DESPITE geopolitical uncertainty keeping majority of Philippine CEOs awake at night, 86 percent of company leaders remain optimistic about industry prospects and revenue growth in the next 12 months, according to the 2024 Philippine CEO Survey.
The survey was conducted by PwC and Management Association of the Philippines (MAP) from July to August 2024 among 168 business leaders in the country, of whom 62 percent said that geopolitical uncertainty keep them “awake at night.”
PwC said ongoing events such as the Russia-Ukraine war, IsraelHamas conflict and territorial disputes in the South China Sea have had “far-reaching” implications
for global trade, supply chains and economic stability.
However, CEOs in the country remain “upbeat,” about the global economy despite external pressures, with 52 percent seeing global economic growth improving in the next 12 months.
The 2024 Philippine CEO Survey noted that the business leaders in the country are optimistic about their industry’s future, with 86 percent expressing confidence in their business prospects and 85 percent confident that their company will experience revenue growth in the next 12 months.
Explaining the confidence among CEOs amid geopolitical uncertainty, Roderick Danao, PwC Philippines Chairman and Senior Partner, said at the briefing held in Makati City on Monday that “fracturing geopolitics is an
ongoing issue,” recognizing that the Philippines is a net importer of goods such as oil, gas, grain and some raw materials.
“We import oil and gas, we import grain and some of the raw materials of the products that we produce in the Philippines. So it affects us. It’s disruptive,” Danao said. However, he explained that a few local firms have managed to mitigate the effect by putting in place strategies such as “product diversification, market diversification and supply chain diversification.”
For her part, Trissy Rogacion, Deals and Corporate Finance Partner, PwC Philippines, said the impact they are seeing is in the cash flows.
“Because we monitor the cash flows of our clients, so they’re really directly impacted. So if they have a
See “PHL,” A2
BusinessMirror
BANKS POST 2-YR HIGH IN BAD LOANS RATIO
By Cai U. Ordinario
T@caiordinario
local banking industry’s
THE latest inflation print supports the view of the Bangko Sentral ng Pilipinas (BSP) on the wisdom of dealing another cut in key policy rates this year, a US-based think tank said. Moody’s Analytics noted that cheaper food, particularly rice, significantly contributed to the downtrend in
The Bangko Sentral ng Pilipinas (BSP) also noted in its Monetary Policy Report (MPR) that the worst may be over in terms of the rise in commodity prices until 2026, based on the view of external forecasters they surveyed.
“With headline inflation back on the downtrend, it supports the case for at least one more rate cut by the BSP in the fourth quarter,” Moody’s Analytics said.
The US-based think tank noted that rice was a major factor in slower inflation in August as the increase in rice prices slowed to 14.7 percent after seven consecutive months of posting an inflation of above 20 percent.
By Lorenz S. Marasigan @lorenzmarasigan
EW Naia Infrastructure Corp. (NNIC) is poised to officially take over the operations and maintenance of Ninoy Aquino International Airport (Naia) this Saturday, marking the start of an ambitious modernization plan aimed at transforming the country’s busiest gateway into a world-class facility.
San Miguel Corp. (SMC) President Ramon S. Ang said upgrading the Naia will not be a walk in the park, but the company is ready to take on the challenge of improving what was once touted as the world’s worst airport.
“There will be challenges but we are committed to delivering on our
promise,” he told participants of the inaugural Economic Journalists of the Philippines (Ejap)-SMC Aviation Forum on Monday.
‘Gradually, methodically’ NNIC General Manager Angelito Alvarez noted that the initial weeks and months of takeover will focus on ensuring that the transfer will “not disrupt current operations” and that Naia “will be business as usual.”
“Right now, Naia is running at around 51 million passengers— that’s the outlook for 2024. So you can just imagine the congestion that’s happening right now at the airport in terms of terminal capacity,” he said.
Alvarez explained: “Upon
DBM releases P21-B excise tax take from tobacco to LGUs
By Reine Juvierre S. Alberto
THE Department of Budget and Management (DBM) has released P21 billion in excise tax collections from tobacco and cigarettes to local government unit (LGUs) on August 30.
Budget Secretary Amenah F. Pangandaman approved the issuance of a Special Allotment Release Order (Saro) amounting to P21 billion to the Bureau of the Treasury (BTr), which shall release the funding to the beneficiary LGUs.
Based on DBM’s Local Budget Memorandum No. 91, 15 percent of the collection from excise taxes on locally manufactured Virginiatype cigarettes, not exceeding P17 billion, will be allocated to the provinces pro-rata according to the volume of production.
The bulk or 63.27 percent of the P17-billion fund will be allocated to Ilocos Sur with P10.756 billion; followed by Ilocos Norte with P2.804 billion; Abra, P1.919 billion; and La Union, P1.521 billion. Funds must be utilized to advance the self-reliance of tobacco farmers through cooperative projects increasing productivity,
development of alternative farming systems and creation of agroindustrial projects.
It could also be used for infrastructure projects such as farm-to-market roads, programs and projects promoting tourism and financial assistance for tobacco farmers displaced or ceased to produce tobacco.
Moreover, 5 percent of the revenues collected from excise taxes on tobacco products, not exceeding P4 billion, will be disbursed to provinces producing burley and native tobacco in accordance with the volume of tobacco leaf production.
Of the 16 beneficiary provinces,
He said, “It’s a social impact.
Isabela will receive the highest allotment of P1.768 billion; followed by Misamis Oriental with P562.314 million; Ilocos Sur, P560.247 million; and Pangasinan, P483.658 million. Abra, Ifugao, Ilocos Norte, La Union, Cagayan, Nueva Vizcaya, Tarlac, Zamboanga Sibugay, North Cotabato, Agusan del Norte, Agusan del Sur and Maguindanao will also be given their shares. The funds shall be exclusively used for programs that will provide inputs, training and other support for tobacco farmers who shift to the production of other agricultural products; financial support for tobacco farmers; assist farmers
in planting alternative crops; tourism-promoting livelihood programs; and infrastructure and agro-industrial projects.
Currently, the DBM is processing the necessary approvals to issue the corresponding Notices of Cash Allocation (NCAs) and Advices of NCA Issued (ANCAIs) to Authorized Government Servicing Banks (AGSBs) and to the Treasury.
Republic Act (RA) No. 11346 provides special financial support to beneficiary provinces producing Virginia tobacco while RA No. 8240 allocates funding for provinces producing burley and native tobacco.
Continued from A1
P508.1 billion in July 2024, the second consecutive month that NPLs breached P500 billion and the highest in 16 years. The gross NPL level in July 2024 was a 15.46-percent growth from the P440.07 billion posted in July 2023 and a 1.13-percent growth from the P502.42 billion posted in June 2024. The data showed the gross total loan portfolio (TLP) of the Philippine banking system amounted to P14.21 trillion. This was the second consecutive month that the TLP exceeded P14 trillion.
However, this was a 0.78-percent contraction from the P14.32 trillion posted in June 2024, but grew 10.79 percent from the P12.82 trillion in July 2023.
supplier from, say, Europe, it’s more expensive now, but they cannot negotiate the prices that they billed to their clients. So the margins are affected,” Rogacion said.
“In the same manner, if they’re producting products or selling, they import raw materials, so they’re also affected because of
global supply chain issues.”
While Philippine businesses are not directly affected by the war, Rogacion said “The impacts are on the margins of the business, more financial.”
Danao added, however, that the impact of geopolitical uncertainty goes beyond the impact on margins.
“Imagine if oil products will go as high as 90 to 100 pesos in the Philippines. That will potentially, you know, [affect a] large number of poor in the Philippines, because we have high inflation, right?
[There’s a] ripple effect of that,” he added.
With geopolitical risks hounding Philippine businesses, Danao underscored the importance of fostering better collaborations with other countries. The Philippines
should not focus merely on the United States and Japan.
Moreover, he emphasized that the issue on the West Philippine Sea “should not deter us from continued trading with China because there is co-dependence in so far as that trading relationship is concerned.”
“China needs our input for them to, you know, to manufacture their end product. So there is codependence. In that respect, we are interrelated,” he added.
Among the 168 respondents in the survey, PwC noted that 68 percent of these businesses are large, 21 percent are medium, 7 percent are small while 5 percent are micro businesses. As to the industries where these businesses fall under, the survey said they come from Real estate and wholesale distribution, healthcare, pharma and life sciences, professional and business services, technology, transport and logistics, consumer and retail, education, manufacturing, among others.
Earlier, preliminary data on bank lending and 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, declined 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 non-residents expanded by 9.8 percent in June from 8.1 percent in the previous month.
takeover, there will be a status quo. There will be no significant changes and that is something to be expected. Changes will be implemented gradually and methodically.”
Alvarez said modernization works will be rolled out in phases over the next five years.
Major infrastructure improvements, such as terminal expansions, increased car parking capacity, and the construction of a new terminal connected to Terminal 2, are expected to drastically enhance the airport’s operational capacity.
Additionally, Terminal 3 will be linked to the Metro Manila Subway, offering more efficient passenger transfers.
Runway and airfield upgrades will optimize air traffic management and improve runway efficiency, while new technologies such as self check-in, biometric systems, and an updated baggage handling system will bring Naia in line with global standards for airport operations.
He noted that the rehabilitation work will soon begin. Quick improvements, including refurbished comfort rooms, additional seating, upgraded air conditioning systems and enhanced high-speed internet, are expected within the first three to 12 months of the takeover.
Alvarez added that the company is studying the optimization of the use of Naia’s four terminals, planning to transfer airlines from one terminal to another, while moving turboprop operations to Clark International Airport.
‘Realistic template’
DEPARTMENT of Transportation
Secretary Jaime J. Bautista is optimistic that NNIC—being led by SMC—is fully capable to execute the modernization project and will be aligned with the agency’s goal of providing “comfortable, accessible, safe, sustainable, and affordable” travel.
He added that the project has now become a “realistic template” for future public-private partnership (PPP) deals, having been one of the largest and fastest-approved projects of its kind in Philippine history. Down the line, Naia’s airport’s terminal capacity will expand from 35 million passengers annually to
62 million, while runway efficiency is set to increase from 40 to 48 air traffic movements per hour.
The project also promises a government revenue share of approximately P900 billion over the concession period, which, Ang said, could be used by the government “for other infrastructure projects.”
Alvarez also dispelled fears that the company will charge higher fees right after it takes over Naia.
“Based on the administrative order recently signed, the implementation of the increase will only take effect after one year. That is really very very important, because remember 82.1 percent of revenues other than passenger service charge will be going to the government,” he said.
Airlines support Naia modernization AIRLINE executives from Philippine Airlines, Cebu Pacific, and AirAsia Philippines also expressed support for the project.
PAL President Stanley Ng said the flag carrier will be a “strong active partner as we have the most at stake in the drive to make Manila airport as a great Asian hub.”
Cebu Pacific President Xander Lao noted that improving the country’s main gateway is critical to ensuring that the Philippines remains competitive globally.
“Clearly, Cebu Pacific is confident in the Philippine growth story to continue,” he said.
For his part, AirAsia Philippines CEO Ricky Isla said the company is “one with NNIC” in their goal of “bringing the world’s best services for enhanced customer journey.” He also called on NNIC for “optimum airport utilization to benefit all stakeholders , most especially the passengers.”
NNIC, a consortium composed of SMC and partners RMN Asian Logistics, RLW Aviation, and Incheon International Airport Corp., in February won the P170.6billion project by offering the best government revenues of 82.16 percent share of future gross revenues.
“It’s an exciting time because we are about to make history. We can begin the work of modernizing our airport and giving the Filipino people a world-class facility they deserve,” Ang said.
Continued from A1
The Philippine Statistics Authority (PSA) earlier noted that rice accounted for 8.87 percent of the Consumer Price Index (CPI) and 32.7 percent of the reduction in inflation in August 2024. (See: https://businessmirror.com.ph/ 2024/09/06/full-relief-fromcheap-rice-wait-till-next-year/).
“For the Philippines and Thailand, cooling food inflation was a big influence. Drilling further down, smaller price increases for rice made a material difference,” Moody’s Analytics said.
‘Wait till next year’ HOWEVER , an economist earlier told BusinessMirror that Filipinos looking for some relief in terms of rice prices may have to wait till next year for the full fruition of the promise offered by the reduction in rice tariffs.
Philippine Institute for Development Studies (PIDS) Roehlano Briones told BusinessMirror that he hoped the impact of the P6 to P7 reduction in rice prices due to lower tariffs will be felt this year but chances are, this won’t be felt well into 2025. National Statistician Claire Dennis S. Mapa said the reduction in rice tariffs has so far slashed special rice costs by 80 centavos per kilo, as well as well-milled rice by 40 centavos per kilo.
Based on the latest PSA monitoring, regular milled rice cost P50.66 per kilo, lower than the P50.90 posted in July, but higher than the P43.29 per kilo recorded in August 2023. For well-milled rice, the PSA said it costs P55.56 per kilo, lower than the P55.85 posted in July but higher than the P47.65 per kilo in August 2023. In terms of special rice, the average price is P64.08 per kilo in August 2024, lower than the P64.42 per kilo in July 2024 but higher than the P56.24 per kilo recorded in August 2023. Cai U. Ordinario
Marcos told cops not to exit KOJC premises until they get Quiboloy
By Samuel P. Medenilla
RESIDENT Ferdinand Mar -
Pcos said he personally ordered the police to stay at the Kingdom of Jesus Christ (KOJC) grounds once they are inside until its leader, Apollo Quiboloy is in custody of the authorities.
In a interview with Palace reporters after the Philippine Strategic Management Summit 2024 in Taguig on Monday, the chief executive disclosed he ordered the National Police to maintain its presence at the KOJC compound in Davao City after it served the warrant of arrest to then fugitive pastor last August 24.
“I saw how determined the police were and my instruction to them last time, once you are able to enter [the KOJC compound], do not leave until you have him. And that’s exactly what they did,” he said.
The President also disclosed that he was aware of the decision of Quiboloy to surrender as early as Sunday morning.
“By nine o’clock Sunday morning, I said, ‘Okay, push through with it. [I] agreed to that scenario’. So, and that was it,” Marcos said.
Military involvement
QUIBOLOY, together with 4 other personalities surrendered to the Intelligence Service, Armed Forces of the Philippines (Isafp) at around 5:30 p.m. on September 8, after hiding for weeks.
The President said Quiboloy was only compelled to surrender since the police were closing in on him and issued 24-ultimatum for his surrender.
When asked about the involvement of Armed Forces on the matter, Marcos said it was done upon the request of the KOJC leader.
“He said there should be military presence [during his surrender] since he did not trust the police. So, fine that is what we did,” Marcos said.
“But let’s be very clear, this was a police-led operation. It was a police operation. Whatever the involvement of Armed Forces there, as I said, is for augmentation,” he added.
Quiboloy and his four companions are facing child abuse charges.
This is on top of the human-trafficking case against him.
The KOJC leader together with the four were flown to Manila during the weekend in an Air Force C-130 “Hercules” medium lift cargo aircraft.
Marcos lauded the police for the successful arrest of Quiboloy and commended him for his peaceful surrender.
“To his credit, he said his followers were willing to die for him and that he did not want that to happen. So, to his credit, that—he was still displaying a modicum of leadership to his followers,” Marcos said.
When the police served the warrant of arrest against Quiboloy last month, it led to a clash between the law enforcers and KOJC members.
Fair treatment
QUIBOLOY, Marcos said, is currently in Manila to face his humantrafficking case, which was filed in a Pasig City court.
He will receive fair treatment in the court proceedings against him, the President assured.
“So, we will treat him like any other arrested person and we’ll respect his rights, and we will go through the process. The process will be transparent. Everyone who is involved will be accountable,” Marcos said.
Marcos said the camp of Quiboloy have been sending messages and feelers for his surrender in the last two to three weeks, which includes the condition that he is not turned over to the United States, where the KOJC head also has pending cases.
The conditions were immediately rejected by the President, who insisted that a fugitive cannot set the terms for his surrender.
However, Marcos noted that Quiboloy is unlikely to be turned over to the US authorities any time soon due to his pending local cases.
“Well, the extradition request [from the US] is not yet there. Besides the judicial processes that Apollo Quiboloy is going to have to go through now locally still have to be done,” he said.
“We will demonstrate, once again to the world, that our judicial system in the Philippines is active, is vibrant, and is working well,” he added. With Rex Anthony Naval
Senate cites Alice Guo in contempt for 2nd time
By Butch Fernandez @butchfBM
THE Senate tricommittee investigating crimes linked to illegal Philippine Offshore Gaming Operations (Pogo) on Monday cited Alice Guo in contempt, for the second time, for testifying “falsely and evasively” after she consistently refused to reply to a series of senators’ questions.
Guo, who was escorted by policemen to the Senate, refused to answer: whether or not she is indeed Guo Hua Ping, a Chinese national who obtained a Philippine birth certificate under fraudulent means; who was the source of the “death threats” that she claimed she received; and who facilitated her and her siblings’ escape from the Philippines in July.
Appearing before the Senate Committee on Women and Children that is conducting the hearing jointly with the Committees on Migrant Workers and on Public Order and Dangerous drugs—Guo refused to answer if she is indeed Guo Hua Ping, a Chinese national, born in China and publicly disclose who is issuing death threats against her. “I’m sorry Madame Senator. I am Alice Guo,” the dismissed mayor of Bamban, Tarlac, said.
This is the second contempt citation from the Senate panel on Guo.
Later in the hearing, Guo was
FMJr fires Immigration chief
By Joel San Juan @jrsanjuan1573 & Samuel P. Medenilla @sam_medenilla
PRESIDENT Marcos on Monday sacked Immigration
Commissioner Norman G. Tansingco over the escape of dismissed Bamban, Tarlac Mayor Alice Guo last July.
Tansingco came to learn of his fate while he was at the Senate attending the hearing on the illegal Philippine Overseas Gaming Operations (Pogo) hub in Bamban, Tarlac. Guo was testifying at the hearing when the news media came out with the story on his relief.
“His [Tansingco’s] dismissal has already been approved by the President,” Presidential Communications Office (PCO) Secretary Cesar B. Chavez told Palace reporters on Monday.
Marcos earlier said the government officials, who were responsible for Guo’s escape, will be held accountable.
As of press time, Malacañang has yet to announce who will be Tansingco’s successor.
“He [Tansingco] will be replaced,” Chavez said.
Guo, who was revealed to be a Chinese national, left the country in July through so-called Southern Backdoor.
When Guo fled the country, she was not the subject of a hold departure order but only an immigration look out bulletin order (Ilbo).
Remulla admits asking FMJr to sack Tansingco
JUSTICE Secretary Jesus Crispin Remulla said he has asked
President Marcos to relieve Immigration Commissioner Norman Tansingco owing to controversies involving the Bureau of Immigration.
In an interview, Remulla disclosed that the President has already agreed with his recommendation.
“Yes, that’s okay already. The President and I have already agreed,” Remulla said,
“He will be replaced. If I were him I would just resign,” Remulla added.
Remulla, who recently admitted that he is no longer talking with Tansingco, said he was not satisfied with the latter’s performance.
The DOJ secretary earlier explained that that he was offended by Tangsingco’s failure to notify his office immediately of the escape of Guo, her siblings Shiela and Wesley and Cassandra Li Ong, the official representative of raided Philippine Overseas Gaming Operator (Pogo) Lucky South 99 in Pampanga.
Guo and members of her group were arrested by Indonesian authorities more than a month after they managed to leave the country
despite the existing Ilbo against them. Persons who at subjects of Ilbo are required to secure a clearance from trhe DOJ before they are allowed to travel abroad.
Tansingco admitted that he learned of Guo’s departure on August 15, adding that at that time “we still had to validate the information.”
On August 1, Remulla also ordered the suspension of Tansingco’s 60-day deadline for foreigners employed in Pogos and Internet Gaming Licensees (IGLs) to voluntarily leave the country following the decision of Marcos to ban their operations effective December 31.
The DOJ chief castigated Tansingco for his failure to coordinate his agency’s actions with the DOJ.
Recently, Remulla issued a show cause order seeking explanation from those who took selfie photos with Guo following her arrest in Indonesia.
He has also expressed belief that some unscrupulous BI personnel had a role in the escape of Guo’s group from the country. The BI is an attached agency of the DOJ.
DOJ expects extradition request from US but...
By Joel R. San Juan
JUSTICE Secretary Jesus Crispin
Remulla on Monday said the Department of Justice is expecting the US government to file an extradition request against Kingdom of Jesus Christ (KOJC) head Apollo C. Quiboloy in connection with his indictment in 2021 for allegedly conspiring to engage in sex trafficking.
However, Remulla said any action on the anticipated extradition request would have to wait until Quiboloy is tried before the Philippine courts where he is facing qualified human trafficking, sexual abuse and child abuse cases filed by the department.
“We will go through the process properly, although our priority is the Philippine justice system,” Remulla said in an interview with reporters.
The embattled Quiboloy was indicted by a grand jury in a California court in 2021 for allegedly conspiring to engage in sex trafficking.
pressed by senators to write down for them, the name of the person who facilitated her escape.
Senate President Pro Tempore Jinggoy Estrada drew an admission from Guo that “pinagsalitaan ko po siya” [I rebuked him] just before this person helped facilitate her exit. Estrada found it odd that even after she sent him harsh words, this unidentified person helped her escape.
Asked point blank if “pinatakaskabaor tumakaska?”Guo said the unknown person was the first who initiated the process of making her leave.
Hontiveros also asked Guo to confirm the testimony of her sister Shiela, that Mayor Liseldo Calugay of Sual, Pangasinan, is her “friend.”
Hontiveros also asked her if Calugay helped facilitate the notarization of her affidavit before lawyer Elmer Galicia –even though she was not around in July when the document was notarized—but alice Guo refused to answer, invoking her right to self-incrimination.
Estrada reminded Alice that he once asked her in a previous hearing if she was in a relationship with a politician. “It’s an open secret already, that the mayor of Sual, si Mayor Dong Calugay, ang karelasyonmo.Atitongmayornaitoaykasosyo mo, nagpapatakbo ng Pogo sa Bamban.” Guo denied all these. She insisted Calugay is her “kaibigan [friend] only.”
Quiboloy has an active arrest warrant in the US issued on November 10, 2021, according to the Federal Bureau of Investigation.
Remulla said he would have to
discuss the issue of extradition with Executive Secretary Lucas Bersamin on Tuesday to determine the options of the government.
“We expect the US to file an extradition request very soon since he is already in custody…We will have to play it out well. We have to study it properly so we will know what to do,” Remulla said.
Remulla added that he would direct the DOJ prosecution team to be ready with all the evidence and seek for a continuous trial in order to immediately resolve the pending cases against Quiboloy.
“We will write to the Supreme Court not to allow dilatory tactics [from Quiboloy’s camp],” the DOJ secretary said.
He, however, assured that Quiboloy will be afforded his right to due process during the prosecution of his cases.
Quiboloy is now detained at the National Police Custodial Center in Camp Rafael Crame, Quezon City. He surrendered late Sunday afternoon.
Surrender a triumph for justice system
HOUSE Assistant Majority Leaders Paolo Ortega V (La Union), Jil Bongalon (Ako Bicol), Pammy
Zamora (Taguig), Zia Alonto Adiong (Lanao del Sur), and Jay Khonghun (Zambales), together with Reps. Rodge Gutierrez (1 Rider), Ray Reyes (Anakalusugan), Migs Nograles (PBA), and Cheeno Almario (Davao Oriental), on Monday issued a joint statement hailing Quiboloy’s capture as a “triumph for the country’s justice system.”
“The capture of Quiboloy, who is facing serious charges that range from sexual abuse, human trafficking, and other offenses in the Philippines and in the US, represents a significant development in the pursuit of justice,” the statement said.
“For far too long, he has evaded these legal proceedings, but his capture demonstrates that no one can escape the law. Quiboloy must now face these charges directly, and it is essential for the integrity of our justice system that he be held accountable for every accusation leveled against him,” it added.
Meanwhile, Manila Rep. Bienvenido Abante Jr., chairman of the Committee on Human Rights, condemned Quiboloy’s alleged crimes, calling them “acts of evil” and urging the pursuit of justice
Voter registration ends September 30
VOTER registration for the May 2025 elections, both in the Philippines and abroad, will end on September 30, the Commission on Elections reminded prospective voters on Monday.
Those who want and are qualified to vote in the May 2025 elections still have more than two weeks to register or reactivate their voter status for the May 2025 elections.
“Voting is not just for ourselves, our families, relatives, or acquaintances; it is also for the future of the next generations of Filipinos,” the Comelec said in a Facebook post.
Those who wish to participate in next year’s elections must visit the Office of the Election Officer (OEO) in their area of residence, whether they are registering for the first time, transferring or reactivating their voter status.
They are required to bring essential documents such as a valid
government-issued ID bearing their signature and answered CEF-1 form.
For students who intend to vote but do not have a government ID yet, a school-issued ID or library card signed by a school authority will be accepted.
Meanwhile, those who are still unsure of their voter status, may also directly inquire with the OEO in their district, city, or town regarding their status.
In terms of overseas voting, Filipinos can apply for their certification through the nearest Philippine embassy or consulate in their area.
Migrants need to bring their Philippine passport, proof of current Filipino citizenship, and accomplished OVF-1 form.
Both the CEF-1 and OVF-1 forms can be filled out in advance through the iRehistro portal or downloaded from the Comelec website.
In its latest record, the commission said that it has processed a total
of 5.9 million applications for voter registration in the Philippines as of September 7.
Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) remains to have the largest number of registrants with 984,861; followed by the National Capital Region with 782,838. The Cordillera Administrative Region recorded the lowest number of applicants with 83,732.
Despite this significant number of new registrations, more than six million voters have been deactivated or deleted from the Comelec list.
Of these, 5.3 million are tagged as deactivated, while 714,152 have been removed from the national list of registered voters.
By the end of the registration period, Comelec targets to have a total of 66 to 68 million registered voters for the midterm polls next year. Justine Xyrah Garcia
without delay.
“Let this be clear: Apollo Quiboloy’s arrest is not just a win for law enforcement, it’s a resounding victory for justice and human dignity,” Abante said.
“The crimes he is accused of— child abuse, exploitation, and human trafficking—are monstrous, and no amount of power or influence can shield him from the full force of the law. The time for reckoning has come,” he added.
Santa Rosa City Rep. Dan Fernandez, chairman of the Committee on Public Order and Safety, called Quiboloy’s arrest a crucial moment in the fight against human trafficking and urged the courts to deliver swift justice.
Surigao del Norte Rep. Robert Ace Barbers, chairman of the Committee on Dangerous Drugs, emphasized that the cases against Quiboloy are not just about one individual, but about dismantling deeply entrenched systems of abuse.
Antipolo City Rep. Romeo Acop, chairman of the Committee on Transportation, hailed Quiboloy’s arrest as a “major victory” in the fight against human trafficking and child abuse. With Jovee Marie N. dela Cruz
LPA likely to develop into storm–Pagasa
ALOW pressure spotted 995 kilometers east-northeast of extreme Northern Luzon on Monday morning is likely to develop into a tropical cyclone, the weather bureau said. “It is likely to develop into a storm,” Aldczar Aurelio, Weather Specialist II at the Weather Forecasting Division of the Philippine Atmospheric Geophysical and Astronomical Services Administration (Pagasa) said.
He said the LPA is hovering over the sea and is likely to strengthen and develop into an extreme weather disturbance.
However, he said the LPA is not to affect the country’s weather system within the next 24 hours, although a prevailing southwest monsoon is expected to bring occasional rains in the Ilocos Region, Apayao, and Abra with possible impacts of flooding or landslides owing to moderate to heavy rains.
Meanwhile, Cagayan Valley, Central Luzon, and the rest of Cordillera Administrative Region will experience cloudy skies with scattered rains and thunderstorms.
Metro Manila, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Mimaropa (Mindoro, Marinduque, Romblon and Palawan), and the Bicol Region will experience partly cloudy to cloudy skies with isolated rain showers or thunderstorms, because of the southwest monsoon.
The rest of the country will have partly cloudy to cloudy skies with isolated rain showers or thunderstorms due to localized thunderstorms. Jonathan L. Mayuga
Tuesday, September 10, 2024
House approves ₧10-billion budget for Malacañang
By Jovee Marie N. dela Cruz @joveemarie
THE House Committee on Ap -
propriations on Monday swift -
ly wrapped up its deliberations on the Office of the President’s proposed P10 billion budget for fiscal year 2025 on Monday, completing the briefing in under an hour.
The budget hearing began with a presentation by Executive Secretary Lucas Bersamin and Deputy Executive Secretary for Finance and Administration Amante Liberato, who detailed the breakdown of the proposed budget for the coming year.
Following their presentation, Abra Rep. Ching Bernos proposed to end the hearing, citing the importance of extending parliamentary courtesy to the Office of the President in recognition of its esteemed role in government.
But members of the Makabayan bloc, including ACT Teachers Rep. France Castro, Gabriela Rep. Arlene Brosas, and Kabataan Rep. Raoul Manuel expressed their dissatisfaction and were later given a two-minute opportunity to make their statements.
Manuel questioned the administration’s commitment to protecting economic, civil, and political rights.
“Mr. Chairman, the Office of the President is supposed to set the tone regarding the protection of people’s rights. This includes economic rights, commitments to increase workers’ salaries, and civil and political rights,” he stated. “While the current administration claims that we are no longer in an era of darkness, the real experiences of the Filipino people seem to suggest otherwise.”
Brosas and Castro also voiced concerns over the lack of scrutiny applied to the OP budget compared to the Office of the Vice President’s
budget hearings.
“We scrutinized the proposed budget of the Office of the Vice President, but now we are extending courtesy to the Office of the President. This is double standard, the Filipino people are being deprived of knowing how the President, the highest official in the Philippines, is spending his funds. This is worrying because the people have many questions,” Brosas remarked.
But Navotas Rep. Toby Tiangco assured the Makabayan members that their questions would be addressed during the plenary sessions, scheduled to start on September 16.
House Deputy Majority Leader Janette Garin then moved to suspend the budget briefing, a motion that was promptly approved by the committee.
The chairman of the House Committee on Appropriations, Ako Bicol Rep. Zaldy Co, emphasized the critical role of the Office of the President in managing and coordinating various government programs and activities. He noted that this coordination ensures that policies and initiatives align with the goals of the Marcos administration, which aims to promote economic stability, inclusive growth, and the welfare of the Filipino people. He underscored the importance of allocating sufficient resources to the Office of the President to ensure the efficient functioning of the government and continued service to the public. “The Office of the President holds a unique and critical role in our system of government. As the highest executive authority, it is tasked with the day-to-day administration of the government, the execution of laws passed by Congress, and the protection of national interests,” Co added.
For his part, Executive Secretary Lucas Bersamin emphasized the Of -
fice of the President’s commitment to fostering a collaborative relationship with the legislative branch while outlining the proposed budget for fiscal year 2025.
“Our attendance here as a delegation from the Office of the President is not merely for compliance with the legal requirement to present our proposed budget for a co-equal branch,” Bersamin stated. “Most importantly, we are here as a manifestation of the President’s commitment to honor and respect Congress as our partner in upholding the country’s national interest and promoting the welfare of our people.”
Bersamin also took the opportunity to underscore the administration’s commitment to enhancing legislative relations. “I am taking this opportunity to convey the President’s view on our existing legislative relations,” he said.
“Governance will be significantly improved through the efforts of our branches working alongside each other with utmost respect for each other’s mandate.”
For the fiscal year 2025, the Office of the President is requesting a budget of P10 billion. This figure represents a 1.88 percent decrease from the 2024 budget and constitutes 0.11 percent of the proposed total national government budget for the year.
Despite this reduction, Bersamin assured that the proposed budget would be sufficient for the President to fulfill his duties effectively.
“We believe that the proposed amount will be sufficient and adequate for the President to meet the exacting demands of being the head of state, chief architect of Philippine foreign policy, and commander-inchief,” Bersamin said.
He emphasized that the reduction
in the budget would not compromise the delivery of presidential services.
“More meetings will still be conducted, more presidential public engagements will still be held, and the Cabinet will continue to be convened regularly,” Bersamin explained.
“These activities will be conducted economically, mindful of the need to provide quality services with less financial requirement in support of the Bagong Pilipinas brand of governance,” he added.
Bersamin also said that the budget would support diplomatic initiatives and infrastructure projects within the Palace complex.
“The budget adjustment will still accommodate the logistical requirements of honoring invitations from foreign leaders and supporting diplomatic initiatives that will create jobs and accelerate post-pandemic economic recovery,” he said. “It will also support necessary infrastructure works that have been stalled due to the pandemic, in line with the President’s Build Better, More priority program.”
He noted that the proposed budget aligns with various regulations, including the Philippine Green Building Code, the Fire Code of the Philippines, the Philippine Disaster Risk Reduction Management Act, and the Protection of Heritage and Cultural Buildings. “These projects are implementation-ready and shall be completed within the fiscal year in accordance with the cash-based budgeting policy,” Bersamin assured.
Bersamin pointed out that the budget was crafted within the guidelines set by the Department of Budget and Management. “Let me just point out that, as in previous years, we crafted this budget within the parameters and process set by the Department of Budget and Management,” he said.
Binondo warehouse yields ₧4.8-B contraband goods
THE Bureau of Customs (BOC) seized P4.8 billion worth of smuggled vape products, fake branded items, cosmetics and general merchandise in a warehouse in Binondo, Manila, on September 6.
On Monday, the BOC said a raid by the Customs Intelligence and Investigation Service—Manila International Container Port (CIIS-MICP) in Binondo yielded about P4.8 billion in disposable vape products and copyright-infringing goods.
Boxes of fake goods from luxury brands such as Dior, Louis Vuitton and Gucci were found, according to BOC-
By Ada Pelonia @adapelonia
THE damage brought to the agriculture sector by Tropical Storm Enteng breached the P2 billion mark, the Department of Agriculture (DA) said on Monday. In its latest bulletin, the department said the agricultural damage caused by the tropical storm hit P2.26 billion and affected 59,669 farmers.
The volume of production losses in the Ilocos Region, Cagayan Valley, Central Lu -
CIIS Director Verne Enciso. Smuggled disposable vapes, vape accessories and branded garments and bags with brands such as Adidas, Nike and NBA were also discovered. There were also school supplies of popular characters such as Hello Kitty, Spiderman and Disney characters as well as aerosols, cosmetics, tools and other general merchandise.
The Enforcement and Security Service-MICP and the Coast Guard conducted the operation in compliance with a letter of authority (LOA) issued by Customs Commissioner Bienvenido Y. Rubio.
zon, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon), Bicol, Western Visayas, and Eastern Visayas regions was pegged at 51,728 metric tons (MT).
“The increase in reported values is due to updates on rice and damaged irrigation facilities (NIS and CIS) from Ilocos Region, Cagayan Valley, Central Luzon, Calabarzon, Bicol Region, Western Visayas, and Eastern Visayas,” the DA said.
Rice bore the brunt of the damage brought by typhoon Enteng at 48,646 MT. Corn, high-value crops, and cassava also
“I am sure that this will be one of the biggest operations by the BOC this year in terms of the value of the goods found. In recent months, we’ve been monitoring several warehouses for violation of intellectual property rights,” Rubio said.
The warehouse owners and operators were given 15 days to submit documents showing the subject imported goods were legitimately imported and that correct duties and taxes were duly paid pursuant to Section 224 of the Customs Modernization and Tariff Act (CMTA).
Otherwise, they will face charges for violating Section 117 (Regulated
sustained damage at 2,434 MT, 548 MT, and 101 MT, respectively.
“Most of the damage and losses on rice [and corn] are in the reproductive and maturity stages,” it added.
The report said the production losses are equivalent to P1.11 billion for rice, P42.66 million for corn, P1.98 million for cassava, and P26.66 million for high-value crops, P16,000 for livestock and poultry, and P1.08 billion for irrigation facilities.
The DA said 37,471 hectares of agricultural areas were affected by the tropical
Importation and Exportation) and Section 1400 (Misdeclaration in Goods Declaration) in relation to Section 1113 (Property Subject to Seizure and Forfeiture) of the CMTA.
They will also face charges in accordance with Republic Act 8293, or the Intellectual Property Code of the Philippines and Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN Law).
The BOC temporarily padlocked and sealed the subject storage areas as the final inventory of the goods by the assigned Customs examiner is still pending. Reine Juvierre Alberto
storm. Of these, 30,158 hectares have a chance to recover.
The department said P202.86 million worth of assistance such as seeds, biocontrol measures, and farm tools would be provided by DA Regional Field Offices.
The affected farmers could also avail of the Survival and Recovery (SURE) Loan Program from the Agricultural Credit Policy Council (ACPC) with a loanable amount of up to P25,000 per farmer payable in three years at zero interest.
The DA also noted that available funds from the Philippine Crop Insurance Corporation (PCIC) would be disbursed to indemnify affected farmers.
Sara asked: Show commitment to transparency, accountability
AS the House or Representatives’s Committee on Appropriations resumes deliberations on the Office of the Vice President’s proposed P2.037-billion budget for 2025 on Tuesday, leaders of the House of Representatives on Monday called on Vice President Sara Duterte to demonstrate her commitment to transparency and accountability by fully participating in the budget deliberation process.
This request follows her recent performance at a House Committee on Appropriations hearing, where she was criticized for evading questions and resorting to insults. During the hearing on the P2.037 billion budget proposal for the Office of the Vice President (OVP) for 2025, Duterte was notably uncooperative, particularly regarding the use of P125 million in confidential funds spent within just 11 days in December 2022.
House Deputy Majority Leader Jude Acidre emphasized that scrutiny of the budget is crucial for ensuring responsible use of public funds.
“Why are you explaining things outside, Vice President? You should address transparency and accountability here in the budget process because we’re talking about taxpayers’ money. Go to the hearing tomorrow [Tuesday]. The budget hearings ensure that public funds are allocated responsibly and that agencies, including the OVP, justify their expenses,” Acidre explained, emphasizing that budget scrutiny is not an “attack” on Duterte personally but part of due process to safeguard taxpayer money.
“If she claims not to be a ‘spoiled brat,’ she must prove it by respecting the process and providing the answers we need to evaluate her office’s budget,” he added.
Assistant Majority Leader Amparo
Maria Zamora reiterated that budget deliberations are not about “getting what we want” or “hearing what we want to hear” but about ensuring public funds are used properly.
“It is our duty to ask tough questions, and it’s her duty as an elected official to respond thoroughly and with clarity,” Zamora said. “Dismissing our queries as ‘patutsada’ undermines the process and the institution we are all part of. We ask for professionalism.”
Assistant Majority Leader Jil Bongalon urged the Vice President to stop framing the hearing as a personal attack and instead recognize it as part of her responsibility as the country’s second-highest official.
“The refusal to answer questions about the confidential funds only raises more concerns,” Bongalon noted. “If she believes she has done no wrong, she should welcome the chance to explain her office’s actions. Public service requires transparency and humility, especially in handling public funds.”
Meanwhile, House Deputy Minority Leader and ACT Teachers Rep. France Castro has criticized Duterte for using evasive tactics and media appearances to avoid addressing the issue of P125 million in confidential funds spent in December 2022.
“Again, VP Duterte is using squid tactics to cover up her misdeeds. She should just stop the drama and explain where and how she spent P125 million in confidential funds in 11 days,” said Castro.
Castro emphasized the importance of transparency and accountability, especially when it involves public funds. She noted that the people deserve to know how their money is being spent and that public officials must be held to the highest standards of integrity and responsibility.
Jovee Marie N. dela Cruz
Oil firms slash fuel prices
By Lenie Lectura @llectura
LOCAL fuel pump prices are going down this week by more than P1 per liter.
Oil companies announced Monday a price rollback of P1.55 per liter for gasoline products, diesel by P1.30 per liter, and kerosene by P1.40 per liter.
The new price adjustment will take effect at 6:00 a.m. on Tuesday at all service stations of Petron, Shell, Caltex, Total, Unioil, Seaoil, PT&T, Phoenix, and Jetti.
Cleanfuel said it will implement the new prices at 12:01 a.m. of September 10.
Last week, gasoline prices increased by P0.50/liter, P0.30/liter for diesel and P0.70/liter for kerosene. This brought the year-to-date, total adjustment of gasoline and diesel at a net increase of P7.40/ liter and P4.35/liter, respectively. However, kerosene has a total net decrease of P3.30/liter.
Oil companies adjust their pump prices every week to reflect movements in the world oil market.
Director Rodela Romero of the Department of Energy’s (DOE)Oil Industry Management Bureau, this week’s oil price rollback was brought about by the sluggish demand from China and US, recovery of oil production in Libya, and plans of the Organization of Petroleum Exporting Countries to boost output by 180,000 barrels per day in October.
SC upholds Bangsamoro Organic Law; excludes Sulu
THE Supreme Court on Monday upheld the validity of Republic Act No. 11054, also known as the Bangsamoro Organic Law (BOL), but ruled that the Province of Sulu is not part of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) after the province rejected the law’s ratification.
The unanimous decision was reached by the Court en banc during a special session Monday, according to SC spokesman Camille Sue Mae Ting.
Ting said the Court decision is immediately executory.
The decision stemmed from the petition filed by the provincial government assailing its inclusion in the BARMM despite its rejection of the BOL.
The Court declared unconstitutional the interpretation of the provision in the law directing the provinces and cities of ARMM to vote as one geographical unit, including provinces that did not vote to be included.
The provision, according to the SC, violates Article X, Section 18 of the Constitution, which states that only provinces, cities, and geographic areas voting favorably in the plebiscite shall be included in the autonomous region.
“As Sulu rejected the Bangsamoro Organic Law in the plebiscite, it was wrong to include the province in BARMM,” the SC declared in a decision penned by Senior Associate Justice Marvic M.V.F. Leonen.
While it granted Sulu’s petition, the Court denied other challenges that the petitioner presented against the BOL.
The Court ruled that the BOL is consti -
tutional because it does not make BARMM a separate state from the Philippines.
“The Law did not give it the power to enter into relations with other states, nor did it grant the BARMM its sovereignty. Matters of national defense and security, citizenship, foreign policy, and foreign trade remain with the national government,” the Court said.
“The BARMM’s autonomy is limited to its internal governance. The greater autonomy given to the region does not imply separation from the national government,” it added.
The Court also upheld the parliamentary form of the Bangsamoro government.
“An autonomous region is not prohibited from prescribing a form of government that differs from the national government so long as it upholds democratic principles,” the SC pointed out.
Based on the Court’s records, the BOL was enacted on July 27, 2018, providing for the establishment of BARMM as a political entity and its corresponding basic governmental structure.
The BARMM’s creation and determination of its territorial jurisdiction will take effect upon the law’s ratification by majority of the votes cast in a plebiscite.
A plebiscite was conducted on January 21, 2019, covering areas of then Autonomous Region in Muslim Mindanao (ARMM) and Isabela City in Basilan and Cotabato City.
Another plebiscite was held on February 6, 2019, in Lanao del Norte, municipalities in North Cotabato, and other areas that petitioned for voluntary inclusion.
The majority of the ARMM ratified the law, except for Sulu. Joel R. San Juan
RSA TO ‘PRAY’ FOR CORRUPT OFFICIALS AT AIRPORT
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With the BI’s purchase of new electronic gates (E-gates), “I think the interaction with Immigration officials will be somewhat reduced, and I’m sure the passenger experience will be greatly enhanced,” he added. He said NNIC wants bulk of the new E-gates to be installed at Naia, being the country’s main gateway. NNIC is set to take over the maintenance and operations of the Naia on September 14, and Alvarez said “quick improvements will be felt within three to six months.”
AirSWIFT purchase
MEANWHILE , Cebu Pacific (CEB) ruled out the possibility of taking over the El Nido, Palawan airport currently managed by the Ayala Group, should the airline successfully purchase AirSWIFT, also owned by the latter.
34.6% OF PHL
Continued from A12
Moreover, Querubin said, with the rise of AI and other technologies, employers need to factor in how they can leverage these for their business, and whether they ought to train their workforce for it or recruit digital talent to facilitate digital transformation. Moving forward, WTW noted that 24.4 percent of Philippine companies plan to increase headcount in the next year. The firm said this is “one of the highest rates” in the region.
In an interview, CEB President Alexander Lao said, “We’re an airline, so we’re good at running aircraft, we’re not good at operating airports.” Observers have noted the CEB’s purchase doesn’t prevent the Ayala Group from opening the El Nido Airport to other carriers, which tourism stakeholders have long been urging, especially with the frequent breakdowns of AirSWIFT’s aircraft or flight cancellations.
“I think what they need is increased capacity. With their current fleet, is it enough? Do they have enough slots, do they have enough planes, pilots. It’s more complicated than that,” he said.
CEB is still “in discussions” with the Ayala Group for the AirSWIFT purchase, he stressed, and they are not giving themselves any deadline to complete the purchase. He did not say what details of the purchase were major sticking points in the negotiations. Ma. Stella F. Arnaldo
SC sets oral arguments for petition vs fund transfers
two petitions.
TBy Joel R. San Juan @jrsanjuan1573
HE Supreme Court has set for oral arguments the petitions questioning the constitutionality of the insertions in the unprogrammed appropriations in the 2024 General Appropriations Act (GAA) amounting to hundreds of billions of pesos
At a press briefing, SC spokesman Camille Sue Mae Ting said the Court set for January 14, 2025 the oral arguments on the two consolidated petitions filed by Senate Aquilino Pimentel III et al and Bayan Muna chairman Neri Colmenares et al.
Likewise, the SC ordered the respondents in the Bayan Muna et al petition, namely President Ferdinand “Bongbong” Marcos Jr., Executive Secretary Lucas Bersamin, Senate of the Philippines and the House of Representatives, to comment on the petition within a non-extendible period of 10 days. It also directed the consolidation of the
ADB prexy Asakawa cuts short 2nd term, exits in Feb
ASIAN Development Bank (ADB) Presi -
dent Masatsugu Asakawa announced on Monday that he has decided to cut short his second term by stepping down on the last Sunday of February next year.
Asakawa was first elected as President on November 30, 2019 and assumed the Presidency on January 17, 2020 to serve the remaining term of his predecessor, Takehiko Nakao.
“It has been a profound honor to serve as President of ADB,” Asakawa said. “After careful reflection, I believe the time is right for new leadership to bring fresh perspectives and renewed energy to this essential work.”
ADB said Asakawa led the Manila-based multilateral development bank through unprecedented global challenges and significant milestones that have strengthened ADB’s role in fostering development and resilience across Asia and the Pacific.
“I am deeply grateful for the support of our Board, member governments, and the dedication of our Staff in delivering on ADB’s mission to promote inclusive, resilient, and sustainable growth,” Asakawa said.
During Asakawa’s term, ADB launched its Covid-19 pandemic response which included a $20-billion response package that provided critical support to the most vulnerable communities.
The Asia Pacific Vaccine Access Facility was also established to ensure the procurement and distribution of life-saving vaccines to millions across the region.
The petition filed by Senator Aquilino Pimentel III, the Philippine Medical Association (PMA) and several others sought to declare unconstitutional Department of Finance (DOF) Circular No. 003-204 and Section 1(d) of XLIII of the 2024 General Appropriations Act (AA).
The DOF Circular directs the transfer of unused subsidies from government-owned and-controlled corporations (GOCCs), specifically PhilHealth amounting to P89.9 billion, to the national treasury to bolster the government’s unprogrammed appropriations
It was issued in line with Section 1(d) of XLIII of the GAA 2024, which the petitioners said was an “inserted” provision on unpro -
grammed appropriations. They sought a temporary restraining order (TRO) and/or writ of preliminary injunction to prevent the transfer of funds from PhilHealth to the National Treasury, and preserve/restore the status of petitioners prior to the transfer of P20 billion from PhilHealth to the national treasury last May 2024.
Ting said the Court may still rule on the plea for the TRO prior to the conduct of the oral arguments.
In its petition, the group Bayan Muna sought to nullify the P449.5-billion budget increase in the 2024 unprogrammed appropriations for violation Article VI, Section 22 of the Constitution, which requires all laws to go through required legal proceedings unless
“there is a public emergency and calamity.” It also asked the Court to declare as void the Certification of Urgency for House Bill No. 8980 or the General Appropriations Bill, absent the existence of any calamity or emergency under Article VI, Section 26(2) of the Constitution. The group also asked that the Presidential Certification, the amount of P449.5 billion inserted in the unprogrammed appropriations under the 2024 GAA, and Section 1 (d) of XLIII of the Unprogrammed Appropriations in the 2024 GAA be declared void. The Office of the Solicitor General has sought the dismissal of the petition filed by Pimentel et al, saying the transfer of PhilHealth’s excess funds is not contrary to the provisions of the Constitution.
It was aldo under his term when ADB repositioned itself as the Climate Bank for Asia and the Pacific, with a commitment to mobilize at least $100 billion in climate financing by 2030 to support mitigation and adaptation efforts, including through the private sector.
While attrition remains high in certain areas, WTW said many employers in the Philippines are reporting that the “intense wave” of resignations and turnover has stabilized and become more manageable.
Organizations have shifted their focus to retention strategies and workforce planning with “greater confidence,” said the firm. The Salary Budget Planning Report is compiled by WTW’s Rewards Data Intelligence practice.
The survey was conducted between April and June 2024. WTW said approximately 32,000 responses were received from companies across 168 countries worldwide.
In Asia Pacific, 1,788 organizations responded, including 440 companies from the Philippines.
“This indicates a resumption in recruitment activities and sustained demand for talent, especially in the Business Services, Leisure, Banking, Technology, and Energy and Natural Resources sectors,” said WTW. On the other hand, the firm said 6.1 percent of Philippine companies intend to reduce headcount, while 69.5 percent plan to maintain their current headcount.
chief vacating post, but vows to clear name
FIRMS CUT SALARY BUDGETS FOR 2024 ERC
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Still, industry stakeholders hope this development will not have an adverse effect on the power industry.
“We hope that the ERC is able to continue to address the pressing needs of the industry, and that the matter will be resolved soonest,” commented ACEN Corp. President Eric Francia via Viber. Alternergy Holdings Corp. chairman and former Energy Secretary Vince Pérez hopes for an urgent resolution to this.
Asakawa oversaw key reforms to ADB’s Capital Adequacy Framework, which will unlock an additional $100 billion in lending capacity over the next decade, enabling ADB to continue addressing the region’s development challenges.
He also prioritized strengthening domestic resource mobilization, helping developing member countries build more resilient financial systems through improved tax policies, financial sector reforms, and public financial management.
The Asian Development Fund (ADF) has been pivotal in supporting the region’s poorest and most vulnerable nations. Under Asakawa’s leadership, the ADF achieved a $5 billion replenishment, reinforcing ADB’s commitment to inclusive and sustainable growth in its developing member countries.
Cai U. Ordinario
without proper basis.”
The administrative investigation stemmed from a 2023 complaint filed by Nasecore which allegedly claimed that Dimalanta allowed Meralco to purchase electricity from Wholesale Electricity Spot Market at higher prices.
In the past two years, Chair Mona has tirelessly worked to implement the policies and reforms formulated by the DOE into regulatory mechanisms to be adopted by industry stakeholders. Chair Mona’s absence at the ERC could negatively impact the implementation of these reforms,” Pérez said. Based on reports available to the ERC, the suspension seemed to be anchored on alleged grounds that are “unfounded and
“I am saddened to learn the news about the preventive suspension order against ERC Chairperson Atty. Monalisa Dimalanta. I understand there is a process that needs to take place. I have continued faith and confidence that the allegations will be resolved favorably.
The Nasecore said Meralco, in turn, passed on the charges to consumers without the required prior approval of the ERC, in violation of the Electric Power Industry Reform Act.
“This is about the legality of Meralco purchases at WESM that are passed on to its captive customers without ERC approval,” said Nasecore President Pete Ilagan in a Viber message.
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Knowledge of file management, transcription, and other administrative procedures or a related field; Good communication and interpersonal skills Salary Range: Php 30,000 - Php 59,999 6.
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Range: Php 30,000 - Php 59,999
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Basic Qualification: Associate/Supervisor shall provide uncompromising quality support to improve the operation of the Admin Team. Performs administrative duties related to the operations
44. WANG, CHAOYANG Marketing And Sales Agent
Brief
Salary
45. WANG, HAICHENG Marketing And Sales Agent
Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales
46. ZHAO, LIMEI Marketing And Sales Agent
Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.
Basic Qualification: Can contributes information, ideas, and research to help develop marketing strategies; can help to detail, design, and implement marketing plans for each product or service being offered.
Salary Range: Php 30,000 - Php 59,999
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47. NARULA, UDIT Assistant Vice President - Workforce Management
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48. JOSEPH, AUSTIN ANTHONY Vice President - Operations
Brief Job Description: Leads at least 5 to 7 small to large client operations / programs within the Philippines and possibly other geos.
Basic Qualification: Any bachelor’s degree, preferably in statistics. Several years of progressive experience in workforce management, operations, or related roles.
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Pope Francis warmly welcomed in East Timor, bringing hope and healing amid turbulent past
By Nicole Winfield & Niniek Karmini
The Associated Press
DILI, East Timor—The people of East Timor gave Pope Francis a rousing welcome Monday as he arrived in the Southeast Asian country to encourage its recovery from a bloody and traumatic independence battle and celebrate its development after two decades of freedom from Indonesian rule.
Timorese jammed Francis’ motorcade route into town from the airport, waving Vatican and Timorese flags and toting yellow and white umbrellas—the colors of the Holy See—to shade themselves from the scorching midday sun.
“Viva el Papa!” they shouted as he passed by. At one point his open-topped car slowed enough so he could bless a baby who was presented to him in the middle of the crowd.
The occasional Timorese guards along the motorcade route were no match for the throngs of people, many donning T-shirts with Francis’ face on them, who slowed the convoy of cars and vans to a crawl. The 87-year-old Francis seemed to relish the greeting, smiling broadly from the car and waving as he passed by billboard after billboard featuring his image and words of welcome.
Francis arrived in Dili from Papua New Guinea to open the third leg of his trip through Southeast Asia and Oceania. President Jose Ramos-Horta and Prime Minister Xanana Gusmao, two of East Timor’s most revered independence heroes, greeted Francis at the airport and were meeting with him privately.
The pope was to address government officials and diplomats later Monday after an official welcome ceremony.
The overwhelmingly Catholic East Timor, one of the world’s poorest countries and Asia’s youngest, eagerly awaited Francis’ arrival, which came on the heels of the 25th anniversary of the UN-backed referendum that paved the way for independence from Indonesia.
“Our great hope is that he may come to consolidate the fraternity, the national unity, peace and development for this new country,” said Estevão Tei Fernandes, a university professor.
It was a far different atmosphere than when the last pope visited. St. John Paul II came in 1989, when Timor was still an occupied part of Indonesia and fighting for its freedom. A decade later, after Timorese voted overwhelmingly for independence, Indonesia’s military responded with a scorched-earth campaign that destroyed 80 percent of the country’s infrastructure and shocked the world. Overall, as many as
200,000 people were killed during the 24 years of Indonesian rule.
John Paul’s visit, which culminated with a massive Mass on the seaside near Dili, helped draw international attention to the plight of the Timorese people and shine a spotlight on the oppressiveness of Indonesia’s occupation.
“That was a different time,” said Vicente Oliveira Soares, 42, owner of a digital printing business. “Now we are happy because we are free, we as a new nation we are very happy to receive and to meet with Pope Francis.”
Francis will confront Timor’s traumatic legacy, and another one closer to home involving Bishop Carlos Ximenes Belo, the Timorese bishop who, along with Gusmao and Ramos-Horta, is regarded as a hero for his efforts to win independence.
Belo won the Nobel Peace Prize in 1996 with Ramos-Horta for campaigning for a fair and peaceful solution to the conflict.
But in 2022, the Vatican acknowledged that it had secretly sanctioned Belo two years earlier for sexually abusing young boys. The sanctions included limitations on his movements and exercise of ministry and prohibited him from having voluntary contact with minors or contact with East Timor itself.
The sanctions were reinforced in 2021.
Despite the sanctions, which were confirmed at the time by the Vatican spokesman and reaffirmed last week ahead of Francis’ trip, many people in East Timor have stood by Belo, either dismissing, denying or diminishing the victims’ claims. Some even hoped Belo, who lives in Portugal, would be on hand to welcome Francis.
Another priest, American missionary Richard Daschbach, who is also revered for his role in saving lives in the liberation fight, is serving a 12-year sentence in a Timorese prison for molesting disadvantaged girls. He was defrocked by the church.
Ramos-Horta, for his part, told The Associated Press last week that Francis’ visit was not the time to revisit the church’s scandals. While saying it was for the Vatican to manage, having the pope raise the matter of abuse during his visit “would be like trying someone twice,” he told AP. Only about 20 percent of East Timor’s people were Catholic when Indonesia invaded in 1975, shortly after Portugal abandoned it as a colony. Today, some 98 percent of East Timor’s 1.3 million people are Catholic, making it the most Catholic country in the world outside the Vatican.
Francis will celebrate that heritage on Tuesday especially, when he celebrates a Mass on the same seaside esplanade where John Paul celebrated Mass in 1989 and encouraged the Timorese people. Authorities expect some 700,000 people will attend Tuesday’s Mass.
2 NATO members say Russian drones violated their airspace
By the Associated Press
KYIV, Ukraine—Two NATO members said Sunday that Russian drones violated their airspace, as one reportedly flew into Romania during nighttime attacks on neighboring Ukraine while another crashed in eastern Latvia the previous day.
A drone entered Romanian territory early Sunday as Moscow struck “civilian targets and port infrastructure” across the Danube in Ukraine, Romania’s Ministry of National Defense reported. It added that Bucharest had deployed F-16 warplanes to monitor its airspace and issued text alerts to residents of two eastern regions.
It also said investigations were underway of a potential “impact zone” in an uninhabited area along the Romanian-Ukrainian border. There were no immediate reports of casualties or damage.
Later on Sunday, Latvia’s Defense Minister Andris Sprūds said a Russian drone fell the day before near the town of Rezekne, and had likely strayed into Latvia from neighboring Belarus.
Rezekne, home to over 25,000 people, lies some 55 kilometers (34 miles) west of Russia and around 75 kilometers (47 miles) from Belarus, the Kremlin’s close and dependent ally.
While the incursion into Latvian airspace appeared to be a rare incident, Romania has confirmed drone fragments on its territory on several occasions since Russia invaded Ukraine in February 2022, as recently as July this year.
Mircea Geoană, NATO’s outgoing deputy secretary-general and Romania’s former top diplomat, said Sunday morning that the military alliance condemned Russia’s violation of Romanian airspace.
“While we have no information indicating an intentional attack by Russia against Allies, these acts are irresponsible and potentially dangerous,” he wrote on the social media platform X.
Latvia’s military on Sunday similarly said there were no indications that Moscow or Minsk purposely sent a drone into the country. In a public statement,
the military said it had identified the crash site, and that a probe was ongoing.
Sprūds, the Latvian defense minister, sought to downplay the significance of the drone incursion.
“I can confirm that there are no victims here and also no property is infringed in any way,” Defense Minister Andris Sprūds told the Latvian Radio on Sunday, adding that any risks in the event were immediately eliminated: “Of course, it is a serious incident, as it is once again a reminder of what kind of neighboring countries we live next to.”
Ukraine Foreign Minister Andrii Sybiha called the incursions “a reminder (that) the aggressive actions of the Russian Federation go beyond Ukraine’s borders.”
“The collective response of the Allies should be maximum support for Ukraine now, to put an end to (Russian aggression), protect lives and preserve peace in Europe,” Sybiha said in a post on X.
Civilians reported killed in Ukraine IN Ukraine, two civilians died and four more suffered wounds in nighttime Russian airstrike on the northern city of Sumy, the regional military administration reported. Two children were among those wounded, the administration said. The Russian Defense Ministry claimed later on Sunday that its forces struck foreign pro-Kyiv fighters in a village on Sumy’s northern outskirts. It was not immediately clear whether this was a reference to the same attack.
Also on Sunday, Ukraine’s General Staff said that Russian troops continued to pound Sumy and the surrounding regions with airstrikes, and had lobbed at least 16 devastating “glide bombs” at the province by mid-afternoon. Rus -
Flooding in Vietnam: Bus swept away, bridge collapses as death toll hits 59
HBy Aniruddha Ghosal
The Associated Press
ANOI, Vietnam—A bridge collapsed and a bus was swept away by flooding Monday as more rain fell on northern Vietnam from a former typhoon that has caused at least 59 deaths in the Southeast Asian country, state media reported.
Nine people died during the typhoon, which made landfall in Vietnam on Saturday before weakening to a depression, and 50 others died during the consequent floods and landslides. The water levels of several rivers in northern Vietnam were dangerously high.
A passenger bus carrying 20 people was swept into a flooded stream by a landslide in mountainous Cao Bang province Monday morning. Rescuers were deployed but landslides blocked the path to where the incident took place.
In Phu Tho province, rescue operations were continuing after a steel bridge over the engorged Red River collapsed Monday
morning. Reports said 10 cars and trucks along with two motorbikes fell into the river. Three people were pulled out of the river and taken to the hospital, but 13 others were missing. Pham Truong Son, 50, told VNExpress that he was driving on the bridge on his motorcycle when he heard a loud noise. Before he knew what was happening, he was falling into the river. “I felt like I was drowned to the bottom of the river,” Son told the newspaper, adding that he managed to swim and hold on to a drifting banana tree to stay afloat before he was rescued.
Typhoon Yagi was the strongest typhoon to hit Vietnam in decades when it made landfall Saturday with winds up to 149 kph (92 mph). It weakened to a tropical depression Sunday, but the country’s meteorological agency has still warned the continuing downpours could cause floods and landslides.
On Sunday, a landslide killed six people including an infant and injured nine others in Sa Pa town, a popular trekking base known for its terraced rice fields and mountains.
Overall, state media reported 21 deaths and at least 299 people injured from the weekend. Skies were overcast in the capital, Hanoi, with occasional rain Monday morning as workers cleared the uprooted trees, fallen billboards and toppled electricity poles.
Heavy rain continued in northwestern Vietnam and forecasters said it could exceed 40 centimeters (15 inches) in places.
Initially, at least 3 million people were left without electricity in Quang Ninh and Haiphong provinces, and it’s unclear how much has been restored.
The two provinces are industrial hubs, housing many factories that export goods including EV maker VinFast and Apple suppliers Pegatrong and USI. Factory workers told The Associated Press on Sunday that many industrial parks were inundated and the roofs of many factories had been blown away.
Prime Minister Pham Minh Chinh visited Haiphong city on Sunday and approved a package of $4.62 million to help the port city recover.
Yagi also damaged agricultural land, nearly 116,192 hectares where rice is mostly grown.
Before hitting Vietnam, Yagi caused at least 20 deaths in the Philippines last week and four deaths in southern China.
Chinese authorities said infrastructure losses across the Hainan island province amounted to $102 million with 57,000 houses collapsed or damaged, power and water outages and roads damaged or impassable due to fallen trees. Yagi made a second landfall in Guangdong, a mainland province neighboring Hainan, on Friday night.
Storms like Typhoon Yagi were “getting stronger due to climate change, primarily because warmer ocean waters provide more energy to fuel the storms, leading to increased wind speeds and heavier rainfall,” said Benjamin Horton, director of the Earth Observatory of Singapore.
The Associated Press writer Kanis Leung in Hong Kong contributed to this report.
sian forces shelled the city again during the day Sunday, wounding a teenager and a civilian man, the regional prosecutor’s office reported.
Three more women died Sunday after Russian forces shelled a village in the eastern Donetsk region, Gov. Vadym Filashkin reported on the Telegram messaging app. Separately, Russian shelling killed a woman on the outskirts of Kharkiv, Ukraine’s second city in the northeast, local authorities said.
Meanwhile, the death toll rose to 58 from the massive Russian missile strike that on Tuesday blasted a military academy and nearby hospital in the eastern city of Poltava, regional Gov. Filip Pronin reported. More than 320 others were wounded.
Since it launched a full-scale invasion of Ukraine in early 2022, the Russian military has repeatedly used missiles to smash civilian targets, sometimes killing scores of people in a single attack.
Russian forces continued their month-long grinding push toward the city of Pokrovsk, and also ramped up attacks near the town of Kurakhove farther south, Ukraine’s General Staff reported.
Russia’s Defense Ministry said Sunday its troops had taken Novohrodivka, a small town some 19 kilometers (11 miles) southeast of Pokrovsk. An update published Saturday evening by DeepState, a Ukrainian battlefield analysis site, said Russian forces had “advanced” in Novohrodivka and captured Nevelske, a village in the southeast of the Pokrovsk district.
Pokrovsk, which had a prewar population of about 60,000, is one of Ukraine’s main defensive strongholds and a key logistics hub in the Donetsk region. Its capture would compromise Ukraine’s defense and supply routes, and would bring Russia closer to its stated aim of capturing the entire Donetsk region.
Berlin raises prospect of peace talks with Russia ALSO on Sunday, German Chancellor Olaf Scholz said that he and Ukrainian President Volodymyr Zelenskyy agree that Moscow should be included in a future peace conference aimed at ending its invasion of Ukraine.
“There will certainly be a further peace conference, and the president (Zelenskyy) and I agree that it must be one with Russia present,” Scholz told Germany’s ZDF public television.
A previous peace conference June 15-16 in Switzerland ended with 78 countries expressing support for Ukraine’s “territorial integrity” but otherwise left the path forward unclear. Russia did not participate. Ukraine’s Zelenskyy did not immediately comment on Scholz’s remarks, but said in a video address Sunday that he had held “important negotiations” with the German leader and Italian Prime Minister Giorgia Meloni. He did not give details.
The Associated Press writers Stephen McGrath in Sighisoara, Romania, and Jari Tanner in Helsinki, Finland contributed to this report.
China and Russia to conduct joint naval, air drills amid Ukraine invasion crisis
BEIJING—China’s Defense Ministry on Monday announced joint naval and air drills with Russia starting this month, underscoring the closeness between their militaries as Russia presses its grinding invasion of Ukraine.
The ministry said the “Northern United-2024” exercises would take place in the Sea of Japan and the Sea of Okhotsk farther north, but gave no details.
It said the naval and air drills aimed to improve strategic cooperation between the two countries and “strengthen their ability to jointly deal with security threats.”
The notice also said the two navies would cruise together in the Pacific, the fifth time they have done so, and together take part in Russia’s “Great Ocean-24” exercise. No details were given.
China has refused to criticize Russia’s fullscale invasion of Ukraine, now in its third year, and blamed the US and NATO for provoking
President Vladimir Putin. While China has not directly provided Russia with arms, it has become a crucial economic lifeline as a top customer for Russian oil and gas as well as a supplier of electronics and other items with both civilian and military uses. Russia and China, along with other US critics such as Iran, have aligned their foreign policies to challenge and potentially overturn the Western-led liberal democratic order. With joint exercises, Russia has sought Chinese help in achieving its long-cherished aim of becoming a Pacific power, while Moscow has backed China’s territorial claims in the South China Sea and elsewhere. That has increasingly included the 180-kilometer (110-mile) wide Taiwan Strait that divides mainland China from the self-governing island democracy that Beijing considers its own territory and threatens to invade.
UKRAINIAN
POPE Francis waves from the car in Dili, East Timor on Monday, September 9, 2024. AP/DITA ALANGKARA
Millions of jobless youth: A growing concern in NCR editorial
The latest labor force survey by the Philippine Statistics Authority (PSA) revealed a troubling trend in Metro Manila, the country’s economic and political hub. The region has lost the most jobs and created the least employment in July 2024, resulting in a significant increase in the number of jobless Filipinos. This is a worrying development, particularly for fresh graduates who are entering the labor market. (Read the BusinessMirror story: “NCR lost most jobs, had fewest new ones,” September 7, 2024).
The data shows that the number of unemployed Filipinos has risen to 2.38 million, with 1.02 million of them being youth aged 15-24 years old. This accounts for a staggering 43 percent of the total unemployed population. The reasons behind this trend are multifaceted, but one major factor is the influx of new graduates entering the labor market without being absorbed into employment.
While National Statistician Claire Dennis S. Mapa has expressed optimism that the situation may improve with the approaching Christmas season, the government must take concrete steps to address the root causes of this problem. The shrinking labor force participation rate among young Filipinos underscores a concerning reality: many lack the skills and opportunities required to thrive in today’s dynamic job market. Indeed, the “ber” months, typically associated with a surge in employment opportunities, offer a glimmer of hope. However, this seasonal bump is not a sustainable solution. The government needs to implement long-term strategies to address the structural challenges hindering employment growth, particularly for young Filipinos.
This situation demands a multifaceted approach. The government needs to invest in education and training programs that equip young Filipinos with the skills needed for the modern economy. Additionally, measures ought to be put in place to incentivize companies to hire recent graduates. This will provide the youth with valuable work experience and create opportunities for them to contribute their fresh perspectives to the workforce.
It is encouraging to hear Socioeconomic Planning Secretary Arsenio M. Balisacan highlighting the administration’s commitment to mobilizing a whole-of-government approach to secure job-generating investments nationwide. The strategies outlined, including attracting investments in high-quality job sectors, scaling up social and physical infrastructure, and implementing reskilling and upskilling programs, are all crucial steps in the right direction.
However, it is essential that these plans are translated into tangible action and implemented with urgency. There’s an urgent need to prioritize the creation of quality jobs, particularly in the private sector, to absorb the growing number of young Filipinos entering the labor market. While there are reasons to be optimistic about the potential for improvement, it is imperative that we take proactive steps to address the underlying issues and ensure that our young citizens have the opportunities they need to succeed.
The future of young Filipinos hangs in the balance. Addressing this unemployment crisis is not just an economic imperative, but also a moral one. It is essential to ensure that the next generation of Filipinos has the opportunity to contribute to the nation’s progress. Only then can we build a brighter future for ourselves and for generations to come.
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Your debt: More critical than government debt?
TJohn Mangun
OUTSIDE THE BOX
he headline reads something like “Philippines debt hits record P15.69 trillion in July” and the wailing begins. Then comes something like “To pay off this debt, each Filipino has to pay around P140,000.”
Let’s look at the second statement first. It comes from a former member of Congress, which may be a reason why the financial situation of the government has had so many problems. Initially, “The People” are not liable for the national government’s debt. In fact, if you want to get specific, only Congress is legally required to pay the debt of the government, since it is the Congress that took out the debt. Citizens are not responsible for paying public debt. That is why it is called “public debt.”
You may argue that citizens do pay the debt through taxes and that is another issue. But then again, in 2023 the Philippine government spent P1.5 trillion more than it raised in revenue, and it did not ask anyone if it was acceptable for the government to spend more than it takes in.
So, the people were never asked if they wanted to borrow the P15.69
Ttrillion, there is no legal obligation for each Filipino to pay the debt, and—this is important—sovereign national debt is never fully paid off.
The lenders, including individuals and financial institutions, provide loans to national governments without expecting the loans to be fully repaid. The lenders carry the loan on their accounting books as an “asset,” and they make a profit from the interest payments. At some future time, the loan will mature and be “paid in full” for accounting purposes. But effectively, the lenders simply create a new loan to pay off the old loan so that the interest payments continue.
When the headline reads, “Argentine debt restructuring” (2005) or “Ukraine’s bondholders approve crucial $20 bln debt restructuring,” this is what that means.
The value of the current loan is
By Daisuke Sakai & Georgina McKay
he outlook for Asian stocks is deteriorating as the worse-thanexpected US payrolls report on Friday undermined earlier optimism over a soft landing for the US economy, analysts say.
Shares in technology-heavy markets such as Japan and South Korea may suffer due to their close correlations with the global economic outlook, said Hebe Chen, an analyst at IG Markets Ltd. in Melbourne. The yen is set to gain from an increase in risk aversion, though it’s unlikely to strengthen as far as 140 per dollar, said Jun Kato, chief market analyst at Shinkin Asset Management Co. in Tokyo.
Here is a selection of comments from analysts: IG Markets Ltd. (Hebe Chen, an analyst in Melbourne) Asian stock markets, especially tech-driven ones like Japan, Taiwan, and South Korea, are set to brace for a storm with their economies acutely sensitive to the brewing global downturn.
In the currency market, a weakening US dollar might provide some short-term support to Asian currencies. However, if the dark clouds of a struggling US economy spread glob -
ally, risk-sensitive currencies like the Aussie could soon come under severe strain.
Shinkin Asset Management Co. (Jun Kato, chief market analyst in Tokyo) I don’t think the US jobs report was that bad. However, the US stock market was weak and USD/JPY was heavy on the upside at the 143 yen level, so risk aversion is likely to prevail again this week.
Since the labor market was not as much of a major disappointment, despite risk aversion, I do not think USD/JPY will move below 140 yen.
Slightly weaker-than-expected US jobs report will not prompt the Fed to cut rates by 50 basis points at its September meeting. However, together with the past revisions, the
The lenders, including individuals and financial institutions, provide loans to national governments without expecting the loans to be fully repaid. The lenders carry the loan on their accounting books as an “asset,” and they make a profit from the interest payments. At some future time, the loan will mature and be “paid in full” for accounting purposes. But effectively, the lenders simply create a new loan to pay off the old loan so that the interest payments continue.
written down, a “haircut” in official financial language, by 37 percent in Ukraine’s recent case. Bad for the banks’ balance sheet for a minute. But the lenders get to own new loans equal to 40 percent of the old loans now backed by the International Monetary Fund and at a higher interest rate than before. Also, the lenders to Ukraine received new bonds worth 23 cents. Forty plus 23 minus 37 is a great 26 percent profit plus interest. Want to become super rich? Loan money to a nation that cannot pay its bills but is backed by the IMF.
Now, back to national debt. One important way to measure national debt is the “Public Debt to GDP Ratio.” The Philippine ratio is about 65 percent. Japan’s stands at 264 per-
“Asian stock markets, especially tech-driven ones like Japan, Taiwan, and South Korea, are set to brace for a storm with their economies acutely sensitive to the brewing global downturn.”
result leaves the possibility of a 50 basis-point rate cut, depending on indicators from next month onward.
The result, which leaves expectations for a significant rate cut in the future, will put downward pressure on the dollar in the foreign-exchange market.
In particular, USD/JPY is likely to move lower in the near term due to the increased volatility in Japanese equities since last month. Depending on how the stock market performs, there is a possibility that dollar could break below 140 yen by the end of the week.
Convera Europe SA (Boris Kovacevic, goal macro strategist) Investors hoping to get some clarity on the trajectory of the US labor market and therefore Fed policy from the non-farm payrolls report have been disappointed.
Weaker US growth and heightened expectation of aggressive Fed
cent. Afghanistan’s is 7.4 percent. So Afghanistan has a better economy than Japan? No, lenders are willing to loan to Japan—and the Philippines—because they know they will get their interest payments on time. What is not mentioned in all the histrionics about Philippine debt is how much “household debt” is being carried that is critical to overall economic health as long as government can easily manage its debt service, which the Philippines has no problem doing. From the textbook. “Households with high debt levels cut back on their spending and are more likely to default on their debt, resulting in losses for lenders.” Less spending means less economic growth means fewer jobs means less tax revenue.
The Philippines Household Debt accounted for 11 percent of the country’s Nominal GDP in March 2024. Household Debt comparisons: Indonesia/17 percent, Hong Kong/93 percent, Thailand/92 percent, and South Korea/100 percent. GDP growth comparisons: Philippines/6.3 percent, Indonesia/5.1 percent, Hong Kong/3.3 percent, Thailand/2.3 percent, and South Korea/2.3 percent. Your spending helps fuel the economy. Your debt may hurt the economy.
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
easing are denting the US dollar’s appeal and are helping the Japanese yen push below 143. The US economy is cooling and will eventually lead to lower policy rates. These factors will support the yen. Japanese equities could stomach a rising yen as long as the global soft landing narrative is intact. Once it starts falling apart, the pressure from an appreciating currency and weaker global growth would weigh on equities.
Capital.Com Inc. (Kyle Rodda, senior market analyst in Melbourne) Most crucially the US dollar rallied on Friday, in a sign that the markets no longer believe in a US economic soft landing and are positioning for a tightening of financial conditions typical of a recession. Asian markets are set for a very bearish session, with futures tumbling and anxiety heightened about similar turmoil to what happened in August after the non-farm payrolls.
DBS Bank Hong Kong Ltd. (Carie Li, global strategist in Hong Kong) There’s a risk that markets may
China deflation risk grows as signs of economic weakness mount
ChIna’S core inflation cooled to the weakest in more than three years, adding to signs policymakers are struggling to get households spending and further putting the annual growth target under pressure.
The consumer price index increased 0.6 percent in August from a year earlier, less than a median forecast of 0.7 percent growth in a Bloomberg survey of economists. excluding volatile food and energy costs, core CPI rose 0.3 percent, the least since March 2021, indicating lingering weakness in overall demand.
“The deflationary pressure in China is getting more entrenched,” Michelle Lam, Greater China economist at Societe Generale. “This may well fuel a downward price-wage spiral which will require more radical policy response.”
Factory-gate prices remained stuck in deflation, as they’ve been since late 2022, with the producer price index sliding 1.8 percent from a year earlier, more than economists’ forecast of a 1.5 percent drop.
The modest rise in consumer prices was driven by higher costs of food because of bad weather, Dong Lijuan, chief statistician at the National Bureau of Statistics, said in a statement accompanying the release. Fresh vegetables, in particular, saw prices rise by 18.1 percent due to heavy rainfall.
China’s economy is fighting the longest streak of falling consumer prices since 1999, according to a measure of economy-wide prices.
Weak consumption and investment demand have led to intense price wars in sectors including electric vehicles and solar. This is denting China’s chances of hitting its growth goal of about 5 percent, as consumers delay purchases and businesses slash wages.
“The fiscal policy stance needs to become more proactive in order to prevent the deflationary expectations from becoming entrenched,” said Zhiwei Zhang, chief economist at Pinpoint Asset Management.
“The data suggest policy steps to shore up the economy—from a cash-for-clunkers program to rate cuts—have been inadequate to counter the drag from the slumping housing market and low confidence. We expect policymakers to increase
Asia. . .
Continued from A10
have overpriced the Fed rate cuts. So global stocks can trade within a range and have some correction. A 25 basis-point cut is more likely. There is another risk, which is that the market is kind of like selfreinforcing. When companies get concerned about the economic outlook, they start to increase layoffs, making consumers feel the labormarket outlook is becoming concerning and they in turn spend less and accelerate the economic slowdown.
Wilson Asset Management
China’s economy is fighting the longest streak of falling consumer prices since 1999, according to a measure of economy-wide prices. Weak consumption and investment demand have led to intense price wars in sectors including electric vehicles and solar. This is denting China’s chances of hitting its growth goal of about 5 percent, as consumers delay purchases and businesses slash wages.
support,” said Bloomberg economist David Qu.
Former central bank Governor Yi Gang has called on policymakers to focus on fighting deflationary pressures “right now.” That marked a rare acknowledgment by a prominent Chinese figure of the nation’s battle with falling prices.
“Overall we have the problem of weak domestic demand, especially on the consumption and investment side, so that needs proactive fiscal policy and accommodative monetary policy,” Yi said at the Bund Summit in Shanghai on Friday.
Yi said he hoped the GDP deflator, a broad measure of prices, would turn positive in the next few quarters. But Goldman Sachs’ Chief China economist Hui Shan said that would be “challenging” because of poor sentiment and a lack of confidence about the future.
“Organic private demand seems to be weakening more than we would like to see, but at the same time policymakers are getting uncomfortable,” she said in a Bloomberg TV interview.
The People’s Bank of China still has space to cut the amount of cash banks must keep in reserve, according to Zou Lan, the central bank’s monetary policy department head who noted last week that the average reserve requirement ratio for financial institutions is at about 7 percent. Bloomberg
(Matthew Haupt, a portfolio manager in Sydney)
Near term, the weaker job numbers adds to the probability of a faster slowdown than currently anticipated and importantly drives a larger divergence between Fed policy and the BOJ and will flare up some of that volatility we saw last time this happened.
There’s likely to be some more short-term downside for risk assets as positions are likely to unwind as volatility will likely remain elevated until we get some data to stabilize the potential downside scenario we are seeing develop. expect most weakness in Japan at this stage with all markets to suffer as well. With assistance from Abhishek Vishnoi and Winnie Hsu /Bloomberg
Taxation in tech-savvy PHL
Tatty. Jomel n. Manaig
Tax Law for Business
he Philippines, in many ways, is a country of contrasts. Technology and its influence are no exception.
Despite lagging in Internet connectivity and dropping a few spots when it comes to digital competitiveness, the country was still recognized with epithets like the “Selfie Capital of the World,” the “Facebook Capital of the World,” and the “BPO Capital of the World,” among others. This contrast became more apparent during and after the pandemic when transactions shifted drastically online.
This shift accelerated developments affecting day-to-day businesses. Services performed online was accepted as the new norm. Online selling and e-marketplaces became a staple of everyday lives. Financial technology helped the digital transformation of routine commerce.
As businesses and transactions transform to adapt to the digital age, the government is never far behind. Taxation, which is not traditionally a digital trailblazer, has donned a rocket and is now trying to reach new heights.
At the closing days of 2023, the BIR gave a post-Christmas surprise to taxpayers by requiring the imposition of withholding tax on gross remittances to sellers/merchants made by e-marketplace operators and digital financial services providers (DFSP). The imposition is sweeping. For e-marketplace operators, it covers gross remittances relating to online shopping, food deliveries, bookings, and other similar online products and services. On the other
hand, for DFSPs, it includes gross remittances made thru e-wallets, money transmissions, and other similar modes of payment.
In addition to the withholding tax requirement, the BIR charged e-marketplace operators and DFSPs with ensuring that online sellers/merchants are registered with the BIR. These requirements, while resource intensive for e-marketplace operators and DFSPs, are seen by the BIR as necessary to plug the leaks from online sellers avoiding their obligation to pay their fair share in taxes. Yes, there will be birth pains, but it is for the common good. I do hope that the BIR will be patient and reasonable during the transition. As the saying goes: Rome was not built in a day.
To complement the obligation placed on e-marketplace operators and DFSPs, the BIR released several revenue issuances providing the guidelines for mandatory registration of persons engaged in business. While not expressly issued for online sellers/merchants, the contents of
All of these developments may be a bit to take in all at once. But with the Philippines being one of the fastest-growing digital economies among major Asean member states, it pays to be acquainted with all of them.
these revenue issuances are clearly for them.
The registration guidelines leverage on the recent digital advancements in the BIR’s services. Chief among these is the Online Registration and Update System (ORUS), which allows registrations and updates via electronic means.
Such digital advancements of the BIR echo the lofty goals and aspirations of the recently passed ease of Paying Taxes (eOPT) Act. The eOPT brings our tax laws and tax administration into the 21st century by legislating online tax services and ushering in digital transformation. even after the eOPT, we are far from done in amending our tax laws. In the pipeline is the impending Digital Services Tax wherein a 12% VAT is to be imposed on nonresident digital service providers. By and large, digital services were once treated as the “wild west” of taxation since there is really very little that our then-tax laws could do to regulate and tax them.
However, with the Digital Services Tax in place, the Philippines will be joining the growing number of countries that are creating laws to regulate the businesses of nonresident digital service providers in their respective jurisdictions. Considering that Amount A of Pillar One still lacks a global consensus, the unilateral imposition of Digital Services Tax by
countries is to be expected.
With all these developments, it is but fair to say that not all have been received with fanfare or general acceptance. enter: the fairly recent revenue issuance clarifying the tax treatment of cross-border services. The revenue issuance essentially listed several cross-border services that would now be subjected to income tax and VAT despite being performed outside the Philippines. Much of these cross-border services involve services that may be done electronically. Once considered as being beyond the grasp of Philippine taxation, these cross-border services are now in a tight grip by the BIR. While a subsequent issuance further clarified that the new tax treatment does not automatically apply to cross-border service agreements, the realities on the ground are different. examiners are starting to wantonly subject cross-border services to income tax and VAT. Perhaps the BIR may issue clearer guidance to its own examiners?
All of these developments may be a bit to take in all at once. But with the Philippines being one of the fastestgrowing digital economies among major Asean member states, it pays to be acquainted with all of them.
The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.
Mini-mart king hits billionaire status in Malaysia’s hot IPO market
By Filipe Pacheco, Anders Melin & Ram Anand
Lee ThIam Wah’S first retail venture was selling snacks from a roadside stall in malaysia. Several decades later, the entrepreneur has transformed that humble beginning into a sprawling retail empire of more than 2,600 convenience stores across the nation.
Today, the 60-year-old was minted as a billionaire after his company 99 Speed Mart Retail Holdings Bhd went public in Kuala Lumpur.
The $531 million initial public offering is Malaysia’s largest in seven years. At the IPO price of 1.65 ringgit ($0.38) per share, Lee’s fortune is about $3.3 billion, according to the Bloomberg Billionaires Index. The stock rose as much as 15 percent on Monday.
The listing cements Kuala Lumpur as the busiest location for market debuts in Southeast Asia this year and shows investor optimism in the nation’s growth potential. The firm’s shares are seen as a way to build exposure to the consumer sector in an economy that’s projected to expand as much as 5 percent this year.
“It comes at a crucial moment for both Malaysia’s IPO landscape and Southeast Asia’s capital markets,” said Mohit Mirpuri, a senior partner and fund manager at Singaporebased SGMC Capital Pte Ltd. “This could boost market sentiment and
position Malaysia as a key player” in regional listings, he said.
Little shop empire
Lee was born in 1964 in Klang, one of several cities littering the stretch between Kuala Lumpur and the shores of the Malacca Strait. His father, a construction worker, and his mother, a hawker, had 11 children and could only afford to send Lee to school for six years.
His first retail venture—that roadside stall—was born of necessity. As a child he contracted polio and permanently lost the use of his legs.
“Nobody would hire me due to my physical limitation,” he told Forbes in 2012. “I have to help myself.”
Lee opened a grocery shop in 1987 and a decade later he was running eight stores under the name Pasar Mini 99, where his wife, Ng Lee Tieng, 44, started her career as a purchasing executive in 1997. Until the IPO, the couple was the company’s sole owners. Today, the chain is the largest of
The $531 million initial public offering is Malaysia’s largest in seven years. At the IPO price of 1.65 ringgit ($0.38) per share, Lee’s fortune is about $3.3 billion, according to the Bloomberg Billionaires Index. The stock rose as much as 15 percent on Monday.
its kind in Malaysia, holding a 40 percent share in the mini-market segment and nearly 12 percent among all grocery retailers, according to the IPO prospectus.
Lee’s “journey is an inspiring example for small business owners, showing that with determination, perseverance and a customer-focused approach, it’s possible to scale a business, even from humble beginnings,” said SGMC’s Mirpuri.
Lee will remain as the company’s chief executive officer. The 99 Speed Mart chain forms the bulk of his net worth, along with cash collected from dividends and the share sale.
He also holds stakes in multiple closely held businesses, including the sole Malaysian franchisor of Burger King restaurants. Last year he also briefly emerged as one of the biggest individual shareholders in Alliance Bank Malaysia Bhd. with a
BORROW eRS in the developing world are shoring up their defenses against volatility that could shake their biggest markets in the US and derail refinancing plans. In just the first five days of the month, they’ve sold more bonds than at the outset of any previous September. Issuance by governments and companies hit $28 billion through Friday, according to data compiled by Bloomberg. In the same period last year $12 billion of deals were closed. Many issuers are trying to get ahead of the US presidential vote in November and another growth scare akin to Aug. 5 when panicked inves-
tors fled everything from emerging-country currencies to Japanese shares. It spurred the longest run-up in borrowing costs for emerging market sovereign borrowers in about six years, according to a JPMorgan index.
“Most issuers have chosen very well to come to the market ahead of potential volatility,” said Alexander Karolev, head of JPMorgan Chase & Co.’s CeeMe A bond syndicate desk. “You will now see a significant decrease in issuance volumes in the next weeks because of risk events.”
For now, issuers are still enjoying some of the lowest yields in two years, at an average 6.5 percent, according to a Bloomberg index for dollar-denominated government and corporate debt, giving them the
all-clear to primary markets.
As they frontload borrowing plans, investors have been ready to oblige them before interest rate cuts reduce yields even more. Abu Dhabi National Oil Co., Indonesia and Uruguay headlined the week’s deals.
Calls for aggressive easing by the Federal Reserve when it meets later this month are growing louder as data paint a mixed picture of the US economy. Friday’s payrolls report showed job growth fell short of expectations. A measure of US rate volatility suggests turbulence is ahead.
“Obviously a large slowdown is bad for emerging markets,” said Nick eisinger, co-head of emerging markets active fixed income at Vanguard Asset Services Ltd. “Now is a good
time to move on issuance.”
The dollar is the favorite currency option to hedge volatility because of its size and ease of trading, and deals in the American currency have become even more popular this year, outpacing those in euro and other hard currencies by a growing margin.
This week transactions denominated in US dollars accounted for 86 percent of sales, compared with an average 78 percent in 2023. For emerging market issuers, that makes navigating the twists and turns in the American economy and political sphere all the more important.
“Issuers will be mindful of US elections around the corner, and the risk that if US growth concerns mount, spreads could move sharply wider,”
said Carmen Altenkirch, an analyst at Aviva Investors. “early August was a reminder to all just how fickle the market can be.”
Sales of dollar bonds by emerging market governments and companies jumped 54 percent this year to $349 billion, according to data compiled by Bloomberg. That marks the biggest year-on-year increase in dollardenominated bond sales since 2012.
Those in euro rose by 26 percent to €64 billion while sales in the Japanese yen, Swiss franc and the British pound totaled $9 billion.
The dollar provides “deep liquidity, which allows you to carry out large-scale borrowing transactions on favorable terms,” Kaspars Abolins, who heads Latvia’s Treasury de -
roughly 5 percent stake, regulatory filings show.
Bullish market AS the FTSe Bursa Malaysia KLCI Index equities benchmark heads to its best year since 2010, listings are back after years of lackluster growth. 99 Speed Mart’s listing attracted 14 cornerstone investors that included abrdn Asia Ltd. and UOB Asset Management (Malaysia).
About 28 percent of the proceeds from the IPO will go to the company, which plans to setup new outlets and distribution centers, purchase delivery trucks and repay loans, according to the prospectus. The company posted a profit after tax of 133.2 million ringgit on revenue of 2.4 billion ringgit for the first three months of 2024.
The mini-mart operator’s tagline “Near n’ Save” is part of a business model that emphasizes convenience and easy access for consumers, said Arun George, an analyst at Global equity Research who publishes on the platform Smartkarma.
The scale of the firm’s operations creates a barrier to entry and expansion for other mini-market players in Malaysia, “hindering their ability to compete effectively,” he said. With assistance from Pui Gwen Yeung and Dave Sebastian /Bloomberg
partment, said in emailed comments. Abolins said he expects the government will be a regular issuer of dollar bonds after the nation raised $1.25 billion in May, its first foray in the US currency in more than a decade. More dollar deals are in the pipeline. Kazakhstan is considering selling benchmark bonds in the US currency for the first time since 2015, and Adani Group is said to plan $1.5 billion of dollar bonds.
“This is an environment where you want to tap the investor base that that offers you the sponsorship, the liquidity,” said Trang Nguyen, global head of emerging-market credit strategy at BNP Paribas. “That’s what a dollar bond issue does for you.” With assistance from Aaron Eglitis /Bloomberg
DOTr: Swiss Challenge for 2 regional airports up soon
By Lorenz S. Marasigan @lorenzmarasigan
THE Department of Transportation (DOTr) is set to complete the Swiss Challenge for two unsolicited regional airport proposals this year, a Cabinet official said on Monday.
During the inaugural Economic Journalists of the Philippines (Ejap)-San Miguel Corp. Aviation Forum on Monday, Transportation
Secretary Jaime J. Bautista said the first Swiss challenge will be for the Laguindingan Airport in Cagayan de Oro, with the deadline for challengers set for September 13.
Two groups bought bid documents for the competitive challenge.
Following Laguindingan, the Swiss challenge for the BoholPanglao International Airport is slated for November.
Aboitiz InfraCapital Inc., which currently has the Mactan-Cebu International Airport (MCIA) under its portfolio, is the original proponent for both unsolicited deals.
“We were working with Aboitiz
InfraCapital as the proponent for the unsolicited proposal,” he said.
Aside from the two unsolicited deals, the transport department is also in the process of modernizing other regional airports across the Philippines.
“We are in the process of expanding and modernizing all other airports in the country. There are 90 airports, 45 are with commercial operations. We are continuously modernizing all these airports.” Bautista said.
Among the airports currently in the works is the Zamboanga Airport, which is set to be relocated about 15 kilometers from its current site. However, land acquisition for this project is expected to take two to three years, with actual construction
34.6% of PHL firms cut salary budgets for 2024
By Andrea E. San Juan @andreasanjuan
ESPITE the economy
Drebounding, over one-third of organizations (34.6 percent) in the Philippines reported that their salary budgets for the 2024 cycle were lower than the previous year, according to the latest Salary Budget Planning Report by WTW, a leading global advisory, broking and solutions firm.
In a statement on Monday, WTW said employers are more conservative with their salary budgets as they look to “longer-term stability in their employee base.”
“Those organizations that lowered salary budgets cited inflationary pressures, concerns related to cost management and tighter labor market as well as weaker financial results as the leading causes,” said WTW.
The WTW report said organizations that slashed salary budgets cited inflationary pressures, concerns related to cost management and tighter labor market as well as weaker financial results as the leading causes.
With this, the report said overall salary budget increases are expected to remain flat at 5.6 percent in 2025 in the Philippines.
Across industries in the country, employees within the Financial Services (Banking, Insurance and Financial Institutions), Construction, and Technology (Media, IT, Telco, Electronics) would experience higher salary increments in 2025, according to the WTW 2024 Salary Budget Planning Survey Report.
The Financial Services industry is projected to have a 6-percent salary increase in 2025 compared to its 5.6-percent actual salary increase this year.
Salary of employees within the Construction industry is poised to increase by 6 percent next year compared to its actual 5.5-percent salary increment this year. Technology is also one of the industries projected to have a salary increase but with a lower increment compared to the two aforementioned industries. This sector would pose a 5.6-percent salary increase next year, just a little above its actual salary
increase in 2024, at 5.5 percent, the report noted.
Meanwhile, salaries in the Shared Services and Outsourcing and Manufacturing sectors are expected to remain flat at 5.5 percent and 5.6 percent, respectively, in 2025.
In contrast, BioPharma and Life Sciences and Consumer Products and Retail Trade sectors are expected to post slower salary increments next year with 5.5 percent, compared to their 5.8 and 5.7 percent actual salary increase in 2024, respectively.
Tech-related roles
As to the salaries for technologyrelated roles, WTW said these have increased by 10.28 percent from 2022 to 2023, reflecting a “strong demand for critical talent.”
“The highest-paid management roles are in Functional/Business Area, Information System [IS] and Cyber Security Development, and IT Architecture [Systems Design],” the firm noted.
For intermediate professionals, the top-paying positions are in Systems Software Development, Functional/Business Area, and Database Design and Analysis.
To attract digital talent, WTW said, companies are offering a 10 to 20 percent skills premium, targeting the 75th percentile for “market positioning.”
Chantal Querubin, Rewards Data Intelligence Leader Philippines, WTW, explained that digitalization has an effect on compensation, with tech roles such as those in artificial intelligence (AI), machine learning, seeing “double-digit” salary growth in many markets.
“The transformation potential of AI has made it the most sought-after technology discipine in the global talent market,” said Querubin.
As such, the WTW official said organizations around the world are willing to invest heavily in skilled professionals who can drive innovation and growth in the AI space, giving companies the “upper hand” in today’s competitive business environment.
starting within four to five years.
Meanwhile, the construction of the New Dumaguete Airport in Bacong, Negros Oriental is progressing at a faster pace, Bautista said.
The project received financing support from the Korean Export Import Bank, and the loan agreement was signed just a month ago. The process of land acquisition is being fast-tracked, and the DOTr hopes to begin construction soon.
The government is also working closely with the local government of Siargao for the planning and land acquisition for a new greenfield airport on the island, while the Masbate airport project is still in its initial stages.
Furthermore, Bautista mentioned that the agency is collaborating with the Asian Development Bank (ADB), World Bank, and the International Finance Corporation (IFC) to push forward additional airport PPP projects.
Some of the airports targeted for modernization next year include those in Basco, Busuanga, Cauayan, Tuguegarao, Bacolod, Calbayog, Catbalogan, Catarman, Ormoc, Davao, General Santos, and Surigao.
“Apart from Dumaguete, other greenfield airports being pursued
include the airports in Masbate, Naga, Pangasinan, Siargao and Zamboanga. We also continue to develop airports in islands and communities such as those in, Itbayat, Maasin, Hilongos and Siquijor to improve air transport connectivity,” Bautista said.
The total cost of the ongoing and upcoming airport development projects approved for 2024 amounts to more than P7.5 billion, with another P12 billion in the National Expenditure Program for 2025.
The budget covers activities ranging from site acquisition and runway expansion to terminal rehabilitation and the construction of essential facilities such as fire stations.
Meanwhile, SMC President Ramon S. Ang said the company will soon build a more modern airport in Caticlan.
“We are about to award the contract this year. It should be finished in less than three years. It will be a modern passenger terminal,” he said.
The small terminal in Caticlan, the gateway to Boracay Island, is temporary, as the company had to focus on land acquisition to build the runway to accommodate larger planes.
RSA TO ‘PRAY’ FOR CORRUPT OFFICIALS AT AIRPORT
IPAGDADASAL ko nalang sila
(I will just pray for them).”
That was the off-the-cuff remark of San Miguel Corp.
President Ramon S. Ang to BusinessMirror’s question on how his airport management company can resolve the issues of corruption among several government agencies manning the Ninoy Aquino International Airport (Ninoy Aquino International Airport). The comment met with peals of laughter from the audience at the Economic Journalists Association of the Philippines (Ejap) Aviation Summit on Monday—which included Transportation Secretary Jaime J. Bautista and representatives of airlines and the Department of Tourism.
New Naia Infra Corp. (NNIC) general manager Angelito Alvarez was serious, though, when he expressed high hopes on changes in the culture at Naia.
“The confidence is very high… that they [government agencies] will be very cooperative in the significant improvements [we will implement] in the days and months to come,” following the company’s regular meetings with heads of the Bureaus of Customs, Immigration, among others. The corruption issues, which
include theft by the personnel of the Office of Transportation Security, bribe attempts at the Bureau of Customs, BI staff escorting certain departing travelers with questionable papers, have made passage through the airport a nuisance to many foreign and local travelers.
Improvements ‘in 3-6 months’ ALVAREZ said technological upgrades by the company and the BI will help improve the efficiencies and cut down the problems involving certain government personnel. “The plan is that… the X-ray inspection will be done right after the passengers get their baggage from the carousel, similar to what is happening in Japan, Hong Kong, Malaysia and other countries. That’s one of the things that we’re going to implement,” he said. At present, the luggage is Xrayed upon arrival, prior to the owner’s retrieval from the baggage carousel.
“Then a lot of things happen. There are markings like ‘X’ and then sometimes it’s being erased by the passengers, sometimes in cooperation already with the fixers, or even certain unscrupulous government officials,” he noted.
Continued on A5
TBy Lenie Lectura @llectura
HE Energy Regulatory Commission (ERC) chief is temporarily vacating her post but vowed to exhaust all legal remedies to clear her name as she faces administrative charges before the Office of the Ombudsman.
A statement from the office of ERC chairperson Monalisa Dimalanta on Monday said she shall immediately cease to perform her functions as Chairperson and Chief Executive Officer of the ERC.
Her office nonetheless said all operations of the agency “shall continue to function, to the extent possible and as required by the exigencies of service.”
The Office of the Executive Director of the ERC received on September 9 the order from the Office of the Ombudsman, preventively suspending Dimalanta from government service
for six months without pay.
The Ombudsman directed the Office of the Executive Secretary to implement the suspension and to appoint an officer-in-charge of the ERC.
“When I left the office at 11a.m., there is no appointed OIC yet,” said Dimalanta in a Viber message.
To date, she has not been provided a copy of the complaint against her. Also, while the order contains details of the complaint, it does not provide information on the evidence submitted by the complainant that became the basis for the issuance of the preventive suspension order.
“Chairperson Dimalanta and her lawyers are studying the matter in order to take all available legal remedies given the circumstances,” the ERC statement read.
A group of power generation companies are deeply alarmed by the suspension order.
“We generators hope that this matter will be resolved soonest
since the suspension of our ERC chairperson affects the whole industry,” said Philippine Independent Power Producers Association (Pippa) President Atty. Anne Estocro Montelibano said.
Pippa counts 28 power firms with 18,132MW grid installed capacity.
“The entire industry has worked with the current chairwoman in her roles prior to accepting this recent post. Atty. Dimalanta consistently performs her duties with professionalism and in accordance with the code of conduct expected of her as a lawyer and a public servant,” Montelibano said.
The ERC caught the ire of lawmakers for the delays in resolving cases, but Dimalanta said her office has achieved a resolution rate of 67.32 percent from 2001 to 2023 despite the lack of manpower.
The ERC currently has 295 filled plantilla positions out of the 389 authorized plantilla positions. The cases filed with the ERC from 2001 to 2023 reached 2,439. Of which, 1,642 case have been resolved, based on latest available ERC data. There are 797 pending cases. The ERC, without a chairperson, will likely be swamped with more unresolved cases, most of which are crucial to achieving a reliable, sustainable, and affordable power supply.
“The industry cannot afford a commission without its chair. We hope that all stakeholders unite in its support to the ERC chair. Energy security is crucial to this country, and it is only when we are together, setting aside our differences, that we can truly move forward to a future with stable, reliable, and costefficient power,” added Montelibano. Most of the power firms were surprised by the Ombudsman order. “I was just as surprised as you were when I read it in the papers,” said Meralco chairman Manuel Pangilinan.
Editor: Jennifer A. Ng
B1
Tuesday, September 10, 2024
IDC secures loan from BPI for maiden project of unit
By VG Cabuag @villygc
Boutique property developer italpinas Development Corp. (iDC) on Monday said its majority-owned subsidiary iDC Prime inc. secured a loan of P630 million from the Bank of the Philippine islands (BPi).
The company said the loan will be used for iDc Prime’s maiden project, Primavera city Phase iii, which will be known as citta Grande.
iDc agreed to act as surety for the loan. The loan documents and surety agreement were signed last september 4, 2024.”
The land for Primavera city proj-
ect Phases 1, 2, 3 and 4 consists of seven lots with a total area of 6,558 square meters. The property is located at Macapagal corner Masterson avenue, Pueblo de oro Business Park, Brgy. Upper carmen, cagayan de oro city in Mindanao under the name of PoDc contracts to sell have been en-
tered into by the company for 3 lots covering 2,810 sqm. (lots 1, 2, and 3). The land for lots 4, 5, 6 and 7, allocated as the site for Primavera city Phase 1 – Towers a and B and Primavera city Phase 2, has been fully paid by iDc . The title is already under the name of italpinas.
For the first half of the year ending June 30, italpinas’ income plunged 66 percent to P3.37 million from the previous year’s P9.95 million as sales were almost halved. sales for the period dropped 40 percent to P119.18 million from the previous year’s P200.91 million.
The group derived its revenue from the sale of completed and ongoing construction projects from different geographical locations— some P216.08 million from cagayan de oro and P87.71 million from Batangas.
Before a sale can be recognized as actual sale, certain collection percentage should be met as one of the criteria, the company said.
iDc Prime inc. recently executed a joint venture agreement with landowners Edwin c . Fabro and calvin Ryan o coherco to develop their property into a condominium project in Palawan.
The property consists of 20,000 square meters in Mitra Road, Brgy. sta. Monica in Puerto Princesa city.
The parties also entered into a sales and marketing agreement for the landowner’s share under the joint venture.
“iDc is growing its project portfolio by farming out the development to its subsidiaries, leaving iDc to explore new locations, negotiate additional joint ventures and tap diverse funding sources.”
Areit sells condo units in Muntinlupa
AREiT inc., the real estate investment trust of the ayala Land inc., on Monday said it sold three office condominium units at ayala-Life FGU center a labang in Muntinlupa to next a siaLand for P42.68 million.
The said units have an aggregate gross floor area of 339 square meters.
“The proceeds received from the sale of the three office condominium units will be used in the acquisition of seda Lio,” a reit said, adding that the company already received the payment last week.
ayala Land earlier said it is banking on the growth of the sales of its higher end segment, which has been resilient amid the rise in consumer prices.
a nna Ma. Margarita B. Dy, the company’s cEo, said the sticky issue of high inflation rate is affecting mostly its core segment, or the middle market.
i think all told, launches for this year are still 70 percent (for the) premium (market), if i’m not mistaken.
so we’re still leaning on our premium brand 70 percent for this year. now, when will it come back? i suppose nobody really knows the exact time, but i suppose certain things are moving in the right direction.”
o f the P33.7-billion product launches of the company as of June
30, 92 percent of these were premium while the rest were for the core market. some 52 percent of the projects were horizontal and the rest were vertical.
Dy said the company is expecting to launch some P85 billion worth of products this year, a 12-percent increase from last year’s level.
“Primarily, there will be a vertical project, which is a high-value project, this will be in Metro Manila, but the rest will be outside Metro Manila in the south.”
Most of the products of ayala Land in the 1990s were for the higher end of the market. it eventually widened its reach and launched offerings for the middle-end and low-end of the market. VG Cabuag
Singapore’s Changi Airport to build huge new terminal
SinGa PoRE ’s changi a irport, frequently voted among the world’s best, will finally start work on a massive new terminal next year as it seeks to keep up with an aviation building boom across a sia and the Middle East.
Work on the new Terminal 5, first floated more than a decade ago, will start in the first half of 2025, Prime Minister Lawrence Wong said at a dinner Friday celebrating the 40th anniversary of the nation’s civil aviation authority. The terminal will be able to handle 50 million more passengers a year, raising the airport’s total capacity to 140 million, and allow connections to more than 200 destinations, up from almost 150 now.
Regional airports from seoul to Hong Kong and Bangkok are nearing completion, or are well ahead of changi’s mid-2030s target, for new terminals that will push their annual capacity to over 100 million.
The combined investment of the four airports will top $36 billion.
EV cells
Panasonic plant ready to start making
Panasonic Holdings corp. is ready to kick off production of its next-generation electric vehicle batteries after reopening a plant in Wakayama, Japan.
The site in the country’s south, which was formerly used to make battery components, will become the main facility for production of Panasonic’s 4680 cylindrical lithium-ion cell, and output will begin as soon as a final evaluation is completed, the company said Monday without disclosing a specific date.
Panasonic says the 4680 battery is lighter, more efficient and cheaper to make than its predecessor, the 2170. That should help improve the range and charging time of electric vehicles, while driving down costs.
“storage batteries are a crucial resource for the nation,” chief Executive officer Yuki Kusumi said Monday. “We believe these batteries will contribute to the proliferation of EVs.”
While sales growth of electric cars has been slowing globally and there’s been a surge in popularity of gaselectric hybrids, most automakers and companies along the supply chain figure they’d better continue to prepare for the industry’s eventual shift toward pure EVs. a s a result, Panasonic, a major supplier to Tesla inc. and a handful of major Japanese carmakers, is investing in EV technology by developing advanced batteries and rebuilding its supply chains, namely in north a merica. Bloomberg News
Chinese stocks on verge of 5-year low
CH in E s E stocks are on the brink of falling to a fiveyear low seen in February as bearish sentiment grips the market amid a lack of earnings and economic recovery.
The csi 300 i ndex closed down 1.2 percent on Monday, taking its slide from this year’s high in May to more than 13 percent. a further decline would take the benchmark to levels unseen since early 2019, suggesting years of policy efforts to revive the economy and prop up share prices have proved futile. The yuan weakened.
The market has been stuck in a cycle where stocks would plumb new lows after a brief rebound triggered by short-lived optimism. The government’s piecemeal approach to stimulus has failed to fix a crisis of confidence, with deflationary pressure, anemic consumption and an extended property slump combining to erode hopes of a near-term economic recovery.
“The ongoing bearishness in c hinese stocks is largely being driven by deteriorating shortterm dynamics, particularly the deflationary pressures and signs of weakening consumer demand,” said Billy Leung, an investment strategist at Global X Management in s ydney. “Unless we see a significant policy shift, especially around fiscal support for social welfare or housing, it’s likely this sentiment could persist.”
The csi 300 i ndex rebounded
16 percent from February through mid-May, as state funds purchased billions of dollars worth of exchange-traded funds and regulators clamped down on short sales and quant trades. its slide since then is just another example of how policies have failed to address the fundamental ailments that have been hurting sentiment.
Even long-time c hina bulls UB s Global Wealth Management, n omura Holdings i nc., and JPMorgan c hase & c o. have downgraded the country’s equities in recent weeks, citing concerns ranging from a drop in property-led demand to underwhelming stimulus measures and geopolitical tensions ahead of the U s elections.
The equities slump has coincided with a growing consensus among the world’s largest banks that the country would miss its around 5-percent growth target this year. i n the latest blow to sentiment, c hina’s consumer prices rose less than expected last month, adding to signs policymakers are struggling to get households spending.
c hina’s faltering economy has hit global commodity demand as well. i ron ore sank below $90 a ton for the first time since 2022 as industrial commodities faced sustained pressure from tepid c hinese demand. The onshore yuan weakened as much as 0.2 percent against the dollar on Monday.
To be sure, some investors say c hinese equities’ ultra-cheap
valuations offer good risk-reward opportunity. The M sci c hina i ndex is trading at less than nine times forward price-to-earnings, compared to a ratio of 24 for its emerging market rival i ndia.
The csi 300 is near levels seen during the February rout, when exit orders at structured products like snowball derivatives and quantitative funds exacerbated a selloff, and investors rotated into i ndian stocks in a major shift in EM portfolios.
While there are some stockspecific opportunities, “even the long-term c hinese champions are not immune to the persistently weak c hina economic backdrop with limited visibility of improvement,” said Vivian Lin Thurston, a portfolio manager for William Blair i nvestment Management in c hicago. “Domestic policy trends and geopolitical risks may continue to pressure the multiples of c hinese equities structurally.”
Earnings per share for the M sci c hina i ndex fell 4.5 percent from the year earlier in the second quarter, its worst in five quarters, according to data from Bloomberg i ntelligence. Underscoring the contraction was weakening support from the country’s eight biggest tech firms.
Down nearly 7 percent this year, the benchmark csi 300 i ndex ranks among the world’s worst-performing major gauges and is headed for a record fourth year of losses. Bloomberg News
a sia is seen as one of the biggest growth markets for global aviation in the coming decades, fueled by the rising wealth of the middle classes in
china, india and emerging economies across southeast a sia. seoul incheon, south Korea’s biggest airport, is nearing completion of a $412 million expansion, lifting its capacity to 106 million people and capping a wider $11.8 billion development over the past 25 years. Hong Kong will be capable of handling 120 million travelers in the coming years, up from 80 million currently, at a cost of around $18.2 billion. Bangkok’s suvarnabhumi airport this year kicked off a $4.1 billion project to more than double annual capacity to 135 million passengers by the end of the decade. The airports, well-known and well-used for international travel, face increasing competition from a raft of chinese and indian hubs — from Mumbai’s new adani-anchored $2.1 billion project to host 90 million passengers to Guangzhou expanding to cope with 120 million people. The projects across a sia seem small in comparison to the $35 billion mega airport at Dubai’s a l Maktoum, designed to handle more than 260 million passengers a year in the decades to come. Bloomberg News
Visitors at Jewel Changi Airport mall in singapore, on Wednesday, April 20, 2022. PhotograPher: Lauryn Ishak/BLoomBerg
Banking&Finance
‘Subcontracting noise’ hides AllCard’s failure’
By Cai U. Ordinario @caiordinario
THE Bangko Sentral ng Pilipinas (BSP) emphasized on Monday that the noise generated by subcontracting issues won’t hide the fact that AllCard Inc. (ACI) failed to meet its deliverables in the National ID project.
In a statement on Monday, the BSP also clarified it “did not subcontract the activity” to ACI. According to the central bank, it provided the personnel for the production of the National ID cards while the ACI provided the equipment, raw materials and technical support. The BSP also stressed that it fully complied with the agency-toagency procurement guidelines and its agreement with the Philippine Statistics Authority (PSA) regarding the printing of National IDs.
THE Bureau of the Treasury (BTr) fully awarded and upsized to P22.600 billion the Treasury bills (T-bills) it auctioned on Monday, higher than the programmed P20 billion, due to the higher bids.
The auction was 3.2 times oversubscribed with total demands reaching P64.52 billion, higher than the P53.105 billion tendered in the previous auction on September 2. Broken down, bids for the 91day, 182-day and 364-day T-bills reached P22.700 billion, P21.510 billion and P20.305 billion, respectively.
The increased demand for shortterm debt papers was favorable for the government as all average auction yields declined, which had been rising for the past two weeks.
The government raised P6.500 billion from the sale of 91-day Tbills as the average rate went down to 5.840 percent from the 5.947 percent posted on last week’s auction. The highest and lowest rates for the debt papers were 5.840 percent.
Investors’ average asking yield for the 182-day T-bills also decreased to 5.980 percent from last week’s 6.002 percent. The government security rate was 5.980 percent.
The auction committee increased the accepted non-competitive bids for the 182-day securities and raised P9.100 billion, higher than the P6.500 billion programmed borrowing. This is the fourth consecutive week the bids awarded were upsized. Moreover, the government borrowed P7 billion after the average
TBy Andrea San Juan
HE IT and Business Process
Association of the Philippines (IBPAP) announced recently it has tapped Singapore-based Paywatch Global Pte. Ltd. to address the ongoing challenges of talent attraction and retention in the information technology (IT) and business process management (IT-BPM) sector by implementing earned-wage access (EWA).
yield of the 364-day government securities declined to 6.029 percent from the 6.040 percent recorded in the previous auction. Yields for the debt papers were between 6.020 percent and 6.040 percent.
All average rates were also lower than the prevailing secondary market rates. Based on the PHP Bloomberg Valuation Service Reference Rates, the 3- and 6-month and 1-year tenor were quoted at 5.915 percent, 5.988 percent and 6.073 percent, respectively.
Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said average auction yields eased after local headline inflation cooled to 3.3 percent in August 2024.
“[This is] the slowest in seven months and lower/better vs. market estimates largely due to lower tariffs on imported rice and lower world rice prices recently,” Ricafort said. He cited the following abetting factors: decline in global crude oil prices; improving peso performance; easing of the 10-year US Treasury yields; and, dovish signals by the Federal Reserve.
“[The] signals from most Fed officials recently would increase the odds of future Fed rate cuts, even the possibility of a larger -0.50 Fed rate cut/s in the coming months to prevent the risk of recession and supported/justified by easing inflation trend,” Ricafort added.
This September, the government aims to borrow P80 billion through the sale of T-bills in the domestic debt market. It would also borrow P115 billion from the issuance of Treasury bonds (T-bonds) this month. Reine Juvierre Alberto
The EWA service provider said through a statement last Monday it considers this partnership would “enhance the appeal of the IT-BPM industry to prospective employees by leveraging financial wellness initiatives.” By implementing EWA, also known as on-demand pay, the partnership aims to empower employees with access to a portion of their earned wages before payday, thereby improving financial management and reducing reliance on loans or salary advances.
“The Commission on Audit (COA), which reviewed the transactions of [the] BSP, did not include any findings related to subcontracting in its BSP Annual Review report. This is different from [the] COA’s audit of [the] PSA, which some parties are citing in their allegations and comments against the BSP,” the central bank’s statement read.
“Unfounded questions about subcontracting may be diverting attention from the actual issue: AllCard’s failure to fulfill the contract approved by the Philippine Identification System (PhilSys) Council, which AllCard bid for, won and accepted,” it also said.
The matter, the BSP said, is currently under arbitration following AllCard’s filing in January 2024, restricting both parties from making public statements on certain issues
By Reine Juvierre Alberto
THE Bangsamoro Government is set to acquire the shares of state-run Development Bank of the Philippines (DBP) in Al-Amanah Islamic Investment Bank of the Philippines (AAIIBP), according to the Department of Finance (DOF).
A statement issued by the DOF noted that the acquisition of the shares of the Al-Amanah bank by the Bangsamoro Autonomous Region in Muslim Mindanao (Barmm) government would reduce the minimum capitalization required of around P6 billion needed to establish a universal bank.
The AAIIBP, the first Islamic bank in the Philippines, is recognized as a uni-
under arbitration.
“The BSP assures the public that all its agreements and contracts are conducted with full transparency and in compliance with applicable laws and regulations,” the central bank said.
Meanwhile, in a separate statement, the ACI said it has filed a motion for reconsideration urging the BSP to revisit its termination decision. The ACI also said it is prepared to erase the National ID backlog within the next 12 months once the BSP reverses its recent decision to terminate its contract.
In the statement, ACI asserted that it is capable of meeting its deadline and that “unforeseen challenges” disrupted its ability to meet its deadline.
“AllCard was on track to meet its production goals until the discovery
versal bank with an authorized capital stock of P1 billion comprised of 10 million common shares and a network of nine branches. Currently, the DBP owns 99.9 percent of AIIBP’s capital stock when the Al-Amanah bank became its subsidiary in 2008.
The Intergovernmental Fiscal Policy Board (IFPB) co-chaired by Finance
Secretary Ralph G. Recto and Bangsamoro Government Minister of Finance, Budget and Management Ubaida C. Pacasem approved the proposed transfer of shares on September 3, 2024.
The approval was subject to the terms and conditions as may be agreed by both parties, following existing laws, rules and regulations, the DOF said. Under the Bangsamoro Organic Law
of some perceived defects, which we immediately brought to the attention of the BSP,” ACI President Roy C. Ebora was quoted in the statement as saying.
“We have the infrastructure, experience and determination to fulfill our obligations and help the BSP and [the] PSA provide these essential IDs to the Filipino people by 2025,” Ebora added.
The businessman maintained that ACI is not responsible for the errors on the cards, such as misspelled names, poor image quality and inconsistent document formats.
Ebora noted that the ACI does not have any control over the data and that their equipment only prints what is provided to them by the national government.
According to the company, it has two contracts under the national ID
(BOL), the IFPB will determine the participation of the Bangsamoro Government in the Al-Amanah bank.
Further, the DOF said the planned acquisition is aligned with Section 3 of Republic Act 6848 (the AAIIBP Charter), which mandates the Islamic Bank to support socio-economic development in the Barmm.
“This will support the Bangsamoro government’s efforts to provide vital social and infrastructure projects to fast-track the region’s progress. The road to peace, inclusive growth, and prosperity in the region becomes even brighter,” Recto said.
program: Lot 1 for the production of blank cards and Lot 2 for the printing of these cards. The BSP terminated its contract under Lot 1.
“We respectfully request a comprehensive review of our performance under the contract,” the company said. Since its founding in 2001, the company has printed cards for the Social Security System, the UMID cards for the Government Service Insurance System and driver’s license cards issued by the Land Transportation Office (LTO), according to the ACI. The company added that it has produced EMV ATM and credit cards for major banks in the Philippines, served over 200 educational institutions and provided card solutions for numerous commercial and retail companies.
“The said mandates align with the BARMM’s Islamic Finance Roadmap, making the transfer of DBP’s shares in the AAIIBP an ideal and strategic move,” the DOF said.
The Bangsamoro Government will also have the capacity to finance policy priorities and projects as well as increase competition in the market by introducing new financial services. The Bangsamoro Government and the DBP are now securing necessary approvals from the Bangsamoro Transition Authority-Parliament, the Bangko Sentral ng Pilipinas and the Governance Commission for GOCCs to complete the transfer.
The Al-Amanah bank is also mandated to act as an official government depository bank of government-ownedor controlled corporations (GOCCs), especially those operating in the Barmm.
The five common traits of the financially-secure
IT’S a good feeling to be financial-
ly secure; to be in a place where you’re not worried about money because you have stable sources of income and are optimistic about reaching your goals in life.
In my career as a financial planner, I have met a lot of financially secure individuals from various walks of life. And I’ve noticed a few things that are common among them.
1. They spend less than what they earn. It’s a no-brainer to expect that they live within their means. Being a saver is, after all, necessary to building wealth.
What’s interesting, though, is that not all of them are meticulous about monitoring their spending. A
access for hiring
According to Paywatch Philippines Finance Corp. Managing Director Sandeep Mulakjar, while the IT-BPM sector in the Philippines holds “immense potential,” attracting and retaining top talent remains a challenge.
“Addressing employees’ financial concerns by offering EWA is crucial to overcoming this obstacle,” Mulakjar was quoted in the statement as saying.
Despite the Philippines’s “strong position” as an IT-BPM service provider, the industry faces a significant talent gap.
While upskilling and reskilling efforts are underway to address the talent gap, Paywatch underscored that companies must also focus on reducing turnover and enhancing employee retention.
According to Mulakjar’s firm, one effective strategy is offering EWA as a benefit. “By allowing employees to access a portion of
their earnings before payday, EWA programs help alleviate financial stress and foster a more supportive work environment,” the company’s statement read.
Through the lens of the IT-BPM industry, IBPAP President Jack Madrid said “By introducing EWA to our member companies, we aim to help improve their ability to attract, engage, and retain a skilled workforce.”
According to Paywatch, “anchor” clients in the IT-BPM industry have already seen positive impacts from enrolling in the EWA program such as increased retention, improved recruitment, and enhanced productivity through better financial management.
To help employers address the talent shortage and improve overall employee experience, IBPAP launched its “Industry Rebrand” campaign last March, aiming to increase employment in the sector to 2.5 million by 2028.
few don’t even follow a budget and make sure that they don’t spend more than a certain amount every month.
For instance, one person simply restricts himself from spending more than P500 daily. This spending strategy works for him because he claims that there’s always some money left in his salary account at the end of the month, which he then transfers to his savings and investment fund.
2. They have a huge emergency fund. Having an emergency fund is important, and they certainly know that. At least six months’ worth of expenses is the recommended size for a buffer fund. But most of those I’ve met have at least a year’s worth of cash tucked away in a time deposit or low-risk fund.
3. They are boring investors. Financially-secure individuals tend to ignore hot stocks and trendy investments. They gravitate more to -
BPI Wealth-A Trust Corp., a subsidiary of the Ayala-led Bank of the Philippine Islands (BPI), disclosed that its digital accounts exceeded P1 billion in assets under management as of June 2024.
According to the company, these investments include those made in Unit Investment Trust Funds (UITFs) and Mutual Funds, custody, and segregated portfolios opened and transacted online through its digital investment account opening platform, e-Invest by BPI Wealth.
“Reaching P1 billion in AUM through digitally opened accounts is a strong validation that our digital initiatives are on the right path,” BPI Wealth President and CEO Maria Theresa D. Marcial said.
“It also signifies Filipinos’ readiness to adapt to technologies that allow them to take control of their financial futures through investments,” Marcial added.
Last year, BPI Wealth helped democratize access to high-quality in-
wards boring ones such as blue-chip stocks and mutual funds.
They do get curious and would learn more about them. They’d try to understand why people put money into these popular investments. But nonetheless, they don’t easily succumb to the fear of missing out and jumping on the bandwagon.
4. They like working. They are dedicated to advancing their career or growing their business. They like doing side hustles and finding ways to earn extra income.
I also noticed that they’re always skeptical when they hear about an income or investment opportunity for the first time. They believe that if it’s too good to be true, it probably is. They prefer pursuing creative projects that have the potential to turn into something profitable rather than seeking fast and easy ways to make money or get-richquick schemes.
5. They have a growth mindset. Lastly, they value productivity and self-improvement. Most of them like to read and don’t mind attending seminars, enrolling in workshops, or taking short learning courses. They’re curious about things that are not necessarily related to their work, which can benefit them in ways they’d never expect. For example, I’ve talked to a food entrepreneur who met his current business partners in a hobby photography class he enrolled in before. At the end of the day, the dream is to become financially free eventually. And that’s why they continue to learn and build new skills because that’s how you prepare for tomorrow’s challenges.
vestments by lowering the minimum investment for its Unit Investment Trust Funds (UITF) and mutual funds to P1,000 for peso funds and $100 for dollar funds.
BPI Wealth also introduced a fully digital account opening process for retail fund investors. The company said as of June 2024, over 20,000 new investments accounts have been opened through e-Invest.
Further, BPI Wealth also launched a paperless, all-digital end-to-end account opening process for its Portfolio Management Account (PMA) which allows clients can now open an investment portfolio and invest in various tenors for Treasury Bills starting at P500,000.
A client needs only a single PMA to be able to subsequently invest in other available securities such as preferred shares and corporate bonds.
“This new digital initiative exemplifies BPI’s commitment to providing clients with innovative and accessible financial solutions,”
Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personal-financial planning, attend the 107th RFP program this September. To inquire, e-mail info@rfp.ph or text at 09179689774.
Marcial said. “Going fully digital now gives them the benefit of accessing this specialized investment vehicle at the comfort of their home, and at their fingertips,” she added. Clients can now complete the opening process for their PMA through e-Invest, using their Android and Apple devices or their laptops and desktops, eliminating the need for branch visits and paperwork.
This user-friendly and sustainable process ensures that clients can start managing their investments efficiently and effectively. In addition to the convenience, clients who open a PMA will also benefit from having a dedicated Investment Advisor. These investment professionals will provide personalized investment strategies tailored to meet each client’s unique investment needs, ensuring a bespoke and attentive investment management experience. Cai U. Ordinario
PersonAl fInAnce
fitz Gerard Villafuerte
Art BusinessMirror
Sculptress Julie Lluch: Feminist art should be recognized as its own genre
SELF-TAUGHT sculptress Julie Lluch stands among the 12 art titans set to receive this month the 2024 Gawad CCP Para sa Sining, the highest distinction conferred by the Cultural Center of the Philippines. The award celebrates the lifetime achievements of Filipino artists and cultural workers who have made outstanding contributions to their particular art form or field.
Renowned for her large-scale terracotta creations, Lluch supports feminism. She champions the ideology in her art practice, exploring the theme with sculptures crafted from a broad range of materials. She refers to the 1970s and 1980s as her “feminist period,” a timeframe of artistic idealism and personal growth.
“I think that was when I was most ‘productive’ and most in tune with the times, as my work was closely connected to what was happening in the country,” the artist born in Iligan City, Lanao del Norte, said in a statement. “When martial law was declared, many of our friends were involved in activism and faced harsh conditions. Some went into hiding, and many sacrificed their lives. This was also the time when feminism arrived on Philippine shores.”
Eugenia Last
attention from the artist.”
At that time, Lluch noted, feminism as an ideology hadn’t been thoroughly studied. Eventually— inevitably—the idea gradually began to influence the local art scene, leading many artists, including Lluch herself, to embrace feminist principles. Such has the artist’s devotion to the concept grown that she believes feminist art should be recognized as its own genre to be situated to take a leading role in the nationalist movement.
When feminism began making waves, it was also when Lluch started to work with clay, after chancing upon a potter on television.
“I got so fascinated and so enamored with the medium,” the artist said, adding she has developed a “unique” and “very personal” relationship with it. “Sculptors use not only their hands but also their arms. It’s very physical and demands a lot of physical
‘Inherent
Some of Lluch’s works were significantly influenced by the Spanish painter, sculptor and prominent artist Picasso. She admitted to having a love-hate relationship with his work. “The influence of his work is tremendous, but I also have reservations because he was quite the ‘macho’ figure, and his personal life wasn’t always commendable,” she said, chuckling.
Lluch creates pieces that pay tribute to icons of Filipino literature, art patrons, and modern Western art. Her environment also inspires her art. When she passed through the city of Marawi, for instance, she was moved to create a series of terracotta sculptures depicting Maranaw women.
Some of Lluch’s notable pieces include Still Life with Cezanne’s Apples on Kiri’s 6th Birthday (1981), Philippine Gothic (1984), and Thinking Nude (1988). She also created bronze monuments of National Artist Carlos P. Romulo, lawyer-politician Arsenio Lacson, Chief Justice Jose Abad Santos, former Chief Justice Cayetano Arellano, and former President Manuel
Lluch graduated with a degree in philosophy from the University of Santo Tomas. Her decorated art career lists various awards and recognitions, including the CCP Thirteen Artists Award. Her works likewise have been exhibited here and abroad.
Lluch will receive her Gawad CCP Para sa Sining award in a ceremony slated on September 20 at the Samsung Performing Arts Theater as part of the CCP’s 55th anniversary celebration.
“This award came as a tremendous surprise. I didn’t expect it,” Lluch said. “I am thrilled and thankful to CCP for acknowledging my work, and I am deeply grateful for this honor.”
Also part of this year’s Gawad CCP Para sa Sining awardees are choreographer Gener Caringal, composer Joey Ayala, performing artist Lea Salonga, writer Jose Lacaba Jr., filmmakers Mike de Leon and Mario O’Hara, and scenographer Gino Gonzales. Also set to be awarded are the Loboc Children’s Choir, Marilyn Gamboa, Sen. Edgardo Angara, and Zenaida Tantoco.
Vice’ by Stephanie Syjuco at Silverlens, Manila
OVER the past five years, Stephanie Syjuco has explored American museums and institutional archives for representations of the Philippines during the American occupation. Cognizant of the way that the seemingly neutral documentary photograph was a powerful tool in the colonial enterprise, her work attempted to deny the colonizers control of the narrative, disrupting the image to foreground the lost agency of the subjects.
In Inherent Vice, Syjuco engages with a period from a more recent past, featuring images from the late 1960s to 1972 in the photo-morgue of the now defunct Manila Chronicle newspaper housed in the Lopez Museum and Library archives.
A contrast to the American colonial records, this is a repository of materials by Filipinos for Filipinos, the visual representation of a young nation trying to define itself as captured by photojournalists.
Syjuco attempts to make sense of disparate images that she encountered—young people partying and posing confidently in fashionable clothing, riot policemen poised for action, farm workers, agricultural products, student activists and politicians, interior design and decorative plants. She rephotographs them piled on top of each other alluding to their complex co-existence and interaction; leaving in editorial marks,
you
and
for honesty and integrity. Address your pastimes and what you can do to live healthier. ★★★
LEO (July 23-Aug. 22): Notice what’s happening around you. Get involved in events that grab your interest and encourage you to think before you spend. Generosity can make you feel good about yourself, but it can also lead to stress if you don’t take care of yourself first. ★★★★★
VIRGO (Aug. 23-Sept. 22): Prioritize detail and research. An offer may sound good, but it needs more substance to lead to success. Question everything and everyone before you agree to something that has costly proposals. Be realistic and forthright, ask questions and make adjustments that benefit you. ★★
LIBRA (Sept. 23-Oct. 22): Research is necessary to avoid mistakes. Don’t act in haste regarding professional decisions, words or actions that can hurt your reputation. Take your time, consider your options and only make a move if it’s lucrative or beneficial to your health, lifestyle and happiness. ★★★★
SCORPIO (Oct. 23-Nov. 21): Don’t be tempted by someone pressuring you to get involved in a joint venture or to spend on something they want more than you do. Focus on your long-term plans, stability and making sure you can fend for yourself regardless of what others do. Avoid emotional spending. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): You’ll be playing with fire if you let someone infiltrate and disrupt your plans. Stick to what you know and do best, and forgo pleasing someone looking out for their own interests. Opportunity begins with doing what’s best for you. Put your time into personal benefits. ★★★
CAPRICORN (Dec. 22-Jan. 19): Size up what’s entailed in your plans emotionally, physically and financially before you begin the change process. Question who and how others play a role in your success and the incentives you can offer to ensure smooth sailing. ★★★
AQUARIUS (Jan.
handwritten labels and portions of envelopes that point to the physicality of the material.
Challenging neat presentations of oft repeated themes that have become seared into our collective memory to form a linear narrative, Syjuco’s collages and layered visual composites acknowledge the fragmented way in which we remember history.
Inherent Vice by Stephanie Syjuco is on view until October 5 at Silverlens, Manila.
Quezon.
Tony Labrusca bounces back with bravura and brilliance
Puregold CinePanalo reveals 8 offiCial entries for full-length film Category
AFTER an arduous screening process, eight finalists emerged victorious, each earning a P3 million production grant and the chance to showcase their masterpieces at the 2025 Puregold CinePanalo Film Festival.
The lineup of filmmakers for the 2025 Puregold CinePanalo includes Co-love, Jill Singson Urdaneta; Fleeting, Catsi Catalan; Food Delivery, Baby Ruth Villarama; Journeyman, Christian Paolo Lat and Dominic Lat; Olsen’s Day, JP Habac; Perlas sa Silangan, TM Malones; Sepak Takraw, Mes De Guzman; and Tagsibol, Tara Illenberger.
While the number of finalists for the festival was initially limited to seven, the selection committee found that the superior quality of the entries warranted the inclusion of one more finalist, and thereby one more recipient of the P3 million grant. This decision was fully supported by Puregold and its president Vincent Co, who deem the CinePanalo Film Festival as an avenue for bolstering the growth of Philippine cinema.
“Giving the opportunity to eight full-length stories to be official entries in Puregold CinePanalo 2025 is a reflection of the significant talent and craftsmanship of Filipino filmmakers,” said Co. “We are committed to showcasing the vision of these young directors. And we are confident that supporting their films will enrich Philippine cinema.”
The inclusion of an eighth entry may also be credited to the festival’s partners, including CMB Film Services Inc., Terminal Six Post, Mowelfund Film Institute, the Movie and Television Review and Classification Board, and Gateway Cinemas, where the eight films will debut.
To be selected, each filmmaker had to compete against multiple applicants from all across the country. Following the initial screening, 16 filmmakers were selected to go through a faceto-face pitch. From this choice list, only half were chosen to participate in the second-ever Puregold CinePanalo.
Alongside the eight features, Puregold CinePanalo 2025 will also hold its student shorts competition. Twenty-five student filmmakers will receive a grant of P150,000 each to create their film project for the world to see.
Each of the eight films, together with the 25 student short films, will be screened at the 2025 Puregold CinePanalo Film Festival, which is set to run in Gateway Cinemas from March 14 to 25, 2025. More updates can be found at the Puregold Channel on YouTube.
WE are delighted to know that Tony Labrusca is back on the big screen after his unplanned acting hiatus. Labrusca topbills the movie What You Did, helmed by newbie filmmaker Joan LopezFlores, and he gives life and luster to not one but two distinct characters, both troubled but tenacious and tolerant of life’s many misgivings.
“It is, by far, the most daunting project I’ve ever accepted, and it is not just because I get to play two different main characters but also because of the degree of complexity of these characters.”
He added, “We shot this movie three years ago, at a time when there were still a lot of restrictions because of the pandemic. So it has been a long journey and I’m glad that we get this chance to show the movie because of local independent festivals, like Sinag Maynila.”
Labrusca shared that he almost did not accept the movie because he initially feared that he might not be able to pull off the expected level of acting the two roles required. “I am just glad that I have a director who also happens to be the scriptwriter, and who never failed to guide and push me to bring out the best that I could possibly give.” We also learned that the filmmaker is the first-ever female director to qualify for a slot in the main competition section of the Sinag Maynila festival ever since it was launched many years ago.
Sometimes perceived as aloof by those who do not know him, Labrusca can be both warm and vulnerable once he starts to trust a person. Like many who were raised overseas, Labrusca doesn’t mince words and can be so straightforward without being judgmental, something which many Filipinos still have to get used to.
He took an unplanned break from the acting scene because there were not many trustworthy people in the business, nor were there many good projects after the pandemic. “I told myself that I should start choosing the projects that I really want to do. In the past, we’d just say yes to an inquiry for the sake of saying yes, but I’m not getting any younger and being an artist is what I decided to pursue when I came to the Philippines. So when this movie offer came along, I knew I had to say yes.”
For many years after he shot this film, Labrusca recharged and went where life took him to. His bread and butter came from performing in events and corporate shows, mostly out-of-town gigs. Many do not remember that before he plunged into acting, Labrusca was first and foremost a singer.
“Singing is still very much part of who I am as an artist, and it has kept the boat from sinking many times in the past. Singing and performing will always be part and parcel of the artist I have chose to become,” he shared.
Labrusca is a very realistic kind of guy, and takes it a project at a time. Among his projects in the past, he cites Glorious as one of his most special. He secretly
wishes that he’d stumble on a material that will be perfect for a reunion project with Angel Aquino. “She is one of the most amazing and kindest actors I’ve ever had the privilege of acting with, and after Glorious I am lucky that Angel has become a good, good friend. If there’s a good script that will bring us together again, then by all means I’d tell my team to accept it right away.”
We hope that after What You Did, where he gave a truly brilliant and brave performance, show business will be kinder to Tony Labrusca and he will be more active and utilized because in our book, he can do much, much more than just being an underrated actor. n
GMA Pictures and Columbia Pictures have entered a landmark deal for the distribution of two upcoming films Green Bones and KMJS’ Gabi ng Lagim: The Movie in a contract-signing held at the Columbia Pictures office in the Philippines on September 5. This marks the return of Columbia Pictures in distributing local films in the Philippines.
Attending for GMA Pictures were GMA Network senior vice president for programming, talent management, worldwide and support group, and president of GMA Films Atty. Annette Gozon-Valdes and GMA Pictures executive vice president and GMA Public Affairs first vice president Nessa Valdellon.
Signing for Columbia Pictures were its managing director Christopher Sy and
sales and operations manager Andra de Erquiaga Manas. Through this agreement, Columbia Pictures will take on the role of handling the local theatrical distribution of Green Bones and KMJS’ Gabi ng Lagim: The Movie 2024 marks the first time Columbia Pictures is distributing locally-produced films after eight years.
“GMA Pictures is proud to announce that two of its upcoming films, Green Bones and KMJS’ Gabi ng Lagim: The Movie, will be distributed commercially by Columbia Pictures. As one of the leading film production companies in the world, Columbia Pictures has brought some of the biggest Hollywood blockbusters to Philippine theaters. We are honored and grateful that Columbia Pictures is with us in our endeavor to produce high-quality
films and that these movies will be accessible to more moviegoers through this deal,” said Gozon-Valdes.
“Columbia Pictures has always been committed to the theatrical experience and we are thrilled to be partnering with GMA Pictures to distribute the MMFF entry Green Bones as well as KMJS’ Gabi ng Lagim: The Movie. GMA Pictures has a rich legacy of producing award-winning and commercial films which we look forward to bringing to as wide an audience as possible,” said Sy. Also gracing the event were Green Bones lead actors Dennis Trillo and Ruru Madrid.
Directed by Zig Dulay, Green Bones is a gripping, inspirational drama that delves into the story of a man accused of murdering his sister and niece, and a
relentless corrections officer driven by an unquenchable thirst for justice. It is GMA Network’s official entry to the 2024 Metro Manila Film Festival. National Artist for Film and Broadcast Arts Ricky Lee is also among the film’s screenplay writers.
Meanwhile,
PLDT, Smart recognized as AI Pioneers of the year at 2024 LinkedIn Talent Awards
THE world’s largest professional network, LinkedIn, has recognized PLDT Inc. (PLDT) as AI Pioneer of the year, at the recently concluded LinkedIn Talent Awards, held at the Fairmont Hotel, Makati City.
This citation is given to organizations that have shown exceptional implementation of training and development programs in the field of AI or artificial intelligence, to increase the percentage of AI-skilled employees and stakeholders. Awardees are selected based on data analysis of each company’s ability to leverage LinkedIn Talent Solutions, and to make a significant impact within and outside the organization.
“We are grateful to LinkedIn Asia
Pacific for recognizing our efforts. Driven by our corporate purpose of inspiring innovation and meaningful connections through generations, we will continue to harness the latest enabling technologies to help uplift the lives of our customers, our communities, and our people,” said Gina P. Ordonez, Senior Vice President and Chief People Officer of PLDT and Smart.
True to its commitment to innovation, the country’s largest integrated telco, PLDT, has enabled the
group’s operations and workforce with AI capabilities, beefing up platforms and resources across the group and the communities it serves. PLDT’s wireless unit, Smart Communications, Inc. (Smart) was also cited as finalist in the same category.
To ensure that the PLDT and Smart workforce remains competitive, relevant, and agile, over 6,000 employees have been trained through the group’s capacity-building platform, PLDTSmart University, with courses across 20 curated pathways. Over 5,000 have also participated in the group’s Skills Boost Academy Community Learning sessions, and thousands of PLDT and Smart employees have completed 45 AI and Data Science-related courses on LinkedIn Learning.
Aside from the two citations, PLDT was also named a finalist for the Talent Insights Pioneer category, for companies with over 10,000 employees.
“Our talent and learning teams are not just reacting to the AI and
Maya Named PHL’s Best Digital Bank in Top Global Recognitions
MAYA has once again earned top global awards for revolutionizing banking for every Filipino, from the unbanked to the unhappily banked.
For the second straight year, Maya was recognized as the “Best Digital Bank” and “Best Mobile Banking App in the Philippines” at the World’s Best Digital Bank Awards 2024 by Global Finance Magazine. Recently, it was named the “Best Virtual Bank in the Philippines” for 2024 by FinanceAsia Awards in Hong Kong and “New Virtual Bank in the Philippines” at the Retail Banking Awards in Singapore.
Maya also ranked 3rd in the Philippines in Statista and CNBC’s inaugural Best Banks - Asia Pacific 2024 report and made Forbes Magazine’s World’s Best Banks 2024 list for the second year.
Shailesh Baidwan, Maya Group President and Co-Founder of Maya Bank, said, “Every day, we’re driven to make banking simple, intuitive, and useful for everyone. In just over two years, we’ve shown that digital banking with Maya is the fastest and easiest way to boost the financial health of Filipinos. These new recognitions from our peers truly validate our efforts.”
In the Philippines, where banks symbolize upward mobility and financial security, traditional banking is often inconvenient, leaving many without easy access to financial accounts or credit services.
Fintech solutions have stepped up to address these banking woes, helping raise the number of Filipinos with financial accounts from 29 percent in 2019 to 56 percent in 2021, thanks to digital payments. Despite these advances, 52 percent of Filipino adults still save at home, and 57 percent rely on informal borrowing in 2021, according to the Bangko Sentral ng Pilipinas.
Maya revolutionized traditional banking with simple, intuitive, and transparent products. With just one ID, Filipinos can save, borrow, spend, invest, and earn rewards all within one app – a first in the Philippines.
Reinventing savings in the Philippines, Maya is the first to offer flexible deposit products, such as time deposit, that allow users to start small and build over time. It is also the pioneering bank to offer higher interest rates the more they use Maya for everyday spending. As of end-June 2024, deposit balance grew by 32 percent YoY to P32.8 billion.
Recognized as the country’s #1 Digital Bank in the Philippines, Maya holds the largest market share in deposit balances among digital banks at 38 percent as of March 2024. It also boasts the highest monthly active users according to data.ai and the highest user ratings on major app stores.
Maya revolutionized unsecured lending by creating an AI-driven credit scoring model that uses payments and other alternative data, allowing it to lend profitably with speed and at scale.
As of end-June 2024, Maya has provided loans to over a million borrowers, with total loan disbursements life-to-date reaching P47 billion. Maya has expanded unsecured credit disbursement to customers, with 59 percent of its borrowers taking a bank loan for the first time.
Universal Cultural Foundation Inc. Supports Effort to Address Malnutrition
NIVERSAL Cultural Foundation
Inc. (UCFI), the foundation under Universal Hotels and Resorts Inc. (UHRI) which owns and operates NUSTAR Resort Cebu, in partnership with Sacred Heart School Ateneo de Cebu (SHS-AdC), fulfilled its commitment to uplift the nutritional needs of malnourished students in three public elementary schools in Mandaue City.
UCFI donated P2 million to SHS-AdC on September 22, 2023 to carry out the Blue Plate Project, a feeding program initiated by the private institution in 2015 with Cubacub Elementary School as pilot beneficiary. SHSAdC later expanded the feeding program to the public elementary schools of Cubacub, Casili, and Pagsabungan.
UCFI actively supports endeavors geared towards the restoration of cultural heritage
and support programs on education, environment, and health.
“We value the communities we are part of and we drive opportunities that promote inclusion and betterment, be it through education or medical projects.
The partnership with Sacred Heart SchoolAteneo de Cebu is one of the many projects we are looking to establish here in Cebu and around the Philippines,” UCFI Director Katrina Mae de Jesus said.
Cubacub, Casili, and Pagsabungan elementary schools were the recipients of the donation of UCFI. The sum covered the cost of the daily feeding of the children, the construction of kitchens in the schools, and the provision of kitchen items and utensils.
The kitchens were manned by parentvolunteers who had been trained on proper hygiene and food preparation and handling.
UCFI attended the blessing of the newly constructed kitchens, as well as the culmination program of the Blue Plate Project on May 17, 2024.
Preschool and grade school pupils classified as wasted (low weight for height) and severely wasted (severe acute malnutrition) had access to nutritional food every school day for at least 120 days. Studies have shown that malnutrition hurts the health, school attendance, and academic performance of students.
The Blue Plate Project aims to set up a supportive learning environment that fosters the holistic development of the children of the beneficiary schools.
Aside from the Blue Plate Project, UCFI partnered with the Emmanuel and Jinkee’s Pacquiao Heart Foundation for the Feed The Poor Project in General Santos City in December 2023. It also helped renovate health and educational facilities in the Municipality of Opol, Misamis Oriental and in General Santos City in 2023 and 2024. Also in 2023, UCFI also made a donation to support artistic and cultural endeavors of the Chapel of San Pedro Calungsod in Cebu City, Cebu City Cultural and Historical Affairs Foundation Inc., and the Asian Cultural Council of Philippines Foundation Inc.
In May 2024, UCFI also donated to the Cebu City Cultural and Historical Affairs Foundation Inc. to restore and preserve heritage buildings, monuments, and sites in Cebu City. To date, UCFI has donated more than P10 million to various causes around the country.
data revolution. We are proactively equipping our people to lead it. We are building a workforce that will power our business’s AI and data-driven future,” said Gail Mercado, First Vice President and Group Head for Talent.
Motorsiklo Xklusibo Celebrates 15th Year in the Industry with Team Suzuki
SUZUKI Philippines joined the celebration for Motorsiklo Xklusibo’s (MX) 15th Anniversary aptly called Avance sa Kinse held on August 25, 2024, at the Clark Parade Grounds in Angeles City by highlighting its Scooters and Big Bikes.
Over the past years, the brand had been an avid supporter of Motorsiklo Xklusibo and this year was equally thrilling as it celebrated the rich history and community of motorcycle enthusiasts. The event is also considered an annual reunion which is a great opportunity to connect with passionate riders.
Suzuki offered lots of fun activities to the spectators including a free test ride of its higher displacement models which was a hit among riders looking to upgrade their current motorcycles. At the Suzuki booth, the brand gave out free coffee to visitors who shared their fun experience.
During the program proper, Suzuki took center stage with the “Fill-up Your Burgman” contest, wherein lucky winners took home exclusive Suzuki merchandise. And as part of MX’s tradition, Suzuki culminated the celebration by giving away a brand new Avenis won by Maria Dolores Abad who travelled all the way from Daet, Camarines Norte Suzuki’s participation at MX’s Avance sa Kinse aligns with its commitment to foster a strong and vibrant motorcycle community in the Philippines. By providing opportunities for riders to experience Suzuki’s exceptional products and engage with the brand, the company aims to further strengthen its position as a trusted and reliable choice for motorcycle enthusiasts. Because it is now more than ever that, Oras na Para MagMotor!
Held annually, the LinkedIn Talent Awards are given by LinkedIn Philippines in recognition of companies leading the future of work by demonstrating remarkable adaptability, innovation, and creativity.
How do you know when AI is powerful enough to be dangerous? Regulators try to do the math
By Matt O’brien Ap Technology Writer
HOW do you know if an artificial intelligence system is so powerful that it poses a security danger and shouldn’t be unleashed without careful oversight?
For regulators trying to put guardrails on AI, it’s mostly about the arithmetic. Specifically, an AI model trained on 10 to the 26th floating-point operations per second must now be reported to the US government and could soon trigger even stricter requirements in California.
Say what? Well, if you’re counting the zeroes, that’s 100,000,00 0,000,000,000,000,000,000, or 100 septillion, calculations each second, using a measure known as flops. What it signals to some lawmakers and AI safety advocates is a level of computing power that might enable rapidly advancing AI technology to create or proliferate weapons of mass destruction, or conduct catastrophic cyberattacks.
Those who’ve crafted such regulations acknowledge they are an imperfect starting point to distinguish today’s highestperforming generative AI systems—largely made by California-based companies like Anthropic, Google, Meta Platforms and ChatGPT-maker OpenAI—
from the next generation that could be even more powerful.
Critics have pounced on the thresholds as arbitrary—an attempt by governments to regulate math.
“Ten to the 26th flops,” said venture capitalist Ben Horowitz on a podcast this summer. “Well, what if that’s the size of the model you need to, like, cure cancer?”
An executive order signed by President Joe Biden last year relies on that threshold. So does California’s newly passed AI safety legislation—which Gov. Gavin Newsom has until September 30 to sign into law or veto. California adds a second metric to the equation: regulated AI models must also cost at least $100 million to build.
Following Biden’s footsteps, the European Union’s sweeping AI Act also measures floating-point operations per second, or flops, but sets the bar 10 times lower at 10 to the 25th power. That covers some AI systems already in operation. China’s government has also looked at measuring computing power to determine which AI systems need safeguards.
No publicly available models meet the higher California threshold, though it’s likely that some companies have already started to build them. If so, they’re supposed to be sharing certain details and safety precautions with the US government. Biden employed a Korean War-era law to compel tech companies to alert the US Commerce Department if they’re building such AI models. AI researchers are still debating how best to evaluate the capabilities of the latest generative AI technology and how it compares to human intelligence. There are tests that judge AI on solving puzzles, logical reasoning or how swiftly and accurately it predicts what text will answer a person’s chatbot query. Those measurements help assess an AI tool’s usefulness for a given task, but there’s
no easy way of knowing which one is so widely capable that it poses a danger to humanity.
“This computation, this flop number, by general consensus is sort of the best thing we have along those lines,” said physicist Anthony Aguirre, executive director of the Future of Life Institute, which has advocated for the passage of California’s Senate Bill 1047 and other AI safety rules around the world.
Floating point arithmetic might sound fancy “but it’s really just numbers that are being added or multiplied together,” making it one of the simplest ways to assess an AI model’s capability and risk, Aguirre said.
“Most of what these things are doing is just multiplying big tables of numbers together,” he said. “You can just think of typing
in a couple of numbers into your calculator and adding or multiplying them. And that’s what it’s doing—ten trillion times or a hundred trillion times.”
For some tech leaders, however, it’s too simple and hard-coded a metric. There’s “no clear scientific support” for using such metrics as a proxy for risk, argued computer scientist Sara Hooker, who leads AI company Cohere’s nonprofit research division, in a July paper.
“Compute thresholds as currently implemented are shortsighted and likely to fail to mitigate risk,” she wrote.
Venture capitalist Horowitz and his business partner Marc Andreessen, founders of the influential Silicon Valley investment firm Andreessen Horowitz, have attacked the Biden administration as well as California lawmakers for AI regulations they argue could snuff out an emerging AI startup industry.
For Horowitz, putting limits on “how much math you’re allowed to do” reflects a mistaken belief there will only be a handful of big companies making the most capable models and you can put “flaming hoops in front of them and they’ll jump through them and it’s fine.”
In response to the criticism, the sponsor of California’s legislation sent a letter to Andreessen Horowitz this summer defending the bill, including its regulatory thresholds.
Regulating at over 10 to the 26th flops is “a clear way to exclude from safety testing requirements many models that we know, based on current evidence, lack the ability to cause critical harm,” wrote
state Sen. Scott Wiener of San Francisco. Existing publicly released models “have been tested for highly hazardous capabilities and would not be covered by the bill,” Wiener said.
Both Wiener and the Biden executive order treat the metric as a temporary one that could be adjusted later.
Yacine Jernite, who works on policy research at the AI company Hugging Face, said the flops metric emerged in “good faith” ahead of last year’s Biden order but is already starting to grow obsolete. AI developers are doing more with smaller models requiring less computing power, while the potential harms of more widely used AI products won’t trigger California’s proposed scrutiny.
“Some models are going to have a drastically larger impact on society, and those should be held to a higher standard, whereas some others are more exploratory and it might not make sense to have the same kind of process to certify them,” Jernite said. Aguirre said it makes sense for regulators to be nimble, but he characterizes some opposition to the flops threshold as an attempt to avoid any regulation of AI systems as they grow more capable.
“This is all happening very fast,” Aguirre said. “I think there’s a legitimate criticism that these thresholds are not capturing exactly what we want them to capture. But I think it’s a poor argument to go from that to, ‘Well, we just shouldn’t do anything and just cross our fingers and hope for the best.’”
Elon Musk dares the world to take on X as he scoffs at Brazil’s ban
By Anna Edgerton, Andrew Rosati, Gian Volpicelli & Daniel Carvalho
BRAZIL’S ban of X amid a fight with Elon Musk over disinformation on his prized social media site offers a cautionary message for other democracies trying to balance freedom of expression with the integrity of information ahead of elections.
There’s no easy solution, including in Brazil, where the judiciary has broad powers to demand the removal of specific posts and accounts. Exercising that authority comes with its own peril—especially the danger that a total ban of the platform formerly known as Twitter will fuel accusations of censorship and further fracture the global Internet.
“Even if we look at international standards of freedom of expression, blocking an entire platform is seen as a drastic measure,” said Veridiana Alimonti, a Brazil-based expert with the Electronic Frontier Foundation. “It’s problematic when it involves platforms that host both legal and illegal speech.”
While governments worldwide are waging similar battles against fake news and hateful content on X, Europe and the US are unlikely to replicate Brazil’s move for now, according to officials, academics and industry experts. That’s owing to a relative lack of legal authority and the inherent political risk in taking on the world’s richest man, who’s increasingly aligned himself with right-wing figures and endorsed Republican Donald Trump in the November US election.
Musk’s feud with controversial
Brazilian Supreme Court Justice Alexandre de Moraes over the order barring X intensified an ideological war that’s become a rallying cry for the billionaire’s rightleaning allies around the world. It culminated the confrontation with regulators that Musk has been stoking since he bought the platform in late 2022 and swiftly remade it into a bastion for content that serves his own political and social views.
The Supreme Court has drawn Musk’s wrath over its inquiry into whether disinformation on social media prompted supporters of former President Jair Bolsonaro to storm public buildings on January 8, 2023, following his election defeat. In April, Moraes opened a probe into whether Musk—who has openly backed Bolsonaro for years—obstructed justice and whether X had sought to illegally influence public opinion, accusations the billionaire and the company reject.
Bruna Santos, head of the Wilson Center’s Brazil Institute, said there should be a discussion about whether Brazil’s high court is overstepping its authority, and she said she does believe that Moraes has “gone too far” on several occasions. However, she said that conversation is hard to have at this moment, when questioning Moraes “sounds like you are defending Musk.”
Adding to the pressure enveloping X, its head of global affairs, Nick Pickles, is departing after more than a decade with the company. Scrutiny of X has intensified since Musk’s 2022 takeover, particularly after he fired thousands of people, including many involved in communications and policing disinformation on the platform.
An X spokesperson declined to immediately comment but referred a reporter to Pickle’s post late Thursday announcing his departure.
Other governments have challenged X with different results. While Musk is standing his ground in Brazil, X has complied with demands to take down content in countries such as India, where posts about farmer protests were singled out for removal earlier this year by the government. This week, X agreed to EU demands to stop processing the personal information of European users to train its artificial-intelligence chatbot Grok.
EU officials warned X in July against deceiving users into engaging with potentially harmful content—a probe that could pave the way for fines of up to 6 percent of the company’s revenue. There’s no specific timetable for the inquiry, which is one of the first under the Digital Services Act, which requires platforms to remove illegal content and police disinformation.
Following riots in the UK that
authorities attributed to false information spread via social media, EU digital czar Thierry Breton warned Musk last month to comply in a letter posted to X—drawing an expletive-laced response by the billionaire to his nearly 200 million followers on X.
That increasingly combative stance is making some EU policymakers more aware of the limits in their strategy of by-the-book legal proceedings and hefty fines.
The DSA allows for suspending an online platform, but only on a temporary basis and when the alleged violation poses serious harm to a person’s safety or life.
Christel Schaldemose, the center-left Danish lawmaker who played a key role in passing the DSA through the European Parliament said the EU is not equipped to deal with a company that refuses to comply.
“We wanted to use high fines as deterrents—but they don’t seem to bother Musk,” Schaldemose said. Over the next two years, she said, the EU should stress test its regulation and—if needed—strengthen
its countermeasures beyond fines. She remains convinced, however, that “the Brazilian way is too farreaching.”
In the US, regulators have little recourse to bar harmful online content, thanks to a provision in the 1996 Communications Decency Act known as Section 230 that shields websites from liability for third-party content on their platforms. While lawmakers in both parties agree on the need to update the nearly three-decade old measure, Republicans and Democrats disagree vehemently over what changes to make.
Biden administration officials this year signaled a more hands-off approach toward disinformation. On Tuesday, the Justice Department issued new guidelines saying it would not push for removal of online content when sharing information with social-media sites about foreign threats to national security or elections.
Instead, Justice officials will leave it to platforms to decide whether to block users or remove harmful content. The move follows accusations from Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg that the Biden administration had violated free-speech principles in pushing to censor Covid-related content.
Santos pointed out that Brazil’s standard for free expression is very different than the protections afforded by the First Amendment in the US.
“That’s one thing which is obviously not applicable in Brazil because Brazil’s Constitution does not interpret the freedom of speech as an absolute right,” Santos said, noting that Brazil’s system of government
created a very strong judiciary empowered to act “in defense of democracy.”
Still, the US Congress decided that freedom of speech doesn’t outweigh national security when it comes to TikTok, which faces a ban unless its Chinese parent divests the video-sharing app. Part of the mechanism for enforcing this ban would be the same that Brazil is using to block X: prohibit local Internet service providers from hosting the website. In fighting Brazil’s ban, Musk can count on support from rightwing allies. Bolsonaro’s followers are planning a march to call for Moraes’ impeachment. Local elections next month in South America’s largest economy will be an important test of the strength of Bolsonaro’s movement since he lost the presidency in 2022. Santos said that accusations of censorship risk being used by Bolsonaro supporters to cast doubt on the validity of the result. A poll by AtlasIntel released this week highlighted deep divisions provoked by the top court’s move: Almost 51 percent of respondents said they disagreed with Moraes’s decision to ban X, while just over 48 percent agreed.
To curb the dissemination of fake news, President Luiz Inacio Lula da Silva’s government has sought legislation holding big tech companies responsible. Reviving the bill now, however, is near impossible, owing to the politicization of the topic, said a Justice Ministry official familiar with the situation who requested anonymity because they were not authorized to speak publicly. With assistance from Chris Strohm, Kurt Wagner and Kevin Whitelaw/Bloomberg
DEMONSTRATORS during a protest against the country’s ban of X on Paulista Avenue in São Paulo on Saturday. BLOOMBERG
Paris raises bar high for others to follow
SAINT-DENIS, France—This time, it really is au revoir.
A summer sporting bonanza which started under pouring rain on July 26 with a remarkable opening ceremony for the Paris Olympics on the Seine River ended Sunday with the Paralympics closing ceremony at a rain-soaked Stade de France.
It lowers the curtain on successful back-to-back Games that captivated fans and raised the bar high for others to follow.
Good luck Los Angeles in 2028.
As the stadium was lit up in the blue, white and red colors of the French national flag, a trumpet player played the national anthem “La Marseillaise” and Paralympic flagbearers then made their way into the stadium carrying national flags to the sound of “Chariots of Fire” by Vangelis.
“Everyone can see what an inclusive world is like,” Tony Estanguet, the head of the Paris Olympics in 2024, said in his closing speech. “Now there is no turning back.” International Paralympic Committee president Andrew Parsons said France excelled itself as a host in both Games.
“Paris 2024 has set a benchmark for all future Paralympic Games,” Parsons said. “For a country famous for its fashion and its food, France is now famous for its fans.”
The crowd clapped along to a breakdancing set, before Tony Award winner Ali Stroker performed the American national anthem as a part of the handoff to Los Angeles.
Stroker made history in 2019 as the first person who uses a wheelchair to win a Tony Award for her turn as Ado Annie in the Broadway revival of Rodgers and Hammerstein’s “Oklahoma!” In another portion of the screened handoff to LA, Venice Beach Skate Park transformed into a 360-degree
B8 | Tuesday, sepTemBer 10, 2024
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
stage featuring skateboarders and wheelchair motocross riders.
Then, the crowd roared as famed French electronic music composer Jean-Michel Jarre began closing out the ceremony, which was again led by artistic director Thomas Jolly.
The 76-year-old Jarre span tunes as in a Parisian nightclub, oblivious to the rain lashing down on him.
Jolly wanted to turn the stadium into a giant open-air dance party. More than 20 DJs, including Étienne de Crécy, Martin Solveig and Kavinsky, followed the trailblazer Jarre in a tribute to French electro music to the theme “Journey of the Wave.”
Or the wave goodbye from the 64,000 fans, and the city itself, to the more than 4,000 Paralympic athletes.
Summer vibes kept going AFTER the successful Olympics showcased the vibrancy of fans from around the world and the beauty of the city’s iconic venues, there were doubts that the energy would keep going
Bounty, Chooks-to-Go honor Azkals
OUNTY and Chooks-to-Go
Bhonored recently the Philippine Azkals who will compete in the Asia 7’s Championships set October 9 to 12 at the EV Arena Elmina in Kuala Lumpur.
Bounty Fresh Group Holdings
Chairman of the Board and Chooks-toGo Inc. President Tennyson Chen, his spouse and Senior Vice President Terry Chen, Chief Executive Officer Atty. Kenneth Cheng, Vice President for Corporate Marketing and Chooks-to-Go Inc. Executive Vice President for Operations Patricia Cheng-Lim, and Chief Finance Officer Diane Choi honored the Azkals in the reception held at the Inoza Tower in Bonifacio Global City. Tenny Chen commended the team for its unwavering dedication to representing the Philippines on the global stage.
“You guys are doing a good job
representing the Philippines. We have a company in New Zealand, and I remember when the Filipinas won against New Zealand, everyone there was very disappointed while I was elated,” Tennyson Chen said.
“That’s the effect football has now, and you guys started the fascination with the beautiful game with your winning ways,” Chen said. “Please continue raising the bar of football in the Philippines. You are our team now. Continue inspiring the next generation.”
The event also featured Azkals’ legends who have been instrumental in shaping Philippine football, among them Stephan Schröck, Daisuke Sato, Misagh Bahadoran, Anton del Rosario and team manager Dan Palami. Also present were the current stars of Philippine football led by the players of One Taguig FC.
into the August 28 to September 8 Paralympics.
Those doubts were dispelled, with athletes enjoying strong support.
Not all venues were sold out, but this was also because the summer holiday period was ending and children were returning to school.
A surge of enthusiasm saw 2.4 million tickets of the 2.8 million tickets sold—second only to the 2.7 million sold at the 2012 London Games—and this was some feat considering that by late June only 1 million had been sold.
Large swathes of Parisians vacated—some say fled—the city amid concerns over traffic chaos, political upheaval, social tensions and growing fears over security.
But locals who stayed or French fans coming in from other towns and cities gave their athletes huge support over both Games.
“With the Game,s we rediscovered our creativity,” said Estanguet, a former Olympic canoeing champion.
Kenneth Cheng expressed his admiration for the team’s accomplishments and the growth of football in the country.
“I remember playing football in our Physical Education classes and I never realized how big it can be here. I’m honored to meet the team who has done so much,” Kenneth Cheng said.
“I wish you all the luck in the coming 7s tournament and in all your other tournaments. Mabuhay ang Azkals! Mabuhay ang Philippine Football.”
Chooks-to-Go has long been supporting Philippine football, including past iterations of the national team, the Philippines Football League, and numerous clubs.
The company’s unwavering commitment continues to play a significant role in the team’s preparation and motivation as they head into the Asia 7’s Championships, aiming to achieve new heights and inspire future generations of booters in the Philippines.
“The France which smiles, which loves itself.”
French success on, off track IN the Olympics, France tallied 16 golds among its 64 medals to finish fifth overall in the medal count, and it won 75 medals overall in the Paralympics.
The Games themselves were a success for French President Emmanuel Macron. Transport ran well, there were very few organizational glitches and security issues were appeased, with police even engaging in friendly banter or posing for photos with fans—a rarity in France.
For how long the feel-good factor stays remains to be seen.
An early indication came on Saturday, when thousands took to the streets to protests the president’s appointment of a conservative new prime minister.
There were some boos for Macron when he was introduced at the start of the ceremony.
Plus ça change, as the French saying goes.
WIM Fronda, finally, joins PHL women’s team to Olympiad
WOMAN International Master (WIM) Jan Jodilyn Fronda has solved her visa issues and will join the Philippine team to the 45th World Chess Olympiad that starts Wednesday in Budapest.
Fronda is expected to play Board 2 behind Woman Grandmaster Janelle Mae Frayna with Ruelle Canino, Shania Mae Mendoza and Bernadette Galas completing the squad.
The team—whose trip is bankrolled by the Philippine Sports Commission— was wary Fronda would miss the tournament with her visa hiccups.
Good thing Fronda, with the help of the National Chess Federation, fixed the problem and she along with the rest of the team flew to the Hungarian capital in two batches via Singapore and Helsinki on Tuesday.
They will rendezvous in Budapest just in time for the opening ceremony and team captain’s meeting on Wednesday night.
Like the women’s team, the men’s group—Grandmasters Ino Sadorra and John Paul Gomez and IMs Daniel Quizon, Paolo Bersamina and Jem Garcia—are also all set to plunge into action with a snag— Sadorra will miss the first two rounds because of family and work commitments.
“The team is ready,” national women’s coach GM Jayson Gonzales said. Atty. Roel Canobas is the head of delegation while GM Eugene Torre is the coach.
THE Philippine team at the just-concluded 17th Paralympic Games in Paris will receive a heroes’ welcome from President Ferdinand Marcos Jr.
The courtesy call for the six Paralympians—archer Agustina Bantiloc, taekwondo jin Allain Ganapin, wheelchair racer Jerrold Mangliwan, javelin thrower Cendy Asusano and swimmers Angel Otom and Ernie Gawilan—at the Malacanang Palace is set 2:30 p.m. Thursday, two days after their arrival from this glitzy French capital.
“Our President is very supportive who acknowledges and recognizes the efforts of our athletes,’’ Philippine Paralympic Committee president Michael Barredo said.
The para athletes will be feted in a special gathering led by President Marcos similar to the members of the Philippine Olympic team last month.
“We express our gratitude to the President for his all-out support,” Barredo said. “Our Chief Executive made us feel really special.”
Barredo added: “Our para athletes did their best at the Paris Paralympics but fell short of reaching the podium. We are proud of their valiant efforts, nonetheless. Now, it is time to return to the drawing board and establish a clear para sports pathway, from grassroots participation—especially among the youth and women—up to the elite level.”
From their training and preparation until the team’s participation in the city of light and love, the six Paralympians and the entire Philippine delegation received complete backing from the Philippine Sports Commission headed by its Chairman Richard Bachmann.
were also on hand to support the Paralympians for two weeks of competition.
“By leveraging local and national events like the Palarong Pambansa, Batang Pinoy, Philippine National Games, and Training the Trainers, we aim to identify, classify and nurture talent across the country,’’ Barredo said.
“This approach, combined with adequate funding, will expand our national training pool, allowing us to select more athletes and strengthen our representation in international competitions such as the Asean and Asian Para Games, and the Paralympic Games,’’ Barredo added. During the parade of nations in the opening ceremony, the Philippines was acknowledged as a country that provides big cash incentives to its medal-winning para athletes, something that Canada has begun to replicate in its Paralympic program.
“We are working with Congress to increase the cash incentives of our medal-winning para athletes similar to the incentives that our athletes in the Olympics normally receive,’’ Bachmann said.
“We are also helping institutionalize the Para PNG (Philippine National Games), so we can have a younger pool of athletes that we can actually select in the future,’’ Bachmann added. Prior to the departure of the Paralympians from Manila, President Marcos sent his well wishes, telling them that the “whole nation is with you and that you are already champions in our eyes.”
second with 36 points, the fight for the remaining berths is wide open. In the 13-15 boys’ category, set over 54 holes, Jose Carlos Taruc leads with 44 points, followed by John Paul Agustin Jr. with 41. The race to secure a finals berth will also be intense, as players like joint fifth-place runner Andres Fabie (20 points) and joint seventh-place Matthias Espina (16 points) seek to make a strong push.
the 36-hole tournament. The competition will also be tight in the 72-hole 16-18 boys’ category, where the final two spots are still up for grabs among Francis Slavin (25 points), Zachary Villaroman (24 points), and Rafael Mañaol (20 points). While Luisita leg winner Mark Kobayashi has virtually secured a finals spot with 47 points and Patrick Tambalque sits in
The girls’ 13-15 division sees sisters Lisa and Mona Sarines virtually assured of their finals spots with 50 and 48 points, respectively. However, the competition remains tight between third-running Precious Zaragosa (46 points) and fourth-ranked Levonne Talion (43 points), both of whom need strong showing to secure their places in the finals.
AS the cauldron is switched off during the closing ceremony for the 2024 Paralympics Sunday, Los Angeles Mayor Karen Bass waves the Paralympic flag symbolic of the next games host in 2028. AP
MEMBERS of the team to the Olympiad are feted in a send off dinner by officials of the National Chess Federation of the Philippines by former congressman Prospero Pichay.
PPC secretary general Goody Custodio, director for para sports development Milette Bonoan and Team Philippines chef de mission Ral Rosario
Noli Run in Dapitan Dapitan City Mayor Seth Jalosjos (No. 259) leads more than 500 runners in the Noli Run, a prelude to the second 5150 Dapitan Triathlon in Zamboanga del Norte over the weekend. The 4-km heritage race, inspired by Dr. Jose Rizal’s novel Noli Me Tangere, brought history to life as participants dressed in period costumes, portraying iconic characters from the novel. Runners traversed the century-old streets
THE Azkals with Patrick Ace Bright, Daisuke Sato, Anton del Rosario, Tennyson Chen, Stephan Schröck, Dan Palami and Misagh Bahadoran.
