BusinessMirror August 14, 2024

Q2 growth could lead BSP to keep rates

THE country’s most recent economic performance could create room to maintain key policy rates, according to the Governor of the Bangko Sentral ng Pilipinas (BSP).

The Philippine Statistics Authority (PSA) said the country’s GDP growth reached 6.3 percent in the April to June period this year. (See: https://businessmirror. com.ph/2024/08/09/6-3-q2growth-buoys-hope-for-fullyear-goal/)

However, BSP Governor and Monetary Board Chairman Eli M. Remolona Jr. said the country’s

By Cai U. Ordinario @caiordinario

THE country’s foreign direct investments (FDI) contracted in May 2024 and posted its lowest performance in 16 months, according to the latest data released by the Bangko Sentral ng Pilipinas (BSP).

The BSP reported that FDI inflows reached $499 million in May 2024, the lowest since the $478 million posted in January 2023. This also represented a 1-percent contraction compared to the $504-million net inflows recorded in May 2023.

However, FDIs reached $4.024 billion in January to May 2024, or 15.8 percent higher than the $3.475 billion posted in the same period last year.

“[It is] still wait-and-see if net FDI inflows would revert...to prepandemic levels in the coming months; as any pick up/improvement in FDI data later in 2024 could be fundamentally supported by the possible local policy rate [cuts],” Rizal Commercial Banking Corporation (RCBC) Chief Economist Micheal L. Ricafort said. Ricafort said the first 25-basispoint rate cut will likely be done in the third quarter of 2024. In

total, the expectation is for the BSP to reduce policy rates by 50 basis points this year.

This reduction in policy rates, Ricafort said, is fueled by expectations that inflation will slow due to lower tariffs on rice as well as the 25-basis-point reduction in interest rates by the United States Federal Reserve.

Apart from these, he said, the country still enjoyed the fastest growth in the Asean. The local economy also remains a “bright spot” for jobs/employment, business activities, and other economic opportunities.

“For the coming months, possible cuts in the US/global/local policy rates later in 2024 and in 2025, especially if inflation remains well anchored within inflation target of the central bank, could also lead to further pick up/

See “FDI,” A

By Jovee Marie N. Dela Cruz  @joveemarie

THE House Committee on Legislative Franchises has endorsed for plenary approval the bill granting Manila Electric Co. (Meralco) a new 25-year franchise to distribute electricity in an area that accounts for more than half of the country’s gross domestic product, which a lawmaker says is a “signal to capital-intensive businesses.”

Parañaque Rep. Gustavo

Tambunting, the panel chairman, said the franchise of Meralco was approved on Monday following strong backing from both lawmakers and the business community.

“For the past few months, we have held meetings to discuss the franchise application of Meralco. Since then, we have received various letters of support,” said Tambunting, referencing nearly two dozen business groups, including industry federations and the

See “Meralco,” A

GDP growth data is just one data point that the monetary authorities will consider on Thursday.

“6.3 [percent],  maganda yun, eh [that’s good]. There’s more room to stay tight  pero maraming factors yan, eh [but there are many factors to consider],” Remolona said on the sidelines of Tuesday’s budget hearing at the Senate of the Philippines.

“[Unlike the]  US medyo mahina yung economy nila, parang mas inclined sila mag-ease  [their economy is rather weak, so they’re inclined to ease].  Pero it’s just one number, eh. Yung ibang number ng GDP mahina. Titignan namin lahat yan, siy-

empre  [But that’s just one number. Some components of the GDP are weak. Of course we will look at all of those],” he added.

The components that make up the country’s GDP growth include the growth of household final consumption expenditure (HFCE).

Based on the Philippine Statistics Authority (PSA), growth remained at 4.6 percent, which, outside of the pandemic, is the slowest rate in 14 years.

Apart from this slow growth, analysts noted that GDP growth in the second quarter was mainly driven by base effects.

(See: https://businessmirror. com.ph/2024/08/13/analystsphl-growth-mainly-a-baseeffect/)

“We look at other components, our models take account of different components of GDP,” Remolona said, partly in Filipino.

“It [consumption growth] helps [maintain rates for now].”

The BSP is currently on its “quiet period” as the Monetary Board is set to meet on Thursday. This period is observed for seven calendar days prior to the scheduled

“BSP,” A

THE Philippine peso rallied against the United States dollar on Tuesday, allowing it to close at its strongest level since April this year, which augurs well for the country’s aspirations of becoming an Upper Middle Income Country (UMIC).

Based on Bankers Association of the Philippines (BAP) data, the peso closed at P56.96 to the greenback, the strongest since the P56.808 level recorded in April 15, 2024.

In his speech at the Senate panel review of the economic and fiscal assumptions underpinning the budget, Socioeconomic Planning Secretary Arsenio M. Balisacan

said keeping the peso at the P56 to P58 to the US dollar will improve the country’s chances of reaching UMIC status.

“Meeting the low end of the [growth] target will keep the country on track to becoming an uppermiddle-income country [UMIC] by 2025, provided that the other macroeconomic targets are also achieved,” Balisacan said.

“The average foreign exchange rate during the period does not exceed P58 to USD 1. Otherwise, reaching the upper-middle-income status could be delayed to 2026,” he also said.

See “Peso,” A

DOUBLEGOLD medalist Carlos Yulo and bronze medalist Nesthy Petecio acknowledge cheers from welcomers Tuesday night as the Philippine contingent to the 2024 Olympics arrived from Paris at the Villamor airbase. The athletes then proceeded to Malacanang Palace, where they were welcomed by the First Family. President Ferdinand Marcos Jr. announced the grant of an additional P2 million in incentives for each of the Olympians. NONOY LACZA

‘Tax reforms bills to boost higher credit rating goal’

By Reine Juvierre S. Alberto

@reine_alberto

HE tax reform measures

Tawaiting the Senate’s approval will drive the country’s goal of attaining an A or AA credit rating, according to Finance Secretary Ralph G. Recto.

During Senate panel deliberations on the 2025 national budget, Recto said the tax measures currently pending in the Senate will help support the government’s credit rating agenda.

These reformed tax measures are the excise tax on single-use plastic bags, rationalization of the fiscal regime, Passive Income and Financial Intermediary Taxation

With a population estimate based on the 2020 Census of Population and Housing (CPH), the country’s per capita GNI at current local prices is at $4,335.60.

PSA Macroeconomic Accounts also said using the new population projections, the 6 percent GDP in 2024 will result in a per capita GNI at current local prices of $4,530.63.

Act (Pifita) and the Corporate Recovery and Tax Incentives for Enterprises Maximize Opportunities for Reinvigorating the Economy (Create More).

“[These reforms] will clearly help our macroeconomic stability and fiscal consolidation to a credit upgrade rating,” Recto emphasized.

Moreover, the Finance chief said the economy has to grow by 6 to 7 percent every year in the next four years to achieve a higher credit rating.

“For as long as the deficit is reduced consistently in the next four years and the debt-to-GDP ratio continuously goes down, we will get a credit upgrade,” Recto added.

Balisacan estimated the country’s current GNI per capita at $4,230. This is still short of $286 from the low end of the new World Bank threshold of $4,516 to be classified as a UMIC.

However, Balisacan said, keeping the peso strong and attaining the country’s UMIC aspirations are not without its challenges.

This means measures ensuring that food prices remain affordable for all and improving spending efficiency of government

The Philippines currently holds a BBB credit rating affirmed by Fitch Ratings, rated Baa2 by Moody’s Investors Service and BBB+ by Standard & Poor’s.

Bangko Sentral ng Pilipinas (BSP) Governor Eli M. Remolona Jr. said they aim for an even higher credit rating of A or AA.

“A higher credit rating will mean lower cost of borrowing externally and greater likelihood of foreign investments coming in,” Remolona said.

Remolona said macroeconomic stability, fiscal sustainability and good governance are the three factors to consider before obtaining an A or AA credit rating.

BSP Managing Director Zeno

agencies must be implemented.

Balisacan said the government must also leverage agreements and initiatives such as the Regional Comprehensive Economic Partnership (RCEP) and the Luzon Economic Corridor, while improving the ease of doing business to boost trade and investments.

He also said the government must explore and forge agreements with other economies to expand our merchandise and services export market, including partnerships to boost tourism.

BSP. . .

Continued from A

policy meeting.

However, the Governor, based on these rules, “may speak about the current monetary policy issues or prospective monetary policy decisions during the quiet period.”

Abenoja said good governance has to be addressed to jump to a higher credit rating.

“There has been some good progress of macro stability, fiscal sustainability and now, it’s the governance aspect that is being discussed extensively,” Abenoja said.

He added the Foreign Investment Act, Public Service Act and Retail Trade Liberalization Act must be amended to improve the investment climate.

This comes after Senator Loren B. Legarda inquired about what pieces of legislation the Senate has to undertake to improve the country’s credit rating to attract more foreign investors and create jobs for Filipinos.

“Let me end by saying that we are making steady and solid progress. We remain broadly on track to meet our targets across various socioeconomic indices,” Balisacan said.

“We intend to sustain the growth momentum as we implement strategies to create higher-quality employment and protect our countrymen’s purchasing power,” he added.

Earlier, a brief by the Congressional Policy and Budget Research Department (CPBRD) found that if the country sees an increase in Services Value-Added per Worker (SVAPW), the probability of the country becoming an Upper Middle Income Country (Umic) increases by 174.7 percentage points. (https://businessmirror.com. ph/2024/08/06/phl-overstaying-inlmic-category-says-house-think-tank/)

The CPBRD brief stated that, based on another study by the Asian Development Bank (ADB), middle-income countries, which includes LMIC and UMIC countries, stay in their classification for 14 years and 28 years on average, respectively.

However, the latest estimates of the World Bank shows the Philippines has been an LMIC for 37 years. This means, the country has been overstaying in the income category for 11 years or more than a decade.

The Philippines has been considered a lower middle income country since 1987.

(See:https://businessmirror.com. ph/2024/07/04/economy-must-grow6in-2024-to-reach-umic-goal/)

Cai U. Ordinario

Continued from A

complexes which already have firm expansion plans and existing land site provisions; and indicative power projects with substantial accomplishments, particularly with signed and notarized land acquisition or lease agreement for the projects, and with approved permits or resolution from local government units and the Regional Development Council where the power plants will be located,” the DOE statement read.

Lotilla said, “Diversification of energy sources is critical to energy security. Unfortunately, we get pilloried for favoring solar and wind over coal and get charged for favoring coal over renewable energy. This leaves us with a reassuring feeling that we are getting the damn thing right.”

Earlier, BMI, a FitchSolutions company, and Citi projected that due to the latest economic performance, the BSP will cut interest rates on Thursday to boost the economy.

Citi expects the BSP to cut interest rates by 25 basis points this

FDI. . .

Continued from A

improvement in FDIs eventually,” Ricafort said.

Meanwhile, the BSP traced the decline in FDI mainly to the 31.7percent drop in nonresidents’ net investments in equity capital to $161 million from $235 million in May 2023.

The data also showed reinvestment of earnings decreased marginally by 3.7 percent to $97 million from $101 million. Meanwhile, nonresidents’ net investments in debt instruments increased by 43.4 percent to $242 million from $169 million in May 2023.

BSP said equity capital placements during the reference month originated mostly from Japan, the United States and Hong Kong. These investments were channeled to the manufacturing, real estate, and arts, entertainment and recreation industries.

The BSP statistics on FDI are compiled based on the Balance of Payments and International

Continued from A

Japanese and British chambers of commerce.

Meralco, which distributes electricity across Metro Manila, Bulacan, Cavite, Rizal, and select areas in Pampanga, Laguna, Batangas, and Quezon, served 7.93 million customers as of the end of June—an increase of over 200,000 from the previous year.

Meralco’s current franchise, as stipulated in Republic Act (RA) 9209, remains valid until 2028. RA 9209 was signed into law in June 2003.

Key legislators, including Albay Rep. Joey Salceda, former House Speaker and Marinduque Rep. Lord Allan Jay Velasco, and Cagayan de Oro City Rep. Rufus Rodriguez, filed separate bills seeking to extend Meralco’s franchise by 25 years beyond its expiration in 2028. They all cited Meralco’s reliable service and the desire to expand this service to other regions.

Century-long

track record

SALCEDA, meanwhile, noted Meralco’s century-long track record of supporting the country’s economic growth, adding that renewing the franchise would send a positive signal to capital-intensive businesses.

Salceda said Meralco’s franchise is arguably the most important private bill for industrial policy in the Philippines.

week and cut another 25 basis points in October and December. A total of 75-basis-point cumulative cuts are projected in 2025. Citi Philippines economist Nalin Chutchotithamsaid, 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.” Cai U. Ordinario

Investment Position Manual, 6th Edition (BPM6).

FDI includes investment by a nonresident direct investor in a resident enterprise, whose equity capital in the latter is at least 10 percent, and investment made by a nonresident subsidiary/associate in its resident direct investor. The BSP FDI statistics are distinct from the investment data of other government sources. BSP FDI covers actual investment inflows.

By contrast, the approved foreign investments data that are published by the Philippine Statistics Authority (PSA), which are sourced from Investment Promotion Agencies (IPAs), represent investment commitments, which may not necessarily be realized fully, in a given period. Furthermore, the said PSA data are not based on the 10-percent ownership criterion under BPM6. The BSP’s FDI data are also presented in net terms (i.e., equity capital placements less withdrawals), while the PSA’s foreign investment data do not account for equity withdrawals.

“Meralco services an area responsible for about half of the country’s entire GDP and about 26 percent of the population,” Salceda said, underscoring the utility company’s vital role in the nation’s economic framework.

Citing estimates from the Philippine Statistics Authority (PSA) input-output (IO) tables and information from the Energy Regulatory Commission (ERC) on outages caused by power supply issues, Salceda said the country would see a net gross value added (GVA) increase of P204.29 billion annually if all electric distribution utilities (ECDUs) performed at the level of Meralco. He attributed this potential gain to Meralco’s significant investment of approximately P220 billion in reducing system losses and minimizing interruptions.

“This investment is paying off in terms of economic benefits,” Salceda said.

In addition to infrastructure investments, Salceda highlighted Meralco’s compliance with ERC regulations and its commitment to consumer welfare. He noted that the company has delivered P48.3 billion in consumer refunds in full, further demonstrating its adherence to its franchise obligations.

Salceda expressed confidence that the franchise bill would sail smoothly on the House floor, noting the primary role of Congress in the franchise review process is to determine whether the grantee has met its obligations. “In this regard, there can be little question. Meralco has fulfilled its end of the current franchise law,” he added. Meanwhile, Rodriguez said the committee’s marathon hearings over the past few months have thoroughly addressed all concerns on the franchise renewal.

“We are ready to approve the extension of the franchise of Meralco,” he said.

Velasco, for his part, urged lawmakers to endorse the bill, stating, “Everything has been fully discussed. No other issue has been put forward. Meralco has long been serving our country well, and they deserve to be granted a new franchise.”

He pointed to Meralco as a model for how reliable service can drive economic growth and development.

DFA files diplomatic protest over China’s harassment of unarmed Philippine plane

By Malou Talosig-Bartolome

MANILA has protested to Beijing the China’s People’s Liberation Army Air Force’s dropping of flares on the path of an unarmed Philippine Air Force reconnaisance plane over Bajo de Masinloc in West Philippine Sea, well within the country’s exclusive economic zone on August 8.

At the time of the PLAAF jets’ dangerous maneuver, warships of the Philippines, Australia, Japan and US were in the vicinity holding a maritime cooperative activity or MCA.

Maria Teresita Daza, spokesperson for the Department of Foreign Affairs, said on Tuesday that a diplomatic protest has been filed in connection to what President Marcos said “unjustified, illegal and reckless” maneuver of China near the lagoon, 130 nautical miles west of Zambales.

The National Task Force for the West Philippine Sea reported that two fighter jets of the PLAAF “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 Monday. China said the PLA Southern Theater Command was conducting

military exercises near Scarborough Shoal on August 8, when the PAF plane “intruded” into the Scarborough Shoal air space.

Military ready to protect WPS DESPITE the challenges, the Armed Forces is ready to fulfill its mandate over the West Philippines Sea (WPS), the Navy said on Tuesday.

The Navy’s spokesman for the WPS, Rear Adm. Roy Vincent Trinidad made the statement when asked if China is sincere in lowering tensions in the WPS following the August 8 incident where Chinese fighters jets dropped flares near a Filipino maritime patrol aircraft.

“I would not like to speak on their [Chinese] behalf. Suffice it to say your Armed Forces will continue performing its mandate amid all these challenges on sea, on air or even on the ground,” he said.

Also, Trinidad said these latest harassment incidents also raises the risk of miscalculations.

“All these illegal, unsafe, unprofessional actions increase the risk for any untoward incident,” he added.

But despite these risks, Trini-

dad said they will not be deterred from continuing to perform “our mandate of securing the integrity of the national territory.”

China used land-based fighters

THE jet fighters of the China People’s Liberation Army Air Force (PLAAF) that harassed a Philippine plane on maritime patrol over the Bajo de Masinloc possibly came from a land base.

“There was no report of any aircraft carrier in the vicinity that could have been the base for launching such an aircraft, it is safe to say these were land-based,” Trinidad said in a press briefing in Camp Aguinaldo, Quezon City.

Trinidad said the PLAAF planes involved in the incident were multi-role fighters.

He said they have yet to receive specific details of these Chinese aircraft.

Trinidad also said the Philippines did not do anything extraordinary to warrant such an aggressive action from China.

“All of our actions historically have been in pursuit of the mandate of the Armed Forces and of our national interest,” he added.  With Rex Anthony Naval and Philippine News Agency

Barangay officials to have SSS membership soon

By Jovee Marie N. dela Cruz @joveemarie

Ferdinand Martin

PEAKER

SG. Romualdez announced on Tuesday that barangay officials could soon become members of the Social Security System (SSS) at no personal cost.

Addressing thousands of members of the Liga ng Mga Barangay during their National Congress at the World Trade Center in Pasay City, Romualdez also shared his proposal to extend the term of barangay officials to six years. Romualdez emphasized his commitment to ensuring that barangay officials receive adequate

protection while in service, revealing that he has already discussed this initiative with the SSS.

He expressed optimism that all barangay officials would soon be SSS members, granting them life insurance and, with continued contributions, eligibility for a lifetime pension.

“I hope that very soon, all of you will be SSS members. Once this happens, you’ll immediately receive life insurance, and with continued contributions to the SSS fund, you may qualify for a lifetime pension,” he added.

He added that the House of Representatives is considering approving a bill mandating local governments to set aside funds for

the monthly SSS premium contribution of barangay officials.

“This way, you won’t have to worry about the monthly SSS contributions,” he stressed.

He pointed out that he and his colleagues understand the grassroots leaders’ anxiety about their welfare and that of their families while they are serving their communities.

He acknowledged the concerns of grassroots leaders regarding their welfare and that of their families while they serve their communities.

To facilitate immediate registration, Romualdez informed barangay officials that the SSS has set up 50 computer terminals at

‘Future proof’ learning materials in public schools–congressman

ALAWMAKER is pushing for the passage of a measure that aims to “futureproof” learning materials in the basic education system and resolve the longstanding problem of inadequate textbooks for students in public schools.

In filing House Bill 10734, Rep. Brian Raymund Yamsuan, the nominee of the party-list group Bicol Saro, said the key to achieving these twin goals is strengthening the partnership between the Department of Education (DepEd) and the National Book Development Board (NBDB), which shall be jointly tasked with formulating and implementing a National Textbook and Learning Resources Plan.

Yamsuan said he filed the bill after the Second Congressional Commission on Education (Edcom II) found that students in public elementary and high schools have struggled to learn for about a decade with incomplete or no textbooks at all.

“Our bill provides the answer to the longstanding problem of our public school learners who

find it hard to study because of the lack, and even the complete absence, of textbooks. This has a big negative impact on their ability to study efficiently, especially in the subjects of mathematics, science, and reading, where Filipino students have logged low test scores,” he said.

He was referring to the 2022 findings of the Program for International Student Assessment (Pisa), which showed Filipino students were still among the weakest in the subjects of mathematics, reading, science, and even creative thinking skills among learners from 81 countries that took part in the global study.

Another study—the Southeast Asian Primary Learning Metrics (SEA-PLM)—found that learners who shared the use of textbooks and those who did not have these learning materials scored significantly lower than those who had their own textbooks.

Yamsuan pointed out that despite having the budget available to buy textbooks, the Department of Education has been able to procure only 27

types of textbooks for Grades 1 to 10 since 2012. Moreover, since the K-to-12 curriculum was introduced, only textbooks for grades 5 to 6 have been procured.

The delays have been traced to various factors, such as the insufficient period given to the DepEd to develop textbooks; prolonged review processes; high participation costs for bidders; and pricing issues, according to the Edcom II findings.

Yamsuan said these problems can be resolved by amending the provisions of the NBDB Charter under Republic Act 8047. His measure—House Bill 10734—gives the NBDB a more active role in the preparation and production of textbooks by mandating the DepEd to jointly work with it in preparing the specific policies, guidelines, and measures on the provision of public school textbooks and learning resources.

HB 10734 also requires the DepEd to phase out its elementary and secondary textbook publication and distribution functions within a three-year period and

the World Trade Center lobby. In addition to the SSS membership initiative, Romualdez discussed his proposal to grant barangay officials a six-year fixed term of office.

He acknowledged the challenges they face and emphasized that a longer term would provide ample time to plan and implement long-term programs for their communities’ development.

“With a six-year term, you won’t be distracted by electoral issues and can focus entirely on serving your constituents,” he said.

He added that the House is likewise working on passing the proposed Magna Carta for Barangays.

support the phasing in of private sector publishers to assume these tasks, Yamsuan said.

To “future-proof” public school textbooks, the measure redefines the meaning of the term “book” to include electronic publications.

“The new definition of the word ‘book’ to include e-books and other similar forms will ensure that Filipino students can keep up with rapid technological changes,” he added.

Yamsuan said the National Textbook and Learning Resources Plan under his bill also champions inclusive education, as it directs the establishment of consultative mechanisms among the DepEd, NBDB, and players in the book publishing industry to provide learning materials for persons with disabilities (PWDs).

The bill also creates a Textbook Review Committee, which is primarily tasked with evaluating and selecting textbooks and teachers’ manuals for use in public schools.

“This dedicated committee will guarantee that the quality of textbooks procured meets educational and industry standards. The bill requires that public school textbooks be reviewed, evaluated, and revised, if necessary, every five years,” Yamsuan said.

Jovee Marie N. Dela Cruz

Senate votes 22-0-0 to approve Archipelagic Sea Lanes bill

By Butch Fernandez @butchfBM

TWENTY-TWO senators voted on third and final reading to approve the proposed Archipelagic Sea Lanes Act, a measure that is seen to boost efforts to better protect the Philippines’s maritime rights amid continuing challenges in the West Philippine Sea.

Thanking colleagues for the unanimous vote of 22 with 0 objections and 0 abstentions, Sen. Francis Tolentino expressed hope that the measure will ensure a “progressive and secure” future for the country.

Tolentino underscored the bill’s timeliness by alluding to the most recent incident in Bajo de Masinloc, when Chinese jetfighters harassed an unarmed Philippine Air Force plane on routine patrol over that part of Zambales.

The bill has been described as one that seeks to establish archipelagic sea lanes in Philippine archipelagic waters and the adjacent territorial sea, prescribing the obligations of foreign ships and aircraft exercising archipelagic sea lanes passage through the established sea lanes and providing for the associated measures therein.

Tolentino, the Senate’s majority leader, continued to defend Senate Bill 2665 or the Philippine Archipelagic Sea Lanes Act during the period of interpellation on Wednesday, July 31. Tolentino explained some important features of the bill and benefits once passed into law.

“The sea lanes, if adopted and approved by the International Maritime Organization (IMO) would:

1) Ensure that other maritime nations would take notice of the existence of the said sea lanes; 2) It would likewise have a parallel benefit of having an overflight right over the said sea lanes;

3) It would likewise enable, even military vessel such as submarine, to pass by on the said sea lane in a normal mode,” Tolentino pointed out.

“For purposes of predictability and for purposes of law enforcement efficiency on the part of the Philippines, the sea lanes would surely be needed,” he added.

Tolentino thanked colleagues but singled out Minority Leader Aquilino Pimentel III, a Bar topnotcher, for helping us “strengthen some of the key provisions” of the bill.

On July 31, the bill’s main sponsor, Tolentino, defended the measure on the floor in its final deliberations, accepting amendments to the vital piece of legislation.

Bong Go visits recovering fire victims in QC

ON Monday, Sen. Christopher Go personally extended additional support to the recovering residents of barangays Manresa, Paligsahan, Payatas, Tatalon, Holy Spirit, Commonwealth, Culiat, Patok, Tandang Sora, Talayan, Sauyo, and Nova Proper in Quezon City, to aid the reconstruction of homes and recovery of fire victims devastated by the recent fire incident.

In coordination with Mayor Joy Belmonte and Vice Mayor Gian Sotto, the affected families received essential aid such as grocery packs, snacks, shirts, masks, vitamins, basketballs, and volleyballs from the senator. Additionally, there were select recipients of a bicycle, a mobile phone, shoes, and a watch.

Go also acknowledged the Barangay Captains present during the event, including Manresa Barangay Captain Arturo Tambis, Tandang Sora Brgy. Capt. Marlon Ulanday, Paligsahan Brgy. Capt. Alexander Lapore and Paltok Brgy. Capt Judy Floresca for their continuous efforts in bringing government services closer to the Filipino people.

BLOODY DAY The Philippine Red Cross and the RMN Network hold a blood donation drive for third time this year with the support of the local government of Malabon. Dubbed the “DugtongBuhay Bloodletting Project,” the blood letting was conducted at the Malabon Sports Complex on 10 August. Malabueño blood donors showed up for the event, resulting in 125 bags of blood collected. PRC Chairman

14, 2024

Gatchalian to ERC: Fast-track full implementation of RCOA

Buy Butch Fernandez @butchfBM

SEN. Sherwin Gatchalian on Tuesday urged the Energy Regulatory Commission (ERC) to fast-track and fully implement lower retail competition and open access (RCOA) threshold to enable consumers to enjoy competitive electricity pricing.

“Lowering the threshold from 500 kilowatts [kWh] to the household level would further enhance competition and consumer choice, promoting greater reliability and affordability of electricity and translating into even bigger savings for consumers,” said Gatchalian.

He made the statement following the ERC’s report that consumers using electricity services from retail

electricity suppliers (RES) generated savings of around P50 billion as of June this year compared to the same period in 2023. When sought for comment, ERC Chairperson Monalisa Dimalanta said via Viber that the agency’s efforts are aligned with the intent of Gatchalian to implement without further delay the realization of EPIRA’s mandate for consumers to

enjoy the power of choice.

“The Commission is working at the roadmap that will set out the conditions for the lowering of the RCOA threshold on a year-by-year basis.

This way, investors in the generation sector as well as our DUs can plan accordingly, and ERC can roll out full and proper consumer preparedness campaign for participation in the contestable market,” said Dimalanta.

RCOA is a framework designed to promote competition in the retail electricity market that allows consumers to choose their retail electricity suppliers and not be dependent on the contracted supply by their distribution utilities.

Under the RCOA structure, which became effective in June 2013, contestable customers, or those electricity end-users with monthly average peak demand falling within the threshold of contestability as determined by the ERC have a choice to

select a supplier of electricity.

In March this year, the ERC approved the eligibility threshold for participation in the retail market in Mindanao pegged at an average monthly peak demand of at least 500 kWh for the 12 preceding months, consistent with the threshold established in Luzon and Mindanao.

The ERC is now considering lowering the threshold to 100 kWh a month, which means more electricity endusers may qualify for the program.

“We expect more consumers to exercise the flexibility to switch suppliers as soon as ERC lowers the threshold. This will in turn enhance the competitiveness of many of our local businesses supportive of economic growth,” Gatchalian said.

In addition to lowering the threshold, the ERC should also help enable consumers and other market players to switch suppliers with minimum difficulty. With

Lectura

SRA expects delay in sugarcane harvest

TBy Ada Pelonia @adapelonia

HE Sugar Regulatory Administration (SRA) sees a delay in the peak of harvest as farmers had to replant and replace the sugarcanes scorched by El Niño.

“We are expecting [an] almost twomonth delay in peak of harvest kasi ang mga nasira ire -replant pa ,” SRA Administrator Pablo Luis Azcona told reporters on Monday.

Azcona explained that irrigated farms tend to record a bumper crop after the dry spell. However, the problem stems from the lack of irrigated farmlands.

“It’s a good crop after El Niño. Ang problema po natin is about maybe only

10 to a maximum of 12 to 15 percent lang po iyong irrigated sa buong Pilipinas,” he said, expecting improvements in these irrigated areas.

The SRA chief said top sugar-producing areas like Negros and Batangas suffered the brunt of the weather phenomenon.

“We had...I think five months or more of talagang tuyo sa Negros where the majority of the sugar comes from. Natamaan din ang Batangas so they’re expecting a drop [in production],” he said.

Despite this, Azcona said he remains optimistic that the harvest will begin to peak by November.

He also expressed concern over the supply of refined sugar as he expects a “slow start” in the milling season.

“Even though we all agree na meron tayong refined sugar until December 10 or December 15, ang problema po natin saan po tayo kukuha ng refined sugar?”

“We’re expecting a slow start. Iyong September, October, November milling po natin medyo mahina .”

He explained that three mills will open in Negros on September 15, but noted that “they are not hopeful of the cane supply as well” and would only open “for the sake of opening.”

Figures from the Philippine Statistics Authority (PSA) showed that the country’s farm output decreased by 3.3 percent in the second quarter as El Niño ravaged farmlands.

Crop production, which amounted

to P220.04 billion, declined annually by 8.6 percent, with the value of sugarcane production posting a 42.3 percent decline.

Meanwhile, the SRA recently authorized the importation of 240,000 metric tons (MT) of refined sugar to beef up domestic supply.

(See: https://businessmirror.com. ph/2024/08/12/sra-clears-240kmt-sugar-imports-to-boost-localsupply/)

Under Sugar Order (SO) 5, eligible participants for the importation program have been split into two. A maximum volume of 176,500 MT of refined sugar would be eligible for importers qualified under SO 2, while 63,500 MT would be eligible for those qualified under SO 3.

USDA lowers estimate of PHL ’24 rice imports

THE United States Department of Agriculture (USDA) adjusted downward its estimate of the Philippines’s rice imports this year on the back of slowing purchases of Vietnam rice.

In its latest report, the USDA said that the country’s rice imports this year could reach 4.6 million metric tons (MMT), lower than its previous forecast of 4.7 million metric tons (MMT).

The latest projection, however, is higher than the actual purchases of 3.61 MMT made last year.

“With the price quote spread narrowing, Vietnam jumped $7 to $559 per ton, while Thai increased slightly by $2 to $573 per ton with only limited demand from Indonesia and the Philippines,” the USDA report read.

The agency also lowered its estimates for global production this year driven by reduced production in Myanmar (Burma), Malaysia, Vietnam, and the Philippines “more than offsetting an improved Brazil crop.”

“Ending stocks are down with reduced supplies in Vietnam, the Philippines, and Kenya,” it read.

Meanwhile, the USDA also reduced the projection of the Philippines’s rice imports in 2025 to 4.6 MMT, lower than its previous forecast of 4.7 MMT.

The agency noted “consumption and ending stocks steady, local production up despite reduced import duties” as the reason behind the drop in the country’s rice import forecast.

“Imports are forecast down led by reductions in the Philippines and Brazil,” it read.

“Global consumption is forecast down slightly based on reductions in the Philippines, Kenya, and Vietnam.” Figures from the Bureau of Plant Industry (BPI) showed that rice import arrivals have reached 2.49 MMT as of August 1. More than 1.87 MMT of rice imports from the reference period came from Vietnam, which remained as the country’s top source of imported rice. This was followed by Thailand at 358,754.74 metric tons (MT).

BPI data showed that the Philippines also imported rice from other countries like Pakistan (154,523.82 MT), Myanmar (66,640

Oil spills blamed for low farm-gate prices at Navotas

THE oil spills in Bataan are being blamed by fishermen and mussel farm operators in Navotas.

While the oil spils did not reach the waters off Navotas, the Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya), its members are now suffering from the low farmgate prices owing to the “oil spill scare.”

Pamalakaya said a similar situation is happening in the provinces of Cavite and Bataan, where fish traders taking advantage of the oil spill are pulling down price to the detriment of fishermen and mussel raisers.

Before the oil spill, the regular farmgate price of tahong (mussels) was P1,200 per fish tub (banyera), but it has dramatically dropped to P300P500 owing to speculations that the products are tainted with oil.

While the Bureau of Fisheries and Aquatic Resources (BFAR) has issued a public advisory against consuming fish caught in oil-spill-affected areas, particularly in Bataan, local fishers in Navotas assert that their catch do not have signs of contamination, as their produce did not come in contact with floating oil.

Ronnel Arambulo, Pamalakaya vice chairman said in a statement that there’s no trace of oil affecting catch in Navotas, which also hosts the biggest fish landing in the country.

Bukod sa wala na naman talagang bakas ng langis sa aming pangisdaan, nakakasiguro kami na ang mga isdang nahuhuli ng mga mangingisda ay hindi nanggaling sa mga lugar na inabot ng langis,” he said.

The fishermen’s group earlier criticized the government’s fishing ban as worse than the oil spill itself.

In Cavite and Bataan, most of the coastal areas have been placed under the fishing ban with “no alternative and regular support” to the affected fishermen, Pamalakaa said.

The group asked for government intervention into the “exploitation and manipulation” of fish traders on farmgate prices related to the oil spill.

He said BFAR and the Department of Health should bring back the confidence of the buying public to fish caught in Manila Bay saying there’s no scientific basis to declare a fish ban. In Manila Bay, around 50,000 fishermen from Cavite, Bataan, and Metro Manila are now bearing the brunt of the aftermath of the oil spill, Pamalakaya said.

Meanwhile, Pamalakaya criticized the proposed budget for fuel assistance of BFAR, describing it as a mere “drop in the ocean” compared to the extent of impacts of the successive calamities and other economic crises on the fishing sector.

It said that of the P10.2 billion proposed budget of the BFAR in 2025, only P50 million, or 0.5 percent, will be appropriated for the Fuel Assistance to Fisherfolk Program. The group said that the government’s fuel assistance program, which is worth P3,000 each, will only cover around 16, 000 fishermen, or 0.6 percent of the more than 2.7 million registered fishermen nationwide.

Arambulo underscored that the fishing sector was battered by the successive typhoons Aghon and Carina, as well as the impacts of the southwest monsoon on fishing activities.

For his part, Kilusang Magbubukid ng Pilipinas (KMP) National Chair,an Danilo Ramos shared Arambulo’s frustration over the proposed 2025 national budget.

Ramos said that the proposed budget for the Department of Agriculture (DA) only allocates P50 million for Fuel Assistance to Farmers, a 90 percent decrease from the P510.4 million budget for the same program this year. Jonathan L. Mayuga

Lenie

Ombudsman orders Alice Guo’s dismissal

By Jovee Marie N. dela Cruz @joveemarie & Joel R. San Juan @jrsanjuan1573

THE Office of the Ombudsman has found Bamban, Tarlac Mayor Alice Guo guilty of grave misconduct and ordered her dismissal from service.

In a 25-page decision signed by Ombudsman Samuel R. Martires on August 12, the office also ordered the dismissal of 12 other local officials.

The Ombudsman said this ruling includes the forfeiture of all Guo’s retirement benefits and a perpetual disqualification from reentering government service.

The Ombudsman said that Guo’s actions, particularly her involvement in the raided Philippine Offshore Gaming Operator (Pogo) hub in her locality and the issuance of business permits to Zun Yuan Technology Incorporated despite deficiencies in its application, as well as her failure to timely revoke or cancel the issued permit for violations committed by Zun Yuan, demonstrated a “willful intent to violate the law or disregard established rules.”

“Guo turned a blind eye to the

Food bundle. . .

Earlier, the adjustment in electricity rates as well as higher meat prices led to faster inflation in July, according to the latest data released by the PSA.

PSA data showed inflation reached 4.4 percent in July 2024. This is faster than the 3.7 percent posted in June but slower than the 4.7 percent in July 2023. The latest inflation print breached the Development Budget Coordination Committee’s (DBCC) 3 to 4 percent inflation target for the year.

However, it was within the inflation expectations of the Bangko Sentral ng Pilipinas (BSP),

violations and continued to approve permits,” the Ombudsman said. In May, a raid led to the deportation of 165 out of 167 Chinese who were employed by Zun Yuan, a Pogo hub.

“The series of acts are interconnected, leaving no other conclusion than that they were committed by Guo with ulterior motives or self-interest,” the decision added.

Guo was accused of facilitating a massive illegal Pogo hub in her municipality, a charge she has denied. She also maintained her claim of being a Filipino citizen, despite the National Bureau of Investigation’s findings that her fingerprints matched those of a Chinese named Guo Hua Ping. Moreover, the Ombudsman said Guo continued to serve as President of Baofu Land Development Inc. from the date she filed her Certificate of Candidacy for the position of Mayor of Bamban, Tarlac, on October 1, 2021, until her election as Local Chief Executive of Bamban, Tarlac, on May 9, 2022, and up to the date she officially assumed her duties as Municipal Mayor on June 30, 2022.

It is important to note that

of between 4 and 4.8 percent.

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

Last month, Filipino economists said despite the decline in poverty incidence rate in 2023, the government must still put in place economic programs that will lift “chronically poor” Filipinos out of poverty, as nearly 5 million Filipinos still cannot afford their basic food needs amid rising rice inflation.

Philippine Statistics Authority (PSA) data showed 4.84 million Filipinos were living below the food thresholds in 2023. Among the population, this is around 4.3 percent while the proportion of

throughout this period, the Ombudsman said Guo remained the genuine and actual president of Baofu Land Development Inc. and benefitted from the ongoing operations of Zun Yuan and Hongsheng. Hongsheng was the Pogo operation that Guo represented prior to her election as mayor of Bamban.

Despite her purported divestment from Baofu Land Development Inc., Guo’s actions, the Ombudsman said, suggest a continued financial and business interest in the company and its associated operations.

Although the LGU of Bamban did not receive the cancellation orders from Pagcor regarding Hongsheng’s license, Guo’s financial interests in Baofu, which is adjacent to Hongsheng’s compound, imply that she could not have been unaware of the illegal activities, according to the decision.

“There is substantial evidence to hold her liable for grave misconduct,” the resolution said.

Meanwhile, Guo’s co-accused, Business Permit and Licensing Officer (BPLO) Edwin Capo, Municipal Legal Officer Adenn Sigua, Bamban Vice Mayor Leonardo Anunciacion, and Sangguniang Bayan Members Johny Sales,

Filipino families whose incomes were not sufficient to meet their basic food requirements in 2023 stood at 2.7 percent or equivalent to 740,000 families.

At the individual level, poverty incidence was at 15.5 percent, meaning, about 17.54 million Filipinos were poor in 2023, lower than the 18.1 percent or about 19.99 million FIlipinos poor in 2021.

Poverty incidence is the proportion of Filipino families with incomes that are not sufficient to buy minimum basic food and nonfood needs as estimated by the poverty threshold, PSA explained.

(See: https://businessmirror. com.ph/2024/07/23/povertyrate-down-but-poor-pinoysface-risks-experts/)

Asia’s Modern Hero Awards set on Aug. 23

THE Asia’s Modern Hero Awards at Okada Manila on August 23 will honor individuals across various industries and sectors who have earned the title of “Modern Hero.” The event is led by Dr. Ronnel P. Ybanez, founder and chairman of Asia’s Modern Hero Awards, known for his successful production of the Asia’s Golden Icon Awards, Asia’s Influential Leader Awards, and Asia’s Pinnacle Awards.

The opening ceremony will be led by the executive councils— Consul Enunina Mangio, President of the Philippine Chamber of Commerce and Industry (PCCI); Congresswoman Marissa Del Mar Magsino, OFW Party-List Representative and Assistant Minority Floor Leader; Cristina Gonzales Romualdez, a philanthropist, actress, product endorser, and city mayor; Dr. Sergio Ortiz-Luis, Jr., President of the Employers Confederation of the Philippines (ECOP); Mr. George Chua Cham, Board Member of Federation of Filipino-Chinese Chambers of Commerce and Industry, Inc. (FFCCCII); USEC. Vidal D. Villanueva III, TESDA Deputy Director General; and VP Owen SP Sanchez, Asia’s Modern Hero Awards International Ambassador.

The Asia’s Modern Hero Awards provides a platform to showcase true trailblazers—visionaries and change-makers

who embody the spirit of the “Modern Hero.” The awards seek to honor outstanding contributions in public service, educational institutions, disaster relief, human development, civil society, health and environment, business and entrepreneurship, and the justice and legal system. The event will publicly recognize and commend individuals who have demonstrated the ability to lead and inspire others in their respective communities. Among the distinguished attendees will be Senators Joel Villanueva and Robin Padilla, Tingog Party-list Rep. Yedda Romualdez, Tesda Secretary Suharto Mangudadatu, National Security Adviser Eduardo Año, FPJ Bayanihan Chairman Brian Poe Llamanzares, former Philippine National Police chief Gen. Robert Lastimoso (Ret.), Philippine Army Commanding General Lt. Gen. Roy M. Galido, Commander of Southern Luzon Command (Solcom) Lt. Gen. Facundo Palafox IV, Executive Vice President of FFFCI Victor Lim, ALC Group Chairman Edgard Cabangon, Chief Executive Minister of PMCC 4th Watch Apostle Jonathan Ferriol, renowned architect Arch. Felino Palafox Jr. IV, and multiplatform host, anchor, and producer Ms. Jing Castañeda. Also to be recognized are international awardees: Her Royal Majesty Queen Vickylextar,

Jayson Galang, Nikko Balilo, Ernesto Salting, Jose Salting Jr., Robin Mangiliman, Jose Casmo Aguilar, Mary Andrei Lacsamana, and Rainier Rivera, were found guilty of Conduct Prejudicial to the Best Interest of the Service and were suspended for three months.

The Ombudsman has instructed the Field Investigation BureauMilitary and Other Law Enforcement Offices (FIB-MOLEO) to enforce the Ombudsman’s order and submit a compliance report within five days.

The Ombudsman also directed the Department of the Interior and Local Government (DILG) to review the possibility of filing a complaint against former mayor Jose Antonio Feliciano. The Ombudsman emphasized that Feliciano had issued the Letter of No Objection for Hongsheng’s application, which Guo represented, despite lacking the necessary documentation.

Ruler of the Esteemed Omanye Royal Kingdom; Global President of UNKPFC Dr. Aphinita Chaichana; and Rangsima Thongpunchung, Secretary of the Commission for Poverty Debt Resolution and Inequality Reduction in the House of Representatives of Thailand, among other esteemed honorees.

This year’s Asia’s Modern Hero Awards promises to be a grand event, bringing together leaders and visionaries who have made significant contributions to their communities and beyond. The riyes will feature performances by renowned artists and cultural presentations, further highlighting the event’s celebration of the region’s most esteemed individuals.

The Asia’s Modern Hero Awards is not merely a recognition program; it is a platform that aims to inspire and empower the next generation of leaders and changemakers across Asia. By shining a light on these exceptional individuals, the organizers hope to ignite a ripple effect of positive change, encouraging others to follow in the footsteps of these “Modern Heroes.”

The Asia’s Modern Hero Awards 2024 is supported by: Chunnel and Channel Realty Marketing and Development Corporation (C&C Realty) and Edgard Cabangon, Chairman of the ALC Group of Companies.

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Ukraine claims control of Russian territory in surprise incursion, embarrassing Kremlin

By Samya Kullab The Associated Press

KYIV, Ukraine—Ukraine’s top military commander says his forces now control 1,000 square kilometers (386 square miles) of Russia’s neighboring Kursk region, the first time a Ukrainian military official has publicly commented on the gains of the lightning incursion that has embarrassed the Kremlin.

Gen. Oleksandr Syrskyi made the statement in a video posted Monday to Ukrainian President Volodymyr Zelenskyy’s Telegram channel. In the video, he briefed the president on the front-line situation.

“The troops are fulfilling their tasks. Fighting continues actually along the entire front line. The situation is under our control,” Syrskyi said.

Russian forces are still scrambling to respond to the surprise Ukrainian attack after almost a week of fierce fighting.

Russian President Vladimir Putin said the incursion, which has caused more than 100,000 civilians to flee, is an attempt by Kyiv to stop Moscow’s offensive in eastern Ukraine’s Donbas region and gain leverage in possible future peace talks.

Zelenskyy confirmed for the first time that the Ukrainian

military is inside the Kursk region. On Telegram, he praised his country’s soldiers and commanders “for their steadfastness and decisive actions.” He did not elaborate.

The Ukrainian operation is under tight secrecy, and its goals remain unclear. The stunning maneuver that caught the Kremlin’s forces off guard counters Russia’s unrelenting effort in recent months to punch through Ukrainian defenses at selected points along the front line in eastern Ukraine.

Speaking Monday at a meeting with top security and defense officials, Putin said the attack that began Aug. 6 appeared to reflect Kyiv’s attempt to achieve a better negotiating position in possible future talks to end the war. He insisted Moscow’s army would prevail.

Putin said Ukraine may have

hoped the attack would cause public unrest in Russia, but that it has failed to do so, and he claimed the number of volunteers to join the Russian military has increased because of the assault. He said Russian forces will carry on with their offensive in eastern Ukraine regardless.

“It’s obvious that the enemy will keep trying to destabilize the situation in the border zone to try to destabilize the domestic political situation in our country,” Putin said. Russia’s main task is to “drive the enemy out of our territories and, together with the border service, to ensure reliable cover of the state border.”

Acting Kursk Gov. Alexei Smirnov reported to Putin that Ukrainian forces had pushed 12 kilometers (7.5 miles) into the Kursk region across a 40-kilometer (25-mile) front and currently control 28 Russian settlements.

Smirnov said 12 civilians have

been killed and 121 others, including 10 children, have been wounded. About 121,000 people have been evacuated or left the areas affected by fighting on their own, he said.

Tracking down all the Ukrainian units that are roaming the region and creating diversions is difficult, Smirnov said, noting that some are using fake Russian IDs.

The governor of the Belgorod region adjacent to Kursk also announced the evacuation of people from a district near the Ukrainian border.

Zelenskyy said the territory now controlled by Ukrainian forces was used to strike Ukraine’s Sumy region many times, adding that it is “absolutely fair to destroy Russian terrorists where they are.”

“Russia brought war to others. Now it is coming home,” he said in a video posted on Telegram.

Russia has seen previous incursions into its territory during

US beefs up posture in Middle East, warns an Iran-backed attack on Israel imminent

By Lolita C. Baldor

The Associated Press

ASHINGTON—US Defense

WSecretary Lloyd Austin has ordered a guided missile submarine to the Middle East and is telling the USS Abraham Lincoln aircraft carrier strike group to sail more quickly to the area, as the US on Monday said it believes Iran or its proxies may launch a strike against Israel as soon as this week.

The moves, announced by the Defense Department Sunday, come as the US and other allies push for Israel and Hamas to achieve a cease-fire agreement that could help calm soaring tensions in the region following the assassination of Hamas political leader Ismail Haniyeh in Tehran and a senior Hezbollah commander in Beirut.

Officials have been on the lookout for retaliatory strikes by both Iran and Hezbollah for the killings, and the US has been beefing up its presence in the region.

John Kirby, the White House national security spokesman, said Iran’s response to the killings “could be this week,” but that “it is difficult to ascertain at this particular time if there’s an attack by Iran or its proxies what it could look like.” He said the US and its allies were preparing for a “significant set of attacks.”

“The president is confident that we have the capability available to us to help defend Israel should it come to that,” Kirby said, adding, “Nobody wants to see it come to that.”

Maj. Gen. Pat Ryder, Pentagon press secretary, said in a statement that Austin spoke with Israeli Defense Minister Yoav Gallant earlier in the day, and reiterated America’s commitment “to take every possible step to defend Israel and noted the strengthening of US military force posture and capabilities throughout the Middle East in light of escalating regional tensions.”

A joint statement from the leaders of the United States, Britain, France, German

and Italy “called on Iran to stand down its ongoing threats of a military attack against Israel and discussed the serious consequences for regional security should such an attack take place.”

German Chancellor Olaf Scholz spoke by phone Monday with Iranian President Masoud Pezeshkian and “expressed his great concern about the danger of a regional conflagration in the Middle East,” the German government said.

British Prime Minister Keir Starmer spoke to Pezeshkian and called on him to refrain from carrying out an attack, the Prime Minister’s office said.

The Vatican secretary of state, Cardinal Pietro Parolin, also spoke with Pezeshkian on Monday, “reiterating the need to avoid in any way the widening of the very serious conflict underway,” according to a Vatican statement.

The Lincoln, which has been in the Asia Pacific, had already been ordered to the region to replace the USS Theodore

Roosevelt aircraft carrier strike group, which is scheduled to begin heading home from the Middle East. Last week, Austin said the Lincoln would arrive in the Central Command area by the end of the month.

It wasn’t clear Sunday what his latest order means, or how much more quickly the Lincoln will steam to the Middle East. The carrier has F-35 fighter jets aboard, along with the F/A-18 fighter aircraft that are also on carriers.

Ryder also did not say how quickly the USS Georgia guided missile submarine would get to the region.

He said Austin and Gallant also discussed Israel’s military operations in Gaza and the importance of mitigating civilian harm.

The call comes a day after an Israeli airstrike hit a school-turned-shelter in Gaza early Saturday, killing at least 80 people and wounding nearly 50 others, Palestinian health authorities said, in one of the deadliest attacks of the 10-month Israel-Hamas war.

Lebanon’s health care system in tatters but still preparing for a possible wider war with Israel

By Kareem Chehayeb

The Associated Press

the nearly 2 1/2-year war, but the foray into the Kursk region marked the largest attack on its soil since World War II, constituting a milestone in the hostilities. It was also the first time the Ukrainian army has spearheaded an incursion rather than pro-Ukraine Russian fighters.

The advance delivered a blow to Putin’s efforts to pretend that life in Russia has been largely unaffected by the war. State propaganda tried to play down the attack, emphasizing the authorities’ efforts to help residents of the region and seeking to distract attention from the military’s failure to prepare for the attack and quickly repel it.

Kursk residents recorded videos lamenting that they had to flee the border area, leaving behind their belongings, and pleading with Putin for help. But Russia’s state-controlled media kept a tight lid on any expression of discontent.

Retired Gen. Andrei Gurulev, a member of the lower house of the Russian parliament, criticized the military for failing to protect the border.

“Regrettably, the group of forces protecting the border didn’t have its own intelligence assets,” he said on his messaging app channel. “No one likes to see the truth in reports, everybody just wants to hear that all is good.”

Though it’s not clear what weapons Ukraine is using across the border, Russian media widely reported that American Bradley and German Marder armored infantry vehicles were there. The claim could not be independently verified.

Ukraine has already used US weapons to strike inside Russia.

Italian Foreign Minister Antonio Tajani said in an interview published Monday that the weapons provided by his country “cannot be used to attack Russia on its territory.”

Meanwhile, German Defense Ministry spokesperson Arne Collatz said Monday that legal experts agree that “international law provides for a state that is defending itself also to defend itself on the territory of the attacker. That is clear from our point of view, too.” Russia’s Defense Ministry said Monday that reinforcements sent to the area backed by air forces and artillery had fended off seven attacks by Ukrainian units near Martynovka, Borki and Korenevo during the previous 24 hours. The ministry said Russian forces also blocked an attempt by Ukrainian mobile groups to forge deep into Russian territory near Kauchuk.

Pasi Paroinen, an analyst with the Finland-based Black Bird Group open-source intelligence agency, which monitors the war, said the toughest phase of Ukraine’s incursion is likely to begin now as Russian reserves enter the fray.

The combat inside Russia rekindled questions about whether Ukraine was using weaponry supplied by NATO members. Some Western countries have balked at allowing Ukraine to use their military aid to hit Russian soil, fearing it would fuel an escalation that might drag Russia and NATO into war.

75 years

on, Geneva Conventions face crisis as violations surge worldwide

GENEVA—At its 75th anniversary, the world’s best-known rulebook on the protection of civilians, detainees and wounded soldiers in war has been widely ignored—from Gaza to Syria to Ukraine to Myanmar and beyond—and its defenders are calling for a new commitment to international humanitarian law.

The Geneva Conventions, which have been adopted by nearly all the world’s countries since they were finalized on Aug. 12, 1949, are back on their heels as armed militia groups and national forces regularly disregard the rules of war.

“International humanitarian law is under strain, disregarded, undermined to justify violence,” President Mirjana Spoljaric of the International Committee of the Red Cross, which oversees the conventions, said Monday.

“The world must recommit to this robust protective framework for armed conflict, one that follows the premise of protecting life instead of justifying death,” she said.

allied groups that have filled the gaps in areas with limited state services. Israeli strikes have hit deeper into Lebanon in recent weeks, and sonic booms from military jets rattle Beirut. Much of the border region is in rubble.

The conventions, with roots dating to the 19th century, aims to set rules around the conduct of war: They ban torture and sexual violence, require humane treatment of detainees and mandate searches for missing persons.

The conventions “reflect a global consensus that all wars have limits,” Spoljaric told reporters at ICRC headquarters in Geneva. “The dehumanization of both enemy fighters and civilian populations is a path to ruin and disaster.”

The Red Cross says the conventions are needed now more than ever: It has counted more than 120 active conflicts around the world, a six-fold increase from the half-century anniversary in 1999. These days, many countries and combatants exploit loopholes in international humanitarian law or interpret it as they see fit. Hospitals, schools and ambulances have come under fire, aid workers and civilians are killed, and countries refuse access to detainees.

Lebanese hospitals in 2021 were at breaking point, barely able to keep the lights on and short on medicine.

Abiad said the health sector has shown resilience before, and he hopes it will again.

“The Lebanese health system had to adjust to multiple crises,” caretaker Health Minister Firas Abiad said. Health care facilities cut costs by keeping inventory at

all of this to turn out to be unnecessary.” Inside Gaza, the health system has been decimated. Abiad said Lebanese health authorities take the possibility of hospitals being targeted in a wider conflict “very seriously.”

“The best thing that we want is for

Already, he said, almost two-dozen paramedics and health care workers in southern Lebanon have been killed in Israeli strikes. They include paramedics from medical groups affiliated with Hezbollah and

The Mediterranean country’s health sector was once renowned as one of the best in the region. But Lebanon has faced compounding crises since 2019, including a fiscal one that followed decades of corruption and mismanagement.

Other challenges include the Covid-19 pandemic, the 2020 Beirut Port explosion that damaged or destroyed key healthcare infrastructure and dwindling international aid to help Lebanon host more than 1 million Syrian refugees.

“During the (port) blast, the system was able to absorb an excess of 6,000 casualties in a matter of 12 hours,” he said. “There is, I would say, a determination within our health care system to provide the needed care to all the people who require it.” But resilience might not be enough for the troubled country and its 6 million people. The financial crisis has left government agencies beholden to humanitarian organizations for cash injections and supplies.

Violence in Bangladesh after Hasina’s ouster stirs fear within the country’s Hindu minority

after Hasina fled.

KBy Krutika Pathi, Al Emrun Garjon & Shonal Ganguly The Associated Press

HULNA, Bangladesh—When a mass uprising forced Bangladesh’s longtime prime minister to step down and flee the country last week, a 65-year-old retired auditor who had worked for her political party feared for his life.

Arobinda Mohalder, who is part of Bangladesh’s Hindu minority, had just learned that a Hindu official working for the Awami League party in the country’s Khulna district escaped after an angry mob set his home on fire.

Mohalder and his wife quickly packed clothes and passports as they fled their home to stay with a relative nearby. Later that evening, they found out their home had been torched. The attackers looted everything, including their television, refrigerator and two air conditioners.

Ever since former Prime Minister Sheikh Hasina resigned and fled to India, her supporters and associates have faced retaliatory attacks by mobs that have been met by little, if any, resistance from authorities. Members of the country’s Hindu minority feel the most vulnerable because they have traditionally backed the Awami League—seen as a secular party in the Muslim-majority nation—and because of a history of violence against them during previous upheavals.

In the week since Hasina was ousted on Aug 5, there have been at least 200 attacks against Hindus and other religious minorities across 52 districts, according to the Bangladesh Hindu Buddhist Christian Unity Council, a minority rights group

that has been tracking incidents.

But experts caution it is hard to establish the extent of and motivations for the violence in this South Asian country of 170 million.

“There may be an element of minorities, particularly Hindus, being targeted due to their faith. But many Hindus had links to the Awami League, because historically it has been the party that protected minorities, so they may have been targeted for their political affiliations,” said Thomas Kean, a senior consultant on Bangladesh and Myanmar at the Crisis Group.

Hasina’s ouster was triggered by student-led protests against a quota system for government jobs. After clashes between protesters and government forces that led to hundreds of deaths, the movement grew into a broader rebellion against the leader and her government.

Mobs rampaged across the country after Hasina fled. Some of the violence was just criminal activity, Kean said, and “we shouldn’t assume they are all due to race or religion.”

The interim government put in place after Hasina’s ouster has condemned the attacks as “heinous” and said it was working with community leaders to ensure Hindus’ safety.

Hindus, who make up 8% of the population and are the largest minority group, “are shivering,” said Kajal Debnath, a vice president of the Bangladesh Hindu Buddhist Christian Unity Council. “They are closing their doors, they are not opening it without confirming who is knocking. Everybody (in the Hindu minority)… from the Dhaka capital to the remote villages is very scared.”

For many, the violence has evoked painful memories of Bangladesh’s 1971 war of independence against Pakistan during which Hindus were targeted. Hindus were also attacked during the rise of Islamic groups in the 1990s, which Hasina stamped out.

Hindus have held large protests in the past week drawing thousands, demanding protection and condemning the recent spate of attacks.

Munni Ghosh, a Hindu housewife in Dhaka, said that attacks have grown since Hasina fled. “The reason (is) because she used to support us,” she said.

According to the minority groups organization, the attacks have included vandalizing and looting of Hindu homes and businesses. A few temples have been damaged. But details remain scarce, and police—whose members were also killed during the recent violence—went on strike last week.

Some analysts say many of the attacks against Hindus are politically driven and reflect resentment against Hasina’s party.

Hindus have suffered, but most attacks have been “politically motivated because the Awami League has been targeted,” said Zillur Rahman, executive director of the Dhaka-based Center for Governance Studies.

In Mohalder’s village, dozens of other Hindu homes were unscathed. And his brother-in-law’s house, which is attached to his own, was not vandalized. A temple

Trump falsely claims crowd photo from Harris’ campaign rally in Detroit was created using AI

By Darlene Superville The Associated Press

WASHINGTON—Republican

presidential nominee Donald Trump has been spreading false claims that an image of thousands of people waiting at Detroit’s airport as Democrat Kamala Harris arrived for a campaign rally was fabricated with the help of artificial intelligence. Reporters, photographers and video journalists representing The Associated Press and other news organizations who either traveled with Vice President Harris or were on the airport tarmac documented the crowd size last Wednesday as she arrived on Air Force Two. Harris’ campaign also denied the photo in question was manipulated and posted about it on social media.

Fifteen thousand people attended the Detroit airport rally, Harris’ campaign said. Harris and Walz spoke from inside a hangar where people were packed in. The crowd also spilled out onto the tarmac. The Wayne County Airport Authority, which oversees the airport, referred questions about the size of the crowd to Harris’ campaign.

Thousands of people have been showing up at her campaign rallies. By the Harris campaign’s count, 12,000 people turned out for rallies in Philadelphia and Eau Claire, Wisconsin, last week, followed by 15,000 in Glendale, Arizona. In Las Vegas on Saturday, more than 12,000 people were inside a university arena when law enforcement halted admission because people were getting ill waiting outside in the extreme 109-degree heat. About 4,000 people were waiting in line when the doors were closed.

An Associated Press reporter who covered the Harris events in Wisconsin, Michigan, Arizona and Nevada, witnessed the throngs of people in attendance.

Trump pushed his false claims in backto-back posts on his social media site on Sunday.

“Has anyone noticed that Kamala CHEATED at the airport? There was nobody at the plane, and she ‘A.I.’d’ it, and showed a massive ‘crowd’ of so-called followers, BUT THEY DIDN’T EXIST!.” he wrote. He included a post from another individual who made similar allegations about photo manipulation.

A minute later Trump posted, “Look,

we caught her with a fake ‘crowd.’ There was nobody there!” He included a photo of the crowd that was partly shaded and partly exposed to the sun.

Harris’ campaign confirmed on Monday that the photo being questioned was taken by a staff member and was not in any way modified using AI.

Hany Farid, a University of California, Berkeley, professor who focuses on digital forensics and misinformation, analyzed the photo using two models trained to detect patterns of generative AI and found no evidence of manipulation. The models were developed by GetReal Labs, a company Farid co-founded.

Farid, responding Monday in an e-mail, said he compared several versions of the photo and the only alteration he detected was some simple change to brightness or contrast, and perhaps sharpening. He said many other images and videos from the event last Wednesday show the same basic scene.

Trump started pushing false theories about the Harris campaign photo a few days after he held a news conference at his Florida estate on Thursday and was asked about the crowds at his Democratic rival’s rallies. Trump said no one draws crowds

in their family compound was also untouched.

Mohalder believes he was targeted because of his ties to the Awami League. He doesn’t know when it will be safe for him to return home. “I want to go back, but goons looted my home and because of that, I am scared.”

The issue has become increasingly sensitive for India, where Prime Minister Narendra Modi expressed concern over the reports of attacks last week.

But experts say the lack of credible information and official investigations into violence against Hindus has also fueled misinformation about the attacks, much of it coming from Indian news, social media and leaders, said Kean.

On August 5, the day Hasina fled, a leader belonging to Modi’s party in West Bengal state, which borders Bangladesh, claimed without providing evidence that Hindus were being slaughtered. Television news channels ran headlines saying the attacks were “an act of genocide” and a “pogrom.” In another example, an Indian outlet claimed a certain temple had been set on fire, but Prothom Alo— a leading Bengali-language daily newspaper—found that false, and reported that an Awami League office behind the temple had been burnt down.

Nahid Islam, one of the leading student protesters who was sworn in as a minister in the interim government last week, said the violence was more politically than religiously motivated and was meant to divide the country, but that Bangladesh would protect them.

“The responsible will be brought to justice… be assured that the people of Bangladesh, the government of Bangladesh will stand by you.”

But for many Hindus, the biggest worry has been the lack of police since they went on strike in many parts of the country

as big as he does.

“I’ve spoken to the biggest crowds. Nobody’s spoken to crowds bigger than me,” Trump claimed at the news conference, his first since Harris became the Democratic presidential nominee.

He went on to falsely compare the crowd at his speech in front of the White House on Jan. 6, 2021, to the crowd at Martin Luther King Jr.’s famous “I Have a Dream” speech on August 28, 1963, at the Lincoln Memorial.

But King drew far more people. Approximately 250,000 people attended the March on Washington for Jobs and Freedom, at which King gave his speech, according to the National Park Service. The Associated Press reported in 2021 that there were at least 10,000 people at Trump’s address.

Some of Trump’s top advisers and supporters have been urging the former president to focus his criticisms on Harris’ policies and talk more about the border and the economy.

“Stop questioning the size of her crowds,” was the advice former House Speaker Kevin McCarthy, R-Calif., offered during a Fox News appearance on Monday.

The Harris campaign needled Trump on a variety of issues in an email Monday titled “9 Days Since Trump’s Last Swing State Event.” The note included a bullet point that said, “he’s very mad about crowd sizes, claiming it’s all fake and AIgenerated. (Maybe if he campaigned he’d get crowds too?)”

Myanmar releases Japanese executive after he was arrested for selling rice above set prices

By Mari Yamaguchi

The Associated Press

Hiroshi Kasamatsu, a director of the Myanmar supermarket Aeon Orange, was in custody in Myanmar since his June 30 arrest for selling rice at prices above the official regulations. Japan’s Foreign Ministry

confirmed Monday that the Japanese national was convicted of violating law related to daily necessities and service. He was sentenced to one year in

Rice is vital in Myanmar, a country struggling to stabilize its economy as civil war disrupts efforts to recover from the Covid-19 pandemic. The army seized power from the elected government of Aung San Suu Kyi in 2021, triggering nonviolent protests that have evolved into armed resistance.

Aeon Orange is a part of Japan’s retail giant Aeon group, and operates several supermarkets in Myanmar.

executives arrested on similar allegations in Myanmar.

The state-run Myanmar Alin newspaper reported in early July that the arrests for allegedly overpricing rice— from 31 percent to 70 percent over official prices set by the Myanmar Rice Federation—involved 62 suspects, 102 warehouses, 53

“Anything can happen at any moment of time because there is no law and order,” said Debnath. “There is no place to complain. If they kill me, if they burn my house, there is no one I can complain to.”

On Monday, several police stations opened up and many people hope that will help ease tensions. But while police were on strike, students and other volunteers in Dhaka and elsewhere banded together to patrol neighborhoods and keep watch, sometimes carrying sticks and umbrellas.

Tahsim Uzzaman, a 26-year-old student in Dhaka, is one volunteer who has been patrolling Dhaka neighborhoods late at night.

“I no longer feel alright just sitting at home. I’ve been going out at night to guard places, especially in minority neighborhoods. We took bullets to reclaim our country, it shouldn’t be for nothing, we must now keep it safe for all,” he said.

Pathi and Ganguly reported from Dhaka, Bangladesh.

THE recent outbreaks of African swine fever (ASF) in a number of areas in Batangas illustrate the challenges in eradicating the fatal hog disease that has killed thousands of pigs. The government reported that the towns of Lobo, Lian, Rosario, Calatagan and Lipa City in Batangas had ASF cases. (see “DA plans purchase of ASF vaccines after outbreak in Batangas,” BusinessMirror, August 8, 2024). This latest outbreak prompted the government to resort to the emergency procurement of vaccines in its bid to stop the disease on its tracks.

Among the animal diseases that have ravaged many farms in the Philippines, ASF has proven to be the most disruptive. Since it was first discovered in 2019, the disease has significantly reduced the supply of local hogs. Fewer hogs meant more expensive pork—the favorite source of protein of Filipinos—and the reduction in pork supply became one of the factors behind the acceleration of inflation.

Despite the slowdown in meat price increases in recent months after the government maintained lower tariffs for pork imports, food remained as one of the main drivers of headline inflation in July, according to the Philippine Statistics Authority (PSA). PSA said in its latest report that food and non-alcoholic beverages accounted for 55.5 percent or 2.4 percentage points of the headline inflation rate of 4.4 percent in July. Meat and the elevated prices of rice were the top drivers of the upward trend in food inflation last month.

The recent outbreaks of ASF in Batangas deal a blow to government efforts to make food prices stable. Even more concerning is that the disease is ravaging farms in a province that is considered one of the major livestock producers in the Philippines. According to the PSA, Calabarzon region, which includes Batangas, was the country's top hog producer in the first quarter.

We call on hog raisers, the private sector, and local governments to cooperate with the national government to prevent the disease from spreading to other parts of Luzon. Pending the arrival of the vaccine, which the Department of Agriculture is banking on to control ASF, local governments and farms must strictly observe biosecurity measures and other initiatives aimed at preventing the spread of the disease. Hog raisers should also immediately report any unusual mortality in their farms.

The government has made assurances that it has enough funds to fight ASF outbreaks and to indemnify affected hog raisers. We hope that the indemnification checks will be released to the hog farmers immediately as they will need the money to restock their farms, so they can recoup their losses. According to government data, the disease has killed more than three million hogs valued at billions of pesos since the first outbreak was reported in 2019.

The government recently noted that African swine fever remains a persistent virus impacting local swine production, despite rigorous biosecurity measures. Eliminating ASF demands unwavering vigilance and the strict compliance with control protocols by all stakeholders in the domestic hog industry.

Jumping to greater heights

CTHE BUILDER

ARLOS Yulo’s historic Olympic double gold is a beacon of inspiration for the Philippines. His triumph, achieved against all odds, mirrors the nation’s own journey toward greater economic standing.

Yulo’s resilience and determination are a testament to the Filipino spirit. Overcoming adversity to achieve greatness, he has shown us that even with limited resources, we can excel. The same spirit can propel the Philippines to economic heights.

After failing to win a medal in the 2020 Tokyo Olympics, which was actually held in August 2021 amid the pandemic, Yulo bounced back to become the first Filipino Olympic double-gold medalist. Yulo’s experience offers an inspiring lesson for all of us. Despite standing only four feet and 11 inches tall, Yulo learned to use his size as an advantage and become a true champion.

Our young population, often seen as a demographic challenge, can be our greatest asset. With focused investment in education and training, we can transform this demographic divi-

dend into an economic powerhouse. We may not win economic titles today, but our unique resources would position us to be a strong contender in the future. Our Yulos—the Gen Zs and millennials—will guide us in our quest for prosperity and honor.

Finance Secretary Ralph Recto, in a presentation to the House of Representatives, said the Philippines is on track to achieving upper middleincome (UMIC) status by 2025, after we posted an all-time high gross national income per capita in 2023. Recto estimates the size of the Philippine economy will reach about P37 trillion by 2028.

The International Monetary Fund sees it growing to $650 billion by 2028, up from about $437 billion based on the 2023 estimates by the World Bank. This would make us one of the 30 largest economies in the world.

Per the PSA, unemployment rate fell to a two-decade low of 3.1 percent in June 2024 from 4.1 percent a year ago. In terms of magnitude, the ranks of unemployed Filipinos declined to 1.62 million from 2.33 million a year earlier. The number of employed persons increased to 50.28 million from 48.84 million. That figure is bigger than the average population of most countries in the world.

This is likely possible as our economic performance continues to meet expectations. Per the Philippine Statistics Authority (PSA) report last week, our gross domestic product (GDP) expanded 6.3 percent in the second quarter of 2024, faster than the adjusted 5.8-percent growth recorded in the first quarter. The figure brought the average GDP growth to 6.0 percent in the first half of the year, which is within the government’s growth target range of 6 percent to 7 percent. Sustained economic growth at this level would create more jobs and lift more Filipinos out of poverty. The National Economic and Development Authority (Neda) estimates that the real GDP per capita is now more than 10 percent above the pre-pandemic level. Poverty incidence fell to 15.5 percent in 2023 from 18.1 percent in 2021, translating into 2.45 million fewer Filipinos living in misery. A single-digit poverty rate is attainable by 2028.

Per the PSA, unemployment rate fell to a two-decade low of 3.1 percent in June 2024 from 4.1 percent a year ago. In terms of magnitude, the ranks of unemployed Filipinos declined to 1.62 million from 2.33 million a year earlier. The number of employed persons increased to 50.28 million from 48.84 million. That figure is bigger than the average population of most countries in the world. As expected, construction absorbed the largest employment increase in June 2024 with 938,000 additional workers, as the government ramped up infrastructure spending and property developers began to build more office towers, commercial spaces and residential projects. The PSA reported a 12.8-percent increase in public construction and a 9.9-percent expansion in private construction in the second quarter, becoming the biggest growth driver during the period.

The agriculture, fishery and forestry sector, however, lost nearly 1 million jobs, which was blamed on the impact of weather disturbances like El Niño, natural disasters, pest and disease infestations and the escalating tensions in the West Philippine Sea. The sector actually contracted 2.3 percent in the second quarter of 2024, pulled down by a steep decline in rice and corn harvests. Despite the setback, the economy managed to pull off an impressive growth in the second quarter, supported by the 7.7-percent expansion of the industry sector and the 6.8-percent growth in the services sector.

Thailand awaits court verdict that may topple prime minister

By Patpicha Tanakasempipat

ATHAI court will this week decide if the Southeast Asian nation will continue business as usual or be tipped into a renewed period of political uncertainty when it assesses whether Srettha Thavisin should continue as prime minister.

The Constitutional Court will rule on whether Srettha violated “ethical standards” by appointing to cabinet a former lawyer Pichit Chuenban, who was jailed for contempt of court following a bribery attempt. The petition against Srettha was brought originally by a group of 40 Senators, who claimed the appointment was grounds for Srettha’s disqualification under the charter.

Pichit has since resigned and Srettha, who is yet to complete a year in the job, has maintained his innocence. In a sign that he expects to be exonerated, his office went ahead and published his official business for

An unfavorable verdict for Srettha means that he and his cabinet will step down, setting off a scramble among coalition parties to negotiate and agree on the next prime ministerial candidate.

the second half of the month—with the premier scheduled to make trips across Thailand to oversee water management and drug suppression efforts, among others.

The nine-member court voted six to three to accept the petition for consideration, while voting five to four against suspending his duties in the meantime. With the verdict due to be read out at 3 p.m. local time on Wednesday, here’s how the situation could play out:

1. Not guilty A FAVORABLE court ruling for Srettha

would simply mean business as usual for Southeast Asia’s second-largest economy, as it eliminates any immediate risk for his coalition government. The ruling Pheu Thai Party will get to keep the top political office, trumping a conservative coalition partner that is suspected to have encouraged the senators’ petition against Srettha.

A not-guilty verdict will also be welcome news for foreign investors, who have been on the edge over implications for political stability, given that a civilian-led government was a hard-fought win for Thailand that’s been ruled by military-backed establishments for nearly a decade through 2023. Foreign funds have pulled more than $3 billion from local markets this year, sending Thailand’s benchmark SET Index to a four-year low. It’s now one of the worst performers of all global bourses tracked by Bloomberg in the past year. Given Srettha wasn’t suspended

while the court deliberated the case in the first place, he is then free to focus on rolling out the government’s about $14 billion cash handout program to boost consumption and stimulate the economy. The success of the program will decide the popularity of his government and the ruling Pheu Thai Party, which has seen its approval rating decline in recent months.  2. Guilty AN unfavorable verdict for Srettha means that he and his cabinet will step down, setting off a scramble among coalition parties to negotiate and agree on the next prime ministerial candidate.  The House of Representatives will then convene to vote on a new premier, with no time limit assigned to the selection of the new leader— a risk that exposes the economy to policy paralysis.

Ambassador Antonio L. Cabangon Chua

Mark Villar

China goes to new extremes in crackdown on bond-market frenzy

CBy Bloomberg News

HINESE authorities are going to extraordinary lengths to tighten their grip on the world’s third-largest government bond market.

In a highly unusual move on Friday, regulators told rural banks in China’s Jiangxi province not to settle recent purchases of government bonds, an order to effectively renege on their market obligations. It was the latest in a string of interventions designed to cool a market rally that sent yields to record lows and stoked official concerns that banks have become too exposed to interest-rate risk.

For now, the interventions appear to be having the desired effect: after touching an all-time low of about 2.12 percent earlier this month amid mounting signs of an economic slowdown in China, the benchmark 10-year yield has steadily increased to around 2.25 percent.

But the risk is that meddling by authorities detaches the market from its economic fundamentals and undermines long-term investor confidence. The government’s attempts to intervene in shares and currency trading in recent years—with sometimes chaotic consequences—have deterred international money managers.

In one sign of how deep pessimism toward the country’s assets remains, data last week showed that foreigners pulled a record amount of money from China in the second quarter.

“Those measures have been proved to be effective in preventing over-speculation,” said Serena Zhou, senior China economist at Mizuho Securities Asia Ltd. “However, the key would be for the government to take more assertive measures, both monetary and fiscal, to halt deflation expectations.”

“All of this reduces market transparency, something that global fixed-income investors cherish, and could prevent them committing funds to Chinese bonds when there are many competing options around the world. The debt rally may be over for now, but the fallout could take months to clean up,” said Mark Cranfield, Bloomberg macro strategist.

The saga underscores the dilemma Beijing is in: while it has to support the sluggish economy by keeping borrowing costs low, it’s trying to make sure money isn’t so cheap that a bond bubble is formed jeopardizing financial stability. Authorities are mindful of the collapse of Silicon Valley Bank, which piled into US Treasuries before rates rose, and have been seeking to limit risks at financial institutions.

Among recent measures, at least four Chinese brokerages started fresh steps to cut back trading of government bonds beginning

The risk is that meddling by authorities detaches the market from its economic fundamentals and undermines long-term investor confidence. The government’s attempts to intervene in shares and currency trading in recent years—with sometimes chaotic consequences—have deterred international money managers.

last week, according to people with knowledge of the matter, with one saying the change followed guidance from authorities.

Regulators have also asked some of the nation’s largest state banks to record details of buyers of sovereign notes they sold, a subtle sign to rein in speculators.

And while state banks have been in the market recently selling bonds of different maturities, investors are still waiting for the People’s Bank of China itself to do the same, using the “hundreds of billions” of government debt it said it has at its disposal through agreements with lenders.

“The PBOC’s concerns on financial risks are valid. Whether its moves are sufficient to lift the long-end yield appears uncertain,” wrote Citigroup Inc. economist Xiangrong Yu in a note Monday. “Even direct intervention would be temporary, but bond yields are ultimately decided by ec onomic fundamentals.”

China’s government bonds have surged this year on the back of the gloomy economic outlook and expectations for interest-rate cuts. The lack of attractive alternatives such as real estate and stocks, and a switch out of savings to financial investments has fanned demand. Even an increase in government borrowing to boost fiscal stimulus failed to put off buyers.

For Pictet Asset Management, China’s onshore bonds should always be part of global investor’s diversified portfolios, thanks to their lack of correlation to other markets and the country’s economic fundamentals. It’s unperturbed by potential intervention from the PBOC, noting bond buying and selling are normal policy measures in a central bank playbook.

“The lack of low-volatility investment opportunities should make Chinese government bond investments attractive for many investors, especially at a time when the country’s stock market remains under pressure and the economy recovers only slowly,” Pictet’s Cary Yeung and Sabrina Jacobs wrote in a note Monday. “We don’t think this is a cause for concern.” With assistance from Zheng Li, Amanda Wang and Heng Xie / Bloomberg

of the budget aims to support social and economic services that will benefit our people.

Hong Kong’s collapsing land sales threaten city’s funding model

By Shawna Kwan & Jinshan Hong

HONG Kong’s real estate slump is choking off one of the financial hub’s most important sources of government revenue.

For decades, the city’s government generated massive income from auctioning off land to cash-rich developers as prices soared. That helped enable Hong Kong’s low-tax system, which has been crucial to its business hub status. The arrangement largely worked—until recently.

A protracted property downturn is now undermining the model. Falling home prices and rising office vacancies over the past few years have caused developers to either stop bidding for sites, or offer exceptionally low prices for plots in public tenders.

In a sign of how depressed the market remains, an index of Hong Kong home prices sank to a nearly eightyear low in July.

Hong Kong’s government’s revenue from land in its 2023-2024 fiscal year was the lowest since the global financial crisis, and demand isn’t expected to return to levels seen during the real estate sector’s heyday. The stark slowdown is piling pressure on Hong Kong to increase its income from other sources. The city has committed to build a large technology hub and has other expensive projects in the works that could drain its coffers. It also has a rapidly aging population that will require more spending on welfare services.

At the height of the property frenzy, the city collected HK$164.8 billion from land. Total real estate related revenue contributed close to one-third of Hong Kong’s government revenue that year—the highest on record going back to 1989—according to an analysis by Charles Ka Yui Leung, an economics professor at the City University of Hong Kong, and other academics.

In the recently ended fiscal year, the government’s total revenue from land dropped to just HK$19.6 billion. That was 77 percent below the official budget estimate for 2023-2024. In the current fiscal year that ends on March 31, 2025, the government

has estimated total land revenue of HK$33 billion.

Leung said Hong Kong’s real estate slump and population decline are signs of deep-rooted problems in the economy. Demand for housing is falling as more people emigrate overseas, choose to live in neighboring Shenzhen, or stop investing in property because they expect it to fall in value.

The era of the city’s reliance on land sales for income has passed, and “if the government doesn’t think about its expenditure and continues this way, we will face even bigger problems,” he added.

A drastic move by Hong Kong’s government to scrap property buying curbs earlier this year resulted in only a short-lived rebound. Sales have slowed and prices for new and second-hand homes have continued to decline.

“The land sales market is expected to remain subdued throughout 2025 and 2026 due to low developer confidence, high inventory levels, and a high interest rate environment,” said Hannah Jeong, a surveyor. The city’s developers are under pressure to cut prices to sell new homes, while facing high financing costs and construction expenses, she added.

Fewer tenders

IN the last fiscal year, Hong Kong’s government sold only three sites for HK$7.3 billion, the least since the 2008-2009 year. A plot in the Kai Tak area—once a popular location for developers—was sold at the lowest price in nine years last September. The city also experienced a record number of failed land tenders.

So far this year, the government has sold one residential site and two plots for electric vehicle charging station use for a total of HK$722 million. It also failed to sell a residential site in late July after receiv-

A protracted property downturn is now undermining the model. Falling home prices and rising office vacancies over the past few years have caused developers to either stop bidding for sites, or offer exceptionally low prices for plots in public tenders. In a sign of how depressed the market remains, an index of Hong Kong home prices sank to a nearly eight-year low in July.

ing only one bid that didn’t meet its reserve price.

An unprecedented and deepening commercial property downturn is adding to the challenges. Hong Kong’s office vacancy rate hit a historic high of 16.9 percent in the first half of the year, while rental prices are expected to fall as much as 10 percent in 2024, according to CBRE Group Inc.

Commercial sites used to bring in billions of dollars for the government during the peak of the market a few years ago. The city hasn’t put up any commercial land for sale since March 2023.

Fiscal deficits

HONG Kong’s government had a budget deficit of about HK$100 billion for the fiscal year that ended in March 2024, almost double its earlier estimate—mainly because of the significant shortfall in landrelated revenue.

The city has now had four deficits in five years, resulting in a slump in fiscal reserves from the peak of HK$1.2 trillion in January 2019 to HK$615 billion by the end of June. The pattern is unusual, as Hong Kong’s government is constitutionally obligated to try to balance its budget and avoid deficits by keeping its spending within its revenue limits.

Government expenditure is only going to rise. More than one-third of Hong Kong’s population will be 65 or older by 2046, up from 21% in 2021. On top of the likely increase in welfare spending, the city is building a HK$220 billion mega project called the Northern Metropolis,

which would turn part of the New Territories into a tech hub. It is also planning to build three large artificial islands that are expected to cost HK$580 billion.

In response to a query from Bloomberg News, a government spokesperson said the city is trying to increase revenue and is putting a bigger emphasis on trying to control expenditure growth. That includes capping the size of its civil service and reviewing major subsidy programs— such as discounted public transport fares for the elderly and disabled.

More debt

THE government is also considering alternative financing options such as public-private partnerships, and will issue more bonds to help pay for its projects. It is expecting to issue close to HK$95.8 billion in debt this year, the highest amount in at least 25 years, and issue as much as HK$135 billion in bonds annually through the 2028-29 fiscal year.

“Raising debts doesn’t help with the structural deficit in the long run,” said Ryan Ip, vice president at Our Hong Kong Foundation, a think tank. The administration has to look for ways to cut spending, and develop new industries so that the economy isn’t dependent on real estate. “But this takes time to build up,” he added.

To be sure, Hong Kong’s financial position is still better than most other developed economies. The ratio of government debt to the city’s gross domestic product will be between 9 percent and 13 percent in the next four years, the government estimates. In comparison, the US’s national debt was 123 percent of its GDP in 2023.

The city can’t easily raise income taxes, because its simple and low-tax system has been one of the financial hub’s biggest draw for businesses, expatriates and foreign investment. Earlier this year, the government raised the tax rate for high earners to 16 percent from 15 percent, affecting only 0.6 percent of the taxpaying population.

“If the tax rate is too complicated, Hong Kong’s advantages are lost,” said Gary Ng, a senior economist at Natixis SA. “Simply put, it’s hard for Hong Kong to get rid of land finance.” Bloomberg

I am optimistic we will sustain this high GDP growth level in the second half of 2024, as monetary authorities contemplate bringing down interest rates to induce economic activities. Lower interest rates would help Philippine companies finance investments and expansion plans.

To sustain the economic growth, the government proposed a P6.352-trillion budget for 2025. More than 60 percent

Political and legal experts are split on whether there needs to be a caretaker or acting prime minister in the meantime, and whether that needs to be Srettha or one of his six deputy prime ministers, since the constitution doesn’t offer clarity on the issue.

This scenario opens risks to economic growth, especially if political horse-trading among the coalition parties drag on and leave a potential power vacuum. Foreign investments may grind to a halt as markets await more clarity on who leads the nation. Srettha will be leaving behind an economy with a decade of sub 2 percent annual growth rate, and markets that were spooked by his spat with the central bank over the interest-rate path.

“On the economic front, the most immediate concerns are the potential for disruptive protests and delays to the

Our economic story is still a work in progress but I’m optimistic the Philippines can deliver the goods to our workers and the rest of our citizens. Like Carlos Yulo, EJ Obiena and the rest of the Philippine delegation in the 2024 Paris Olympics, the Philippine economy is ready to jump to higher standings on the world stage. For feedback e-mail to senatormarkvillar@gmail.com or visit our web site: https://markvillar.com.ph

FY2025 budget,” says Krystal Tan, an economist at Australia & New Zealand Banking Group. As for the fate of the digital wallet scheme, she says: “If Pheu Thai is unable to retain the premiership, that would open up materials risks of a delay or cancellation.”

Six other candidates in the coalition are eligible to become prime minister. Pheu Thai still has two eligible candidates for the premiership: Paetongtarn Shinawatra, the daughter of former premier Thaksin Shinawatra, and 75-yearold Chaikasem Nitisiri. Both are believed to be long shots, as Paetongtarn is widely deemed not ready for the job and Chaikasem has had serious health issues in recent years.

Anutin Charnvirakul of the secondbiggest group Bhumjaithai Party is seen as the top contender. Prawit Wongsuwan, from military-backed Palang Pracharath, and Pirapan Salirathavibhaga from the royalist United Thai Nation, are other options from the conservative camp.  Bloomberg

US, Israel view an attack by Iran as ‘increasingly likely’

By Courtney McBride

THE US believes an Iranian attack against Israel has grown even more likely and may come as soon as this week, officials said, as allied leaders sought to head off all-out war and the Pentagon deployed more forces to the region.

Briefing reporters Monday, White House spokesman John Kirby said the US and its allies “have to be prepared for what could be a significant set of attacks.”

Israel believes it’s “increasingly likely that there’ll be an attack” by Iran and its proxies, Kirby said. “We share those concerns.”

The implications were underscored by Fitch Ratings decision to downgrade Israel’s sovereign debt by one notch, to A from A+, while keeping a negative outlook and citing “continued war” and geopolitical risks.

The White House comments were the strongest indications yet that officials expect that an attack may come at any time. Some have been puzzled that it has yet to happen, given Iran has threatened for days to retaliate after the assassination of Hamas leader Ismail Haniyeh in Tehran—a killing that Israel has yet to take credit for.

In the meantime, allies are doing everything they can to head off an Iranian strike, which they fear could

spark a wider regional war. That effort has focused on trying to inject new life into cease-fire talks involving the war in Gaza between Israel and Hamas.

The last time Iran attacked Israel, in April, it fired hundreds of ballistic missiles and drones, almost all of which were intercepted. Casualties were limited, and Israel responded at the time with a limited drone operation but elected not to escalate further.

Officials worry this time could be different, especially if an Iranian attack results in many dead or wounded.

In a joint statement Monday, President Joe Biden and the leaders of France, Germany, Italy and the UK backed efforts to complete a ceasefire deal between Israel and Hamas and secure the release of hostages held by Hamas. They called for “unfettered delivery and distribution of aid” and endorsed “the defense of Israel against Iranian aggression and against attacks by Iran-backed terrorist groups.”

UK Prime Minister Keir Starmer spoke to Iran’s President Masoud Pezeshkian, asking that Iran refrain from attacking Israel and “adding that war was not in anyone’s interest,” according to a Downing Street spokesperson.

In a disclosure that may add new complications to the hostage release

The White House comments were the strongest indications yet that officials expect that an attack may come at any time. Some have been puzzled that it has yet to happen, given Iran has threatened for days to retaliate after the assassination of Hamas leader Ismail Haniyeh in Tehran—a killing that Israel has yet to take credit for.

negotiations, Hamas, which is designated a terrorist group by the US and European Union, said Monday that two of its militants killed a male hostage and severely wounded two female hostages in separate incidents. It said in the statement that Israel’s airstrikes in Gaza stir reactions that threaten the lives of hostages.

The US, Qatar and Egypt have called for a new round of talks on Aug. 15. But Hamas has pushed back against the proposal, saying discussions should center on implementing previous plans.  Israel has agreed to attend the talks. One Israeli official said they would take place in Doha with a focus on whether Hamas might relent on truce terms. Another Israeli official said Arab mediators would confer with Hamas afterward if the group

boycotts the session. Israel hasn’t yielded on its main terms, said the officials, who spoke to Bloomberg News on condition of anonymity given the sensitivity of the issue. On Sunday, the Pentagon announced it was sending even more forces to the region, including the USS Georgia, a submarine equipped with more than 150 Tomahawk missiles. That in itself is an unusual show of force given that the US rarely discloses the movements of its nuclear-powered submarine fleet, and Tomahawks have been used to strike ground targets in the region in the past.   Defense Secretary Lloyd Austin also ordered the USS Abraham Lincoln aircraft carrier and its strike group to speed up their arrival in the region. The vessel carries F-35 fighter jets, which could help strike targets and intercept any Iranian attacks.

Acting Iranian Foreign Minister Ali Bagheri Kani described an attack on Israel as “inevitable,” Italian Foreign Minister Antonio Tajani told Italian news broadcast TG4. Tajani said any escalation would be a mistake and Iran should first evaluate the cease-fire negotiations.  “But it seems to me that the Iranians are in a very difficult position,” he said. With assistance from Dan Williams, Sherif Tarek, Josh Wingrove and Alex Wickham / Bloomberg

9 business groups back DOE, cite need for energy security

By Andrea E. San Juan @andreasanjuan

NINE business groups are rallying behind the Department of Energy (DOE) under the leadership of Energy Secretary Raphael Lotilla in its goal to balance energy security and affordability with climate change concerns.

The business groups that signed the joint statement issued on Tuesday include the Management Association of the Philippines (MAP), Employers Confederation of the Philippines (Ecop), Federation of Philippine Industries (FPI), Financial Executives Institute of the Philippines (Finex), Fintech Alliance.PH, Foundation for Economic Freedom (FEF), Makati Business Club (MBC), Women’s Business Council Philippines, and the Blockchain Council of the Philippines (BCP).

The business groups came up with the statement amid recent allegations hurled against Lotilla in relation to the moratorium on coal-fired power generating facility projects.

“We, the undersigned business groups, applaud how the Department of Energy [DOE], under the leadership of Secretary RAPHAEL P.M. LOTILLA, has pursued an energy policy appropriate to the country’s particular context, recognizing the importance of pursuing a balanced energy mix,” the

nine business groups said.

As an “emerging” market, the groups said the country must balance energy security and affordability with climate change concerns to support its economic progress.

Recently, groups filed complaints against the Energy Secretary for alleged violation of the moratorium on coal-fired powergenerating facility projects. Local news reports said Lotilla endorsed a coal-fired power plant.

Supporting Lotilla, the nine business groups noted, however, that “DOE has repeatedly made it clear that its own advisory on the moratorium on coal-fired power plants applies to greenfield projects.”

A week ago, the Philippine Chamber of Commerce and Industry (PCCI) expressed concern that the allegations against Lotilla could create an “air of uncertainty” in attracting investments.

“We are concerned at the damage the allegations against Secretary Lotilla could cause the DOE and the whole industry. We are competing against other countries in the region in enticing foreign direct investments to come to our shores, let us not create an air of

WITH RISING PRICES, TIME TO UPDATE FOOD BUNDLENEDA

By Cai U. Ordinario @caiordinario

uncertainty that could dissuade these investments,” PCCI said.

Sharing PCCI’s view, the nine business groups said the Philippines has “growing energy demands.”

“Our energy supply per capita is the third lowest in the Asean region and we need to prioritize augmenting power capacity. Even with government’s goal of a 50-percent renewable energy share in the country’s power generation mix by 2040, it has left a sizable proportion for fossil fuel-based sources,” the groups said.

They also noted that energy insecurity is expensive. For instance, they said, “The power outage in Panay Island in January this year was estimated to have led to about P3.8 billion in economic losses for the Province of Iloilo alone.”

In a statement on July 19,2024, the DOE clarified that the Coal Moratorium Policy issued in December 2020 is not a total ban.

“The Policy does not cover existing and operational coal-fired power generation facilities as well as any coal-fired power projects considered committed power projects; existing power plant

See “Energy,” A

THE National Economic and Development Authority (Neda) considers it time to update the country’s food bundle used to compute food thresholds needed in determining whether a person is poor or not.

In the Senate budget hearing on Tuesday, Socioeconomic Planning Secretary Arsenio M. Balisacan said 2010 was the last time the basket was updated by agencies such as the Department of Health (DOH) and the Food and Nutrition Research Institute (FNRI).

He admitted that the basket may no longer reflect the preferences of Filipinos as well as the latest cost of goods, especially rice which has posted an inflation of above 20 percent every month since January 2024.

“The basket has not been changed for some time, although the value of that basket has been adjusted for inflation,” Balisacan said. “Preferences could have changed already, the relative prices have changed, we have seen how it is in the price of rice, inflation there has been over 20 percent.”

30K mt fish imports eyed

THE Department of Agriculture (DA) is set to authorize the importation of 30,000 metric tons (MT) of pelagic fish next week in anticipation of the closed fishing season.

“Maybe next week we can issue the importation order. That’s for arrival in October,” Agriculture Secretary Francisco Tiu Laurel Jr. told reporters in a mix of English in Filipino.

“This includes galunggong, mackerel, bonito—the ones caught by commercial fishers.”

According to Laurel, they sought for the National Fisheries And Aquatic Resources Management Council’s (NFARMC) approval of 35,000 MT of fish imports that will arrive in the country.

“What we asked from NFARMC is actually 35,000 [MT]. But the national NFARMC recommended 25,000 [MT]. I just decided na to be on the safe side in the middle,” he said, partly in Filipino.

The DA chief was asked by Kabataan

Rep. Raoul Manuel about the volume of imported fish at the budget hearing of the Committee on Appropriations on Monday.

“The new CNI [Certificate of Necessity to Import] that will be released in [Fisheries Administrative Order] 259 is 30,000 tons,” Laurel said in Filipino.

He noted the problem with “depleted fishing grounds” when asked about the need to import if the volume of local production reached millions in the previous year.

Data from the Philippine Statistics Authority (PSA) showed the total volume of fisheries production reached 4.26 million metric tons (MMT) in 2023.

“Previous administrators have implemented a closed season for three months of every year when no commercial fishing is allowed,” Laurel said.

“If we banned the fishing, there will surely be a shortage; there’s a need to import,” he added.

Based on the existing national food and non-food bundle, Balisacan said a family of five needs P13,795. This translates to P2,759 monthly per person which translates to P91 per person per day. For the food threshold, using just the national food bundle, a family of five needs P9,581 per month in 2023. This translates to P64 per day per person or around P21.33 per meal.

National Statistician Claire Dennis S. Mapa told BusinessMirror that the computation of the food threshold only considered “least cost” items.

This could mean that carinderia prices that are often encountered by working Filipinos, especially in urban areas, may not be considered given that these have a “service component” and not just the cost of the food.

“But the items satisfy the energy and nutrient requirements [showing that] the menu [reflects the] energy and nutrients required [for healthy diets] was prepared by nutritionists from the FNRI and the PSA provide the costs,” Mapa told this newspaper.

The DA earlier said the three-month closed fishing season starts November 1 in waters northeast of Palawan and from November 15 in the Visayan Seas and Zamboanga Peninsula. All three areas are spawning grounds for small pelagic fishes like sardines and mackerel. He said the imports only need to fill the gap to be created from the ban, just so “our fishing grounds can recover.” Once the fishing grounds recover, he added, “maybe after a few more years, there would be no need to import or perhaps we can reduce importation.”

Meanwhile, the Philippine Fisheries Development Authority (PFDA) recently said the fish unloaded in the country’s regional ports jumped by more than 50 percent year-on-year in the second quarter. (See: https://businessmirror. com.ph/2024/07/31/fish-unloaded-inregional-ports-up-50-in-q2-pfda/) In its quarterly bulletin, the agency said the RFPs delivered 186,557.96 metric tons (MT) to consumers from the April to June period—a 54.10-percent increase from the 121,062.55 MT recorded in the same period last year. Ada Pelonia

Terra Solar gets BOI green lane certification

PANGILINAN-OWNED Terra Solar Philippines Inc.’s (TSPI) Terra Solar Project, which is set to become the world’s largest solar project, has secured the Board of Investments’ (BOI) green lane certification.

In a statement on Tuesday, BOI Managing Head and Trade Undersecretary Ceferino Rodolfo announced that the project has also been approved for registration under the BOI.

The BOI told reporters in a Viber message that the project cost of Terra Solar is over $3 billion.

TSPI, a subsidiary of SP New Energy Corporation (SPNEC) and MGen Renewable Energy, Inc. (MGreen), the renewable energy unit of Meralco PowerGen Company (MGen), aim to generate 3,500 megawatts (MW) of solar power with a 4,500 megawatt-hour (MWh) battery energy storage system.

Spanning 3,500 hectares across Nueva Ecija and Bulacan, BOI said the Terra Solar Project is “poised to revolutionize the renewable energy sector in the Philippines.”

The project, to be executed in two phases, is a pioneering Solar PV + BESS project that was awarded an 850MW MidMerit Power Supply Agreement (PSA) from Meralco. Phase One will generate 600MW,

with Phase Two increasing output to 850MW, adhering to the PSA requirements.

The project’s specifications include 3,500MWp of Solar PV capacity (2,500MWac), a fixed tilt mounting structure, a 4,000MWhr to 4,500MWhr BESS, power evacuation/grid connection at 500kV to NGCP capable of handling 2,500MW, 13 KM of 500kV transmission line, and integrated data and SCADA systems.

BOI noted that the Power Supply Agreement mandates the plant, upon completion, to supply 850MW of power from 8:00 to 21:00 from Monday to Saturday and 8:00 to 14:00 on Sunday.

MGen President and CEO Emmanuel Rubio said the Terra Solar Project marks a “crucial” milestone for the company and expressed his “enthusiasm” on the potential of renewable energy and its positive impact on communities, the economy and the environment.

“Having the Green Lane Certificate is a testament to our commitment to excellence, innovation, and environmental stewardship. It’s also a recognition of our collective efforts to prioritize and fast-track projects that will accelerate the country's low carbon transition—and this one is expected to deliver by February 2026,” Rubio said.

According to the BOI, the target commercial operations date for Phase One, encompassing 2,500MWdc/1,785.7143MWac PV and 3,300MWhr/825MW BESS, is set for February 2026. Meanwhile, Phase Two, with a capacity of 1,000MWdc/714.2857MWac PV and 1,200MWhr/300MW BESS, is scheduled to commence operations by February 2027.

MGreen President and CEO Dennis Jordan expressed optimism on the country’s pursuit of a “more energy-independent future,” emphasizing the company’s commitment to projects that balance economic progress and sustainability. On July 23, 2024, the project received a Certificate of Energy Project of National Significance (CEPNS) from the Department of Energy (DOE). A national energy project is deemed “significant” when its capital investment surpasses US$59 million and it contributes to the economic growth of the country, particularly by improving energy access and supply security, the BOI noted. As of July 16, 2024, there

See “Food bundle,” A

Editor: Jennifer A. Ng

TBy Lenie Lectura @llectura

RANSMISSION line constraints prompted the Pangilinan-led SP New Energy Corp. (SPNEC) to ask for a termination of the solar power contract awarded by the Department of Energy (DOE) during the first round of the green energy auction (GEA).

T he ratif ication of t he request for ter mination sent to t he DOE of its GEA-1 notice of award covering its Santa Rosa project was one of t he issues d iscussed and approved during a board meeting last Aug ust 12, SPNEC sa id in a d isclosure to t he stock exchange last Tuesday. W hen sought for deta i ls, SPNEC President and CEO Emmanuel V. Rubio sa id t he company’s request for ter mination of SPNEC’s GEA round

1 award w it h t he DOE “stems f rom t he challenges faced by t his projects pa r t ic u la rly on t ransm ission const ra i nts, whic h is beyond our control.” T he DOE is sti ll evaluating SPNEC’s request. “Our request rema ins subject of course to DOE approval and are well w it hin t he parameters established in GEA 1 g uidelines. Hav ing sa id that, SPNEC remains as a committed par tner of t he gover nment’s t hrust

CONGLOMERATE Phi nma

Cor p. sa id it is mov ing by anot her t hree years to f ive

yea rs t he company’s long-delayed plan to list its education business under Phinma Education Hold ings Inc. Accord ing to Phinma Education President Meliton B. Salazar Jr t he plan may coincide w it h t he ex it of its latest par tner, Phoeni x Investments II Pte. Ltd, an investment vehicle of f unds managed by KKR Group.

“Well, our ag reement w it h KKR as par t of t he d iscussion is t hey w i ll ex it after f ive to seven years. But how t hey ex it, whet her it be t hrough IPO (initial public offering) or t hrough ot her means, li ke anot her investor coming in, is sti ll up in t he a ir So we’re also t hink ing whet her we want to IPO sti ll,” Salazar sa id.

“Maybe we’ll look for a long-ter m st rateg ic investor But right now, t here’s none. So maybe we’ll tr y to t hink about it in t hree years f rom now. T hree to f ive years f rom now,” Salazar sa id.

T he Phi nma Educat ion exec utive sa id t hat prev ious to t he entr y of t he KKR Group and R ise Edu Pte. Ltd., an investment vehicle of f unds managed by education-focused private equity f und focused Ka izenvest (Ka izenvest III), Phinma Education has been preparing t he work for an IPO of t he business.

“But t hen, t here was strong interest f rom private equity f ir ms as we were considering t he IPO. And t he interest was ver y strong. So, we chose t hat route,” he sa id.

T he KKR g roup and Ka izenvest

to increase t he share of renewable energy in t he overall energy mi x of t he countr y, as we continue to assess and develop oppor tunities whi le we prog ress w ith execution our ex isting projects,” Rubio sa id.

T he Santa Rosa Nueva Ec ija 2 solar power project was supposed to deliver 280 megawatts (MW) by December 25, 2025 at an offered rate of P3.6700 per k i lowatt hour (kW h).

T he board also d iscussed t he ind icative ter ms of Terra Solar Phi lippines Inc. and Terra Nueva Inc. project f inancing w it h SPNEC, owning 100 percent equity in each entity; t he cor poration’s exercise of t he Put Option under the Option Agreement w it h Solar Phi lippines Power Project Holdings, Inc.; and its second quarter f inancial resu lts.

T he SPNEC i s now cont rolled by t he Pang i linan g roup, t hrough MGen Renewable Energy Inc., t he renewable energy development ar m of Meralco PowerGen Cor p., a wholly owned subsid iar y of Meralco.

Last mont h, SPNEC C ha ir man

Manuel V. Pang i linan sa id t here is “a ver y long list of investors” who are interested to buy as much as 40 percent of t he P200-bi ll ion Terra Solar power project. “Ver y act ive, ver y keen i nterests, ver y long list of investors. So, I t hink t he actual bid date bind ing offer shou ld be Aug ust 15. So, by t he end of Aug ust, t he board w i ll have to choose.”

T he solar project is expected to be completed in two phases--2026 for Phase 1 and 2027 for Phase 2. Rubio sa id interested investors are f rom Japan, London, US, and Middle East.

T he Terra Solar project in Nueva Ecija and Bu lacan consists of a 3,500-megawatt (MW) solar power plant and a 4,000-MW hour energy storage system. It is expected to generate more than f ive billion k ilowatthours of electricity per year T he project rema i ns on t r ack for key mi lestones w it h signif icant prog ress anticipated in t he coming mont hs, sa id Rubio.

By VG Cabuag @villygc

HIGHER sales boosted t h e i ncome of Ceb u Landmaste r s Inc. (CLI) i n t h e f ir st h alf, ri s i ng 24 pe r cent to P 1.7 b i ll i on f r om t h

pace to P 11. 3

p

III’s entr y into Phinma Education was announced in May, where t he two investors w i ll get stakes in exchange for P4.5 bi llion of capital inf usion.

Wit h t he inf usion, f unds managed by KKR have entered into an ag reement to acquire all Phi nma Education shares d irectly or ind irectly owned by Asian Development Bank, Nederlandse FinancieringsMaatsc happij voor Ontw i kkel ingslanden N.V. (FMO), and Ka i zen Private Equity II Pte. Ltd. (Ka izenvest II).

T hese w i ll g ive KKR a 30.67 percent stake i n Phi nma Educat ion and 3.73 percent interest for Ka izenvest III.

T he transaction g ives KKR t hree seats in Phinma Education’s board.

T he company owns nine schools

in t he Phi lippines and manages one in Indonesia, w it h plans under way to expand operations in bot h countries. In school year 2023 -2024, its 18 percent increase in enrollment versus last year resu lted in a 26 percent revenue increase year-on-year and consolidated revenues of P5.69 bi llion. T he network celebrated an overall board exam passing rate of 84 percent. “We pride ourselves on meet ing our st udents where t hey are and tak ing t hem to where t hey want and deser ve to be,” Phinma Educat ion C hief Lea r ning Off icer Francis L. Larios sa id. “T hese resu lts are especially impressive when we consider t hat only 3 percent of our low-income students and 15 percent of our middle-income students come to us ready for college.” VG Cabuag

MVP mulls over PLDT data biz sale

By Lorenz S. Marasigan @lorenzmarasigan

PLDT Inc. hopes to conclude t he sale of its data center business—valued at approx imately $1 bi llion—by 2025, alt hough it is also weighing t he possibi lity of reta ining ownership of t he assets. In a news brief ing, PLDT Cha irman Manuel V. Pang i linan sa id t hat d iscussions w it h a par ticu lar “foreign” investor rega rd ing t he data center sale are “prog ressing reasonably well.”

“Unless we get an appropri ate valu at ion for t he data centers, I t hink we shou ld really ret hink if it’s appropriate for us to d ispose of t hem,” Pang i linan sa id. “If we were to proceed, it’s li kely t hat we w i ll be able to sign a def initive ag reement w it hin t he year.”

He added t h at t he ag reement wou ld l i kely be s u b ject to t he approval or at least not ice to t he Phi lipp i ne Compet it ion Comm i ss ion ( PCC) before it can be f i nal i zed.

T h e t r ansact i on’s clos i ng co u ld occ ur “next yea r,” depend i ng on reg u lator y approvals.

T he par ty t hat PLDT is now negotiating w it h is a new entity. Initially, PLDT was in talks w it h Japanese telco NTT Group for the transaction.

Pang i linan noted t hat talks “fell t hrough as NTT wanted to take a majority sharehold ing in t he data center assets, somet hing t hat Pang i linan sa id he personally opposed.

“W hy shou ld we g ive up somet hing t hat we regard as a ver y important piece of our business?” he sa id.

Shou ld t he deal push t hrough, Pang i linan sa id t he new shareholder w i ll acquire a combination of ex isting shares in ePLDT Inc. and new shares, which wou ld bring in f resh capital to expand t he data centers w it hout incurring debt.

PLDT has 11 data centers, including t he hyperscaler faci lity in Sta. Rosa Lag una.

H1 income flat

ALSO on Tuesday, Pang i l inan repor ted t hat PLDT repor ted a stable net income of P18.4 bi llion for t he f irst half of 2024, as its consolidated ser v ice revenues increased by t hree percent to P96.9 bi llion.

Telco core income, exclud ing t he impact of asset sales and losses f rom Maya Innovations Holdings, was also up by 3 percent at P18 bi llion.

In i ts ope r at i onal segments, PLDT’s ind iv idual w ireless d iv ision

posted a 4 percent revenue increase to P41.9 bi llion, whi le PLDT Home recorded a 7 percent rise in f iber-

only se r v i ce r evenu es, r eac hi ng P27.6 bi llion.

P LDT Ente r p ri se, t h e co r porate ar m, also per for med strongly, generating P24.0 bi llion in ser v ice revenues, driven by g rowt h in its core connectiv ity and ICT business segments.

“Even as we continue to face challenges—among t hese geopol it ical uncer ta inties, signif icant g rav ity in t he telco space, and an increasingly competitive telco landscape—we rema in deter mined to do our best to g row t he business,” Pang i linan sa id. Look i ng a head, PLDT rema i ns optimistic about its f inancial trajector y, w it h expectations to meet its target of mid-single-d ig it g rowt h in bot h income and Ebitda for t he year T he company targets to end 2024 w it h a telco core income of “nor t h P35 bi llion.”

“With the all-time highs delivered in recent periods behind us, we tur n to t he f uture t hat we are tasked to bui ld for PLDT w it h caref u l optimism. As we continue our pursuit of higher shareholder values, our focus on exceptional ser v ice to our customers rema ins intense. We continue to be conf ident t hat, as before, we w i ll make it t hrough w it h t he perseverance, ded ication, and innovation of our people,” Pang i linan sa id.

om t

o u s P 9.15 b i ll i on, d ri ven by ongo i ng const ru ct i on p r og r ess, s u bstant i al ri se i n h otel and leasi ng r even u es and an i nc r ease i n new u n i ts qu al i fy i ng fo r r even u e r ecogn i t i on, as well as a one-off lot sale, acco r d i ng to t h e r eg i onal p r ope r ty develope r Acco r d i ng to CLI C h a ir man and CEO Jose Sobe r ano III, hi s company i s “po i sed to s u sta i n t hi s g r owt h t r a j ecto r y ove r t h e next few yea r s w i t h mo r e p r o j ects open i ng i n t h e com i ng mont h s and as we f ur t h e r expand to new ma r ket a r eas.” CLI’s h otel r even u e also i nc r eased w i t h t h e add i t i on of two new ope r at i ng h otels i n t h e f ir st h alf of t h e yea r Hotel r even u e st r eams a r e ant i c i pated to g r ow f ur t h e r w i t h t h e open i ng of t h e 200- r oom C itad i nes Bacolod C ity, t h e b i ggest i n Bacolod. T h e company’s

r cent fo r newly-la u nc h ed p r o j ects.

SHARES of Cov i d test k i t and d ru g make r s a r e i n t h e spotl i g h t i n As i a, post i ng st r ong ga i ns i n r ecent days follow i ng a s ur ge of cases. Among t h e top pe r fo r me r s i s C hi nese Cov i d test make r Daan Gene Co., w hi c h h as ju mped 17 pe r cent t hi s week. In Japan, d ru gmake r Da ii c hi Sankyo Co. r ose as m u c h as 5.6 pe r cent, t h e most i n abo u t a week, w hi le So u t h Ko r ea’s S hi n Poong Ph a r mace u t i cal Co. pa r ed ga i ns afte r a f i ve-sess i on 71 pe r cent r ally. T h ese compan i es h ave r eeme r ged as i nvesto r da r l i ngs am i d a sp i ke i n Cov i d cases i n t h e t hr ee easte r n As i an co u nt ri es s i nce last mont h as hi g h tempe r at ur es and t h e S u mme r Olymp i cs i n P a ri s led to mo r e i ndoo r gat h e ri ngs. Pos i t i v i ty r ates fo r t h e co r onav iru s h ave t i cked u p s i nce t h e end of J u ne, t h o u g h t h e i llnesses ca u sed by t h e r es ur gence r ema i n mostly m i ld, acco r d i ng to data f r om t h e C hi nese Cente r fo r D i sease Cont r ol and Pr event i on. T h e v iru s c ir c u lat i ng i n t h e co u nt r y

AFORMER official of beauty product company Vivanti Executive Advantage Inc. (DBA Ellana Cosmetics) energized entrepreneurs in Metro Manila to help them weather their business “storms” and improve their business trajectory.

US small-business optimism climbs to highest since 2022

By Vince Golle Bloomberg News

add it ion to econom ic expectat ions, t he net sh a re of bu sinesses ant ic ipat i ng higher sales i n com i ng mont hs rose to t he highest level t hi s yea r T h e p i ck u p i n t h e opt i m i sm gauge, whi le st i ll below pre-pan-

dem ic levels, was accompan ied by better news on t he i nflat ion f ront.

T he repor t showed the share of f ir ms plann i ng price i nc reases d ropped to a net 24%, t he lowest si nce Apri l 202 3 A smalle r s h a re i nd icated t hey al ready ra i sed sell i ng prices last mont h Fir ms cont i nue to battle headw i nds i nclud i ng elevated prices, i nterest rates and labor costs. A qu a rter of business owners sa id inflat ion was t heir si ngle-biggest problem i n Ju ly, up four percentage points f rom t he prior mont h

T he

T he NFIB also produces an u ncer ta i nty i ndex, whic h adds toget her responses i n whic h bu si nesses “don’t know” or a re “ u ncer ta i n” of t

New York City’s outdoor dining sheds will start disappearing

By Nacha Cattan Bloomberg News

pandemic. Cafes

prohibit ive. Oper ators mu st also meet cer ta in specif ications for t he structures, such as not being f u lly enclosed, which wou ld require some businesses to rebui ld t hem. T he city arg ues t he reg u lations are needed to ma inta in safety and order for longer-ter m fi xtures, which weren’t per mitted in streets before t he pandemic. Just over 1,300 of t he new per mit applications are for roadway sheds, whi le about 2,000 are for sidewalk

currently have outdoor seating can sti ll apply at a later date, according to the city. T hose who have sheds and haven’t requested new permits w i ll have to take t hem down. Manny Colon, owner of t he popular Manny’s Bistro on the Upper West Side, signed up for roadway and sidewalk per mits, which at $1,050 each for four years is half t he price for permits pre-Cov id. He estimates a cityapproved contractor wou ld charge $40,000 to take down his structure, bui ld a new one to f it specif ications and store it all w inter

U-Haul required INSTEAD, he asked a f riend to cut and pa int plywood and is planning to U-Hau l t he shed to his daughter’s house upstate to store it in the w inter

Even t hen, it w i ll cost $25,000, and he’ll have to cut t he roadway seating in half to si x tables because he sa id new ru les prohibit t he lengt h of t he shed f rom being longer t han his storef ront. “It’s quite complicated, and that’s why a lot of restaurants are just going to focus on t he sidewalk,” he sa id. But he sti ll expects to tur n a prof it and is happy t he city w i ll rein in street sheds t hat were “out of control,” such as structures bui lt so t hat d iners stepped out precariously into busy bi ke lanes. A spokesman for t he city’s restaurant industr y sa

On Making Decisions

By Alexey Rola Cajilig

reason why most people shy away from leadership roles. As a sales leader you are expected to make a decision. It may not be a popu lar one, yet you are bound to choose t he best course of action. Here are some tips on mak ing t he best decisions.

Use the 80/20 Rule THE 80/20 Ru le, ot her w ise known as t he Pareto Principle, is a good decision-mak ing tool. It states t hat eighty percent of your production comes f rom twenty percent of eit her your team, clientele, or t he effor t t hat you put into your work. So when selecting t he best course of action, t hink of which d irection w i ll bring you the most impact. And when choosing t he best people to suppor t, you may decide towards t hose who prov ides t he most product ion or sales. Remember, as a sales leader, you have a choice—hence choose the best alternative using the 80/20 Rule.

Determine the best timing DECISIONS are not just about choosing t he right course of action. It is also about f ind ing t he right timing to do it. John Maxwell high lighted t his in T he Law of Timing—“when” to do is as impor tant as “what” to do and how” to do. T hese are t he d imensions of timing t hat you need to consider in decision-mak ing: w rong action at t he w rong time leads to d isaster; w rong action at t he right time is a mistake; right action at t he w rong time brings resistance; but the right action at

HEALING TRAUMA THROUGH ART IN FREE PUBLIC LECTURE

A PRACTICING psychiatrist and psychotherapist from the Makati Medical Center Department of Neurosciences, Dr. Rene Samaniego will focus components and emotional resonance in a transformative power of art in healing human traumas.

neo-avant-garde, and her investigation of textures and surfaces, he will expound on the and trauma.

The former Philippine Psychiatric Association president served as a faculty of the Carl Jung Circle Center, a learning center for Jungian and Depth Psychology.

training of the Asian Federation of Psychiatric

training on Psychosomatic Medicine at the George Washington University in Washington Virginia, in the US.

A fellow of the Philippine Psychiatric Association and a diplomate of the Philippine

Philadelphia.

Art and Design (MCAD) of the De La Salle-College

Street, Malate, Manila on August 15, 2024, at 3 pm. Interested participants may register at bit.ly/ MCADIdentity.

For more information, visit www.facebook.com/ MCADManila or www.mcadmanila.org.ph.

Editor: Gerard S. Ramos

Marching to the beat of your own drum

ONE of the things I learned early on in my career was that you cannot depend on other people for your own personal moving up in the corporate ladder or simply learning a new skill, your determination to succeed will vary depending on your own personal motivation. To thrive in this fast-paced work environment, self-motivation is an essential skill for achieving personal and professional success. Understanding how to cultivate and sustain your motivation can

One of the helpful motivational frameworks I learned when I was still training future leaders was Theory, which is a framework that explains how to develop self-motivation. When applied in the develop their own self-motivation techniques. At its core, the theory emphasizes the importance of human autonomy and the need for people to feel competent and connected to others. As someone who to push yourself especially when there are numerous issues that you have to resolve or competing issues you need to address.

own intrinsic motivation to overcome challenges and create lasting and meaningful engagement in their activities.

of your actions and decisions. To enhance autonomy, it is important to seek opportunities that align with your values and interests. This means setting goals that resonate with your authentic self and provide

especially when there are management directives knowing which aspects are within your control can help you limit your frustration, and help you develop direction.

you know what is expected of you and what is within

skills, improving your work processes, or learning the processes of departments you commonly work with, you develop the necessary skills and tools to achieve your goals. To reinforce your new skill and knowledge, way. Continuously seek opportunities for learning

Cultivating strong relationships with family, friends and colleagues can enhance your motivation of you. In the workplace, engage in activities that

intrinsic goals which are those that align with your passions and values. When your goals are personally

meaningful, you are more likely to stay motivated and committed to achieving them. In the workplace, knowing how your work impacts others is a powerful motivator especially when you see immediate and

and evaluate if your initial motivations are still the same. If not, you need to ensure that your current motivations resonate with your personal values and goals.

Another helpful way to develop self-motivation is to surround yourself with people who encourage and inspire you. A positive and supportive environment drive and help you see challenges as opportunities for learning. One way I do this is to have close work friends who keep me sane and grounded when there

overcome most of the work challenges.

competence and increase your resilience, especially when you learn from them. To do this, regularly

of your decisions and actions, and seek opportunities that allow you to exercise independence and express your true self.

Developing self-motivation is a lifelong journey

Theory, you can enhance your intrinsic motivation

connections with others.

UP alumni mount open exhibit

the UP College of Fine Arts Alumni Association Inc., (UPCFAAAI), Diversity: The Second Exhibit

Alumni, University of the Philippines Diliman Campus, Quezon City. UPCFAAAI president Menchu

Toym Imao, Gigi Javier Alfonso, Gig Dans, F.R. Doctolero, Esther Sevilla

Mark Anthony Taduran, Anne Tulay,

No credit score? A grocery list could be the next best thing

systems and, as a result, have no credit scores. In history or not enough of one to generate a score. This makes it hard for them to access credit,

underprivileged groups, including people of color and women. In response, policymakers and researchers are increasingly interested in using alternative data sources to assess creditworthiness. For instance, rent payment histories, allowing those without traditional credit histories to demonstrate their creditworthiness.

and

Valles, Anna

Celvic

from this event will help fund educational programs and projects of the UPCFAAAI, added Pascual.

generated in every aisle of grocery stores around the Our study shows that this data has value far

key questions remain. For example, what if this

Our follow-up research aims to address these

to test the impact of our approach on low-income applicants using retail transaction data, aiming not inclusion in the region. THE CONVERSATION

DR. RENE SAMANIEGO

PHILIPPINES: UP Lagoon Flourishes, Jingjing Villanueva Romero REEF GARDEN, Ding Hidalgo

LUKE 6:20, Jose Pamatian (CFA Scholar)

Maan Ramos Oreta, Pearl Ortega, Jose Pamatian, Menchu Pascual, Erwin

Roma

Vergel, Rick de Villa,

Villacorta, Janice Young,

Jingjing Villanueva Romero.

Philcom Expands in VITRO Clark, Sta. Rosa Data Centers

VITRO Inc., a data center subsidiary of ePLDT, through PLDT Enterprise, the corporate business arm of PLDT, has further strengthened its longstanding partnership with Philcom to deliver top-notch, reliable connectivity solutions to enterprises.

Philcom, a premier telecommunications company in the Philippines, has announced its network expansion in VITRO Clark (VCK) and VITRO Sta. Rosa (VSR), the country’s first and largest true hyperscale data center.

In the photo are, from left, front to back, Victor S. Genuino, ePLDT and VITRO Inc’s President and CEO, Albert Mitchell

L Locsin, PLDT and Smart’s FVP & Head, of Enterprise and Int’l Core Business, Gary

Commercial

the

are, from

Philcom’s President and CEO, Jocelyn S. Ordoñez, Philcom’s Head of Finance, Joseph D. Bautista, Philcom’s IT Head.

This strategic move enhances telco diversity of the two data center sites, while extending Philcom’s network infrastructure to serve more local and global enterprises. This expansion underscores Philcom’s commitment to providing superior connectivity solutions by leveraging VITRO’s state-of-the-art facilities.

Hero MotoCorp enhances global presence; starts operations in PHL

HERO MotoCorp, the world’s largest manufacturer of motorcycles and scooters, has commenced operations in the Philippines. This strategic expansion marks a significant milestone in the company’s journey towards strengthening its global presence.

Terrafirma Motors Corporation (TMC), a part of the Columbian Group of Companies, one of the leading and most experienced automotive groups in the Philippines, will be the exclusive assembler and distributor of Hero MotoCorp products. The two companies announced their partnership in October 2022.

their technology and reliability and we are confident that customers in the Philippines will love these motorcycles and scooters. Combining Hero MotoCorp’s global expertise with our local knowledge, we intend to make an impact in the market.”

A state-of-the-art assembly unit and parts warehouse has been set-up at Terrafirma Motors Corporation, in Laguna, Philippines. Spread over 6,000 sq. meters, the facility will have an annual capacity of over 150,000 units annually.

The new assembly facility is manufacturing Hero MotoCorp’s best-selling and globally acclaimed range of motorcycles such as the Xpulse 200 4V, Hunk 160R 4V and the Xoom 110 scooter.

The company has also commenced retail to customers. The Xpulse 200 4V is available at an attractive on-road price of P140,000. The Hunk 160R 4V is available at an attractive on-road price of P99,900, and the Xoom 110 is available at an attractive on-road price of P69,900. The products come with a warranty of two years or 24,000 kms.

AS part of its commitment to serve food that people trust and harnessing a culture of food safety across its global operations and supply chain, the Jollibee Group has reinforced its global food safety standards and practices coinciding with the celebration of World Food Safety Day (WFSD) last June 7, 2024.

This year’s WFSD, aptly themed “Food safety: prepare for the unexpected,” underscores the importance of being prepared for food safety incidents where there is a potential or confirmed health risk associated with food consumption. According to the World Health Organization (WHO), one in ten people worldwide fall ill from unsafe food each year, and over 200 diseases are caused by eating contaminated food.

Jollibee Group Vice President and Head of Global Quality Management Wally Mateo emphasized the importance of collaboration in promoting a culture of food safety: “We have always believed in harnessing the collaborative power of our employees, partners, and stakeholders in advocating and adopting solutions that enhance food safety in our organization. We hope to nurture these commitments further. With programs that center on proper labeling, minimizing food waste and loss, as well as food security, we aim to raise awareness on food safety issues that affect not just our stores but also the entire enterprise.”

The Jollibee Group centered its 2024 WFSD celebration on three focus areas, namely Food Safety, Food Quality, and Transparency and Traceability. These focus areas are guided by the Company’s global sustainability agenda, called Joy for Tomorrow. One of the three pillars under Joy for Tomorrow is on Food, to ensure the Company continues to serve food that people trust.

Last June 3, the Jollibee Group organized a webinar led by BioMedix Founder and CEO Dr. Claver E. Bundac

Philcom has been a long-time telco partner, with established points-ofpresence in multiple VITRO facilities, including Pasig, Makati 1 & 2, and Paranaque. These locations have been integral to Philcom’s operations, offering robust and reliable infrastructure that supports their telecommunications services.

Niranjan Gupta, Chief Executive Officer, Hero MotoCorp said, “The commencement of operations in the Philippines will bolster our overall global presence. Hero MotoCorp, with its diverse and tech-driven product portfolio, is committed to delivering the best-in-class mobility solutions and hasslefree aftersales services to ensure a delightful ownership experience. In Terrafirma Motors Corporation (TMC), we have a strong partner and together with them we will rapidly create and strengthen our presence in this key market.”

This partnership expansion highlights VITRO Inc.’s dedication to providing robust and resilient data center facilities that empower partners like Philcom to achieve their strategic goals. As the digital landscape continues to evolve, VITRO remains at the forefront, delivering cutting-edge infrastructure and services that drive business growth.

NUTRIASIA CABUYAO AT BRIGADA ESKWELA 2024. NutriAsia, manufacturer of the Philippines’ best condiments and sauces (including iconic brands Datu Puti, Silver Swan, UFC, Jufran, Locally and Golden Fiesta), represented by HR Operations Manager for Luzon, Noe Reynes, Assistant Production Manager for Marilao and NAI Employee Council President, Butch Mogueis, and other plant personnel showcased the company’s support to the Department of Education’s (DepEd) Brigada Eskwela with the turnover of 10 garbage bins to Diezmo Integrated School in Cabuyao City. Principal Rowena De Guzman Sampaga, school head of the school together with other faculty members received the donation and expressed their appreciation for NutriAsia’s continuing “malasakit” for the children and the future.

Jollibee Group Reinforces Global Safety Standards and Practices

and National Sanitation Foundation (NSF) Asia-Pacific (APAC) Managing Director Jyoti Bhasin.

BioMedix is a biotech manufacturing and distribution company that specializes in food safety testing systems, while NSF is an independent organization that facilitates standards development, product certification, testing, auditing, education, and risk management for public health and the environment.

The webinar was attended by over 1,800 participants from Jollibee Group operations and support functions, and global suppliers. The resource experts shared insights on sustainable practices and technologies in food processing and the importance of collaboration in mitigating food safety issues.

Dr. Bundac of BioMedix emphasized the need to integrate sustainable practices in food processing and business operations to ensure a safe and viable future for subsequent generations. For her part, Bhasin of NSF APAC talked about how collaboration among enterprises, authorities, and consumers is crucial in enhancing food safety protocols, overcoming challenges, and reducing food

safety risks.

The Jollibee Group has also released an instructional video to its operations teams on the enhanced Hazard Analysis and Critical Control Points (HACCP) requirements, integrating the clean design standards for the Jollibee Group’s new stores.

The brands of the Jollibee Group in the Philippines, China, and Europe, Middle East, Asia, and Australia (EMEAA) Regions also handed out delivery safety seal stickers with a scannable QR code that contains short information on WFSD and the Company’s commitment to global food safety standards.

“Food safety has always been Jollibee Group’s anchor in serving great-tasting food and maintaining customer satisfaction. The Company will continue building on its strong foundation of food safety and quality practices to live its mission of bringing the joy of eating to everyone––now and in the future. To all our JFC colleagues, may our collective efforts pave the way for a resilient and sustainable future, where both our plates and the planet thrive harmoniously.” Mateo added.

part of its

QR

Bienvenido Sanvictores Santos, Chairman, Terrafirma Motors Corporation, said, “We are delighted to partner with Hero MotoCorp, one of the leading automotive companies in the world. Hero’s products are renowned for

The partners have set up a retail network (sales, service, spares) with over 350 customer touchpoints and will rapidly expand the network by the end of the year.

Hero MotoCorp is currently present in 48 countries around the world with Tech Centres in India and Germany and manufacturing facilities in India, Colombia and Bangladesh.

Five Things You Should Know Before Getting Lip Fillers

GETTING lip fillers can be an exciting way to enhance your appearance and boost your confidence. However, there are a few essential things to keep in mind before you take the plunge. Here’s a handy list to help you understand what to expect for natural-looking results.

1. Lip fillers can look and feel natural  Many people worry that their lips will not look natural after a lip injection and that others will notice they’ve had something “done.” Achieving natural-looking lips means they should look natural not only when your face is at rest but also when you smile and talk.

Restylane Kysse is made with Optimal Balance Technology™ (OBT™), an innovative crosslinked hyaluronic acid (HA) gel created for precise, natural-looking results.

Dr. Mary Kevinne Foz, also known as “Dr. Gorj,” of A1 Medical Aesthetics noted that it helps her patients achieve a subtle enhancement yet provides a high level of patient satisfaction.

In a “kissability study” conducted with Restylane Kysse, 100 percent of participants were satisfied with their lip filler, and 96% agreed that their lips feel and look natural. Even their partners found them more attractive post-treatment.

Dr. Foz adds, “For me, the main advantage of Restylane Kysse is that you keep people guessing. The only people who should be able to tell if you’ve had a procedure is yourself and your romantic partner when they kiss you.”

2. Lip fillers require upkeep

Dr. Foz mentions that the number one question from patients is about the longevity of lip fillers. For Restylane Kysse, the effects are clinically proven to last up to one year, but results may vary based on your body chemistry and the amount of product used. It’s essential to discuss with your injector the best treatment plan tailored to your needs.

Restylane Kysse is a part of the Galderma Aesthetics product line, known for personalized treatment plans to ensure patients receive the best care possible.

3. Lip fillers are for everyone

Dr. Foz is the only Filipino doctor accredited by the World Professional Association for Transgender Health. She emphasizes the importance of choosing the right kind of fillers and avoiding unregulated products. Educating patients about safe and effective options like Restylane Kysse is crucial, especially for those exploring their gender identity and seeking aesthetic enhancements.

“Sometimes, patients will get treatments from clinics that are not FDA-approved. Or they will buy fillers online that are not regulated and ask these clinics to inject it for them,” Dr. Foz says.  “So, as a doctor to trans-women patients, I have to educate them regarding the best, safest options available to them.”

4. Contoured lips are in  Current beauty trends favor lined lips topped with gloss, and Restylane Kysse can help achieve that contoured look.  Whether aiming for a well-defined Cupid’s bow, symmetrical pout, or enhanced lip color and texture, Restylane Kysse can help you achieve your aesthetic goals.   “My patients really like Restylane Kysse because of the contoured look it adds to the lips,” Dr. Foz says. “As Filipinos,

Don’t take

For lasting effects and an enjoyable lip filler journey, Dr. Foz recommends a few precautions. Stop smoking to avoid introducing harmful chemicals through injection openings.  Dr. Foz explains, “Restylane Kysse for me is not just ideal; I think it’s the perfect lip filler because I trust the science behind it. They get the lips they want, and still look natural. I do request patients to stop smoking after getting their lip filler injection. Because of course, the small openings that happen when you inject, I don’t want the tar, the nicotine, the chemicals to go inside. Avoid infections.” Choosing the right filler and following these guidelines can help ensure a positive experience with lip enhancements. Restylane Kysse offers a reliable and natural-looking option to achieve your

F. Ignacio, VITRO Inc’s Chief

Officer. Also in

photo

right, front to back, Edmund R. Pike,

Editor: Tet Andolong

I-Land Residences Sucat pushes green living

By Rizal Raoul S. Reyes @brownindio

RESIDENTS of southern Metro Manila will have the opportunity to experience green living as I-Land Residences Sucat, the only mid-income residential condominium in the local market today vying for LEED (Leadership in Energy and Environmental Design) certification under the US Green Building Council (USGBC), recently topped off its Olive tower—the second of six mid-rise towers in the development’s refreshing, nature-centric master plan spread over 2 hectares of prime land located South of Metro Manila.

I-Land Chairman Michael Cosiquien explains that I-Land Residences Sucat’s modern urban lifestyle of sustainability continues to take shape with this latest milestone. Its first tower, Lime, according to Cosiquien, has already been completed and is welcoming the community’s pioneer residents. Moreover, the developer has also recently launched the community’s main clubhouse facility with various amenities such as kids’ play area, thinking pods, game room, gym and function rooms.

Eric Olivares, Mayor of Parañaque City, as guest of honor, along with I-Land officials, led the

topping off ceremonies. They were joined by representatives from project team consultants and partner financial institutions.

“The growing and vibrant community of I-Land Residences Sucat is the realization of our commitment to create a unique, contemporary community environment that prioritizes the health and well-being of its residents through sustainability design and practices,” said Cosiquien.

At the event, Olivares underscored the completion of the Dr. Santos Station under the Light Rail Transit (LRT)-1 South Extension Project, which is conveniently located near SM City Su-

cat. He cited the important role of public transport infrastructure ensures unparalleled accessibility and offers a genuinely convenient lifestyle for I-Land Residences Sucat’s current and future residents.

The event also highlighted ILand’s multi-faceted approach toward sustainability. “For one, it entails creating an ecologically balanced and harmonious natural environment. It also means providing thoughtfully designed amenities that support a balanced lifestyle,” explained I-Land President May Lopez.

Most importantly, sustainability also means smart living—utilizing the latest innovations in home technology to make everyday living convenient and efficient. “At the Olive tower of I-Land Residences Sucat, we are ushering in an exciting, new smart home

experience as we incorporate elements such as smart locks in every unit,” she added. This feature allows unit owners keyless access through options such as keycard, personal identification number (PIN), biometrics and a dedicated smartphone app. With these methods, home security management is made easier.

VISTA LAND UNVEILS PREMIUM HIGHRISE DEVELOPMENT IN MANDALUYONG CITY

VISTA Land, the Philippines’ leading integrated property developer, is making waves in residential real estate with the launch of Crosswalk Tower, a 46-story high-rise development strategically located at the junction of Pasig, Mandaluyong, and Makati. Held at the Brittany Hotel in Bonifacio Global City, Taguig, the event saw esteemed buyers, investors, and sales partners gather to witness the unveiling of the new offering and immersed in insights and forecast on the Philippine and Metro Manila real estate market from Colliers Philippines Director of Research Joey Roi Bondoc. Vista Land High-Rise Development Marketing Head Voltaire John Belacha led the event, articulating that “Crosswalk Tower is a vertical community that resonates with the pulse of the Metro, reimagining every area as a sanctuary within its vibrant rhythm. This development is a gateway to a future shaped by innovation, where limitless possibilities await in every corner.”

“Crosswalk Tower is not just a high-rise development; it embodies our dedication to creating spaces beyond the ordinary. It’s a condominium where connectivity, convenience, and community converge to enhance the urban experience,” Vista Land High-Rise Developments Division Head, Teresa Tumbaga further emphasized.

A symbol of choice and progress in the heart of the metro

INSPIRED by the concept of a cross-

and professional lives.

Crosswalk Tower highlights its advantageous position as the true midpoint of Metro Manila with a

highly urban environment. Where convenience is king, Crosswalk reigns supreme. At most 30 minutes from central business districts in Cubao, Ortigas Center, Ayala Avenue, and the Bonifacio Global City, the development will be served by a road network greater than any city in the National Capital Region at 80.93 kilometers. Its proximity to retail destinations such as Shangri-La Plaza, Estancia Mall, and Powerplant Mall ensures residents a world of entertainment and unparalleled retail experiences right at their doorstep.

Designed to accommodate every lifestyle and preference, Crosswalk Tower offers a range of options from cozy studios to spacious threebedroom condominiums. The lowdensity unit spread has been carefully planned to suit the residents’ diverse needs, ensuring that every detail of the living space is stylish and practical. The development also goes beyond the draw of its geography, offering a host of amenities like a gym, cinema suite, infinity pool with a Jacuzzi, and roof deck. Crosswalk Tower is more than just its definition of a specially paved or marked path; it embodies a symbol of choice and progress, inviting residents to make decisions and walk confidently toward their aspirations.

For more information on Vista Residences, visit www.vistaresidences.com.ph , follow @VistaResidencesOfficial, or get in touch at (0999) 886 4262 and (0917) 582 5167.

For instance, unit owners can remotely allow authorized visitors and guests into their home. The contactless technology also upholds social hygiene and minimizes the risk of spreading contagious diseases.

Future residents of I-Land Residences Sucat can also look forward to the same mindset of innovation from the developer in enhancing the overall community experience, by utilizing the latest in smart technologies. “All these efforts affirm our enduring commitment to bring the home of the future to Filipino families,” said Lopez.

Infra projects redefine development

IN its recent quarterly briefing, Colliers Philippines stressed that the infrastructure projects implemented by the Philippine government have helped redefine and redirect developers’ expansion strategies. Joey Roi Bondoc, research director of Colliers Philippines points out that the construction of key public projects especially in prime property destinations outside of the capital region has provided access to properties that can be redeveloped into massive integrated communities. “These townships offer a mix of vertical and horizontal projects. Due to road projects, for instance, business opportunities have spilled over to nearby areas such as Cavite, Laguna, and Batangas. In other parts of Luzon, Pampanga, Bulacan, and Tarlac remain attractive options for property firms,” Bondoc says.

TBy Roderick L. Abad

HE National Economic and Development Authority (NEDA) and the Department of Human Settlements and Urban Development (DHSUD) have green lighted the request of the Subdivision and Housing Developers Association (SHDA) for new guarantee ceilings for low- and medium-cost housing packages.

Formalized through Joint Memorandum Circular No. 2024-001, the ceiling for low-cost housing has been adjusted to P4.9 million, while that for medium-cost housing has been changed to P6.6 million.

“The adjustment was deemed timely and necessary as it accounts for the country’s prevailing economic conditions,” said NEDA Undersecretary for Policy and Planning, Dr. Rosemarie G. Edillon, in a letter addressed to SHDA through its chairman, Ar. Leonardo Dayao Jr., and President Atty. Joy Manaog.

Last July 22, SHDA requested NEDA for a review of the ceiling and for approval from the Philippine Guarantee Corp. (PHILGUARANTEE).

“This adjustment is a significant step towards making housing more accessible to Filipino families,” said Dayao Jr. “We are grateful to NEDA and DHSUD for considering our request and understanding the challenges faced by the housing sector.” Manaog underscored the importance of this decision. She said: “The revised ceilings will help bridge the gap between rising development costs and the affordability of homes for many Filipinos. This is a positive development for both developers and prospective homeowners.”

Rising material costs, labor expenses, and overall inflation trends were major factors considered in the adjustments. NEDA’s economic analysis highlighted that these new ceilings would give a more realistic framework for housing developers and make it easier for potential homeowners to buy properties within their means.

Pursuant to their mandate to jointly determine price ceilings for socialized, low-cost, medium-cost, and open housing every two years, the DHSUD and NEDA have set the ceilings as follows: Level 1-A (Socialized), P300,000 and below; Level 1-B, above P300,000 to P500,000; Level 2, above P500,000 to P1.25 million; Level 3, above P1.25 million to P3 million; Medium Cost, above P3 million to P4 million; and Open Market, above P4 million. Since its revision in 2007, the price ceilings for socialized and economic housing have been revised several times via different resolutions due to the steadily increasing costs of raw land, development, construction materials, and labor. In November of last year, based on the current Consumer Price Index (CPI), Residential Real Estate Price Index (REPI)

FROM left: Engr. Bryan Rabara, Structural Designer, RB Sanchez Consulting Engineers; MJ Catacutan, Vice President of Betonbau Phils. Inc.; Ariel Luces, I-Land Head of Construction; I-Land President May V. Lopez; Parañaque City Mayor Hon. Eric Olivarez; I-Land Chairman Michael Cosiquien; Kristel Jabines, I-Land Assistant Vice President of Business & Project Development; Joey Canaria, President of JCAP Construction; and Ar. Ric Reyes, Studio Head of AIDEA. ACTUAL photo of I-Land Residences Sucat’s Olive Tower façade

JOEY ROI BONDOC

THE 46-storey high-rise development Crosswalk Tower, embodies Vista Land’s dedication to creating spaces beyond the ordinary.

VISTA Land High-Rise Development Division Head, Teresa Tumbaga, hands over a token of appreciation to guest speaker, Joey Roi Bondoc, Colliers Philippines Director of Research.spaces beyond the ordinary.

Catantan to undergo knee surgery, out almost one year

PARIS Olympian fencer Samantha Kyle Catantan will undergo surgery on her left knee on Friday to repair a full anterior cruciate ligament (ACL) tear and expects to be out of action for almost one year.

Catantan fought with a brace on her left knee during the Paris games and won over Brazilian Mariana Pistoia, 1513, in the round of 64 at the women’s individual foil fencing event at the Olympics before losing to former twotime world champion Arianna Errigo of Italy, 12-15, in Round of 32.

“This Friday, I will undergo a surgery on my left ACL. I think in St. Luke Global,” Catantan, 22, told BusinessMirror on Tuesday upon the arrival of the Paris Olympians headed by double gold medalist gymnast Carlos Yulo at the Maharlika Presidential Hangar in Villamor Air Base in Pasay City.

Catantan added that renowned sports medicine expert Dr. Raul Canlas will facilitate the operation.

“That was the same ACL last 2023 Cambodia Southeast Asian Games in May, that was the full tear ACL,” she added. “I think my recovery period will be for almost one year. There’ll be no active competitions but only studies.” Catantan qualified for the Paris

games in April 27 in United Arab Emirates by winning the final—the only way to clinch a Paris seat. Catantan expressed no regrets as she represented the nation in the world’s grandest and oldest sporting show on earth.

“That’s really a dream come true to be able to compete in the Olympics. I have no regret despite with my injury,” she said together with fellow Olympians Joanie Delgaco of rowing, swimmers Kayla Sanchez and Jarold Hatch and Kiyomi Watanabe of judo.

While recovering from the operation for a year, Catantan will pursue a master’s degree in accounting at the Pennsylvania State University and hoping to take a Certified Public Account (CPA) exam in the United States. She graduated with a course of accountancy at Pennsylvania State University last Monday.

Cantantan’s next competition could be the Thailand Southeast Asian Games in December 2025.

“I think I can make it there in SEA Games 2025 because that will be a year from now,” she said.

Mangliwan hoping third time’s the charm in Paris Paralympics

HEELCHAIR racer Jerrold

WPete Mangliwan hopes to also deliver for the Philippines as he competes in the Paris Summer Paralympic Games set August 28 to September 8. Mangliwan, 44, a three-time Paralympian, will compete in the 400 meters T52 para-athletics race at Stade De France.

“It’s all good and we’re ready to compete,” Mangliwan told BusinessMirror.

“We will give our best shot to win our first Olympic Paralympic gold medal.”

“I hope not to suffer line infringement,” Mangliwan, who also earned silver in the 100m in the Hangzhou Games, said. “It’s not going to be easy, but I am already prepared for it. I dedicated this to our country and to my children.”

Mangliwan is the father of 15-yearold Raiza Huxley and 14-year-old Fitz Jerrold, taekwondo bronze medalists in the Palarong Pambansa recently in Cebu. Also part of the Philippine Paralympic Team to Paris are javelin thrower Cendy Asusano, swimmers Ernie Gawilan and Angel Otom, taekwondo jin Allain Ganapin and archer Agustina Bantiloc. Josef T. Ramos

The 2023 Hangzhou Asian Para Games 400-m champion, Mangliwan reached the finals in the 2016 Rio Games and 2021 Tokyo Olympics. He wound up seventh in Rio but made a line infringement violation in Tokyo.  Mangliwan, a six-time Asean Para Games gold medalist, is hoping third time’s the charm as he vies for a medal in Paris.

Dumalaog wins JPGT Pueblo title after three-way playoff

ELIANA DUMALAOG emerged victorious in a thrilling threeway battle for the girls’ 10-12 title of the International Container Terminal Services Inc. Junior Philippine Golf Tour Mindanao Series 4 on Tuesday at Pueblo de Oro Golf and Country Club I Cagayan de Oro.

Dumalaog appeared poised to seal the victory in regulation but faltered with An 80 marred by a doublebogey on Dumalaog’s final hole, No. 9, allowed Rafella Batican and Isabella Espina, who both carded 79s, to force a three-way tie at 161. Returning to the par-4 ninth hole for the playoff, all three golfers managed pars on their first attempt. Dumalaog secured the win on the next trip No. 9, sinking a 15-foot birdie putt while her opponents missed their birdie chances.

Tamayo secured the two spots for the Match Play finals set for October 1 to 4 at The Country Club in Laguna. Jared Saban staged a stunning come-from-behind victory in the boys’ 10-12 category, earning his place in the finals.

“I was so nervous, my legs and hands were shaking during the playoff,” the 10-year-old Dumalaog said. “But after I hit my drive, I felt pretty good—it was a solid shot, and I approached my second shot with confidence since I’ve practiced those kinds of shots. I was thrilled when I made the putt.”

Despite her victory, Dumalaog narrowly missed qualifying for the Match Play Championship, having only managed fifth-place finishes in her previous outings at South Pacific and Del Monte. With Batican’s 30 points from her two victories in those tournaments and Brittany Tamayo’s playoff win at Apo and third-place finish at South Pacific (totaling 25 points), Batican and

Coach sees bright future for Ando

THE SIXTH-place finish in the Paris Olympics should fuel the desire for two-time Olympian weightlifter Elreen Ann Ando to move up the rankings and be able to contend for titles against the world’s elite, according to trainer-coach Christopher Bureros.

A former national weightlifter, Bureros believes Ando, gold medalist in the Southeast Asian Games, will start to make her mark in continental tournaments leading up to the 2028 Los Angeles Summer Olympic Games.

Focus will be on the Asian Games and Asian championships, Bureros told BusinessMirror.

“Her potential is limitless after this Paris games.”

Ando, who edged out Hidilyn DiazNaranjo in the final Olympic qualifier in Phuket in April’s International Weightlifting Federation (IWF) World Cup, wound up sixth in Paris with a total of 230 kgs for sixth place.

But according to Bureros, the 2011 men’s 94 kgs SEA Games bronze medalist, Ando can be expected to shine in next year’s Thailand Southeast Asian Games and possibly in the 2026 Aichi-Nagoya Asian Games in Japan.

She won in the 2023 Southeast Asian Games in Cambodia and bagged bronze in the Hangzhou 19th Asian Games.

“Ando has already built a great foundation in Paris although she didn’t win a medal. Her passion and determination will surely grow and she’s going to get a medal four years from now in Los Angeles,” Bureros added.

Hidilyn Diaz-Naranjo, the country’s first-ever Olympic gold winner in Tokyo games, struggled in 2008 Beijing and recorded a no lift in the 2012 London Games before earning silver in Rio 2016.

She erased all doubts in the following Olympics five years later, winning the elusive gold medal in the 2021 Tokyo Games.

After competing in the 64 kgs at the Tokyo games where she ended at seventh place, Ando suffered a left elbow injury during the 2022 World Championships in Bogota Colombia the first Olympic qualifying tournament— that hampered her preparation.

She went back to competition and earned silver in the Hanoi SEA Games in 2022 before taking the gold in the 2023 Cambodia Games. Josef T. Ramos

Editor: Jun Lomibao

EJ not done yet

‘I commit to everyone now, I am back in the game’

By Josef T. Ramos

AFTER a brief period of doubt and uncertainty, two-time Olympian Ernest John “EJ” Obiena has declared he’s not done yet.

The 28-year-old World No. 2 pole vaulter confirmed to BusinessMirror on Tuesday just a few hours before his arrival in Manila that his fellow Filipinos will see a lot of him competing in various overseas competitions this season.

“Showing my appreciation to everyone, I came to a decision to push through with my pole vaulting career and continuously raise the Philippine flag in the global stage,”Obiena told BusinessMirror from via phone from Bangkok while waiting for a connecting flight to Manila.

Obiena overcame a sluggish start to reach the final in the Paris Summer Olympic Games and placed fourth overall in the finale with 5.90 meters clearance at the men’s pole vault tournament ruled by Armand Duplantis

(6.25m), Sam Kendricks (5.95m) and Emmanouil Karalis (5.90m).

Obiena expressed his frustration after failing to land a podium finish followed by a news conference revealing a minor spinal injury that hampered his preparation for a long time. He also remains mum for his next plan four years from now heading to the 2028 Los Angeles Olympics.

But after a few days of rest and selfevaluation, he thanked the Filipinos through a social media post for the all-out support despite the Paris result.

“I am filled with gratitude for the support of all of you, and to be loved at times like this, by the country that raised me. I am indeed blessed!! Thank you!”

Asia’s top pole vaulter said he concluded that the measure of an athlete is not by a singular event—like the Olympics—but a cumulative or collective measure over time.

“I finished fourth in Paris, close but not good enough. I’m not measured by this. I’m measured by my career. I commit to everyone now, I’m back in training, I am back in the game, and

I am going to attack the rest of the season and make you proud,” he added.

The Hangzhou 19th Asian Games gold medalist didn’t say anything about LA 2028 Olympics, but will take it one competition at a time.

“You are going to see more from me, and see the Philippine Flag raised and raised on a global stage. Let’s get on with it!”

Jim Lafferty, the longtime confidant of Obiena, is happy to hear his decision.

“I think he is incredibly mature and balanced.  He wanted some time to reflect. Nothing wrong with that. He wants to take it day by day, year by year. Again, what’s wrong with that? How many of us can state with certainty what they will be doing in four years?” He said that Obiena still has the hunger for the sport, believing he can go to 6.10m to 6.15m and at that level that he can beat anyone.

“So, with this he picks himself off the ground, he gets up, dusts off his clothes. I am as always incredibly proud of EJ and I think we are all going to be inspired going forward,” Lafferty said.

Mendrez steps up as Flying Titans outlast Crossovers

I25-16, 25-11, 23-25, 19-

25, 15-12, in the Premier Volleyball League Reinforced Conference at the Philsports Arena yesterday. The slim win kept the Flying Titans’ quarterfinal hopes alive as they improved to a 2-4 record, tying Farm Fresh at eighth place. Meanwhile, Chery Tiggo fell to 4-2,

battle, sending their epic match tied up to the 30th hole. Then Malixi made her move, making birdie on the 31st that Talley failed to equal. Malixi followed that up with two straight birdies, effectively ending the duel at 3 & 2 to make her the first Filipino to sweep both events deemed as the world’s toughest, most prestigious amateur tournaments for females.

“It feels surreal,” said Malixi, who selected Duke over UCLA and Stanford for her four-year golf scholarship starting next year.  Then she heaped praise on Talley.

“I love Asterisk,” Malixi told Cameron Jourdan of golfweek.usatoday.com. “She’s just a great player and a great person, as well.”

If, after her twin feats, we hear Malixi yell, at the top of her lungs: “If Caloy Yulo can do it, I can do it, too!” she’ll be justified.

sharing fifth place with idle Capital1 in the league organized by Sports Vision.

“It was a great test. We’ve lost two five-set games in the first round, but this win showed our work ethic in practice. I’m so proud of my team,” said import Zoi Faki, who had 10 points, including three blocks, while making nine digs and eight excellent receptions in the twohour, 19-minute victory.

After squandering a two-set lead, the Flying Titans regrouped in the fifth set, with Mendrez firing five of her total output to help Choco Mucho pull away from a tight 4-all count. Dindin Manabat then took over, delivering back-to-back powerful hits that brought the team to match point, 14-10.

Although Kath Bell attempted to rally Chery Tiggo with consecutive kills, Manabat sealed the deal with another crushing blow, ending the Crossovers’ resilient comeback attempt.

“Despite losing a two-set lead, our mindset was fixed on winning the game because we knew it wasn’t over yet,” said Mendrez, who marked her comeback with two blocks and two aces. “We’re taking it one game at a time, staying focused.”

That’s referring, of course, to Yulo’s victories in the floor exercise and vault for our ace gymnast’s unprecedented double-gold haul in 2024 Paris. With Malixi’s achievements—include the fourth-place finish of Bianca Pagdanganan and the joint-13th

EJ OBIENA is determined to deliver for flag and country.