THE country’s economic success and the government’s efforts to boost private investments were among the reasons cited by Japanbased credit rating agency Rating and Investment Information Inc. (R&I) to upgrade the Philippines’s credit rating on Wednesday.
In a statement, R&I upgraded the country’s credit rating to Awith a stable outlook from the BBB+ rating handed down a year ago. The country’s foreign currency short-term debt rating was also upgraded to a-1 from a-2.
The fi rst A-level rating was received by the country from the Japan Credit Rating Agency (JCR) in 2020. The Department of Finance (DOF) said the country has successfully maintained its high investment-grade status across all major regional and international debt rating agencies.
“Based on macroeconomic stability and high economic growth path as well as expected continuous improvement in fi scal balance, R&I has upgraded the Foreign Currency Issuer Rating to A-,” R&I said in a statement.
With this, the Philippines now has the same rating as Th ailand and has a better credit rating than Indonesia with its rating of BBB+ and Vietnam with BB+. The leaders in Southeast Asia are Singapore with a triple-A rating and Malaysia with AA-.
“The Philippine economy will likely see stable growth and continuous improvement in the level of national income against the backdrop of active public and private sector investments, development of domestic business sectors such as business process outsourcing [BPO], and favorable demographics, among other elements,”
TBy Cai U. Ordinario @caiordinario
HE out-of-pocket spending of Filipino households nationwide posted a doubledigit increase in 2023, according to the latest data of the Philippine Statistics Authority (PSA).
The PSA data showed out of pocket health expenses of Filipinos grew 17 percent, the fastest growth since 2014.
The estimated total out-ofpocket house expenses are at P593.087 billion in 2023.
The growth of out-of-pocket expenses was faster than the 11.3 percent growth of Household Final
Consumption Expenditure (HFCE) in current prices last year while the level of out-of-pocket expenses accounted for 3.2 percent of the P18.61 trillion HFCE.
“These include the following— medicines, food supplements, curative and rehabilitative services, dental care, immunization services, diagnostic services, and other medical goods and services,” the PSA explained.
The PSA noted that the Household out-of-pocket payment had the highest contribution among the health care fi nancing schemes in 2023, with a 44.4-percent share to the total Current Health Expenditure (CHE).
Th is was followed by Government schemes and compulsory contributory health care fi nancing schemes with 42.6 percent share; and Voluntary health care payment schemes with 13 percent.
The country’s Total Health Expenditure (THE), at current prices, amounted to P1.44 trillion in 2023, an increase of 17 percent from the P1.23-trillion expenditure in 2022. It accounted for a 5.9-percent share to the Gross Domestic Product in 2023.
The CHE contributed 86.3 percent to THE, while the Health Capital Formation Expenditure (HK) shared 13.7 percent in 2023.
PSA said both CHE and HK re-
corded increases of 9.2 percent and 113.6 percent, respectively. On a per capita basis, health spending went up to P11,083 in 2023, an increase of 8.3 percent from the P10,238 expense in 2022. Last year, in a study on health expenses, the government’s think tank said out-of-pocket health costs remain a significant expense among households and are “expected to increase for the entire population” in the coming years. State-owned Philippine Institute for Development Studies (PIDS) said elderly, women, rural folks and poor Filipinos are the
TBy Andrea E. San Juan @andreasanjuan
HE Philippines should also prioritize beefi ng up its local industries instead of solely focusing on attracting foreign investments, according to a lawmaker. Gabriela Rep. Arlene D. Brosas underscored this after fl agging the “inadequate” budget earmarked for the micro, small and medium enterprises (MSMEs) for 2025.
THE Philippines and Singapore will be forging two new bilateral agreements on labor and climate fi nancing during the meeting of President Ferdinand Marcos and Singapore President Th arman Shanmugaratnam in Malacañang on Thursday.
“Is this enough? Let’s be real. The funds we will be allocating for our local industries?” the lawmaker said in Filipino at the Department of Trade and Industry’s (DTI) budget hearing before the House Committee on Appropriations on Wednesday. In response to the lawmaker’s query, DTI Acting Secretary Cristina Aldeguer-Roque responded, “Considering that it’s 99.5 percent of the busi-
“The two countries will continue to undertake cooperation, in both bilateral and multilateral milieus, including in the fields of energy and healthcare, among others,” Garafi l said.
Shanmugaratnam will be in the country from August 15 to 17. Marcos extended the invitation for Singapore President Shanmugaratnam and Prime Minister Lawrence Wong to the Philippines last
In a press statement, Presidential Communications Office (PCO) Secretary Cheloy V. Garafi l said the two state leaders will witness the signing of two Memorandum of Understanding (MOU) on the recruitment of Filipino healthcare workers and collaboration on climate fi nancing. She said the government will also explore other areas of cooperation with Singapore during Shanmugaratnam’s three day state visit in the Philippines.
PINOYS’ OUTOF POCKET HEALTH SPENDING NOW 17%
ones more likely to be forced to make out-of-pocket health expenses since the government does not cover all hospital costs. In the study, the PIDS examined the fi nancial risk protection of Philippine Health Insurance Corporation (PhilHealth) members and dependents.
The PIDS researchers found that PhilHealth members still pay outof-pocket because the National Health Insurance Program covers only 40 percent or lower hospital costs. These costs are also expected to increase in the coming years.
The study computed the “support value” or the percentage of hospital care cost shouldered by PhilHealth using 2018-2021 PhilHealth data along with auxiliary datasets from the Department of Health (DOH), Philippine Statistics Authority, and the Washington-based Institute for Health Metrics and Evaluation.
The average support value is 55.83 percent in the Philippines. But the percentage varies based on PhilHealth membership type, socioeconomic status, patient accommodation, disease classification, hospital ownership and level and location. (See: www.businessmirror. com.ph/2023/02/10/pids-study-uncovers-gaps-in-health-insurance-coverage/)
Sans CA intervention, Guo barred from running in 2025
By Samuel P. Medenilla @sam_medenilla
DISMISSED Bamban, Tarlac Mayor Alice Guo will be banned from seeking reelection in the 2025 polls without intervention from the Court of Appeals (CA), according to the Commission on Elections.
The poll body made the stand after the Office of the Ombudsman dismissed Guo for grave misconduct due to her alleged links to illegal Philippine Offshore Gaming Operator (POGO) in Bamban, Tarlac.
The penalty also includes the forfeiture of Guo’s retirement benefits and her perpetual disqualification from reentering government service.
In a media forum on Wednesday, Comelec Chairman George M. Garcia explained the decision of the Ombudsman on Guo’s case
will immediately take effect under Republic Act No. 6770 or the Ombudsman Act.
“Although not yet fi nal, it is already executory unless there is a restraining order from the Court of Appeals,” he said.
As of press time, Guo has yet to seek the intervention of the CA on her dismissal.
Without such restraining order, Garcia said they will have to administratively cancel Guo’s Certificate of Candidacy (COC) for the 2025 polls and future elections, since she has been meted out with
a perpetual disqualification from holding government office.
“We will immediately implement the executory decision since for Comelec, how can you run [in an election] if you are perpetually disqualified to hold public office unless there is a restraining order from the Court of Appeals,” Garcia explained.
The Department of the Interior and Local Government (DILG) said Erano Timbang, the Bamban councilor who opposed the Pogo in their town, will temporarily take over the post of Guo.
Aside from the case in the Ombudsman, Guo is also facing an ongoing material misrepresentation case from Comelec due to her false declaration of her COC, particularly on her nationality and citizenship.
She had listed herself in the Comelec forms as a Filipino citizen, but fi ngerprint examinations conducted by the National Bureau of Investigation showed a perfect match between her prints and those of Guo Hua Ping, a Chinese investor visa holder’s dependent— which senators insist Guo was, as a teen, at the time her Chinese parents started growing their business in the Philippines.
JAPAN’S R&I UPGRADES PHL CREDIT
R&I said in a statement. “The fi scal balance as a share of gross do-
mestic product [GDP], which had deteriorated during the Covid-19 pandemic, has improved and the government debt ratio will likely
May. “Th is will be the fi rst time for President Shanmugaratnam to visit the Philippines in his official capacity as Singapore’s new head of state. The last Singaporean leader who visited the country was Halimah Yacob in 2019,” Garafi l said. Malacañang hopes the state visit will help further strengthen the country’s collaboration with Singapore since both countries formally established diplomatic ties on May 16, 1969. Singapore was the second country Marcos went on a state visit to after he won in the 2022 Presidential elections, thus establishing it as one of the countries he wants to have stronger ties with the Philippines.
PCCI TELLS SOLONS: CUT NUMBER OF HOLIDAYS
TRATING TO A-
start falling in a year or two. The levels of current account deficit and external debts are manageable, leading to the limited concern on the external front,” it added.
The Bangko Sentral ng Pilipinas (BSP) also said the Japan-based debt watcher cited the country’s robust external position, easing infl ation, stable banking sector, sufficient foreign exchange reserves and stable inflows from Overseas Filipino remittances and foreign direct investments.
BSP, DOF upbeat
IN a statement on Wednesday, BSP Governor Eli M. Remolona Jr. welcomed R&I’s upgrade of the Philippines’ credit rating.
“The BSP is committed to delivering on its mandate of promoting price stability, fi nancial stability, and a safe and efficient payments and settlements system as this broadly supports sustained and inclusive economic growth,” Remolona said.
For his part, Finance Secretary Ralph G. Recto noted that this is the fi rst credit rating upgrade under the current administration.
Recto said the favorable credit rating can lead to cheaper and costeffective borrowing costs for both the government and the private sector. It also allows the government to channel funds that would have otherwise been allotted for interest payments towards more development programs such as more infrastructure projects, improved social services, better health care system, and quality education.
“Th is is a milestone achievement,” Recto said. “Our refi ned Medium-Term Fiscal Program is our blueprint for our road to A rating.”
The credit rating agency expressed confidence that, in a year or two, the Philippines will be able to start decreasing the debt-toGDP ratio which was at its peak at 60.9 percent in 2022. It noted that the government also covers its financing needs through the issuance of government bonds in the domestic fi nancial market.
“The country’s debt remains affordable, given the manageable burden of interest payment,” the credit rating agency also said.
To further ease the fi scal burden, R&I cited the government’s efforts to encourage private participation in key infrastructure projects through the Public Private Partnerships (PPPs).
The credit rating agency noted that while there were 185 infrastructure fl agship projects to date, the government’s fi scal burden may be reduced through private sector fi nancing.
“Given that the government has been pushing ahead with measures to ease regulations to boost private investments, R&I has a high opinion of the fi rm progress the government has made in further building the fundamentals toward economic growth in the medium to long term,” it added.
BSP explained that the “A-” indicates an investment-grade rating and lower credit risk which allows a country to access funding from development partners and international debt capital markets at lower cost.
The stable outlook indicates R&I’s opinion on medium term prospects for the rating, while a positive outlook by R&I indicates that it will upgrade the rating once factors it is examining are confi rmed.
next year. However, she noted that only P780 million were earmarked for the small merchants.
ness sector, hindi ito sapat [this isn’t enough]. Actually, we should be getting more para-mapush itong malaking part ng [so we can push this big part of the] business sector of the Philippines.”
Aldeguer-Roque was referring to the P780 million earmarked for the MSMEs based on the 2025 National Expenditure Program (NEP). The Acting DTI Secretary said the agency originally requested for a P2.47-billion budget for the MSME development program for
For her part, the lawmaker expressed concern over merely “clinching” foreign investments, saying in Filipino, “But we need to support our MSMEs who could create even more decent jobs here in our country.”
“Kailangan natin ng pondo dito. Ito ’yung indicating factors na kailangan natin sagutin, palakasin natin ’yung local industries [We need funds for this sector. These are the indicating factors we must address, let’s strengthen our local industries],” added Brosas.
HE Philippine Chamber of Commerce and Industry (PCCI), one of the major business groups in the country, has called on Congress to reduce the number of holidays as this reduces the productivity of the country’s workforce, among others. In a statement on Wednesday, PCCI President Enunina V. Mangio said, “We have too many holidays compared to the others in the region.” PCCI also underscored that the current number of holidays in the country “weakens our position as an investment destination.”
“We have to reduce its negative impacts on the productivity of our workforce and state of our economy,” the PCCI head also noted. At present, the business group said there are approximately 22 plus about 5 special holidays declared by the Palace every year, in addition to those that are calamity-related and hundreds of provincial and municipal holidays. Mangio said that having too many holidays is “unhealthy” for business and the economy.
“It increases the labor costs that actually burden particularly the small businesses,” added PCCI.
With this, the PCCI head underscored the need for the country to “focus and work on our productivity and competitiveness and make sure we attract more investors into the country.” The business group said it is open to participate in any consultations should there be a proposal or study that will be presented on extra holidays.
Earlier, Senate President Francis “Chiz” Escudero raised a similar issue, but drew flak from some quarters who said lawmakers have better things to do than bother about holidays—a comment that ignored the point raised by PCCI about the impact of such on productivity and the economy.
Andrea E. San Juan
Prior to pointing out the inadequate budget allotted for Filipino MSMEs, the lawmaker placed under the microscope the $19-billion investments secured by President Ferdinand R. Marcos Jr. from his foreign trips. Meanwhile, DTI Assistant Secretary Kristian Ablan presented the breakdown of the budget proposal of the agency for 2025. Ablan said the DTI had orginally requested from the Department of Budget and Management (DBM) a P19.3-billion budget excluding attached agencies for 2025. However, what was approved was only P6.6 billion or a third, he emphasized.
Samuel P. Medenilla
COMELEC Chairman George M. Garcia
Data gaps hinder educational reforms–Binay
SNancy Binay on Wednesday expressed optimism that the Department of Education’s ongoing reforms under the MATATAG Agenda are headed in the right direction.
However, Binay said the lack of consolidated data in assessing learners’ competencies and foundational skills undermine the very foundation of the National Learning Recovery Program (NLRP) initiated by the DepEd.
Binay said she is confident that Education Secretary Sonny Angara will closely look into fresh concerns relative to the implementation of the NLRP particularly critical data that reflect the true state of education in the Philippines.
“Actually, some of the most concerning issues on the ground are the limited tools given to teachers when it comes to assessment initiatives. Meron dissonance in data. We are aware that there are troubling gaps in essential learning competencies, particularly in the areas of mathematics and reading, but the data which DepEd presently has do not reflect the true granular picture of the competencies and skills of our learners,” Binay said.
Amid the ongoing educational reforms, Binay noted that the importance of accurate and comprehensive data cannot be overstated.
“The absence of critical data is a matter of grave concern. DepEd needs to truly grasp the gravity of the problems both in the macro and micro aspects. I am happy that Secretary Sonny [Angara] is open to developing
Teodoro: We need more joint, combined exercises with allies
By Rex Anthony Naval
a feedback evaluation mechanism in the implementation of the MATATAG curriculum, and we are glad that the calibrations and fine-tunings being put into motion are in the right direction,” she said. She added however: “ Kung wala tayong maayos na datos , bulag tayo sa mga nangyayari If we do not have the correct date, we will be blind to reality’. There is a risk that DepEd may steer its policies in a direction that does not align with the realities on the ground. Dahil hindi updated ang datos , baka lalo pang lumala ang mga problema na may angkop na solusyon na [Because the data is not updated, the problem may worsen for lack of proper solution.”
The MATATAG Agenda, launched in 2023, aims to prioritize the development of foundational skills of students in literacy, numeracy, and socio-emotional learning.
Binay expressed her concern over the lack of essential data needed to assess the actual number of learners requiring intervention and screening, thereby jeopardizing the effectiveness of the NLRP’s learning camps in improving the academic performance of students. Butch Fernandez
Who gets to own salvaged fuel, oils from sunken ships?
By Jonathan L Mayuga @jonlmayuga
SEN. Francis Tolentino asked this question during the Senate’s public hearing of the Bataan ship sinkings on Wednesday.
Speaking during the hearing conducted by the Committees on Environment and Natural Resources and on Climate Change, Tolentino said it is awkward to return fuel and recovered oil to the owner when in fact it was the government that did the cleanup of the waterways and recovered the oil from the fuel tanks and hold of the sunken ships.
He asked resource persons during the hearing if it is possible for the recovered fuel and oil to be used after treatment and if it can be turned over to the Coast Guard.
Environment Secretary Maria Antonia Yulo-Loyzaga said the Department of Environment and Natural Resources could not provide a definite answer but said currently, the National Oil Spill Contintency Plan is led by the Coast Guard which is tasked wth the collection and disposal of such under the mandate of the DENR.
She said under Republic Act 6969 or Toxic Substances and Hazardous and Nuclear Waste Control Act of 1990, the debris tainted with the industrial fuel oil will be handled by the agency.
Director Jacqueline Caancan of the DENR’s Environmental Management Bureau (EMB) assured the joint panel that collected debris, including the 700 barrels of seawater with oil, will be handled by DENR-registered haulers and will be treated in a DENR-accredited facility, before disposal.
She also said DENR-EMB is continuously monitoring air and water quality in the affeted areas, as well as the production of organic spill booms in coordinationg with the various local governments.
Yulo-Loyzaga said as a result of the Mindoro oil spill last year, as well as the recent oil spills in Bataan, the DENR is now working with the Bataan provincial government to enhance its quick response capabilities.
NATIONAL Defense Secretary Gilberto GEC Teodoro on Tuesday cited the importance of conducting joint military exercises with like-minded allies.
Speaking during the welcome ceremony for the Air Force contingent that participated in the biennial Pitch Black exercise in Australia, Teodoro said: “And now, the challenge for you is we need to sustain these kinds of operations. We have to make this the new normal. Year in, year out, more joint and combined exercises with like-minded partners,” Teodoro said.
The Philippines participated in the Pitch Black exercise although military ties with Australia go back to the Second World War.
“This is game-changing, once again, and it is a success of the whole of government, literally, from the diplomatic side, the Sovfa [Status of Visiting Forces Agreement] and the strategic partnership between Australia and us, to the defense side between the Defense Ministry of Australia and us, to the GHQ [General Headquarters], to the Major Services, and the fighter wings,” Teodoro said.
He added that the Air Forces deployment is significant in bolstering the nation’s defense capabilities.
Addressing ongoing security concerns in the West Philippine Sea,
Teodoro reaffirmed the commitment to strengthen the country’s air defense systems, particularly through the acquisition of multi-role fighters (MRFs), to enhance the Philippines’ territorial defense capabilities.
Present at the event were Australian Ambassador Hae Kyong Yu; Gen. Romeo S. Brawner Jr., Armed Forces chief of staff; Lt. Gen. Stephen Parreño, Air Force commander and other senior defense and military officials.
Teodoro expressed his gratitude to the Australian government for hosting Pitch Black as “it provided an invaluable learning experience for the Filipino airmen.”
“Again, we thank the Australian government for the opportunity once again to expand our skills and horizons. I’m sure it’s a very valuable learning experience and a confidence-building experience, more than anything,” he added.
Pitch Black, hosted by the Royal Australian Air Force in the Northern Territory, concluded on August 2 after three weeks of intense air combat training.
The exercise, which began on July 12, saw the participation of some 4,400 personnel and 140 air-
craft from 20 nations, making it the largest in its 43-year history.
The Air Force participated with four FA-50PH “Fighting Eagle” fighter jets and and 162 personnel.
The Philippine contingent logged a total participation time of 144 hours and 46 minutes in 61 sorties, engaging in high-intensity missions such as basic fighter maneuvers, tactical intercepts, dissimilar air combat tactics, and large force employment.
These missions focused on key operations including air interdiction, suppression of enemy air defenses, and both defensive and offensive counter-air roles.
MRF acquisition a priority
THE Department of National Defense, meanwhile, assured that the acquisition of multi-role fighters (MRF) remains a priority as part of efforts to modernize the Armed Forces.
This comes in the wake of China’s latest aggression where its military aircraft harassed a maritime patrol of the PAF over the Bajo de Masinloc on August 8.
“Addressing ongoing security concerns in the WPS, the Secretary [Teodoro] reaffirmed the commit-
Go aligns with PAO’s efforts for the poor
WITH his compassionate and unwavering service to the Filipinos, member of the Senate Committee on Justice Sen. Christopher Go was dubbed “Outstanding Senator” at the 8th Mandatory Continuing Legal Education (MCLE) Accredited National Convention of the Public Attorneys Office on Tuesday at the Philippine International Convention Center in Pasay City.
Underscoring his advocacies for the indigent Filipinos, Go,
chairperson of Senate Committees on Health, on Sports, and on Youth, also mentioned his pro-poor programs which aim to elevate the lives of his fellow kababayans and bring public services closer to the people especially the poor. With a theme “Ang Public Attorney’s Office sa Bagong Pilipinas: Nagbibigay ng Maaasahan, Agaran at Karampatang Ligal na Serbisyo sa Maralitang Pilipino Upang Isulong ang Karapatang Panlipunan,” Go was invited to
Jimenez: UP’s agreement with AFP
By Claudeth Mocon Ciriaco @claudethmc3
TO ADDRESS concerns aired by certain sectors from the state university community, University of the Philippines President Angelo Jimenez on Wednesday clarified that the “Declaration of Cooperation” signed between the school and the Armed Forces of the Philippines (AFP) on August 8, does not violate academic freedom.
As a matter of fact, Jimenez said, the act is consistent with the mandate of UP as the county’s premier institution of higher learning.
“Any activity undertaken shall be mutually agreed upon by both participants,” Jimenez said, referring to the UP-AFP declaration, which serves as the initial framework to guide future areas of cooperation.
“ [The signing of the declaration] won’t curtail academic freedom because UP researchers can choose and define their specific
terms of engagement,” Jimenez explained.
He emphasized that UP has worked with the defense sector in the past “as part of a whole-ofsociety engagement to help inform public policy, influence thinking, and improve lives through UP’s renowned scholarship.”
“Our policy is engagement. The national defense establishment as an institution is not an enemy.” He mentioned that the Armed Forces chief of staff, Gen. Romeo Brawner, and Secretary of National Defense Gilberto EGC Teodoro are both from UP.
A university think tank, the UP Center for Integrative Development Studies (UP CIDS), will be leading the latest collaborative effort, Jimenez said.
“UP CIDS is free to pursue research interests with AFP in areas that are relevant to UP’s role, mission and mandate,” Jimenez said.
“This in itself is an exercise in academic freedom. The only thing required is conformity to the highest standards of academic rigor in
ment to strengthening the country’s Air Defense Systems, particularly through the acquisition of MRFs, to enhance the Philippines’ territorial defense capabilities,” the DND said in a statement.
The MRF is part of Horizon Two of the AFP Modernization Program slated for 2018 to 2022, which aims to acquire more equipment for external defense. Any aircraft that will be selected must be able to integrate with existing radar systems that have a range of around 250 nautical miles.
Brawner earlier said PresidentMarcos has already gave the green light to the military’s plan to acquire MRFs.
Two possible contenders for the MRF project are the latest US Lockheed Martin model-made F16s and the Swedish Saab JAS-39. The F-16V is the latest and most advanced F-16 in operation today and is considered the foremost combat-proven fourth-generation MRF. It is equipped with advanced radar systems allowing it greater detection and tracking capabilities along with advanced air-to-air and air-to-ground weapons.
The JAS-39 “Gripen” C/D is classified as the most reliable “swing-role combat aircraft” available in the world today. The “C” version is a single-seat aircraft while the “D” version is a two-seater. The Swedish-made fighter requires minimal personnel and ground support equipment for dispersed operations and can operate from small unprepared roads. It is also equipped with sophisticated radar and sensors and weapons. With PNA
the event as a Guest of Honor and to personally receive his award as an Outstanding Senator, saying this is also an opportunity for him to pay tribute to the invaluable service of these dedicated public servants. Go was also previously named an Outstanding Senator during the 5th National Convention of the Public Attorney’s Office Rank and File Employees in 2023, the 7th MCLE Accredited National Convention of Public Attorney’s Office Day in October 2022, and the 4th National Convention of the Public Attorney’s Office Rank and File Employees in 2019.
does not
“As public servants, it is our primary objective to secure the life, liberty, and welfare of our people... the same thing can be said about our legal system, about the justice system, [and health] pareho ang trabaho natin,” Go emphasized. Previously, Go filed Senate Bill No. 1186 which seeks the creation of additional divisions of the Court of Appeals and the appointment of additional justices to help the Judiciary in providing a more reliable, unbiased, and swift delivery of justice in the country.
violate academic freedom
the pursuit of truth,” he added.
Under the agreement, UP CIDS will: (1) share its technical expertise through resource persons for the successful conduct of forums and workshops; (2) solicit articles from AFP personnel for submission to the UP CIDS-published Philippine Journal of Public Policy, subject to peer-review procedures; (3) be invited as guest-editors to review article submissions to the Quarterly Digest of the AFP Office of Strategic Studies and Strategy Management (OSSM); (4) organize dissemination of UP CIDS research and conduct capacity building for AFP OSSSM personnel and affiliates in relation to strategic studies and security; and (5) host AFP personnel visits, exchanges, and research fellowships.
Both parties also affirmed a common commitment to dialogue and intellectual freedom.
UP academic officials and UP CIDS researchers are willing to clarify questions and doubts through an open dialogue particularly with critics of the declaration,
Jimenez said.
“We welcome this cooperation with the AFP because UP’s strength in academics and research can serve as an instrument of national unity,’’ he added. The recently signed declaration is similar to previous research collaborations of the university, including the memorandum of understanding between the UP College of Engineering and the Philippine National Police Research and Development Center signed in June 2023 involving studies to enhance ballistic defense materials and other mutual cooperation activities.
In May 2023, the AFP and UP Manila signed a five-year Memorandum of Agreement for the training of civilian and military dentists at the UP College of Dentistry. The history department of UP Diliman, on the other hand, copublished books on Philippine military history with the Philippine Veterans Affairs Office, an attached agency of the Department of National Defense.
NATIONAL Defense Secretary Gilberto GEC Teodoro
EN.
SEN. Nancy Binay
Marina top official admits ‘vulnerability’
By Jonathan L. Mayuga @jonlmayuga
THE Maritime Industry Authority (Marina) is digitalizing maritime records that include the registration and ownership of ships operating in the country to boost its monitoring capacity and check their ownership and operation status.
Marina Administrator Sonia B. Malaluan said the digitalization of ship registry began in July 2024 although the budget for the project was approved in 2022. Speaking during the Senate
Committees on Environment and Natural Resources and on Climate Change hearing on the Bataan oil spill on Wednesday, Malaluan said if there is a change of ownership, the change of name of the ship happens.
The Bataan oil spill inquiry stemmed from the sinking of the tanker MT Terra Nova off Lamao Point in Limay on July 25, MTKR Jayson Bradley in the shallow waters of Mariveles on July 27, and the running aground of MV Mirola 1, also in the waters off Mariveles on July 31.
Of the three ships, MT Terra Nova posed the biggest threat as oil started to leak from its hold that contained some 1.4 million liters of industrial fuel oil. While the Philippine Coast Guard claims to have plugged 24 holes to prevent the oil from leaking out, the threat of an oil spill remains until the oil cargo is finally suctioned out safely.
Malaluan was responding to an inquiry made by Senator Francis Tolentino who raised the issue of the change of name or identity of MTKR Jason Bradley , that the lawmaker said was
previously named Dorothy I Tolentino said that apparently, some ships are changing names in an attempt to avoid previous legal obligations or responsibility.
“Based on our reviews, we have different records for Jason Bradley,” Malaluan said.
However, she said that Jason Bradley and Dorothy I are two different ships.
Both have certificates of ownership and certificates of registry.
She said certificates of ownership and certificates of registry allow vessels or the legal owners to operate, as well as the privilege to fly the Philippine flag.
However, she said that Jason Bradley and MV Mirola 1 both have no other documents to show, including safety documents. Later, she said she received a report from Marina’s Region 5 Station that would require a deeper investigation.
“We have a long list of safety documents. Only certificate of ownership and registry were issued by Marina for Jason Bradly Mirola and Terra Nova ,” she said.
MT Terra Nova , said it has a complete set of documents issued by Marina, but the cause of its sinking will take about 6 months to complete.
Tolentino, who appeared to be dismayed, questioned why it took the MARINA more than two years to start the digitalization which means the country is vulnerable to ships sailing without proper documents, noting that the digitalization aims to enhance the capacity of Marina to monitor maritime vessels operating in the Philippines.
“If someone tries to register a Chinese vessel, will you register it?” Tolentino asked.
“We need to address legal gaps in this seemingly under the table, behind the scenes in a change of
ownership,” says Tolentino. Tolentino then turned to question the requirement for Security and Exchange Commission (SEC) registration of maritime vessel operators. He was told that registration is done manually and that there’s no tool to monitor them.
Malaluan said that the complete digitalization of the 12 Regional Offices of Marina is needed. After registration, she said there will be a means to monitor the ships and if they are operating.
“We can share it with the Coast Guard. We are still building up the database. We don’t have no means to check,” she admitted.
Explaining why it took Marina two years to start the digitalization she said: “It is a big system” eventually admitting during questioning that MARINA is vulnerable “in a way because it can’t monitor [the ships].
BCDA, Dutch company partner to make New Clark City green
THE Bases Conversion and Development Authority (BCDA), in partnership with a Danish company known for green innovations, recently rolled out the green map for New Clark City’s sustainability.
In a joint forum-workshop held recently in New Clark City, the BCDA and Danfoss Inc. discussed energy efficiency and decarbonization strategies crucial to BCDA’s commitment to develop New Clark City as a smart and green urban space. The event was supported by the Royal Danish Embassy. Dutch Ambassador to Manila Franz-Michael Mellbin, who led the dignitaries present during the event, said his government will help BCDA to “optimize New Clark City for energy efficiency” by sharing the Netherland’s expertise in green solutions and innovations.
BCDA Chairman Delfin N. Lorenzana and BCDA President and Chief Executive Officer Joshua M. Bingcang were present along with
Danfoss Asia Pacific Regional President Jan Schoemaker, Danfoss South East Asia-South Head Manuel Ong, and Danfoss Philippines Inc. General Manager Allan Almendrala.
Danfoss Inc. is a company committed to meeting global climate and energy goals. It offers the best-in-class technology and
solutions to drive the green transition through energy efficiency, machine productivity, lower emissions, and electrification.
Lorenzana said sustainability programs and initiatives are built into the development and investment plans of New Clark City. These initiatives include the development of renewable energy, use of low-carbon district cooling technologies, smart governance of mass transportation, and establishment of a solid waste-toenergy system and facilities.
For his part, Bingcang presented
the overall sustainability framework for Clark designed to meet the requirements of a smart, green, and people-centric city. Heenumerated the agency’s flagship projects and green initiatives that include development and expansion of industrial spaces, greenbelts and river park, ecotourism and hospitality facilities, universities, the expansion of the Clark International Airport, the Subic-Clark-Manila-Batangas Railway System, Clark National Food Hub, and the New Clark City housing project, among others.”w
DUTCH
Maharlika Fund won’t get a budget under 2025 NEP
SOVEREIGN wealth fund
Maharlika Investment
Fund (MIF) will not receive any budget from the 2025 National Expenditure Priorities (NEP), according to Finance Secretary Ralph G. Recto.
“There is no subsidy in the 2025 National Expenditure Priorities (NEP) for Maharlika,” Recto said at the 2025 national budget Senate deliberations on Wednesday.
Maharlika Investment Corporation (MIC) President and Chief Executive Officer Rafael J. Consing Jr. told the BusinessMirror they have not requested any budget from the Department of Budget and Management (DBM) for its operations in 2025.
“We have our funds and will not require support from the national government,” Consing said.
This, after Senator Grace Poe asked Recto on the status of the MIF and if the MIC, the state-run company managing the MIF, will be allocated any budget in the NEP.
Earlier, the MIC sought a budget from the DBM and was given a P22.2-billion corporate operating budget to finance the first year of its operations in 2024.
The MIC is looking to make its first investment along the themes of energy security, specifically in transmission grids of small power utilities groups (Spugs), in the late
third or early fourth quarter of the year.
“Admittedly, it is taking time to identify investments that the Maharlika can make,” said Recto, who currently serves as chairman of the MIC Board.
Moreover, Recto said the company is still looking for employees and determining their pay packages.
Consing said earlier the process of hiring and interviewing possible candidates has started and expects the posts to be filled by at least 50 to 60 percent from September to October 2024.
Meanwhile, Recto said the MIC’s P75-billion initial seed money is invested in state coffers and utilizing the interest income it earns for its day-today operations, such as administrative fees and costs.
However, this is still P50 billion short as required by Republic Act No. 11954, the law institutionalizing the MIF.
State-run lenders Land Bank of the Philippines and the Development Bank of the Philippines have already remitted P50 billion and P25 billion, respectively, to get the MIF started.
The MIF was passed into law on July 18, 2023, as the country’s first sovereign wealth fund aimed at optimizing national funds by generating returns to support the Administration’s economic goals.
Reine Juvierre S. Alberto
PhilHealth ‘spared’ as NG borrowed for pandemic costs
By Reine Juvierre S. Alberto @reine_alberto
IT was the Duterte administration’s borrowings, to pay off huge expenses incurred during the pandemic, that swelled the national government’s borrowings, according to Finance Secretary Ralph G. Recto.
In the 2025 national budget Senate deliberations on Wednesday, Recto said the national government whic assumed the duties of raising the budget to finance the procurement of vaccines and allowances of frontline workers.
“National governent ang nagbayad [paid for it]. Inutang natin kaya nga yung debt-to-GDP [ratio] natin from 39.6 percent naging 60 percent kasi inako ng national government lahat [We loaned it that’s why our debt-toGDP ratio went up to 60 percent from 39.6 percent because the national government assumed the duties],” Recto said.
He made the explanation after Senators Grace Poe and Imee Marcos raised the question of why the Philippine Health Insurance Corporation (PhilHealth) did not spend its reserve funds to pay for the allowance of
healthcare workers during the pandemic.
To recall, the Department of Finance (DOF) issued DOF Circular 003-2024 earlier this year, authorizing PhilHealth to remit P89.9 billion to the Bureau of the Treasury (BTr) to utilize its reserve funds to finance the unprogrammed appropriations of the government.
The sweeping of the portion of PhilHealth’s reserve funds enabled the Department of Budget and Management (DBM) to release the P27.5-billion unpaid arrears for the 5.04 million claims of pandemic-era service allowances of frontliners.
This will also finance foreignassisted projects, usher in additional revenues for the government, create thousands of jobs and increase economic growth by 0.7 percent.
Recto said PhilHealth’s reserve funds were untouched during the pandemic, as it was deemed not the health insurer’s obligation to pay for the emergency allowances of frontline workers and Covid-19 vaccines.
“We did not use resources from PhilHealth, which essentially, the reserve funds are really for an emergency like a pandemic. But it was the national government that spent for everything during that time,” Recto added.
Recto, a lawmaker before assuming the role of secretary of finance, recalled he previously raised the issue of utilizing PhilHealth’s funds when drafting the Bayanihan to Heal as One Act, so as not to increase the government’s borrowings during the pandemic.
“It was their decision to borrow the money,” he added.
UHC increased PhilHealth’s rates WHEN Poe asked why PhilHealth’s premium contributions had to be increased despite its ample reserve funds, Recto said the hike was in compliance with Republic Act (RA) 11223 or the Universal Healthcare (UHC) Law.
PhilHealth’s premium rates increased to 5 percent in 2024, the latest contribution hike under the UHC.
Recto traced the timing of this year’s hike to the delayed implementation during the pandemic. “It was during the pandemic as
well that PhilHealth had a lot of savings because it was the national government who spent for the pandemic.”
Recto said he prefers to improve PhilHealth’s benefit packages, which was already instructed by the president, to reduce Filipinos’ out-of-pocket expenses instead of PhilHealth’s rates. “So if there’s money there, why not just improve the benefit packages?”
Marcos pointed out that diminishing PhilHealth’s financial resources would not make them any stronger in the future but rather make them weaker.
Recto said the DOF does not see it that way, as PhilHealth will still be left with a war chest of P546 billion even if the P89.9 billion is taken away.
In 2019, PhilHealth had an income of P154 billion and expenses amounting to P149 billion. The remaining P4.6 billion in income went to its reserve funds.
During the pandemic, PhilHealth also earned P30 billion, P48 billion and P78 billion, in 2020, 2021 and 2022, respectively. By the end of 2024, the DOF projects PhilHealth will earn P61 billion.
“We can say that now we are actually allocating properly what should have been done with the funds of PhilHealth, to begin with,” Poe said, adding the reserve funds would have been a contingency fund for eventualities regarding health.
Risa to economic team: Get your act together
SEN. Risa Hontiveros on Wednesday appealed to the government’s economic team to be cohesive in its strategy, noting the current plans of the Department of Finance, Department of Budget and Management, and the National Economic and Development Authority appear “disjointed and disconnected.”
“At the first hearing of DBCC at the Senate, [DOF] Sec. Ralph [Recto] said they have four priorities. But [Neda] Sec. Arsi [Balisacan] also said they have six priorities, and [DBM] Sec. Menah
THE lack of government soil testing centers is hampering government efforts for high production farmlands, according to President Ferdinand Marcos Jr.
“We really lack soil analysis. We cannot tell the farmers how much fertilizer to use. We cannot give them any advice because we don’t know ourselves what the condition of the soil is,” the President said during Private Sector Advisory Council (PSAC) meeting in
n[Pangandaman] said there are eight priorities,” Hontiveros said.
“That’s a clear disconnect.
The DBCC, which is tasked with overseeing our economy and fiscal policy, must function as a cohesive unit, and not a set of departments planning on their own,” she said.
She continued, “Sa lahat nang ito, nasaan ba ang Pangulo [In all these, where is the President]? The economic team must be taking the lead from him.”
The economic managers must also advise the President even dur-
Malacañang on Wednesday.
He made the remark after the Department of Agriculture (DA) recommended conducting soil mapping and agricultural liming in Luzon as part of its efforts to expand sugar production.
The Philippines continues to import sugar since local production is unable to meet market demand.
Last June, the DA announced it is planning to import 200,000 metric tons (MT) of refined sugar
ing the budget authorization process, she said, so they can ensure that appropriations go to where they should go.
Hontiveros also said it is important for the government’s economic team to be more aligned in their strategic priorities for the country’s economy as this will serve as a guide for lawmakers during the budget process.
“When it comes to the budget, we shouldn’t be running in different directions. We don’t want to be pulled from all sides,” Hontiveros said. “Our economic
by this September to address the supply gap until the next harvest and refining cycle.
This, despite the Sugar Regulatory Administration (SRA) reporting the country’s total refined sugar stocks in June rose to 492,985.7 MT compared to the 432,215.05 MT in the same period last year.
Marcos said he wants at least one soil testing laboratory to be established in each region.
In response, DA said it is targeting to establish 12 soil testing
team must tighten its strategies, define the concrete results of these strategies, and use every precious peso to achieve these results.”
She said, “They also need to advise the President when the budget has already gone adrift and unmoored from the Philippine Development Plan that his Cabinet formulated.”
Absorptive capacity
MEANWHILE, Sen. Sherwin Gatchalian, at the same hearing, pointed to the government’s
laboratories next year.
During the recent PSAC meeting, the President also said he supports the “Bayani ng Pilipinas” initiative of the council to urge the youth to pursue farming as a profession.
He also ordered the Cooperatives Development Authority (CDA) to coordinate with agriculture cooperatives and the Local Government Units (LGUs) to strengthen development and training of farmers. Samuel P. Medenilla
Drug test: Not required, but could boost trust in poll bets
By Samuel P. Medenilla @joveemarie
absorptive capacity and its ability to spend its budget to render basic services to Filipinos and contribute for the nationwide growth and development.
According to Gatchalian, in 2023, the government’s unutilized appropriation is about P1.7trillion or 20 percent of the total appropriations.
“I know there’s a drive to come up with tax measures, improved tax administration, improved tax collection, and there is also a move to rationalize our tax regime. But even though we rationalize and
increase our expenditure in tax collection, government cannot spend it, that’s the bottom line. So there’s a big problem in terms of absorptive capacity and that is a major problem that we are seeing,” Gatchalian said during Wednesday’s hearing of the Committee on Finance.
“Are we doing anything to improve our spending capacity? This is a classic case of absorptive capacity and it›s a good problem that we have money but it›s a bad problem that we can’t spend it,” he added. Butch Fernandez.
PCSO to shoulder doctors’ fees of hospitalized patients
By Jovee Marie N. Dela Cruz @joveemarie
SPEAKER Ferdinand Martin Romualdez announced on Wednesday that the Philippine Charity Sweepstakes Office (PCSO) agreed to shoulder the doctors’ fee of hospitalized patients.
This developed following a meeting of Romualdez with PSCO General Manager Melquiades Robles and Philippine Medical Association (PMA) President Dr. Hector Santos Jr., facilitated by Deputy Majority Leader for Communications and ACT-CIS Partylist Rep. Erwin Tulfo.
Robles told Romualdez that by the end of October this year, the modalities for the implementation of the coverage of professional fees by the PCSO could be implemented.
“All medical practitioners will (then) be covered by the government under the auspices of the
PCSO so that health care will be totally free,” Romualdez said.
“We will also continue to look at other ways and means to make health care more accessible and universally acceptable and free to all the Filipino people,” Romualdez said.
Earlier, Robles noted that various forms of medical assistance are already available to indigent Filipino patients, including from agencies like PhilHealth and the Department of Social Welfare and Development (DSWD), or programs like that for Financially Incapacitated Patients (MAIFIP).
Despite these, Robles noted that most of the time indigent patients still have to shoulder the professional fees of their doctors.
He said the expected change in the PCSO rules would address this problem and soon allow Filipinos to enjoy free health care.
SW/App/Cloud
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COPENHAGEN OFFSHORE PARTNERS CORP.
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CY TECHLABS INC. Unit 1503, 1504, 1902 & 1903 One
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113. ZHANG, QIAN Chief Marketing Officer
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114. WANG, ZIJIN Consultant
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Thai court removes Prime Minister Srettha over ethical violation amid political turmoil
By Jintamas Saksornchai The Associated Press
BANGKOK—A court in Thailand on Wednesday removed Prime Minister Srettha Thavisin from office over an ethical violation, further shaking up Thai politics after the court-ordered dissolution of the main opposition party a week ago.
The case for which the Constitutional Court judged Srettha involved his appointment of a Cabinet member who had been imprisoned over an alleged attempt to bribe a court official.
The court voted 5:4 against Srettha and the ruling removed him from office immediately.
The Cabinet will remain in place on a caretaker basis until Parliament approves a new prime minister. There is no time limit for Parliament to fill the position.
Srettha had appointed Pichit Chuenban as a minister of the Prime Minister’s Office in a Cabinet reshuffle in April. Pichit was jailed for six months in 2008 on contempt of court charges after he allegedly tried to bribe a judge
with 2 million baht ($55,000) in cash in a grocery bag over a case involving former Prime Minister Thaksin Shinawatra.
Pichit resigned from the post weeks after being appointed when controversy over the incident was revived.
The court said that although Pichit has already served his jail term, his behavior—as ruled by the Supreme Court—was dishonest.
Srettha as prime minister has sole responsibility for vetting the qualifications of his Cabinet nominations, the court ruled. It said he knew about Pichit’s past but still nominated him, and therefore they ruled that he violated the ethics codes.
The petition against Srettha
was initiated by former members of the military-installed Senate who had refused to approve Move Forward’s prime ministerial candidate when the party was attempting to form a government after its election victory.
The petition against Srettha was seen as a move favoring a pro-military political party in his coalition government.
Thailand’s courts, especially the Constitutional Court, are considered a bulwark of the country’s royalist establishment, which has used them and nominally independent state agencies such as the Election Commission to issue rulings to cripple or sink political opponents.
Srettha became prime minister in August last year, despite his Pheu Thai party finishing second in the general election. After Move Forward was denied power by the Senate whose term ended in May, Pheu Thai—then the biggest partner of Move Forward—excluded it from the coalition and joined hands with parties affiliated with the previous military-controlled government to gather enough support from other parties and the Senate to approve a new prime minister.
The Constitutional Court last week ordered the dissolution of the progressive Move Forward Party—
Japan’s Kishida announces he will not run in September, paving way for new leader
By Mari Yamaguchi
TThe Associated Press
OKYO—Japanese Prime Minister Fumio Kishida, in a surprise move Wednesday, announced he will not run in the upcoming party leadership vote in September, paving the way for Japan to have a new prime minister.
Kishida was elected president of his governing Liberal Democratic Party in 2021 and his threeyear term expires in September. Whoever wins the party vote will succeed him as prime minister because the LDP controls both houses of parliament. A new face is a chance for the party to show that it’s changing for the better, and Kishida said he will support the new leader.
“We need to clearly show an LDP reborn,” Kishida told a news conference Wednesday. “In order to show a changing LDP, the
most obvious first step is for me to bow out.”
“I will not run for the upcoming party leadership election,” he said. Stung by his party’s corruption scandals, Kishida has suffered dwindling support ratings that have dipped below 20 percent. In order to achieve policies to tackle difficult situations in and outside Japan, regaining public trust in politics is crucial, Kishida said. He called on aspiring party lawmakers to raise their hands to run for leadership and have active policy debate during the campaign.
“Once a new leader is decided, I hope to see everyone unite and form a dream team to achieve politics that can gain public understanding,” he said.
Kishida said he has been mulling over his possible resignation for some time but waited until he could put his key policies on track, including energy policy that calls
for a return to nuclear power, a drastic military buildup to deal with security threats in the region, and improving ties with South Korea, as well as political reforms.
Speculation on potential candidates has landed on a number of senior LDP lawmakers, including party Secretary-General Toshimitsu Motegi, Digital Minister Taro Kono, Economic Security Minister Sanae Takaichi and Foreign Minister Yoko Kamikawa.
A winner will replace Kishida as party president, and will be endorsed as the new prime minister in a parliamentary vote soon after. LDP executives are expected to decide next week on the date for the party election.
Since the corruption scandal broke, Kishida has removed a number of Cabinet ministers and others from party executive posts, dissolved party factions that were criticized as the source of moneyfor-favor politics, and tightened
political funds control law. Ten people—lawmakers and their aides—were indicted in January.
Despite Kishida’s efforts, support for his government dwindled.
Local election losses earlier in the year eroded his clout, and LDP lawmakers have voiced the need for a fresh face ahead of the next general election. Major losses in the Tokyo metropolitan assembly by elections in July also added to the push.
The scandal centers on unreported political funds raised through tickets sold for party events. It involved more than 80 LDP lawmakers, mostly belonging to a major party faction previously led by assassinated former Prime Minister Shinzo Abe. The assassination surfaced a scandal over the LDP’s decades-old, deep-rooted ties with the Unification Church, for which Kishida has also faced criticism.
Students who ousted Hasina are helping lead Bangladesh, from the streets to the ministries
By Krutika Pathi & Shonal Ganguly
The Associated Press
DHAKA, Bangladesh—
Within a week of unseat-
ing Bangladesh’s longestserving prime minister, the students who drove out Sheikh Hasina were directing Dhaka’s traffic.
Decked out in neon vests, their university IDs slung around their necks, they clutch sticks and umbrellas to wave cars this way and that, filling the void after police went on strike. They stopped
drivers, checking their licenses and telling them off for not wearing their seatbelts. Some opened trunks of cars they deemed could belong to officials from the previous government, looking for smuggled riches.
Students have not only manned roads, two who led the charge against Hasina are settling into the interim government they ushered in just a few days after she resigned and fled to India in a military helicopter. Before Hasina was toppled by the student movement with aston-
ishing speed, she was seen as one of the country’s most unshakeable leaders. In total, she governed for more than 20 years, most recently winning four straight terms as her rule became ever more autocratic.
The question now is what comes next in a country still reeling from the violence surrounding her removal that left hundreds dead. The students hope they can restore peace and democracy and create a “new Bangladesh,” said Asif Mahmud, one of the protest leaders now in charge of the Sports and Youth Ministry.
which won the most
in the 2023 election but failed to take power—over an accusation that the party violated the constitution
“We’ve got a big responsibility,” he said. “We never thought, never had an ambition, that we would take such a responsibility at this age.”
“There is pressure, but confidence is also there,” said 26-yearold Mahmud.
The student-led protests began with a demand to abolish a quota system for government jobs they said favored Hasina’s allies but coalesced into a full-scale revolt against her and her Awami League Continued on A
THAI Prime Minister Srettha Thavisin arrives at Ploenchit market in Bangkok, Thailand on Wednesday, August 14, 2024. AP/SAKCHAI LALIT
seats
by proposing an amendment to a law against defaming the country’s royal family. The party has already regrouped as the People’s Party.
US boosts Israel’s military capability with $20 billion weapons sales amid threat of wider Middle East war
By Tara Copp
The Associated Press
WASHINGTON—The US has approved $20 billion in arms sales to Israel, including scores of fighter
jets and advanced air-to-air missiles, the State Department announced Tuesday. Congress was notified of the impending sale, which includes more than 50 F-15 fighter jets, Advanced Medium Range Airto-Air Missiles, or AMRAAMs, 120 mm
tank ammunition and high explosive mortars and tactical vehicles and comes at a time of intense concern that Israel may become involved in a wider Middle East war.
However, the weapons are not expected to get to Israel anytime soon, they are contracts that will take years to fulfill. Much of what is being sold is to help Israel increase its military capability in the long term, the earliest systems being delivered under the contract aren’t expected until the 2026 timeframe.
“The United States is committed to the security of Israel, and it is vital to US national interests to assist Israel to develop and maintain a strong and ready self-defense capability. This proposed sale is consistent with those objectives,” the State Department said in a release on the sale.
The Biden administration has had to balance its continued support for Israel with a growing number of calls from lawmakers and the US public to curb military support there due to the high number of
civilian deaths in Gaza. It has curbed one delivery of 2,000-pound weapons amid continued airstrikes by Israel in densely populated civilian areas in Gaza.
The contracts will cover not only the sale of new 50 aircraft to be produced by Boeing. It will also include upgrade kits for Israel to modify its existing fleet of two-dozen F-15 fighter jets with new engines and radars, among other upgrades. The jets comprise the biggest portion of the $20 billion in sales with the first deliveries expected in 2029.
Cracks in Netanyahu’s coalition MEANWHILE, cracks are widening in a public tiff between Israeli Prime Minister Benjamin Netanyahu and his moderate defense minister, the latest spat showing growing discontent with Netanyahu’s handling of the war at a sensitive time.
Israel is bracing for potential Iranian retaliation after a blast in Tehran killed Hamas’ leader—an attack blamed on Israel. And a new round of cease-fire negotiations between Israel and Hamas is set to begin later this week.
On Monday, the Israeli media reported that Defense Minister Yoav Gallant condemned Netanyahu’s “nonsense about ‘total victory’” a phrase the prime minister has frequently repeated during the 10-month-old war in Gaza.
The war, which began with a Hamasled Oct. 7 attack on Israel that killed 1,200 people and left about 250 hostage in Gaza, has killed more than 39,000 Palestinians. Netanyahu has frequently been criticized, including by members of his own government, for lacking clear strategic aims, a post-war plan for Gaza, or even a specific definition of what “total victory” would look like.
Gallant’s comments were apparently made during a closed-door hearing before an Israeli parliamentary committee and leaked to the media.
Netanyahu struck back, saying Gallant should have criticized Hamas leader Yahya Sinwar instead.
“When Gallant adopts the anti-Israel narrative, he harms the chances of reaching a hostage release deal,” the Prime Minister’s Office said in a statement. Gallant attempted to ease tensions by responding that his priority was to “protect the citizens of Israel and to harm our enemies.”
Gallant, who is a member of Netanyahu’s Likud party, raised the prime minister’s ire last year by publicly opposing his controversial push for changes to Israel’s judiciary. When Netanyahu attempted to fire Gallant, mass protests erupted, with hundreds of thousands of Israelis taking to the streets in the middle of the night.
An Israeli official who spoke on the condition of anonymity because they were not authorized to speak with the media said that Netanyahu is not considering firing Gallant at the current time.
Gallant is one of the few moderate voices left in Netanyahu’s government following the departure of centrist Benny Gantz, who left the unity coalition earlier this year.
Russia claims it thwarted Ukrainian charge to expand Kursk region incursion; Kyiv says it won’t occupy land
By Illia Novikov & Barry Hatton The Associated Press
KYIV, Ukraine—Russia said Tuesday that its forces checked an effort by Ukrainian troops to expand a stunning weeklong incursion into the Kursk region, as a Ukrainian Foreign Ministry spokesperson said Kyiv has no intention of occupying Russian territory.
Russian army units, including fresh reserves, aircraft, drone teams and artillery forces, stopped Ukrainian armored mobile groups from moving deeper into Russia near the Kursk settlements of Obshchy Kolodez, Snagost, Kauchuk and Alexeyevsky, a Russian Defense Ministry statement said.
Meanwhile, Ukrainian Foreign Ministry spokesperson Heorhii Tykhyi said the cross-border operation was aimed at protecting Ukrainian land from long-range strikes launched from Kursk.
“Ukraine is not interested in taking the territory of the Kursk region, but we want to protect the lives of our people,” Tykhyi was quoted as saying by local media.
He said Russia had launched more than 2,000 strikes from the Kursk region in recent months using anti-aircraft missiles, artillery, mortars, drones, 255 glide bombs and more than 100 missiles.
“The purpose of this operation is to preserve the lives of our children, to protect the territory of Ukraine from Russian strikes,” he said.
The commander of the Ukrainian military, Oleksandr Syrskyi, said in a video posted Tuesday to President Volodymyr Zelenskyy’s Telegram channel that Ukraine now controls 74 settlements in the Kursk region.
Ukrainian troops have continued to advance, gaining control over 40 square kilometers (15 square miles) of territory in the past 24 hours, Syrskyi said.
“Fights are ongoing along the entire front line. The situation, despite the high intensity of combat, is under control,” he added.
Ukraine’s Western partners have said the country has the right to defend itself, including by attacking across the border. Polish Prime Minister Donald Tusk said Tuesday that he backed the Ukrainian operation, though he said Kyiv officials did not consult him about
it beforehand.
Russian military actions in Ukraine bear “the hallmarks of genocide, inhumane crimes, and Ukraine has every right to wage war in such a way as to paralyze Russia in its aggressive intentions as effectively as possible,” Tusk said.
Kremlin forces intensified their attacks in eastern Ukraine. Ukraine’s General Staff said Tuesday that over the previous 24 hours, Russian troops launched 52 assaults in the area of Pokrovsk, a town in Ukraine’s Donetsk region that is close to the front line. That’s roughly double the number of daily attacks there a week ago.
Ukraine’s shorthanded army has struggled to hold back the bigger, better-equipped Russian forces in Donetsk.
The Ukrainian military claims that its charge onto Russian soil that began Aug. 6 has already encompassed about 1,000 square kilometers (386 square miles) of Russian territory. The goals of the swift advance into the Kursk region have been a closely guarded military secret.
Analysts say a catalyst may also have been Ukraine’s desire to ease pressure on its front line by attempting to draw the Kremlin’s forces into defending Kursk and other border areas. If so, the increased pressure around Pokrovsk suggests Moscow did not take the bait.
Ukraine’s ambitious operation—the largest attack on Russia since World War II—has rattled the Kremlin.
It compelled Russian President Vladimir Putin to convene a meeting Monday with his top defense officials.
Apparently, Ukraine assembled thousands of troops—some Western analysts estimate up to 12,000—on the border in recent weeks without Russia noticing or acting.
About 121,000 people have been evacuated from Kursk or have fled the areas affected by fighting on their own, Russian officials say. The Institute for the Study of War, a Washington-based think tank, said it has seen geolocated footage indicating that Ukrainian forces advanced as much as 24 kilometers (15 miles) from the border.
The Russian Defense Ministry appeared to support
that claim when it said Tuesday it had also blocked an attack by the units of Ukraine’s 82nd Air Assault Brigade toward Maryinka, which is about that distance from Ukraine.
Russian state television on Tuesday showed residents from evacuated areas lining up in buildings and on the street to receive food and water. Volunteers were pictured distributing bags of aid, while officials from the country’s Ministry of Emergency Situations helped people, including children and older people, off buses.
“There is no light, no connection, no water. There is nothing. It’s as if everyone has flown to another planet, and you are left alone. And the birds stopped singing,” an older man called Mikhail told Russian state television. “Helicopters and planes fly over the yard and shells were flying. What could we do? We left everything behind.”
A motive behind Ukraine’s bold dive into Russia was to stir up unrest, according to Putin, but he said that effort would fail.
The successful border breach also was surprising because Ukraine has been short of people at the front as it waits for new brigades to complete training.
Dara Massicot, an analyst at the Carnegie Endowment, said the Ukrainian breakthrough was a smart move because it exploited gaps between various Russian commands in Kursk: border guards, Ministry of Defense forces and Chechen units that have been fighting on Russia’s side in the war. Russian command and control is fractured in Kursk, Massicot said on X late Monday.
The Ukrainian Army’s General Staff announced Tuesday that it was establishing a 20-kilometer (12-mile) restricted-access zone along Russian-Ukrainian border in the northeastern Sumy region, which borders Kursk. The measures were introduced because of the increasing intensity of combat in the area and the rising presence of Russian reconnaissance and sabotage units there, a statement said.
Hatton reported from Lisbon, Portugal. Associated Press writers Emma Burrows and Jim Heintz contributed to this report from Tallinn, Estonia.
ISRAELI Prime Minister Benjamin Netanyahu speaks to a joint meeting of Congress at the Capitol in Washington on July 24, 2024. AP/JULIA NIKHINSON
www.businessmirror.com.ph
Americans give Harris advantage over Trump on honesty and discipline, AP-NORC poll finds
By Linley Sanders & Jonathan J. Cooper The Associated Press
ASHINGTON—Vice President Kamala
WHarris has a perceived advantage over former President Donald Trump on several leadership qualities such as honesty, a new poll from The Associated Press-NORC Center for Public Affairs Research finds, although Americans are slightly more likely to trust Trump on the economy and immigration.
Nearly half of Americans say that “committed to democracy” and “disciplined” are attributes that better describe Harris. About 3 in 10 say these qualities better describe Trump.
About 4 in 10 say Harris is someone who “cares about people like you” while about 3 in 10 say that about Trump. About 4 in 10 say “honest” better describes Harris and 24 percentsay that quality better describes Trump.
Both parties are racing to define Harris as she prepares to accept the Democratic nomination at the party’s convention next week. The poll suggests she carries some of the same baggage that weighed down President Joe Biden before he ended his reelection bid but has advantages over Trump when they’re compared to each other. And Democrats continue to be much happier about her candidacy than they were about Biden’s.
Trump has spent the campaign championing himself as a strong leader who is capable of handling tough crises facing the country and suggesting that foreign leaders wouldn’t respect Harris in the White House. But he doesn’t have an advantage with Americans on that characteristic, according to the survey. Four in 10 US adults see Trump as a strong leader, and roughly the same share say that about Harris. About 4 in 10 say Trump is capable of handling a crisis, and a similar share say Harris is better positioned to do so.
Americans are about evenly divided between who they think is more capable of winning in November—Trump or Harris. In July, before Biden dropped out of the race, only about 2 in 10 Americans thought he was more capable of winning, while about twice as many thought that about Trump.
“Trump had a better chance when Joe Biden was running,” said Lisa Miller, a 42-year-old student in Elko, Nevada, and a Republican. “I think a lot of people who were insecure about Joe Biden are more secure with Kamala Harris’ age and cognitive abilities.”
Trump has advantages on economy and immigration
AMERICANS are more lik ely to trust Trump over Harris when it comes to handling the economy or immigration, but the difference is slight—45
UN expert panel sent to Venezuela blasts lack of transparency in presidential polls
By Joshua Goodman The Associated Press
MIAMI—A Panel Of Experts From The United Nations Said Venezuela’s Recent Presidential Elections Lacked “Basic Transparency And Integrity,” Adding An Important Voice To Those Who Have Cast Doubt On President Nicolás Maduro’s Claim He Won The Contest.
A Four-Member Team Sent By U.n.
Secretary General António Guterres Was In Caracas For Over A Month In The Run Up To The July 28 Election, One Of The Few Independent Outside Observers Invited By Maduro’s Government.
While The U.n. Group Praised The Logistic Organization Of The Voting, It Harshly Criticized The National Electoral Council, Or Cne, For Flouting Local Rules And Announcing Maduro The Winner Without Tabulated Results From Each Of The 30,000 Polling Booths Nationwide, Something It Said “Had No Precedent In Contemporary Democratic Elections.”
“This Had A Negative Impact On Confidence In The Outcome Announced By The Cne Among A Large Part Of The Venezuelan Electorate,” The U.n. Experts Said In A Statement Late Tuesday. The U.n. Statement Follows Criticism By Another Invited Observer, The Atlanta-Based Carter Center, Which Said It Could Not Verify The Cne’s Results. Venezuela’s Foreign Minister Has Blasted The Carter Center, Accusing It Of Lying And Servings As A Tool Of Us “Imperialism.”
While The U.n. Team Stopped Short Of Validating Claims By The Opposition That Its Candidate, Former Diplomat Edmundo González, Trounced Maduro By A More Than 2-To-1 Margin, It Said That The Voting Records The Anti-Maduro Coalition Published Online Appeared To Exhibit All Of The Original Security Features.
“This Suggests A Key Transparency Safeguard May Be Available, As Intended, With Respect To Any Officially Released Results,” The Experts Added, Noting That Electoral Authorities Failed To Meet With The Group Prior To The Mission’s Departure From Venezuela Five Days After Voting.
Since The Election, Security Forces Have Arrested More Than 2,000 People For Demonstrating Against Maduro Or
Students who ousted Hasina are helping lead Bangladesh, from the streets to the ministries
government. Clashes with security forces, and the deaths that resulted, fueled wider outrage against Hasina’s rule, and the students have ridden a wave of popular support.
But concerns are also simmering over their lack of political experience, the extent of their ambitions and crucially, how long it will take the interim government to organize elections. Already, the student ministers along with the protesters have said that before any vote is held, they want to reform the country’s institutions—which they say have been degraded by both the Awami League and its rival, the dynastic Bangladesh Nationalist Party.
Experts warn, however, that the interim government is unelected and as such it has no mandate to implement major changes.
The government, headed by Nobel Laureate Muhammad Yunus who was chosen by the students, “must keep in mind that their main responsibility is to hold an election,” said Zillur Rahman, executive director of the Center for Governance Studies, a Dhaka-based think tank. “They shouldn’t take any policy decisions.”
Yunus, an economist and longtime Hasina critic, is known globally for his pioneering use of microcredit to help the poorest of the poor—but also has never run a government. He’s made clear that students will play a critical role in a manner never seen before: “Every ministry should have a student,” he said.
Controlling traffic for a few days is one thing but potentially appointing students into ministries
could make them “power hungry” at an especially sensitive time, said Rahman.
Nahid Islam, the other student-turned-minister, acknowledged that they have no governance experience but said the grit and determination they showed in pushing out Hasina was proof that they can get things done.
“We think the students who have succeeded in leading an uprising … and the citizens are capable enough to build the nation,” said Islam, who was born in 1998 and now runs the Ministry of Information and Technology.
In the wake of Hasina’s ousting, students have mounted protests and issued ultimatums against authorities seen as close to her, demanding they quit. Six Supreme Court justices, including the chief justice, and the central bank governor all resigned in the past days.
“A modern government cannot be run on such a pattern,” said Mahfuz Anam, the editor-in-chief of The Daily Star newspaper, while adding that there have been some steps towards a stable transition process.
Many of the students who spent the past weeks protesting agree. They want the interim government to be neutral—but insist it must also be untethered to the mainstream political parties their generation has little connection to.
Alvi Mahmud, an 18-year-old student, said that if the interim government does a good job, then “people will not want BNP or Awami League or any traditional, old parties. They will want change. They will want a new way of living.”
The burning question is when new elections
Casting Doubt On His Claims That He Won A Third Term.
Separately On Tuesday, The U.n.’S Top Human Rights Official Expressed Concern Over The Arbitrary Detentions And “Disproportionate Use Of Force” In Venezuela As Part Of The Crackdown.
“It Is Especially Troubling That So Many People Are Being Detained, Accused Or Charged Either With Incitement To Hatred Or Under Counterterrorism Legislation,” U.n. High Commissioner For Human Rights Volker Türk Said In A Statement. “Criminal Law Must Never Be Used To Limit Unduly The Rights To Freedom Of Expression, Peaceful Assembly And Association.”
Türk’s Comments Come As Venezuela’s Opposition Gears Up For A Demonstration Saturday That It Hopes Will Increase Pressure On Maduro To Recognize Defeat And Negotiate A Political Transition.
“If Maduro Makes A Realistic Evaluation Of His Options, He’ll Understand That Digging In Is Not Sustainable,” Opposition Leader María Corina Machado Told Journalists Tuesday. Machado, Who Anointed Previously Unknown Retired Diplomat Edmundo González As Her Stand-In Once She Was Banned From Running In The Presidential Campaign, Spoke To Journalists At A Virtual Press Conference From An Undisclosed Location Due To Safety Concerns. In Her Comments, She Tried To Temper Expectations For A Quick Resolution Of The Political Crisis.
“Nobody Knows How Long It Will Take, But Without A Doubt There Are Painful Days That Await Us,” Machado Said.
The U.n. Human Rights Office Said That In Most Of The Cases It Has Documented, Detainees Haven’t Been Allowed To Appoint Lawyers Of Their Choice Or Have Contact With Their Families. “Some Of These Cases Would Amount To Enforced Disappearances,” It Said.
Türk Called For “The Immediate Release Of Everyone Who Has Been Arbitrarily Detained, And For Fair Trial Guarantees For All Detainees.” He Added That “The Disproportionate Use Of Force By Law Enforcement Officials And The Attacks On Demonstrators By Armed Individuals Supporting The Government, Some Resulting In Deaths, Must Not Be Repeated.”
can be held. Mirza Fakhrul Islam Alamgir, a senior BNP leader, told reporters on Monday that the party told Yunus that it would give the interim government reasonable time to create a conducive and democratic environment for the polls.
This could create “a sense of calm in the political environment,” said Anam. It could also give student leaders time to politically mobilize ahead of elections.
“We are not thinking of a political platform yet,” said Islam, the new minister. “But a young generation is ready to lead this country, that generation has been built.”
For now, the country and its students are trying to come to terms with the horror of the last few weeks. More than 300 people were killed and tens of thousands injured as security forces cracked down on the demonstrations.
Students are sweeping up the streets that only recently were a battleground stained by the blood of their friends. They’re cleaning up debris at homes and university campuses destroyed in the violence. And though some police have returned to the streets after a strike, many students have remained beside them to help direct traffic.
At an intersection in the heart of the city, a statue of Hasina’s father, Sheikh Mujibur Rahman— Bangladesh’s first leader after its independence in 1971—used to tower over the constant flow of traffic. Swept up in both anger and joy after Hasina fled, protesters brought it down.
A few days ago, the site of the statue was defaced with graffiti against her, “Hasina you smell of dead bodies” was scrawled on the walls. Now, students have covered those words with murals depicting unity and their fight for change.
“We salute those who fought for our victory,” someone wrote in red and green, the colors of the Bangladesh’s flag. “We are one,” read another.
Türk Also Noted There Have Been Reports Of Violence Against Public Officials And Public Buildings By Some Demonstrators And Said Violence Is Never The Answer. On Monday, International Criminal
Court Prosecutors Said They Are “Actively Monitoring” Events In Venezuela.
Ap Writer Astrid Suárez In Bogota, Colombia, Contributed To This Report
NEW YORK—US stocks rallied Tuesday to one of their best days of the year after the first of several highly anticipated reports on the economy this week came in better than expected.
The S&P 500 jumped 1.7 percent for its third-best day of 2024 after the US government reported inflation at the wholesale level slowed last month by more than economists expected. The Dow Jones Industrial Average rose 408 points, or 1 percent, and the Nasdaq composite clambered 2.3 percent higher.
High inflation has been the scourge of shoppers and financial markets for years. It finally looks to be slowing enough to get the Federal Reserve to ease up on high interest rates, which the Fed has been keeping at economycrunching levels in order to stifle inflation.
7.5 percent. Niccol has been its chief executive since 2018 and its chairman since 2020, and he helped its stock rise more than 240 percent for the five years through Monday. That towers over the S&P 500’s 96 percent return including dividends. Chipotle said its chief operating officer, Scott Boatwright, would be its interim CEO.
In stock markets abroad, indexes were modestly higher across much of Europe and Asia. Japan’s Nikkei 225 was an outlier and jumped 3.4 percent.
All is not clear, though. On Wednesday, the US government will deliver the latest monthly update on inflation that US consumers are feeling, which could be less encouraging. And on Thursday will come a report showing how much US shoppers are spending at retailers.
A growing worry on Wall Street is that the Fed may have kept interest rates too high for too long and undercut the US economy by making it so expensive to borrow money. The economy is still growing, and many economists
Treasury yields eased in the bond market following the inflation data, as traders remain convinced the Fed’s meeting next month will bring the first cut to interest rates since the Covid crash of 2020. The yield on the 10-year Treasury fell to 3.84 percent from 3.91 percent late Monday.
Americans give Harris advantage over Trump on honesty and discipline, AP-NORC poll finds
percent say Trump is better positioned to handle the economy, while 38 percentsay that about Harris. The difference is similar in handling immigration. Independents are about twice as likely to trust Trump over Harris on economic issues, and they give him the advantage on immigration as well.
Howard Barnes, a 36-year-old artist in San Francisco, is a Republican who says he trusts Trump over Harris on the border.
“She doesn’t really seem to be proactive about it or even interested in it,” Barnes said. Harris has more of an advantage over Trump when it comes to handling issues related to race and racial inequality, abortion policy, and health care. Roughly half of US adults say Harris would do a better job than Trump handling each of those issues, compared with about 3 in 10 for Trump. Harris is especially strong among Democrats, independents and women on the issue of abortion policy.
Democrats and independents give her the edge on health care, as well as on issues of race and racial inequality. About two-thirds of Black adults say Harris is the candidate they trust more on that issue, as well as about half of Hispanic adults and white adults.
Harris’ strengths also accentuate two areas where Republicans give Trump relatively low marks: abortion policy and issues related to race and racial inequality. Only about 6 in 10 Republicans trust Trump over Harris on these issues.
There are possible signs of trouble for Harris in the poll, though. Only about 6 in 10 Democrats trust her over Trump to do a better job handling the war in Gaza, her lowest rating within her party on the issues asked about. About
one-quarter of Democrats say they trust neither Trump nor Harris on this topic.
Democrats more excited about the election now
ABOUT two-thirds of Democrats say “excited” describes either extremely well or very well how they would feel if Harris were to be elected.
The enthusiasm represents a sharp reversal from when Biden was the Democrats’ candidate: an AP-NORC poll from March found that only 4 in 10 Democrats said “excited” would describe their feelings extremely or very well if he won another term. About 7 in 10 Democrats say “satisfied” would describe their emotions at least very well if Harris won. That’s also a shift from March, when half of Democrats said this about Biden.
“There’s definitely joy and there’s definitely hope, and I feel like that’s something that’s been missing,” said Meaghan Dunfee, a 33-year-old public-sector worker in Hamilton, New Jersey. “I don’t think we’ve had that in a long time on the Democratic side.”
About 2 in 10 independents say they would be either excited or satisfied by Harris being elected, an increase from their response to the Biden question in March. Roughly half of independents say excitement would describe their emotions at least “somewhat” well, up from about one-quarter in March. Similar shares of independents say they would be excited or satisfied about Trump being elected.
Cooper reported from Phoenix. The poll of 1,164 adults was conducted August 8-12, 2024, using a sample drawn from NORC’s probability-based AmeriSpeak Panel, which is designed to be representative of the US population. The margin of sampling error for all respondents is plus or minus 3.8 percentage points.
don’t expect a recession, but a sharp slowdown in US hiring last month raised questions about its strength.
Such questions weigh because even cuts to interest rates haven’t been enough for stocks to rise significantly in the ensuing 18 months if a recession hits, according to Chris Haverland, global equity strategist at Wells Fargo Investment Institute.
Home Depot on Tuesday delivered stronger profit for the spring quarter than analysts expected, but it also said high interest rates and uncertainty about the economy are keeping some customers from spending
on home improvement projects.
The retail giant lowered its fullyear forecasts for an important measure of sales and for profit, even though it topped expectations for the second quarter. Its stock rose 1.2 percent after flipping earlier between modest gains and losses.
Elsewhere on Wall Street, Starbucks soared 24.5 percent after it convinced Brian Niccol to leave his job as CEO of Chipotle Mexican Grill to take over the coffee chain. He will start as chairman and chief executive next month and will replace Laxman Narasimhan, who is stepping down immediately.
Chipotle, meanwhile, dropped
Japan’s market has been viciously volatile recently, including the worst drop for the Nikkei 225 since the Black Monday crash of 1987. It’s been swinging since a hike to interest rates by the Bank of Japan forced many hedge funds and other investors to abandon a popular trade all at once, where they had borrowed Japanese yen at cheap rates to invest elsewhere. The forced selling that followed the surge in the Japanese yen’s value reverberated around the world.
But a promise last week by a top Bank of Japan official not to raise rates further as long as markets are “unstable” has helped calm the market.
Another worry that’s made Wall Street so shaky the last month is concerns that investors went overboard in their mania around
artificial-intelligence technology and took the prices of Big Tech and AI-related stocks too high. Nvidia, the company whose chips are powering much of the move into AI, has been at the center of the action. After soaring more than 170 percent through the year’s first six and a half months, it plunged more than 20 percent over the ensuing three weeks. On Tuesday, Nvidia rose 6.5 percent and was the strongest force pushing upward on the S&P 500. All the other stocks in the small group known as the “Magnificent Seven” also climbed. They almost singlehandedly pushed the S&P 500 to dozens of all-time highs earlier this year, even as high interest rates weighed on much of the rest of the stock market.
Unlike much of the early part of this year, it wasn’t just the Magnificent Seven rising Tuesday. Wall Street’s rally was more widespread, and nearly 85 percent of the stocks in the S&P 500 rose. The smaller stocks in the Russell 2000 index also climbed 1.6 percent. All told, the S&P 500 rose 90.04 points to 5,434.43. The Dow added 408.63 to 39,765.64, and the Nasdaq composite gained 407.00 to 17,187.61.
AP Business Writer Yuri Kageyama contributed.
Russia’s seaborne crude exports slowly recover from 11-month low
By Julian Lee
RUSSIA’S oil exports are showing signs of recovery, albeit bringing little benefit to the nation’s exporters because of declining prices for the barrels.
The country’s four-week average flows had their second straight increase, recovering slowly from a slump that took them to an elevenmonth low in late July. The gross value of those shipments was little changed at $1.58 billion a week.
The four-week increase in exports comes after separate figures from the Energy Ministry in Moscow and Opec’s secondary sources showed that Russia pumped in excess of its Opec+ output target again in July, even though output was down from June. The ministry reported the over-production at 67,000 barrels a day, while the Opec report showed Russian output 111,000 barrels a day higher than promised last month.
Meanwhile, refinery runs in the first week of August averaged 5.49 million barrels a day, up by almost 61,000 barrels a day compared to the average in July. If the processing rate is sustained throughout August, it will mean domestic plants used the most crude use since December, the month before Ukraine intensified drone strikes on Russia’s refineries. An attack on July 22 caused a fire at Rosneft’s Tuapse refinery, but didn’t stop the plant from running.
Shipments of Urals crude from ports on Russia’s Baltic and Black Sea coasts fell to their lowest since December 2022 last month, while a record 39 tankers collected barrels from the Pacific port of Kozmino, cementing the position of the eastern outlet as Russia’s most important crude export terminal. Recently completed expansion of the Achinsk oil pumping station in east Siberia will allow Russia to divert another 5 million tons a year—equivalent to
about 100,000 barrels a day -- from West Siberian oil fields to Kozmino. Four-week average exports rose by 80,000 barrels a day to a fiveweek high of 3.19 million in the period to August 11, following a 130,000 barrel a day gain the previous week. They nevertheless remain about 500,000 barrels a day below their April high. Flows fell slightly on a weekly basis.
Russia continues to put some of its sanctioned tankers back to work. The Belgorod, which already shipped one cargo while under US sanctions, took on a second load at Novorossiysk in early August. Its sister ship, the Bratsk, moored at the port to load on Tuesday. Their earlier cargoes were transferred onto the supertanker Oxis in the Gulf of Oman and are now off the Chinese port of Dalian.
Crude shipments
A TOTAL of 30 tankers loaded 23.04 million barrels of Russian crude in the week to August 11, vessel-tracking data and portagent reports show. The volume was down slightly from 23.14 million barrels on 31 ships the previous week.
It means Russia’s seaborne daily crude flows in the week to August 11 edged lower by about 10,000 barrels to 3.29 million, bringing to an end a run of four straight weekly increases. Despite the drop, the less volatile four-week average rose for a second week, increasing by another 80,000 barrels a day to a five-week high of 3.19 million.
Crude shipments so far this year remain about 30,000 barrels a day below the average for the whole of 2023.
Russia terminated its export targets at the end of May, opting instead to restrict production, in line with its partners in the Opec+ oil producers’ group. The country’s output target is set at 8.978 million barrels a day until the end of September,
after which it is scheduled to rise at a rate of 39,000 barrels a day each month until September 2025, as long as market conditions allow.
Moscow has also pledged to make deeper output cuts in October and November this year, then between March and September of 2025, to compensate for pumping above its Opec+ quota earlier this year.
One cargo of Kazakhstan’s KEBCO crude was loaded at Novorossiysk and one at Ust-Luga during the week.
Flows by destination
Asia
OBSERVED shipments to Russia’s Asian customers, including those showing no final destination, rose to a five-week high of 2.95 million barrels a day in the four weeks to August 11. That’s still about 9 percent below the average level seen in April.
About 1.16 million barrels a day of crude was loaded onto tankers heading to China. The Asian nation’s seaborne imports are boosted by about 800,000 barrels a day of crude delivered from Russia by pipeline, either directly, or via Kazakhstan.
Flows on ships signaling destinations in India averaged 1.38 million barrels a day, down from 1.47 million for the period to August 4. Both the Chinese and Indian figures are likely to rise as the discharge ports become clear for vessels that are not currently showing final destinations.
The equivalent of about 400,000 barrels a day was on vessels signaling Port Said or Suez in Egypt. Those voyages typically end at ports in India or China and show up as “Unknown Asia” until a final destination becomes apparent.
Russia’s oil flows continue to be complicated by the Greek navy carrying out exercises in an area that’s become associated with the transfer
of Russian crude. These naval drills have now been extended to Sep. 15.
Europe and Turkey
RUSSIA’S seaborne crude exports to European countries have ceased, with flows to Bulgaria halted at the end of last year. Moscow also lost about 500,000 barrels a day of pipeline exports to Poland and Germany at the start of 2023, when those countries stopped purchases. Turkey is now the only short-haul market for shipments from Russia’s western ports, with flows in the 28 days to August 11 unchanged at about 240,000 barrels a day, their lowest since February.
Shipments to Turkey are down by about 37 percent from the average level seen between late February and the end of June.
Export value
THE gross value of Russia’s crude exports fell back to $1.56 billion in the seven days to August 11, from $1.61 billion in the period to August 4. The higher weekly flows were more than offset by a fifth straight weekly drop in prices for Russia’s major crude streams.
Export values at Baltic and Black Sea ports were down week-on-week by more than $1 a barrel, while key Pacific grade ESPO fell by about $3.50 a barrel. Delivered prices in India also dropped, down by about $1.40 a barrel, all according to numbers from Argus Media.
Four-week average income was little changed at about $1.58 billion a week. The four-week average peak of $2.17 billion a week was reached in the period to June 19, 2022.
During the first four weeks after the Group of Seven nations’ price cap on Russian crude exports came into effect in early December 2022, the value of seaborne flows fell to a low of $930 million a week, but soon recovered. With assistance from Sherry Su/Bloomberg
THE New York Stock Exchange is shown on Tuesday, August 13, 2024, in New York. AP/PETER MORGAN
Editor: Jennifer A. Ng
Dry spell slashes corn output by 20% in Q2
By Ada Pelonia @adapelonia
CORN production registered a double-digit contraction in the second quarter due to El Niño, which devastated local farms, according to the Philippine Maize Federation Inc. (PhilMaize)
Figures from the Philippine Statistics Authority (PSA) showed that corn production in April to June fell by 20.3 percent to 1.174 million metric tons (MMT), from last year’s 1.473 MMT.
production posting a 20.3-percent decline.
Despite this, Elvira said the development is not yet alarming. “We will have wait for the harvest because some farmers planted in July. Maybe in the third quarter we can see the picture and by then we will know the actual situation.”
He also said the country imports feed wheat as replacement for corn, noting that these are cheaper than the staple crop.
Impact on livestock
yellow corn used in animal feeds declined to 3.030 MMT from last year’s 3.258 MMT.
However, for the Philippine Chamber of Agriculture and Food Inc. (PCAFI) president Danilo Fausto, the decline in corn production could hike the cost of animal feeds and therefore affect chicken prices.
“Despite the growth and increase of chicken production, the price of chicken is high because of the increasing input cost,” Fausto told the BusinessMirror.
Manila markets reached P220 and P8 as of August 13, respectively. Meanwhile, pork ham and pork belly reached P320 and P380, respectively, according to the latest price monitoring report of the Department of Agriculture (DA).
in 75 days, faster than the 120 days for corn.
“Farmers earn good income from silage. Those who are planting corn no longer wait for it to grow and harvest silage which would lead to lower corn production,” he said.
“The corn production data should include silage since it’s not in the PSA’s data. If the input of chicken like corn grains are part of the feed, the input of ruminants which are silages should also be incorporated.”
“The adverse weather condition is the biggest factor behind the decline along with the delay in planting,” PhilMaize President Romualdo Elvira Jr. told the BusinessMirror on Tuesday, speaking partly in Filipino.
Figures from the Philippine Statistics Authority (PSA) showed that the country’s farm output contracted by 3.3 percent in the second quarter due to the weather phenomenon. Crop production, which amounted to P220.04 billion, declined annually by 8.6 percent, with the value of corn
‘Regional cooperation will ensure viability of fishing industry’
By Andrea E. San Juan @andreasanjuan
THE Philippines is banking on regional cooperation and collaboration among the 26 member countries of the Western and Central Pacific Fisheries Commission (WCPFC) to ensure the viability of the fishing industry, according to the Department of Agriculture (DA).
In her speech at the opening ceremony of the 20th Regular Session of the Scientific Committee of the Western and Central Pacific Fisheries Commission (WCPFC), Agriculture Undersecretary for Fisheries Drusila Esther E. Bayate said the outcomes of the session are of “particular significance” as the tuna industry is a major catalyst of economic growth and food security in the Philippines.
“As such, we are deeply interested in ensuring fair and equitable access to tuna resources.”
Bayate said climate change presents “significant” challenges to the country’s fisheries, affecting the distribution and abundance of fish stocks.
“This is a pressing issue for the Philippines, and we are eager to engage in discussions on how to address these challenges.”
She said regional cooperation and collaboration among WCPFC member countries will address shared challenges and allow them to achieve their sustainable fisheries management goals.
The Scientific Committee (SC) 20 Agenda, Bayate said, is set to cover issues on stock assessments of the following fish species: South Pacific albacore, Pacific bluefin tuna
stock, Southwest Pacific striped marlin, silky shark, mako shark; improvement of MULTIFAN-CL software; and research findings on the impacts of climate change and environmental variability on fish stocks and marine ecosystems.
“These topics are of critical importance, and I am confident that our collective expertise will lead to valuable insights and actionable recommendations.”
The member countries of WCPFC are Australia, China, Canada, Cook Islands, European Union, Federated States of Micronesia, Fiji, France, Indonesia, Japan, Kiribati, Republic of Korea, Republic of Marshall Islands, Nauru, New Zealand, Niue, Palau, Papua New Guinea, Philippines, Samoa, Solomon Islands, Chinese Taipei, Tonga, Tuvalu, United States of America and Vanuatu.
In a statement on Wednesday, the DA said the outcome of the discussion will help the Philippines develop adaptive strategies.
“The Philippines is also expected to benefit from the review of the Conservation and Management Measures for key tuna species such as bigeye, yellowfin, and skipjack, essentially maintaining their populations and ensuring long-term industry viability.”
Bayate said the Western and Central Pacific Ocean is where more than half of the global tuna catch is caught. Notably, unlike other oceans, over 80 percent of the WCPFC tuna catch occurs in the waters of coastal states.
Citing data from the Philippine Statistics Authority (PSA), Bayate said the Philippines produced around 409,000 metric tons of various species of tuna last year.
PHILIPPINE Chamber of Agriculture and Food Inc. (PCAFI) President Danilo Fausto said, however, fewer local corn could result in an increase in the cost of animal feeds and eventually put pressure on meat prices.
Data from the PSA showed that corn production in the first half reached 3.706 MMT, or 7.17 percent lower than the 3.993 MMT recorded a year ago. Output of
The PhilMaize official seconded this, noting that it would also affect other key agricultural commodities like pork and eggs—the cheapest source of protein for Filipinos.
“When the price of feed increases, prices of eggs, chicken, and pork will also rise,” Elvira said in Filipino.
The prevailing price of chicken and medium-sized egg in Metro
The increase in food prices was one of the major drivers of inflation in July. PSA data showed that food inflation at the national level accelerated to 6.7 percent in July from 6.5 percent in June. Faster annual increments were noted in the indices of corn which reached 17.5 percent.
Silage data
MEANWHILE, Fausto pushed for the inclusion of corn silage in the PSA’s collection of data on corn. He said corn silage has become the major source of feed for ruminants.
According to the PCAFI official, corn silage can be harvested
Elvira said the market for corn silage is “not yet significant” and that they do not have the record of harvested volume.
“We also produce corn silage but the market for it is irregular.” To boost corn output, Elvira urged the government to provide more postharvest facilities such as dryers, as farmers have limited capability to dry and store their corn harvest.
Groups file raps against TC over rice tariff reduction
By Jovee Marie N. Dela Cruz @joveemarie
FARMERS’ groups on Wednesday filed complaints of grave misconduct and gross abuse of authority with the Office of the Ombudsman against the Tariff Commission (TC) over the implementation of Executive Order 62 (EO 62), which reduced tariffs on imported rice to 15 percent.
According to Samahang Industriya ng Agrikultura (Sinag), the EO violates the limitations and conditions under Republic Act (RA) 10863, or the Modernizing the Customs and Tariff Administration Act.
Rosendo So, head of the group, said their monitoring since the implementation of EO 62 shows “no noticeable decrease” in rice prices.
He noted that the target prices of P29 or even P45 to P49 per kilo of rice are not yet seen in the markets.
Atty. Virgie Lacsa Suarez, the group’s legal counsel, alleged that the TC committed grave misconduct and gross abuse of authority by failing to conduct the necessary consultations, hearings, and investigations before recommending the tariff reduction.
She added that the TC violated the Flexible Clause of RA 10863, which mandates a proper process before modifying tariffs.
The complaint was filed by Sinag, the Federation of Free Farmers, the United Broiler Raisers
Association, and the Magsasaka Partylist. The respondents in this complaint include TC Chairperson Marilou P. Mendoza, TC Commissioner Ernesto L. Albano, and TC Commissioner Maricosa Paderon.
The groups said previous EOs involving tariff reductions were preceded by consultations, investigations, and hearings. However, in the case of EO 62, there was no petition from any party, no investigation, and no public hearing before the order was issued.
“All previous issuances of EOs on tariff reduction, prior to EO 62—consultations, investigations,
and hearings were conducted. A specific hearing for each item was conducted, notices of hearings were sent, and we, the complainants, were even asked to submit our respective positions,” said So.
He also said they had written to the TC to clarify the legal basis of EO 62, but the TC responded with “statements that were inconsistent with their own rules.”
“The TC made a mockery of its own rules when it claimed that past hearings would suffice to issue an executive order. This is both absurd and dangerous.”
In EO 62, the groups said no
petition was filed by any interested party before the tariff reduction was recommended, and no investigation was conducted on any petition related to the modification of the tariff and its duration on rice, maize, and pork. The groups also claimed that no findings or recommendations were submitted by the TC officials to the National Economic and Development Authority (Neda) Board based on any petition related to the modification of the tariff.
According to the complaints, no investigation was conducted under the Flexible Clause of RA 10863. The TC is required to complete its investigation and submit its report of findings and recommendations to Neda within 30 days after the public hearing. The last public hearing conducted by the TC was in October 2023, and the investigation took place that same year. The tariff extension was eventually approved under EO 50 in 2023. The groups stated that there was never any proposal to reduce tariffs, specifically for rice, to 15 percent until 2028, which was communicated to stakeholders before EO 62 was issued. They added that if the respondents argue that the comprehensive review is the basis for their recommendations for the implementation of EO 62, this does not equate to compliance with the public hearing and investigation required under the Flexible Clause.
El Niño triggers 3M ton corn deficit in Southern Africa
OUTHERN African na-
Stions battling the fallout of a record El Niño-induced drought this year will need to import at least an additional 3 million tons of corn in the coming months, driving up food costs, the Famine Early Warning Systems Network said. Farmers from Angola to Zambia and Mozambique suffered the worst dry spell in more than a century during the middle of the growing season earlier this year. That wiped out vast swathes of the main crop of corn, or maize as it’s known locally.
More than 30 million people impacted by the El Niño-induced drought will need humanitarian help through March, Fews Net said in a report late Tuesday. Peak regional food-aid requirements will be about 25 percent higher
than the previous severe drought caused by the weather phenomenon in 2016-17, the US Agency for International Developmentfunded organization said.
“While several countries are in the process of securing contracts to import maize from international markets, particularly in South America, constrained regional market supply is driving inflated maize prices,” it said. “In Malawi and Zimbabwe, for example, maize grain prices are already around 130 percent to 150 percent above average for this time of year.”
The United Nations’ World Food Programme is seeking 290,000 tons of corn from as far afield as Mexico and Ukraine as it mounts its biggest-yet drought response in Southern Africa, the organization said
The Ho Chi Minh City-based company, which also exports chilies, cashew nuts, cassia and other products, is the first Vietnamese company to get direct support from the environmentally focused foundation, Phuc Sinh said in an emailed statement. It will use the funds to ensure deforestation-free coffee supply chains, the company said.
“We are committed not only to improving product quality but also to ensuring that Phuc Sinh’s production process contributes to environmental protection and community support,” the company said.
Founded in 2017, SAIL’s &Green invests in agricultural enterprises that meet ESG standards to promote green economic development, environmental protection, and climate change
mitigation, according to its website. Vietnam is one of ten jurisdictions the fund is investing in. Vietnamese businesses have been under growing pressure to implement ESG practices as global investors push for both profits and sustainability. The Southeast Asian nation has said it aims to reach the goal of net-zero carbon emissions by 2050.
Phuc Sinh exports products to markets including the United States, Europe and Australia, and says it’s the Southeast Asian nation’s top pepper exporter, accounting for 8 percent of the global market share. &Green invested $20 million in Netherlands-based Mercon B.V. in late 2022 to promote a sustainable Vietnam coffee supply chain. Bloomberg News
PHOTO FROM WWW.DOST.GOV.PH
IN a show of solidarity, nine prominent business groups have come forward to express their support for Energy Secretary Raphael Lotilla’s efforts to balance energy security and affordability with climate change concerns. This united front is a welcome development, as it highlights the importance of a pragmatic approach to energy policy that considers the country’s unique circumstances. (Read the BusinessMirror story: 9 business groups back DOE, cite need for energy security, August 13, 2024).
The business groups, representing a broad spectrum of industries, have rightly acknowledged that the country’s energy policy must strike a balance between energy security, affordability, and environmental sustainability. This balanced approach is crucial for supporting economic progress, as the country strives to compete with regional neighbors in attracting foreign investments.
The allegations against Secretary Lotilla, pertaining to the moratorium on coalfired power generating facility projects, have sparked unnecessary controversy. However, the DOE has consistently clarified that its advisory on the moratorium only applies to greenfield projects, and not to existing or operational facilities. This nuance has been lost in the noise of criticism, and it is heartening to see the business community come forward to set the record straight.
The Philippine energy landscape is characterized by growing demand, limited supply, and a pressing need for augmentation. As the business groups pointed out, the country’s energy supply per capita is the third lowest in the Asean region, and it is essential to prioritize power capacity expansion.
Secretary Lotilla’s remarks, in which he emphasized the importance of diversification of energy sources for energy security, strongly address our current challenges. It is unfortunate that his efforts to strike a balance between competing interests have been met with criticism from certain quarters. The business community’s show of support is a reassuring sign that there is broad recognition of the need for a pragmatic and balanced approach to energy policy.
The Philippine Chamber of Commerce and Industry earlier voiced apprehension regarding the potential impact of the accusations against Lotilla, warning of a possible atmosphere of doubt that could deter investment. The PCCI said: “The accusations against Secretary Lotilla have the potential to harm both the Department of Energy and the broader industry. As we strive to attract foreign direct investments to our country, competing with neighboring nations, it is crucial that we avoid creating an environment of uncertainty that might discourage these investments.”
The nine business groups—Management Association of the Philippines, Employers Confederation of the Philippines, Federation of Philippine Industries, Financial Executives Institute of the Philippines, Fintech Alliance.PH, Foundation for Economic Freedom, Makati Business Club, Women’s Business Council Philippines, and the Blockchain Council of the Philippines—share PCCI’s view, adding that the Philippines has “growing energy demands.”
“The per capita energy supply in our country ranks as the third lowest in the Asean region, highlighting the urgent need to focus on expanding our power capacity. While the government’s goal of achieving a 50 percent renewable energy share by 2040 is laudable, it is crucial to recognize that fossil fuel-based sources will still play a significant role in the country’s energy mix,” the groups said.
The business groups stressed that energy insecurity comes at a steep cost, as evidenced by the recent power outage in Panay Island, which resulted in estimated economic losses of P3.8 billion for the province of Iloilo alone. It is heartening to see these business groups recognize the DOE’s commitment to a balanced energy mix tailored to the country’s specific needs. By backing Secretary Lotilla’s endeavors in navigating the intricacies of energy policy, these groups are championing a sustainable and secure energy landscape that will positively impact both present and future generations of Filipinos.
Ambassador Antonio L. Cabangon Chua Founder Since 2005 MEMBER OF
Parañaque, Metro Manila
www.news.businessmirror@gmail.com
The economy, local and global
NJohn Mangun
OUTSIDE THE BOX
EVER in my 48 years of analyzing and then trading the global financial and hard asset markets have I ever tried to forecast the economic future. That is not my area of expertise, nor am I trained as any sort of economist. In fact, I adhere to something John Kenneth Galbraith once said: “The only function of economic forecasting is to make astrology look respectable.” That may be a little harsh, but his point is well taken.
An economy is too complex to fully understand all the factors and then make a consistently accurate prediction of what is going to happen next. The reality is that the global economy is easier to understand because the great complexity of all the local economies is distilled down to create the global picture.
What I can do is view the big picture from the top of the mountain particularly in regard to the historical perspective.
The Philippine GDP expanded 6.3 percent Year-on-Year (Y-o-Y) in the second quarter of 2024, accelerating from 5.8 percent growth in the previous period. This is the third quarterly increase.
FBy Matthew Boesler
ORECASTERS expect a monthly report on US consumer prices to show another modest increase last month, reinforcing widespread expectations for a Federal Reserve interest-rate cut in September.
The figures, to be published Wednesday by the Bureau of Labor Statistics, will probably show the consumer price index, and a “core” gauge excluding food and energy, both advanced 0.2 percent in July, according to the median estimates in a Bloomberg survey.
Such a reading would mark the smallest three-month increase in core inflation since early 2021, just before the broad rollout of Covid-19 vaccines that spurred a reopening boom in the US economy.
“Bloomberg Economics expects July’s CPI to be soft, driven by a long-anticipated slowdown in housing rents, a decline in used-car prices,
However, “The Philippine economy grew by 0.5 percent Quarter-onQuarter (Q-o-Q) in the three months ending June 2024, slowing from 1.1 percent increase in the previous period. This marked the fourth consecutive period of expansion, albeit the slowest in the sequence”. The last four Q-o-Q growth beginning in the 4th quarter of 2023 is as follows: 2.8 percent, 1.9 percent, 1.1 percent, and 0.5 percent. In other words, the Q-oQ performance is declining.
But what about that “expanded 6.3 percent Y-o-Y in the second quarter of 2024, accelerating from 5.8 percent growth in the previous period”?
“Quarter-on-Quarter” measures the change from the previous quar-
“Bloomberg Economics expects July’s CPI to be soft, driven by a long-anticipated slowdown in housing rents, a decline in used-car prices, and discounts in discretionary services categories as consumers rein in spending,” said chief US economist Anna Wong in a preview of the numbers.
and discounts in discretionary services categories as consumers rein in spending,” said chief US economist Anna Wong in a preview of the numbers. Here are the key components to watch in the report:
Rents
CORE inflation excluding shelter had largely come back to pre-pandemic levels by the end of 2023. But rapid rent increases in the CPI data contin-
Blame the government, blame the “oligarchs”, or blame your grandfather for not being a billionaire. But the economy we live in today is not the same as even 20 years ago. How do we as a nation and as individuals positively and profitably adjust to the new “normal”?
ter. “Y-o-Y” measures the change from the same quarter a year ago and that is on what the 6.3 percent increase is based. Now comes the problem.
Last year—Q2 of 2023—GDP growth was a dismal 4.3 percent, which means the 6.3 percent growth just reported was against a low base. How dismal? Quarter 2 of 2023 showed the lowest Y-o-Y growth —not counting Covid 2020/2021— since Q4 2011, which came in at 4 percent. That means we are comparing Second Quarter 2024 growth to the second worst economic growth (not counting Covid) in 13 years. Not exactly something of which to be particularly proud or excited.
Ask an expert and he can give you a list of reasons for the current economic numbers, good or bad.
But a larger picture may be more important.
As the global economy is perhaps the sum of all the individual economies, so also they work together. Think of the global economy like a sports team where the most critically important economy is like the goalie, point guard, or quarterback. A bad player at any of those positions can make the team consistently lose. For
the past 20 years, the critical team position has been held by China.
China has bailed the world out of the last three recessions triggered by credit-asset bubbles cracking: the Asian Crisis, the 2001-2002 dot-com bust, and the 2008-2009 Global Financial Crisis. In each case, China’s high growth and massive stimulus and credit acted as catalysts to restart global expansion. That is now gone.
Further, the global economy is going into rough seas also because growth has been fueled by low interest rates, which must stop sooner rather than later. The era of zerointerest rates and unlimited government borrowing is ending.
The tech productivity boom is also coming to a close. In the early 1990s economists were confused that global productivity was dormant even with huge investment in computers. The boom came into full fruition as the 21st century dawned. The initial noise around AI says that an equivalent boom is now starting. One analyst wrote of future AI that “the projections are based more on wishful thinking than real-world dynamics.” More interesting, “If the projections come true and tens of millions of white-collar jobs disappear forever, there is no replacement sector to employ the tens of millions of unemployed workers.” Previously, technology took farmers to the factories and then to services and office work. “There is no equivalent place to shift tens of millions of unemployed office workers.
ued through most of the first half of 2024. In June, however, they decelerated sharply, notching the smallest monthly rise since mid-2021.
Economists expect that slower pace to continue in the months ahead, helping keep a lid on overall advances in the CPI. Rents comprise the biggest category in the index, so they have an outsize impact in determining the broader trend.
“June’s downshift in primary shelter looks to be sustainable based on the BLS’s New Tenant Rent Index and private sector vacancies,” Sarah House and Aubrey George, economists at Wells Fargo, said in an Aug. 7 preview of the numbers. “We look for another 0.3% rise in July and for primary shelter to increase 0.25%–0.30% per month through the end of the year.”
Used cars
While a widely tracked measure of wholesale used vehicle prices published by Manheim rose in July, the CPI component tends to only follow with some lag—and the July increase was only the first since January.
“Used car auction prices have now fallen 26 percent from their peak versus 18 percent for CPI used car prices, suggesting that there is room for the CPI measure to fall further,” Goldman Sachs economists Ronnie Walker and Jessica Rindels said in an August 12 preview of the numbers. “We expect a modest decline in new car prices, as dealer promotional incentives rebounded following the end of disruptions to dealer software systems in June.”
WITHIN the goods components of the index, analysts remain focused on used cars in particular. Given their weight in the index, a drop in July could help extend a streak of declines for the broader core goods basket, which has fallen in 12 of the last 13 months.
www.news.businessmirror@gmail.com
Campaign hacks blamed on Iran draw FBI investigation of election interference risks
By Chris Strohm, Natalia Drozdiak and Jeff Stone
SUSPECTED attempts by Iranian hackers to infiltrate US presidential campaigns have touched off a widening federal investigation into the first major effort by a foreign actor to disrupt the November election.
Investigators believe that attackers tied to Iran succeeded in hacking Republican nominee Donald Trump’s campaign and gained access to internal documents, according to a US law enforcement official who discussed the matter on condition of anonymity. The intruders also tried to breach the campaigns of Vice President Kamala Harris and President Joe Biden, before his departure from the race, but it’s unclear whether the attempted hacks on Democrats succeeded, the official said.
The inquiry, led by the Federal Bureau of Investigation, emerged after a report from Microsoft Corp. last week described efforts by the Iranian government to access e-mail accounts of presidential campaign staff members. Microsoft said the attacks were pulled off by a hacking cell dubbed Mint Sandstorm that’s linked to Iran’s Islamic Revolutionary Guard.
Allegations of an Iranian hacking effort come just weeks after US intelligence officials warned that foreign adversaries—including Iran and Russia—would seek to influence the 2024 election in ways that favor their interests. That includes recruiting Americans to spread propaganda, according to the Office of the Director of National Intelligence.
Microsoft’s report didn’t identify the campaigns targeted by Iran, but said it had notified affected parties. Trump acknowledged the breach in a post on his Truth Social network, where he cast the intrusion as attempted election interference. The law enforcement official confirmed that the Microsoft report was in line with the ongoing inquiry.
A Harris campaign official said that its legal and security teams were notified last month by the FBI that it had been targeted by a foreign influence operation. The campaign is unaware of any breaches to its systems and remains in touch with authorities, the official said on condition of anonymity to discuss a security issue. Iran’s mission to the United Nations has disputed the allegations.
“We do not accord any credence to such reports,” the mission said in a statement. “The Iranian Government neither possesses nor harbors any intent or motive to interfere in the United States presidential election.”
US officials and cybersecurity experts believe Iran’s government is seeking to undermine Trump’s candidacy after he antagonized Tehran during his first term in office. While president, Trump scrapped an international nuclear deal with Iran, imposed severe sanctions on the Islamic Republic and ordered the killing of Qassem Soleimani, the head of Iran’s Revolutionary Guard Corps.
“The regime sees Trump as militantly hawkish on Iran and probably has a preference for Harris, just based on the history of Trump’s relationship with Iran,” said David Salvo, managing director at the German Marshall Fund’s Alliance for Securing Democracy.
The news comes as US officials brace for a possible attack by Iran against Israel in retaliation for the killing of Hamas leader Ismail Haniyeh last month in Tehran, as the conflict in Gaza threatened to escalate into a wider regional confrontation.
“The war in Gaza is ample fuel for the Iranian regime to want to step up their information operations against us,” Salvo said. “This election has real consequences for the Middle East.” Iran has tried to disrupt past US
Enzo Osorio is Cinemalaya Best Actor as a deaf-mute child victim of sexual abuse
US officials and cybersecurity experts believe Iran’s government is seeking to undermine Trump’s candidacy after he antagonized Tehran during his first term in office. While president, Trump scrapped an international nuclear deal with Iran, imposed severe sanctions on the Islamic Republic and ordered the killing of Qassem Soleimani, the head of Iran’s Revolutionary Guard Corps.
elections. In 2020, its operatives impersonated members of the rightwing Proud Boys group as part of a voter intimidation effort, according to the FBI, resulting in charges against two men. That same year, Iranian hackers breached a website that a municipal government in the US used to publish election results, though the attackers were caught before carrying out any nefarious activity, US officials said. The FBI had no immediate comment. A spokesperson for the Cybersecurity and Infrastructure Security Agency referred questions about the hack of the Trump campaign to the Justice Department.
Microsoft cited a so-called spearphishing e-mail sent in June to “a high-ranking official on a presidential campaign from the compromised email account” of an unidentified former Trump adviser. While Microsoft’s report did not name him, Roger Stone, a close Trump associate, was told by FBI and Microsoft officials months ago that two of his e-mail accounts had been breached by a foreign state actor, according to a person familiar with the matter.
Federal authorities told Stone that the hackers’ aim was to use his email accounts to send phishing emails to people within the Trump campaign, the person said. Stone seldom uses the accounts and doesn’t know how they might have been accessed, the person said, adding that Stone is cooperating with authorities.
The hack of Trump’s campaign was first reported by Politico, which said last week it began receiving emails last month containing purported internal campaign documents from an anonymous account. Those files included a dossier on Senator JD Vance, Trump’s vice presidential pick, according to Politico.
In his Truth Social post, Trump insisted that only “publicly available information” had been affected, and his campaign warned media outlets not to publish any materials they received from the breach.
Nation-state hackers have previously used email attacks to infiltrate American political campaigns, such as the Russian hack in 2016, when a state-sponsored group obtained internal e-mails from Hillary Clinton’s staffers that were later published by WikiLeaks. It’s unclear whether the material sent to Politico and other news organizations came via the suspected Iranian hackers.
For US adversaries, the goal is to sow chaos, said Christopher Krebs, a former CISA director.
“It’s undermining our confidence in our government’s ability and democracy in general to provide us the basic services and look out for us,” Krebs told PBS News Hour. With assistance
‘TAMICUS CURIAE
HE Hearing” focused on a major social ill—the abuse of deaf-mute children—as portrayed by 15-yearold Enzo Osorio who won Best Actor in this year’s Cinemalaya Independent Film Festival.
Enzo was given the award “for his sensitive and very convincing portrayal of a boy who refuses to be silent and to be silenced about his abuse.”
Osorio plays Lucas, a deaf boy from a small fishing village, who was sexually abused by Fr. Mejor, an influential priest. After his parents Madonna (Mylene Dizon) and Dante (Nor Domingo) discovered the truth, they decided to file a court case against the priest despite the obstacles in their way.
In their pursuit of justice, they crossed paths with sign language interpreter Maya (Ina Feleo), who has also witnessed powerful people manipulate the results of cases.
About 70 percent of deafmute children are sexually abused in the Philippines regardless of their gender, and perpetrated by neighbors, family members, teachers or other persons in authority.
Rates of sexual assault, rape, molestation, and other forms of abuse are significantly higher among deaf-
mute than hearing Filipinos.
“We want to try to give voice to those who cannot stand up and speak for themselves. We hope this film properly addresses the need to change and improve our education system, laws and the justice system to protect and serve everyone especially the most vulnerable,” according to director Lawrence Fajardo.
Deaf-mute persons are especially vulnerable to abuse because predators are confident that they will not be reported. If they get abused, they cannot shout. When they report, no one understands them.
Language barriers affect how perpetrators are more likely to get away with abusing the deaf-mute.
These language barriers are caused by a lack of adequate sign language interpreters. There is roughly one sign language interpreter for every 60 deaf-mute people in the Philippines, and majority of them only work in Manila.
Some courts also fail to provide
interpreters for deaf-mute complainants despite the protection of the right to adequate interpreters in the Magna Carta for Disabled Persons.
Interpreters are also considered to be a third-party member, which classifies the evidence as hearsay, or when the person testifying has no personal knowledge of the facts. The hearsay defense is usually raised despite the victim himself giving the testimony or statement of facts that are personally known to him/her.
These limitations discourage victims from coming forward with their story.
“Legal language is difficult enough to understand for the average hearing person, so how does one who cannot hear and express themselves understand and be understood as they fight for their rights as human beings?” Fajardo said.
Osorio joins the ranks of Cinemalaya’s Best Actor winners at a young age. The youngest was Noel Comia, Jr. for Kiko Boksingero (2017) when he was then 13 years old, followed by 15-year-old Jansen Magpusao for John Denver Trending (2019). Migs Cuaderno was 10 years old when he won as Best Supporting Actor for Childrens’ Show (2014).
Enzo hopes the film will inspire the youth about fighting against abuse. “Wag kayong matakot magsabi sa mga magulang ninyo. Don’t let people threaten you and don’t let people take advantage of what you have, what you are.”
The film Tumandok received five awards including Best Full Length Film, Felipe Ganancial as Best Supporting Actor, Best Screenplay, Best Original Music Score, and Network for the Promotion of Asia Pacific
Cinema (NETPAC) full-length feature award.
It won Best Film “for its nearly epic sweep of the life and landscape of a people disempowered by the wealthy and the powerful and victimized by government neglect and corruption; for its highly convincing characters and effective ensemble acting by a cast of non-professional actors; and for its highly effective filmmaking in defense of the rights of indigenous people to their ancestral domain.” Kono Basho won four awards: Gabby Padilla as Best Actress, Jaime Pacena II as Best Director, Best Cinematography, and Best Production Design.
Padilla shared the Best Actress with Marian Rivera of Balota.
“Alipato at Muog” by JL Burgos was given the Special Jury award “for its effective use of the resources of documentary cinema to shed light on an actual case of enforced disappearance and reveal dark truths about human rights in the Philippines.”
Other winners in the Full Length category include: Sue Prado of “Kantil” as Best Supporting Actress; “An Errand” for Best Editing and Best Sound Design; and “Gulay Lang Manong” for Audience Choice. The winners in the short film category are: “Cross My Heart and Hope to Die” for Best Film with Sam Manacsa as Best Director; “Primetime Mother” for Best Screenplay and Audience Choice; “Pamalandong Sa Danow” for Special Jury Award and “Abogbaybay” for the NETPAC Award.
Atty. Dennis R. Gorecho heads the Seafarers’ Division of the Sapalo Velez Bundang Bulilan Law Offices. For comments, e-mail info@sapalovelez.com, or call 09175025808 or 09088665786.
Was July 2023 or July 2024 the hottest month on record?
By Olivia Rudgard and Eamon Farhat
JULY saw record-breaking heat around the world, including the hottest day ever recorded and multiple national heat records. But whether it was the hottest month in history depends on who you ask.
Last week, Copernicus—the EU’s climate science service—said July was the second hottest month ever recorded. But this week, NASA and the US National Oceanic and Atmospheric Administration (NOAA) said it was the world’s hottest. The disparity masks a remarkable level of agreement on these points—the difference between these gold-standard datasets is just a few hundredths of a degree. But it also casts light on the difficulty of creating a complete global climate record, and some of the things we don’t yet know about how exactly the planet is warming.
One thing is for sure: This past July was hot. Since July is usually the hottest month of the year, that at the very least means the world just experienced one of the hottest months ever recorded. And it’s the latest in a long line of record-breaking months.
The challenge for global temperature analyzers, says Kate Marvel,
Last week, Copernicus—the EU’s climate science service— said July was the second hottest month ever recorded. But this week, NASA and the US National Oceanic and Atmospheric Administration (NOAA) said it was the world’s hottest.
research physical scientist at the NASA Goddard Institute for Space Studies (GISS), is that there’s no way to take one temperature reading for the whole planet. “We don’t have a single global thermometer that we can use to take the temperature of the whole globe. Instead, we have a bunch of different tools that we can use to measure various parts of the planet and various aspects of the climate system.”
NASA and NOAA use a slightly different approach than Copernicus. The EU’s flagship climate program relies on a method called reanalysis, based on its ERA5 climate model. It uses that model to create a forecast, which is then reconciled with data gathered from surface level weather stations, satellites and airplanes. This process means Copernicus can produce a near real-time picture of the Earth’s cli-
increases and decreases, according to Citi economists Veronica Clark and Andrew Hollenhorst.
Airline fares
AIRFARES were an important factor in the downside surprise for the core CPI gauge in June’s report, with the 5 percent decrease marking the largest decline in a year. That helped a measure of core services costs excluding rents register back-to-back monthly drops for the first time since mid-2021.
The July reading is a source of uncertainty, with arguments both for
“We were surprised by the weakness in airfares last year, which fell even below pre-pandemic levels on a seasonally adjusted basis. We had been expecting some pickup in airfares this year as the sample of flights priced in CPI last summer possibly reflected flights with low summer demand,” Clark and Hollenhorst wrote in an August 12 preview of the report.
“But as travel demand broadly could be softening more than last year, airfares could remain weak.”
mate, including temperature, wind and precipitation for around every 30-square-kilometer chunk of the planet’s surface.
At NOAA, scientists use observations from land and sea weather stations to calculate the average surface temperature. Researchers conduct a statistical analysis to fill in data gaps that takes into account historic data and nearby observations.
After all these millions of data points have been ingested and analyzed, the difference stems from the tiniest of margins: NOAA found July was 0.03C (0.05F) hotter than July last year, NASA’s analysis shows it was 0.02C warmer, while Copernicus says this July was just 0.04C cooler than July 2023.
Each of these monthly analyses is accurate only to around 0.08C, and rankings can turn on a difference as tiny as 0.02C, says Gavin Schmidt, director of NASA GISS. The average difference between Copernicus’s analysis and NASA’s in recent years is about 0.06C, he says.
One possible reason for the discrepancy, says Peter Jacobs, a climate scientist at the NASA Goddard Space Flight Center, is that the reanalysis data takes air temperatures from above the ocean, while the NOAA and
Bond markets
BONDS advanced across the board on Tuesday after US data showed producer prices rose less than forecast in July, as traders who’ve endured some dramatic swings in recent sessions set themselves up for big gains heading into Wednesday’s CPI report.
“The market is leaning in a very dovish direction” and “anticipating soft inflation numbers which allow the Fed to begin to cut rates,” Matt Luzzetti, chief US economist at Deutsche Bank, told Bloomberg Television on Tuesday after the producer price report. With assistance from Edward Bolingbroke / Bloomberg
NASA observational data takes water temperature readings. Water warms and cools more slowly than air, potentially creating a lag.
Another possible reason is what both analyses do with the areas where they don’t have good data, such as the Arctic. The reanalysis Copernicus does can use satellite readings, which rely on infrared and microwave data, rather than solely temperature readings, while NASA and NOAA rely on a statistical analysis of the likely temperatures to fill in the gaps.
Geographically, though, there is significant agreement between the approaches, notes Berkeley Earth research scientist Zeke Hausfather. For example, the dataset show the tropical Pacific Ocean is much cooler in July 2024 than it was in 2023, as El Nino fades. All global temperature datasets are also unequivocal that the planet is rapidly warming.
The real concern isn’t the few hundredths of a degree difference between the datasets but rather that temperatures have remained this hot, Hausfather says: “The fact that we’re matching those so far this year is a little worrying.” Last year’s string of record heat “set the bar so high. It’s crazy that we’re even tying that.” Bloomberg
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Atty. Dennis Gorecho
Despite lower rice tariff take, BOC says will hit ’24 targets
DBy Reine Juvierre S. Alberto @reine_alberto
ESPITE worries about the reduced rice tariff collections for the year, the Bureau of Customs (BOC) remains optimistic about hitting its revenue targets through proper assessment of duties and taxes, according to its top official.
Customs Commissioner Bien-
venido Y. Rubio told reporters on the sidelines of the 2025 national budget Senate deliberations that the BOC has already collected P29 billion in rice tariffs this year.
However, Rubio said the lowered rice tariffs would “defi nitely impact” its revenue collections from rice importations.
To recall, the National Economic and Development Authority (Neda) Board led by President Ferdinand R. Marcos Jr., approved the tariff reduction for rice to 15 percent from 35 percent as part of the Comprehensive Target Program (CTP) for 2024 until 2028.
“Of course, I should be worried because our collection is already lessened,” Rubio said. “Reducing the tariff from 35 to 15 percent, even if the same volume would arrive, we are basically reducing 20 percent of what we should have collected,” the BOC chief added. In the meantime, Rubio said the BOC will try to maximize everything that they have as well as conduct proper assessment of duties and taxes of imported rice to achieve its targets.
The lowered rice tariffs will be beneficial to the people, although the Bureau will suffer some conse-
quences. Rubio said it will reduce the prices of rice and benefit the rice-eating public.
“Let me worry about our collection and let the President worry about addressing the conditions of the people,” Rubio added. The BOC’s revenue collection target for 2024 is pegged at P939.7 billion.
Finance Secretary Ralph G. Recto said the Department of Finance (DOF) estimates P8.1 billion will collected from rice tariffs in the second half of 2024.
Amid the lowered rice tariffs
which will take effect until 2028, the government still stands to gain P53.9 billion from 2024 to 2026 but lose P49.9 billion in foregone revenues.
If the EO were not implemented, a total of P103.7 billion could have been collected from rice tariffs until 2026.
“It makes perfect sense to reduce the tariffs at this point. If we do the computation, we can expect rice prices to go down by at least 5 pesos in August to September,” Recto said.
By Samuel P. Medenilla @sam_medenilla
DISTRESSED Filipino migrant workers will now be getting higher fi nancial aid under the Agarang Kalinga at Saklolo para sa mga OFWs na Nangangailangan (Aksyon) Fund of the Department of Migrant Workers (DMW).
In his Department Order (DO) No. 5, (s.2024), DMW Secretary Hans J. Cacdac increased the Aksyon Fund fi nancial assistance to help in the recovery of distressed overseas Filipino workers (OFW).
“In the interest of the service and to ensure that OFWs and/or their next of kin are supported with fi nancial resources to cope and recover from their distressed situation and help in their ability to return to normalcy, the amount of immediate fi nancial assistance is hereby increased,” he said.
Prior to DO 5, the AKSYON Fund aid only ranged from P10,000 to P30,000.
Under the new Aksyon Fund aid rate, P50,000 will be given to OFWs, who were displaced due to economic downturn and redundancy; became victims of abuse, exploitation, illegal recruitment; natural calamities in their host countries.
The same rate will also apply to next of kin of incarcerated OFWs, who are serving jail sentences.
DMW will give P75,000 aid to
OFWs who have severe illness; suffer from disability due to
displaced by war or political unrest; and for the relatives of OFWs in death row. The highest Aksyon Fund aid of P100,000 will be reserved for the next of kin of OFWs who died in the host country due to natural or accidental causes; and OFWs who
Cacdac said the mode of payment of the fi nancial assistance can be through DMW offices, bank transfers, and money remittances. In July, DMW reported it had already disbursed P1 billion worth of the Aksyon Fund, which benefited at least 52,000 workers.
PHL ranks 112th in index on countries’ safety for
By Ma. Stella F. Arnaldo @akosistellaBM
Special to the BusinessMirror
THE perceived safety of a country impacts on its ability to attract foreign direct investments (FDI).
Th is is according to fDi Intelligence, based on the 2023 Safety Perceptions Index (SPI) of 121 countries, and produced by Lloyd’s Register Foundation (LRF) and Institute for Economics & Peace (IEP). The SPI assessed levels of real and perceived risks in 121 countries.
The Philippines ranked 112th with an overall SPI score of 0.40, just behind Burkina Faso, and ahead of Afghanistan. The Philippines had a “worry score” of 0.42 and “experience score” of 0.37. The country earned a “medium peace” ranking in IEP’s Global Peace Index (GPI). (tinyurl.com/46udb8cr)
Data from the Bangko Sentral ng Pilipinas showed net FDI reached US$8.9 billion in 2023, 6.6 percent less than the $9.5 billion in 2022, and 26 percent less than the $11.98-billion peak in 2021. Of the net FDI in 2023, $6.33 billion in net debt instruments accounted for the largest share, followed by $1.29 billion in net equity other than reinvestment of earnings, and $1.24 billion in reinvestment of earnings.
“Notwithstanding the country’s sound macroeconomic fundamentals, concerns over subdued global economic growth and geopolitical risks continued to weigh on investors’ investment plans,” said the Bangko Sentral of last year’s net FDI.
‘Safest’ in the world THE SPI 2023, however, draws on surveys conducted in 2021 asking people about their worries and actual experiences of harm in five domains: food and water, violent crime, severe weather, mental health and workplace safety. Respondents in the Philippines, then led by President Rodrigo Duterte, cited Covid-19 as their top risk, and severe weather conditions.
“More developed countries tend to have higher safety perception rates due to their greater resources for law enforcement, infrastructure and education, and public policies that help reduce risks for individuals. Th is is part of their success in attracting FDI, because higher levels of perceived risks are likely to deter companies from committing
to projects in a country,” said fDi Intelligence, a unit of the Financial Times.
On the other hand, Central Asian countries ranked among the highest levels of perceived safety in the world, “a factor crucial for a favorable, stable and predictable investment climate.” Its citizens, fDi Intelligence pointed out, “[tended] to report lower levels of experienced harm.”
Among these countries were Uzbekistan, which had the lowest overall 2023 SPI score of 0.072 and a GPI ranking of Medium Peace, followed closely by the United Arab Emirates (0.073)/High Peace, Saudi Arabia (0.093)/Medium, and Norway (0.098)/High Peace.
“Uzbekistan secured the top spot due to having among the lowest experience rates of harm in violent crime, severe weather and mental health,” said fDi Intelligence.
Authoritarian regimes rule safest 4
ROUNDING up the top 10 countries perceived to be safe were Estonia (0.10)/High Paece, Singapore (0.10)/Very High Peace, Iceland (0.11)/Very High Peace, Sweden (0.11)/High Peace, China (0.11)/ Medium Peace, and Denmark (0.12)/Very High Peace.
But the respondents’ self-rated safety can vary according to their cultural traditions and societal norms, said IEP Deputy Director of Research Alex Vedovi, noting that “people in Central Asia being more likely to associate risk with ‘opportunity’ than danger, and a societal expectation that people should ’not air their dirty laundry’ in public,
More developed countries tend to have higher safety perception rates due to their greater resources for law enforcement, infrastructure and education, and public policies that help reduce risks for individuals. This is part of their success in attracting FDI, because higher levels of perceived risks are likely to deter companies from committing to projects in a country.” fDi Intelligence
which both lead to lower levels of reported risk.”
Meanwhile, fDi Intelligence pointed out that among the top 10 safest countries, four of them are classified as authoritarian regimes by the Economist’s 2023 democracy index, namely Saudi Arabia, the UAE, Uzbekistan, and China. The rest, apart from Singapore, are full democracies. On its democracy index, the Economist described Singapore as a “fl awed democracy” its parliamentary system has been ruled by the same political party since 1959.
For Veldosi, “People’s sense of wellbeing and safety is very much determined by the sense of certainty about different threats,” such that under authoritarian regimes with high levels of state control, “citizens can know what to expect and thus may have a sense of greater safety.”
CUSTOMS Commissioner Bienvenido Y. Rubio
DMW Secretary Hans J. Cacdac
Editor: Jennifer A. Ng
By VG Cabuag @villygc
LOCAL fastfood giant Jollibee Foods Corp. (JFC) said its net income in the first half jumped by 25 percent to P5.89 billion from the previous year’s P4.69 billion on higher foot traffic in its stores.
ev i o u s P 85.49 b i ll ion, w it h t he Phi l ippi ne b r ands Joll i bee, C h owk i ng and Mang Inasal b r ands o u tpe r fo r mi ng t h e ir SWS ta r gets.
Agenerally slugg ish global economy, as well as t he challenges brought about by elevated inflation, interest rates and an unstable currency,” Kev in Andrew L. Tan, t he company’s president and CEO, sa id.
“Our per for mance mirrored t he
“O ur i nter nat ional bu si ness del ivered st rong second qu a r ter SWS w it h robu st g rowt h i n EMEAA and Nor t h America. O ur coffee and tea business improved sequent i ally and yea r -on-yea r led by T he Coffee Bean and Tea Leaf whic h g rew SWS by 25.6 percent duri ng t he qu a r ter Joll ibee, our lead global brand for t he c hicken categor y cont i nued to exec ute well,” Tanmant iong sa id. “Ove r all, o ur f i nanc i al pe rfo r mance fo r t h e second qu a r te r was even st r onge r t h an t h e f ir st qu a r te r ac r oss most met ri cs. As we move i nto t h e second h alf of t h e yea r, we r ema i n foc u sed on cap ital allocat i on d i
reatest g rowt h potent i al t h at w i ll g i ve t h e best val u e fo r JFC and
underly ing strengt h of our brands and all our businesses as t he Group continued to invest in future capacity expansions and execute our strateg ies as planned. We also focused on i mplement i ng en h ancements and innovations of our aspirational products and ser v ices to add ress changes in market preferences. We believe t hat we are in t he best position to take advantage of emerg ing oppor tunities as t he economy continues to recover.”
For t he second qu a r ter alone, its income reached P7.2 bi llion, a 57-percent g rowt h f rom last year’s P4.56 bi llion. Revenues for t he period, meanwhi le, g rew 19 percent to P56.8 bi llion f rom P47.73 bi llion recorded a year ago. Emperador Inc. sa id its attributable income in t he f irst half fell 19
percent to P3.8 bi llion f rom t he prev ious year’s P4.73 bi llion. First-half revenues fell 6 percent to P28.6 bi llion f rom t he prev ious year’s P30.39 bi llion.
“T he Phi lippine market rema ins c h alleng i ng reflect i ng t he global situation. T he market is inundated w it h cheap products as consumers seek for value. T he company is pivoting towards a more compet itive stance. However we believe t hat in t he long-ter m, t he premiumization strategy rema ins compell ing,” t he company sa id.
Tr avelle rs Inte r nat ional Hotel Group Inc., its leisure and tourism ar m and owner/operator of Newpor t World Resorts, had a 38-fold increase in attributable income in t he second quar ter to P423 mi llion. In t he f irst half, net income to owners of Travel-
par tner in nation-bui ld ing as more gover nment agencies lease our premier off ice spaces to deliver better public ser v ices.”
lers stood at P434 mi llion on g ross revenues of P20.1 bi llion. T he company sa id it saw a shar p expansion in gross gaming revenues, whi le its non-gaming segment susta ined revenue
By Lorenz S. Marasigan @lorenzmarasigan
Cincreasing revenues f rom reta i l and T he Crib co-l iv ing spaces in New Clark City.
“O ur rob u st f ir st- h alf res u lts show t hat Fi linvest Land’s residential business continues to t hrive. FLI delivered strong g rowt h amidst t he current interest rate env ironment. We achieved t his t hrough t he continued strength of our brand, known for value-for-money homes in wellrou nded commu n it ies ac ross t he Phi lippines,” Tristan Las Marias, the company’s president and CEO, sa id.
“We are work ing to enhance our shopping centers w it h world-class brands and to open new malls in u nderser ved popu lat ion hubs. In add ition, we rema in a trustwor t hy
Residential real estate sales rose 22 percent yea r-on-yea r to P7. 38 bi llion. Completed developments in t he f irst half were t he Bughaw bui lding of Panglao Oasis in Tag uig, near Bonifacio Global City, t he Acacia and Banyan mid-rise bui ld ings at Alta Spatial in Valenzuela, Metro Mani la, and Bui ld ing B of Marina Spatial in Dumag uete, Neg ros Oriental.
Reser vat ion sales for t he period, meanwhi le, g rew 16 percent to P12.84 bi llion.
Retail leasing revenues rose 9 percent year-on-year to P1.19 bi llion. Flagship Japanese brands and casual d ining restaurants are slated to open w it hin t he year at Festival Mall in Alabang, the company’s largest mall. By t he end of t he year Fi linvest Malls Dumaguete is set to open at the hear t of Marina Town, a 1.9-hectare integ rated township w it h a mall, off ices, and t hree med ium-rise condominiums.
By 2025, a new mall w it hin t he Fi linvest Mimosa+ Leisure City is also expected to open, prov id i ng reta i l options to a local and inter
i nanHongkong Express Cable System (SEA-H2 X ) project, h ave necessitated t his upward adjustment.
T he SEA-H2 X cable system encompasses a minimum of eight f iber pa irs connecting Hong Kong to Singapore, boasting a robust design capacity of 160 Tbps to effectively add ress t he escalat ing bandw idt h demands w it hin t he reg ion. It was initially expected to be completed by t he f irst quar ter of 2025, but w ith the accelerated deployment, the system w ill be online sooner than expected. Despite t he signif icant increase, Yu assured t hat t he adjusted capex w ill not require additional debt drawdowns, as the company plans to finance the expenditures through its cashflows.
For t he f irst half of 2024, t he company repor ted a cash capex of P4.7 bi llion.
Also on Wednesday, Conve rge r epo r ted a 2 3 .6-pe rcent g r owt h i n net i ncome for t he f ir st h alf
THE offshore w ind projects of Vind Energy Cor p. in Cav ite and Guima ras wor t h P331 bi llion have secured g reen lane certif icates f rom t he Board of Investments (BOI).
Expected to sta r t operat ion in 2030, t he BOI sa id t he Cav ite and Guimaras projects have a potential max imum capacity of 994MW and 728MW, respectively.
In par ticu lar, the projects w i ll utilize a “f i xed-bottom offshore w ind technology” w it h a combined project cost of more t han P331 bi llion.
In a statement on Wednesday, t he investment promotion agency said Depar tment of Trade and Industr y (DTI) Undersecretar y and BOI Manag ing Head Ceferino S. Rodolfo awa rded t he Cer t if icates to Alma Roxas-Aguila, Development Director of Corio Generation, a shareholder of Vind Energy Cor p. Corio is a specialist offshore w ind developer ded icated to har nessing renewable energy ser v ing. Operating on a “standalone” basis, BOI sa id Corio is a por tfolio company of Macquarie Asset Management.
“T hese g reen lane cer tif ications a re c ruc i al for our project development and effor ts in helping t he countr y reach its decarbonization targets,” Ag ui la sa id. Corio is also developing projects in markets includ ing Australia, Sout h Korea, Ta
“Converge is no longer a simple connect iv ity company or an ISP t hough t hat is our core strengt h We w i ll continue to bui ld our strength in t he ICT space, establishing g roundbreak ing par tnerships to d ip into t he f uture.”
Editor: Dennis Estopace
Keeping policy rates steady makes sense–think tank
By Cai U. Ordinario
DELAYS in the impact of lower rice tariffs and the decline in agriculture production in the second quarter may be convincing arguments against cutting policy rates this week, according to a US-based think tank.
In an econom ic brief, GlobalSource Par tners Countr y Analysts
Diwa C. Guinigundo and Wilhelmina C. Manalac sa id it was right for t he Monetar y Board (MB) to keep policy rates steady in June 2024 as inflation hit 4.4 percent in Ju ly.
Accord i ng to Gui n i g u ndo and Manalac, t he upside risks to inflation such as food prices, transportation costs, higher power rates and global f uel prices cou ld materialize.
T he El Niño can also d isrupt food production in t he coming mont hs as it is expected to extend to t he t hird quarter, affecting agriculture growth and food costs in general.
“It is our expectation that the BSP w i ll be patient in keeping its policy rate steady. After all, for t he BSP it is not simply about increasing or decreasing interest rates,” Guinig undo and Manalac sa id.
“T he BSP has to l i kew ise continue monitoring and weighing t he impact of t he exchange rate, longter m y ields, shor t-ter m y ields, and cred it g rowt h as well as ot her potential d isturbances in t he economy,” t hey added.
T he GlobalSource Par tners analysts also cautioned monetar y aut horit ies on a poss i ble off-cycle policy action in case an assessment is w rong. Guinig undo and Manalac sa id t his wou ld not be “good optics” for t he Phi lippines.
“In case t he assessment is off, t he BSP declared, an off-cycle adjustment is, li kew ise, being considered. However t his wou ld not be good for optics because it wou ld show that the patience of the BSP was too prolonged and well behind t he cur ve. Nor is it good for keeping inflation expectations anchored,” t he analysts sa id.
Apa r t f rom t hese, Guin ig u ndo and Manalac also made a d istinction between appropriate and inappropriate monetar y policy. First, t hey sa id, appropriate monetar y was not about reducing t he cost of borrow-
THE Security Bank Cor p. (PSE: SECB) posted net prof it of P5.4 bi llion in H1-2024, up 11 percent year-on-year driven by accelerated g rowth in business drivers. In a statement issued last Wednesday, the lender said its f irst-half total revenues g rew 24 percent year-onyear to P25.7 billion. SECB said its net interest income increased 38 percent to P21.7 bi llion. Net interest marg in in H1-2024 was 5.20 percent, up 96 basis points yea r-on-yea r Ser v ice charges, fees and commissions g rew 74 percent to P4.9 bi llion. T he lender’s operating expense in t he f irst half was 20-percent higher, driven by investments in manpower and technology. Strong per for mance led to a cost-to-income ratio of 58.4 percent, lower t han t he 60.4 percent a year ago. SECB’s pre-prov ision operat ing prof it was up 30 percent year-onyear to P10.7 bi llion. T he bank sa id it set aside P3 3 bi llion as prov isions
DBM has yet to release ₧333.566B from budget
By Reine Juvierre Alberto
ing to bring down t he gover nment’s debt payments.
Second, t hey sa id, appropri ate monetar y policy was not about allow ing consumers to borrow f rom banks to spend for activ ities such as travel as well as t he consumption of ot her personal effects.
T he analysts stressed that adjusting monetar y policy must only be about lowering prices and helping t he economy ac hieve su sta i nable g rowt h
“We a re of t he v iew t h at i f t he re i s anyt hi ng t h at can u nder m i ne t he i nteg rity of i nflat ion ta rget i ng and pu ll back t he BSP ’s ac hievement i n promot i ng price stabi l ity w it hout cau s i ng a recess ion i n t he Phi l ippi nes, it wou ld be to adju st moneta r y pol icy for reasons ot he r t h an p ri ces and s u sta i nable g r owt h i n t h at o r de r,” G ui n i g u ndo and Manalac sa id.
“Appropri ate moneta r y pol icy is all about ensuring t hat inflation is at an appropriate level t hat bot h business and households, and even gover nments, can ignore becau se price stabi lity has produced the right costs for goods, ser v ices and money for t hem,” t he analysts added. Ea rl ier, Moody’s Analyt ics expressed t he v iew t hat t he BSP cou ld maintain policy rates this week while Citi Philippine economist Nalin Chutchotit ham sa id t here was sti ll room for t he BSP to keep rates steady.
Citi expects t he BSP to cut interest rates by 25 basis points t his week and cut anot her 25 basis points in October and December A total of 75 basis point cumu lative cuts are projected in 2025.
C hutc hot it h am sa id, however, t hat BSP may sti ll opt to “err on t he cautious side” and ma inta in key policy rates on T hursday due to t he 4.4 percent inflation (See: https://businessm irr o r.com.p h /2024/08/1 3/ analysts-p h l-g r owt h -ma i nly-abase-effect/).
A total of P3 .425 t ri ll i on, o r 97.8 pe r cent of t h e P3 .502 t ri ll i on b u dget, was d i sb ur sed to va ri o u s depa r tments and agenc i es. Abo u t P3 48.948 b i ll i on, o r 68.8 pe r cent of t he P507.481-b i ll ion allotment, we r e r eleased fo r spec i al p ur pose f u nds, s u c h as b u dgeta r y s u ppo r t to state- ru n co r po r at i ons, allocat i on to local gove r nment u n i ts (LGUs) and calam i ty f u nds, among ot h e r s. F ur t h e r mo r e, P 1.444 t ri ll i on u nde r a u tomat i c app r op ri at i ons h as been r eleased as of end-J u ly. T hi s acco
for cred it losses in t he f irst half, an increase versus year-ago level of P1.6 bi llion. Gross non-per for ming loan (NPL) ratio was 3 31 percent and NPL reser ve cover was 81 percent. Retur n on shareholders’ equity was 7.94 percent. Retur n on assets was 1.20 percent, accord ing to t he cou nt r y’s eight h-la rgest lender in ter ms of assets. Accord ing to SECB, its total deposits increased to P676 bi llion, up 29 percent year-on-year (YoY). It added t hat whi le CASA (current account/sav ings account) deposits increased 9 percent year-on-year, CASA as percent of total deposits was at 54 percent.
SECB sa id its net loans accelerated to 19 percent g rowt h rate YoY f rom t he 12 percent posted in t he f irst quar ter of t he year T he bank sa id it ma inta ins healt hy liquid ity, w it h Liquid ity Coverage Ratio (LCR) at 180 percent and Net Stable Funding Ratio (NSFR) at 133 percent as of June 30. Cai U. Ordinario
and doc u menta r y stamp tax (DST) r et ur ns we r e f i led and pa i d afte r t h e t r ansfe r of s h a r es. He added t h at G u o owes t h e BIR a total of P 500,000 i n CST and DST l i ab i l i t i es. T h e BIR c hi ef alleges t h at G u o’s s h a r es we r e sold at a lowe r p ri ce and don’t matc h w i t h t he p r ope r t i es owned by Baof u L u mag ui sa i d t h at as i de f r om G u o and Uy, Rac h elle Ca rr eon was also named as a defendant i n t h e case. T h e t ri o, acco r d i ng to t h e BIR, w i ll be fac i ng c ri m i nal c h a r ges u nde r Sect i ons 254 and 255 of t h e Rep u bl i c Act 8424. Ca rr eon was also c h a r ged excl u s i vely fo r v i olat i ng Sect i on 250 (Fa i l ur e to F i le Ce rta i n Info r mat i on Ret ur ns) of t h e Nat i onal Inte r nal Reven u e Code. Ca rr eon, Baof u ’s co r por ate sec r eta r y, was s u pposed to ove r see and flag t h e nonpayment and non-f i l i ng of CGT and DST r et ur ns to t h e BIR b u t del i be r ately fa i led to do so. L u mag ui sa i d Ca rr eon ve rif i ed u nde r oat h t h e Gene r al Info r mat i on S h eet, w hi c h r eflected t h e t r ansfe r even i f no taxes we r e pa i d and no r et
s
World’s top steel producer warns of ‘severe’ industry crisis
THE world’s biggest steel producer sounded the alarm about a crisis in China that carries the potential to send global shock waves, warning of a deeper industry downturn than major traumas in 2008 and 2015.
downtur n shows no signs of end ing, whi le factor y activ ity rema ins subdued. Baow u alone produces about 7 percent of t he world’s steel, and its commentar y is closely tracked to gauge t he market mood in t he Asian
ducers
Ge
Russian businesses see billions stuck abroad on payment delays
i s
nvestment ab r
nly an acc u mu lat i on of R u ss i an compan i es’ acco u nts
r ece i vable du e to d i ff i c u lt i es w it h i nte r nat i onal payments, t h e cen-
t r al bank sa i d.
T he latest US effor ts to l i m it t he
K reml i n’s abi l ity to f i nance its wa r
aga i nst Uk r a i ne h ave r a i sed t he ri sk of seconda r y sanct ions even for local banks i n cou nt ries t h at t rade w it h Ru ssi a, lead i ng to longer delays and more d i s rupt ions w it h payments to and f rom key pa r tners, i nclud i ng C hi na and Turkey. “It’s a new r eal ity,” sa i d Sofya Donets, an econom i st at T-Investments. “Banks h ave always h ad depos its i n fo r e i gn banks and v i ce ve r sa. To a la r ge extent it h as always been a sto r y abo ut r ec i p r ocal settlements, it was necessa r y to keep t h em w it h eac h ot h e r Now it’s taken on anot h e r new fo r m t h at m irr o r s t r ade act i v ity: Debt.” T he settlement delays between R u ss i an i mpor te r s and expor te r s and t he ir fore i gn cou nte r pa r t ies h aven’t cau sed t rade to collapse, but a re squeez i ng l iquid ity, accord i ng to Alex Isakov, R u ss i a econom i st
at Bloombe rg Econom ics. R u ss i an cor por at ions h ave to wa it longe r to get money for t he ir expor ts and make payments for i mpor ts fa r t her i n advance, res u lt i ng i n w h at i s essent i ally forced lend i ng, he sa id. “Fo rced t r ade f u nd i ng means t h at h a rd c urr ency i s sca rce r and costl i e r,” Isakov sa i d. R u ss i an banks a r e fac i ng a s hor tfall of y u an, t he ma i n fore i gn c urrency for t he cou nt r y’s exte r nal t r ade nowadays, t h at’s fo rced u p costs as C hi nese co u nte r pa r ts a r e i nc reas i ngly af r a i d of be i ng penali zed by t h e US fo r i nd ir ectly f u ndi ng R u ss i a’s wa r mac hi ne. R u ss i an expor ts h ave rema i ned stable at $2 3 9 b i ll i on i n t h e f ir st seven mont h s, w hi le i mpo r ts dec r eased 8 pe rcent f r om t h e same pe riod last yea r to $16 3 bi ll ion, t he data s how. T h e sanct ions i mposed
by t h e US on R u ss i a’s f i nanc i al i nf r ast ru ct ur e i n Ju ne h ave yet to slow i mpo r ts, i nclu d i ng f r om C hi na, w hi c h cl i mbed i n Ju ly f rom t h e p r ev i o u s mont h Fo r e i gn assets i nc r eased by $4.7 b i ll i on last mont h , and by $5 b i ll i on i n Ju ne, acco rd i ng to t h e cent r
s how t h
bank. T
i nc r ease, not t h e total amo u nt.
hi s i s i ndeed a new factor and probably a signif icant one, but t his is not t he only stor y of t he outflows,” Donets sa id, expla i n i ng t h at she’s wa it i ng for deta i led second qu a r ter data to u nderstand t he bigger pict ure. For now, she sa id, pol icymakers a re t r y i ng to quell concer ns t h at capital i s leav i ng t he cou nt r y. “T h e Bank of R u ss i a wants to let u s know t h at t hi s $45 b i ll i on of fo r e i gn assets i s not r eal cap ital o utflow,” s h e sa i d. Bloomberg News
Tencent sales growth sped up after blockbuster game release
TExecutives w ill brief analysts later on t heir resu lts later on Wednesday. Investors are li kely to ask how its artif icial intelligence investments w i ll contribute to f uture g rowt h So far AI has helped improve ad targeting, but t he f ir m’s proprietar y large lang uage model and ChatGP Tstyle tool have lagged compet itors li ke Ti kTok parent ByteDance Ltd. and Al ibaba in user uptake. St i ll, bot h Alibaba and Tencent have invested in t he majority of C hina’s up-and-coming model bui lders, an elite g roup of si x star tups t hat have collectively attracted bi llions of dollars of venture f und ing.
Executives may also face questions about t heir plans for shareholder retur ns.
Tencent has spent almost $8 bi llion t his year to repurchase its stock, accord i ng to a Bloombe r g News calcu lation, outpacing t he buyback activ ity of ot her Hong Kong-l isted f ir ms as t he local market sagged.
S h a r es of t h e WeC h at ope r ato r surged rough ly 27 percent t his year, versus a 10-percent drop in the Hang Seng Tech Index.
“Tencent’s revenue streams are well d iversif ied, w it h t he f ir m positioned as a leader in many of its end ma rkets, i nclud i ng v ideo games,” Bloombe r g Intell i gence analysts Rober t Lea and Jasmine Ly u w rote in a note before t he resu lts. “Unli ke its ecommerce peers, Tencent’s d iv isions benef it f rom relatively high technical barriers to entr y, mak ing t hem less exposed to risk f rom lowcost d isruptors.” Bloomberg News
Singapore top property firms’ earnings show sector headwinds
TWO of S i ngapo r e’s la r gest p r ope r ty compan i es r epo r ted a m i xed set of r es u lts Wednesday, as hi g h i nte r est r ates and a global r eal
b u s iness, w hi c h was hit by hi g h e r i nte r est expenses and u nfavo r able fo r e i gn exc h ange r ates. T h e co u nt r y’s la r gest l i sted develope r C ity Developments Ltd.
saw net i ncome i nc r ease by 3 2 pe r cent to S$87.8 m i ll i on i n t h e s i x mont h s ended Ju ne 3 0, com-
pa r ed w it h S$66.5 m i ll i on r eco r ded a yea r befo r e d u e to d i vestment
ga i ns. B u t r evenu e pl u nged by 42 pe r cent to S$1.56 b i ll i on. Cap itaLand Investment’s C hi ef Ope r at i ng Off i ce r And rew L i m acknowledged i nvestor “ i mpat ience” w it h t h e f ir m’s p i vot away f r om C hi na, say i ng t h at it was a del i cate p r ocess. T h e f ir m i s comm itted to do i ng so t hr o u g h means i nclu d i ng d i vest i ng assets, h e sa i d d uri ng a p r ess confe r ence on Wednesday. Cap itaLand Investment i s expected to meet its S$ 3 b i ll i on d ivestment ta r get by t h
Health& Fitness
Editor: Anne Ruth Dela Cruz
Provider payment governance needed to achieve UHC goals
By Rory Visco Contributor
ONE of the most significant pronouncements made by President Ferdinand Marcos, Jr. during his 3rd State of the Nation Address (SONA) was to increase the spending of state insurer Philippine Health Insurance Corp. (PhilHealth) in the country’s Total Health Expenditure (THE) pie.
Currently, PhilHealth’s share in the THE is around 14 percent, while those of private health insurance providers is pegged at about 10 percent. President Marcos, Jr.’s instructions during the SONA called for increased benefits coming from PhilHealth for certain ailments like stroke, pneumonia, including cancer types such as colon, breast, lungs, liver, ovary, and prostate.
Just recently, the Unilab Center for Health Policy (UCHP) released two research papers in a forum it organized in Manila, where it showed the importance of implementing reforms with regard to public health expenditure, particularly concerning PhilHealth, so that more Filipinos need not spend more for their healthcare or “out-ofpocket expenses.”
Improvement in benefits payment system
ONE of the research papers unveiled during the forum concerns the benefits payment system of PhilHealth, and discussed how it can still be im-
proved to maximize utilization of PhilHealth’s funds.
The research, conducted by Dr. Valerie Gilbert Ulep, a Senior Research Fellow at the Philippine Institute for Development Studies (PIDS) where he successfully managed research on health financing, nutrition, early childhood education, including hospital quality and financing, emphasized the critical role of provider payment governance in healthcare systems.
Currently, hospital partners of PhilHealth are paid through case rates, which is the state insurer’s mechanism of paying for in-patient care through a care-based provider payment system. He noted that several countries are already transitioning to a benefitspaying mechanism called DiagnosisRelated Group (DRG) systems, which is what should be done under Republic Act No. 11223 or the Universal Healthcare (UHC) Act. Using this governance framework, UHC coverage goals will be achieved by prioritizing efficiency, equity, and sustainability.
He said that shifting from case rates to DRGs would be better for the Philippines where an independent arm’slength agency will oversee the release of payments to PhilHealth partnerinstitutions. Dr. Ulep said governance is an important building block of the health system and the UHC Act “explicitly indicated the transition to a DRG-based global budget for in-patient benefits in recognition of the failure of the current case payment rates.”
Provider payment policy
HE likewise suggested that an effective provider payment policy must include elements such as a “payment rate that adequately covers the cost of services, an accountability framework that promotes trust, integrity, and efficiency in health financing systems, a payment schedule that allows providers to plan investments, and provider remuneration based on performance.”
The research pointed out that other countries such as Thailand, Australia and Germany have been successful in implementing DRGs. In Thailand, the Health Systems Research Institute (HSRI) is an autonomous state agency independent of the National Health Security Office and the Ministry of Public Health.
Australia’s DRG management, on the other hand, involved the development of classifications, calculations of efficient rates, and provision of advice on healthcare pricing and costing, which are responsibilities of the Independent Health and Aged Care Pricing Authority. In Germany, it said the calculations for the costs, weights, classification mechanisms, and guidelines for the DRG are conducted and
adjusted annually by the Institut für das Entgeldsystem im Krankenhaus (InEK) or the Institute for Remuneration System in Hospitals.
“They ensure that the process has a pool of experts that are neutral and shielded from interference,” the research added.
The research suggests the “proposed governance framework outlines the development process, culminating in the development of the provider payment system, which will be subsequently approved and implemented by PhilHealth.” Throughout the process, it said PhilHealth initiates stakeholder management and alignment, a “critical task given that a shift in provider payment could encounter political constraints.” With regard to the initial roll-out, it said “PhilHealth must effectively communicate the objectives of the reform by engaging various stakeholders, including providers, patients, politicians, and the public.”
Passing of adolescent pregnancy bill to ensure well-being of youth–agencies
By Rizal Raoul S. Reyes
ALARMED by the rising rate of teenage pregnancies in the Philippines, the Korea International Cooperation Agency (KOICA), and the United Nations agencies in the Philippines, including the United Nations Population Fund (UNFPA), United Nations Children’s Fund (UNICEF) and the World Health Organization (WHO), urged Philippine legislators to quickly pass the adolescent pregnancy bill. The groups said the legislation is crucial in addressing this problem and ensuring the well-being of young people in the country.
While the bill has been approved by the House of Representatives, their Senate counterparts in the Senate have not responded positively, resulting in a delay.
The UN agencies are working closely with the KOICA-funded Joint Programme on Accelerating the Reduction of Adolescent Pregnancy (JPARAP) in Southern Leyte and Samar in a bid to strengthen comprehensive sexuality education and improving access to adolescent-friendly sexual and reproductive health services.
for young Filipinos.” UNFPA said the bill would remove barriers to healthcare access for adolescents. Currently, young people under 18 require written parental consent for family planning services, which can significantly hinder their access to essential care.
New guidebook to help barangay nutrition scholars fight malnutrition
By Claudeth Mocon Ciriaco
ALNUTRITION refers to deficien-
Mcies, excesses or imbalances in a person’s intake of energy and/or nutrients.
According to the World Health Organization (WHO), an estimated 37 million children under the age of five years are overweight, while some 149 million are stunted.
To address the ongoing issue of malnutrition in the Philippines, experts from the University of the Philippines Manila (UPM) and the National Nutrition Council (NNC) are developing a new guidebook for barangay nutrition scholars (BNS).
The “Barangay Nutrition Scholar Handbook on Community Nutrition Services (Book III)” aims to enhance the capabilities of barangay nutrition scholars by aligning with the technical skills required for Community Nutrition services (CNS) NC IITechnical Education and Skills Development
Authority (Tesda) certification.
Basic competencies
IT will include the basic competencies prescribed under CNS NC II such as assessing the nutritional status of children under five years old; assisting the barangay nutrition committee in their functions; assisting in the delivery of nutrition and related services; promotion and adoption of positive nutrition behaviors and monitoring and evaluating nutrition programs.
It will serve as a comprehensive guide for barangay nutrition scholars who have completed the CNS NC II training through Tesda, as well as for newly hired BNS who have yet to take this training program. BNS are community-based volunteers whose compensation depends on allowances provided by the local government.
ATesda certificate could pave the way for them to secure more stable employment within the community. The certification indicates that they possess the competen-
cies required by Presidential Decree 1569, which mandates the presence of BNS in every barangay.
Multiple burden of malnutrition
THE country is dealing with the triple burden of malnutrition: undernutrition including stunting (low height-for-age), wasting (low weight-for-height), and underweight (low weight-for-age); increasing prevalence of overweight and obesity; and micronutrient deficiency. One in every five school-age Filipino children is underweight and stunted, the 2021 Expanded National Nutrition Survey (ENNS) of the Food and Nutrition Research Institute (FNRI) said.
The same survey said one in every 15 school-age children is wasted and one in every 10 school-age children is overweight.
Additionally, one in every five adolescents is stunted. Undernutrition usually results from poor diet. However, processed foods and those containing refined sugar are generally blamed for obesity, which in
turn, causes heart disease and diabetes.
Reduce the burden of malnutrition
EXPERTS from UP Manila’s Department of Nutrition at the College of Public Health, are currently drafting the handbook in coordination with NNC.
“The goal of the government is to reduce the burden of malnutrition among the Filipinos because investment in nutrition can lead to economic development,” Dr. Kim Leonard Dela Luna, Associate Professor of the Department of Nutrition of UP Manila said.
The upcoming handbook is the third iteration of materials geared to equip barangay nutrition scholars.
The NNC developed the reference materials for the five-day basic course for BNS in 2010. This was followed by the first handbook developed jointly by the NNC, the Department of Health, and the UP Manila College of Public Health in 2014.
Private sector launches Kain Tayo Pilipinas to achieve zero hunger
BBy Roderick L. Abad Contributor
USINESS and non-government community leaders have launched Kain Tayo Pilipinas (KTP), an initiative that unites private sector stakeholders to address food insecurity and malnutrition in the Philippines.
The coalition seeks to develop tangible solutions in tackling the nation’s issues of hunger, malnutrition, and food insecurity to ensure a healthier future for all Filipinos. This initiative envisions a collaborative effort from its members towards achieving Zero Hunger (Sustainable Development Goal 2). According to Philippine Business for Social Progress (PBSP), which serves as the KTP secretariat, one out of 10 Filipino households is considered food insecure and
26.7 percent of underage-5 Filipinos are stunted.
With this in mind, KTP and PBSP Chair Manuel V. Pangilinan urged the public to join the movement in helping address malnutrition and food security.
“ Walang magugutom pag lahat tutulong (If we all help, no one will go hungry),” he said.
During the same event, World Bank Senior Country Officer for Brunei, Philippines, Malaysia, and Thailand, Dr. Clarissa David, said that the Philippine Human Capital Index is at .52, meaning that a Filipino child born today will only be 52 percent as productive in their adulthood with a complete education and full health.
The Philippines lags behind its neighboring countries in terms of health and nutrition indicators, as well as skills and education outcomes, resulting to $4.4 billion in
annual economic growth losses.
The chair of the government’s Task Force Zero Hunger and Social Welfare and Development Secretary Rex Gatchalian underscored the need for a bottom-up approach to end hunger and ma lnutrition, wherein food insecurity and malnourishment is addressed starting with the needs and capabilities of communities and individuals, rather than solely relying on top-down publicly funded initiatives.
“Interventions to end hunger and malnutrition will be more effective with the help of the private sector,” he added.
Commitment to address hunger, malnutrition
KTP commits to develop innovative solutions to advance sustainable development and usher in a brighter future for all Filipinos. It features three workstreams, namely,
Nutrition, Food Security, and Enablers.
The Nutrition Workstream will adopt a life-stage approach, targeting direct beneficiaries, especially children ages zero to two, as this is the most crucial formative life stage.
The Food Security Workstream will empower families to fight malnutrition by providing them with better access to healthier and more affordable food options.
The Enablers Workstream will focus on interventions that complement the nutrition and food security workstreams, particularly on sustainability through water sanitation and hygiene (WASH), nutrition education, public policy and governance, and more.
The next phase of the process is where the Department of Health and PhilHealth provide surveillance and PhilHealth claims data, an essential patient-level information needed for the development and revision of rates, to the independent arm’s-length agency. The research pointed out that “the institution must possess robust and transparent systems for rate development and refinement and mechanisms for involving pertinent stakeholders in validating and gathering insights. The resulting product, the Provider Payment Mechanism (PPM) System, will serve as the basis for PhilHealth to revise its rate policies for DRG, given other considerations, including budget constraints.” “KTP
For Manolito Tayag, KTP board member and PBSP Vice Chair, their goal is to unite the private sector and business community to address urgent hunger and malnutrition issues confronting the country.
“Having legislation that ensures access to essential reproductive health services is a crucial step towards a more equitable and sustainable future, where every young person can thrive and reach their full potential,” said Gustavo González, UN Resident Coordinator in the Philippines. “Adolescent pregnancy is also not just a health issue, but a social and economic one as well. This bill will help us address the root causes of adolescent pregnancy, including lack of access to education and health services.”
Urgent action
THE urgency of the situation is underscored by data from the Philippines’ Commission on Population and Development, which reveals a 10.2 percent increase in live births by girls aged 10 to 19 between 2021 and 2022.
KOICA Country Director Kim Eunsub said KOICA is solidly behind the bill. “We believe that investing in young people is essential for sustainable development. In addition to celebrating 75 years of Korea-Philippines diplomatic relations and 30 years of KOICA’s presence in the Philippines, this bill will make us more inspired to strengthen our assistance to the country’s health projects. We assure you of KOICA’s continuing support and commitment not only for better health and wellbeing, but also a brighter future
“Adolescent pregnancy can result in significant health risks, including increased rates of preventable maternal and infant deaths, as well as the dangerous practice of unsafe abortions. Having a comprehensive framework to address this urgent issue and to protect the sexual and reproductive health and rights of young Filipinos, will help empower adolescents to make informed choices about their bodies and pave the way for better futures,” said UNFPA Philippines Country Representative Dr. Leila Saiji Joudane. Protecting rights
MEANWHILE, UNICEF underscored the importance of protecting the rights and aspirations of young girls.
“Adolescent girls’ dreams to learn and get decent jobs should not be cut short. UNICEF is committed to supporting girls through laws, policies and programs that prioritize their rights, their agency, and opportunities to pursue their dreams and to prevent early and unintended pregnancies. This bill needs to retain the clauses that better define roles and accountability of duty bearers, which can help everyone in the community to work together to tackle the social factors that lead to more teen pregnancies,” said Behzad Noubary, UNICEF Philippines Representative.
“These girls have the right to be informed about decisions that affect their lives. They need support, not stigma and blame,” he said.
WHO also recognizes that addressing adolescent pregnancy is a global health and development priority.
“Addressing adolescent pregnancy is part of the global health and development agenda. Together with partners, WHO Philippines continues to address adolescent pregnancy by supporting national programmes and policies. Rights-based policies alongside community-based care and evidence-informed interventions are crucial to strengthening frameworks and strategies to scale up interventions and collective action from various sectors, agencies, and communities,” said Dr Graham Harrison, Officer-inCharge of WHO Philippines.
FOODPhilippines, the country’s collective food promotions program, shifts into the higher gear as it joins the Hong Kong Trade Development Council (HKTDC) Food Expo PRO on August 15 to 17, 2024 at the Hong Kong Convention and Exhibition Centre.
Organized by the Center for International Trade Expositions and Missions (CITEM), seven food exhibitors from the Philippines will bring in finetasting, fresh, and healthy food options. The Philippine Pavilion, located at Hall 5C, booth E17, will house an array of fresh fruits including durian, cavendish banana, and pineapple. The country pavilion will also feature seafood products across all categories such as mangrove crabs, fresh frozen cuttlefish, and dried seaweed, among others.
Eyeing to penetrate the lucrative Hong Kong market, the seven food exhibitors that will join the business mission are Eng Seng Food Products, Hueza Bakery, Kangkong King, La Carlota Food Enterprise, the Municipal Government of Buguey, Raspina Tropical Fruits Incorporated, and Siargao’s Bounty Seafood Corporation.
The HKTDC Food Expo PRO, which is widely recognized as Asia’s key trade event for food and ingredients, provides a dynamic platform where entrepreneurs can scale their business. The Hong Kongbased expo is seen as a perfect avenue for F&B companies to find reliable business partners and bring home with them wealth of insights passed on by discerning food experts across the globe. In its 2nd edition, the food expo will
Generika Drugstore salutes uniformed, non-uniformed ‘heroes’ with exclusive program
AHEAD of National Heroes Day this month, Generika Drugstore announced a discount program bringing ginhawa to uniformed and non-uniformed personnel to honor their courage and sacrifices in the line of duty.
More than 500,000 active employees from the Armed Forces of the Philippines (AFP), Philippine National Police (PNP), Bureau of Fire Protection (BFP), Bureau of Jail Management and Penology (BJMP) and the Philippine Coast Guard (PCG) can avail of a five percent discount on all generic medicines from all branches of Generika Drugstore starting August 6, 2024.
“Even valor needs relief. This is our way of taking care of the people who take care of us, recognizing the invaluable sacrifices they make every day in the line of duty,” said Gino Guinto, Chief Commercial Officer of Generika Drugstore.
“Supporting their health and well-being is our contribution to making our nation safer,” he added.
During the pandemic, the PNP strengthened its health and fitness program through Memorandum Circular 2020-029. Being at the frontlines of peacekeeping, police personnel need to be physically and mentally fit and healthy to effectively perform their duties to the Filipino public.
“This has an impact on the morale and welfare of all uniformed personnel. It contributes to a sense of appreciation and support from the private sector, fostering a positive environment for those serving in uniform,” said PCPT. Antonio Dela Cruz of the Police Security and Protection Group.
Buying generic medicines from Generika Drugstores already offers consumers up to 85 percent savings compared to buying branded medicines. On top of this, all personnel from the above agencies can avail a five percent discount on all generic medicines, including Generika Drugstore’s house brands Actimed Quality Generics and Nutrawell Supplements, simply by presenting their agency ID at any Generika Drugstore nationwide.
Beneficiaries of the program can also have access to Generika Drugstore’s PLUS services such as scheduled Libreng Konsulta with partner doctors, free blood pressure monitoring, affordable blood sugar tests and basic diagnostic services with mobile laboratory partners.
They can also register under our GeneriKard Loyalty Program where they can get points for every purchase, as well as special discounts in all clinics and hospitals that are part of the Healthway Medical Network.
“This is what Ginhawang Generika is all about – by providing access to quality, affordable medicines and basic healthcare services, we aim to empower communities
to take better care of their health. Truly, ginhawa is within reach in every Generika Drugstore all over the country,” Guinto said.
This discount is in support of Ayala Corporation’s comprehensive and needs-based Saludo sa Serbisyo program, which was launched in 2016. Through its subsidiaries, the company also provides housing assistance, financial education, livelihood training and scholarship for dependents of uniformed personnel among others.
The BFP’s Deputy Chief for Operation FSCUPT. Wilberto Rico Neil Kwan Tiu lauds the initiative, “We can say that the Saludo sa Serbisyo program is one of a kind. Truly, we appreciate this unique gesture showing that Ayala Corporation recognizes our service to the nation.”
“It’s really very heartwarming for us that the private sector appreciates our service to the country and that the Ayala Group looks out for our welfare and basic needs,” said Brigadier General Danilo Benavides, Deputy Commander of The Philippine Army’s Training and Doctrine Command.
This discount is valid until February 28, 2025, and cannot be combined with other special discounts such as those for senior citizens and persons with disabilities.
Director Brigida T. Pili, in her last event before retirement, emphasized the significance of the summit: “This event is a testament to our collective efforts and shared vision for a more inclusive and vibrant business community. This highlights the crucial role women play in shaping the economic landscape of our region and underscores our commitment to fostering an environment where women entrepreneurs can thrive.”
A mini trade fair ran alongside the summit, showcasing products from women-led MSMEs and providing participants with the opportunity to explore and support local businesses.
be a combination of onsite and online platforms called the “Exhibition+.”
“Hong Kong has consistently taken steps to cement its position as a global trading hub. In 2023, it imported a wide variety of food products including seafood, fruits, and vegetables with a total import value pegged at USD 25 billion.
With its stronghold markets in the United States, Europe, and China, Hong Kong has maintained a viable position in the global food supply chain,” Ocampo said.
The Philippines shares strong economic ties with Hong Kong spanning decades. In 2023, Hong Kong was the Philippines’ 6th largest trading partner after recording over USD8 billion in export sales. This accounted for 12 percent of the Philippines’ total export value with seafood, fruits, and nuts among the staple commodities.
In May 2024, the Philippine Department of Trade and Industry (DTI), through its export promotions arm CITEM, signed a Memorandum of Understanding (MoU) with Hong Kong, as represented by HKTDC. This momentous trade deal forges stronger economic partnership between the Philippines and Hong Kong, aimed at increasing trade activities for their respective local businesses. The agreement also allows the Philippines and Hong Kong to collaborate
on areas of mutual interest involving trade promotion activities facilitated by CITEM and HKTDC.
“Hong Kong offers a favorable trade environment for all. For one, it serves as a gateway to other Asian markets due to its strategic location. It boasts of state-of-the-art infrastructure, ensuring efficient logistics of merchandise. Most importantly, it has put in place businessfriendly measures which allow foreign enterprises to do business with ease. Among which is the implementation of zero tariff on seafood imports. These are huge opportunities for the Philippines awaiting to be tapped,” Ocampo added. The country’s participation in the HKTDC Food Expo PRO is made possible through CITEM’s partnership with Philippine Trade and Investment Center in Hong Kong (PTIC-Hong Kong). Likewise, FOODPhilippines is set to participate in the following trade fairs this year: China-ASEAN Expo (CAEXPO) on September 24 to 28 in Nanning, China; China International Import Expo (CIIE) on November 5 to 10 in Shanghai, China; and SIAL Paris on October 19 to 23 in Paris, France. Visit our website to learn more about the country’s participation in the 2nd HKTDC Food Expo PRO, where enticing Filipino flavors await you.
Mindividuals and business owners in the Ilocos region turned to BDO Unibank for their
How to get your kids ready to go back to school without stress: 5 tips from an experienced school counselor
DID you know that Filipinos are the second largest consumers of coffee in Asia, behind only Japan? This goes hand in hand with cafés becoming the ideal spot for remote work and as a third place where people chill and hang out. Shangri-La Plaza celebrates the Filipino coffee culture and its evolution from a simple beverage into a social ritual that enable relaxation and connection by brewing up events and activities that delight all the senses.
THE CONVERSATION
Indigent youth explore their creativity in free art workshops
Various barangays in Pasay and Manila’s indigent youth explored their ingenuity and imaginativeness in a series of free art workshops, titled Summer Arts Festival. Organized by the Center for Social Action of the De La Salle-College of Saint Benilde (DLS-CSB), the fun-filled educational exercises were first launched online during at the height of the pandemic lockdown to provide instructional activities to the children in the safety of their homes. The initiative, which has since become an annual institutional outreach program, serves as a platform for volunteer faculty members and student-artists to share their knowledge and skills. This year’s edition featured a blend of interactive lectures and hands-on sessions,
specially curated for the young citizens of Barangays 41, 45, 46, 47, and 48 of Pasay and Barangays 730 and 745 of Manila.
It welcomed the beneficiaries of partners, to include Sun for All Children, Friendship Home Fr. Luis Amigo, HOPE Worldwide Philippines Inc., and Our Lady of Sorrow Outreach Foundation Inc.
Attendees of the KomInk 3 class received an art package inclusive of a sketchpad, boxes of pencils and crayons, and a watercolor set. DrawInk, a group of comic book illustrators, guided them on how to use these coloring materials to bring life to whimsical picture pages. With the help of the Multimedia Arts students from Media Max Benilde
organization and the Benildean Scholars Association members, the participants of Art Kits for Art Kids exemplified their originality as they painted unique and vibrant masks fit for the joyous Alimango and Vakul-Kanayi Festivals in in Lanao del Norte and Batanes, respectively.
Mentors and learners from the Animation and Multimedia Arts Programs likewise equipped those who expressed interest in new media with the fundamentals of stop motion, photography, and videography. The Museum of Contemporary Art and Design (MCAD) also hosted a number of courses as part of the celebration. In “Inking Threads,” fiber artist and Benilde Fashion Design and Merchandising (FDM) educator Olive Jaro
Lopez and contemporary artist Fernando Escora taught partakers how to transfer their concepts into wearable shirts using textile spray and silkscreen printing. In “Scraps to Straps,” Benilde FDM alumna Samantha Martin showed kids aged 6 to 10 how to upcycle used fabrics into eye-catching bracelets. Benilde Industrial Design professor Ana Maria Veronica Solano facilitated “Consciously Wrapped,” a seminar on tips on how to make eco-friendly designs and sustainable packaging. The Summer Arts Festival was conducted across the different facilities of the Benilde Atrium and Design + Arts Campuses. More information is available at www. facebook.com/centerforsocialaction.
SWEDES TAKE A NEW STEP IN PARENTAL LEAVE. GRANDPARENTS CAN NOW GET PAID TO TAKE CARE OF GRANDKIDS
The festivities kick off with the Coffee Library at the Grand Atrium, giving visitors an inviting and multi-sensory experience showcasing the best of the local brews, complete with books, displayed art, and cozy seats. Coffee geeks can also check out Shang’s educational exhibit detailing the history and science of coffee, as well as its influence and impact in many aspects of life and art.
Pair an espresso or a latte with an enlightening chitchat at Tingin Southeast Asian Film Festival. A showcase of a remarkable list of films from the region, the festival wraps up with Kape at Pake happening on August 18, 7 pm, at the Red Carpet Cinema. Held in partnership with the National Commission for Culture and the Arts, Kape at Pake promises an engaging discussion on Asean cinema served with your choice of brew on the side.
No café experience is ever complete without music, and the right sound even makes every cup more enjoyable. Enjoy a cuppa as Live at the Shang! presents Filipino band Cheats on August 25, 6:30 pm, to round out the month-long celebration of Filipino coffee culture with a blend of indie music, pop rock, and alternative rock. The seven-piece band includes Jim Bacarro and Saab Magalona, the musicians/ coffee aficionados behind the cozy Kape-Kape by Linya-Linya café at the inclusive play space Puddy Rock.
Every day is the best time to grab a cup of joe at Shang with its impressive roster of coffee spots: savor the popular sea salt latte at harlan + holden coffee opening soon at the Streetscape, get refreshed with an iced yuzu americano at MUJI Coffee Counter; sample freshly roasted beans with unique
PHOTO BY JESSICA LEWIS THEPAINTEDSQUARE ON UNSPLASH
Purdue University
KING CARLOS IS HOME!
Sports BusinessMirror
Editor: Jun Lomibao
PAL flies Filipino Paris Olympians in special chartered flight PR8888
THE Philippine Olympic team returned home from the Paris 2024 Olympics aboard a special Philippine Airlines (PAL) “homecoming” flight, which landed in Manila on Tuesday night.
PAL flight PR 8888 from Dubai to Manila carried home most members of the delegation, who made the nation proud with their historic participation in the Paris 2024 Olympics.
The flight, organized by Philippine Olympic Committee president Abraham “Bambol” Tolentino with support from the private sector, included Olympic athletes, officials and sports leaders led by double gold medalist Carlos Yulo. During the flight, athletes enjoyed business-class meals and complimentary inflight Wi-Fi and were also gifted with
Tanduay Rhum products. Yulo was honored as PAL’s “Forever Flyer,” receiving 150,000 Mabuhay Miles per year for life.
Bronze medalists Aira Villegas and Nesthy Petecio were each awarded 80,000 Mabuhay Miles annually for the next three years.”
PAL Holdings Inc. President and Chief Operating Officer Lucio C. Tan III expressed his pride in the athletes.
“It is a great honor to carry home the heroes of the nation—our Filipino champions who represented their countrymen with pride and distinction on the global stage of the Olympics,” Tan said.
“Our Philippine Airlines team made sure our athletes had a comfortable journey home with the best of PAL’s wholehearted service on this special flight.”
Speaker Romualdez, solons honor golden boy Yulo, Petecio, Villegas
By Jovee Marie N. Dela Cruz
THE House of Representatives on Wednesday honored Filipino athletes in the Paris Olympics with the Congressional Medal of Excellence and Congressional Medal of Distinction on top of cash gifts.
“We in the House of Representatives, House of the People, are honored by your victories and by your achievements,” said Speaker Ferdinand Martin Romualdez Jr. as he expressed the nation’s pride in the achievements of the athletes. “We want to thank every one of you.” Double gold medalist Carlos Yulo was conferred with the Congressional Medal of Excellence, the highest award given by Congress to Filipino achievers in various fields.
In addition to the prestigious medal, Yulo received a total of P14.510 million in incentives, including P6 million from the House of Representatives and P8.510 million from contributions by House members.
He received P500,000 before he left for Paris.
“Thank you to those who stayed up late to watch us,” Yulo said. “Our victory is a victory for all of us.”
Boxing bronze medalists Nesthy Petecio and Aira Villegas were awarded the Congressional Medal of Distinction and each received a total of P4 million in incentives, including P1 million from the House of Representatives and an additional P2.5 million from
contributions by House members.
Like Yulo, they also received P500,000 each before leaving for France.
The ceremony also recognized the 19 other athletes who competed in the Olympics, awarding each a total of P1 million—P500,000 before leaving the country and P500,000 during Wednesday’s ceremony.
House Resolution No. 241 was adopted to honor all Filipino athletes and the entire Philippine delegation who competed in the last Olympics.
Joining Speaker Romualdez in the ceremony were Tingog Rep. Yedda Romualdez, Senior Deputy Speaker Aurelio Gonzales Jr., Majority Leader Manuel Jose M. Dalipe, Isabela Rep. Michael Carlos Faustino Dy III, and House Secretary General Reginald S. Velasco.
“We recognize that the journey to Olympic glory is paved with countless hours of training, sacrifices and moments of doubt,” Romualdez said. “But you persevered. You kept your eyes on bringing pride and glory, and your hearts were filled with the hopes of our people.”
“And for that, you have become more than just athletes—you are our heroes,” he said.
“As we confer these Congressional Medals and recognition upon you today, know that this honor is not just for your extraordinary feats in Paris, but for the inspiration you have given to every Filipino—young and old. You have shown us that with determination and unity, there is no limit to what we can achieve,” he added.
By Josef Ramos
ARIS Olympics double gold medalist
PCarlios “Caloy” Yulo was all over since the Team Philippines’ arrival after a 22-hour special flight from Charles de Gaulle to Dubai and finally at the Maharlika Hall inside Villamor Air Base.
A very heart-warming welcome from wildlycheering school children from the Villamor Elementary School and a full drum-and-bugle corps greeted Yulo, bronze medalists Nesthy Petecio and Aira Villegas, their fellow Olympians and sports officials from the Philippine Olympic Committee and their coaches. They flew in from Dubai in a chartered Philippine Airlines flight aptly named PR8888 and after landing to a red carpet, everyone in the 49-member flight were treated to a sumptuous dinner at the Maharlika Hall before heading to Malacañang where they were greeted by President Ferdinand R. Marcos Jr., First Lady Liza Araneta Marcos and their sons William Vincent and Joseph Simon.
After Malacañang, Yulo and company headed for Hilton Manila where Megaworld’s Kevin Tan hosted a welcome and celebration party for Team Philippines, which, according to POC president Abraham “Bambol” Tolentino, cemented a legacy that would be tough to replicate.
Yulo and company weren’t done yet after having partied almost all night long—he’s no Olympic champion for nothing and if a mere mortal went through his activities on Wednesday, anybody’s guess is as good as everyone’s.
Yulo, Petecio and Villegas were honored by Speaker Ferdinand Martin Romualdez and his fellow representatives with recognitions topped by cash incentives worthy of heroes who did the country proud and underlined the Filipino athlete’s capability to dominate on the global stage.
The 24-year-old was champion in vault and floor in Paris but not in the all-around, his weak event, but he proved he’s an energizer bunny in a hot and humid Wednesday afternoon.
Yulo, Petecio, Villegas, boxers Hergie Bacyadan and Carlo Paalam, swimmers Jarold Hatch and Kayla, judoka Kiyomi Watanabe, hurdler Lauren Hoffman and John Cabang Tolentino and weightlifter Elreen Ann Ando were feted in a 7.7-km long parade on the streets of Manila that culminated at the Rizal Memorial Sports Complex—where everything started for practically each and every Filipino athlete.
PBBM gifts Yulo and co. P50M
PRESIDENT Ferdinand R. Marcos awarded a total of P50 million of cash incentives to the Paris Olympics athletes and their coaches in a victory ceremony at the Palace on Tuesday night.
President Marcos doubled the cash prize received by the medalists as mandated by Republic Act (RA) No. 10699 or the National Athletes, Coaches and Trainers Benefits and Incentives Act and even gave incentives even to those who missed the podium in Paris.
Under RA 10699, an athlete will get P10 million for each gold medal and P2 million for each bronze medal won.
MEGAWORLD welcomed Olympic double gold medalist Carlos Yulo to his new home inside the company’s 50-hectare McKinley Hill township in Taguig City.
Yulo formally received today the P32-million three-bedroom, fullyfurnished and designed condominium unit in one of its newest premier residential properties in McKinley Hill that comes with a parking slot, home appliances, furniture, fixtures and other amenities.
Yulo also received P3 million in cash reward on top of the condo unit.
Kevin Tan, son of tycoon Dr. Andrew Tan and president and chief
executive officer of Alliance Global
Group Inc. (AGI), the parent company of Megaworld, and Lourdes GutierrezAlfonso, president of Megaworld Corporation, turned over the condo unit’s keys and cheque to Yulo. They also gave a special artwork to Yulo—an art piece featuring three leaves cut into images of Yulo, his winning gymnastics form in the Paris Olympics, and McKinley Hill’s iconic Venice Grand Canal.
“Together with the rest of the nation, we thank Carlos for giving us so much pride as he showcased to the world the best of the Filipinos’ competitive spirit,” Tan said. “We recognize his passion and
while their coaching
contributed significantly in the preparations, thus all of them should get incentives even if it is not mandated by law.
“With the gold medalist and the participants already having cash prizes, it will inspire other people,” Marcos said. “This [incentive] will also compensate for the sacrifice [of the athletes] in their training.”
The President said he is also keen in providing not only financial incentives to Filipino athletes, but also help in sports development.
“They did it [win in competitions] on their own, sometimes with the help of others. The government is able to help them in some cases, but there is no formal structure to help the athletes. And that is what we are going to establish right now,” Marcos said.
The other Paris Olympians were gymnasts Aleah Finnegan, Emma Malabuyo and Levi Ruivivar; boxers Hergie Bacyadan, Carlo Paalam and Eumir Marcial; pole vaulter Ernest John “EJ” Obiena; hurdlers John Cabang-Tolentino and Lauren Hoffman; weightlifters Vanessa Sarno, John Febuar Ceniz, and Elreen Ann Ando; rower Joanie Delgaco; fencer Samantha Catantan; swimmers Kayla Sanchez and Jarod Hatch; swimmers Bianca Pagdanganan and Dottie Ardina; and judoka Kiyomi Watanabe. Besides the P20 million from President Marcos and the
dedication to excellence, and we take pride in welcoming another Olympic champion in our Megaworld township, just like how we celebrated and welcomed Hidilyn Diaz in Eastwood City when she won the Philippines’ first-ever Olympic gold medal in Tokyo, Japan back in 2021.”
“Aside from his new home, we look forward to seeing him enjoy the rest of the township as his new address is surrounded by several iconic destinations, including the Venice Grand Canal which features hundreds of themed restaurants, cinemas, and retail establishments,” Gutierrez-Alfonso.
“This gift is a well-deserved reward for all his hard work, sacrifices, and commitment to excellence that really made us all proud to be Filipinos,” she said. “We are very excited to finally welcome Carlos here in McKinley Hill. Having someone like him as a fullfledged resident of one of our pioneer Megaworld township developments is
CARLOS YULO (right) with Speaker Ferdinand Martin Romualdez and wife Tingog Partylist Rep. Yedda Marie Romualdez lead the Hous e in honoring Carlos Yulo. With them are (from left) House Secretary General Reginald Velasco, Senior Deputy Speaker Aurelio Gonzales Jr., Isabela Rep. Michael Carlos Faustino Dy III and Majority Leader Manuel Jose Mannix Dalipe.
Double gold medalist Carlos Yulo got a Presidential Medal of Merit and another P20 million cash incentive, while bronze medalists Nesthy Petecio and Aira Villegas
THE pilots and crew of Philippine Airlines Flight PR8888 with the Filipino Olympians.
PRESIDENT Ferdinand R. Marcos Jr. presents a replica of a check worth P20 million and the Presidential MEdal of Merit to Carlos Yulo. Joining them
(from left) Philippine Sports Commission chairman Richard Bachmann, Philippine Olympic Committee president Abraham
Tolentino,
Bersamin, gymnastics head Cynthia Carrion-Norton, Chloe San Jose and gymnastics association treasurer Rebecca Wata. MALACAÑANG PHOTO
CARLOS YULO and Nesthy Petecio go down the stairs to a heroes’ welcome. NONOY LACZA
CARLOS YULO and the Filipino Olympians have a fun time with school children from the Villamor Elementary School. COURTESY ENZO GREGANA/PSC PCO
Envoys&Expats
FORMER SFA DELIA DOMINGOALBERT:
Celebrating greatness of spirit among Asians, and Filipinos
THE Ramon Magsaysay Award Foundation (RMAF) recently convened past Filipino honorees and their representatives during the launch event of a seven-volume book series documenting inspiring stories of 348 laureates from all over Asia.
After RMAF president Susanna Afan welcomed a venerable roster of dignitaries from Bangladesh, Indonesia, Japan, Pakistan, Singapore, South Korea, Taiwan, Thailand, TimorLeste, and Vietnam, the spotlight focused on the keynote address of Amb. Delia Domingo-Albert.
The former described DomingoAlbert before her Asian peers as a “remarkable and distinguished diplomat, whose 36-year career includes becoming the first Filipina secretary of Foreign Affairs, first woman Asean foreign minister, a senior advisor to
many prestigious boards, an author, [and] our beloved trustee.” With her current undertaking with the RMAF, Domingo-Albert accorded an exclusive to ENVOYS&EXPATS about the essence of the awards— considered the “Nobel Peace Prize of Asia,” shared highlights on her remarkable career in the Department of Foreign Affairs (DFA), then provided her insights on matters involving alarming actions in the country’s territorial waters.
DOMINGO-ALBERT: We felt that there is a gap in the awareness of the public on these role models in the communities, and the very main reason for their awarding. Each story defines the manifestation of a person along the lines of “greatness of spirit.” It’s a very difficult line to define, but you can: in terms of what the awardees have done, are doing, and their impact on society. We have to read through a lot about them.
The compilation was not easy, and I always felt that there’s not enough knowledge about this unique award. I've been telling it all over Asia and the rest of the world, that this is so unique, and it’s a Philippine award. Even if it was started by the Rockefeller brothers, it was in recognition of the performance of a Philippine president, And we are the only ones in Asia that has this. That’s why in my keynote, I put in a little bit of history. People would ask without know-
ing the context: Why name an award after Ramon Magsaysay? He was the right person at the right time during those two crises in the history of our nation: The competing ideologies, and the insurgency. One is national in nature; and insurgencies—well, if you know Philippine history and Asian history, that was a difficult time for our country.
Magsaysay emerged as a person that was able to address those two emergencies. And that's why we feel that it’s important; inspired by this example of a president [who was] very popular with the people.
The Rockefeller Brothers Foundation is precisely keen on promoting social justice, peace and security. I read a part of the letter in my speech that we should recognize people who are doing similar things in [various professions or different disciplines so that the meaning of the award could be amplified], and the reason we are putting these wonderful stories together] that people have to know about.
So, in the meantime, I got the DFA to be a partner. They’re going
to promote it in our embassies. This is a good story about the Philippines. There are so many other stories, but we tend to amplify what’s wrong with us. I don’t mean that you don’t have to—you have to. But at the same time, there is such a thing as “having a full glass:” who we are, and what we have done.
Can you imagine recognizing the Dalai Lama and Mother Teresa? Who else has done that? It’s important for people to understand that context. So, what is it that made us choose these people who reflect the initial aim of the foundation? We are not celebrating celebrities; we’re looking at people who have served humanity in their own respective ways.
Like one of our honorees from Lao PDR: We awarded her when she went to the mountains only with her loom, and taught women how to weave silk and grow mulberry trees. She brought women together so they could earn a living, patiently and with dedicated labor. She became well known in the industry for painstakingly teaching women how to improve their lives.
She lived in the mountains and taught them weaving. (Read in the BusinessMirror: “Ramon Magsaysay winner Kommaly Chanthavong talks on importance of silk weaving to her country;” Sept. 5, 2015) When she got the award, she used it to generate more activities to promote the livelihood of [local women]. A Malaysian bank saw in her the potential of a good client, so they put up a building for her. I went there to inaugurate the building. It’s such a wonderful feeling to see how these people have evolved after the award. I'm going back there in a few weeks to speak about women in peace and security and different subjects. But that’s just one story. Can you imagine the others, and 300-plus more? That’s why I named those countries one-by-one. It wasn’t easy to do all of that because you have to know where the 348 came from. I felt I linked it with my foreign affairs experience: That we should have something to share where we are; to be appreciated for [and] be recognized for what we do. Continued
August 15, 2024
Canada backs PHL’s tech, innovation advancements
By David Hartman
DID you know that Canada developed the first smartphone in 2002—years before the original iPhone was released?
Or that in 1972, the country became the first country to implement a commercial domestic-satellite system operating in geostationary orbit?
Indeed, for more than half a century, Canada has been a world leader in cutting-edge technology and innovation, and has been supporting countries like the Philippines to foster growth and development in these critical sectors.
With almost 48,000 companies in its information and communication technology (ICT) sector, Canada is renowned for its capabilities and expertise in cybersecurity (in cloud security, endpoint, zero-trust, penetration testing and threat monitoring, secure communications), financial technology (cross-border payments, dynamic currency conversion, antimoney laundering compliance), artificial intelligence (AI: automation, data analytics, customer experience), plus network and connectivity (fiber, wireless, 5G, Internet-of-Things, satellite communications).
In the startup space, the TorontoWaterloo Corridor alone is the largest tech hub in Canada, and one of the largest in North America—home to more than 15,000 tech companies, including 5,200 startups.
Meanwhile, the Philippines is rapidly emerging as a hub for technology and startup ventures in Southeast Asia. Through support from, and collaboration with government and the private sector, Canada is proud to partner with the Philippines, and plays an important role in shaping the technological landscape of the country—one that will further enhance sustainable and ethical economic growth to Filipinos. In line with the growth of their commercial relationship, Canada’s tech footprint in the Philippine market continues to grow, with key Canadian companies actively collaborating with, and supporting, Philippine government and private-sector stakeholders. Some of the notable Canadian companies with committed engagements include OpenText
(information-management systems), X10 Technologies (network infrastructure, cybersecurity, data center), BlackBerry (cybersecurity, AI), as well as Proto and ALTS Canada Inc. (AI), among others.
Canadian investments in local startups have also provided crucial capital and mentorship, propelling nascent businesses towards success.
This financial infusion has been instrumental in accelerating growth
of Filipino entrepreneurs, enabling them to innovate and compete on a wider scale.
Opening opportunities RECENTLY, colleagues from the Embassy of Canada led a prominent business delegation to this year’s Asia Tech X Conference in Singapore— Asia’s flagship tech event—and the Collision Conference in Toronto. What we witnessed from both of
these events was a true desire for both Canada and the Philippines to work together closely in the advanced technologies sphere, and tap into a wide range of opportunities for robust, future collaboration between our two countries.
Specifically, at the Asia Tech X Conference, we organized a business delegation of system integrators, IT resellers and distributors, as well as buyers from about 20 Philippine enterprises and organizations. Over 50 business-to- business meetings between Canadian and Philippine companies were held. These business-to-business (B2) engagements were centered on forging linkages to hike Canadian companies’ access to the Philippine market, while also equipping local firms with the latest, most advanced, as well as top-grade technologies and solutions to better serve Philippine enterprises, government, and the wider community.
Meanwhile, the recently concluded Collision Conference in Toronto was also hugely successful. Joined by 22 Philippine firms and organizations, the Canadian Embassy team led a robust mission and program during the conference, to help promote Canadian expertise in enterprise software solutions, cybersecurity, AI and more, with curated B2B programs, briefings, demonstrations, and company visits.
In addition, Canada continues to be the partner of choice for Philippine startups, with the unveiling of
the first cohort of the SOAR Global Accelerator Program: a collaboration co-organized by the tech incubator DMZ of Toronto Metropolitan University and Startup Village Philippines. This one-of-a-kind partnership promotes cross-border opportunities by bridging the two countries’ startup ecosystems.
As we commemorate the 75th anniversary of Canada-Philippines diplomatic relations this year, and as we look ahead, the linkage between Canada and the Philippines in technology, startups, and digital innovation, holds immense promise. As both continue to navigate the complexities of a rapidly evolving digital landscape, opportunities for deeper collaboration and mutual benefit abound. By harnessing synergies between Canada’s expertise and the Philippines’s entrepreneurial spirit, the stage is set for groundbreaking innovations that can drive sustainable development and improve the lives of millions.
Canada’s contributions to the technological advancement of the Philippines are not just about fostering economic growth; they are also about nurturing a partnership built on shared values of innovation, inclusivity, and progress. As the world becomes increasingly interconnected, the bond between Canada and the Philippines in the digital and technological realm serves as a testament to the power of collaboration in shaping a brighter future for all.
Celebrating greatness of spirit among Asians, and Filipinos
Continued from C
That’s why I called individually all the ambassadors [in the event to be present]. And they did attend. I’m so happy with this. Now, they want to do more, they want to know how we can promote it. I mean, it takes so little; you've got to be focused to be able to be consistent. The ambassadors have heard their names on stage. They have never been so happy. It takes so little to recognize. So now they asked: What can we do for the foundation?
Y
I wrote to the Rockefeller Brothers and they [provided a reference]. I spent nights reading what they were doing. There was a line in one of their letters saying, six weeks after Magsaysay died, John Rockefeller wrote to former president Carlos P. Garcia: “Will you allow us to set up this foundation?” Garcia concurred. That set the wheels rolling, and then they sent people here. But now, we are independent. We raise our own funds. That’s why we also have the book, so we can gather more attention. Well, I hope we move on and get and have more people be recognized for what they do. Greatness of spirit—I define it as somebody who has a deep sense of humanity; a deep sense for caring for people. That’s why I had to put two paragraphs on Magsaysay. Because he was the
one who really made the public feel that there was a leader who was responding to their needs and, at the same time, there were challenges. He did a lot of reforms, but he was not given ample time. He died and didn’t finish his term.
I don’t know if any Filipino was thinking that way then. I remember I was in high school when his plane crashed. We could not celebrate our junior-senior prom. What we want to do is to make not just young people, but the Filipino people know what we have, and what we do, and who we are, and what others can do to inspire them, to give them ideas, what they can do with their lives, not just for themselves, but for the society, for the people.
So, the awards are very much relevant to this day 65 years after its founding. I think we are quite relevant to what’s going on in the world today. But it’s very difficult to find those people, because normally, they don’t do it for recognition. They are the first to be shocked to know that they were selected. If you attend one of the awarding ceremonies, they will tell you when asked: What did you feel when you were called [to receive the award]? “Oh, I thought it was a prankster.” To me that’s the value of this award: Nobody works to get that. You are recognized for what you have done, and what you have shared with society.
S peak ing
where it should be. I just came
back from Prague and Budapest because they asked me to lecture on bilateral relations.
Fifty years ago, former senator Leticia Shahani and I opened our first diplomatic relations with Budapest and the German Democratic Republic. Why?
When we were “rejoined,” people were saying that we would grow too much on “one side.” And again, you have to understand the political divide and the political discourse during the time. You cannot just take that away from the whole picture. And President Ferdinand Marcos Sr., together with the DFA, we had to show the world that we are an independent country, and we make our own decisions on whom we deal with in those days.
In 1972 the former president decided: Let’s open up. And that’s what Carlos P. Romulo said, when interviewed by the press, about our foreign policy: “We are a friend to all, an enemy to none.”
When I keep hearing it, I said, I wish people would say that it was him who first said that. That was to explain to the present people at that time, when we decided to open diplomatic relations with Romania, Hungary and the German Democratic Republic. Soon after that, Sen. Shahani was asked to open those posts. And I was in Geneva, and she sent me to open them.
We’ve come a long way, but I think there’s a lot more we can do. We always say there’s more that can be done, but that is what keeps us going: new challenges and new solutions.
When I chaired the Security Council in 2004, to me, that was the highest one can ever be in a
diplomatic career. The United Nations secretary general then was Kofi Annan. I knew him in my earlier days, and he welcomed me to the council.
And he said: “You know Delia, you remind me of the remarkable women-ambassadors. Why don’t you write about them? I don’t know how many we have. Do you know some of them? Yes, you send them to China. You send them to New York. You send them to very important posts.”
I said, “Yes, we send them where they're needed.” And that gave me the idea to write my book about the remarkable ambassadors in the Philippine Foreign Service. Then I found out, we have a world record from 1958 to the present: We have 117 women-ambassadors. Singapore has 21, Brunei Darussalam has 23; Thailand, they’re validating, but they’re not
more than 50 or 60. We’re way ahead. So, it’s something that we can be proud of.
So, I wrote my book, Volume 1. Volume 2 is in the making. When I traveled, I met with training institutions of foreign ministries. Now, they’ve made my book a textbook on what it takes to create an ambassador. It’s not really an intellectual work; it was just documenting what our womenambassadors were doing. I think we should talk more about people who serve the country. There's so many dedicated people around us who don't really want to be recognized. [The book is] for young people who read about them, and who learn about what they do.
chi e f?
We should highlight the fact that we won the case, with the balance of international law. And I think we have succeeded to convey such to our partners, because they know what rule of law means. I think we should explain this more to our people, so that there is an idea of who we are, as a country; that we respect rules that govern relationships between countries.
I’ve been asked the same question all over Europe, and I said: the biggest message for us is that we respect the rule of law committed to bring our case to the tribunal. We were part of the discussion on the archipelagic theory and Unclos [United Nations Convention on the Law of the Sea]. So, we are consistent with our desire to be a responsible member of the global community. I will focus on that. Of course, I wish the people could understand more, and perhaps there is quite a lot of responsibility for the government in society to understand we are earnest, because it is a rightful claim. That’s how I explain it. Rules have been set, and unless rules are followed, it reflects the kind of society you have. We must be guided by such measures. It says who you are as a country, and who you are as a people. We should celebrate what we have done. I wish we could orchestrate our minds into this, and be above this thing. I said: Look, this is where we are. This is who we are. And it's good to see that many countries have respected us for what we do, what we have done, and continue to do so. I hope we will find the strength to be able to convey that message.
HARTMAN
DOMINGO-ALBERT with Envoys&Expats editor Mike Policarpio.
Ambassador of Canada to the Philippines
&Expats
Envoy reflects on Indonesia-PHL relations’ 75th year, headlines UST’s eighth Ambassadors Lecture Series
AMBASSADOR Agus Widjojo shared insights on IndonesianPhilippine bilateral ties, then offered perspectives on further strengthening the two countries’ cooperation.
Widjojo was the guest speaker of the eighth edition of the University of Santo Tomas Ambassadors Lecture Series (ALS) organized by the Embassy of the Republic of Indonesia in Manila, the UST Office of Public Affairs (OPA), as well as the UST Faculty of Arts and Letters.
His lecture on the “75 Years of Diplomatic Relations between Indonesia and the Philippines: Lessons Learned, Way Forward” contextualized the connection of both countries. Though the official diplomatic ties only started then, he said it is widely known that the two nations were interacting as early as the 9th Century.
The ambassador also discussed trade and investment, maritime relations, foreign policy, reciprocal support in candidacy, education linkages, and bilateral agreements—including the 2022-2027 Philippines-Indonesia Plan of Action.
Opportunities in nickel reserves for electric vehicles’ battery-supply chain; tourism; transport, energy and industry infrastructure, as well as health care and pharmaceuticals were also mentioned.
Despite geopolitical uncertainties in the global arena, bilateral relations have stayed resilient and continued to grow, remarked the envoy, who added that their governments “almost all the time voted together, and were on the same side in most of the United Nations and International Labour Organization conventions on rights of workers and migrants.”
Moving forward, the ambassador said that the two nations should strive to narrow the gap of the trade balance by exploring unrealized potentials, promote regional maritime cooperation in the wider Indo-Pacific Region, strengthen disaster relief and humanitarian assistance linkages, boost defense industries’ capabilities, and maximize the benefit of having the busiest sea lanes, as half of the world’s shipping routes passes through Southeast Asia.
Widjojo was former vice chairman of the People’s Consultative Assembly of the Republic of Indonesia, which is the legislative branch of the Indonesian government. He is also the former chief of Territorial Affairs in the Indonesian National Armed Forces ( Ten ta ra Nasio n a l I n do ne sia / TNI), where he served for 33 years. A reform-minded officer, he helped jumpstart the process of military withdrawal from politics before his retirement in 2003.
After retirement, Widjojo served as commissioner to the Indonesia-Timor Leste Commission of Truth and Friendship, as senior fellow at foreign-policy think tank Center for Strategic and International Studies, and as an adviser at the Institute for Peace and Democracy, which is the implementing agency of the Bali Democracy Forum. With multiple graduate degrees in military art and science, national security, and public administration, his research interests include security sector reform, democratization, and post-conflict reconciliation. For her part, Minister-counselor for Social and Cultural Affairs Avi Dewani Sari Harahap expressed her hopes that the wide roster of cultural and academic activities that day would help foster cultural understanding and strengthen people-to-people ties between Filipinos and Indonesians. Political Affairs counselor Tommy Parlagutan Butarbutar, as well as first secretary for Social and Cultural Affairs Mila Miranda Tarigan, were also in attendance.
UST Faculty of Arts and Letters dean Prof. Melanie D. Turingan PhD, Prof. Lino Baron PhD from the Asian Studies program, and Tyrone Nepomuceno PhD from the UST Senior High School’s Humanities and Social Sciences strand were panel reactors.
In the morning session, Nurul Shafira Husna held a workshop on the bamboo percussion instrument angklung to UST junior high-school students. They learned two songs that were per-
formed in the afternoon during the lecture’s intermission.
The Salinggawi Dance Troupe also interacted with dance trainees from the State University of Surabaya in East Java and exchanged techniques on their respective local dances. Later that afternoon, the SDT performed kalatong and tinikling, while Indonesian trainees presented Bajidor Kahot: a traditional dance from West Java.
The Embassy of Indonesia also offered a scholarship corner with brochures and other materials that Thomasian participants perused. Education attaché Prof. Dr. Ir. Aisyah Endah Palupi discussed scholarship opportunities, summer courses, and postgraduate opportunities at Indonesian higher education institutions.
‘ Through lens of diplomacy, discourse’
A FLAGSHIP project of the UST OPA, the UST Ambassadors Lecture Series is a forum for intellectual engagement between the diplomatic corps and the Thomasian community. Recent install-
ments featured speakers such as incumbent European ambassador Luc Véron, former ambassador of South Korea Han Dong-man, and the Royal Thai Embassy’s former deputy chief of mission Urawadee Sriphiromya.
In the event overview, UST OPA director Michaella Lagniton shared that the eighth ALS was a contribution to the month-long celebration of the university’s 413th foundation anniversary, with the theme: “Sailing the Galleon of our Dreams.”
“We must seize opportunities to genuinely engage with diverse perspectives and dynamically collaborate with new and long-time partners, while we continue navigating the vast seas of academic exploration,” said Lagniton about the ALS, which was originally initiated by the UST OPA in 2015.
“[With] the lens of diplomacy and academic discourse, we recognize what encounters like this can do, not only to collectively reflect on and learn from past achievements, but also jointly chart a course toward a much brighter future, guided by the compass of
competence, commitment, and compassion.”
ALS, according to the UST secretary-general Rev. Fr. Louie R. Coronel OP, EHL “brings together diplomats and scholars in a vibrant forum aimed at deepening understanding and fostering collaboration across borders. The series has become a cornerstone of academic enrichment that offers invaluable insights into global issues and diplomatic perspectives.”
South Korean envoy highlights diplomatic, deeper cooperation
EXPLORING global leadership cooperation, Amb. Lee Sanghwa of the Republic of Korea (South Korea) shared his expertise in the realm of international relations at a recent academic forum spearheaded and organized by the De La Salle-College of Saint Benilde’s (DLS-CSB) School of Diplomacy and Governance (SDG).
The initiative gathered students and faculty members from the college and its senior high school as their immersion to relevant and timely political narratives from foreign envoys presently assigned in the country. During the discussion, Lee introduced the participants to the history, notable progress and challenges during the 75-year formal relationship between the Philippines and South Korea. He analyzed the economic integration of the two countries, then
on the broader impacts of such partnerships. Through initiatives like this, we nurture our multifaceted connection and build bridges of friendship and cooperation, underscoring our shared commitment to education, dialogue, and mutual respect.”
The eighth ALS edition is viewable via the Facebook page: USTP u b l icAffai r s
Rev. Coronel continued: “We also reflect
Myan-
AMB. Lee Sang-hwa shares his insights, experiences and narratives as a veteran public servant.
THE Korean diplomat before DLS-CSB students
LEE (second from left), with DLS-CSB dean Gary Ador Dionisio (from left), chancellor Benhur Ong, and vice chancellor Angelo Marco Lacson
AMBASSADOR Agus Widjojo (center) carries the lecture token and poses with UST director Michaella Lagniton (from left); regent Rev. Fr. George Phe Mang OP; secretary-general Rev. Fr. Louie Coronel OP, EHL; and dean Prof. Melanie Turingan PhD
WIDJOJO SOCIAL and Cultural Affairs ministercounselor Avi Dewani Sari Harahap
THE State University of Surabaya in East Java Dance trainees perform Bajidor Kahot
UST junior-high school students render songs with the angklung
UST Salinggawi Dance Troupe presents local Filipino dances
E. Union, BARMM break ground on IPs’ School of Living Traditions
U
PI,
MAGUINDANAO
DEL NORTE—The European Union and Bangsamoro Government have jointly built the Indigenous People’s School of Living Traditions in this municipality.
The design and construction of the new facility was funded by the EU’s “Support to Bangsamoro Transition (SUBATRA)” program, in support of the Bangsamoro’s commitment to preserving and promoting the rich cultural heritage of the Teduray tribe and other indigenous peoples.
The facility will also feature a central hub for cultural activities, conflict resolution, skills training for livelihood, and community gatherings to promote indigenous peoples’ rights and interests in the Bangsamoro Region.
The ceremony commenced with an indigenous ritual at dawn, followed by a formal program. Key speakers included Vice Mayor Wilfredo Ibañez of Upi who welcomed the guests, and SUBATRA’s program director Engr.
AMohajirin T. Ali who provided the project’s overview.
EU Delegation to the Philippines’s head of Cooperation Christoph Wagner reiterated the bloc’s dedication to the Bangsamoro Region, as he pointed out that the project is a “testament to our commitment to preserving and promoting the rich cultural heritage of [indigenous peoples,] ensuring that the unique identity and traditions of our indigenous peoples are passed down to future generations.”
Wagner stated that their commitment goes beyond infrastructure:
“It is about helping preserve the rich culture of indigenous peoples, and ensuring that they fully benefit from sustainable development initiatives of the region.”
Assistant Senior Minister Dong
Cusain of the Bangsamoro Government emphasized the significance of the new school: “The School of Living Traditions is a significant step [to preserve and promote] our indigenous cultural heritage.”
For his part, Minister Melanio U. Ulama of the Ministry of Indigenous People’s Affairs emphasized the importance of the school: “This initiative is vital for the Teduray tribe, as it will help preserve our traditions and pass them on to future generations. It embodies our commitment
to safeguarding our cultural identity.”
Aside from Ibañez, Bangsamoro Transition Authority parliament member Ramon Piang; as well as Executive Director for Bangsamoro Transformation from the Office of the Presidential Adviser on Peace, Reconciliation and Unity Jordan S. Bayam delivered messages underscoring the importance of the project for the indigenous peoples. The event culminated with a symbolic groundbreaking led by the abovementioned officials.
AMB. KAZUYA ENDO and Japan Council of Local Authorities for International Relations (J-CLAIR)-Singapore jointly hosted the JET Programme Fellowship Reception at the former’s residence on July 27.
Themed “Welcome back, Senpai; Farewell, Kohai,” the event celebrated both returning Filipino JET participants and new ones who are about to embark on their journey to Japan.
The gathering honored 10 returning JETs for their contributions to the cultural exchange, as it also recognized the new participants composed of 122 assistant language teachers (ALTs) and a coordinator for International Relations (CIR). It was a night filled with camaraderie and cultural exchange, reflecting the strong ties between Japan and the Philippines, according to the embassy.
In his remarks, Endo expressed his appreciation for the returning JETs, as he highlighted their dedication and positive impact on Japanese students: “Filipinos are known for their dedication, warmth, and reliability, making them highly sought-after as ALTs and CIRs. Your presence enriches the classrooms and communities you join, and you embody the spirit of global cooperation and cultural exchange.”
The ambassador also encouraged the new participants to embrace the opportunities that await them in Japan.
Secretary Hans Leo Cacdac of the Department of Migrant Workers, and Commission on Higher Education’s International Affairs Services director
Lily Frieda Milla also expressed their well wishes to the participants and returnees. They underscored the JET Programme’s significance in fostering international relations.
Cacdac warmly congratulated the JETs, and highlighted the Filipino JETs’ role as “flag bearers” of the Philippines, as they “raise flag high and proud” for their compatriots in a foreign land. In the same vein, Atty. Milla expressed her hopes that they will be “outstanding cultural ambassadors of the Philippines to Japan.”
JET Alumni Association-Philippines (JETAA-PHL) president Roberta Quiambao also shared their gratitude and best wishes, as she underscored the program’s role in promoting cultural understanding and cooperation. As their responses to the messages, upcoming and returning JET representatives shared their excitement and “survival tips.”
J-CLAIR Singapore executive director Takano Kazuki’s celebratory toast capped off the reception, which he said “marked the beginning of new journeys, and the continuation of meaningful exchanges.”
To prepare for their roles, the Japan Information and Culture Center and the JETAA-PHL, conducted a virtual predeparture orientation and Nihongo-learning session on July 13. The session provided new JETs with basic knowledge about Japanese society and culture, as they gear up for their roles as ALTs and CIRs.
For more details on the JET Programme, visit www.jetp
THE school’s groundbreaking ceremony had the team from the EU Delegation, leaders from the Teduray tribe and other indigenous peoples, as well as officials from the Bangsamoro Government and Office of the Presidential Adviser on Peace, Reconciliation and Unity. FB: EUROPEAN UNION IN THE PHILIPPINES
FILIPINO JETs with Ambassador Endo (left) FB: EMBASSY OF JAPAN IN THE PHILIPPINES
