THE economy’s performance in the second quarter benefited mainly from base effects, leading foreign analysts to estimate that fullyear growth will only reach the low end of the government’s targets.
BMI, a FitchSolutions company, lowered its growth outlook to 6 percent from its initial estimate of 6.2 percent while Citi Philippines upgraded its forecast to 6 percent from its earlier forecast of 5.9 percent.
The Development Budget Coordination Committee’s (DBCC) targets a GDP growth of 6 to 7 percent this year before increasing to 6.5 to 7.5 percent next year and 6.5 to 8 percent between 2026 and 2028.
“The latest growth outturn clearly showed that we have overestimated the health of the Philippine economy,” BMI stated.
“The 6.3 percent growth outturn in Q2 [second quarter] paints a misleading picture of the economy’s health, as this number was flattered by a favorable base of comparison,” it added.
BMI noted that the Philippine economy only posted a growth of 0.5 percent quarter on quarter, which was the softest pace recorded since the second quarter of 2023. It noted that this was largely due to the “poor performance in the external sector.” Exports contributed 1.2 percentage points (pp) to headline growth.
This halved the 2.4-percentage
MANILA, SEOUL SEEK ‘STRATEGIC’ TIES, FTA
By Malou Talosig-Bartolome @maloutalosig
THE Philippines and South Korea are rushing the negotiations to elevate the bilateral ties into strategic partnership as both countries face increasing geopolitical uncertainties in the Indo-Pacific region.
Foreign Affairs Secretary Enrique Manalo and South Korean Foreign Minister Cho Tae-yul also agreed to work for the early ratification of the bilateral free trade agreement (FTA).
Manalo and Cho made these commitments during Manalo’s official visit to Seoul last week.
During his three-day official
visit, Manalo paid a courtesy call on South Korean Prime Minister Han Duck-soo.
Manalo also visited the Joint Security Area, the only area in the Demilitarized Zone (DMZ) where North and South Korean forces stand face-to-face.
“Secretary Manalo and [South Korean foreign minister] Cho acknowledged the need to fasttrack the work on the Joint Declaration on the Strategic Partnership between the Republic of the Philippines and the Republic of Korea, which would guide the future direction of the two countries’ growing relationship. It was an important highlight of Secretary Manalo’s visit,” the DFA
said in a statement.
The Korean Peninsula is one of the major flashpoints in the IndoPacific region. Tension between Seoul and Pyongyang has risen as North Korea fired medium-range intercontinental ballistic missiles (ICBM) since 2022.
The Philippines, on the other hand, faces maritime threats from China’s growing aggression and island-building in the South China Sea.
Manalo said he and Cho agreed to finish working on the text of the Joint Declaration within this year, hopefully in time for the visit of Prime Minister Han to Manila.
ANALYSTS: PHL GROWTH MAINLY A BASE EFFECT
By Samuel P. Medenilla
the Philippines,” he said. Sagip Party-list Rep. Rodante D. Marcoleta has claimed his “volunteers” from the US were
allegedly able to deposit US$100 each to two offshore accounts, supposedly owned by a “George Erwin Garcia Mojica Garcia.”
The two accounts were Scotiabank and Trust Cayman LTD as well as the Bank of New York Mellon.
Garcia stressed he does not own any of the said offshore bank accounts which Marcoleta cited.
He said he already forwarded the pieces of evidence to support his claim to the US DOJ so they can use it in their investigation on possible bank fraud, identity theft, and money laundering in the US.
The Comelec chief has accused Smartmatic of being behind the ongoing “demolition job” against him through his supposed fake offshore bank accounts.
Comelec is currently conducting its own probe on its 2016 service contract with Smartmatic amid the pending bribery case filed by a federal grand jury in Florida against former Comelec Chairman Juan Andres D. Bautista and three officials of the election service provider.
P300-B projects covered by unprogrammed appropriations
By Cai U. Ordinario @caiordinario
THE National Economic and Development Authority (Neda) said 49 Official Development Assistance (ODA) projects are covered by requests for financing through unprogrammed appropriations.
Based on the latest ODA Portfolio Review, these projects amount to P300.01 billion and are to be undertaken by 12 implementing agencies.
The report said that of this amount, some P213.03 billion will be requested to provide budgetary cover for loan proceeds, while about P86.98 billion will be requested for
point contribution of exports in the previous quarter. Along with the uptick in imports, net exports decreased 0.8 percentage points.
“Flattered by a low base effect, growth in government spending increased sharply this quarter, while private consumption growth was
unchanged amid high domestic borrowing costs,” Moody’s Analytics said. Meanwhile, Citi Philippines economist Nalin Chutchotitham said the growth in the second quarter was faster than they expected and this was the reason for their upgrade for full-year growth.
government counterpart funding.
“Mostly the GPH [Government of the Philippines] counterparts being used for right-of-way acquisition.
So that’s also one of the risks that these projects are facing,” Neda Monitoring and Evaluation Staff OIC Assistant Director Paul Andrew M. Tatlonghari said in a recent briefing.
Chutchotitham said that while household consumption is expected to “only gradually recover,” this will be supported by strong employment, slower inflation, and lower interest rates.
“We maintain our expectation of 2025 growth at 6 percent, not-
“But we’re seeing a shortfall. Because there’s only limited UA [unprogrammed appropriation] than will be requested by the agencies. So there’s an overhang there that they would have to catch up [on] in the succeeding years,” he also said.
The Neda report said the unprogrammed appropriation allocated in the 2024 General Appropriation Act amounts to P731.45 billion, with only P233.49 billion allocated for foreign-assisted programs and projects.
Combined with an additional P3 billion allocated under UA for ROW payments, the total available amount for 2024 UA stands at P236.49 billion.
If the budget shortfall is unmet, this could lead to higher requirements for ODA projects between 2025 and 2027 onward.
The projected amount for 2025 could reach P483.562 billion while the amount for 2026 may hit P488.468 billion and for 2027 onward, a total of P745.216 billion.
“While there are available loan
ing increasing external headwinds from the slowdown in several advanced economies—especially the US—which are the Philippines’s key trading partners and sources of overseas workers’ remittances,” Chutchotitham said.
BSP will cut rates
BOTH BMI and Citi expect that due to the latest economic performance, the Bangko Sentral ng Pilipinas (BSP) will cut interest rates on Thursday to boost the economy.
Citi expects the BSP to cut interest rates by 25 basis points this week and cut another 25 basis points in October and December. A total of 75 basis point cumulative cuts are projected in 2025.
Chutchotitham said, however, that BSP may still opt to “err on the cautious side” and maintain key policy rates on Thursday due to the 4.4 percent inflation.
Nonetheless, she said, inflation is expected to trend downward “throughout the policy horizon” given that demand-pull inflationary pressures remain limited and regional wage hikes are “unlikely to case new concerns.”
to SG-31 (Executives), 3.42 percent; and SG-32 to SG-33, 2.38 percent.
“[This increase] prioritizes the welfare of our civil servants knowing that they are the ones who carry on their shoulders the weight of our nation’s aspirations,” Pangandaman said.
The salary of Teacher 1 under SG-11, as an example by the DBM, will increase by P1,512 to P28,512 during the first tranche this 2024. In 2025, the second tranche will be applied on top of P28,512 totaling P30,024.
Nurse 1 under SG-15 will receive a salary of P38,413 in 2024 with an increase of P1,794. In 2025, this would amount to P40,208 after a P1,795 increase in the second tranche.
Source of funding
PANGANDAMAN said P36 billion was earmarked for the incremental salary increase for the first tranche under the Miscellaneous Personnel Benefits Fund (MPBF) in the 2024 General Appropriations Act (GAA). About P70 billion will be allocated for the salary increase in 2025, which has already been taken into account under the 2025 National Expenditure Program (NEP).
The DBM will release Special Allotment Release Orders (Saros) and the corresponding Notices of Cash Allocation (NCAS) to the
balances from DPs, disbursement of these loan proceeds cannot proceed without corresponding appropriation in the GAA. Hence, each loan-supported project must secure adequate budgetary cover within the fiscal year to enable withdrawal of loan proceeds,” the Neda report stated.
The ODA Act of 1996, as amended by RA 8555, stipulates that in order for ODA projects require counterpart funds from the national spending program.
These counterpart and proceeds of loans and loans and grants funds must be included in the annual national expenditure program to be submitted to Congress for approval.
Further, the budgetary requirements for the two succeeding years shall be determined during the annual ODA Portfolio Review conduct by Neda.
The Neda and the Department of Budget and Management shall work closely to ensure that the projected budgets are consistent with the Work and Financial Plans and Programs of Work for the projects.
“Last but not least, we continue to show in earlier notes that the real policy rate has been above historical trend, and hence the BSP could definitely afford to ease slowly to steer the economy back towards potential,” Chutchotitham said.
Earlier, the steady pace of household consumption and faster government spending in the second quarter allowed the economy to exceed the low-end of the administration’s growth target despite elevated inflation and high interest rates.
The Philippine Statistics Authority (PSA) said the country’s GDP growth reached 6.3 percent in the April to June period this year. This is the fastest growth rate since the 6.4 percent posted in the first quarter of 2023.
PSA data showed household final consumption expenditure posted a 4.6-percent growth in the second quarter, the same rate it posted in the first quarter. Earlier, the PSA said, excluding the pandemic, the 4.6-percent growth rate was the slowest in 14 years.
government agencies to implement the first tranche of the salary adjustment.
Medical allowance
GOVERNMENT employees will also soon receive a medical allowance of P7,000 per year starting next year, 2025.
Qualified government civilian personnel will get allowance as a subsidy for the availment of health maintenance organization (HMO)type benefits. However, government officials and employees already receiving HMO-based health care services by virtue of special laws and those in the legislative and judicial branches and other offices vested with fiscal autonomy are exempted from the medical allowance.
Heads of the foregoing agencies and agencies, meanwhile, may grant a similar medical allowance to their employees or continue to procure HMO plans, subject to guidelines to be released by the DBM.
Pangandaman said the DBM is finalizing the guidelines for the medical allowance, to be implemented in 2025.
“Through these efforts, we are not just augmenting compensation. We are building a government workforce that is more empowered, dedicated and capable of delivering services to the Filipino people which it serves,” Pangandaman added.
Elevating the bilateral relationship into a “strategic partnership” coincides with the commemoration of the 75 years of diplomatic relations between Manila and Seoul this year.
Manalo condemns NoKor IN his visit to the DMZ’s Joint Security Area, Manalo reiterated support for Seoul’s quest for peace in the Korean peninsula and condemned Pyongyang’s firing of ICBMs.
“Let me be clear: The Philippines stands with the Republic of Korea in calling for peace and stability on the Korean Peninsula. We have consistently maintained a strong position of peace in the Korean Peninsula.
“We condemn the DPRK’s intercontinental ballistic missile tests and launches, satellite launches using newly-acquired missile technology, unlawful military cooperation, and other provocative actions which are flagrant violations of UNSC sanctions and only serve to increase tensions and undermine economic progress, peace, and stability in the Korean Peninsula and the greater Indo-Pacific region,” Manalo said in his statement at the DMZ.
The Philippines urged Seoul and Pyongyang to resume peaceful dialogue and work towards “lasting peace and stability in a denuclearized Korean Peninsula.”
“The Philippines will continue to support efforts to secure the complete, verifiable, and irreversible denuclearization of the Korean peninsula. We have consistently and repeatedly called on the DPRK to comply with its international obligations under relevant UN Security Council resolutions and to commit to constructive and peaceful dialogue with the Republic of Korea,” Manalo said.
He reiterated the offer to play a “constructive role” in promoting peaceful dialogue through the Asean Regional Forum.
The rivalry between North and South Korea started in the 1950-53 Korean War.
The Philippines sent 7,420 soldiers during the Korean War, and 92 of them were killed in action. Manalo said the valor and bravery of these Filipino soldiers remains the “bedrock of our longstanding relations now marking 75 years.”
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CA affirms life term for Maute bandit
By Joel R. San Juan @jrsanjuan1573
HE Court of Appeals (CA) has affirmed
Tthe decision issued by a trial court in Taguig convicting a member of the Maute bandit group of unlawful possession of an explosive device and sentensing her to life imprisonment.
In a 17-page ruling written by Associate Justice Maximo de Leon, the CA’s Fifth Division held that the prosecution was able to establish that accused Nasifa Pundug was caught in possession of a blasting cap while members the 51st Infantry Battalion, Philippine Army were conducting random checkpoints in Lanao Del Sur on August 22, 2016.
Pundug was on-board a Toyota Tamaraw FX along with seven other people alleged to be members of the Maute terrorist group at the time.
Authorities arrested all those on-board, including Pundug, when other contrabands were found such as an 81-millimeter mortar round and a pipe bomb. The items were confiscated.
Pundug was sentenced to reclusion perpetua by the Regional Trial Court in Taguig City for violation of violation of Presidential Decree 1866, as amended by Republic Act 9516 or the Unlawful Manufacture, Sales, Acquisition, Disposition, Importation or Possession of an Explosive Device or Incendiary Device and sentencing her the penalty
of reclusion perpetua or life imprisonment.
The CA did not give credence to the argument of the Pundug that her conviction should be set aside as the prosecution failed to establish the existence of the explosive.
Pundug claimed that the blasting cap allegedly recovered from her has no serial number and was not properly marked by authorities.
She further argued that there was no photograph taken of the said blasting cap and that it was not presented during trial.
All these circumstances, according to Pundug, gave rise to doubts as to the blasting cap’s existence and identification. However, the trial court gave weight to the claim of the prosecution that the non-presentation of the blasting cap during trial was due to logistical impossibility and security issues.
“Besides, the actual presentation of a subject explosive during trial is not required by law. It is settled that the existence of the subject explosive may be proved by the presentation of the subject explosive or by the testimony of witnesses who saw the accused in possession of the same…,” the trial court said.
“Denial and alibi cannot prevail over the positive identification of assailants by the witnesses unless substantiated by clear and convincing proof,” the court addeed in upholding the conviction of Pundug, adding that her alibi was self-serving.
Go boosts recovery of displaced workers
DURING his team’s visit to San Isidro, Northern Samar, on Friday, August 9, Sen. Christopher Go highlighted the urgent necessity for enhanced livelihood programs to aid in the recovery of Filipino workers.
In a video message, Go reiterated his commitment to supporting Filipinos during difficult times.
Go also thanked the local officials for their efforts, while he called for enhanced cooperation to further the welfare of the community as he partnered with Northern Samar Gov. Edwin Ong, Vice Gov, Gary Lavin, and San Isidro Councilor Joel Sampayan to help the qualified struggling workers.
Go has filed Senate Bill No. 420 to establish a short-term employment program for eligible individuals from underprivileged households. If enacted into law, this proposed measure would create the Rural Employment Assistance Program (REAP) to provide temporary employment opportunities to individuals who qualify as economically disadvantaged, impoverished, displaced, or seasonal workers.
To further ease the financial burden on
Continued from A14
The exhibit “Inubon a Dayaw (String of Honor):TheLifeandWorksofManlilikhang
Bayan Magdalena Gamayo” was the first of its kind to honor and showcase the legacies of a National Living Treasure, an initiative by the National Commission for Culture and the Arts that Senator Loren Legarda described as a joyous event that should be replicated in celebration of the others in her rank.
Magdalena was already 99 years old when yours truly curated the said exhibition that highlighted three well-preserved old blankets woven by the weaver during her prime circa 1970s to ’80s, among other works. The exhibition ran for the whole month of October in 2023.
This month, as Magdalena finally celebrates her 100th birth anniversary on the 13th—a remarkable milestone that most of us can only wish to reach in life—the country has lined up various events to make the event truly special. She has continued imparting priceless knowledge on weaving to anyone who wished to learn inabel through a series of sponsored training programs she personally supervises and mentors. She has been inspiring the youth not only to appreciate weaving but, more importantly, to recognize the unsurmountable value that our traditional artists anywhere in the country, whether they are sung or unsung, possess. A commemorative calendar has been released earlier this year, sporting various patterns that are generated by the community that she kept intact and enduring. She has, likewise, appeared in various trade shows and expos in Manila promoting not only their work but of Filipino craftsmanship and ingenuity as a whole.
In her hometown Pinili in Ilocos Norte, on the eve of Magdalena’s birthday, August 12th, the local government is staging an inabel fashion show wherein the featured designers will be using the locally produced textiles in
PAF maritime patrol plane not a threat to Chinese jet fighters
By Butch Fernandez, @butchfBM
Jovee Marie N. dela Cruz @joveemarie
& Rex Naval
THE Air Force’s NC-212i patrol aircraft was doing nothing provocative when harassed by Chinese jet fighters on August 8 while patrolling over Bajo de Masinloc, the National Task Force for the West Philippine Sea (NTF-WPS) said on Monday.
“Without any provocation or justifiable cause, two PLAAF [People’s Liberation Army Air Force] fighters conducted dangerous maneuvers in close proximity to a PAF aircraft conducting a routine patrol mission. The PLAAF planes deliberately deployed flares near the PAF aircraft, risking the safety of its Filipino crew,” the task force said in a statement.
NTF-WPS said that the Filipino aircraft did not pose any threat to the PLAAF jets.
Filipino families, Go also co-authored and co-sponsored Senate Bill No. 2534, which aims to raise the daily minimum wage by P100 nationwide.
The distribution activity took place at the San Isidro Municipal Hall, where Go’s Malasakit Team distributed shirts, basketballs, and volleyballs to 43 displaced workers. Meanwhile, the Department of Labor and Employment (DOLE) conducted a Tulong Panghanapbuhay sa Ating Disadvantaged/ Displaced Workers (TUPAD) program orientation for qualified beneficiaries.
The senator took the opportunity to commend the DOLE for their proactive approach to addressing the challenges faced by disadvantaged and displaced workers. The TUPAD program, initiated by DOLE and supported by Go, aims to provide emergency employment and livelihood opportunities to those who have lost their jobs or sources of income due to crises.
As the Chairperson of the Senate Committee on Health, Go encouraged them to utilize the services of nearby Malasakit Centers, specifically the one at Northern Samar Provincial Hospital in Catarman.
their creations. This will be followed by an early customary jarana the following day at the residence of the master weaver in Barangay Lumbaan, a village 30 minutes away from the town proper. Last year, the modern multi-functional Inabel Weaving Center was also erected beside Magdalena’s abode. In the evening of her birthday, the National Commission for Culture and the Arts and the Provincial Government of Ilocos Norte are sponsoring a dinner celebration at the Plaza del Norte Hotel and Convention Center in the provincial capital. Other events as part of this celebration also include a film making contest, inabel design competition, and an on-tour weaving demonstration to public schools in her hometown. These are all aimed at increasing awareness and appreciation of the cultural tradition that she greatly takes pride in. A documentary on her life was also made and is now being shown. Pinili’s local government has, furthermore, instituted the Magdalena Gamayo Scholarship Program to aid those in need as they pursue and complete their educational journeys. The whole nation patiently waited for this momentous event. As Filipinos rejoice over this most rare occasion, there should be a realization amongst all of us that our traditional artists deserve all the recognition that we can give. The National Living Treasure Award is the counterpart of the National Artist Award for outstanding Philippine traditional artists and culture bearers. In an age where traditions are slowly being lost, and people are becoming less and less interested in Filipino art, it has become imperative for all of us to play a most important role: to be proud of them, as well as their contributions to our country.
Magdalena Gamayo is now the oldest National Living Treasure alive, indisputably the oldest
and
China earlier claimed that the Philippine aircraft intruded over its territory forcing it to conduct actions to drive the Filipino plane away.
“By launching flares in the flight path of the PAF plane, the PLAAF fighters exhibited hazardous intent,” the task force said.
It said the incident happened at an inopportune time when the tensions over the WPS seems to be easing a bit.
“Our pilots and crew responded with focus, restraint, and professionalism, unfazed by the aggressive PLAAF jets,” NTFWPS said.
It also called on the People’s Republic of China (PROC) to cease all forms of provocative and hazardous acts that could undermine the safety of Filipino
military and civilian personnel on the waters or in the skies over the West Philippine Sea.
It added such continued actions can destabilize regional peace, and erode the trust and confidence of the international community on the PRC.
“Air and maritime security patrol missions will continue within our sovereign territory, airspace, and exclusive economic zone,” NTF-WPS emphasized.
It added that monitoring of the Philippines’s airspace will be intensified.
“Our strong, prepared and highly-motivated Armed Forces will continue to perform its mandate to protect our people and to secure the nation on land, air, sea, and cyberspace, proving time and again that it is a force for regional peace and stability,” NTF-WPS added.
Hold China accountable SAYING it is “time for China to be held accountable for belligerence,” a Senate leader on Monday called on the Executive Branch to start working on the filing of another round of legal cases before an international court.
Deputy Minority Leader Anna Theresia “Risa” Hontiveros made the call following the latest incident of bullying where Chinese planes harassed a Philippine Air Force plane conducting routine patrols over the waters off Zambales.
“Not only is China keeping our waters hostage, she has also started to encroach on our skies. These are clear and unacceptable violations of international law,” Hontiveros said.
She recalled how “China has repeatedly put Filipino soldiers in harm’s way,” citing, for instance the case of “a Navy sailor has been harmed; and now our
Air Force pilots were put in real danger.”
The sailor she referred to suffered a severed finger when Chins Coast Guard personnel attacked Filipino troops delivering supplies to M/V Sierra Madre, which is grounded at Ayungin Shoal. The Chinese punctured the Filipinos’s boat causing it to sink and took away the supplies they were supposed to deliver to the Marines at Ayungin Shoal.
“Beijing must be made accountable for any potential injury to personnel or damage to equipment that its personnel caused.
“We should not wait for China to escalate her provocations further before we raise these grave concerns to an international body. Maghihintay pa ba tayo na may masugatan bago tayo umaksyon [Shall we wait before someone gets hurt before we act]?”
The Philippines, she stressed, “must start a legal battle now.”
Hontiveros’s call for Manila to mount another legal challenge comes on the heels of a strongly worded statement by President Ferdinand Marcos Jr. telling China to stop acting recklessly; and a separate statement by Senate President Pro Tempore Jinggoy Estrada denouncing China’s latest actions.
Speaker denounces Chinese bullying
THE leadership of the House of Representatives on Monday strongly condemned the recent August 8 incident which saw two Chinese fighter jets engaging in dangerous maneuvers which endangered a PAF reconnaisance plane conducting a routine patrol over Bajo de Masinloc, an area within Philippine territory.
“This latest aggressive action by China does not promote peace
and stability in the West Philippine Sea and in the region. It does not speak well of a country trying to be a world power and leader,” Speaker Ferdinand Martin G. Romualdez said. He emphasized that disputes between countries cannot be resolved amicably if one side, regardless of its size, resorts to aggression, harassment, and bullying tactics.
Echoing the sentiments of President Marcos, Romualdez reaffirmed the Philippines’ support for its Air Force personnel who carried out the maritime patrol over Bajo de Masinloc, also known as Scarborough Shoal, last Thursday.
“We support our personnel, and we thank them for their courage, bravery, and patriotism in protecting our national territory and sovereignty,” Romualdez said.
The two Chinese fighter jets conducted dangerous maneuvers and dropped flares in the path of the unarmed PAF plane, endangering the aircraft and its crew.
Following the incident, China said the Philippines should stop its “infringement,” claiming it has “indisputable sovereignty” over Bajo de Masinloc and its adjacent waters.
Romualdez said Beijing’s assertion “has no legal basis.”
“They should not insist on this baseless claim. It is against the United Nations Convention on the Law of the Sea [Unclos], to which both the Philippines and China are signatories,” he said.
He said the Philippines is entitled to a 200-mile exclusive economic zone under Unclos.
“Bajo de Masinloc is 120 nautical miles from Luzon and is clearly within our EEZ, while it is 594 nautical miles from China’s Hainan Island,” he added.
Young congressmen: What impeachment move
THE “Young Guns” in the House of Representatives on Monday dismissed circulating rumors of an impending impeachment case against Vice President Sara Duterte.
The rumors originated from a social media post by former Presidential Spokesman Harry Roque, suggesting that an impeachment move against the Vice President might be in the works.
However, Assistant Majority Leader and La Union Rep. Francisco Paolo Ortega V quickly debunked the idea, responding humorously to Roque’s claim.
“I have two crystal balls, but I don’t see anything like that,” Ortega said.
“I looked to the left, I looked to the right, but there’s nothing there. We’re sticking to the facts, focusing on the issues in the House of Representatives, and there’s no such talk,” he added.
Assistant Majority Leader and Ako Bicol Partylist Rep. Jil Bongalon echoed Ortega’s sentiments, confirming that there has been no talk of impeachment within the 300-plus-member legislative chamber.
Bongalon, nevertheless, acknowledged that it wouldn’t be entirely surprising if someone did try to file an impeachment case against the Vice President, given the current political climate.
“It wouldn’t be shocking,
and we wouldn’t be surprised if some groups or individuals [file] one,” Bongalon said in a news conference.
Bongalon also speculated that Vice President Duterte might be trying to position herself as the new face of the opposition. He pointed out that while she has been vocal in criticizing the government, especially given her former role as Secretary of Education, there has been little in terms of constructive solutions.
“Have we heard of any solutions she offered regarding the low ranking of our students based on the latest Pisa ranking?” Bongalon asked, referring to the country’s poor performance in the
vs Sara?
Program for International Student Assessment during Duterte’s watch at the Department of Education.
Assistant Majority Leader and Lanao del Sur Rep. Zia Alonto Adiong also weighed in, emphasizing that criticism should come with actionable solutions.
“It’s better if your criticism is constructive. We are all working within the same government, serving the same constituency—the Filipino people. So ultimately, whatever we propose, whatever we think is good for the country, the benefits and advantages will definitely be felt by the people,” Adiong said. Jovee Marie N. dela Cruz
DOH urged to take more aggressive action vs leptospirosis
AFORMER health secretary who is now a lawmaker and advocate of vaccination in the House of Representatives has called on the Department of Health (DOH) to take more aggressive action against leptospirosis, in the wake of a spike in the number of cases of the disease.
House Deputy Majority Leader Janette Garin also criticized the DOH for its “recurring failure” to distribute doxycycline—an antibiotic commonly used to prevent leptospirosis—to provinces before flooding occurs.
“This is a wake-up call for the Department of Health to be more proactive. In today’s age, fake news is rampant, and it should be taboo
for the DOH to contribute to misinformation, as some statements turn out to be inaccurate,” Garin said in an interview.
According to the DOH, beds at the National Kidney and Transplant Institute (NKTI) and San Lazaro Hospital were nearly at full capacity in recent days. However, the situation was eventually managed by referring patients to other hospitals.
Moreover, Garin emphasized that the DOH should have advised the public about leptospirosis precautions as soon as Typhoon Carina began bringing heavy rains.
Garin, who represents Iloilo’s First District, slammed the recurring lapses of DOH on failure to
deliver doxycycline, an antibiotic commonly used to prevent leptospirosis, in provinces before flooding happens.
“The problem is, there are funds for free doxycycline, but availability on the ground is lacking. We’ve repeatedly raised this issue with the DOH, but while they listen, they don’t take action,” Garin stated.
“What needs to happen is immediate, aggressive action—sending the medication to affected areas without delay. This is a failure of appropriate and adequate public health communication,” she added.
Garin, also a physician, explained that individuals who waded through the flood, even those without wounds should take doxy-
cycline within 72 hours after being exposed in the flood. According to DOH, there were 67 cases of leptospirosis from July 14 to July 27, bringing to a total number of 1,444 this year, with 162 deaths.
As secretary of health during the Benigno Aquino III administration, Garin presided over the introduction of Dengvaxia, a new anti-dengue drug that was on its Phase IV of clinical trials and had it jabbed into some one million children.
It turned out later that the vaccine works only for those who had had dengue and made the symptoms worse for those who have not had the disease.
National Living Treasure Magdalena Gamayo turns 100
Barcode standards body partners with cosmetics industry group
By Andrea San Juan @andreasanjuan
S1 Philippines, the leading organiza-
Gtion on local barcode standards, said it is partnering with the Philippine cosmetics industry to combat fake products and enhance consumer confidence with the use of advanced barcode technology.
In a statement on Monday, GS1 Philippines President Roberto S. Claudio Sr. said the local barcode standards organization is partnering with the Chamber of Cosmetics Industry of the Philippines (CCIP) to strengthen operational efficiency and consumer confidence in the cosmetics sector.
“With the evolving beauty landscape and Filipino beauty brands continuing to rise globally, authenticity and the avail-
ability of accurate product information are essential for fostering a more reliable and accountable marketplace,” Claudio said. By adopting GS1 standards and leveraging barcode technology, the local barcode standards organization said cosmetic companies can ensure product authenticity, improve inventory management, and strengthen consumer trust. “GS1 standards offer a framework for precise product identification and tracking, while the 1D linear barcode and the 2D code facilitate the capture of detailed product information,” said GS1 Philippines. Through the industry’s lens, CCIP Former President and GS1 Philippines Corporate Secretary Anna Marie Anastacio revealed that as the cosmetic industry is worth over $1 billion and demand continues to grow, the
industry group aims to “enhance the industry’s global competitiveness by ensuring product authenticity, providing comprehensive product information, and combating counterfeit products,” all of which, she noted, are “crucial for consumer confidence.”
“We are working hand in hand with GS1 Philippines to continue realizing this commitment,” Anastacio added.
Citing data from Statista, GS1 Philippines noted the beauty and personal care market in the Philippines is projected to generate US$6.47 billion in revenue in 2024, with an annual growth rate estimated at 1.32 percent until 2028.
However, the cosmetics industry is facing “significant” challenges, notably the prevalence of counterfeit products, said GS1 Philippines.
“Recently, banned beauty items have been spotted and sold in local shopsin Taguig,” the local barcode standards organization said, citing a local news report. Moreover, in 2023, cosmetic products were among the counterfeit goods seized by the Bureau of Customs, it also noted. GS1 Philippines also noted that there are ongoing efforts to combat this issue, with local governments and the Food and Drug Administration (FDA) issuing advisories and taking measures to ensure product authenticity and consumer safety.
With this, GS1 Philippines said it aims to address challenges by providing industry professionals with the “tools and knowledge needed to enhance product traceability and transparency for their businesses and consumers.”
Group urges local governments to ban induction furnaces in steel smelting
By Jonathan L. Mayuga @jonlmayuga
AN environmental organization called on local governments and concerned government regulators to ban the use of what it calls “obsolete and environmentally destructive” induction furnaces (IFs) in steel smelting and production.
IFs are already banned in China, and lately, in the Province of Pampanga, according to the group SEEDS PH. IFs started to make their way into the Philippines immediately after Beijing banned in 2017 the use of IFs for causing widespread air pollution in China.
SEEDS PH Secretary General Dona Cristino said these IFs are now being operated by steel plants in different areas in the country, including Sta. Maria and Pulilan in Bulacan, as will as in Valenzuela and Cagayan de Oro cities.
“Worse, the reports we got revealed that these steel plants are owned and operated by Mainland Chinese, using Filipinos as dummies. Practically, these Chinese operators just transferred their
environmentally destructive operations here in the Philippines,” Cristino noted. Cristino said the products produced by these IFs do not conform with the Philippine National Standard (PNS), putting at risk the lives and properties of Filipinos, especially since the country is prone to strong typhoons and earthquakes.
These steel plants are expected to produce substandard products because induction furnaces are not capable of removing impurities in steel smelting, thus, making their quality inconsistent, she said.
“So these IFs are like a double-whammy to us Filipinos: they destroy our environment and they produce substandard products,” Cristino said.
In Sta. Maria, Bulacan, acting on a complaint filed by the group, local officials recently issued an order suspending the operation of a steel company that produces angle bars for violation of environmental and other national and local laws.
Mayor Bartolome “Omeng” R. Ramos, in an order dated August 8, 2024, ordered the suspension of the operation of Hightension Industrial Corporation following an
Power rates slightly up; oil firms cut pump prices
THE Manila Electric Company (Meralco) announced Monday that electricity rates this month went up by P0.0327 per kiloWatt hour (kWh), bringing the overall rate for a typical household to P11.6339 per kWh from the previous month’s P11.6012 per kWh. For residential customers consuming 200 kWh, the adjustment is equivalent to an increase of around P7 in their total electricity bill. The slight upward adjustment was brought about by the P0.1086 per kWh
increase in the transmission charge for residential customers owing to higher charges of the grid operator for ancillary service, which covers reserves necessary to maintain grid reliability. For this month, ancillary service charges went up by more than 50 percent as charges for contingency and dispatchable reserves doubled.
The transmission charge increase more than offset the P0.0503 per kWh reduction in the generation charge.
Charges from Independent Power Producers (IPPs) were lower by P0.2974 per
investigation into the complaint filed by environmental NGO SEEDS PH.
The company is operating without an updated environmental clearance certificate (ECC) and permits to operate pollution-control facilities.
SEEDS PH also submitted proof to the mayor that Hightension is selling and producing substandard angle bars allegedly using its alleged obsolete and environmentally destructive IF.
The officials of Sta. Maria, after serving the cease and desist order to Hightension, also placed a tarpaulin on its gate giving notice that the “establishment has been ordered closed due to the following violations:
Municipal Ordinance 404, or the Revenue Code of Sta. Maria, Bulacan;
Municipal Ordinance no. 137, or the Environmental Code of Sta. Maria; Presidential Decree (PD) 1586, or the Environmental Impact Statement System; PD 856, or the Sanitary Code of the Philippines; PD 1096, or the National Building Code of the Philippines; and
kWh due to higher IPP dispatch, and Peso appreciation that affected around 97 percent of IPP costs that were dollar denominated.
Meanwhile, prices in the Wholesale Electricity Spot Market (WESM) also registered a reduction as Luzon’s average peak demand decreased by 690 megawatt (MW). The secondary price cap was triggered only 2.3 percent of the time during the July supply month from previous 6.6 percent. The effective WESM charges for the month, however, showed an increase of P0.5940 per kWh after adding the third of four installments of deferred May WESM costs ordered by the Energy Regulatory Commission (ERC).
Charges from Power Supply Agreements (PSAs), on the other hand, went up by P0.0421 per kWh mainly due to higher fuel-related costs.
IPPs, WESM, and PSAs accounted for 33 percent, 27 percent, and 40 percent of Meralco’s total energy requirement for the period.
Republic Act 7160, or the Real Property Tax Code.”
“In connection with this, I hereby order to temporarily suspend your business operations effective immediately until compliance of deficient documents. Please be reminded that failure to abide by this order, the municipality may take legal action on this matter,” Ramos said in his order.
Cristino commended Ramos and the other top officials of Sta. Maria for acting swiftly on their complaint against Hightension.
The group said the Sta. Maria town official’s action “displays their strong political will in protecting the environment and the welfare of their constituents.”
“We hope that other local officials and our national government regulators, especially the Department of Environment and Natural Resources [DENR] and Department of Trade and Industry [DTI], will follow the footsteps of Mayor Ramos and take decisive actions against establishments that are operating without regard for the environment and the health of the public,” Cristino said.
Taxes and other charges, meanwhile, registered a P0.0177 per kWh net increase.
Pass-through charges for generation and transmission are paid to the power suppliers and the grid operator, respectively, while taxes, universal charges, and Feed-in Tariff Allowance (FiT-All) are all remitted to the government.
Meralco’s distribution charge, on the other hand, has not moved since the P0.0360 per kWh reduction for a typical residential customer in August 2022.
Meanwhile, oil companies slashed pump prices by as much as P2.45 per liter.
In separate advisories, oil companies will reduce gasoline prices by P2.45 per liter, diesel by P1.90 per liter, and kerosene by P2.40 per liter.
This is the fourth consecutive week of price cut for diesel and kerosene and the third for gasoline. Oil companies adjust their pump prices every week to reflect movements in the world oil market.
The EU AI Act is here: What can CIOs expect?
By Henry J. Schumacher
THE act took effect on August 1, but enforcement deadlines are spread out through 2027. The act could have a similar global influence like the General Data Protection Regulation (GDPR). Therefore, the new AI Act is important also for local companies that deal with the EU or intend to deal with the EU.
The European Union hasraised the barfor AI governance, security and risk management as the provisions in its AI Act went into force August 1. The AI Act’s rules and guardrails assign AI applications to three risk categories:
Unacceptable ones are banned, such as social scoring, toys with voice assistance, facial recognition databases through internet scraping and inferring emotions in workplaces.
High-risk use cases have many obligations, including when used in non-banned biometrics, critical infrastructure and recruitment and employment.
Limited risk AI systems, such as chatbots, are subject to lighter transparency obligations.
The rest are viewed as minimal risk and largely left unregulated, including spam filters and video games.
Non-compliance can carry fines ofup to $37.8 million. Regulators will take the nature, gravity and duration of the infringement into account. Supplying enforcers with incomplete or misleading information, for example, is subject to fines of up to $8.1 million.
TRENDLINE
How CIOs are putting data in action
THE clock is ticking for providers and enterprises deploying AI systems to become compliant as they face monetary consequences and investigations by regulators. Analysts anticipate the EU rules will set the global standard for how businesses treat AI systems, comparing the impact to that of the General Data Protection Regulation.
In response, enterprise tech leaders have grown closer to their compliance, privacy and legal C-suite counterparts as priorities shifted to AI adoption. The partnership has become critical as enterprises try to find the best way forward.
Unilever—for instance—emphasized the need forfull visibility of its AI estateto ensure the organization kept pace with recent frameworks, including the EU AI Act and theWhite House’s AI executive order, according to a recent blog post.
Vigilance and scalable processes that can adapt to developing regulations are key,Chief Data Officer
Andy Hill and Chief Privacy Officer
Christine Leesaid in the post. Ahead of the EU AI Act’s enforcement, CIO Dive broke down what to expect in the coming months and years:
When do the rules take effect?
WHILE the AI Act took effect August 1, parts of the comprehensive AI regulation won’t become enforceable until February.
When will the EU begin enforcing the rules?
THEEuropean AI office of the European Commissionwill enforce the rules around general-purpose AI models,while other AI systems will fall to the national enforcement level, according toa Wilson Sonsini report. Each EU country has one year to identify enforcers after the AI Act became law.
Enforcers will take a phased approach over a two-year transitional period.
Key months to watch:
August 2024 Rules take effect.
February 2025
Prohibitions onunacceptable AI use caseswill apply.
May 2025
The AI Office and Board will share thecodes of practice, including the level of detail needed for summaries.
August 2025
Providers of general-purpose AI modelsin the EU will need to publish a summary of the content used to train the model. EU officials are expected to release templates for the disclosure prior to the deadline. Technical documentation addressing testing processes and evaluations is also required.
General-purpose AI model providers will need to put in place a policy to comply with copyright and other related rights.
Additional obligations are placed on providers of general-purpose AI models that fall under thesystemic risk category.
February 2026
The Commissionwill provide guidelinesspecifying thepractical implementationwith a comprehensive list of examples of high-risk and not high-risk use cases.
August 2026
The remainder of the AI Act will apply.
August 2027
General-purpose models already on the market by August 2025 will have until 2027 to become compliant. The enforcement of the EU Ai Act has to be taken seriously! Key topics to keep in mind:
Broad application
Stringent compliance obligation
Enforcement requirements
Practical strategies for compliance.
As I mentioned above, Philippine companies, especially in the BPO industry, doing business with the EU and other countries using AI have to take this seriously. I look forward to your comments or questions; contact me via email at hjschumacher59@gmail.com
Solons: ₧200-B DA budget for ’25 not enough
By Ada Pelonia @adapelonia
LAWMAKERS are seeking to increase the budget of the Department of Agriculture (DA) for 2025 to enable the agency to hit its food production targets.
At the budget hearing of the Committee on Appropriations, AGRI
Party-list Rep. Wilbert Lee urged to restore the budget sought by DA, which only received P200.2 billion for the 2025 National Expenditure Program (NEP).
“As said by Agriculture Secretary Francisco Tiu Laurel Jr. earlier, our farmers and fisherfolks remain the poorest sector in our country. We should finish this once and for all,”
Lee said partly in Filipino.
This was seconded by Rep. Jose Teves Jr., who said the increase in DA’s budget increase would combat the issues faced by the sector.
“I strongly ask my fellow congressmen to increase the budget of the DA to address the challenges of the agriculture sector and support our farmers and fisherfolks in order
to achieve food security,” Teves said.
The DA earlier requested a P513.81-billion budget next year from the current P208.58 billion in its bid to modernize the farm and fisheries sectors to produce more food, ensure food security, and increase the incomes of farmers and fishermen.
Meanwhile, Secretary Tiu Laurel
Jr. said an additional P100 billion would be a huge help to the department.
“Our dream is P500 billion. And right now, it’s just at P200 [billion],” Laurel told reporters on Monday.
“So, if it’s P300 [billion] I think it would be effective. That would help a lot,” he added, speaking partly in Filipino.
For her part, Deputy Majority Leader Janette Garin said the DA’s P200-billion NEP provides a window for a budget increase, considering its 2024 NEP which stood at P167 billion.
“There’s still room to augment this because in 2024, from P167 [billion] the budget was brought up to P213 billion,” Garin said.
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DHAKA, Bangladesh— Bangladesh’s Chief Justice Obaidul Hassan resigned Saturday following new protests by a group of students and other demonstrators, as the country’s interim government led by Nobel laureate Muhammad Yunus started functioning days after a mass uprising forced Prime Minister Sheikh Hasina to resign and flee to India.
Asif Nazrul, law, justice and parliamentary affairs adviser to the interim government, said in a video message posted on Facebook that his office received the resignation letter and they would forward it to the country’s figurehead President Mohammed Shahabuddin for further procedures.
Five other top judges in the Supreme Court also resigned later on Saturday, in an attempt by the new government to reorganize the judiciary.
Tensions rose Saturday morning after the chief justice called for a meeting of the judges of the country’s High Court and the Supreme Court to discuss the working of the judiciary under the new government. The protesters
thronged the court premises and demanded that the chief justice and other judges of the top court step down.
A key student leader Asif Mahmud—who was appointed as an adviser at the Ministry of Youth and Sports—urged his supporters to gather at the court premises to press for their unconditional resignations, in a Facebook post in the morning. The students say the judiciary should perform without any influence from politicians and other authorities.
“We all believe that these justices have not only favored the previous government, but we also believe they have been in the pockets of that party. So, we
don’t want any corrupt justices in the judiciary,” said Tahsim Uzzaman, a 26-year-old student of governance and English literature, adding that “we want a whole new system—the entire point of the movement is no discrimination and that’s not possible if there is still corruption in place.”
On Thursday, Yunus was sworn in, and 16 other members were included in his interim Cabinet, who were drawn mainly from civil society and included two student protest leaders after the president dissolved Parliament. New Cabinet members were chosen after talks earlier this week between student leaders, civil society representatives and the military.
On Saturday, Yunus visited the
family of a student who died in the northern district of Rangpur, triggering nationwide protests and violence. The death of the 25-year-old Abu Sayeed became a symbol of the protest as he spread his two hands, inviting police to open fire on him. He then fell and doctors declared him dead later. The video spread quickly on social media and the unrest spread. Yunus was accompanied by two student leaders who were included in the interim Cabinet.
“We have to stand the way Abu Sayeed stood,” he said after visiting the family.
“Abu Sayeed’s mother is everyone’s mother. We have to protect her, protect her sisters, protect her brothers. Everyone has to do
Storm dumps intense rains on northern Japan, sending some people to shelters
By Mari Yamaguchi
TThe Associated Press
OKYO—A slow-moving storm has been dumping intense rains on northern Japan, swelling rivers, sending residents to shelters and disrupting traffic during a Japanese Buddhist holiday week.
The storm was once Typhoon Maria but has weakened, with winds now blowing up to 72 kph (45 mph). It made landfall near Ofunato City in Iwate prefecture Monday morning and was expected to cut across the Tohoku region as it moved northwest at 20 kph
(12 mph), according to the Japan Meteorological Agency. The Fire and Disaster Management Agency said no damage or injuries were reported so far, but authorities have cautioned about the risks of flooding and mudslides from a relatively rare storm in the region and advised 170,000 residents in Iwate and neighboring Aomori and Miyagi prefectures to go to shelters. Iwate prefecture said about 2,000 people actually took shelter early Monday.
Prime Minister Fumio Kishida vowed that the government would quickly provide information and support to residents in the af-
fected areas.
The prefecture started an emergency controlled release of water into a river to keep a dam from overflowing, calling on about 8,300 riverside residents in the towns of Osanai and Kuji to take shelter due to possible flooding from the discharge.
Up to 46 centimeters (18 inches) of rain has fallen over the past two days in the Iwate city of Kuji and up to 25 centimeters (9.8 inches) more rain is forecast through Tuesday morning.
Footage on NHK public television showed muddy water gushing down a swollen river in the town
Indonesian leader holds first cabinet meeting in unfinished future capital
By Edna Tarigan The Associated Press
AKARTA,
Indonesia—Indone-
sian President Joko Widodo held his first cabinet meeting in the future capital of Nusantara, amid miles of construction sites and doubts about the sustainability of the ambitious mega project. Widodo began working from the city two weeks ago, using an office inside the construction site of the massive new palace in the form of the mythical eagleshaped Garuda, the symbol of the country. The city is set to hold its first Indonesian Inde-
pendence Day celebration in less than a week.
Appearing with his successor, President-elect Prabowo Subianto, in front of the palace, Widodo insisted that the controversial $33 billion construction effort will be worth it.
“The Nusantara capital is a canvas that carves the future. Not all countries have the opportunity and the ability to build their capital city starting from zero,” Widodo said.
Subianto vowed that his administration will continue work on the new city after it takes office on Oct. 20.
“We will definitely finish it, although the outline plan is dozens of years long, like other capital cities also took a very long time. We should not force it, but I am optimistic that in five years I think it will function very well,” Subianto said.
Monday also saw groundbreaking ceremonies for the vice presidential palace, as well as a number of privately funded buildings.
The government expects to pay only 20 percent of the planned $33 billion budget, relied heavily on private sector investment to build key infrastructure and public facilities.
of Iwaizumi, where nine people died at a riverside nursing home in flooding caused by a typhoon in 2016. This storm is the first to make landfall in the Tohoku region since the 2016 typhoon.
A woman who was at a Iwaizumi shelter told NHK that she came early as she learned a lesson from the last typhoon, which destroyed her house.
The storm was affecting travel during the Obon holiday period in which people commemorate their ancestors. A number of local trains were suspended, and domestic flights at several area airports have been suspended or delayed.
In a bid to lure investment, earlier this month Widodo granted investors in the new capital incentives, including land rights of up to 190 years.
Construction of the new city began in mid-2022, after Widodo announced a plan to relocate the capital from Jakarta. The metropolis suffers from pollution and congestion, is prone to earthquakes, and is rapidly sinking.
Officials say it will be a futuristic green city centered around forests and parks that utilizes renewable energy sources and smart waste management, spread over an area of about 1000 square miles (2,600 square kilometers).
“Cool air, clean air, as we dream of that we want a green capital city, be it its energy, electric vehicles, environment, air and everything,” Widodo told reporters.
it together,” Yunus added.
Protests by students began in July against a quota system for government jobs that critics said benefitted people with connections to Hasina’s party. She resigned and fled to India Monday after the protests morphed into a movement against her government, leaving more than 300 people dead including students and police officers in the ensuing violence.
Yunus was awarded the 2006 Nobel Peace Prize for helping the poor with his work developing a microcredit market in Bangladesh. He was in Paris for the Olympics when he was chosen for the interim role.
He called for peace and promised to bring reforms. The interim government is expected to announce a new election, but it is not clear how long they wish to stay in power and when the elections could be held. The country’s main opposition demanded a new election in three months, but that is unlikely to happen, according to analysts.
Nazrul said that the Yunusled government would remain in power as long as necessary, trying to address the desires of people and political parties for “reforms” and “election.”
Hasina’s Awami League party has not said anything specific about the election timeframe, but her son Sajeeb Wazed Joy said that an election without their party would not be acceptable as it is “the largest” party in Bangladesh.
Yunus had a frosty relationship
with Hasina, who had called him a “bloodsucker” allegedly for using force to extract loan repayments from rural poor, mainly women. Yunus denied the allegations. He faced many court cases and was convicted by a court for violating the country’s labor law and sentenced to six months in jail. But he was on bail upon appeal, and before his appointment, he was acquitted of the charges. He was quickly selected as the head of the interim government when Hasina’s downfall created a vacuum and left the future uncertain for Bangladesh, which has a history of military rule and myriad crises.
Hasina, 76, was elected to a fourth consecutive term in January, but the vote was boycotted by her main opponents, with thousands of opposition activists detained beforehand. The US and UK denounced the result as not credible. Hasina’s critics say her administration increasingly was marked by human rights abuses and corruption, and was following a streak of authoritarianism. The chaos on Bangladesh’s streets continued after her resignation. Dozens of police officers were killed, prompting police to stop working across the country. The military is helping police officers to return to work but it will take more time to get rid of their trauma and to restore police administration to its full functionality.
AP writer Krutika Pathi contributed to the report.
South Korea, US will start summer military drills next week to counter North’s threats
By Kim Tong-Hyung The Associated Press
SEOUL, South Korea—South Korea and the United States will begin their annual joint military exercises next week with a focus on improving their combined capabilities to deter and defend against growing North Korean nuclear threats, the allies said Monday.
The drills could trigger a belligerent response from North Korea, which portrays them as invasion rehearsals and have used the allies’ military cooperation as a pretext to advance the development of nuclear weapons and missile systems.
South Korean and US military officials said this year’s Ulchi Freedom Shield exercise, scheduled for Aug. 19-29, will include computer-simulated exercises designed to enhance readiness against such threats as missiles, GPS jamming and cyberattacks, and concurrent field maneuvers and livefire exercises.
The allies in particular aim to “further strengthen (their) capability and posture to deter and defend against weapons of mass destruction,” military officials said in a joint news conference.
Lee Sung Joon, spokesperson of South Korea’s Joint Chiefs of Staff, said about 19,000 South Korean troops will participate in the drills, which he described as an “essential element for maintaining a strong defense posture to protect the Republic of Korea,” using South Korea’s formal name.
Ryan Donald, spokesperson of US Forces Korea, didn’t comment on the number of US troops participating in the exercises and said he couldn’t immediately confirm whether the drills will involve US strategic assets. The United States in recent months has increased its regional deployment of long-range bombers, submarines and aircraft carrier strike groups to train with South Korean and Japanese assets in a show of force against the North.
“This exercise will reflect realistic threats
across all domains such as the Democratic People’s Republic of Korea’s missile threats and we will take in lessons learned from recent armed conflicts,” Donald said, invoking the North’s formal name.
“ROK and US units will execute combined field training exercises across all domains. Field maneuver and live fire exercises will strengthen the alliance’s interoperability while showcasing our combined capabilities and resolve,” he said.
In addition to its military exercises with the United States, the South Korean military will support the country’s civil defense and evacuation drills on Aug. 19-22, which will include programs
STUDENTS shout slogans as they demand the resignation of Bangladesh’s Chief Justice Obaidul Hassan and other senior judges during a public protest in Dhaka, Bangladesh on Saturday, August 10, 2024. AP/RAJIB
THE announcement regarding the government’s nuclear energy plan, as detailed in the Philippine Nuclear Energy Program (PNEP), represents a substantial development in the nation’s energy landscape. This initiative signals a strategic shift in the country’s approach to meeting its growing energy demands and diversifying its energy mix. The PNEP outlines a comprehensive framework for the potential implementation of nuclear power as a viable energy source, which could have far-reaching implications for the country’s long-term energy security and sustainability. (Read the BusinessMirror story: Government eyes construction of nuke power plant by 2028, August 12, 2024).
The ambitious targets outlined in the PNEP, including a minimum nuclear power capacity of 1,200 megawatts by 2032 and a gradual increase to 4,800MW by 2050, signify a commitment to diversifying the country’s energy mix and ensuring a more stable and sustainable power supply for the years to come.
The decision to embrace nuclear power is a bold one, considering the complex regulatory and safety frameworks required for such projects. However, the PNEP appears to have taken these challenges into account by emphasizing the importance of regulatory compliance, transparency, safety, and non-proliferation measures in the development and operation of nuclear facilities.
The signing of the United States-Philippines Civil Nuclear Cooperation Agreement, also known as the 123 Agreement, further underscores the country’s commitment to international standards and cooperation in the field of nuclear energy. This agreement not only paves the way for collaborations with US providers but also ensures that the development of nuclear power in the Philippines adheres to stringent safety protocols set by the International Atomic Energy Agency.
While the prospect of nuclear power brings with it promises of energy security and reduced carbon emissions, it is crucial for the government to tread carefully and ensure that all necessary precautions are taken to mitigate potential risks. Comprehensive public consultations, robust safety measures, and stringent oversight mechanisms must be put in place to address any concerns regarding the safety and environmental impact of nuclear power plants.
As we move towards a future powered by nuclear energy, it is imperative that transparency, accountability, and stakeholder engagement remain at the forefront of decision-making processes. By fostering a culture of openness and responsibility, the government can build trust with the public and demonstrate its commitment to harnessing nuclear power for the benefit of the nation.
The journey towards a nuclear-powered future may be challenging, but with careful planning, adherence to best practices, and a steadfast commitment to safety and sustainability, the Philippines has the potential to unlock a new chapter in its energy story—one that holds the promise of a cleaner, more resilient, and more secure energy future for generations to come.
While the benefits of a nuclear energy program for the Philippines are clear, the PNEP rightly acknowledges the need to address the risks through transparent and accountable mechanisms. The commitment to ensuring operational transparency, safety, and non-proliferation measures is essential to building public trust and assuring the international community of the country’s responsible approach to nuclear power.
Stock market tops and drops
TOUTSIDE THE BOX
HE are several universal truths that apply in the markets, from the stock markets to the supermarkets and in between.
The seller has the obligation to receive the highest price possible regardless of the intrinsic value of the product or service being sold.
Gaining a profit allows the seller to continue doing business, providing that product or service. No profit means that eventually no business and that means no product or service to the consumer. A non-profit organization operates exactly the same way. The difference is that the “profit” is derived from thirdparty revenue that receives nothing in return.
The buyer has the obligation to purchase the product or service at the lowest price possible. That way the consumer receives the highest value for money and in effect has
money left over to purchase other products or services.
No one can force the buyer to buy or the seller to sell. Therefore, it is the buyer that determines the price for the transaction and seller that decides if the transaction takes place. Each party first decides on a transaction price. If the prices are not the same, each must then decide which is more important to them; the possible price for the product or service or if the transaction is to take place. In a negotiated environment like the Philippine Stock Exchange or at Baclaran Market, the price can be haggled until both sides come to a pricing agreement.
Even in a fixed-price situa -
tion like the department store, if buyers are not willing to meet the seller’s price, the store lowers the price at the “3-Day-Sale” to try to reach an agreement for a transaction to occur.
At the stock market, participants observe in real time the highest price a buyer is willing to pay for a share for a particular issue (The Bid) and the lowest price a seller is willing to accept (The Ask/Offer). Prices move higher or lower depending again on what the buyers want: the lowest price possible but at a price that will induce the seller to sell.
Prices reach a top—long or short term—and potentially can “crash” because of the following chain of events. This applies to financial instruments and hard assets alike.
At a particular price and point in time, buyers stop buying higher. The price at which I pay for the stock is more important to me than simply owning it. Sellers may also hold firmly to wanting a price higher (the ask/offer) than the buyers are willing to pay (the bid) and do not sell down. This condition can continue for some time.
With both sides unwilling to move, the probability is that the buyers will walk away earlier and move on to another issue. Sellers are always there since they own the stock and cannot take a profit or move on to another issue until the buyers take them out for cash.
Spark change to secure our future
By Khalid Hassan
WHAT lies ahead for young people in the Philippines after they graduate? In many countries in the world, the situation for youth is more complex. It requires looking beyond unemployment, but on how they move between work, training, and education.
The International Labor Organization (ILO) refers to this as youth who are not in employment, education, or training (NEET). It better reflects the realities that young people confront. Globally, one in five young people, or 20.4 percent, were NEET in 2023. Two in three of these NEETs were female. High NEET rates and insufficient growth of decent jobs are causing growing anxiety among today’s youth based on the new
ILO Global Employment Trends for Youth 2024 (GET for Youth). Singapore is doing well in Southeast Asia, while other countries, such as the Philippines, are still dealing with NEETs. Unfortunately, there has been little development in the last 15 years.
It is much worse and painful to see children and youth trapped in extreme poverty and child labor. The chance to transform their lives and transition into educa -
August marks the International Day of the World’s Indigenous Peoples and the International Youth Day. Let us be reminded that the barriers our youth and indigenous peoples face require collective action. Each of us can help bring that tiny spark to drive change and create solutions.
tion or employment remains a distant dream.
Those living in conflict affected areas such as the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) or members of indigenous peoples’ groups confront unique challenges in breaking free. Imagine being stuck in a dark room, where it is difficult to see and survive.
However, a tiny spark like that from a candle can illuminate a dark room. It is better to bring light and hope than to stumble in the dark.
An elected youth official of the Sangguniang Kabataan in Maguindanao sheds light on this issue.
If the buyers walk away, then the bids may decrease or even disappear almost completely. We often see this in the stock market where the bids are “thin” while the offers remain “heavy”. Here too this can continue for some time. However, also at some point, the holder (sellers) may decide that selling out is more important than the price of the transaction. A few sellers at a lower price can turn into a panic avalanche of selling as more and more holders want to get out the door.
Note this well. Price bottoms occur the same way in reverse but with a slightly different psychology. If you have been in the market long enough, I know you—just like me—have held a losing position to oblivion. I confess. I am currently holding an issue that is at a 37 percent loss. Completely stupid but it is what it is. But this happens very rarely, and I am not going to sell it. The price has been hovering at the current level for six weeks. Because of guys like me, volume is almost non-existent. If enough sellers walk away on light buying, then the offers may dry up. I wait for situations when offers are “thin” while the bids are building up and become heavy. Once the early sellers are taken out, prices can boom substantially higher quickly. I hope this one eventually will explode higher so I can get out of that piece of crap stock.
She crafted a local resolution to provide education to children and youth, the majority of whom work in child labor and are members of an indigenous group, the Teduray. She spent her childhood husking and harvesting corn.
Her hardships extend beyond the farm, as she faced discrimination based on her gender preference and as a Teduray, but it never stopped her from becoming a beacon of light and hope in her community.
She has spurred innovation and collaboration using the ILO’s Supporting Children’s Rights through Education, the Arts and the Media (SCREAM) into not just the legislation she proposed and implemented, but also the future of youth in her community. A project focused on reducing child labour in agricultural communities in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) with the Government of Japan spearheaded the initiative.
John Mangun
India set to close in on China as emerging-market stock anchor
By Abhishek Vishnoi & Chiranjivi Chakraborty
INDIA is poised to narrow the gap
with China in MSCI Inc.’s gauge for developing nations.
Analysts from firms including Smartkarma and IIFL Securities
Ltd. expect India’s weight in the MSCI Emerging Markets Index to rise by at least one percentage point following the index provider’s review this week. This would bring the country almost on par with China, which currently accounts for 22.33 percent of the benchmark. India lags at 19.99 percent.
A higher weighting for India will position it to become the new anchor for emerging market equities, likely driving increased flows into the country. Fund managers say that India’s rising heft may make the EM gauge more appealing to global investors who have been wary due to China’s sway over the index.
“It can make the EM index more balanced, where secular growth stories like India receive higher allocation” compared with more cyclical markets like China and Korea, said Vivek Dhawan, portfolio manager at Candriam Belgian NV.
This shift has a side effect: index followers may be forced to allocate funds to India’s already-expensive stocks at a time when crowded trades are taking a hit due to the turmoil in global markets. India—long touted as the “next China”—has emerged as a favorite among investors, driven by its robust economic growth, a growing middle class and burgeoning manufacturing sector. Meanwhile, China is dealing with long-term economic challenges and increasingly strained relations with the West.
“Many global investors who didn’t look at India as a standalone allocation in the past would now look at it more favorably,” said Hiren Dasani, co-head of Emerging Markets Equity and lead portfolio manager of India Equity strategies at Goldman Sachs Asset Management.
China’s standing in emerging markets has shrunk in the past few years, while India’s has steadily expanded. At its peak in 2020, China accounted for 40 percent of the MSCI EM Index, but that weighting has dropped amid Beijing’s regulatory crackdowns and efforts to deleverage its indebted property sector.
As of end of July, India’s weight was just 2.34 percentage points away from China’s in the MSCI Asia Pacific Index, a regional benchmark, a recurring pattern across most gauges from major index providers. MSCI didn’t respond to an email seeking comment outside of regular business hours.
“With a rising equity market, increase in free float for com-
Spark . . .
continued from A
Her experience proves that with the right support and opportunities, even the most disadvantaged can spark transformative change. Even young people can help enhance access to education and improve policy responses.
August marks the International Day of the World’s Indigenous Peoples and the International Youth Day. Let us be reminded that the barriers our youth and indigenous peoples face require collective action. Each of us can help bring that
Tax on prizes and awards
A higher weighting for India will position it to become the new anchor for emerging market equities, likely driving increased flows into the country. Fund managers say that India’s rising heft may make the EM gauge more appealing to global investors who have been wary due to China’s sway over the index.
panies and new large listings in India, the gap in the weightings should continue to narrow heading into year-end,” said Brian Freitas, an analyst at Smartkarma. Meanwhile, Taiwan is competing fiercely with India in the race to replace China’s top spot in emerging market equity portfolios. As of the end of July, Taiwan accounted for 18.39 percent of MSCI’s EM index.
While India has benefited from the infrastructure boom brought about by Prime Minister Narendra Modi’s modernization projects, Taiwan’s rise has been supported by global interest in artificial intelligence chipmakers. It’s home to the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Co.
In its review, MSCI is likely to add six stocks to its key India index, including Samsung Electronics Co. supplier Dixon Technologies (India) Ltd. and property developer Oberoi Realty Ltd., according to Abhilash Pagaria, head of alternative and quantitative analysis at Nuvama Wealth Management Ltd. HDFC Bank Ltd., India’s largest by market value, may also see a gradual increase in its weighting, he wrote.
While Chinese stocks have struggled, India’s NSE Nifty 50 Index has risen 12 percent this year, following Modi’s third consecutive term in the office. The benchmark gauge is set for a ninth straight year of annual gains.
The contrasting trajectories highlight investors’ preference for India even as China’s equities remain very cheap. It also underscores Beijing’s inability to stem the downtrend in its markets.
“We do look at India as a bit of a diversifier against some of China’s weakness,” said Seema Shah, chief global strategist at Principal Asset Management. “A lot of the potential that people have been speaking about for years and years is now looking to be fulfilled.” With assistance from John Cheng and Alex Gabriel Simon/ Bloomberg
tiny spark to drive change and create solutions. Investing in quality education and skills development, including labor market information open pathways for the youth to transition into decent work. In doing so, we help build a better future with social justice and leave no one behind.
August marks International Day of the World’s Indigenous Peoples and International Youth Day. Khalid Hassan, Director of the ILO Country Office for the Philippines, explains that the challenges youth and indigenous peoples face require collective action to drive change and create solutions.
Atty. Rodel C. Unciano
ITAX LAW FOR BUSINESS
NDEED, prizes galore for our athletes who are bringing home accolades for the Philippines from the recently concluded Paris Olympics. With the long list of prizes awaiting our winning athletes, there is now a question as to whether or not these prizes and awards are subject to tax.
There are a few provisions of the Tax Code of 1997, as amended, in respect to the taxability of prizes and awards. But as a general rule, prizes and winnings are included as part of the gross income that should be subjected to income tax. That is by virtue of the express provision under Section 32 of the Tax Code. Also, under Section 24 of the Tax Code, prizes and other winnings are subject to a final tax at the rate of 20 percent, except prizes amounting to P10,000 or less, which shall be subject to regular tax, and winnings amounting to P10,000 or less from the Philippine Charity Sweepstakes and Lotto, which shall be exempt from tax.
Under Section 32 of the Tax code, prizes and awards made primarily in recognition of religious, charitable, scientific, educational, artistic, literary, or civic achievements
are not subject to tax under the following conditions: 1) The recipient was selected without any action on his part to enter the contest or proceeding; and 2) The recipient is not required to render substantial future services as a condition to receiving the prize or award.
On the other hand, all prizes and awards in sports competitions are likewise not subject to tax provided that these are granted to athletes in local and international sports competitions and tournaments whether held in the Philippines or abroad and sanctioned by their national sports associations.
So, to the question, are the prizes and awards given to our countrymen who once again gave honor to the country in the field of athletics free from tax?
Following the provisions of the Tax Code, it would seem that for so
The awards, rewards or incentives given to the coach or to someone else may qualify for income tax exemption on the premise that these are in the nature of gifts that are given to them out of the liberality of the giver.
long as the prizes and awards are given to the athletes in recognition of their excellent participation in a sports competition that is sanctioned by their national sports associations, the prizes and awards in whatever kind and source shall not be subject to Philippine tax. The law does not distinguish as to whoever the giver is. The law says “all prizes and awards” which may be interpreted to include all prizes from anybody else, which therefore includes the numerous rewards from the private sector.
This is seemingly consistent with the mandate of Republic Act No. 7549 which exempts all prizes and awards granted to athletes in local and international sports tournaments from the payment of income and other forms of taxes. Also, pursuant to RA 7549, such prizes and awards given to said athletes shall be deductible in full from the gross income of the donor, and the donors of said prizes and awards shall be exempt from the payment of donor’s tax.
Note though that there is no clear precedent on this as of the moment. There could be other views contrary to this.
Note also, that as provided under our laws, to qualify for tax exemption, the prizes and awards must be given to the athlete. But some groups may be generous enough to give rewards, not to the athlete, but to the coach or to
someone else who may have direct or indirect participation in the tournament or perhaps given to someone else who may have directly or indirectly contributed to the athlete’s fruitful participation in the competition. Would the reward be taxable?
Well, the Tax Code provides that the value of property acquired by gift, bequest, devise, or descent shall not be subject to income tax. So, the awards, rewards or incentives given to the coach or to someone else may qualify for income tax exemption on the premise that these are in the nature of gifts that are given to them out of the liberality of the giver.
But of course, the liberality of the giver is not free from tax. Under Section 98 of the Tax Code, donor’s tax shall be levied, assessed, collected, and paid upon the transfer by any person, resident or nonresident, of property by gift. Thus, every person, whether natural or juridical, who transfers or causes to transfer property by gift, whether the gift is direct or indirect and whether the property is real or personal, shall be subject to donor’s tax.
The author is a partner of DuBaladad 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 rodel. unciano@bdblaw.com.ph or call 84032001 local 380.
Private credit enters risky terrain with huge bets on consumers
By Abhinav Ramnarayan & Kat Hidalgo
FIRST the private credit firms came for the banking industry’s lucrative corporate loan business. Now they’re grabbing a chunk of their consumer-lending work. The pressing question for this thriving multi-trillion dollar industry is whether it has timed its latest incursion badly.
The likes of Fortress Investment Group, KKR & Co. and Carlyle Group Inc. have all been hoovering up packages of consumer loans in Europe and the US over the past year. With unemployment spiking unexpectedly in some of the world’s biggest economies, the bet looks riskier than it did a few months back.
Private credit rose to prominence over the past decade by gobbling up much of the company financing traditionally provided by Wall Street, but its success has attracted a horde of new market entrants and the extra competition has pushed down its once stellar returns. As a result, firms have been foraging in new areas to try to put their vast pots of client cash to profitable use.
Debt taken on by squeezed Europeans and Americans—through everything from “buy now pay later” to old-fashioned credit cards—has become the latest hot property for private credit funds looking to diversify as banks retrench.
“The consumer-loan trade really started to happen in force since the regional banking crisis” in the US last year, says Patrick Lo, partner and cochief investment officer at Waterfall Asset Management.
New York-based Fortress inked a deal this summer to provide £750 million ($956 million) for a British provider of dental loans. Fellow US asset manager Castlelake LP last week agreed to buy up to $1 billion in consumer loans initially created by Pagaya Technologies Ltd., whose business
The likes of Fortress Investment Group, KKR & Co. and Carlyle Group Inc. have all been hoovering up packages of consumer loans in Europe and the US over the past year. With unemployment spiking unexpectedly in some of the world’s biggest economies, the bet looks riskier than it did a few months back.
model is to use artificial intelligence to help vet consumer borrowers. It’s done similar with Upstart Holdings, another AI-based fintech.
KKR launched a €40 billion vehicle last year to buy current and future BNPL loans originated in Europe by PayPal Holdings Inc. Rivals such as Blue Owl Capital Inc. are looking to expand into consumer finance via acquisitions. It’s all part of a plan to build so-called asset-based finance businesses, which provide funding to both companies and consumers.
Fund managers at these firms say they’re only interested in higherquality consumer lending, but some concede they need to be vigilant about becoming exposed to struggling borrowers when deciding where to invest. Rougher economic times mean people need to borrow more—an opportunity for cash-rich private credit funds— but also make it harder for them to honor debts.
“Even if you have some deterioration driven by the higher unemployment rate, we think we have enough of a cushion in the structure to absorb this,” says Dominick Ruggiero, co-CIO of Fortress Lending Funds. “That said, we need to constantly reevaluate our assumptions. Higher unemployment is going to drive more volatility, especially on the subprime consumer.”
Others point out that although asset-based finance is usually secured by real things such as property when
lending to companies, it often isn’t secured against anything when used to fund consumer lending, adding to the dangers.
Credit card delinquencies in the US have risen to their most elevated levels in more than a decade by some measures and the impact of a higherrate environment hasn’t been fully felt yet, experts warn. According to a Bloomberg News survey done by Harris Poll, some 43 percent of those who owe money to BNPL services said they were behind on payments.
More than a quarter of respondents said they were delinquent on other debt because of their BNPL spending.
A senior manager at one of the largest private-market firms, who asked to remain anonymous when discussing commercial matters, says the risk from subprime consumer loans has increased as pandemic monetary stimulus fades. His firm is doubling down on backing loans to consumers who have equity in their homes, he adds, rather than exposing itself to unsecured lending.
Some of this also explains why traditional lenders have been vacating the space that private credit is starting to fill. “I think most banks don’t find consumer debt sufficiently attractive given the risk it bears,” says Marco Folpmers, a partner for Deloitte’s financial risk management team. “BNPL platforms in particular are struggling to make a profit.”
Tougher times WORRIES over the global economy spiraled this month after a worsethan-expected US unemployment report triggered a brutal market selloff. Goldman Sachs Group Inc. economists increased the chances of an American recession in the next year to 25 percent from 15 percent, although they said there are reasons not to fear a slump. Germany also reported an increase in joblessness as Europe’s largest economy slipped back into contraction in the second quarter.
To be sure, despite recent scares, unemployment rates have remained relatively robust through a cost of living crisis. And delinquencies, while rising, are still at relatively low levels historically.
And yet it’s not just the difficult consumer landscape that raises worries about the billions of dollars of unsecured debt being taken on. The sudden influx of capital will sometimes go to fintech startups, such as BNPL providers, who don’t have the best credit standards. Compounding that is the knowledge that banks will still try to snag the best-performing assets.
“Funds can never compete with banks’ financing terms,” says Nikolas Tourkas of distressed-debt specialist APS Holding. “There’s always a risk of dropping credit standards during origination.”
New entrants may also not be equipped to predict or monitor risk properly. James Ruane, Londonbased managing director for capital solutions at investment firm Caisse de Depot et Placement du Quebec, says his employer tends to focus on relationships with bigger lenders to mitigate such dangers.
“Banks have a large apparatus for monitoring risk and have the teams and budgets to do that,” says Folpmers at Deloitte. “What I understand of these newer fintechs and providers of BNPL is that they don’t have that same analytical capability and it might be difficult for them to separate highrisk clients from low risk. No one has the models that work or the backlog of data.”
Nonetheless, with asset-based finance set to boom, money will keep flooding in to this corner of lending. Private credit
DBM explains higher govt pay rules with IRR signing
By Reine Juvierre S. Alberto & Samuel P. Medenilla @sam_medenilla
THE Department of Budget and Management (DBM) said the increased salary rates of government employees will take effect by the end of August 2024 but would depend on the speed of their respective agencies in computing their salary adjustments.
“Pwede na po silang mag-adjust. Agad-agad po. [They can adjust rates right away],” Budget Secretary Amenah F. Pangandaman said in a press briefing on Monday after the signing of National Budget Circular No. 594 and Local Budget Circular No. 160 to implement the first tranche of the salary increase.
The first tranche of the adjusted salary starts from January 1, 2024, and will be paid retroactively. This comes after President Ferdinand R. Marcos Jr. issued Executive Order (EO) No. 64 on August 2, 2024, increasing the salary and providing an additional allowance to civilian government personnel, whether regular, contractual or casual, appointive
or elective, and on a full-time or part-time basis.
Wh
ose salary will be increased?
COVERED by the increase are government employees in the Executive, Legislative and Judicial branches; government-owned and -controlled corporations (GOCCs) not covered by Republic Act No. 10149; constitutional commissions and constitutional offices; and local government units (LGUs).
The salary increase, however, will be applied to military and uniformed personnel, government agencies exempted from RA No. 6758, GOCCs under RA No. 10149 and EO No. 150, and contract of service or job order workers and consultants.
While they are excluded from SSL VI, job orders (JO) and contract of service (COS) workers can still get additional “premium” pay from the government, according to the DBM. Citing Civil Service Commission rules, DBM Secretary Pangandaman disclosed that those with JO and COS status are not covered by Executive Order (EO) No. 64.
“They are not covered because they have—in the Civil Service
[rules], the rules written for plantilla position, job order and contract of service. According to the rules, the job order and COS have no employer-employee relationship [with the government],” she said in an interview with Malacañang Insider, a program produced by the Presidential Communications Office (PCO), last Monday.
But, she noted, those with JO and COS status can still get additional compensation when they are hired.
“When we hire JO and COCs, we can put a premium of up to 20 percent on the salary they will receive,” Pangandaman said.
As of 30 June 2023, the Civil Service Commission reported there are 832,812 JO and COC workers. Most of them or 586,551 are JOs, while 246,261 are COS.
DBM said EO 64 is expected to take effect soon with the signing of its implementing rules and regulations (IRR) last Monday.
Pangandaman said the affected government offices can start implementing the new issuance once they complete their computation for the salary adjustment of their workers.
“So, it is up to the departments, agencies to fast-track the imple-
mentation of these adjustments. It will be retroactive starting this year, and will include a mid-year bonus,” she told Palace reporters in an interview.
EO 64 provides a 4-tranche wage increase to qualified government workers from 2024 to 2028.
“On average, the total increase will be about 18 percent for the entire tranche, for the four tranches,” Pangandaman said.
She said the pay hike aims to make wages in the government more “competitive” against those from the private sector as instructed by President Marcos.
How much is the increase?
PANGANDAMAN said the SSL VI increased the average salary from all tranches to 18.2 percent from SSL V and prioritized the salary increase for Salary Grade (SG)-1 to -28 to compete with the wages of those in the private sector.
Salary of Sub-professional or SG-1 to SG-10 will increase by 4.20 percent; SG-11 to SG24 or Professional will grow by 4.88 percent; SG-25 to SG-28 (Managerial) by 4.34 percent; SG-29
Jr. NewsWatch Plus Primetime will air beginning August 12 on Aliw Channel 23 from 5pm until 9pm. The primetime block will include a number of news, branded, and current affairs programs.
The daily newscast of NWP, NewsWatch Now, anchored by Menchu Macapagal, will air at 6:30 pm. NewsWatch Now presents the day’s biggest and freshest stories from here and around the world. It provides viewers a quick roundup of relevant news
for the day—ranging from the top national and global stories to the latest in sports and entertainment.
Zoom In with Menchu Macapagal zeroes in on conversations with notable figures such as newsmakers, artists, and influential leaders.
The Other Office with Lois Calderon features C-suite/toplevel executives’ life outside the boardroom and their success stories with the goal of inspiring the next generation of start-ups and entrepreneurs.
Manila Conversations with Tristan Nodalo offers a discussion of various themes that provide unique insights and perspectives in relation to Philippine culture, tradition, and diplomacy.
Batas et AL with Atty Al Agra is a legal and public affairs program that will give Filipinos legal knowledge and advice on various relevant topics.
Other than their current affairs shows, NWP also produces a number of other programs.
Building Bridges is a travel program that highlights our rich culture and diversity made accessible through infrastructural developments.
National Living Treasure Magdalena Gamayo turns 100
By Bernard Joseph Esposo Guerrero
THERE are only a handful of master weavers in the country who have truly dedicated their whole lives to their craft, and had made it their personal missions in securing age-old traditions to remain alive and relevant.
At the tender age of 16, National Living Treasure Magdalena Gamayo has started weaving inabel, the exceptionally versatile Ilocano loom-woven textiles. 84 years later, the relentless weaver still sits on her loom finishing at most two yards of fabric a day.
One of her favorite patterns is the kusikos (whirlpool), which is considered to be the most mathematically challenging binakol pattern. In weaving kusikos, a single miscalculation can ruin the desired and highly prized optical illusion it gives off.
It was last year when the centenarian National Living Treasure was given the pedestal she deserves when a national exhibition that was totally dedicated to her took place at the NCCA Gallery in Intramuros.
See “Aliw,” A
See “DBM,” A
By Eugenia Last
take unnecessary risks that have the potential to lead to injury, insult or illness. Stay focused on doing your part and living up to your promises.
TAURUS (April 20-May 20): Be direct, and respond with honesty and facts to back up your words. Refuse to let emotions set in if someone pressures you. Concentrate on doing, looking and feeling your best, and enjoy. Be grateful for your skills and life. Make romance a priority.
GEMINI (May 21-June 20): Take the high road. Refuse to get involved in someone else’s drama or limit what you can achieve because you gave someone the right to decide for you. Rethink your situation, and put guidelines in place that help you overcome negativity and poor decisions others make.
CANCER (June 21-July 22): Reinvent how you use your skills. Keeping up with the times will help you access higher-income positions. Refrain from getting angry over something you can’t change. Find a unique route to help you bypass what’s holding you back.
LEO (July 23-Aug. 22): Take the time to plan before you act. Change requires thought if you want to come out on top. Go into each scenario you face with an open heart and mind; observe, evaluate and do what’s necessary to keep the peace and win the battle.
serves as a visual narration of his recent spiritual ourne hich he said caused an irrevoca le shi t in his indset So era a es no ones a out livin ith eneralized an iet disorder a ental health condition characterized persistent and e cessive orr a out ever da thin s ast ear despite ever
he
tria aintin s in roo to irst so o sho he rote in the ost So era rs ed vario s interests e ore indin
his a e in vis a art e da ed in i a in ritin od astin and interior desi n hro ho t
iet
istential
in the for of
uestions hat a hat is place in the universe hat is the ulti ate truth nd so So era said durin the elco e reception of his e hi ition openin did hat ever illennial does ever ti e the re lost or in crisis ent to ali n his trip to ndonesia earlier this ear the artist sou ht ans ers clarit an thin e retreated to nature focused on self orth practiced self love started a ournal editated dail identi ied his spiritual aspirations and so on ut it asn t until he participated in an ancient ritual on a re ote island that thin s started to chan e re e er as in in the eaut of nature feelin the ar th of the sun and the coolness of the ocean hen there as a shi t So era said ll of a sudden stopped havin uestions and all of the ans ers ust ca e to e So e people i ht call it an a a enin a ter don t reall li e usin ecause it sounds a little pretentious ut that s e actl ho it felt t as a rea throu h The experience was such a cathartic release that he new he ust had to capture the feelin alon with the learnin s that ca e with it and share the so ehow fro his heart So era does so to reat e fect in the for of his si nature a stractions for his aiden solo exhi ition titled Whispers From the Otherworld. The artist ournaled ever it of his life chan in ourne and in this show those sentences transfor
into ph sical wor s of art eant to e visuall and e otionall relata le to the viewers Ever artwor while austerel titled accordin to ournal nu ers is attached with a sentence or phrase of So ero s re lections fro his ali trip Journal No. 57 for instance with its central su ect of white and old for s set a ainst a radient lue ac round carries the line ou are not our stor n Journal No. 17 where the order of i a er is reversed to show what appears to e a dar void hoverin ust o f center the fra e the line reads Spiritual low can never e en ineered side fro So era s i pecca le co ination of neutral colors his ixture of various edia rin s another di ension to his pieces or this show he pa s ho a e to ali usin ar le powders sand and roc s that create a visual texture that con ures the i a e of a each Even his canvasses especiall shipped fro ndia feel di ferent ore natural ccordin to the show s curator es ardin art consultant of S otels and onventions orp and for er president and artistic director of the ultural enter of the hilippines So era uali ies as an action painter
The attac their canvasses with old expressive stro es usin lar e rushes ardin said Thus So era s e fect on the canvas is ver e otional and intuitive all accounts it s all ver intentional as well So era intended to present pieces that are trans utations of ever thin felt that da on the each into tan i le a stract paintin s e added This exhi it is in no wa an i position of truths onto ou ut rather an invitation to so ehow see thin s a little it di ferentl hope that ou ta e this in with an open ind and ou ta e the ti e to re lect on our own life as share a piece of ind with ou
So era s Whispers From the Otherworld is on view until cto er at aller in onrad anila asa it as the st edition of its Of Art and Wine series
VIRGO (Aug. 23-Sept. 22): Risks are off the table. Bide your time and do your due diligence; it will change your perspective and help you fit into trends. Smooth transitions come from preparation, adding to your qualifications and staying connected to the people you aspire to surpass. LIBRA (Sept. 23-Oct. 22): Broaden your awareness and explore what’s available. Learning something new or exposing yourself to an activity or event will motivate you to make new acquaintances and introduce you to something that can augment what you already know or do.
SCORPIO (Oct. 23-Nov. 21): Look, observe and follow through. Turn your ideas into something tangible. Make the effort, and you’ll reap the rewards. An emotional situation requires a shift. Implement suggestions that make your life flow better. Embrace what puts your mind at ease.
SAGITTARIUS (Nov. 22-Dec. 21): Recognize your limitations and strengths, and consider your options. Refrain from following the crowd if you want to find your path to happiness. Trust your instincts and believe in your ability to know what’s best for you.
CAPRICORN (Dec. 22-Jan. 19): Discipline will help you conquer whatever you set out to do. Saving money, having a better health regimen and achieving your desired level of success will lead to better lifestyle changes.
AQUARIUS (Jan. 20-Feb. 18): Change what isn’t working in your life. Focus on convenience and comfort. Talk to experts and partners, and you’ll discover how to achieve peace of mind in an orderly fashion. Set a game plan in motion and contribute time, effort and ingenuity to making your life easier.
PISCES (Feb. 19-March 20): Keep secret information to yourself. Share only what’s necessary and factual. Making promises prematurely will deter you from implementing a lifestyle change. Emotional issues will surface, and decisions will require thought, integrity and action.
BIRTHDAY BABY: You are persistent, changeable and emotional. You are curious and intent.
BY JAY SILVERMAN
Show BusinessMirror
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Starting July 31, 12 AM (Pacific Time), viewers in the US, Canada, Saudi Arabia, UAE, Bahrain, Kuwait, Oman, Qatar, UK, Italy, Australia, Singapore, Hong Kong, and Japan, among others, excluding the Philippines, may subscribe to the new GMA Pinoy Bundle.
With the GMA Pinoy Bundle, iWantTFC subscribers can discover an array of captivating shows on GMA’s 24/7 live channels, including the multi-platform leader and multiawarded show Kapuso Mo, Jessica Soho, engaging drama series such as Abot Kamay na Pangarap featuring Jillian Ward, Black Rider starring Ruru Madrid, and the recently launched mystery drama Widows’ War starring Bea Alonzo and Carla Abellana. They can also enjoy the excitement of Family Feud Philippines hosted by Dingdong Dantes and the top-rating noontime show It’s Showtime, plus a variety of daily news, information, and lifestyle programs.
Additionally, viewers can start watching on GMA Pinoy TV, one of the most highly anticipated series of 2024: Pulang Araw, featuring Barbie Forteza, Sanya Lopez, David Licauco and Alden Richards, with Dennis Trillo in a very special role. The GMA Pinoy Bundle is a subscription plan that is only available on iWantTFC.com. In the US, the GMA Pinoy Bundle monthly subscription fee is $23.98 (includes GMA Pinoy TV and select GMA programs on demand). In Canada, the GMA Pinoy Bundle’s monthly subscription fee is CA$19.98, and in other countries worldwide where iWantTFC is available, except in the Philippines, the GMA Pinoy Bundle’s monthly subscription fee is approximately $14.98 (subject to local currency conversion, and applicable taxes and charges). Users can enjoy the full iWantTFC viewing experience on a larger screen with select devices—available on Chromecast and Airplay, among others. Visit bit.ly/iWantTFC_ TVDevices for a complete list of compatible devices, sign-in instructions and account activation.
To learn more about iWantTFC’s subscription plans and other offerings, follow its official social-media accounts on Facebook, X, Instagram, and YouTube.
B5 Editor: Gerard S. Ramos
Another auspicious year for RS Francisco
AUGUST 8 has always been deemed as a highly auspicious day for many, because the number eight is associated with good fortune and prosperity.
People born on August 8 fall under the Leo zodiac sign, and are ostensibly ambitious and o ten gi ted with a charismatic nature. They are also almost always natural born leaders who thrive on challenges and possess a strong drive to achieve their dreams and goals.
Well-loved actor, producer, businessman and philanthropist RS Francisco was born on August 8 and he embodies the quintessential qualities of boldness and determination, excelling in positions of authority and in luence.
“People always tell me that I’m very lucky to have a double 8 birthdate, and I accept this with an open heart and mind. But I think that more than one’s birthdate, one’s true success is the outcome of many factors. I was not born with a silver spoon, but in a family environment where genuine love and care and nurturing and supporting each other’s dreams were visible and genuine. I also worked very hard early on and I never gave up on my dreams. And I’ve learned to always be grateful for whatever level of success I might have reached, be it big or small,” he shared, during a conversation when we we talked about birthdays.
Being a friend for many decades and seeing him grow and spread his wings every time he’d get into a venture, start a project, or commit into a task, Francisco is consistently ambitious and driven, with a very clear vision of what he wants to achieve, someone who is not afraid to put in the hard work to reach the goals he has set.
I recall when Francisco was barely out of his teens in 1990 and he took on what perhaps was his most challenging role as the lead actor in the Philippine staging of David Henry Hwang’s masterpiece M Butter ly. Francisco gave life and soul to the character of Song Liling, a role that “made” Francisco and catapulted him to the public consciousness. That year, during an a ternoon merienda cena at the old Magnolia ice cream plant and snack bar along Aurora Boulevard, Francisco humbly admitted to having the jitters as rehearsals started, realizing the huge responsibility he took on. I still remember him telling me, “This role will be a make or break for me, but I will face every challenge head on, absorb all the learning that I can, and I will make sure that I will be physically and mentally ready and the audience will love and remember Song Liling and M Butter ly for
many, many, many years to come.”
Francisco hugged me so tight a ter opening night at the dressing room. When the sustained ovation and loud cheers during the curtain call had settled, he whispered, “Thank you very much for being here. This is just the beginning.”
Almost years a ter, Francisco has transformed into an artist with purpose, and a man for others too. He wears many hats and continues his relentless pursuit of success that almost always leads to high levels of achievement, inspiring others to follow his lead.
His multilevel marketing empire Frontrow International with business partner Sam Verzosa continues to grow and expand. From time to time, he invests in ilm production when he stumbles upon a good material.
To give more work opportunities to many creative LGBT+ performing artists, Francisco recently ventured into the club entertainment business,
and seems likely contend for one of the worst movies of the year.
Meanwhile, Deadpool & Wolverine, which co-stars Hugh ackman, continued its march through boxo ice records. The ilm, directed by Shawn Levy, is only the second -rated movie to reach $1 billion, following 2019’s Joker. In three weeks, it’s already one of the most lucrative Marvel releases and trails only Disney’s other 2024 smash, Inside Out ($1.6 billion worldwide) among movies released this year. Lively makes a cameo in Deadpool & Wolverine but she both stars in and produced It Ends With Us. Adapted from the bestselling romance novel by
putting up the RAMPA drag club where he also celebrated his special day with his closest friends. He admits to missing acting, but vows to make a comeback soon. “I will never close the door on being an actor, and I silently wish to act in front of the cameras again, when the time is perfect and the project is right. I have maintained many friendships with people in show business and I will continue to do so.”
Francisco shares his auspicious August 8 birthday with the likes of Dino de Laurentiis, Italian producer of the iconic movie King Kong; Hollywood actors Dustin Ho fman and eith arradine, former Egyptian president Mohamed Morsi, and Swiss tennis champion Roger Federer. As RS Francisco looks forward to another amazing year that is full of incredible possibilities and wonderful opportunities, he is aware that he is not just lucky: “I am blessed and I will always be grateful.”
olleen Hoover, Lively stars as Lily Bloom, a Boston lorist torn between two men, one from her present life ( ustin Baldoni, who also directed the ilm) and another who was her irst love (Brandon Sklenar). It Ends With Us cost a modest $25 million to produce, so it will turn a signi icant pro it for coinancers olumbia Pictures and Wayfarer Studios. Like another female-skewing summer-release book adaptation from Sony, Where the Crawdads Sing, It Ends With Us could hold well through the typically slower August box-o ice period. Audiences gave it an “A-” inemaScore. Reynolds and Lively occasionally played up the convergence of their movies. Earlier this week, Reynolds posted a video of himself posing junket questions to Sklenar. The timing paid o f especially for Lively, whose ilm doubled earlier opening-weekend forecasts. Neon’s Cuckoo, a German Alps-set horror ilm by ilmmaker Tilman Singer, opened with $ million on 1,50 screens. It stars Hunter Schafer and Dan Stevens. Estimated ticket sales for Friday through Sunday at US and anadian theaters, according to omscore. 1. Deadpool & Wolverine, $54.2 million 2. It Ends With Us, $50 million Twisters, $15
METRO Pacific Agro Ventures (MPAV), a whollyowned subsidiary of leading infrastructure firm Metro Pacific Investments Corporation (MPIC), recently announced its entry into agreements to acquire 100 percent of Universal Harvester Dairy Farms, Inc. (UHDFI) in a bid to continue its mission to provide fresh, high-quality dairy products for the Filipino people.
UHDFI, located in Maramag, Bukidnon, operates under the Bukidnon Milk Company brand, producing fresh milk, flavored milk, yogurt, and cheese products, with presence primarily focused on key cities in Visayas and Mindanao. Moreover, UHDFI is the largest state of the art dairy production facility in the country, the showcase model for community, private sector and government partnership, and also a major supplier of product for the National Dairy Authority’s (NDA) Milk Feeding Program, primarily focused on ensuring schoolchildren have regular access to high quality fresh milk.
MPAV’s acquisition, which values UHDFI at over P700 million, comes after its previous investment in The Laguna Creamery Inc. (TLCI), known for popular brands Carmen’s Best ice cream and Holly’s Milk. Since partnering with MPAV,
‘Marry
TLCI has doubled its sales in just two years; by combining the resources of TLCI and UHDFI, MPAV aims to establish a national dairy champion with farms across the country, a nationwide reach, and a comprehensive range of products.
MPAV’s continued investment into the dairy industry supports an underserved segment of the economy. In March 2024, NDA reported that the country continues to import 98 percent of its milk demand. At current rates, The NDA envisions to reach a milk production target of just 5% of local demand by 2028.
“Establishing this strategic beachhead in Mindanao complements our dairy farms in Luzon, bringing us closer to our mission of achieving nationwide food security. Our operations in Laguna have not only improved the accessibility of fresh dairy but also fostered an ecosystem of milk
farmers who supply to us, creating a virtuous cycle of increased domestic milk production. With our new investment in Bukidnon Milk Company, we anticipate replicating this success in Mindanao and other regions of the country,” said MPIC Chairman, President and CEO and MPAV Chairman Manuel V. Pangilinan.
“Bukidnon Milk Company is highly complementary to our existing dairy business. This investment not only enables us to achieve nationwide distribution but, more importantly, this is a significant step for us to achieve our aspiration of becoming a Dairy Masterbrand - where we will be providing the Filipino consumer the full range of dairy products from ice cream, milk, yogurt, cheese, butter and other milk derivative products that is 100 percent Fresh and 100 percent Local,” said MPAV President and CEO Juan Victor I. Hernandez.
The completion of this acquisition is subject to various conditions, which include regulatory consents and other customary closing conditions. In the meantime, the How Family, founders of UHDFI in 2015, will work with MPAV in ensuring a smooth transition of operations.
“We are proud of what we’ve built with Bukidnon Milk Company. Since breaking ground in 2015, we have created thousands of jobs and raised the economic benefit in our value chain. We have
Me at Marriott’ Celebrates 10th Edition with Unforgettable GLOCAL Affair
MARRIOTT Bonvoy, together with the rest of Marriott hotels in the Philippines, successfully celebrated the 10th edition of its prestigious signature bridal showcase, Marry Me at Marriott, with the theme “Paving the way to #morewinningmoments.” This milestone event marked a decade of weddings and socials marketing emulated by other players in the hotel industry for consistently showcasing unmatched sophistication and groundbreaking initiatives in bridal fashion, culinary arts, and bespoke weddings and socials services. In 2022, Marry Me at Marriott served as a launch pad to create a more purposeful and full-blown campaign, dubbed, “Marriott Moments.” It was also in 2022 that the Marriott Bonvoy team took notice of the promising plan that was laid out that year and viewed it as an undertaking that should be made on a market-wide level.
Consul General of the Philippines in New York, Senen T. Mangalile gave the opening remarks. Mangalile is a diplomat who is known for his dedication in fostering international relations and has been instrumental in supporting the Filipino community in the US North East. The show proper opened with Marriott Bonvoy on Wheels by Lambretta’s colorful scooters circling the huge runway following by the entrance of big flags, each representing the 10 properties of Marriott in the Philippines paraded with the leaders of each of the properties.
Currently Marriott has 10 hotels carrying the most reputable global brands in hospitality namely, Marriott, Sheraton, Westin, Courtyard, Fairfield, Four Points by Sheraton, and soon AC Hotels by Marriott.
This year’s signature event evolved into what it is called now, the “Marry Me at Marriott: Philippine Gratus Gala.” Marry Me at Marriott has cemented its position as the sought-after signature marketing event of Marriott in the Philippines that several players in the industry started to emulate. “We are now moving forward and calling it, Marry Me at Marriott: Philippine Gratus Gala, because other than weddings, we believe life is meant to be celebrated no matter how big or small of a milestone maybe, all in the spirit of being grateful, every occasion deserves a Marriott Moment.” says Bruce Winton, Marriott International Multiproperty Vice President – The Philippines. Topnotch fashion designers Bessie Besana from New York City, Veejay Floresca from Los Angeles, Hannah Kong from Luzon, Axel Que from Visayas, and Wilson Limon from Mindanao adorned the runway of the prestigious fashion show. Their innovative fashion design worn by first-rate professional models from Mercator and celebrity muses made the audience in awe. Special appearances of 2015 Miss Universe Pia Wurtzbach, 2015 Miss Earth Angelia Ong, and 2024 Miss Universe Philippines Chelsea Manalo, who was a former associate of one of the Marriott hotels
in the Philippines added allure to the show making the night even more memorable.
In a heartfelt tribute, the “Marriott Gratus Gem,” a symbol of gratitude and excellence was launched to honor designers, event stylists, and partners who have contributed to Marry Me at Marriott over the past decade. Each of the awardee received a masterpiece creatively carved out by renowned visual artist and sculptor, Maestro Cameron Castrillo embellished with Twin Princess Gems’ Ruby gemstone, complete with certificate of authenticity.
One of the recipients of the first Marriott Gratus Gem is the legendary Frederick Peralta, who is being honored for his invaluable contribution as an icon to the fashion industry. Some of his classic creations including the wedding gown of celebrity Ai-ai Delas Alas was showcased on the catwalk before receiving the award. Presented by Marriott Bonvoy, Marry Me at Marriott was made possible with the collaboration Marriott’s hotels in the Philippines: Marriott Hotel Manila, Sheraton Manila Hotel, Clark Marriott Hotel, Sheraton Manila Bay, Sheraton Cebu Mactan Resort, The Westin Manila, in cooperation with Courtyard by Marriott Iloilo, Four Points by Sheraton Palawan Puerto Princesa, Four Points by Sheraton Boracay, and Fairfield by Marriott Cebu Mandaue.
Marriott also is also grateful on the support given by esteemed partners: FILIPINXT, SAGA EVENTS, COTE, Themes and Motifs, Newport World Resorts, Flowers & Events by Teddy Manuel, Jesi Mendez Salon, Twin Princess Gems, Lambretta, Maestro Cameron Castrillo, Bernie Pasamba and the music masters, Pix & Reel Republik, Stage Riggers, 10-Inch Lights and Sounds, LX Events Pro, 88 Media Productions, Biore, Liese, Jergens, Caronia, Lumi Candles, Perfume Dessert, Y.O.U Beauty, Philippine Wine Merchant, Evian, Emperador Distillers Inc., Bottega SpA, Grand Cru Wines, Stella Rosa, Pernod Ricard, Budweiser, Corona, Hoegaarden, Stella Artois, Club Marriott, Kao Day and Night Club Asian Gastronomic Restaurant, Rotary Club Passport One, One Gallery, LuChris Printing Corporation, Paperless PR and Creative Agency, Selrahco, Preview, Esquire, Pep.PH, Asian Journal, BalikBayan Magazine, So Janelle TV, MegaMixx 101.9 Guam, and Metro.Style.
The Spanish ‘Impatriates’ tax regime in three questions
narrowed the technology gap with our Asian and Western counterparts, pushing the boundaries of dairy innovation in the Philippines. UHDFI is a testament to Filipino ingenuity, perseverance, and the power of agriculture to transform lives. We believe that MPAV is the right partner to take our vision to the next level. This partnership will not only expand our reach but also enhance the quality and range of dairy products available to Filipino consumers. We look forward to contributing to the continued growth and success of the dairy industry in the Philippines,” said Dr. Milagros Ong-How,
Founder of UHDFI and representative of the How Family.
Beyond investments in production, MPAV intends to further promote the dairy ecosystem with corn plantations and silage production in other parts of the country, riding on other MPAV developments including Metro Pacific Dairy Farms (a modern and integrated dairy facility in Laguna scheduled to be operational in Q1 of 2025), Axelum Resources Corp., and Metro Pacific Fresh Farms (the largest vegetable greenhouse facility in the country located in San Rafael, Bulacan scheduled to be operational Q4 of 2024).
ADDITIONALLY, the applicant’s spouse and children under 25 (or, regardless of
if
from the regime. If the applicant is unmarried then the other parent of the applicant’s children may benefit. However, the sum of the net tax base of the family members may not exceed that of the main applicant.
PHL Gains Recognition After Kenny Rogers Wins
at 2024 International Mob-Ex Awards
KENNY Rogers Roasters proudly represented and won two awards for the Philippine restaurant industry at the Mob-Ex Awards held recently in Singapore. The brand that raised the bar for roasted chicken is the only restaurant chain from the Philippines that made it to the shortlist, eventually winning honors in the Best Mobile Viral Marketing Campaign category: Gold for The Great Garlic Roast and Silver for Solo Love Club. The Great Garlic Roast established a connection with Filipino online communities to inspire organic content from online food enthusiasts about a new line of products.
It generated buzz for the restaurant’s innovations, driving sales in-store. The campaign positioned The Great Garlic Roast as a celebration of Filipino cuisine, tapping into national pride and offering a delicious alternative to the usual Christmas staples. Targeting those who are commonly neglected during Valentine’s Day, Solo Love Club celebrated singles at the height of the season that focused on couples. By promoting the merits of dining out solo, Kenny Rogers Roasters demonstrated how restaurants can go against the grain and still win in the dining industry’s most celebrated traditions.
Mob-Ex Awards is a leading mobile marketing awards program in Asia and Oceania. Since its inception in 2013, The Mob-Ex Awards has grown considerably but remains focused on its original mission: to reward leading organisations that have pushed their limits and achieved success on mobile platforms, through sound and innovative mobile marketing strategies.
For more information about Kenny Rogers Roasters and its award-winning initiatives in the restaurant scene, visit www.kennyrogersdelivery.com.ph or follow @kennyrogersroastersph on Facebook, Instagram and Tiktok.
Rizal Park Hotel Offers Deluxe Staycation Deal for Friends
RIZAL Park Hotel is excited to announce the launch of its exclusive Barkada Package, designed for friends looking for a luxurious and memorable staycation in the heart of Manila. This special offer includes an overnight stay for three in a deluxe room, complemented by a buffet breakfast at Cafe Rizal for three, all for P10,000 only. The Barkada Package is perfect for those who want to unwind and create unforgettable memories with friends. For groups larger than three, additional guests can be accommodated for only P3,000 per person, ensuring everyone gets to partake in this fun experience. Guests can enjoy the hotel’s top-notch amenities, including its infinity pool overlooking the Manila Bay, a state-of-the-art fitness center, and its dining options including Cafe Rizal for all-day dining, Imperial Court for exquisite Chinese cuisine, and The Deck, hotel’s rooftop bar offering panoramic views of the city. Additionally, the hotel’s prime location provides easy access to Manila’s cultural and historical landmarks. Whether celebrating a special occasion or simply looking to spend quality time with friends, the Barkada
RizalParkHotel and https://www.instagram. com/rizalparkhotel1911/.
In the photo are, from left, Jovy I. Hernandez, President and CEO of MPAV, Manuel V. Pangilinan, Chairman, President, and CEO of MPIC, Dr. Milagros O. How, EVP and Treasurer, UHDFI, and William Y. How, Chairman, President, and CEO, UHDFI.
MARRIOTT Gratus Gem Designer Awardees with Frederick Peralta (center)
Small US inflation pickup won’t derail Fed rate cut in September
By Molly Smith & Craig Stirling
NITED STATES infla-
Ution probably picked up modestly in July, but not enough to derail the Federal Reserve from a widely anticipated interest-rate cut next month.
The consumer price index on Wednesday is expected to have risen 0.2 percent from June for both the headline figure and the so-called core gauge that excludes food and energy. While each would be an acceleration from June, the annual metrics should continue to rise at some of the slowest paces seen since early 2021.
The recent easing of price pressures has bolstered Fed officials’ confidence that they can start to lower borrowing costs while refocusing their attention on the labor market, which is showing greater signs of slowing.
The July jobs report showed US employers substantially scaled back hiring and the unemployment rate rose for a fourth month, triggering a key recession indicator and contributing to a global stock market selloff.
Should the CPI come in as expected, it would indicate that inflation remains on a downward trend, and economists reckon a slight pickup is due after June’s surprisingly low reading. They see the reversal largely stemming from what’s known as core services excluding housing—a key category watched by policymakers. Some forecasters are also flagging an upside risk to goods prices given higher shipping costs.
However, the long-awaited slowdown in shelter costs that started in June should continue. That category comprises about a third of the overall CPI and is a big determinant of the broader inflation trend.
The producer price index—due a day before the CPI—will be scrutinized for categories that feed
through to the Fed’s preferred inflation gauge, the personal consumption expenditures price index.
“July’s CPI will likely be soft, with the year-over-year change in core CPI edging further down. Markets may rally around this news, but we think the implication for Fed’s preferred price gauge— the core PCE deflator—will be more mixed when the CPI data are taken account together with PPI,” said Bloomberg economists Anna Wong, Stuart Paul, Eliza Winger, Estelle Ou and Chris G. Collins.
Another report in the coming week is expected to show a pickup in overall retail sales in July, but once certain components are stripped out to drill down to the control group—which is used to calculate gross domestic product—sales should slow notably.
Other data on the agenda include the latest readings on inflation expectations, small business sentiment, industrial production and new home construction. Regional Fed presidents Raphael Bostic, Alberto Musalem, Patrick Harker and Austan Goolsbee are scheduled to speak.
Looking north, housing starts for July will reveal whether the Bank of Canada’s back-to-back rate cuts are helping to stoke investment in new building. Canadian wholesale and manufacturing sales for June are expected to decline.
Elsewhere, key data in the UK from wages to inflation, production and retail numbers from China, and likely decisions to keep rates unchanged in Norway and New Zealand are among the highlights.
Asia
CHINA’S data blast on Thursday will likely show the economy did a little better in July versus June but is still mostly limping along.
Industrial output growth may have accelerated to 5.5 percent, a
pace that’s still slow enough to drag the year-to-date tally down a tad.
The same goes for retail sales, which are seen picking up to 2.6 percent while pulling the sevenmonth pace down to 3.5 percent. Fixed asset investment is seen holding steady, while the decline in property investment is forecast to moderate.
The nation’s credit growth likely slowed in July, despite a cut in the key rate from the People’s Bank of China and a reduction in loan prime rates.
Elsewhere, Japan’s secondquarter GDP is expected to have rebounded to a 2.3 percent expansion on an annualized basis, and Taiwan and Kazakhstan also get second-quarter GDP figures.
Australia will publish wage price figures, consumer confidence and the NAB business confidence survey, all on Tuesday. India’s consumer inflation is forecast to slow below 4 percent in July, while its industrial output growth may have decelerated in June. Trade statistics are due from India and Indonesia.
Among central banks, the Reserve Bank of New Zealand is expected to hold its official cash rate at 5.5 percent when it meets on Wednesday, although a cut hasn’t been ruled out. Central bankers in the Philippines gather a day later.
Europe, Middle East, Africa
THE UK will take center stage, with four days of releases informing the Bank of England on the economy in the same month it delivered an initial rate cut and signaled there’s more to come.
Data on Tuesday that’s likely to show slowing wage growth may be among the most significant, though inflation the following day will also be watched for evidence of lingering pressures—in particular the services measure that may come in with price growth still stuck above 5 percent.
Monthly GDP on Thursday is predicted to reveal hardly any growth in June, though secondquarter output due the same day could show 0.6 percent expansion.
On Friday, retail sales will probably show an increase for July after a drop the previous month.
The Nordics are also likely to draw focus, most significantly Norway. Norges Bank on Thursday is expected to keep its rate at 4.5 percent, consistent with a more aggressive stance taken in June, when officials effectively postponed monetary easing until 2025.
Core inflation has slowed faster this year than officials forecast, but the energy-rich economy has also coped better than expected with the highest credit costs since 2008; wage pressures remain high
and the labor market has softened only marginally.
Against that backdrop, investors will look for any signs of concern about the krone, the worst performer in the Group of 10 currencies so far this year.
In Sweden, data on Wednesday will show whether underlying inflation in the largest Nordic economy continued to slow in July.
That will provide key evidence for policymakers who are widely expected to proceed with monetary easing this month after previously signaling as many as three rate cuts in the second half of the year.
Inflation numbers will also be released in Denmark and the Czech Republic on Monday, while second quarter GDP numbers are due in Poland on Wednesday and Switzerland on Thursday.
The euro zone will have a relatively quiet week. Germany’s ZEW investor confidence index on Tuesday, along with euro-zone industrial production and Dutch GDP on Wednesday, are among the main items due. European Central Bank officials are largely on holiday, and much of southern Europe will be off on Thursday.
Turning south, Zambia on Wednesday is poised to raise rates for a seventh straight time to curb double-digit inflation and support the kwacha.
The same day, Namibia is set to keep its rate at 7.75 percent in line with South Africa’s unchanged stance last month. The Namibian dollar is pegged to the rand, which means monetary policy is often guided by the South African Reserve Bank’s actions.
Nigerian data on Thursday will likely show inflation eased for the first time in 19 months, helped by favorable annual comparisons along with measures to reduce the cost of food, including a 180-day window to import wheat and corn duty free.
Also on Thursday, Israel’s inflation probably quickened to 3.1
percent in July, forecasts show, as the war in Gaza strains the economy and government spending soars. That outcome would exceed the target range of 1 percent to 3 percent for the first time since November.
Latin America
ARGENTINA is due to report July inflation data, and economists surveyed by the central bank see the monthly figure slowing to 3.9 percent from 25.5 percent as recently as December. Annual inflation may slow for a third month, to roughly 263 percent. Also from Argentina, the Economy Ministry will report its July budget balance, currently riding a six-month streak of surpluses. The central banks of Brazil, Colombia and Chile post surveys of economist expectations in the coming week. Chile also publishes a separate poll of traders, who correctly called Banco Central de Chile’s July 31 rate pause. Uruguay’s new central bank chief Washington Ribeiro and his colleagues may keep their key rate at 8.5 percent after July inflation drifted slightly higher, to 5.45 percent. Inflation has been within the bank’s 3 percent to 6 percent target range for the past 14 months.
Brazil, Peru and Colombia will report June GDP-proxy data, with Colombia also posting April-June output figures. All three economies expanded faster than expected in April and May, providing positive growth carryover for the full second quarter. Since slumping in mid-2023, Colombia’s economy has subsequently posted quarter-on-quarter prints of 1 percent and 1.1 percent. Year-on-year forecasts range from 2.8 percent to 3.3 percent. With assistance from Robert Jameson, Brian Fowler, Ott Ummelas, Laura Dhillon Kane, Monique Vanek, Paul Wallace, Niclas Rolander and Irina Anghel/Bloomberg
Ethnic armed group suspected of deadly attack in Myanmar on Rohingya trying to flee fighting
BBy Grant Peck The Associated Press
ANGKOK—At least 150 civilians from Myanmar’s Muslim Rohingya minority may have been killed this week in an artillery and drone attack in the western state of Rakhine that survivors suspect was carried out by a major force in the resistance to military rule.
The Arakan Army, the military wing of the state’s Rakhine ethnic group, denied responsibility for the assault Monday on Rohingya trying to flee fierce fighting in Maungdaw town by crossing the Naf River into Bangladesh.
A statement issued Friday by an international medical assistance group, Doctors Without Borders, said that in the past week, it has been treating increasing numbers of Rohingya people with violencerelated injuries who managed to cross the border into Bangladesh.
The statement said some patients “reported seeing people bombed while trying to find boats to cross the river into Bangladesh and escape the violence. Others described seeing hundreds of dead bodies on the riverbanks.”
Two self-described survivors contacted by The Associated Press blamed the Arakan Army, as did Rohingya activists and Myanmar’s military government. The attack, if confirmed, would be one of the deadliest involving civilians in the country’s civil war.
Pro-democracy guerrillas and ethnic minority armed forces have been attempting to oust the country’s military rulers since they seized power in 2021 from the elected government of Aung San Suu Kyi.
However, the fighting in Rakhine has raised fears of a revival of organized violence against members of the Rohingya minority.
In 2017, a military counter-insurgency campaign drove at least 740,000 members of their community to Bangladesh for safety. Almost all still remain there in overcrowded refugee camps, unable to return home because of the continuing instability.
Many Rohingya have lived in Myanmar for generations, but face widespread prejudice and are generally denied citizenship and other basic rights in the Buddhistmajority country.
The Arakan Army, seeking autonomy from Myanmar’s central government, began its Rakhine offensive in November and has gained control of nine of 17 townships, along with one in neighboring Chin state. It has been trying since June to seize the border town of Maungdaw. It has been accused of major human rights violations before, particularly involving its capture of the town of Buthidaung in midMay. It was accused of forcing its estimated 200,000 residents, largely Rohingyas, to leave, and
Gruesome videos circulating on social media purport to show dozens of bodies of adults and children strewn along a road near the riverside. Neither the video nor details of the attack can be easily verified due to tight restrictions on travel and ongoing combat in the area.
then setting fire to most of the buildings there. The Arakan Army denied such allegations, though witnesses have described the group’s actions to the AP and other media.
Allegations of abuses by the Arakan Army are controversial because the group’s armed force has played a major role in winning battlefield victories for the resistance movement against military rule.
There is much credible evidence of atrocities carried out by the military government’s forces, but reported abuses by resistance groups have minimal.
A 17-year-old Rohingya from Maungdaw who survived the artillery and drone attacks said that just after 6 p.m. Monday, he saw four drones flying from the southern part of Maungdaw toward the riverbank where about 1,000 Ro-
hingya, including himself, were waiting for boats to cross into Bangladesh.
The man, speaking to the AP by phone Friday from Bangladesh on the condition of anonymity to protect his relatives remaining in Maungdaw, said he and other people jumped into the water as the drones dropped three bombs near where he and 12 of his family members had been standing.
Following the drone attack, about 20 artillery shells also hit the crowd, he said, and he estimated that about 150 people, including children and women, were killed in total, and many others wounded.
Unable to get any boat to cross into Bangladesh that night, he and his family returned to their village in Myanmar and went back to the riverbank around 5 p.m. Tuesday
to try again. But fighting broke out at the site between military government soldiers—who were in civilian clothes—and the Arakan Army troops pursuing them.
He said the soldiers withdrew from the riverbank after an hour of fighting, but the Arakan Army troops shot Rohingya civilians remaining there at close range. He saw at least 20 Rohingya killed by them, and believes many others trapped in the crossfire also died.
He and just four family members managed to cross to Bangladesh, while eight others were missing in the aftermath of Tuesday’s violence.
A 22-year-old Rohingya man who crossed into Bangladesh by boat just two hours after Monday’s attack told the AP that he passed about 50-60 dead bodies before boarding the boat, and saw many injured people, including children, asking for water and help or looking for missing persons in the dark.
The man from Maung Ni village, who also spoke on the condition of anonymity for safety reasons, said 30 people including him and 11 family members were carried by a small boat into Bangladesh around 9 p.m. Monday. He said they were able to escape Friday and make their way into a refugee camp in Bangladesh.
It said that from Sunday to Wednesday, its teams in Bangladesh treated 39 people for violence-related injuries.
“More than 40 percent were women and children, and many had mortar shell injuries and gunshot wounds,” it said, noting that the numbers peaked on Tuesday, when 21 wounded people were treated.
The military, through Myanmar’s state-controlled press, also blamed the Arakan Army for attacking Rohingya civilians, an offense the military itself was accused of carrying out on a large scale in 2017.
A report Wednesday in the Global New Light of Myanmar newspaper claimed Arakan Army troops raped and killed Rohingya women and girls.
The Arakan Army, in a statement released Wednesday on the Telegram messaging app, denied carrying out Monday’s attack. The group said it bore no responsibility for the deaths, which did not occur in an area under its control. The statement also expressed condolences.
It claimed that the military government’s soldiers and local Muslims it said were fighting alongside them were preventing civilians from reaching safe locations.
Both men said they believed the Arakan Army was responsible for the attacks, which came from the direction of the group’s encampment south of Maungdaw and resembled drone attacks the group has been making daily on the town itself, which is still held by troops of the military government. The Arakan Army also has a reputation for hostility toward the Rohingya community. Friday’s statement from Doctors Without Borders supported the dates, locations and type of wounds described in the two survivors’ accounts.
GR OU P S of Rohingya Muslims cross the Naf River at the border between Myanmar and Bangladesh, near Palong Khali, Bangladesh on November 1, 2017. At least 150 civilians from Myanmar’s Muslim Rohingya minority may have been killed this week in an artillery and drone attack in the western state of Rakhine that is being blamed on the Arakan Army, a major force in the resistance to military rule. AP/BERNAT ARMANGUE
Sensational Paris done; Mission LA28 launched
AINT-DENIS, France—
SSetting out to prove that topping Paris isn’t mission impossible, Los Angeles rolled out a skydiving Tom Cruise, Grammy winner Billie Eilish and other stars on Sunday as it took over Olympic hosting duties from the French capital, which closed out its 2024 Games just as they started— with joy and panache.
Capping two and a half extraordinary weeks of Olympic sports and emotion, Paris’ boisterous, star-studded closing ceremony in France’s national stadium mixed unbridled celebration with a somber call for peace from International Olympic Committee President Thomas Bach.
Following in Paris’ footsteps in 2028 promises to be a challenge: It made spectacular use of its cityscape for its first Games in 100 years, with the Eiffel Tower and other iconic monuments becoming Olympic stars in their own right as they served as backdrops and venues for medalwinning feats.
But the City of Angels, like the City of Light, showed that it, too, holds some aces.
Cruis—in his Ethan Hunt persona—wowed by descending from the top of the stadium to electric guitar “Mission: Impossible” riffs. Once his feet were back on the ground—and after shaking hands with enthralled athletes—he took the Olympic flag from star gymnast Simone Biles, fixed it to the back of a motorcycle and roared out of the arena. The appetite-whetting message was clear: Los Angeles 2028 promises to be an eye-opener, too.
Still, this was largely Paris’ night—its opportunity for one final party. And what a party it was. Thousands of athletes danced and sang the night away—reveling in the artistic show that celebrated Olympic themes and its firework flourishes. Even Bach got the party bug, jokingly calling the Paris Games “Seine-sational”—a nod to the Seine River that, despite water quality
TBy Samuel P. Medenilla
AHERO’S welcome awaits double gold medalist Carlos Yulo and other Filipino athletes who competed in the 2024 Paris Olympics. Changes were made to the itinerary of the Filipino Olympians’ homecoming events on Tuesday evening. Malacañang on Monday announced the parade originally set for Tuesday had been moved to the following day due to changes to the flight schedule of the Philippine delegation.
In a press briefing, Chief of Presidential Protocol (CPP) Reichel Quiñones said the Olympians will arrive via chartered flight approximately 6 p.m. Tuesday at the Maharlika Presidential Hangar at the Villamor Airbase in Pasay City.
“They will be received by their family and only their family because the President asked us to make sure that it was a private welcome,” she said.
Pending list
NOT all 22 Filipino Olympians are expected to return home on Tuesday since some will be participating in other international competitions, according to Quiñones.
Each athlete was given the discretion to choose four family members or loved ones who would meet them at the airport. When asked who was invited by Yulo to welcome him on his arrival, Quiñones said they still have no
BusinessMirror
concerns, staged Olympic triathlon and marathon swimming and the wacky and wonderful opening ceremony.
At what will be his last Games after announcing his intention to step down next year, Bach also made a somber appeal for “a culture of peace” in a war-torn world. “We know that the Olympic
ULSA, Oklahoma— Rianne Malixi beat Asterisk Talley 3 and 2 to win the US Women’s Amateur on Sunday at rain-softened Southern Hills, three weeks after routing Talley in the US Girls’ Junior final.
B8 | TUESDAY, AUGUST 13, 2024
mirror_sports@yahoo.com.ph
CBy Josef T. Ramos
ARLOS YULO’S simple life will change dramatically starting on Tuesday afternoon when he returns to Manila after his remarkable historic double Olympic gold medal feat in the Paris games last August 3 and 4. Cynthia Carrion, the president of Gymnastics Association of the Philippines (GAP), reminded the 24-year-old star gymnast on Monday to stay grounded amid the success.
“Carlos Yulo’s life will absolutely change for good starting tomorrow [Tuesday] once he arrives in the Philippines. He’ll be more popular than ever before. It will change his life for
Marcos to honor PHL sports heroes
final list of the welcome entourage of each athlete as of press time. Yulo was recently embroiled in a public disagreement with his mother, Angelica Yulo, over her alleged mismanagement of his past cash incentives and disapproval of his girlfriend, Chloe San Jose. Mrs. Yulo, later backed by her husband Mark, denied that Carlos’s funds had been mismanaged. Last week, Angelica offered an apology to Carlos in a press conference.
Presidential citations and incentives FROM Villamor, the Olympians will head to the Palace, where they will be welcomed by President Marcos, First Lady Louise Araneta-Marcos, and the first family.
“After that they will proceed directly to the ceremonial hall for an awarding ceremony and a dinner reception,” Quiñones said. Yulo will receive the Presidential Medal of Merit (PMM) for winning two gold medals in the 2024 Paris Games, while the other Filipino Olympians led by bronze medalist boxers Nesthy Petecio and Aira Villegas will be given a citation from the President.
The PMM is bestowed to those who have exemplified outstanding public service, or provided prestige for the country in international conferences or events in the fields of arts, literature,
Editor: Jun Lomibao
Last month in the US Girls’ Junior, the 17-year-old Malixi— from the Philippines—beat the 15-year-old Talley 8 and 7 at El Caballero in Tarzana, California, the largest championship-match blowout in tournament history.
“Honestly I love Asterisk. I would love to be friends with her,” Malixi said. “That’s why I just kind of like kept on talking to her. Even those small talks.… Developing a relationship with her has been so awesome. She’s just a great player and a great person as well.”
California, led 1 up Saturday after the first 18 holes of the 36-hole championship match were moved up a day because of expected rain Sunday. Malixi was 3 up after 26 holes, and Talley took the next three holes to it. They halved the 30th with pars, Malixi won the next three with birdies and closed it out with par halve on the par-5 34th.
Talley teamed with Sarah Lim to win the US Women’s Amateur Four-Ball in May in San Antonio. “Just to be my first Women’s Am and being able to make it this far was really cool,” Talley said. “I feel like I can take a lot from this week just knowing that. And I’m still young.” AP
Games cannot create peace, but the Olympic Games can create a culture of peace that inspires the world,” he said. “Let us live this culture of peace every single day.” Cruise then provided a change of gear. After being lowered on a rope live from the roof’s giddy heights, Cruise drove his bike past the Eiffel
Tower in a prerecorded segment, onto a plane and then skydived over the Hollywood Hills. Three circles added to the O’s of the famed Hollywood sign, creating five interlaced Olympic rings. In the stadium, the athletes’ enthusiasm bubbled over when crowds of them rushed the stage at one point. Stadium announcements
good,” Carrion told BusinessMirror through an internet call.
“I told him those groups of Filipinos reaching you in Paris is nothing compared to what you will encounter when you go back to Manila. It’s going to be very huge,” she added. “I’m really happy with what’s going on with his life.”
Yulo captured the gold medal in men’s floor exercise and vault, making him the second Filipino to take home Olympic gold after weightlifter Hidilyn Diaz-Naranjo became the first-ever Filipino Olympic champion three years ago in the Tokyo Olympics.
He is set to be handsomely rewarded, with at least P20 million cash from the government and more
incentives from the private sector.
Yulo’s performance, the greatest ever in Philippine sports, lifted the Philippines to an all-time high of 37th place overall among 206 participating nations after capturing two gold medals plus the two bronze medals of boxers Nesthy Petecio and Aira Villegas.
The Philippines tied with Hong Kong with the same output of two gold medals and two bronzes.
This Philippine team’s performance surpassed the 50th place achieved in the 2021 Tokyo Games, where DiazNaranjo got a gold medal, boxers Carlo Paalam and Petecio earned silver and Eumir Marcial grabbed bronze.
The Philippines topped the Southeast
Malixi is the second player to win both events in the same year, joining Eun Jeong Seong in 2016. She has verbally committed to play at Duke, with plans to begin college play in 2025.
reat person as well i xi is the second to h events in same year, to e, with to 2025 nestly ol f. t,” aor r
“Honestly I just wanted to play good golf. That’s it,” Malixi said about her expectations for the year. “I wasn’t expecting to win the Australian Master of Amateurs in January and then win US Girls’ last month and then this one. I was so surprised. Even though I was playing good golf, I was just not expecting it.” Talley, from Chowchilla,
Even
hough
urged them to double back. Some stayed, creating an impromptu mosh pit around Grammy-winning French pop-rock band Phoenix as they played, before security and volunteers cleared the stage. Multiple French athletes crowdsurfed. US team members jumped up and down in their Ralph Lauren jackets. AP
sciences, entertainments, sports and other civilian fields.
The medalists will also be given their cash incentives during the event.
Yulo is expected to receive a separate cash incentive from the President on top of the P20 million, which he will receive as mandated by the law for winning two gold medals.
Postponed parade ON Wednesday, the Olympians will meet with some local officials at Aliw Theater in Pasay City, which serves as the starting point of the parade.
The motorcade starts at 3 p.m. Presidential Communications Office (PCO) Undersecretary Dale De Vera said the 7.7-kilometer parade will pass through then left turn to Roxas Boulevard and then right turn to P. Burgos and move straight ahead to Finance Road until it reaches Taft Avenue. It will then right turn to Quirino Avenue up to Adriatico Street and it will end at the Rizal Memorial Sports Complex (RMSC).
At the RMSC, a short program will be held to allow the athletes to see their supporters and cap their homecoming celebration.
“The way we peg for it from the organizing committee is that we want it to be a hero’s welcome. And it is very much focused on them and what they have done to honour the nation,” Quiñones said.
ARIS—The contest for most gold medals at the Paris Olympics ended in a 40-40 tie between China and the United States. But the US topped the medals table with a whopping 126 overall, compared to 91 for China. At the Tokyo Games, the US also edged China in the medal count, finishing with 113 overall and 39 golds, compared to 89 medals with 38 gold for China. Who was supposed to lead the medal count at the Paris Games?
According to Nielsen’s Gracenote virtual medal-table forecast, which collected results data from big
Gymnastics chief reminds Yulo to stay grounded amid success
Asian nations, ahead of No. 39 Indonesia with 2-1-0 gold-silver-bronze medal finish and Thailand at No. 44 with 1-3-2. The Philippines was eighth among Asian countries behind No. 2 overall China (40-27-24), No. 4 Japan (18-1213), No. 7 South Korea (13-8-9), No. 13 Uzbekistan (8-2-3), No. 22 Iran (3-5-2) and No. 33 Chinese-Taipei (2-0-5).
Expected to arrive on Tuesday aside from Yulo and coaches are Paris Olympics bronze medalists Petecio and Villegas, boxers Carlo Paalam, Eumir Felix Marcial and Hergie Bacyadan, weightlifters Vanessa Sarno, John Febuar Ceniza and Erleen Ann Ando and pole vaulter Ernest John Obiena.
US nips China as Japan places third in medal tally
competitions since the Tokyo Games, the top five for overall medals in Paris was going to be as follows: The US (112 overall medals); China (86); Britain (63); France (60) and Australia (54). The US did top the medals table. However, the US and China both upped their gold and overall medal counts. Japan proved the virtual predictors wrong by sneaking into third place with 20 golds among its 45 medals. France and Australia were in the top five as predicted, but the other way around.
Skateboard star Keegan Palmer helped Australia go fourth with 18
CRUISE rappels
RIANNE MALIXI repeats over Asterisk Talley. PHOTO FROM USGA.ORG
THE American women’s basketball team delivers the 40th gold medal for the US in Paris.
PHILIPPINES’ greatest-ever athlete Carlos Yulo returns to a hero’s welcome. AP
