finance Secretary Ralph G. Recto said in a recent budget hearing. Recto said the government is using debts to spur economic recovery by investing in more infrastructure and human capital development projects, which have the highest multiplier effect on the economy.

Meanwhile, the national government’s fiscal deficit settled at 5.3 percent of GDP in the second quarter of 2024 and 4.9 percent in the January to June 2024 period. The fiscal turnouts in 2024 reflected an increase from the 4.8 percent deficit-to-GDP ratio both for the second quarter of 2024 and the first half of 2023, the Treasury noted. The budget gap widened to P404.8 billion as of end-May 2024, higher by 24.06 percent or P78.5 billion than the P326.3 billion recorded in the five-month period a year ago. The government projects a fullyear fiscal deficit equivalent to 5.6 percent of GDP from the 6.2 percent in 2023 in line with fiscal consolidation efforts, the Treasury said.

reported 2.5 million between 2021 and 2023,” Balisacan also said.

Other views

“This significant development brings our real GDP growth to 6 percent for the first half of the year, keeping us on track to achieve our target growth rate of 6 to 7 percent for 2024,” Socioeconomic Planning Secretary Arsenio M. Balisacan said in the National Income Accounts briefing.

“This performance keeps our position as one of Asia's best-performing major emerging economies. For East Asia's economies that have released their second-quarter 2024 GDP growth, we follow behind Vietnam at 6.9 percent while leading Malaysia at 5.8 percent, Indonesia at 5 percent, and China at 4.7 percent,” he also said.

PSA data showed household final consumption expenditure posted a 4.6-percent growth in the second quarter, the same rate it posted in the first quarter. Earlier, the PSA said, excluding the pandemic, the 4.6-percent growth rate was the slowest in 14 years.

Government final consumption expenditure, meanwhile, posted a growth of 10.7 percent, the highest since the 11.1 percent posted in 2022. Prior to the pandemic years, it was the highest since the fourth quarter of 2019.

Balisacan also noted that government final consumption expenditure contributed 1.7 percentage points to the 6.3 percent GDP growth. This, he said, amounts to roughly 37 percent of the growth.

“The household final consumption expenditure continued to be a bit anemic. The growth is not as strong as one would expect, it was only 4.6 percent and that was almost the same as it was in the first quarter,” Balisacan said.

“It was [also] slower than the comparable period last year which meant that the impact of the high inflation and the high interest rates that were implemented months earlier, quarters earlier, are now being felt and are likely to continue,” he added.

High inflation, interest rates

IN his speech, Balisacan lamented that the economy’s performance would have been better had it not been for the high inflation and interest rates in the past two years. If interest rates were lower, the economy would have posted a half a percentage point faster economic growth in 2023. Last year, actual full-year GDP growth was at 5.5 percent and, considering Balisacan's estimate, growth would have reached 6 percent.

Moreover, if the increase in food prices were slower, particularly in 2023, the country’s poverty incidence would have reached 13 to 14 percent last year instead of the actual 15.5 percent.

“This would have translated to an even higher reduction in the number of poor people by 4.4 million instead of the actual

HSBC’s Aris Dacanay said the latest economic performance of the country “supports an August policy rate cut” by the BSP as the country’s growth momentum seemed to be waning and could only manage a 5.8 percent growth.

Dacanay said the BSP can support economic growth by beginning its easing cycle by next week starting with a 25 basis point cut to 6.25 percent. This will pave the way for the Monetary Board to reduce rates gradually to 6 percent by year end and to 5 percent by the end of 2025.

“Loosening the monetary reins will help spur consumption and private investment, albeit with a bit of a lag. The tariff rate cut on rice will also likely spur inclusive growth as lower rice prices increase the purchasing power of households. Given these two policies, we expect fullyear growth to improve to 6.4 percent in 2025,” Dacanay said.

Oxford: Base effects at work MEANWHILE, Oxford Economics said the performance of the Philippine economy in the second quarter “was not as impressive” since the quarter on quarter growth was only 0.5 percent. The UK-based think tank has decided to maintain its forecast for the economy at 5.8 percent in 2024. The think tank also noted that while household and government spending grew, the growth was mainly driven by low base effects. Oxford Economics said “investment growth has been constrained by high interest rates as the q/q growth was only 0.6 percent.”

Further, export growth slowed to 4.2 percent in the second quarter. Goods exports only grew 0.5 percent in the second quarter and offset some of the gains in services exports, which posted a growth of 8 percent in the second quarter of 2024. “We expect the economy to expand by 5.8 percent in 2024. The improvement in domestic and external demand will only e bgradual. We stay alert to the recent correction in global financial markets and the near-term growth outlook in the US, which could pose some downside risks to our forecasts,” Oxford Economics said. Meanwhile, ANZ Research said given the faster economic growth and high inflation rate of 4.4 percent in July, the Bangko Sentral ng Pilipinas (BSP)

Police operations now more humane, truthful, bloodless–Marcos

By Samuel P. Medenilla @sam_medenilla

HIGHLIGHTING the major change in the National Police under its new leadership, President Marcos said “police operations are now more humane, truthful, and bloodless.”

In his speech during the 123rd Police Service Anniversary in Camp General Rafael Crame in Quezon City on Thursday, the Chief Executive lauded the National Police chief, Gen. Rommel D. Marbil, for ensuring the police comply with regulations in their aggressive campaign against criminality.

“Our crackdown on illegal drugs, smuggling, illegal gambling, private armed groups, human trafficking and criminality has also strengthened significantly in ways that are not only effective but legal and lawful,” Marcos said.

This contrasted to the “bloody” anti-illegal drug war of the Duterte administration, which is now being investigated by the International Criminal Court (ICC) after the campaign resulted in the death of at least 6,000 people most of them small time drug users and pushers.

Marcos also cited Marbil for ensuring National Police’s prompt response to requests for police assistance and intensifying its cyber patrolling through a Cybersecurity Operations Center, which was launched last May. Marbil’s other accomplishments include National Police’s

joint operations with the Armed Forces, which led to the “neutralization” to 1,951 local terrorists, the President said.

“These achievements were made possible because [of] the PNP’s resolve to uphold the rule of law and the unparalleled dedication and service of our police officers, led, of course, by our Chief PNP General Marbil,” Marcos said.

Confident with Marbil’s capability, he said the transformation within the force will continue so the police will no longer be “feared but welcomed in communities.”

Such reforms, he said, includes ensuring “erring and corrupt police personnel will face the appropriate sanctions.”

He assured that the force will get the neeeded resources so it can continue to enhance its operations.

“We will also continue to provide additional logistical resources and advanced information technology tools to further empower our police force,” Marcos said.

CA freezes bank accounts, assets of Quiboloy, KOJC

By Joel R. San Juan @jrsanjuan1573

THE Court of Appeals (CA) has issued a 20-day freeze order on the bank accounts and properties under the name of religious group Kingdom of Jesus Christ (KOJC), its leader Pastor Apollo Quiboloy and several of his followers.

In a 48-page order, the CA’s Special Third Division held that allegations raised in the petition, as well as the supporting documents attached by the petitioner, Anti-Money Laundering Council (AMLC), give the Court sufficient basis “to believe that bank accounts” subject of the petition “are indeed linked to the activities and predicate crimes” filed against Quiboloy and some KOJC members.

AMLC sought the freeze order in connection with the criminal charges filed against Quiboloy and several others for qualified human trafficking under Republic Act 9208, as amended by RA 11862; sexual abuse case under Republic Act 7610 and conspiracy to engage sex trafficking by force, fraud and coercion; conspiracy; marriage fraud; fraud and misuse of visas; bulk cash smuggling, promotional money laundering;

concealment money laundering; and international promotional money laundering, under the laws of the United States.

Covered by the freeze order are 10 personal bank accounts of Quiboloy; 47 bank accounts under KOJC; 23 bank accounts under the name Children’s Joy Foundation Inc., an organization based inside KOJC’s compound in Davao City; 17 bank accounts under Swara Sug Media Corporation (SSMC), the franchise holder of Sonshine Media Network Inc. (SMNI); and 76 bank accounts under the name of individuals associated with Quiboloy which include Pauleen Chavez Canada, Teresita Dandan, Alona Mertalla, Maria Santander, Helen Pagaduan Panilag, Cresente Chavez Canada, Ingrid Chavez Canada, Sylvia Calija Cemanes, Jackielyn Wong Roy and Marlon Bongas Acobo.

No trace of Chinese military exercises in Bajo de Masinloc

By Rex Anthony Naval

THE Armed Forces on Wednesday night an-

nounced that it is yet to detect any signs that Chinese military units conducted exercises in Bajo de Masinloc. Col. Xerxes Trinidad, director of the Armed Forces Public Affairs Office, said in a statement that initial reports indicate “no trace of Chinese military activity at Bajo de Masinloc as of August 7.”

“Aside from the usual illegal encroachment and presence of Chinese maritime militia vessels, we have not monitored any purported exercise or combat patrols,” he added.

However, Trinidad said the Armed Forces confirmed the presence of three People’s Liberation Army (PLA)-Navy warships that tailed the ongoing multilateral maritime cooperative activity between naval and air units of the Philippines, Australia, Canada, and the United States in the West

Philippine Sea.

The said exercise will on August 8.

“We can, however, confirm the presence of three PLA Navy vessels, namely PLA-Navy  Wuzhou  [FSG626] Jiangdao II Class Corvette, PLA-Navy  Huangshan  [FFG-570] Jiankai II Class Corvette, and PLANavy Quijing  [FSG-668] Jiangdao II Class Corvette, that tailed the ongoing MMCA,” he added.

Also, Trinidad said the most recent Chinese exercise in the

northern part of the South China Sea took place from July 31 to August 2.

However, this exercise occurred outside the Philippine exclusive economic zone, he added.

“The Armed Forces, in coordination with the Coast Guard and other relevant agencies, will continue to monitor the situation as part of our mandate to protect our territory, sovereignty, and sovereign rights based on international law,” Trinidad said.

Aim of MMCA: Preservation of peace in Indo-Pacific

THE multilateral maritime cooperative activity (MMCA) of the naval and air units of the Philippines, Australia, Canada, and the United States highlights the commitment of the participating nations to preserve peace in the Indo-Pacific Region.

“This multilateral exercise underscores the commitment of our nations to ensuring peace and stability in the Indo-Pacific Region. By working together, we enhance our collective capabilities and demonstrate our shared

dedication to maintaining a secure maritime environment,” the Armed Forces chief of staff, Gen. Romeo Brawner Jr., said in a statement Wednesday night. He added that the MMCA is also important in strengthening regional security and fostering cooperation with our ally and international partners. The MMCA of the four nations is the first ever activity among the participants. It started on Wednesday and was finished on Thursday. It was held at the Philippine exclusive economic zone that includes

Witness to Marcos’s ‘drug use’ convicted of perjury

the West Philippine Sea.

The MMCA featured a variety of naval and air assets from the participating nations.

The Philippine contingent included the BRP Jose Rizal (FF-150) along with its AW-159 anti-submarine helicopter and the BRP Ramon Alcaraz (PS-16).

Australia’s sent a P-8A “Poseidon” maritime patrol aircraft while Canada deployed the HMCS Montreal (FFH-336) and a Sikorsky CH148 “Cyclone” helicopter.

The United States contributed the USS Lake Erie (CG-70) and

a Sikorsky MH-60R “Seahawk” helicopter.

The MMCA feathered a series of events designed to enhance interoperability and cooperation among the participating forces.

Among them are the pre-sail briefing, communication exercise, division tactics-officer of the watch maneuver, photographic exercise, cross deck landing operations, anti-submarine warfare exercise, replenishment at sea, contact reporting-maritime domain awareness, and a final exercise. Rex Anthony Vaval

cross-examination on November 7, 2012 saying that he was compelled to execute the under duress from his former immediate superior, Director Lyndon Aspacio. Morales claimed he feared being fired, harmed, or reassigned to dangerous locations if he did not follow orders.

He claimed that the two Chinese nationals were actually victims of planting of evidence orchestrated by Aspacio.

However, the court found no evidence to support Morales’s assertion that Aspacio forced or intimidated him into providing the

The freeze order also covered seven real properties in Davao del Norte, Davao City, Davao Oriental, Mati and Roxas City and five motor vehicles registered under Quiboloy’s name.

It also covered 16 motor vehicles and 16 real properties registered under KOJC located in Laguna; Davao Oriental, Iloilo, Iloilo, Butuan City, Mandaue City, Tagbilaran City, Davao del Norte, Davao City,  Pasay City and Quezon City.

Five real properties and 25 motor vehicles of SSMC were also covered by the freeze order.

The CA has given the banks and concerned government agencies 24 hours from receipt of the freeze order to submit a return on their compliance, which include relevant information on the frozen bank accounts and assets.

“Furthermore, the above enumerated government agencies are directed to annotate this freeze order on the titles and certificates of registration of the foregoing real properties, motor vehicles, and aircraft, and to manifest their compliance within three working

days from notice,” the CA ordered.

“In order to avoid the possibility of the funds in the subject bank accounts or properties or both from being withdrawn, removed, transferred, concealed or placed beyond the reach of law enforcers, this Court finds it appropriate and judicious to issue a 20-day FREEZE ORDER as prayed for by petitioner over said bank accounts, including all other related or materiallylinked accounts, and the real and personal properties enumerated in the Ex-Parte Petition,” the CA’s decision read.

The CA has set a post-issuance summary hearing on August 12, 2024, which would determine the necessity to modify, lift or extend the freeze order.

Based on the AMLC’s investigation, the bank accounts as well as real and personal properties under Quiboloy and the other respondents became the channels of the proceeds from KOJC’s unlawful activities.

The investigation revealed 330 substantial financial transactions of Quiboloy from December 12, 2006 to February 7, 2022. It was also discovered that from 2007 to 2018, there were several huge cash deposits made to the Quiboloy’s bank accounts which were either withdrawn on the same or the succeeding days.

“These funds appear to be directly sourced from the unlawful activities of Quiboloy, his cohorts and his church,” the AMLC said.

Go supports Super Health Center

SEN. Christopher Go, chairmann of the Senate Committee on Health and Demography lauded the turnover ceremony of the Super Health Center in Maitum, Sarangani Province on Friday, August 2.

This marks a significant step in Go’s advocacy to bring essential medical services closer to Filipinos, particularly in underserved areas.

“Super Health Centers are vital, especially in areas where medical services are scarce or existing health centers are too far,” he expressed in a video message.

The senator highlighted how these centers can bridge the gap in healthcare accessibility, ensuring that even the most remote communities receive the care they need.

The said health facility should offer a wide range of services, including database management, out-patient, birthing, isolation, diagnostic (laboratory: x-ray and ultrasound), pharmacy, and ambulatory surgical unit. Other available services are eye, ear, nose, and throat (EENT) service, oncology centers, physical therapy and rehabilitation centers, and telemedicine, where remote diagnosis and treatment of patients will be done.

Through the concerted efforts of Go, fellow lawmakers, the Department of Health (DOH), led by Secretary Teodoro “Ted” Herbosa, and local government units, adequate funding was allocated for establishing more than 700 Super Health Centers nationwide, including 12 in Sarangani province.

Go then extended his gratitude to Vice Governor Elmer de Peralta, Maitum Mayor Alexander Reganit, Vice Mayor Tito Balanzon Sr., and Dr. Aristides Tan from DOH, among others present, for their efforts in enhancing the health sector and ensuring the community’s health and well-being.

Furthermore, during the said event, Go’s Malasakit Team gave Barangay Health Workers food packs, fans, shirts, and basketballs and volleyballs.

false testimony.

It pointed out that “the fear of being transferred to ‘dangerous assignments’ such as in Basilan, Sulu, Tawi-Tawi is rather speculative, if not discriminatory and unwarranted.”

“As guided by jurisprudence, for duress to exempt criminal liability the same must be based on real and imminent fear,” the court said in the decision.

“Here, the superior officer allegedly employing duress, force, intimidation or threat was not even present when accused subscribed the affidavit before the State Prosecutor,” it added.

During the investigation by the Senate Committee on Public Order and Dangerous Drugs into the so-called “PDEA leaks,” Morales testified about the “authenticity” of leaked 2012 documents allegedly implicating then-Sen. Ferdinand Marcos Jr. and actress Maricel Soriano in illegal drug use. But PDEA Director General Moro Virgilio Lazo refuted Morales’ claims, asserting that the documents, including a supposed pre-operation report and authority to operate, did not exist. Lazo categorically stated that Morales’ allegations were “fabricated” and “have no basis.” Joel R. San Juan

PASTOR Apollo Quiboloy

House leaders bullish on economy’s resiliency, strength

By Jovee Marie N. dela Cruz @joveemarie

LEADERS of the House of Representatives have voiced confidence in the economy’s ability to withstand difficult global economic conditions, saying that the economy is robust and, to some extent, resilient to such problems.

Speaker Ferdinand Martin G. Romualdez and the House Committee on Ways and Means chairman, Albay Rep. Jose Ma. Clemente “Joey” Sarte Salceda, lauded the impressive 6.3 percent annual growth of the economy in the second quarter of 2025, describing it as an “encouraging development.” Romualdez expressed optimism about the country’s economic trajectory, emphasizing the collaborative efforts between the Executive and Legislative branches as key drivers of this growth.

“The 6.3 percent economic growth rate shows the effectiveness of President Bongbong Marcos’s economic strategies and the solid legislative support of Congress. Our economy is steadily recovering and growing, creating more job opportunities and

improving the quality of life for Filipinos,” Romualdez said. With the country’s GDP growth accelerating to 6.3 percent in the second quarter, Romualdez highlighted the impressive performance of various economic sectors, particularly industry and services, which posted year-onyear growth rates of 7.7 percent and 6.8 percent, respectively. These sectors, he noted, are crucial for job creation and daily economic activities.

“The growth in the industry and services sectors is vital because it provides many jobs essential to our daily lives. The continued expansion of these sectors demonstrates the Filipino people’s confidence in our economy and the country’s future,” he said. Romualdez also noted the significant increase in household

SBy Lorenz S. Marasigan @lorenzmarasigan

EVENTEEN Chinese nationals who were arrested in a suspected cyberscam den in Iloilo City in November last year have pleaded guilty to charges of violating the Republic Act 10175 or the Cybercrime Prevention Act of 2012.

Cybercrime Investigation and Coordinating Center (CICC) Executive Director Alexander K. Ramos said the 17 have submitted a plea bargain application to lower their sentence.

The plea bargaining process involves negotiations between the accused and the prosecution for a lesser penalty or offense in exchange for a guilty plea. Factors such as the severity of the crime and any aggravating or mitigating circumstances will influence the court’s decision to approve or reject the plea bargaining agreement.

Ramos noted that the court

holds the final decision on whether to approve the plea bargain.

“The success of this operation in Iloilo City is proof that the whole-ofgovernment approach will yield to successful result in ending cybercrime,” he said.

The accused were arrested in a joint operation of the Bureau of Immigration, Iloilo City Police, and CICC on November 4. The raid, conducted in barangay Lawa-an in Jaro District, was carried out under the authority of a search warrant issued by Branch 39 of the Regional Trial Court in Iloilo City.

The operation followed over a month of surveillance.

During the raid, authorities seized 24 computers, 49 cellular telephones, two switch hubs TP-link with 24 ports, two routers, one projector, one monitor, one modem, and multiple SIM cards.

Ramos noted the importance of collaboration and coordination across departmental boundaries to

consumption, which rose by 4.6 percent, indicating a boost in consumer confidence and spending.

He pointed out that government spending surged by 10.7 percent, reflecting the administration’s commitment to public services and infrastructure development.

“Our government’s focus on infrastructure projects and public services is paying off. The substantial growth in government spending underscores our dedication to building a better future for all Filipinos,” he said.

The construction sector, a vital component of the economy, saw a meteoric rise of 16 percent, creating numerous jobs and laying the foundation for long-term economic prosperity. Transportation and storage, along with other services, experienced significant growth of 14.8 percent and 10.5 percent, respectively. Despite these gains, Romualdez acknowledged the challenges faced by the agriculture sector, which contracted by 2.3 percent owing to the El Niño phenomenon earlier this year. He reiterated

the government’s commitment to support farmers and fishermen to ensure their resilience and productivity.

He also pointed out the 4.2 percent decline in exports and stressed the need to enhance the country’s global competitiveness.

For his part, Salceda highlighted the robust performance and future potential of the nation’s economy.

“The global environment remains very hostile to growth. Interest rates remain high and are nowhere near adjustment as the cost of living remains unfavorable. And yet, the economy under President Marcos remains robust and, to some extent, immune from global conditions,” Salceda said.

He elaborated on the key drivers of this growth, noting significant advancements in both the supply and demand sectors.

“Beyond the headline number, what is notable is the sources of growth: on the supply side, construction grew the fastest at 16.0 percent. On the demand side, gross capital formation grew at a remarkable 11.5 percent. The

Guilty plea from 17 Chinese arrested in cyberscam den

optimize resources and create synergies among agencies.

“The whole-of-government approach emphasizes the need for greater collaboration and coordination across departmental boundaries to eliminate duplication, optimize resources, create synergies among agencies which we need to do now if we want to fight cybercrime,” he explained.

Cybercrime has become rampant in the Philippines over the last few years, with cybercriminals exploiting some Philippine Offshore Gaming Operators (Pogo) locations as fronts for their illicit operations, according to Department of Information and Communications Technology (DICT) Secretary

Ivan Uy.

President Marcos Jr. announced during his latest State of the Nation Address (SONA) the government’s total ban of POGO, which Uy welcomed as “in many instances, a lot of these scamming syndicates are

operating behind legitimate Pogo operations.”

The Philippines ranks 61st out of 194 countries in the 2020 Global Cybersecuri Index (GCI).

In addition, according to IBM’s 2022 report, the Philippines had the highest number of users attacked by banking Trojans in the AsiaPacific and was the fourth most targeted country by cybercriminals in 2021.

Over the past few years, the Philippine government has faced a significant number of cyberattacks, primarily targeting its digital infrastructure and online services. These attacks have varied in scope and sophistication, often attributed to geopolitical tensions and cybercriminal activities.

These include hacks on the systems of the Philippine Health Insurance Corp., the Congress, the Senate, and the Department of Education, the Police, and even the DICT itself, among others.

shorthand for that is simple: investment. The private sector sees the continued growth potential of the Philippines and is locking in,” he said.

Salceda attributed part of this investment surge to recent legislative efforts.

“The enactment of the PublicPrivate Partnership Code has stimulated investment in infrastructure, especially at the local level. There is anecdotal evidence to suggest PPPs in the local sector have been unleashed by clearer, simpler rules on procurement and bidding,” said Salceda.

Despite these positive indicators, Salceda acknowledged areas of concern, particularly in the agriculture sector.

“Severe weather seems to have affected the agriculture, forestry, and fishing sectors, which posted a year-on-year decline of 2.3 percent. That is despite price increases in corn and poultry, which should have increased gross value-added. In other words, volumes of output seem to have suffered as a result of both El Niño and heavy rain,” he said.

Salceda also highlighted unexpected growth in the manufacturing sector, particularly in the creative industry.

“There is a surprising amount of manufacturing growth related to the creative sector. The sector that recorded the highest growth in manufacturing is printing and reproduction of recorded media at an eye-popping 43 percent. Manu-

facture of furniture also recorded a 26.2 percent growth—considerable by any standard,” he added. Reflecting on his advocacy for the creatives sector, Salceda remarked, “I believe in the future of this sector, that is why I fought hard, as Chairman of the House panel, to keep the earmarking of 5 percent of revenues from the upcoming VAT [value-added tax] on foreign digital services towards the creatives sector. It is often mistakenly said that the creative sector will improve the services sector primarily. There are downstream industries in manufacturing that are inextricably linked to the creative sector.”

He emphasized the strategic importance of boosting the creative sector.

“Global experience shows how well it can insulate an economy from global shocks. In both the 1997, 2008, and 2020 global economic slowdowns, Korea relied heavily on the creative sector to boost its exports. Any economy with the cultural predisposition of the Philippines—tech-savvy, English-speaking, artistic—has a future in global creatives. We need to capitalize heavily on it,” he added.

Salceda said he remained optimistic about the Philippines meeting its growth targets for the year while urging the government to expedite spending and approvals for PPP projects.

“Overall, the prospects remain strong and positive despite global challenges,” he said.

Group welcomes SC decision denying exclusivity of electricity franchise

By Manuel T. Cayon @awimailbox

DAVAO CITY—The Davao Consumer Movement said it was elated by the recent Supreme Court decision that removed the perceived exclusivity of an electric cooperative to its franchise area, saying that this “is good tidings to the resort island of Samal and to the rest of two Davao provinces.”

“The Davao Consumer Movement welcomes the decision of the Supreme Court en banc stating that electric cooperatives do not have a constitutional right to an exclusive franchise within their coverage areas,” the group said in a statement.

The July 30 SC ruling written by Associate Justice Rodil V. Zalameda was on the case involving the Iloilo power failure this year. It dismissed the petition of Iloilo Electric Cooperative Inc. I, II, and III (Ilecos) that challenged the validity of Republic Act 11918.

That law expanded the franchise of another electricity provider, MORE Electric and Power Corporation (MORE), to areas within the Ilecos’ franchise, the Davao Consumer Movement, statement said.

The group quoted a Supreme Court press statement saying that said a franchise, “as a privilege granted by the State, is not the exclusive private property of the franchisee. Thus, it must yield to serve the common good, as determined by Congress.”

“This is a major win for many consumers out there as it removes the notion that once a franchise is given to an electric cooperative, it is theirs forever,” it added.

The group was alluding to its other case about the service of the Northern Davao Electric Cooperative or Nordeco, which has been criticized for poor service,

including from groups like the Tagum City Chamber of Commerce and Industry, which described the Nordeco last year as “unfit to meet the rising urban needs of the city.” In 2021, the Tagum City mayor also demanded from the national government to allow it to be removed from the Nordeco franchise. The mayor of the resort Island Garden City of Samal has also asked authorities that it be allowed to broker a joint operation by the Nordeco and the Aboitizowned Davao Light and Power Co. The Nordeco operates its franchise in 16 towns of Davao del Norte and the two cities of Davao del Norte.

“What is also important to note is that the decision states that in the law, it allows the entry of another power service provider that would benefit the consumers. This means that consumers will no longer have to wait for the non-performing electric cooperative’s franchise to expire,” said Ryan Amper, convener and spokesman of the Davao Consumer Movement.

In the case of Davao del Norte, “this means that it is now our right as consumers to demand that we get a new power service provider.” President Marcos vetoed a Congress bill that would have allowed the Davao Light to operate in Nordeco franchise. Davao Light has already extended its franchise area from Davao City to Davao del Norte’s Carmen, Braullio Dujali and Santo Tomas municipalities and Panabo City. Amper said it would wait for the result of Congress’s refinement of four bills that seek to strike a compromise with Nordeco with its counterpetitioners, on issues about the fate of Nordeco employees, its assets and the possible areas for Nordeco and Davao Light to operate separately.

ALBAY Rep. Jose Ma. Clemente “Joey” Sarte Salceda

SPEAKER Ferdinand Martin G. Romualdez

UST employees to contest Manila employment order

By Claudeth Mocon-Ciriaco @claudethmc3

EMPLOYEES of the University of Santo Tomas (UST) announced plans to contest in court an order by the local government of Manila that requires workers to apply for a health certificate before they can work within the city.

UST employees assailed the implementation of Ordinance 8793 as selective since other universities in Manila have not required their employees to follow City Hall. They would also use prayers as protest in a rally beginning noon of August 9. Ordinance 8793 (Sanitation and Disinfection Code of the City of Manila) requires those working for Manila-based entities to present a valid identification card, stool and urine samples, a filled-out drug test form and biometrics.

Each year, workers must pay around P600 to secure a health certificate from the local government. The Manila local government will reject a health clearance from private hospitals or clinics and will only accept those issued by facilities under the control of City Hall. The ordinance was enacted by the Manila city council on December 2, 2021, but was implemented by the UST only this year. It will affect thousands of other workers in Manila,

not only those in universities, once fully implemented under Manila Mayor Honey Lacuna.

More than a thousand faculty members of UST may be disallowed to teach this semester for failing or refusing to secure a health certificate as mandated by Ordinance 8793, according to university unionists.

“Our concern remains that UST workers may be left to seek justice in court independently. We cannot allow our faculty members to become sacrificial lambs to an unfair and unjust ordinance,” read a statement by the Organisasyon ng Nagkakaisang Empleyado-UST (ONE-UST), a coalition of UST employees’ unions.

Section 85 of the city ordinance states that those who fail to comply shall face a fine of not more than P3,000 for the first offense and not more than P5,000 and the revocation of their health certificate for the second offense.

Under Section 86 of the ordinance, erring establishments will be slapped with a fine of not more than P3,000 for the first offense; not more than P4,000 for the second offense and a recommendation for a cease-and-desist order from the Manila Health Department to the Business Permits and Licensing Office; and P5,000 for the third offense and a recommendation for a permanent closure order from the same office.

Nematology expert Romulo Davide named Natl Scientist

Continued from A12

A ccording to the Ramon Magsaysay Award Foundation website, Davide also established the Cornbased Farmers Scientist Training Program.

Davide is the elder brother of former Chief Justice Hilario G. Davide, Jr.  In a related development, Marcos also issued Proclamation No. 642, which declared Carmencita David Padilla as a national scientist for medical genetics and pediatrics.

Padilla was already conferred the award by Marcos last year.

DOST Secretary Renato R. Solidum, Jr. said the proclamation for Padilla was issued belatedly since they were not aware it was necessary last year.

“After our request for a proclamation as a National Scientist for Dr. Davide, it was deemed that a proclamation for NS Padilla was also needed. Malacañang has issued one dated August 2, 2024,” Solidum said in a viber message to reporters. Samuel P. Medenilla

Projections of ₧500-B growth in tax revenue a tall order–CPBRD

Continued from A12

Moreover, the analysis also noted the urgent passage of revenueenhancing tax measures, still awaiting the Senate’s approval, would help boost revenue collection. These reformed tax measures are the excise tax on single-use plastic bags, excise tax on pick-up trucks, and the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (Create More), which will all generate a combined revenue of P10 billion in 2025 if passed.

More industrial parks seen to enhance trade balance

By Andrea San Juan @andreasanjuan

THE Philippines should consider building more industrial parks which could generate “substantial” employment opportunities and “enhance” the country’s trade balance, according to the New York, USA-headquartered World Trade Centers Association (WTCA).

Citing leaders in private industrial estate development in the Philippines, the WTCA said industrial parks “provide essential contributions to a country’s economic growth, particularly in addressing the burgeoning demand for logistics and industrial space in the region.”

According to Science Park of the Philippines Inc. President and CEO Richard I. Osmond, industrial parks “play a crucial role in creating a conducive business environment by providing necessary infrastructure, which attracts both

domestic and foreign investors.”

In his presentation during the 22nd anniversary celebration of WTCA Day, Osmond explained that “these zones facilitate the concentration of industries, encouraging the sharing of technology and innovation, leading to modernization and higher productivity.”

The WTCA noted that putting up new factories and businesses within industrial parks generates “substantial” employment opportunities for the local population. Further, the WTCA said

that economic zones focused on export production “significantly” enhance a country’s trade balance.

Osmond reported that demand for logistics space, particularly from e-commerce companies, continues to rise.

According to the WTCA, the export demand for Asian manufactured products has shown a year-over-year increase of 4 percent, surpassing the 2014-2019 average of 2.5 percent. In addition, the first half of 2023 witnessed an average 10.4 percent year-on-year increase in “prime logistics rental figures.”

‘Markedly declined’ CITING Cushman & Wakefield

Asia Pacific (APAC) Logistics & Industrial 2022 Update, the WTCA noted that vacancy rates of leased industrial properties have “markedly declined,” with cities like Shenzhen, Hangzhou and Suzhou reporting a 5-percent vacancy rate and Hong Kong at a mere 1 percent.

WTCA Vice President for Asia Pacific Scott Wang noted that countries across the Asia-Pacific region continue to “actively” develop and promote industrial parks to attract foreign direct investments [FDIs], boost manufacturing capacity and create job opportunities.

Wang cited the World Trade

Center (WTC) Tianjin in Mainland China, the WTC Binh Duong New City (BDNC) in Vietnam and the WTC Andhra Pradesh MedTech Zone (AMTZ) in India as “growing” industrial hubs that have become centers of innovation and trade.

“As one of the largest international trade networks in the world, [the] WTCA and its members have worked closely to support industrial park development through global connectivity and trade facilitation,” Wang added. According to WTC BNDC CEO Huynh Dinh Thai Linh, their industrial park on the Binh Duong industrial zone has contributed “a lot in trade promotion, especially in supporting [for] the investors,” in the past five years.

“After the development of our industrial park, we brought in the exhibitions. Before, we had a few exhibitions in Binh Duong, our industrial area. And now, we are the third market in Vietnam after Hanoi and Ho Chi Minh City,” Linh added.

Wang said that the WTCA will focus on industrial parks in expanding its membership base as part of its “Road to 500” initiative. The latter seeks to expand its current global membership base to 500 WTCA Members over the next decade.

Republic Act (RA) No. 11976 or the Ease of Paying Taxes Act and RA No. 12001 or Real Property Valuation and Assessment Reform Act were passed into law this year. Meanwhile, there are no filed bills in the Senate yet on the rationalization of the mining fiscal regime, motor vehicles road user’s tax and excise tax on pre-mixed alcoholic beverages.

“The achievement of near-term and medium-term targets will likely prove challenging. Much of the revenue growth hinges on significant expansions in tax revenues,” the analysis said.

PHL still leads Asean with Q2 growth; DOF touts budget as prime mover

Continued from A12

More than half of the 2025 national budget, or about 62.5 percent, will be allocated for both social and economic services, such as infrastructure, health, education, human capital development, social welfare, employment, housing, and other social protection programs. For its highest multiplier effect on the economy, high public spending on infrastructure projects—targeted to reach from 5 to 6 percent of GDP annually—will be sustained.  As inflation cools down and settles within the government’s target band of 3-4 percent for the year, this is seen to further boost household spending.

Private investments are also expected to increase with the expected passage of the Corporate Recovery and Tax Incentives for Enterprises to Maximize Opportunities for Reinvigorating the Economy (CREATE MORE) bill within this quarter.  Meanwhile, the PPP Code is also expected to foster a more conducive environment for private investment in public infrastructure, especially in power generation and transmission.

Ukraine launches large-scale cross-border raid into Russia, Putin calls it ‘provocation’

By Samya Kullab The Associated Press

KYIV, Ukraine—Russian President Vladimir Putin on Wednesday described a Ukrainian incursion into the country’s southwestern Kursk region as a “largescale provocation” as his officials asserted that they were fighting off cross-border raids for a second day. Ukrainian officials remained silent about the scope of the operation.

Putin met with his top defense and security officials to discuss what he called the “indiscriminate shelling of civilian buildings, residential houses, ambulances with different types of weapons.” He instructed the Cabinet to coordinate assistance to the Kursk region. The fighting is about 500 kilometers (320 miles) from Moscow.

Army chief of staff Valery Gerasimov told Putin at the meeting via video link that about 100 Ukrainian soldiers had been killed in the battle and more than 200 wounded, Russian news agencies reported.

The Ukrainian shelling, meanwhile, killed at least two people—a paramedic and an ambulance driver—and injured 24, Russian Foreign Ministry spokesperson Maria

Bangladesh

Zakharova said in a statement. It was not possible to independently verify the Russian claims. Disinformation and propaganda have played a central role in the war, now in its third year. John Kirby, the White House’s national security spokesman, declined to comment on the operation and said the Biden administration has reached out to the Ukrainians to better understand what happened.

The head of the region urged residents to donate blood due to the intense fighting. “In the last 24 hours, our region has been heroically resisting attacks” by Ukrainian fighters, acting Gov. Alexei Smirnov said on Telegram, adding that all emergency services were on high alert.

Smirnov said authorities had evacuated more than 200 people

from areas under shelling, while several thousand others left in their own vehicles.

If confirmed, the cross-border foray would be among Ukraine’s largest since Russia’s full-scale invasion in February 2022, and unprecedented for its deployment of Ukrainian military units.

Kyiv’s aim could be to draw Russian reserves to the area, potentially weakening Moscow’s offensive operations in several parts of Ukraine’s eastern Donetsk region where Russian forces have increased attacks and are advancing gradually toward operationally

prepares for transition

significant gains.

But it could risk stretching outmanned Ukrainian troops further along the front line, which is more than 1,000 kilometers (620 miles) long.

Even if Russia were to commit reserves to stabilize the new front, given its vast manpower and the relatively small number of Ukrainian forces engaged in the operation, it would likely have little long-term impact.

However, the operation could boost Ukrainian morale at a time when Kyiv’s forces are facing relentless Russian attacks and are

expected to face more in coming weeks.

Several Ukrainian brigades stationed along the border region said they could not comment. Ukraine’s Defense Ministry and General Staff said they would not comment.

Russian forces have swiftly repelled previous cross-border incursions, but not before they caused damage and embarrassed authorities.

The Russian Defense Ministry said Tuesday that up to 300 Ukrainian troops, supported by 11 tanks and more than 20 armored combat vehicles, had crossed into Russia and suffered heavy losses.

It said Wednesday that military and border guard troops “continued to destroy Ukrainian military units in the areas alongside the border in the Kursk region.”

The ministry said Russian forces backed by artillery and warplanes “didn’t allow the enemy to advance deeper into the territory of the Russian Federation.”

Open-source monitors have also not been able to verify the claims. The US-based Institute for the Study of War could not verify whether damaged and abandoned armored vehicles shown in geolocated video 7 kilometers (4 miles) north of the border west of Lyubimovka in the Kursk region were Ukrainian.

The think tank also cast doubt on video shared by Russian military bloggers claiming to show the aftermath of the Ukrainian raids. Most of the damage shown

“appears to be the result of routine Ukrainian shelling and does not indicate that there was ground activity in the area,” it said in its daily report.

Responsibility for previous incursions into Russia’s Belgorod and Bryansk regions has been claimed by two murky groups: the Russian Volunteer Corps and the Freedom of Russia Legion, which are made up of Russian citizens and have fought alongside Ukrainian forces.

Some Russian war bloggers who have proved knowledgeable about the war said that Ukrainian soldiers were in Kursk.

Rybar, a Telegram channel run by Mikhail Zvinchuk, a retired Russian Defense Ministry press officer, said Ukrainian troops had seized three settlements in the region and continued to fight their way deeper in. It also said that Ukrainian forces captured the Sudzha gas transit station, about 8 kilometers (5 miles) from the border. Russian officials have not confirmed the gains.

Another pro-Kremlin military blog, Two Majors, claimed that Ukrainian troops had advanced up to 15 kilometers (9 miles) into the region. Neither claim could be independently verified.

The Kursk region’s border with Ukraine is 245 kilometers (150 miles) long, making it possible for saboteur groups to launch swift incursions and capture some ground before Russia deploys reinforcements.

as Nobel laureate Muhammad

By Julhas Alam The Associated Press

DHAKA, Bangladesh—Bangladesh’s next leader Muhammad Yunus arrived home Thursday from an overseas trip and will take office later in the day, as he looks to restore calm and rebuild the country following an uprising that ended the 15-year, increasingly autocratic rule of former Prime Minister Sheikh Hasina. Yunus landed at Dhaka’s Hazrat Shahjalal International Airport on Thursday afternoon and was welcomed by the country’s military chief, Gen. Waker-Uz-Zaman, who was flanked by navy and air force heads.

Some of the student leaders who led the uprising against Hasina were also present at the airport to welcome him. They had earlier proposed Yunus as interim leader to the country’s figurehead president, who is currently acting as the chief executive under the constitution.

Security was tight at the airport to ensure Yunus’ safe arrival, as the country has experienced days of unrest following the downfall of Hasina on Monday. President Mohammed Shahabuddin will administer the oath-taking ceremony on Thursday night when Yunus is expected to announce his new Cabinet.

Before leaving Paris, where he was attending the Olympics, Yunus appealed for calm in Bangladesh amid tensions over the country’s future.

Hasina’s son Sajeeb Wazed Joy, who acts as an adviser to his mother, vowed Wednesday that his family and the Awami League party

Yunus set to assume interim leadership

would continue to be engaged in Bangladesh’s politics—a reversal from what he’d said earlier in the week after Hasina stepped down Monday and fled to India.

Yunuswas named as interim leader following talks among military officials, civic leaders and the student activists who led the uprising against Hasina. Yunus made his first public comments in the French capital on Wednesday before boarding a plane to return home.

Yunus congratulated the student protesters, saying they had made “our second Victory Day possible,” and he appealed to them and other stakeholders to remain peaceful, while condemning the violence that followed Hasina’s resignation.

“Violence is our enemy. Please don’t create more enemies. Be calm and get ready to build the country,” Yunus said.

Bangladesh’s military chief, Gen. Waker-Uz-Zaman, said in a televised address on Wednesday that he expected Yunus to usher in a “beautiful democratic” process.

Yunus, who was awarded the 2006 Nobel Peace Prize for his work developing microcredit markets, told reporters in Paris: “I’m looking forward to going back home and seeing what’s happening there, and how we can organize ourselves to get out of the trouble that we are in.”

Asked when elections would be held, he put his hands up as if to indicate it was too early to say.

“I’ll go and talk to them. I’m just fresh in this whole area,” he said.

A tribunal in Dhaka earlier on Wednesday acquitted Yunus in a labor law violation case involving

a telecommunication company he founded, in which he was convicted and sentenced to six months in jail. He had been released on bail in the case.

The president had dissolved Parliament on Tuesday, clearing the path for an interim administration that is expected to schedule new elections.

Yunus has been a longtime opponent of Hasina, who had called him a “bloodsucker” allegedly for using force to extract loan repayments from rural poor, mainly women. Yunus has denied the allegations.

In a span of weeks since July 15, more than 300 people died in violence in Bangladesh. Rising tensions in the days surrounding Hasina’s resignation created chaos, with police leaving their posts after being attacked. Dozens of officers were killed, prompting police to stop working across the country. They threatened not to return unless their safety is ensured. The looting of firearms was also reported in local media.

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

Joy, Hasina’s son, said in a social media post on Wednesday that his family would return to politics and not give up following attacks on the Awami League party’s leaders and members. Many see Joy as

Hasina’s successor in a dynastic political culture that dominates the South Asian nation’s politics.

On Monday, Joy had said Hasina would not return to politics after she stepped down. But in a video message posted on his Facebook page on Wednesday, he urged party activists to rise up.

“You are not alone. We are here. The family of Bangabandhu has not gone anywhere,” he said.

Hasina’s father, independence leader Sheikh Mujibur Rahman, is fondly referred to in Bangladesh as Bangabandhu, which means “friend of Bengal.”

“If we want to build a new Bangladesh, it is not possible without the Awami League,” he said.

“The Awami League is the oldest, democratic, and largest party in Bangladesh,” Joy added. “The Awami League has not died ... It is not possible to eliminate the Awami League. We had said that our family would not engage in politics anymore. However, given the attacks on our leaders and activists, we cannot give up.”

Overnight into Thursday, residents across Dhaka carried sticks, iron rods and sharp weapons to guard their neighborhoods amid reports of robberies. Communities used loudspeakers in mosques to alert people that robberies were occurring, as police remained off duty. The military shared hotline numbers for people seeking help.

The quick move to select Yunus came when Hasina’s resignation created a power vacuum and left the future unclear for Bangladesh, which has a history of military rule, messy politics and myriad crises.

30 people dead and hundreds displaced in deadly Yemen flooding, official says

By Ahmed Al-Haj The Associated Press

SANAA, Yemen—A Yemeni official said Wednesday that 30 people have been killed and hundreds displaced in flooding in the southern city of Hodeidah following several days of heavy rains.

Hodeidah Gov. Mugammad Qahim told Houthi rebel-controlled Masirah TV that the floods displaced people from 500 homes. Five people were missing, he said.

Hodeidah, the southwestern city of Taiz, and the northwestern city of Hajjah were all hit hard by floods this week during Yemen’s ongoing seasonal rainfall that caused flooding that swept away poorly built homes.

Authorities have not announced a confirmed overall death toll, or given the overall number of people injured or missing.

Yemen’s rainy season begins in late March, and rains intensify in July through mid-August.

The U.N.’s humanitarian office in Yemen said Wednesday afternoon that Friday floods in the Maqbnah district in Taiz city killed 15 people, cleared agricultural lands and damaged homes and infrastructure.

Further severe weather was expected to hit the western port city of Hodeidah later on Wednesday.

Some residents have reportedly been stranded inside their homes in al-Mansuriyah district since Tuesday night as roadways have been blocked.

Local authorities still haven’t reached areas severely affected by the floods for two days, leaving some residents trapped inside their homes, according to witnesses who spoke with The Associated Press.

Mahdi al-Mashat, chairman of the Supreme Political Council, ordered local authorities to respond to damaged areas, according to Masirah TV, which reported that floods caused “major damages to properties, lands, and roads” in Hodeidah.

“The floods swept away everything,” he said.

Some residents were stranded inside their homes in Tihamah, a region that is part of Hodeidah. Others were able to leave and headed to Hodeidah city.

Many of the houses in Tihamah, where malnutrition has been reported, are made of brick and materials that can be easily ruined by rain.

“We have been left stranded under the rain after severe winds damaged our home, which is a hut where my seven children and me lived. Authorities never provided any assistance,” said Ahmed Ayesh.

Meanwhile, Khaled Meswat said that people in the community only hear about humanitarian assistance and emergency services, but never actually receive any. He said at least three people were swept away by the floods, while elderly people died of hunger and cold.

“I can say that hundreds of houses built from straw in Tihamah have been swept away by the floods over the past 24 hours,” said Faree Hamdan. He added that cattle and livestock in those areas were also swept away. The United Nations Population FundYemen said this week on the social media platform X that the floods impacted more than 28,000 people living in four districts in Hajjah city. Rapid response teams led by agency have been carrying out assessment and response operations and have recorded around 4,112 families who need emergency relief, according to the agency.

Yemen’s ruinous civil war began in 2014 when the Houthis seized the capital of Sanaa and much of northern Yemen and forced the internationally recognized government into exile. A Saudi-led coalition including the United Arab Emirates intervened the next year to try to restore the government to power.

The Associated Press writer Fatma Khaled in Cairo contributed to this report.

Witnesses described the scene in the Yemeni Tihamah coastal plain as horrifying. Mohamed Rassam said some livestock were found dead after drowning in the mud due to the floods. Food supplies and drinkable water were also lost.

THIS photo released by the acting Governor of Kursk region Alexei Smirnov on telegram

Majority of Americans say 2024 election vital to democracy’s future, but divided on threat

By Ali Swenson & Linley Sanders

The Associated Press

NEW YORK—Roughly 3 in 4 American adults believe the upcoming presidential election is vital to the future of US democracy, although which candidate they think poses the greater threat depends on their political leanings, according to a new poll.

The survey from The Associated PressNORC Center for Public Affairs Research finds that most Democrats, Republicans and independents see the election as “very important” or “extremely important” to democracy, while Democrats have a higher level of intensity about the issue. More than half of Democrats say the November election is “extremely important” to the future of US democracy, compared to about 4 in 10 independents and Republicans.

Democrat Pamela Hanson, 67, of Amery, Wisconsin, said she has grave concerns for the future of democracy in the country if Republican presidential nominee Donald Trump gets elected.

“His statements tend towards him being a king or a dictator, a person in charge by himself,” Hanson said. “I mean, the man is unhinged in my opinion.”

But Republican Ernie Wagner from Liberty, New York, said it’s President Joe Biden’s administration—of which Vice President Kamala Harris, the Democratic nominee, is a part—that has abused the power of the executive branch.

“Biden has tried to erase the student loans, and he’s been told by the courts that it’s unconstitutional to do that,” said Wagner, 85. “He’s weaponized the FBI to get at his political opponents.”

The poll findings suggest that many Democrats continue to view Trump as a threat to democracy after he tried to overturn the results of the 2020 election, embraced the rioters who attacked the US Capitol on January 6, 2021, and threatened to seek retribution against his opponents if he wins reelection.

But they also indicate that many of Trump’s supporters agree with him that Biden is the real threat to democracy. Trump and his allies have accused Biden of weaponizing the Justice Department as it has pursued charges against the former president over his effort to halt certification of the 2020 election and keeping classified documents, though there is no evidence Biden has had any involvement or influence in the cases.

Trump has framed himself as a defender of American values and portrayed Biden as a “destroyer” of democracy. He said multiple times after he survived an assassination attempt last month that he “took a bullet for democracy.”

The poll, conducted in the days after Biden dropped out of the race and Harris announced her campaign, is an early glimpse of Americans’ views of a reshaped contest.

Majorities of both Democrats and Republicans say democracy could be at risk in this election depending on who wins the presidency, responses generally in line with

the findings when the question was last asked in an AP-NORC poll in December 2023.

Hanson, the Wisconsin Democrat, said she worries Trump in a second term would use the conservative-dominated US Supreme Court to overrule important freedoms. She also is concerned that he would fill his Cabinet with loyalists who don’t care about the well-being of everyone in the country and defund agencies that regulate key functions of society.

But Wagner, the New York Republican, brushed off those concerns and pointed to Trump’s time in office.

“When he was in the White House, we had peace, we had prosperity, we had energy independence,” he said. “What’s undemocratic about that?”

He said he didn’t think Trump’s intentions leading up to and on January 6 were criminal.

“I just think he was misguided,” Wagner said.

Some independents also are carefully considering the stakes of the upcoming election on the country’s democratic future.

“I believe that this is the most important election of my lifetime,” said 53-yearold Patricia Seliga-Williams of LaVale, Maryland, an independent who is leaning toward voting for Harris.

Seliga-Williams said she’s barely scraping by on $15 an hour as a hotel breakfast attendant and remembers Trump handling the economy and immigration well. But she didn’t like it when he recently quipped that he plans to be a “dictator” on day one in office.

“We all know Donald Trump could run the country,” she said. “But he’s just too aggressive anymore, and don’t think I can trust that as a voter.”

Not everyone agrees that this year’s presidential election will be an inflection point for the country’s democracy, offering starkly different reasons, according to the AP-NORC poll. About 2 in 10 Americans say democracy in the US is strong enough to withstand the outcome of the election no matter who wins, while another 2 in 10 believe democracy is already so seriously broken that the outcome doesn’t matter.

The poll also shows the stakes of democracy in the election are felt more

Venezuelan opposition candidate González won’t appear before court and questions election audit

By Regina Garcia Cano The Associated Press

CARACAS, Venezuela—Venezuelan opposition candidate Edmundo González will not appear before the country’s high court Wednesday for a hearing related to an election audit requested by President Nicolás Maduro, his campaign said.

Venezuela’s Supreme Tribunal of Justice on Monday ordered González, who represented the main opposition parties, Maduro and the other eight candidates in the July 28 presidential election to attend hearings scheduled through Friday. The hearings follow days of global criticism of Maduro and his loyal National Electoral Council over the election results. Electoral authorities declared Maduro the winner but have yet to produce voting tallies. Meanwhile, the opposition claims to have collected records from more than 80% of the 30,000 electronic voting machines

nationwide showing he lost. González was first on the list, but in a statement posted on social media, he questioned the legality of the proceedings and expressed serious concerns over his safety.

“I will put at risk not only my freedom but, more importantly, the will of the Venezuelan people expressed on July 28, 2024 and the gigantic effort of the Venezuelans who have participated in this process so that we could obtain evidence of the vote validly cast by the citizens,” he said.

It is unclear whether González could face legal consequences over his decision to not appear for the scheduled hearing.

Judge Caryslia Rodríguez, president of the Supreme Tribunal of Justice and its electoral court, during a nationally televised hearing on Monday warned that failure to appear would entail the corresponding consequences provided by law but did not give any details.

by older adults rather than younger ones. About half of adults 45 and older say the outcome of the election is extremely important for the future of democracy, compared to about 4 in 10 adults under 45.

“Making the claim that the other candidate is trying to destroy democracy, it doesn’t really land for me,” said Daniel Oliver, 26, an independent from suburban Detroit. “I think that we have things in place that should safeguard against when you kind of play at destroying democracy. We have other branches of government. We have people that believe in voting. So, it would be hard for a candidate to take over and become some kind of dictator.”

He said he’ll be looking for candidates to talk about issues he’s more interested in, such as reducing inflation and investing in clean energy sources.

Biden and Trump spent months sparring over whose second term would be worse for democracy. The president nodded to the consequences when he ended his campaign last month, saying in his Oval Office address that “the defense of democracy is more important than any title.”

Harris has focused more on the concept of “freedom” in the early days of her campaign. She has said Trump’s reelection could result in Americans losing the freedom to vote, the freedom to be safe from gun violence and the freedom for women to make decisions about their own bodies. Her debut campaign ad last month was set to Beyoncé’s 2016 track “Freedom,” and it has become a campaign anthem for her at rallies ever since.

Harris didn’t mention democracy in her first two presidential campaign rallies, but she returned to the topic in remarks to Sigma Gamma Rho sorority members in Houston last week, saying “our fundamental freedoms are on the ballot, and so is our democracy.”

The poll of 1,143 adults was conducted July 25-29, 2024, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the US population. The margin of sampling error for all respondents is plus or minus 4.1 percentage points.

González’s name and photo appeared three times on the July 28 ballot, each for every party he represented: Democratic Unity Table, A New Time Party and Movement for Venezuela. Although González said he would not appear at the tribunal, representatives of the three parties did so.

“We faced an exhaustive interrogation separately,” Manuel Rosales, founder of A New Time Party, told reporters about Wednesday’s hearing.

Meanwhile, José Simón Calzadilla, of Movement for Venezuela, described the court’s audit process as “irregular” and insisted that government institutions must “put themselves at the service of transparency” and demand that the electoral council comply with its obligation to release detailed results.

“We left this high court with more doubts than when we arrived, and it was not made clear to us what we were doing or what this questioning by the magistrates was for,” he said.

Maduro, who appeared 13 times on the ballot, is last on the list of hearings Rodríguez announced.

REPUBLICAN presidential nominee former President Donald Trump and Republican vice presidential nominee Sen. JD Vance, R-Ohio, arrive at a campaign rally on July 20, 2024, in Grand Rapids, Mich. AP/EVAN VUCCI

Underemployment surge: A concerning trend amid economic challenges

IN June 2024, the Philippine labor market experienced a troubling development. Despite a decrease in the number of unemployed Filipinos to 1.62 million, the count of underemployed individuals rose significantly to 6.083 million. This surge in underemployment, particularly in the face of rising commodity prices, underscores the need for urgent attention and strategic intervention. (Read the BusinessMirror story: Underemployment data bugs jobless picture, August 8, 2024).

The data from the Philippine Statistics Authority (PSA) reveals a 3.5 percent increase in underemployed Filipinos compared to June 2023, with a staggering 26.3 percent surge from May 2024. This trend is alarming, indicating a significant portion of the workforce struggling to secure sufficient work hours to meet their financial needs. Within this underemployed population, there are visibly underemployed individuals working less than 40 hours a week and invisibly underemployed workers who, despite putting in 40 hours or more, still seek additional work hours for higher earnings. The PSA’s report highlights 3.454 million visibly underemployed and 2.629 million invisibly underemployed Pinoys in June 2024.

Of particular concern is the 41.6 percent month-on-month increase among invisibly underemployed workers, totaling 772,000 individuals seeking more work hours. This group includes 195,000 workers from construction, 167,000 from wholesale and retail trade, and 140,000 from the manufacturing sector.

The ongoing problem of underemployment worsens due to inflationary pressures, leading to a rise in the cost of living.

In June 2024, the inflation rate was 3.7 percent, with food inflation reaching 6.5 percent. Particularly alarming was the inflation rate for rice, which hit 22.5 percent, marking the sixth consecutive month of surging prices surpassing 20 percent.

As the country geared up for

the school year in July, inflation surged to 4.4 percent, impacting essential commodities associated with school opening. Prices for items such as books and stationery rose by 7.5 percent, reflecting the financial strain on families preparing for educational expenses.

In response to these challenges, the National Economic and Development Authority (Neda) highlighted substantial employment growth in the construction and manufacturing sectors, adding 938,000 and 353,000 jobs, respectively.

This growth is attributed to government initiatives, including infrastructure projects and improved operational conditions for manufacturing firms.

Socioeconomic Planning Secretary Arsenio M. Balisacan emphasized the importance of creating high-quality, well-paying jobs to combat vulnerable employment and secure a promising future for Filipino workers. Addressing underemployment demands a multifaceted approach, encompassing targeted job creation, skills training, and measures to mitigate inflationary pressures.

The government’s commitment to sustainable economic development and inclusive growth must prioritize policies that address the root causes of underemployment, ensuring that every Filipino worker has access to stable and fulfilling employment opportunities. Only through concerted efforts and strategic interventions can the Philippines build a resilient workforce and a prosperous future for all its citizens.

Angel R. Calso

Ruben M. Cruz Jr.

Eduardo A. Davad Nonilon G. Reyes

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

China steel industry’s malaise deepens with no relief

By Bloomberg News

THERE’S more trouble brewing in the world’s biggest steel market. After a years-long property slump that has crushed the billion-ton Chinese steel industry’s biggest source of demand, prospects are getting no better. Prices are tumbling, profits are dwindling, and there’s little relief on offer from a government focused on retooling China’s economy for the long term.

Beijing hasn’t delivered a bigbang solution for its real estate woes, nor a boom in infrastructure spending that could keep steel consumption on track. As officials talk of boosting consumer spending and high-tech industries, demand for the alloy is poised to contract this year.

“There’s not many positives for steel and the housing downturn has years to go yet,” said Tomas Gutierrez, an analyst at Kallanish Commodities Ltd. “It’s been clear for a long time that the government views stimulus very differently now.”

The funk in China’s steel market has global implications as iron ore prices languish and China ramps up its steel exports, fueling trade frictions.

Demand doldrums

THE main culprit is the prolonged malaise in China’s property mar-

ket. Steel demand from construction is poised to shrink by 10 percent this year, according to Kallanish. That would lower the sector’s share of total consumption to around a quarter—a very low proportion by the standards of the past two decades. Other areas are still expanding—for example consumer appliances and shipbuilding—but they’re too small to offset the hit from property. Kallanish sees overall domestic demand falling 1 percent in 2024.

“Steel demand is really poor,” said Wei Ying, an analyst at China Industrial Futures Ltd. “With highly indebted provinces focusing on deleveraging, plus a lack of good projects, infrastructure spending is less than ideal.”

Price plunge

THE slowdown in demand has triggered a price rout in recent months. Rebar used in construction is at its

cheapest since 2017, while hotrolled coil used in cars and home appliances touched its lowest in four years. Many higher-cost producers are making a loss on every ton produced.

Other more particular factors are weighing on prices. The government is introducing new quality standards for rebar that threaten to make existing inventories harder to ship. That’s triggered some panic selling before the rules go into force in September, according to researcher Mysteel Global.

Export threat

ARCELORMITTAL SA, the biggest producer outside China, said “aggressive” exports from the Asian nation are creating problems for the global steel industry, pushing prices in the US and Europe below cost. China’s outbound shipments are running at the highest rate since 2016, and Arcelor’s concerns are shared by governments.

A big increase in flows to Latin America triggered trade pushback there, while anti-dumping cases in Vietnam have attracted recent attention. China’s southwestern neighbor is by far its biggest steel buyer, and import restrictions there could add to downward pressure on China’s domestic prices.

Material impact

THE steel slowdown has had an impact on iron ore prices this year, affecting earnings at mining giants

ArcelorMittal SA, the biggest producer outside China, said “aggressive” exports from the Asian nation are creating problems for the global steel industry, pushing prices in the US and Europe below cost. China’s outbound shipments are running at the highest rate since 2016, and Arcelor’s concerns are shared by governments.

like BHP Group Ltd. and Rio Tinto Group. Futures in Singapore have fallen over 25 percent since the end of 2023 and have struggled to stay above the key threshold of $100 a ton. Port inventories of the raw material typically draw toward the middle of the year, but instead they’ve risen every month in 2024 to reach more than 150 million tons. That’ll weigh on iron ore prices, especially with pressure growing for more production cuts at steel mills, including from a government keen to cap emissions. Some producers have recently cut output sharply, which is helping to balance supply and demand, said Vicky Wei, chief ferrous analyst at Horizon Insights. But looking ahead, it’s hard to see consumption getting support “unless there

See “China,” A

DISBANDED THAI PARTY MEMBERS VOW TO BATTLE OLD GUARDS FOR POWER

By Patpicha Tanakasempipat

DEFIANT supporters of a disbanded Thai opposition party pledged to form a new outfit to challenge the conservative establishment’s grip on power, setting the stage for more political turmoil in Southeast Asia’s second-largest economy.

The new party—set to be unveiled on Friday—will fight every election until it’s able to “break the cycle” of dissolution of political parties viewed as a threat to the pro-royalist establishment, to achieve true democracy in Thailand, said Pita Limjaroenrat, who is among about a dozen executives of Move Forward Party banned by the court from politics for 10 years.

“I understand that you’re disappointed, angry, or sad,” Pita told hundreds of supporters gathered at the party office in Bangkok late on Wednesday after the court decision.

“We won’t let the anger consume us. We will carry it with us and let it explode at the polling stations in every single election from now.”

In a widely anticipated ruling, Thailand’s Constitutional Court disbanded Move Forward on grounds its poll promise to amend the controversial lese majeste law, which shields the

Thai royal family from criticism, had violated election rules. That brought curtains on a party that had rattled the country’s military-backed conservative groups by winning the most number of parliamentary seats in the general election last year and mounted a serious bid to form the government.

But a series of legal challenges were lodged to thwart the Harvard-educated Pita’s bid to become prime minister. The conservatives then joined hands with Pheu Thai Party, backed by former prime minister Thaksin Shinawatra’s family, to counter the rise of the reformist party. The deal saw Thaksin, who fled Thailand in 2008 to avoid corruption charges, return home, and his ally Srettha Thavisin being selected as the head of a coalition that included parties backed by former coup leaders. Premier’s case LESS than a year into the deal, the fate

of the former property mogul Srettha hangs in the balance with the same charter court set to rule next week on a petition seeking to oust him for an alleged ethical breach. The court cases, along with a lese majeste indictment of Thaksin, have rattled Thai financial markets with foreign funds pulling out more than $3 billion from the nation’s stocks, among the world’s performers in the past year.

“In the near term, there’ll be nothing but turmoil,” said Mark S. Cogan, an associate professor of Peace and Conflict Studies at Kansai Gaidai University in Osaka. “It will take a few years for the progressive movement to re-tool. This gives the conservatives time to think, strategize, and mobilize.” The US said the court’s move to disband Move Forward and ban its leaders was “deeply concerning,” and a group of Southeast Asian parliamentarians said the dissolution was an assault on democracy.  With Move Forward bidding to widen its influence under a new name, the conservatives probably erred in pushing for its ban, according to Olarn Thinbangtieo, a deputy dean of Burapha University’s Faculty of Political Science and Law. “The conservatives’ decision reflects how it’s constantly paranoid about Move Forward, every second of every day, and the way to

In a widely anticipated ruling, Thailand’s Constitutional Court disbanded Move Forward on grounds its poll promise to amend the controversial lese majeste law, which shields the Thai royal family from criticism, had violated election rules. That brought curtains on a party that had rattled the country’s military-backed conservative groups by winning the most number of parliamentary seats in the general election last year and mounted a serious bid to form the government.

sight,” Olarn said. “Instead, this is going to

Editor: Angel R. Calso • Friday, August

Treasuries slide as investors shun 10-year sale at lower yields

By Alice Gledhill, Ruth Carson & Ye Xie

US TREASURIES are sliding as the turmoil that gripped global markets earlier this week subsides, with investors spurning a sale of 10year notes offered at lower yields.

The selloff pushed yields on 10year Treasuries higher by six basis points on Wednesday to 3.95 percent as traders unwound wagers on deep interest-rate cuts this year. Investors shunned a $42 billion auction of benchmark 10-year securities, which drew a yield that was well above the pre-sale indicative level. The auction result is “consistent with our view that we’re due for a continued correction higher in yield in the near-term,” said Zachary Griffiths, head of US investment grade and macro strategy at CreditSights. “The repricing following what was really just a moderately weak payrolls report seems way overdone.”

Weaker-than-expected demand at the sale offered a signal that a recent rally in Treasuries has run its course. Recent US jobs data and an interest-rate hike from the Bank of Japan had roiled global markets, driving investors into haven assets.  But sentiment somewhat normalized after a BOJ official reassured investors that it won’t raise rates if markets are unstable. Yields on 10-year government debt have all but erased the decline since last Friday’s employment data. A deluge of corporate bond issuance also added pressure on the Treasury market Wednesday.

Interest-rate swaps showed traders are pricing in 41 basis points of easing at the Federal Reserve’s policy meeting in September and a total of about 108 basis points by the year’s end. Just two days ago, around 150 basis points of rate cuts were expected in 2024 as traders worried the US may be sliding into a recession.

“The Treasury market is in a price discovery mode,” said Angelo Manolatos, a rate strategist at Wells Fargo Securities. “We could see a bit more of a pullback in the near-term. But with the labor market slowing and the Fed about to shift to easing mode, we look for yields to push lower and the curve to steepen over a longer horizon.”

To strategists at Goldman Sachs, US yields are “probably too low in the absence of sufficient evidence that “an acute deterioration is underway in either the labor market or in market function.”

The baseline outlook “is still consistent with a central case where 10y Treasury yields are centered above 4 percent,” William Marshall, head of US rates strategy, and Bill Zu wrote

The Franklin Templeton Institute recommends that investors take profits on US Treasuries after the recent gains, and like Weisman, reckons it’s still too soon to suggest the economy is heading for a downturn.

in a note to clients.

A $25 billion sale of 30-year bonds will mark the Treasury’s final coupon auction of the week on Thursday. A $58 billion auction of three-year notes earlier in the week had attracted decent demand.

“Ouch. While bond yields have adjusted higher since Monday’s panicky low, they are still considerably lower than they were a few weeks ago. It seems the Street is reluctant to pay up for duration now that equities have stabilized to a degree, and today’s 10-year auction was a bit of a shocker,” said Bloomberg strategist Cameron Crise.

Recession fears MEANWHILE, mounting concern over a downturn have crushed market gauges of inflation expectations both in the US and Europe. The 10year US breakeven—the difference between the yield on inflation-protected securities and standard Treasuries—tumbled through 2 percent this week for the first time since late 2020. The 30-year breakeven posted a similar move.

“At the moment, the market looks to be weighing bad macro data more than constructive macro data. And that sentiment may last for a while,” said Erik Weisman, chief economist and a portfolio manager at MFS Investment Management. He is waiting for a better entry point to buy long-term inflation protection. The Franklin Templeton Institute recommends that investors take profits on US Treasuries after the recent gains, and like Weisman, reckons it’s still too soon to suggest the economy is heading for a downturn.

Others see a more imminent threat.

“We are heading into a recession I think later this year, early next year,” said Peter Berezin, chief global strategist at BCA Research. “This is unfortunately going be just the first salvo of what’s going to be an increasingly ugly market environment for stocks.” With assistance from Michael Mackenzie/Bloomberg

In praise of restlessness: Nomads

N a world that has gone global, where mobility is both a function of ever-shifting and quickly evolving technologies, does the term nomad still bear significant meaning?

Anthony Sattin, author of Nomads. The Wanderers Who Shaped Our World, asks a modern question: “An age when ever more people travel, when so many of us are ‘not known’, calls for a more generous interpretation [of who the nomads are], especially as much of what we say, so many of our ideas, and such a wide range of gadgets and goods now to relate to mobility and movement.”

In the book, which he describes as a “journey” not in the touchy-feely sense of it but in the manner of traveling through times and spaces, Sattin tells us how the definition of who we are shifts. We, he would tell us, all began as hunter-gatherers but, soon we started settling down. He goes back to the root of the word “nomos” and it surprises us because the connotation is not about wandering but more of space that is “fixed.” The word also has another meaning, which is “pasture.” For him, it was out of this root-word that “nomas” came about, which refers to “a member of a wandering pastoral tribe,” which points also to a “place where they have legal right to graze their herds.” At this point, being nomadic could mean those who are settled—the “moving settled.” According to Sattin, however, the root splits. As more people build cities and human groups settle, the word “nomad” begins to assume another meaning: “those who live without walls.”

At the core of this book on Nomads is the desire to investigate how we developed an aversion to those groups that are constantly on the move, that are not settled permanently. Sattin has a more politically enlightened way of classifying those who are not settled, they are the ones who live lightly.

The book tracks this ancient attitude engendered in us where we dismiss the history of the nomadic people. In the first place, they do not write their own history. To use Sattin’s words, “people who live with walls

Thailand...

Continued on A

recent surveys. The party’s promise to spread economic activity beyond the capital city Bangkok, dismantle business monopolies and reduce the influence of elites had resonated with the youth and urban population.

And the new party will carry forward the same reform platform, said Sirikanya Tansakun, who’s tipped to be the new group’s leader. The new group will discuss how to deal with its

and monuments and who have written most of history, have failed to find meaning in or to recognize the value of the lighter (there is that word), more mobile, less cluttered lives of those who live beyond borders.”

The fact is, the book will remind us, how “nomads have long been confined to the anecdotes and afterthoughts of our writers and histories” and, here, Sattin quotes the French philosopher Gilles Deleuze who said “nomads have no history; they only have geography.”

There is, however, more to this book than the disaggregation of those who continue to wander and those who discovered structures that caused them to stay in one place. And even this proposal gets questioned by Sattin, whose gaze is a product of perspectives born out of anthropology, archaeology, folklore, politics and hermeneutical analysis of Biblical tales.

Here is a book that urges us to reconsider the significance of the nomads in our own history. We may have moved away from them and have founded our own permanent communities but, as Sattin stresses, we can only understand ourselves if we look at our beginning. This origin can be found both in the concept of nomadism and also in those groups that have remained nomadic.

How significant are the nomads? To the author, while they may comprise what he calls “the shadow side of our story,” the nomads formed a bulk of a population, which we have constantly ignored, focused as we are on the Western notion of empires and civilizations. Sattin cites as an example the fact during the second century BCE (Before the Common Era), when the Roman Empire held sway over

pledge to amend the royal insult law in the wake of the court rulings, she said.  ‘Dangerous precedent’

WHILE Move Forward has denied the charge that it sought to undermine the monarchy, it questioned the ruling, saying it sets a “dangerous precedent” and risks damaging democratic principles.

The ultra-royalist Thai Pakdee Party said Move Forward’s defiance signaled a rejection of the rule of law and urged the poll agency to probe the behavior of lawmakers and members of the new party being floated.

Mediterranean and China prospered under the Han rulers, nomad power “stretched from Manchuria to Kazakhstan and included parts of Siberia, Mongolia, and some parts of the present China’s province.” Nomadic tribes were said to have controlled much of the land during this period between the Black Sea and the Altai Mountains of Kazakhstan. Put together, Sattin stresses how these territories were more powerful than either the Roman or Han empires. What fascinates me most though about Sattin’s approach to human histories is his narrative that fuses tropes with excavated artifacts, a discourse where metaphors bloom like some mystical discoveries. Almost in a sleight-of-hand writing, Sattin brings us back to the Garden: “The idea that we have lost a garden that we must strive to recover speaks to our own time of vanishing flora and fauna, climate emergency and ecological disaster.”

Where then is Paradise? Apparently, there is a Persian word “pairi-daeza,” which literally means “around the wall or brick.” Sattin reads this as a “walled garden,” from which comes, according to him, the Greek word “paradeisos” and “our paradise, another garden we long for.” In the book, this tale is capped by this sentence: “But whatever the origins of the word...this ancient story tells us that at some point we were surrounded by ‘every tree that is good for food,’ that we were hunters or gatherers who lived off the bounty of nature, which provided all we needed to survive.”

Next week, I will touch on the role of Abel and Cain in the evolution of pastoralism and agriculture.

Under Thai election rules, about 150 Move Forward lawmakers in the 500-member House of Representatives, must now move to a new party within 60 days.  Thailand’s charter court has dissolved dozens of political parties and banned hundreds of politicians in the past two decades for minor and major breaches of electoral rules, according to local media. The dissolution is a full circle for Move Forward, which replaced its predecessor Future Forward when it was dissolved by the same court for breaching election rules for financing in 2020. Its key leaders were also barred

from politics for a decade. The ruling then sparked an unprecedented youthled protest movement that called for the resignation of the then militarybacked prime minister and reforms of the monarchy. Cogan said he expected the disbandment to fan the flame of anger in Move Forward’s supporters but their attempts to change Thailand will be a “Sisyphean task.” “Whatever entity comes forward out of this, there’s nothing to prevent a third dissolution,” Cogan said, “This is akin to Sisyphus pushing the rock up the hill, and falling back down again.” Bloomberg

Anti-racism protesters give UK some respite after days of riots

By Alex Wickham

are new stimulus measures,” she said.

On the wire

CHILEAN steel and iron ore producer Cap SA plans to close its mills, saying new tariffs on Chinese products weren’t enough to ensure the profitability of steelmaking in the South American nation.  China’s overflow of goods abroad is set to change course in the next few years, according to Goldman Sachs analysts, though relief isn’t likely for electric vehicles and steel. The Biden administration is following the paper trails of some biodiesel producers amid heightened concern the fuels are at times being made with deceptive ingredients that violate federal law. Bloomberg

ANTIRACISM protesters turned out in their thousands in towns and cities across the UK to counter far-right demonstrations that failed to materialize on Wednesday evening, offering some relief to a nation that’s been reeling from the worst outbreak of rioting in more than a decade.

Police had 6,000 specialist officers ready to guard areas around immigration-related facilities, after online agitators posted messages urging supporters to converge on them. The unrest was initially triggered last week by the fatal stabbings of three young girls and false rumors that the attacker was Muslim asylumseeker, before morphing into anti-immigration and racist disorder.

But instead of more brick-throwing, police officers under attack and attempted arson, what emerged were large crowds voicing their rejection of the violence, looting and destruc-

tion of property of recent days. They waved placards with “Geordies Are Of All Colours” in Newcastle and “Bigots out of Brum” in Birmingham, and Metropolitan Police officers stood in baseball caps watching the crowds in eastern and northern areas of London.

To be sure, there were reports of some anti-immigrant protesters showing up in areas including Blackpool in northern England and Aldershot in the south. By 10 p.m., police had reported only a handful of arrests, including eight in Croydon, south London, for assaulting emergency workers, possessing offensive

weapons and other offenses—though the police stressed they were “not linked to protest” and appeared “to be pure anti-social behavior.”

The relative peace will provide some respite for the police and also Prime Minister Keir Starmer, whose month-old administration faces its first major test in its handling of the unrest. The government has worked to fast-track arrests and convictions of rioters and people inciting violence online, with the first jail sentences handed out in under a week to try to create a deterrent. It’s a tactic Starmer used as director of public prosecutions after the last major outbreak of rioting in the UK in 2011. Police forces have acknowledged being taken by surprise at the speed with which the violence spread after the murder of three girls in Southport, northwest England last week. A vigil was hijacked by anti-immigration agitators, and even after the judge in the case took the rare step of naming the teenage suspect to try to quell the online rumors, the rioting continued. Adding to the challenge was the fact the far-right activists involved appeared to have no formal leadership structure, mobilizing online using X and Telegram to call for protests.

The relative peace will provide some respite for the police and also Prime Minister Keir Starmer, whose month-old administration faces its first major test in its handling of the unrest. The government has worked to fast-track arrests and convictions of rioters and people inciting violence online, with the first jail sentences handed out in under a week to try to create a deterrent.

Prominent figures have been accused of stoking unrest, including Stephen Yaxley-Lennon, who is better known as Tommy Robinson. After the government criticized Elon Musk for posting on his X platform about the riots that “civil war is inevitable,” the billionaire responded with a series of posts attacking Starmer. Authorities also suspect foreign statebacked actors have been using bots and ac-

counts with stolen identities on X to amplify anti-immigration sentiment, Bloomberg reported on Wednesday. Conversations between Russian-speaking trolls focused on how they have infiltrated channels on Telegram. But right-wing politicians have also been accused of encouraging anti-immigrant rhetoric to take hold. Reform UK party leader Nigel Farage was criticized for repeating conspiracy theories about the Southport attack. The former Brexit campaigner has also previously used social media to draw attention to hotels housing asylum-seekers on

Projections of ₧500-B growth in tax revenue a tall order–CPBRD

By Reine Juvierre Alberto @reine_alberto

PROJECTIONS for tax revenues to expand by P500 billion annually in the next three years are exerting pressure on the two main tax-collecting agencies of the national government as tax revenue growth has consistently underperformed, according to Congress’s analysis.

The analysis of the President's budget published by the Congressional Policy and Budget Research Department (CPBRD) said the government's goal of increasing tax revenue collection, which has yet to be proven, puts pressure on the Bureaus of Internal Revenue (BIR) and Customs (BOC) to improve their efficiency.

The BIR and BOC are projected to collect P4.296 trillion in combined tax revenues in 2025, a P507.880-billion increase or 13.40 percent, than the P3.789trillion goal this 2024. Tax revenues will jump to P4.296 trillion in 2025 by P494.783 billion (11.51 percent), grow by P494.783 billion to P4.791 trillion in 2026 and reach P5.334 trillion in 2026, up by P542.868 trillion.

Finance Secretary Ralph G. Recto admitted that revenue projections are "high targets" but remained firm in the Department of Finance's (DOF) stance on not imposing new taxes.

"Assuming there's a shortfall in that, then we just manage the expenditures," Recto told reporters when asked how the DOF plans to achieve such.

Recto said the government is on track to meet the fiscal pro-

gram of the year, collecting P2.15 trillion in revenues in the first half of the year out of the P4.27 trillion full-year target.

However, the CPBRD analysis stressed the "notable divergence" between tax and nontax collections, with the strong performance driven by non-tax revenues.

Non-tax revenues grew by 63.32 percent to P313.949 billion in the first half of 2024 from P192.228 billion in the same period in 2023. This is also 46 percent above the P215.1 billion target.

In contrast, tax revenue collection of P1.83 trillion in the first six months of the year fell short of the P1.86 trillion goal due to BIR collection of P1.36 trillion as against the P1.40 trillion target.

"These, in turn, cast further doubt on the ability of the BIR to meet its tax revenue targets in the coming years," the analysis noted.

The revenue performance in 2023 also highlighted the contribution of non-tax revenues to the growth, outperforming its target by P203.8 billion; although valueadded tax and excise taxes fell short of its targets by P71.9 billion and P28.8 billion, respectively.

P13B KOREAN LOAN FORGED FOR DUMAGUETE AIRPORT

By Lorenz S. Marasigan @lorenzmarasigan

THE Department of Transportation

(DOTr) said on Thursday that the P13.15-billion loan agreement with the South Korean government will enable the government to "address regional connectivity” in Western Visayas.

According to Transportation Secretary Jaime Bautista, with the funding secured from the Export-Import Bank of Korea (Kexim), struck by the Department of Finance (DOF) on Wednesday, the government will be able to significantly improve and modernize the Dumaguete Airport.

“[W]e are able to identify the needed funding source for the transfer and construction of a bigger Dumaguete Airport to a new location,” Bautista said. “This new and expanded airport will address the increasing number of air traffic to and from Dumaguete.”

On Wednesday, Finance Secretary Ralph Recto and Kexim Chair and President Hee-Sung Yoon formalized the loan agreement.

The funding from Kexim will support the construction of a brand-new runway, taxiway, passenger and cargo terminal buildings, control tower, and various aeronautical facilities. The new regional airport, located in Bacong, Negros Oriental, will expand its annual passenger capacity from 800,000 to 2 million.

“On a broader scale, this new airport will advance our capacity to welcome a surge of tourists in the post-pandemic era,” the finance chief said.

The Dumaguete City Airport project has a total cost of P17.06 billion. With the loan agreement, the government will only need to shell out almost P4 billion to complete the new airport facility. It covers 197.55 hectares of land development in the Municipality of Bacong, Negros Oriental.

PHL still leads Asean with Q2 growth; DOF touts budget as prime mover

THE Philippine economy is once again among the frontrunners in the Asean region, with its strong year-onyear (yoy) growth of 6.3 percent in the second quarter of 2024, Finance Secretary Ralph G. Recto said Thursday.

Such growth was driven by robust construction and higher investments as the Build Better More program gains momentum and investor confidence strengthens, he noted.

“We are happy with the backto-back good news on employment and GDP growth. Our impressive growth performance clearly demonstrates that infrastructure is our way forward. We need to build more, build better, and build faster so that Filipinos can reap the benefits of these high-impact projects at the soonest possible time. They will not only produce more jobs but improve the overall quality of life of our people,” he said.

The Philippines’s second quarter growth beat Malaysia (5.8 percent),

Indonesia (5.0 percent), and China (4.7 percent). Other countries in the region are expected to release their second-quarter growth this month.

This brings year-to-date growth to 6.0 percent, within the Development Budget Coordination Committee’s assumption (DBCC) of 6-7 percent for 2024.

The DOF chief noted that the GDP expansion was driven by a significant increase at 11.5 percent in total investments; and a high growth of 16.1 percent in construction.

Spending on public infrastructure projects grew 21.8 percent due to the expedited roll-out of the Build Better More program, especially with the implementation of the Public-Private Partnership (PPP) Code.

Public spending in construction activities helped in ushering in private sector construction, which grew by 9.9 percent.

Among the major economic sectors, industry and services posted yoy growths in the second quarter

of 2024 with 7.7 percent and 6.8 percent, respectively.

However, the agriculture, forestry, and fishing sector experienced a yoy contraction of 2.3 percent due to the impact of the El Niño phenomenon.

“But rest assured, we are providing the much needed support for our farmers, fishermen, and the rest of the agriculture workers to improve their productivity,” Recto added.

Government’s game plan

HE pointed to the proposed national budget of P6.35 trillion in 2025 as the government’s biggest tool to drive investments that will create more quality jobs for Filipinos, increase their incomes, reduce poverty incidence, and grow the economy at an even faster rate.

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

ROMULO Gelbolingo Davide, known as the country’s “Father of Plant Nematology,” is now the 44th National Scientist. In his Proclamation No. 643 dated 2 August 2024, President Ferdinand Marcos bestowed Davide with the rank and title of national scientist for his works in the field of nematodes and plant pathology. Nematodes are microscopic organisms, some of which become pests to plants.

The 90-year old Davide got his title as a leading expert in nematology for his discovery of nematodetrapping fungi (P. lilacinus and P. oxalicum).

His research resulted in the development of the nematicide, BIOCON, which is used by Filipino farmers to kill nematodes which attack vegetables, banana, potato, citrus, pineapple, rice and other crops.

For his contribution to science, Davide won several accolades including the Ramon Magsaysay Award in 2012, and was named most “Outstanding Agricultural Scientist” by the Department of Agriculture in 1994.

ROTARY CLUB TALKS

SOVEREIGNTY Retired Supreme Court Justice Antonio Carpio took center stage during the Rotary Club of Manila's 3rd regular meeting at the Ma nila Polo Club in Makati City.

During his presentation, Carpio explained the earliest Philippine maps and treaties that support the country's claim over the S carborough and Spratly Islands. The discussion was attended by key members including President Jujut Enriquez, Raoul Creencia, Crispiniano Acosta, PD Beda Fajardo, and PP Eusebio Tan. NONOY LACZA

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BSP to allow more digital banks to operate in 2025

FILIPINOS will soon enjoy more digital banking options as the Bangko Sentral ng Pilipinas (BSP) will allow the entry of new players beginning in January 2025.

A statement issued by the BSP last Thursday read that the central bank will grant the issuance of new digital banking licenses starting January 1, 2025. The BSP added it will allow a maximum of 10 digital banks to operate nationwide.

The BSP noted that the granting of new digital bank licenses will include the conversion of an existing bank’s license to digital bank license.

“With this limit, the BSP can closely monitor developments in the digital banking industry, obtain broader perspective as these banks mature further in their operations, as well as assess the impact of the entry of new players on the banking system,” BSP Governor Eli M. Remolona Jr. said.

BSP noted that it will examine digital bank applicant’s value proposition, business models, and resources capabilities as part of its “rigorous licensing process.”

This will be an addition to the standard licensing criteria that covers transparency of banks’ ownership and control structure, suitability of shareholders, and fitness and propriety of directors and senior management.

The existing criteria also includes adequacy of capital, banks’ strategic and operating plan, and an appropriate system of corporate governance and risk management.

The BSP said only digital bank applicants that meet the minimum

criteria and offer unique value propositions, or business models that are currently not offered or accessed by existing players, will be granted a digital banking license.

The central bank added that applicants must display sufficient capabilities and readiness to deploy their digital solutions and to sustainably grow their business within the Philippine setting.

“Applicants must bring something new to the table. We want to see unique product and service offerings that are different from that offered by the existing market players,” Remolona said. “These offerings should have significant potential to reach broader clientele, particularly the untapped or underserved market segments.”

The central bank governor added that the BSP took into consideration the digital banks’ financial soundness and achievement of the policy objectives of the “Digital Banking Framework” as the basis for their decision. That framework aims to promote wider adoption and use of digital financial services in the country and expanding their reach into the unserved and underserved segments of society.

Earlier, the BSP capped the number of digital bank licenses to six and temporarily closed the application window effective August 31, 2021.

The moratorium enabled the BSP to monitor the performance and impact of digital banks on the banking sector as well as evaluate their contribution to the BSP’s digital transformation and financial inclusion goals and/or agenda.

Cai U. Ordinario

Every Experience Counts

I’VE been reading up on the role of a chief experience officer (CXO), which seems to become commonplace in organizations.

The CXO drives the organization’s entire customer experience (CX) strategy which involves mapping customer journeys, overseeing the customer service teams, and plowing into customer data analytics.

This CX approach can be adapted in the context of associations as member experience (MX). Thus the phrase, “every experience counts,” takes on a profound significance as it encapsulates the belief that each encounter, initiative, and challenge contributes to the collective journey of an association, shaping its identity, promoting growth, and enriching the experiences of its members. Here are some areas where this principle applies:

1 Learning from diversity. Associations thrive on the diversity of their members, each bringing a unique set of skills, perspectives, and experiences to the table. This diversity acknowledges that the varied backgrounds and expertise within the association contribute to a richer collective knowledge.

2 Innovation and adaptability. Each experience, whether it be the introduction of new technologies, the launch of innovative programs, or responses to industry shifts, becomes a building block for future endeavors. The principle emphasizes that every experiment, success, or challenge is an opportunity for growth and adaptation.

3 Member engagement and satisfaction.

Experiences within the association, from events and conferences to collaborative projects, contributes to the overall member experience. Recognizing and valuing each member’s journey encourages a sense of belonging and satisfaction, reinforcing the idea that every interaction matters.

4 Leadership development. Association leaders, both emerging and seasoned, accrue valuable insights from their experiences

Delayed ODA-funded projects led to overruns, fees payment

By Cai U. Ordinario @caiordinario

DELAYS that affected the implementation of various Official Development Assistance (ODA)-funded projects cost the government billions in commitment fees and cost overruns last year.

In the 2023 ODA Portfolio Review released on Thursday, the National Economic and Development Authority (Neda) said the government paid $13.87 billion in commitment fees in 2023.

The Neda report also stated the same delays have led to six requests for changes in cost and scope due to cost overruns amounting to P57.12 billion.

“A commitment fee is a levy or charge imposed by lenders to the borrowers on the undrawn scheduled availment of the loan. By paying this fee, the borrower demonstrates their commitment to taking the loan and compensates the lender for the cost of setting aside the funds,” Neda explained.

The report stated that among the projects funded by active ODA loans in 2023, the Asian Development Bank (ADB)-funded South Commuter Railway Project (SCRP) and Malolos-Clark Railway Project (MCRP) were among the projects with the highest commitment fees.

Both projects are part of the North-South Commuter Railway and accounted for $3.41 million in commitment fees in 2023. The

in guiding the organization. Every decision, initiative, or challenge becomes a stepping stone in the development of effective and visionary leadership, reinforcing the principle that leadership is also a continuous journey of growth.

5 Navigating challenges with resilience. Associations face challenges, be it external market shifts, changes in regulations, or internal transitions. Facing challenges with resilience and adaptability strengthens the association’s fabric as each challenge becomes an opportunity to learn, adapt, and emerge stronger.

6 Strategic decision-making. Every decision, whether strategic planning, resource allocation, or partnership development, contributes to the association’s strategic narrative and emphasizes that thoughtful decision-making, informed by past experiences, is crucial for long-term success.

7 A culture of continuous improvement.

Associations that actively seek feedback, learn from both successes and setbacks, and evolve based on their experiences ensures that the organization is on a perpetual journey of enhancement and refinement.

8 Legacy and longevity. Whether it’s celebrating milestones, learning from setbacks, or adapting to industry shifts, each experience plays a part in shaping the association’s story and ensuring its longevity.

The phrase “every experience counts” is not merely a philosophy; it is also the heartbeat that propels the association’s growth, innovation, and community strength. It underscores the importance of embracing the collective journey, valuing the diverse experiences of members, and recognizing that each moment, be it a success or a challenge, contributes to the dynamics of the association’s evolution toward a more resilient, dynamic, and impactful future.

Octavio Peralta is founder and volunteer CEO of the Philippine Council of Associations and Association Executives (PCAAE), the “association of associations.”

The PCAAE and SustainablePH will hold a joint summit at the PICC on November 27, 2024. The views he expressed herein do not necessarily reflect those of the BusinessMirror . E-mail: bobby@pcaae.org.

SCRP’s commitment fees reached $2.41 million while the MCRP’s reached $1 million.

Neda said these two projects accounted for nearly a quarter or 25 percent of the total commitment fees paid in 2023.

The report also stated that two loans supporting the Second Health Enhancement to Address and Limit COVID-19 (HEAL 2) from ADB and the Asian Infrastructure Investment Bank (AIIB) incurred substantial commitment fees amounting to $1.01 million.

The project, Neda stated, did not also disburse any funds since its effectivity in January 2022. The loans, Neda said, were eventually cancelled in 2023 to prevent additional costs to the government.

Two other projects contributed to the commitment fees paid by the government in 2023. These are the World Bank and AIIB funded project Metro Manila Flood Management Project and the China Eximbank funded Samal Island-Davao City Connector Project.

The commitment fees paid by the government for the Metro Manila Flood Management Project

amounted to $910,000 and Samal Island-Davao City Connector Project, $740,000.

Meanwhile, the report stated that all cost overrun requests were approved by the interagency Investment Coordination Committee (ICC) and confirmed by the Neda Board.

However, the Neda said nine requests were still under review by the ICC Secretariat as of December 2023. Neda Monitoring and Evaluation Staff OIC Assistant Director Paul Andrew M. Tatlonghari said in a briefing that three projects have already been reviewed by the ICC Cabinet Committee.

Due to cost overruns, there are 26 projects that were identified to be restructured in 2024. These projects may require review by the ICC.

“Some of the reasons cited for the need to change the original project cost include modifications in design and additional works based on the detailed engineering design and actual site conditions, price escalation/adjustment on materials and labor, higher actual cost of the awarded contracts, ROW payments, and extension of implementation period,” the report stated.

Meanwhile, in a statement, Neda said there was a 27-percent increase in ODA loan disbursements in 2023. This amounted to $15.8 billion last year.

Neda said this highlighted the government’s commitment to utilize ODA funds for critical projects that support the country’s socioeconomic agenda.

The country’s active ODA portfolio of loans and grants reached $37.29 billion in 2023. The report, released on August 8, detailed 113

loans amounting to $35.07 billion and 325 grants worth $2.22 billion.

“This is a welcome opportunity as we boost the government’s capabilities and introduce crucial reforms to sustain our country’s socioeconomic progress,” Neda Secretary Arsenio M. Balisacan said.

Balisacan also issued an assurance “that the government is maximizing the opportunity to utilize additional funding for economic recovery and infrastructure development.”

The report revealed that the Philippines’s ODA includes 13 new program loans amounting to $6 billion and 17 new project loans worth $6.08 billion. Notably, among the new program loans is a $1 billion allocation for the “Post-Covid-19 Business and Employment Recovery” program.

This initiative aims to stimulate job creation and economic growth, both of which were severely affected by the pandemic.

The ODA portfolio also encompasses efforts to modernize the country’s financial systems to promote economic development and inclusivity.

In addition, the country secured 57 new ODA grants totaling $240.53 million in 2023. These grants were designed to enhance the capacities of the government and local stakeholders in public service delivery.

These also aim to address the country’s developmental challenges, such as inequitable growth, vulnerability to natural disasters, lacking access to education, and limited innovation, among others.

Govt teaches farmers on agricultural insurance

By Jonathan L. Mayuga @jonlmayuga

FARMERS from 11 agrarian reform beneficiaries organizations (ARBOs) in the Province of Romblon are expected to benefit from the agricultural insurance program (AIP) implemented by the Department of Agrarian Reform (DAR).

This after the ARBO members participated in a comprehensive training on agricultural insurance held at Harbour Chateau, Poctoy, Odiongan, and Romblon. From the DAR perspective, the ARBO members learned how to access financing needs in case of disasters that destroy crops.

OIC-Provincial Agrarian Reform Program Officer II Camilo Claro M. Pacquing said the knowledge the participants obtained from the training “will greatly help the ARBs’ needs to protect their crops.”

“Together, we are making strides towards a more sustainable and secure future for our ARBs and ARBOs,” Pacquing said.

According to John David F. Ang, provincial coordinator from the Registry System for Basic Sectors in Agriculture (RSBSA), they also encouraged the ARBs to enlist themselves under the RSBS, a database system implemented by the Department of Agriculture (DA) to enable the farmers, fishermen, and agri-fishery-related services

to avail of various government assistance programs.

Ang added that registered ARBs make them eligible to seek assistance from the Philippine Crop Insurance Corp. (PCIC) and the Rice Competitive Enhancement Fund (RCEF).

The DAR said the ARBs were also taught about the insurance coverage of farmers’ crops damaged by diseases, pest infestation, and natural calamities, such as typhoons, floods, drought, tornadoes, earthquakes, volcanic eruptions, and climate change.

The insurance coverage is not limited to damaged crops but also the lives of insured farmers and members of their families, according to the DAR.

The DAR added the PCIC has provided a total of P17.1-billion worth of crop insurance protection to ARBs over the next two cropping seasons. The participants represented the following: the Maghali AutoSavings Group; Longon-Camili Agrarian Reform Cooperative (Coop); Magsupot Traders Association Inc.; Oswag-Carmen Mabinuligon Multi-Purpose Co-op; PalateMaambong Multi-Purpose Co-op; Villamor Estate Multi-Purpose Co-op; Agrarian Reform Co-op of Agpudlos; Balogo Agrarian Reform Co-op; JMP Farmers and Fisherfolks Association; AgraProgreso Multi-Purpose Co-op; and, the Magdiwang Agrarian Reform Co-op.

Treasuries gain before US data offers clues on growth outlook

TREASURIES gained as investors awaited data on the US labor market and remarks from a Federal Reserve official for more clarity on the path of monetary policy.

Yields fell across the curve, with Fed rate-cut bets little changed on the day. German and UK bonds also advanced, led by the short-end, as money markets priced slightly more easing from the European Central Bank and the Bank of England this year.

Bond markets swung wildly in the past days as investors became more worried about the outlook for the US economy after a bleak jobs report last week. An initially powerful rally later lost steam and now traders are looking for more clues on the state of the world’s largest economy and how the central bank will react.

That has raised the stakes for Thursday’s US initial jobless claims due at 8:30 a.m.

New York time, which are expected to have fallen a tad to 240,000 in the week ended Aug. 3 from 249,000 the period prior. Last week, payroll data showed hiring slowed and the jobless rate climbed to an almost three-year high.

“Given last week’s payrolls, we are on high alert for US employment data,” Deutsche Bank AG strategists including Jim Reid wrote in a note.

The strategists added the market will be watching a $25 billion auction of 30year Treasuries at 1 p.m. as “the final test of investor appetite for US government bonds this week.”

On Wednesday, a $42 billion sale of new 10-year bonds saw weaker demand than expected, and drew a yield that was well above the pre-sale indicative level. A $58 billion auction of three-year notes earlier in the week attracted decent demand.

Fed’s Barkin LATER in the day, the focus will be on Federal Reserve Bank of Richmond President Thomas Barkin, who speaks at 3 p.m. He said last week after the US jobs report that the economy is in good shape, though it’s unclear whether the labor market is getting back to normal rates of hiring or more seriously deteriorating.

Still, bearishness in the market is growing. JPMorgan Chase & Co. now sees a 35 percent chance that the US economy will tip into recession by the end of this year, up from 25 percent at the start of last month.

“The market is struggling to digest all of these news to make something of a new macro scenario of them,” said Andres Sanchez Balcazar, head of global bonds, Pictet Asset Management. “What we have seen really is an unwind of a lot of more complacent consensus trades that were out there in the market.”

Swaps are currently pricing 112 basis points of easing from the Fed this year, compared with about 65 basis points just over a week ago, with the chance of a half-point cut in September seen at 70 percent. The yield on 10-year notes traded at 3.91 percent. For the ECB, expectations are for 72 basis points of additional easing this year, with a quarter-point cut fully priced in September, and for the BOE, traders expect another 48 basis points of cuts. Both central banks have already lowered rates by a quarter point this year.

“We still think that the market is pricing in too much from the Fed in terms of rate-cut expectations,” said Mohit Kumar, managing director at Jefferies International Ltd., who forecasts a quarter-point cut in September and 50 basis points in total in 2024. We “would be fading the move at the front end.” Bloomberg News

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What to eat, where to go in Tagaytay

TAGAYTAY dominates as a tourism destination in the Philippines, having attracted over 1 million domestic visitors last year.

It can’t be helped, I suppose. The sight of the jagged crater of Taal Volcano partially submerged in a placid remained alluring to many Filipinos over so many decades. (I even have a black-and-white photo of my mom, in her single days, overlooking the ridge with some foreign friends at what was then the beginnings of Taal Vista Lodge, now Tagayatay Vista Hotel.) But in the last few years, Tagaytay has also become a well-known food destination, beyond the roadside tawilis and sinigang na maliputo, or cafes with their with delectable desserts. Popular chefs, partnered with young Filipino investors or hotels, have established their own restaurants along the ridge or cuisines and dishes that appeal to a wider range of palates and sophisticated tastebuds.

I recently got a taste of the amazing new restaurants and their interesting dishes at the recent Tagaytay Food and Wine Festival held at Anya Resort and Spa. To be honest, there were just too many dishes and purveyors, and with the AC failing it became a bit of a sweaty chore to go around to savor the many plates available for tasting. So I picked and chose based on each course of a typical meal: appetizers, soup, salad, main entrees, and desserts, with the occasional splash of red wine, and cocktail drinks on the side.

which went so well with the Pinya Mojito from Chef Rachelle Platon of View Park Hotel’s Siglo Restaurant. Chef Dan Puga of Lula Cafe also served up a light and From Elaia by Chef Robby Goco came a hearty Greek Fisherman Stew. The broth was light but made shrimps, which made for a delightful meal opening. Goco’s soon-to-open restaurant carries the DNA of his substantial plates to be enjoyed by the entire family or groups of friends.

For anyone who has loved Dos Mestizos in Boracay, Chef Patron Jose Carlos “Binggoy” Remedios has opened his restaurant Asador Dos Mestizos with its trademark Spanish-Filipino cuisine, but now with grilled items too. At the festival he served a sumptuous and tender grilled pork sandwich, a change from the menu fans like myself have been used to in Boracay. And needless to say, he had guests lined up as well for his savory Bacalao, which I was glad to take home as baon. (Thank goodness that Binggoy is such a dear friend, he allows me to take

liberties like this. Hahaha. I enjoyed the dish for days

Paella with Edamame, and Grilled Iberico Pork Satay Skewers from Anya’s own Chris Leaning. The chef was also nice enough to go around the dining tables and mingle with guests to ask how they were enjoying their food. Another dish I liked was the Beef Shank Ravioli with Homemade Ricotta from Taal Vista Hotel’s Chef Jayme Natividad. For dessert, I just had to try the divine Strawberry Shortcake created by Chef Rhea Sycip of Flourpot

used for it. I wanted to try her other desserts but I

Again, there were many other restaurants in Tagaytay that will surely endear themselves to guests driving up for the cool mountain air. Tagaytay’s to agricultural lands and the region’s prized beef, has fueled the rise of diverse gastronomic fare that continues to attract and delight visitors.

The recent festival served as a breeding ground

inspired each other, collectively making a lasting, future-proof contribution to Tagaytay’s dynamic food culture. It is cooking that traces a journey and food that tells a story—culinary artistry that merits a wider audience and dishes that deserve closer attention.

As for adventurous happy gourmands such as myself and tourists alike, it’s about fostering a deeper appreciation for Tagaytay’s culinary landscape.

Eugenia

Establish what you want before you

Knowledge is a

when you are dealing with outside influences. Understand what’s possible, who’s involved and the contribution you want to make.

You have more time than what others lead you to believe. Ask direct questions, and don’t commit to anything that causes uncertainty. Rely on your intuition and make

Show BusinessMirror

Caloy Yulo’s balancing acts

IN Tokyo, he was a disappointment and we were quick to blame and forget about him. Was the Japanese training not good enough for him? Was the coach too much? Came Paris and the gold, it seemed, came easy. Not one but two. Carlos Edriel Poquiz Yulo is not only our double-gold Olympic medalist; he is our Golden Boy. But not for long. Trouble in paradise. It seems there is no homesweet-home for our champion. While medalists or winners celebrate immediately with the family— physical distance does not matter at all—our young man was all by his lonesome. He did not make that dramatic long-distance call. He was all there by himself, bawling his heart out. As we are wont to say, from where was he drawing his grief/joy? What was the source of that sorrow? Or was that euphoria? sorts of energies—vibrant, virulent, vital, viral.

of face.

First, the bad and sad opinions were all coming, as perceived, from the mother. It appears that the mother had all but cut her kinship and love from the fabled son. Excavated for many of our delectations was the post where the mother was celebrating the win of the Japanese. The footnote even disclosed how the other relatives were full of glee in commemorating, however unsaid, the loss of their relative.

Then, opinions started pouring in. The lengthy, twisted thread ran the gamut of the informed and intellectual to emotional and enervating, from the sordid to sincere.

A few stepped back and ex-cathedra declared how we are a nation of gossip. This is an interesting way

‘KMJS’ DOMINATES TV RATINGS IN H1 2024

AWARD-WINNING public affairs show and multi-platform leader Kapuso Mo, Jessica Soho (KMJS) asserts its dominance in nationwide TV ratings anew, becoming the No. 1 program for the first half (H1) of 2024. Based on Nielsen TV Audience Measurement data from January to June 2024, the public affairs show hosted by multi-awarded journalist Jessica Soho bested all other TV programs, securing the top spot in Total Philippines (combined Urban and Rural) with a combined GMA/GTV/ Pinoy Hits people rating of 14.6 percent. KMJS (GMA) also led the individual program ratings per channel, with a people rating of 13.2 percent.

KMJS remains as the highest-rated program in Urban Philippines, with a combined GMA/GTV/Pinoy Hits people rating of 16.1 percent. On individual program ratings per channel, KMJS (GMA) also claimed the top spot, with a people rating of 14.5 percent.

As the second half of 2024 unfolds, viewers continue to keep KMJS their Sunday night viewing habit. The program remained to be the highest-rated TV show in the Philippines for 2024 based on Nielsen’s people ratings data as of July 15. Further, the July 7 episode of the program garnered an impressive rating of 18 percent (combined GMA/GTV/Pinoy Hits), which is its highest-rating episode in Urban Philippines so far this 2024. The episode featured stories on a Bohol cave rescue, skin-based culinary dishes, floating shabu in Ilocos, the profile of the suspended Bamban Tarlac Mayor Alice Guo, and a DNA test revealing paternity doubts in Iligan.

Soho expressed her gratitude to the viewers of her show: “Thank you again to our viewers and followers for our high TV ratings and social media metrics. Maraming salamat po sa patuloy niyong pagsubaybay at pagtitiwala lalona po sa ika-20th anniversary ng KMJS.” he added, “We will strive even harder to be worthy of your trust through our stories. Stories that tell us who we are as a people and also enlighten, inspire, give hope and help to those in need.” Catch KMJS every Sunday night on GMA, GTV, and Pinoy Hits channels. Viewers can also watch the livestream via KMJS ’ Facebook Page and GMA Public Affairs’ YouTube channel. Global Pinoys can catch it via GMA Pinoy TV. More information can be found at www.gmanetwork.com.

to assess the issue at hand. We have a word for this, mag marites,” and woe to those bearing that name. The dictator saw this already when he declared martial rule decades ago: he proclaimed rumor-mongering a crime. He knew voracious and vociferous mouths could really bring down an empire.

Those who stepped back were locating themselves outside the country. This means that Filipinos in diaspora had already developed their own value system and they are not anymore caught in this wave of taking sides: the son who should never lose track of the legendary debt-of-gratitude or “utang na loob” and the mother/parent who believe they shall remain the

wellspring of moral authority come what may.

Of course, there are the contentious gray areas: the child remains indebted to the parents and therefore it is imperative that he be humble and the parents are about love and understanding, and therefore their response to the erring son or daughter should be of embracing and not, in the end, rejecting.

But there is social media and there are the accompanying images against which we can weigh our thoughts on what has become the controversial life of a gymnast.

The mother, responding to the bad press she has been getting, organized a presscon, with a top-notch

The 1975 is being sued after Matty Healy’s kiss of a bandmate shut down a music festival in Malaysia

KUALA LUMPUR, Malaysia—The 1975 is being sued

stage protest shut down a music festival last year in Malaysia. Healy used profanities as he criticized

headline performance at the Good Vibes Festival in Kuala Lumpur. Homosexuality is a crime in Malaysia, punishable by up to 20 years in prison and caning.

The lawsuit from the festival organizer Future £1.9 million ($2.5 million) for breach

The 1975 Productions LLP and all four of the band members in the High Court in London on July 23, lawyer David Dinesh Mathew said Thursday.

blacklisted the band from the country and canceled

community also criticized the band, saying Healy had disrupted the work of activists pushing for change and had endangered the community.

performed at the festival in 2016 and had been reminded that performance rules included no swearing, smoking, drinking alcohol, talking about

politics and religion, or indecent action such as kissing. Malaysian authorities initially refused to drug addiction and his subsequent recovery but said.

lawyer to boot. Immediately, the question was: Who is funding her strategy? Another echoed: Who is advising her? The conference was gripping, and whether it was intended or not, it came across as an emotional blackmail. The mother who, for a few days now came across as a virago, was seeking forgiveness from her son. And yet, to many the presence of a lawyer was too much. Was she threatening those who were, as she put it, misquoting her? Earlier, a news article circulated saying the mother was looking to sue those who attributed to her statements she never uttered.

Online posts being asynchronous, we would never released by Carlos Yulo and, if that was a response or an attack to what his mother has said, his words mothers are generally respected no matter what, a son disclosing amounts of money being pilfered by his order—is beyond forgetting and forgiving. But Caloy, in a value system already challenged and subverted, proceeded to forgive his mother. He asked his mother to heal herself and move on. Let it be said that the gymnast delivered all these golden words with his girlfriend behind him, and this did not sit well with their growing critics.

Meanwhile, an interesting video from YouTube can now be viewed again. This is about Carlos Yulo during his earlier training days in Japan with his Japanese coach, Munehiro Kugimiya. One could see how the young Caloy grew into an exciting gymnast, winning medals in Japan and in Germany. We also witness how Kugimiya took it upon himself to be both a parent and a mentor, cooking for the future champ, encouraging him to maintain a journal so that he, as a coach, would know what went on in his mind. My own small piece of advice to Carlos Yulo. You have millions already. Travel back to Japan and see your coach again. When you are facing him, bow down so deeply and say: iro iro osewa ni narimashita. Thank you for everything you have done. Then buy him family problem, do not worry: waiting on the wings is Alice Guo doing her own balancing act. We will next talk about her and her fall.

HBO RELEASES OFFICIAL TRAILER FOR ‘THE PENGUIN’

$350,000, of which the bulk was paid, but their conduct was a “clear and deliberate

Representatives for The 1975 did not respond to requests for comment on the lawsuit. The lawsuit

compensation from the band last year failed. Mathew said the defendants are

The band canceled shows in Taiwan and Indonesia last year Malaysian capital. AP

HBO has unveiled the official trailer for The Penguin, from Warner Bros. Television and DC Studios, at the San Diego Comic-Con. The eight-episode limited series will debut weekly beginning September 20 on HBO and HBO GO. Starring Colin Farrell as Oz Cobb (aka “The Penguin”), the DC Studios series continues filmmaker Matt Reeves’ The Batman epic crime saga that began with Warner Bros. Pictures’ global blockbuster The Batman. Developed by showrunner Lauren LeFranc, the series centers on the character played by Farrell in the film. Cast includes, Colin Farrell (Oz Cobb), Cristin Milioti (Sofia Falcone), Rhenzy Feliz (Victor Aguilar), Michael Kelly (Johnny Viti), Shohreh Aghdashloo (Nadia Maroni), Deirdre O’Connell (Francis Cobb), Clancy Brown (Salvatore Maroni), James Madio (Milos Grapa), Scott Cohen (Luca Falcone), Michael Zegen (Alberto Falcone), Carmen Ejogo (Eve Karlo), Theo Rossi (Dr. Julian Rush). The series is executive produced by Matt Reeves, Dylan Clark, Colin Farrell, Lauren LeFranc, who writes and serves as showrunner; Craig Zobel, who directs the first three episodes, and Bill Carraro. Based on characters created for DC by Bob Kane with Bill Finger, The Penguin is produced by Reeves’ 6th & Idaho Productions and Dylan Clark Productions in association with Warner Bros Television, where Reeves and 6th & Idaho are under an overall deal, and DC Studios. Revisit The Batman on HBO GO, to which consumer can subscribe online at www. hbogoasia.ph, or the mobile app via the App Store or Play Store

Cinemalaya: No shortage of personal voices in PHL cinema

and Monitoring Committee chairman. He assumed the position vacated by director Jose Javier Reyes, who is now serving as the new chairman of the Film Development Council of the Philippines the Cinemalaya Film Lab for 2025, where he will complete the scripts that would be chosen for next Reyna taught a combination of 13 writing and seven years. During his summer breaks in August, he would return to the Philippines and get involved with Cinemalaya. Hari ng Tondo (Where I Am King)

competition in 2013 and 2015. Cinemalaya. He wants to maximize the wealth of “There is no shortage of personal voices. Considering the challenges we as a nation are going through, our attitudes and conditions as citizens in this country— there is no shortage of things to talk about, to make

Awards. “Hindi tayo mawawalan ng kwento. Everybody experiences, in where people come from.”

he emphasizes the importance of getting the audience back to the theater. With the proliferation of online Reyna hopes to bring cinema houses back to life before they become retail spaces.

“Audience development can be improved through education and working in tandem with theaters to he said. “There is no shortage of good Filipino works a challenge to stimulate the audience to go to the kasi may nanonood naman ng mga

their stories.

The Cinemalaya Philippine Independent Film compete for the coveted Balanghai trophies.

PCCI supports calls for an impact study on utritional Pro lin for ilipinos

THE Philippine Chamber of Commerce and Industry joins the call of the Philippine Chamber of Food Manufacturers Inc. to conduct a full-blown impact assessment on the potential economic and social impacts of the proposed Philippine Nutrient Profile Model (PNPM), set to be implemented by the National Nutrition Council (NNC).

This came after the NCC announced that it intended to adapt the NPM of the Pan-American Health Organization (PAHO) in the country, which identifies and imposes nutritional value and content on processed foods and beverages in the market including energy, protein, fats, carbohydrates, fiber, sodium, and cholesterol, impacting the nutritional value of Filipino daily consumption.

PCCI President Eunina V. Mangio said that the proposal must be carefully studied before it is implemented.

“Definitely, we all agree that we should have a comprehensive Nutrient Profiling Model as a crucial step toward enhancing our countrymen’s physical health and mental acuity and promoting their overall well-being,” she said.

However, any efforts to revise or implement NPM must be science and research-based and not merely patterned

on the PAHO model that was designed for specific countries with their dietary patterns and needs.

Mangio said that the proponent has to hear the concerns of various stakeholders, not only international experts, policymakers, and the academe, but also consumers and the food and beverage industry, including MSMEs and large companies in a consultation.

The PCCI president also supports the position of PCFMI for PNPM to provide a framework to address the Philippines’s most urgent nutritional concerns.

“Given the high incidence of poverty in our country, it is essential to give due consideration to approaches that increase the availability and accessibility of food rather than narrowing the food choices that our people can make.”

For his part, Paul Cuyegkeng, chairman of the PCCI Agriculture Committee, said that any existing bias

Timezone ups the family fun with Pepsi-Cola

AS the leading family entertainment center in the Philippines, Timezone is dedicated to delivering exceptional experiences through a variety of exciting games and attractions in its venues. The inclusion of Pepsi-Cola Products Philippines Inc.’s (PCPPI) beloved beverage brands such as Gatorade, Mountain Dew, and Pepsi among its offerings further enriches the Timezone experience, providing guests with refreshing options to enjoy during their visits.

“We are delighted with the renewed trust and partnership with Timezone. Timezone’s commitment to bringing people together through fun, entertainment, and innovation, creating memorable experiences and happiness, is also at the core of our business at PCPPI. So the opportunity to collaborate with them is such an honor,” said PCPPI’s Chief Commercial Officer Lyndon Cuadra.

Present during the contract signing from Leisure and Allied Industries Philippines, Inc. were President and General Manager Rafael L. Prats Jr., Chief Finance Officer Jocelyn F. Bautista, Chief Commercial Officer Juan Miguel Crisostomo, Business Development Manager Ana Liza Benitez, and Sales and Merchandising Manager John Tuazon. These executives were joined by PCPPI’s Cuadra and Region Commercial Head for National Key Accounts – Food Service Alex Catindig.

against the needs of businesses must be set aside as the magnitude of the malnutrition problem needs a wholeof-nation approach to find the best solutions.

Rita Palabyab, Co-Chair of the same committee also added that such a model should empower individuals to make informed dietary choices that align with their lifestyle needs and health goals. “We adhere to scientific research and data-driven insights as the basis of the model that can help Filipinos adjust their nutritional intake and live healthier and more productive lives,” she said.

She said that the PNPM has limited its target application to prepackaged foods, overlooking the crucial role of food processing in ensuring a safe and stable food supply. The policy development process thus far has not adequately considered the significant contribution of the agri-food sector to the country’s GDP, which amounts to $126.7 billion, with food and beverage manufacturing accounting for 46 percent. Additionally, excluding participants from the food and beverage industry due to a perceived conflict of interest deprives the process of valuable insights based on direct experience in production and consumer interaction.

Products Philippines, Inc.

PCPPI and Timezone, operated by Leisure and Allied Industries Philippines, Inc., recently renewed their business partnership, which will see well-loved beverages such as Gatorade, Mountain Dew and Pepsi served across Timezone’s 49 venues nationwide. Present during the signing ceremony were, from left, PCPPI Customer Development Manager Jeff San Jose, Leisure and Allied Industries Philippines Inc. executives Business Development Manager Ana Liza Benitez, Chief Commercial Officer Juan Miguel Crisostomo, President and General Manager Rafael Prats Jr., PCPPI Chief Commercial Officer Lyndon Cuadra, Leisure and Allied Industries Philippines Inc. Chief Finance Officer Jocelyn Bautista, and PCPPI Region Commercial Head – National Key Accounts Food Service Alex Catindig.

Celebrating Excellence in Sustainability: The Triple P Awards Submission Opens

THE International Association of Business Communicators (IABC) Philippines, in collaboration with its partners Deloitte and Makati Business Club, announced the opening of submissions for the Triple P Awards starting July 31, 2024. This prestigious event sets the stage for organizations to showcase their dedication to sustainability, moving beyond mere compliance to true leadership in Environmental, Social, and Governance (ESG) principles. As sustainability becomes an essential facet of business operations worldwide, the Triple P Awards aims to shine a spotlight on those who lead by example, driving change and inspiring others to follow suit.

The Triple P ESG Awards—honoring People, Planet, and Progress—celebrates organizations that exemplify an outstanding commitment to sustainability. These awards recognize and commend companies at the forefront of sustainable practices, offering a platform for the exchange of best practices and insights from industry leaders. By participating, businesses are encouraged to enhance their sustainability efforts and build a reputation for their dedication to a sustainable future.

Participating companies will undergo rigorous evaluation across all three Ps: People, Planet, and Progress. This comprehensive assessment will consider

the performance of companies based on a set of foundational sustainability metrics, reflecting their actual achievements rather than just the outcomes of recent initiatives. Award categories are meticulously designed to cater to various industries and subsectors, ensuring a fair and thorough evaluation process. Companies will be evaluated within the context of their respective industries, allowing for a level playing field and meaningful comparisons. This industry-specific approach ensures that the unique challenges and opportunities faced by different sectors are adequately recognized and addressed.

To be eligible for the Triple P Awards, companies and organizations must be registered and operational within the Philippines. The submissions should highlight work that was implemented from January 2023 to December 2023. The awards are open to a diverse range of industries and subsectors, including Holding Companies, Information Technology, Energy, Water Utilities, Construction, Infrastructure and Allied Services, Banks, Retail, Real Estate, Food & Beverage, and Transportation and Logistics. This broad eligibility criterion reflects the inclusive nature of the awards, aiming to capture the best sustainable practices across the entire spectrum of the business world.

This initiative is proudly supported by Gold Sponsor Metro Pacific Investments Corporation, Silver Sponsors Ayala Corporation and Metro Pacific Tollways Corporation, and Bronze Sponsors Globe Telecom, Inc. and Meralco. Media partners Philippine Star, BusinessWorld, and BusinessMirror are also integral in making this event a reality. The awards night, scheduled for October 25 at the Manila Marriott Hotel in Pasay, promises to be a grand celebration of companies committed to sustainable practices. It will be an evening of recognition, and networking, where industry leaders come together to honor the best in sustainability.

For more information on submission entries and participation details, visit www.iabcphppp.com

Bookmark this for your next coffee crawl in

COFFEE aficionados and casual sippers who are on the hunt for new places in the metro need to go on a caffeinefilled journey through Makati’s vibrant coffee scene at Megaworld Lifestyle Malls’ Makati properties. Check out and discover a curated selection of the finest coffee shops, each offering unique flavors and experiences:

Habitual Coffee

HABITUAL Coffee caters to both traditional and adventurous palates with an impressive range of options. Enjoy a selection of hot and iced coffees, along with a variety of artisan teas, and other specialty beverages. Complement your drink with a diverse brunch menu featuring exciting dishes such as the savory Bacon Bowl, flavorful Katsu Green Curry, or a satisfying Samgyup Bowl. (GF Paseo Heights, 8833 9556)

Green Bar

MOD Coffee

ADD MOD Coffee to your coffee bucket list!

For more information about PCPPI and its brands, please visit www. pepsiphilippines.com.

Timezone was founded in 1978 in Perth, Australia and is the leading chain of Family Entertainment Centres in the Asia-Pacific region, offering stateof-the-art interactive games, rides, and attractions. Timezone provides a social experience filled with non-stop fun for all ages. Their best-in-class venue designs and well-trained Fun Squad assure a safe, friendly, and fun environment for all guests. Timezone internationally operates over 320 locations across seven countries, with over 50 venues in the Philippines. PCPPI manufactures and sells wellknown beverage brands such as Pepsi, Mountain Dew, 7Up, Mirinda, Mug, Gatorade, Sting, Tropicana, Lipton Iced Tea, Milkis, Chum Churum Soonhari, and Premier.

Maya Extends Support to Customers Impacted by Super Typhoon Carina

T

O assist customers affected by Typhoon Carina (Gaemi), Maya, the #1 Digital Bank in the Philippines, is extending a payment grace period to borrowers. Under this program, selected borrowers of Maya Easy Credit, Maya Personal Loan, and Maya Negosyo Loan will not be subjected to late payment fees for their outstanding credit until August 15, 2024. The grace period applies to borrowers in good credit standing from the affected areas whose due dates fall between July 21, 2024, and August 5, 2024. Areas covered include the NCR, Rizal, Bulacan, Tarlac, Zambales, Pampanga, Cavite, Bataan, and Batangas.

“We understand the challenges faced by our customers in the aftermath of the calamity, and we want to stand by them during these difficult times,” said Shailesh Baidwan, Group President at Maya and Co-Founder of Maya Bank. “This grace period is our way of providing relief and support so they can focus on their recovery.”

Eligible customers will receive notifications via SMS and the Maya app. Starting August 16,

2024, the regular charging of fees will resume for all customers. For more information, users are encouraged to visit the Help Center on the Maya app. To help raise funds for typhoon relief, Maya is also supporting various non-governmental organizations by equipping them with donation payment channels such as QR PH-enabled codes. Those able to donate are encouraged to scan the Maya QR Codes of partner organizations to extend help to affected communities during this time of need. These NGOs include Alagang Kapatid Foundation, Caritas Manila, JCI Manila, Oxfam Pilipinas, Philippine Red Cross, UNICEF, UNFPA, and Tzu Chi Foundation.

To donate via Maya QR, follow these steps: Scan the QR code of your chosen organization by clicking the ‘Scan to Pay’ button on your app Make sure that the merchant’s name appearing on the app after scanning is the name of the organization you are donating to. Enter the amount you wish to donate. Review your donation and proceed to pay.

Maya is the #1 Fintech Ecosystem in the Philippines, with Maya, the #1 Digital Bank, and Maya Business, the #1 Omni-Channel Payment Processor. Maya Bank is a digital bank regulated by the Bangko Sentral ng Pilipinas (BSP), with deposits insured by the Philippine Deposit Insurance Corporation (PDIC) up to P500,000 per depositor. To learn more about Maya, check out maya.ph and mayabank.ph. Follow Maya at @mayaiseverything on Facebook, Instagram, YouTube, and TikTok and @mayaofficialph on Twitter.

In addition to their meticulously crafted espressos, be sure to try their Purple Iced Tea and Strawberry Matcha Latte. Each drink offers a unique and refreshing twist, making MOD Coffee a must-visit for those seeking exceptional flavors and innovative beverages. (GF One Central)

Dean & DeLuca

DEAN & DeLuca offers an array of premium coffee and gourmet selections that promise to elevate your coffee break or your next weekend cafe trip. For a refreshing twist, try their cold brew options, perfect for a pickme-up on a warm day. (Three Central Mall, 0917 577 6868)

I T O K I S H Design Food I T O K I S H serves soulful coffee and food, heavily inspired by the passion for design, promising a memorable dining atmosphere. Some of the must-trys are their Caramel Latte, and their special vegan drink option Nanay Sisang. (Paseo Parkview Suites, 0917 138 8471)

Malongo Atelier Barista COFFEE lovers will be treated to premium coffee and refined culinary options at Malongo Atelier Barista. Those who have a sweet tooth should try the shop’s dreamy Viennese Chocolate together with the Chocolate Banana Crêpe. (Greenbelt Hamilton, 7006 3107)

This charming plant-based vegan restaurant is nestled in a picturesque part of the city, making savoring their innovative vegetarian dishes a sure shot of joy in a cup. Choose from their French Press Coffee, rich Espresso, or smooth Americano, with decaf options available for those who prefer a caffeine-free experience. (Greenbelt Radissons, 0917 808 2506)

Bar Pocofino

BAR Pocofino is an Italian-inspired restaurant that serves authentic Italian experience through its coffee, food, desserts, and cocktails. For your next coffee trip, order the creamy Tre Latte, the small yet strong Forzzafino, and the brand’s best selling signature sweet latte the Pocofino Latte. (The Ellis)

Each of these coffee shops offers something special, whether it’s artisanal brews, inventive beverages, or inviting atmospheres. So, keep this list for your next coffee trip to Makati!

Megaworld Lifestyle Malls’ properties in the heart of Makati’s central business district comprise a collection of premier lifestyle destinations – San Lorenzo Place Mall, San Antonio Plaza, Three Central, and Paseo Center. Each mall offers a unique blend of retail stores, restaurants, and services, fostering a relaxed and convenient environment for residents and visitors alike. For more updates on the latest happenings, visit megaworld-lifestylemalls. com or call their hotline at 8-462-8888 or follow their social media accounts on Facebook (https://www.facebook.com/ megaworldlifestylemalls), Instagram (@ MegaworldLifestyleMalls), and TikTok (@ megaworldlifestylemalls).

HABITUAL Coffee

Editor: Tet Andolong

EV MAKER SERES IS NOW IN THE PHILIPPINES

technologies, including battery systems, electric drives, and electric controls.

MORE and more EV makers are entering the Philippine automotive scene, and one of the recent ones was Seres. The EV maker quietly previewed the brand during the last MIAS 2024 by showcasing a handful of diverse, sustainable mobility. Recently, Seres officially unveiled its current lineup for the local market.

Seres claims that the Philippine automotive landscape is in for a significant transformation with the entry of a brand that epitomizes luxury and intelligent driving. This shift is possible as SERES AUTO and QSJ Motors Phils., Inc. join forces to introduce Seres intelligent EVs that combine innovation, sustainability, and unparalleled driving experiences. The collaboration leverages Seres’ expertise in electric vehicle manufacturing and QSJ Motors’ robust distribution capabilities to introduce a range of intelligent electric vehicles to the Philippines. This move will promote sustainable transportation solutions and support the country’s environmental goals.

Established in 1986, Seres Auto has consistently been at the forefront of the automotive industry, specializing in new energy vehicles (NEVs). With a workforce of over 20,000 and a position among China’s top 500 enterprises, the company has built its reputation on advanced e-powertrain

MF Platform

THE MF platform leads Seres’ Intelligence transformation of luxury by integrating industryleading safety performance, powertrains mix, chassis, and software technologies to deliver an easy-to-drive, customer-centric, and ultra-safe luxury driving experience. It also redefines safety by introducing the industry’s first comprehensive safety system. With over 150 safety scenarios, the MF platform has developed more than 200 safety features and incorporates an industryleading 40 safety technologies. This comprehensive approach significantly elevates the safety standards of the driving experience.

Further, the MF platform offers diverse power options. It is currently the only platform compatible with range extenders, pure electric, and hybrid power forms, giving users more options. In terms of versatile space, the super intelligent and flexible MF platform allows for high customization and scalability across different vehicle models and types, from B-class to D-class, from sedans to SUVs, MPVs, and beyond. Regardless of the vehicle type, the MF platform can carry luxurious and comfortable configurations to satisfy the personalized demands of the consumers.

Cutting-edge Range Extender Technology

SERES’ range extender technology is a critical innovation in their electric vehicles. This technology extends the driving range of the electric vehicle by incorporating an additional generator that charges the battery when it runs low, thereby significantly enhancing the overall driving range. With this technology, drivers can use electric power for city driving while choosing traditional fuel for longer trips. This range extender technology ensures drivers can travel longer distances without worrying about

depleting the battery.

Intelligent Manufacturing and C.A.R.E Philosophy

THE Seres’ Intelligent Super Smart Factory was built according to Industry 4.0 standards. With more than 5,000 intelligent equipment, the plant can achieve 100 percent automation of critical processes. It also has an unparalleled global production efficiency that allows a new vehicle to roll out every 30 seconds. Also, with the worldleading 9000-ton die-casting technology, the factory showcases its exceptional manufacturing capabilities in every aspect.

The company continues to build on its collaborations with global partners to serve global users better. Plans include the development of service systems, local sales companies, and the construction of overseas factories. Additionally, to meet the growing demands of premium consumers, Seres is upgrading the whole service system and approach by implementing the C.A.R.E philosophy, providing intelligent services to enhance the luxurious experience for users.

Model Lineup

DURING the brand launch, three models were presented as the upcoming lineup. First was the five-seater Seres 5 fastback design with range-extender technology. Depending on the available variant, it comes in single or dual electric motors. The 2WD version Comfort generates over 260 hp and 354 N-m of torque, while the 4WD version Premium dishes out a combined 480 hp and 664 N-m of torque from two electric motors. The 40-kWh

AOLO

(EV)

exciting promo for the Nanobox, a mini EV hatchback offering all the benefits of an ecomobility partner at a fraction of the cost.

“Already beloved by many owners, the DFM Nanobox, launched last year by Dongfeng Motors’ authorized distributor, Legado Motors Inc., is a fully-electric vehicle priced at only P888,000.

“With an estimated range of 331km and a seating capacity of 5, this EV features city-friendly handling to ease your daily urban crawl. Its retro-classic styling also comes in a variety of youthful exterior colors accentuated by interior seats wrapped with fine leather.

“The Nanobox offers an exciting user experience with a 10-inch HD central touch screen with bluetooth functionality so you can jam endlessly to your beats, and a 7-inch

full LCD instrument screen with reverse HD camera for effortless parking.

“The Nanobox is being offered with an all-in down payment (DP) of only P48,000 (subject to 20% bank approval) that comes with a free 7KW wall charger. Cash buyers will also enjoy a P150,000 discount.

“The Nanobox comes with a Vehicle Warranty of up to 5 years or 150,000 kilometers and a Battery Warranty of 8 years or 170,000 kilometers, whichever comes first.

“Interested buyers may test-drive the Nanobox at showrooms in Pasig, Alabang, Cavite, Marcos Highway, Pampanga, Tarlac, and Davao or contact Info@dfm-ph.com or 0917 307 9811 for more information.”

Honda CONNECT FROM Honda’s Andrea Beatrice Vitug, this:

“Launched in September 2023, the Honda CONNECT app provides a seamless connection between Honda owners and their cars. It equips them with safety, security, and convenience features with just a tap on their phones.

“Honda Cars Philippines, Inc. (HCPI) is now offering amazing deals for all Honda CONNECT users with its ‘Rainy Day Special’ promo, from July 22 to September 30, 2024.

“All Honda owners with a Honda CONNECT account can get a free 50-point Check-up with Tire and Battery Assessment.

“Users can also avail of 10-percent discount on select parts and fluids and a 20-percent discount on air conditioner lubricants.”

Bloomberg on Toyota TOYOTA Motor Corporation’s profit climbed in the latest quarter

after a weak yen and a robust demand in North America boosted sales. Bloomberg’s report:

“Operating profit was ¥ 1.31 trillion ($8.7 billion) for the AprilJune period, up 17 percent from a year earlier, the world’s biggest carmaker said Thursday.

“That was mostly in line with the ¥ 1.32 trillion projected, on average, by analysts. The operating profit forecast for the fiscal year was kept the same, at ¥ 4.3 trillion.

“Hybrids are selling well in North America, making up for sluggish demand for Toyota’s vehicles in Japan and China. At the same time, a weaker yen is helping to boost income in the carmaker’s home currency.

“Despite ongoing turmoil from a government probe that found seven of its cars weren’t properly certified for mass production, analysts are

still projecting the carmaker to post a record profit this year of ¥ 5.3 trillion.

“‘Quarterly results were no surprise but there were expectations that Toyota would raise its full-year forecast,’ said Bloomberg Intelligence senior auto analyst Tatsuo Yoshida. “It depends on second-quarter results but there’s a high probability it will be revised during the first half of the fiscal year.’

“Revenue

Story & photos by Randy S. Peregrino

THE limited edition Seres 5 SF electric SUV

THE three-row Seres 7 large SUV

THE Seres 5 with range extended technology version

PBBM lauds Petecio, other Pinoy boxers

P“The whole country is proud of you! We raise our fists for Filipino boxers,” the chief executive said in a social media post.

Petecio ended up with bronze, losing in her match against Poland’s Julia Szeremeta in the women’s 57 kilogram (kg) semifinals by

Despite the loss, Marcos said Petecio was still able to demonstrate the fierce

spirit of Filipinos.

“You’ve truly shown the world how Filipinos never back down from a challenge,” Marcos said.

First Lady Louise A. Marcos also showed her appreciation to Petecio.

“Another Filipina has punched her way to an Olympic medal—a proud moment for all of us,” she said.

“Thank you for giving a good fight, Nesthy! You are truly a Filipino boxing champ in our hearts,” she added.  With the addition of Petecio’s bronze medal, the Philippines ranked 24th in the medal tally on Thursday.

Carlos Yulo won two gold medals in gymnastics, while female boxer Aira Villegas also earned bronze. Samuel P. Medenilla

Nesthy: Graceful in defeat, grateful with performance

By Jun Lomibao

PARIS—Nesthy Petecio was graceful in defeat in her semifinal bout the result of which didn’t appear satisfactory to the eyes of many but was more grateful for having poured everything she got for flag and country and for her personal dream at the Paris Olympics.

“I’m so proud and grateful that up to now, I’m still fighting and competing for our country,” said Petecio after absorbing a 4-1 loss to Poland’s Julia Szeremeta to fail to advance to the women’s featherweight gold medal bout at the Stade Roland Garros on Tuesday night (dawn in Manila).

“I thought that this Olympics is mine that I trusted myself so much that I’ll get the gold medal here,” she said. “But we didn’t get what we wanted tonight.”

Szeremeta had a style that’s more typical of a street brawler and not a boxer, often bringing both her arms down. She, too, didn’t have clear effective punches with her head shots hitting Petecio behind the ears.

But the judges saw the match to the Pole’s favor.

“It’s a murky decision,” said a disappointed Petecio. “She didn’t throw any clear punch while my body shots hit their mark, and besides, the referee kept on cautioning me.”

Petecio won the first round but was down 1-4 in the second round when all Szeremeta did was to target the Tokyo silver medalists head but with no clear and solid punch.

The third saw the fighters engaging in phone-booth exchanges but in the end, all five judges gave the round to the Pole.

“That’s what the judges saw and I can’t do anything about that,” Petecio said. “That’s their decision and I have to respect that.”

Petecio was a favorite for the gold after displaying ring savvy and composure in her first earlier

B8 | FRIDAY, AUGUST 9, 2024

fights—winning two by 5-0 scores and the third by 4-1.

She’s 32, a ripe age to win gold in the Olympics. Her plans?

“I can’t say for now what my future will be,” she said. “But if I still can, why would I stop chasing my dream.”

Vestiges of boxing’s dark image lingering in Paris?

PHILIPPINE Olympic Committee

president Abraham “Bambol” Tolentino and chairman Ricky Vargas of the Association of Boxing Alliances in the Philippines were disappointed with the result.

“The remnants of boxing mafia

ARIS—Excellent best describes Team Philippines’ performance at the Paris Olympics marked by meager funds for a 22-athlete delegation.

The excellent performance, according to former Philippine Olympic Committee (POC) president Ricky Vargas, started in Rio de Janeiro 2016.

“Counting the silver in Rio [of Hidilyn Diaz], the four medals in

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

still exists,” said Tolentino, referring to the AIBA, now the International Boxing Association that’s under fire from many member nations in the International Olympic Committee for alleged manipulation of results in major international competitions.

Vargas asked: “Do you agree that Nesthy lost the third round?” Vargas said that sooner than soon, the IBA will eventually totally lose its IOC recognition in favor of the newlycreated World Boxing.

“The IOC told us [World Boxing] that if we reach 50 member nations, we’ll be alright,” he said. “We’re 58 now and we expect a meeting with the IOC next month.”

Tokyo and the four now here in Paris, it’s nine medals after going without a medal in the Olympics for 20 years,” said Vargas, now chairman of the Association of Boxing Alliances in the Philippines. “Four medals [in Paris] from a 22-strong team with meager funding, that’s excellence.” Vargas praised current POC president Abraham “Bambol” Tolentino

The ABAP was among the first to sign up along with the US and Great Britain for World Boxing, whose goal is to clear the sport of controversial decisions reeking from alleged corruption and bribery of ring officials.

The IBA remains suspended by the IOC—which is running Olympic boxing ad hoc—but Tolentino said many of its members are very much around.

“Their remnants, their vestiges are still around,” Tolentino said.

Goal for gold stronger for Los Angeles ’28 Games CARLO PAALAM’S gold medal dream ended in a similar way like Nesthy Petecio, but Ricky Vargas

for the sustained Olympic success.

“Cong. Bambol, thank you,” said Vargas in their brief chat after Nesthy Petecio’s fight on Wednesday night at the Stade Roland Garros.

“He [Tolentino] is that good, super hands-on,” added Vargas of Tolentino, the No. 1 cheerleader in each and every fight of a Filipino athlete since the Tokyo Games.

Mansueto “Onyok” Velasco clinched a silver medal in Atlanta 1996 but the Philippines was shutout for the next Olympics until Rio 2016. Jun Lomibao

Sports BusinessMirror

each, The Netherlands with 10, Italy nine and Germany eight as the Paris Olympics approach the last three days of competitions. Thailand is the only other Southeast Asian country with a gold medal it won in

meda l won tae k wondo. The Paris Oly mpics closing ceremony is set Sunday

NESTHY PETECIO: I’m so proud and grateful that up to now, I’m still fighting and competing for our country. AP

PRESIDENT Ferdinand Marcos Jr. hails the Filipino athletes for a fine performance in Paris.

Steady rise Bianca Pagdanganan birdies three of the last five holes for a 69 Thursday and a 141 total after 36 holes of the Olympic women’s golf competition at Le Golf National. AP