DEPARTMENT of Environment and Natural Resources (DENR)
Secretary Maria Antonia YuloLoyzaga on Monday underscored the importance of a just transition in strengthening the country’s resilience and disaster risk reduction planning at the national and local levels.
She said just transition means preparing for the shift economically, socially, and educationally, so that the affected sector, particularly the human resource, will be able to adapt to the challenges.
She said that in particular, just transition is required when pre -
paring at-risk sectors, citing for instance the country’s seafaring sector. Interviewed at the opening of the 2024 Asia Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR 2024) at the Philippine International Convention Center (PICC), Loyzaga said a just transition is part of the climate change conversation because of what’s going to happen as the country moves to shift away from fossil fuel and fossil-fuel supported industries. (See related story from APMCDRR event in Second Front Page, A16) “There will also be a shift in the human resources and technologies that are going to be used in [various] sectors. Who are going to work there?
So we need upscaling, re-skilling, we need a strong basic approach towards certain types of science and technologies. We will have displacement, not just in the seafaring sectors, for example,” she told the BusinessMirror Loyzaga said the seafaring sector will be very vulnerable because of the shift towards green monia and green hydrogen that will take place by 2035 in some of the major shipping companies. Filipino seafarers are used to being trained on traditional fuel technology vessels, so they will need to level up in two ways: 1) get the new skills, and find a way to shoulder the cost for such,
BusinessMirror
See “DENR,”
‘POLITICAL RISKS COULD CRIMP FISCAL REFORMS’
By Cai U. Ordinario @caiordinario
RISKS such as the upcoming elections, volatile current account deficit (CAD), and the reduction of Reserve Requirement Ratio (RRR) could prevent the Bangko Sentral ng Pilipinas (BSP) from implementing aggressive monetary easing, according to Nomura in its Asia Economic Monthly report.
Nomura Senior Economist
Euben Paracuelles and Southeast Asian Economist Nabila Amani said the BSP is expected to again implement a 25 basis point (bps) reduction this week and in December 2024.
Paracuelles and Amani also said the BSP is expected to implement three more 25-basis-point cuts before pausing in 2025. By May 2025, the key policy rates will be reduced to around 5 percent.
“The ongoing Fed cutting cycle also supports easing by BSP, but we still think BSP is unlikely to be more aggressive with 50bp clips. The substantial RRR cut is already providing additional easing and Governor [Eli] Remolona said he prefers 25bp cuts to the policy rate,” Nomura economists said.
The CAD, Nomura said, is expected to widen to 2.3 percent of GDP this year and 2.5 percent of GDP next year. These
By Ma. Stella F. Arnaldo
USINESS travel has rebounded in most parts of the world, and is predicted to reach US$1.5 trillion, exceeding prepandemic levels.
According to a new report from the World Travel & Tourism Council (WTTC) released during its 24th Global Summit in Perth, “As business leaders re-emphasized the importance of face-to-face interaction, business travel is now back and is set to exceed 2019 levels by an impressive 6.2 percent this year.” Last year, leisure travel was just 2.9 percent behind the 2019 levels, while business travel struggled at 5.4 percent behind the prepandemic levels. Julia Simpson, WTTC President and Chief Executive, said at the Global Summit: “After a challenging few years, business travel is not only back on track, but it is recovering much faster than expected, highlighting the importance of international travel for businesses around the world.”
ABy Andrea E. San Juan @andreasanjuan
S Christmas is fast ap -
proaching, the Department of Trade and Industry (DTI) said it has no plans of greenlighting price increase requests on Noche Buena goods.
“For now, no price increase. We will stick to the prices now so that we give the consumers the price that is fit for them,” DTI Acting Secretary Cristina AldeguerRoque told reporters at a virtual media briefing on Monday.
Asked if she has already discussed this with manufacturers of Noche Buena products, Roque said, “We’re still going to be talking to the manufacturers but I’ve spoken to some and I’ve also discussed with them that for now no price increase pa .” However, Roque said the agency would still have to discuss with the Fair Trade Consumer Protection Group to finalize the prices of Christmas goods that will be reflected on the Noche Buena Price Guide that DTI releases yearly.
She added: “Many business powerhouses such as the US, China and Germany are expected to reach record numbers this year. While virtual meetings played a crucial role during the pandemic, keeping people and businesses con-
The DTI Acting Secretary said the Price Guide might be released by November.
In late-November last year, DTI announced that prices of over half of the items on the Noche Buena list released by the agency increased. These products included cheese, sandwich spread, ham, fruit cocktail, keso de bola and mayonnaise, with cheese having the largest price increase, as it increased by P49. DTI earlier explained that the purpose of the Noche Buena price guide is to provide consumers a wide variety of options. However, the agency repeatedly emphasized that this is not the same as the Suggested Retail Price (SRP) Bulletin which contains the basic necessities and prime commodities (BNPCs) indicated in the Price Act. As such, the agency earlier explained that if a retailer, a supermarket, grocery store or wet market does not comply with the Noche Buena price guide, it will not be a source of a Notice of Violation (NOV). The SRP bulletin, on the other hand, can be a source of NOV.
Khamal Kishore, Special Representative of the United Nations Secretary-General for Disaster Risk Reduction, and head of the UN Office for Disaster Risk Reduction; Defense Secretary Gilberto Teodoro Jr.; Environment Secretary Maria Antonia Yulo-Loyzaga; and Marco ToscanoRivalta,
PhilHealth dialysis budget now at P6,350 per session
By Reine Juvierre S. Alberto
DIALYSIS patients will now get P6,350 per session, covering 156 sessions annually, as the Philippine Health Insurance Corporation (PhilHealth) hiked it hemodialysis coverage to reduce outof-pocket costs.
State-run PhilHealth announced on Monday it increased its benefit package for hemodialysis from P4,000 per session in July to P6,350 this October 7 after its issuance of PhilHealth Circular No. 2024-0023. This means that members and their eligible dependents with chronic kidney disease stage 5 (CKD5) will are above the prepandemic level of 1.1 percent of GDP.
Risks…
Continued from A1
Nomura said this will be due to increased infrastructure spending which remains a key economic growth driver. The economists said
receive a maximum of P990,600 in financial protection per year.
In addition, the circular also states that essential services required should be provided to CKD5 patients, such as anti-coagulation medications, drugs and medicines for the management of anemia, various laboratory tests, dialyzers, hemodialysis solutions and a dialysis kit per session.
It also includes administrative fees for the use of dialysis machines, facility fee, utilities, and staff time.
“All these services should be accessible at all times in all accredited public and private hemodialysis facilities,” the
they maintained the country’s GDP forecast at 5.6 percent this year and 6.1 percent next year.
“The widening of the CAD reflects rising capital goods imports due to infrastructure implementation, alongside higher food importation. We caution that CAD
state health insurer said.
PhilHealth President and CEO Emmanuel R. Ledesma, Jr. said patients are still paying significant amounts for their dialysis sessions despite the increase in PhilHealth’s reimbursement rate of P4,000 per session last July 1.
“This is clear proof that PhilHealth is not only listening to our members. We make good on our promise to take concrete steps to ensure that our benefit packages respond adequately to the needs of patients which is a core objective of the Universal Health Care Law,” Ledesma was quoted in the statement as saying.
Ledesma said PhilHealth’s
financing has become more volatile, with external loans now larger than net FDI inflows,” Nomura said.
In terms of fiscal policy, Nomura economists warned the elections could prevent the government from instituting other reforms needed to address the country’s fiscal deficit.
Nomura forecasts a fiscal deficit of 5.9 percent of GDP this year. This is higher than the revised medium-term fiscal framework (MTFF) target of 5.6 percent.
Bringing down the country’s deficit will also be difficult given the administration’s push to undertake flagship infrastructure projects.
This is despite the passage of the bill to implement a value added tax on digital services. Nomura said the impact of the reform will only be 0.1 percent of GDP next year.
“We think these MTFF targets will be challenging to meet due to spending priorities, such as the flagship infrastructure projects,” Nomura said.
“We think political risks could rise in the run up to the mid-terms and prove a distraction to enacting larger fiscal re -
Travel…
nected, today’s report shows that business is better face to face.”
The WTTC is the largest privatesector led organization of tourism stakeholders across the globe. It recently noted the reanimation of the global tourism industry with the Asia-Pacific region fueling the overall growth in international arrivals. (See, “Foreign tourists stay longer, pay premium tickets to PHL” in the BusinesssMirror, October 13, 2024.)
‘Strong comeback of MICE’ AS per WTTC’s “2024 Economic Impact Trends Report,” business travel spending in the US is projected to reach $472 billion this year, or 13.4 percent higher than in 2019. The US accounted for 30 percent of the global business travel expenditures in 2019. China spending is seen at $211 billion (+13.1 percent); Germany spending will hit $87.5 billion, just under one percent above its 2019 peak. Other factors have also fueled the resurgence of business travel, said the WTTC report. With many economies rebounding since the pandemic, businesses have reallocated more funds towards corporate
Continued from A1
and 2) adjust to new operating environments. The “harsh climate and weather extremes will be part of their operating environment in the future,” she explained. This means that operationally, plus the actual working environment, the sector will be challenged twice.
aim is to free patients from having to make co-payments for their dialysis treatments to fully experience their health benefits.
Meanwhile, patients who will require additional and premium services beyond the minimum standard of care specified will be subjected to co-payment.
A maximum of P450 is set for professional services such as telemedicine consultations or immediate interventions to manage complications during dialysis sessions.
Dialysis facilities are mandated by PhilHealth to explain such co-payment to patients, ensuring they understand additional costs.
form measures,” it added. Risks to this outlook, Nomura said, include the resurgence in oil prices and escalating geopolitical tensions, which are downside risks to growth. However, a faster rollout of infrastructure projects is considered an upside risk.
Earlier, officials said the last two meetings of the Bangko Sentral ng Pilipinas (BSP) could see 25-basis-point reductions in key policy rates following expectations that inflation could be lower than the August inflation print.
If this falls through, the key policy rate will be pegged at 5.75 percent by yearend. This will be the first time interest rates are below 6 percent since December 15, 2022 when key policy rates were raised to 5.5 percent from 5 percent.
On the sidelines of a recent seminar on deepening financial markets at the Asian Development Bank (ADB), BSP Governor Remolona Jr. also told reporters that a single rate cut of 50 basis points (bps) may be reserved for expectations of a “hard landing.”
travel. It also noted the rise of blended travel, where travelers combine business trips with personal holidays. Such has also enhanced the appeal of corporate travel. In addition, the meetings, incentives, conferences, and exhibitions (MICE) industry “has also made a strong comeback, resuming in-person events after a long period of cancellations and postponements.”
The uptick in business travel has had a similar impact on the Philippines, where many hotels are recording higher revenues from companies flying in their executives to meet with their local staff. “People realized that face-to-face encounters are very important in this part of the world. People feel that there is a need to visit their offices in the region [and] speak to their staff,” said a hotel executive recently. (See, “Business travelers beef up revenues of Joy-Nostalg Manila, in the BusinessMirror, March 21, 2024.)
DOT chief on gastronomy MEANWHILE , at the Global Summit, Tourism Secretary Christina Garcia Frasco highlighted the Philippines’s achievements in food tourism, like its successful hosting
With that, she said the port facilities will also be changed and the people working on shore would have to be trained.
“Just transition means how will we prepare, socially, economically, and educationally, for the shift away from fossil fuel and fossil fuel-supported industries,” she said.
Region’s potential IN her opening speech, she highlighted the Asia Pacific Region’s profound potential, being home to over 60 percent of the world’s population.
The region, she said, is rich in cultures, as well as in natural resources, in traditional and scientific knowledge, diverse ecosystems, and infrastructure that support some of the world’s largest megacities.
It is for this reason, she pointed out, that people in the Asia Pacific region should recognize the significant risks they face.
“We are recognized by the UN and our development partners as the most disaster-prone region in the world, from vulnerability and exposure,” she said, adding, “as we will all hear in the coming days, [the risks] are expected to increase very shortly.”
With that, she appealed to members of the media to help shape public awareness and understanding, for informed decision-making.
Hosted by the Philippines, the 2024 APMCDRR from October 14 to 18 is the main platform in Asia and the Pacific to monitor, review, and enhance cooperation for the implementation of the Sendai Framework for Disaster Risk Reduction 20152030 at the regional level.
The conference brings together governments, intergovernmental, international, national, and civil society organizations, the private sector, science, academia, and stakeholder groups to accelerate progress in reducing disaster risk.
As the first regional platform since the adoption of the Political Declaration of the Sendai Framework Midterm Review, the APMCDRR 2024 will be held under the working theme “Surge to 2030: Enhancing Ambition in Asia-Pacific to Accelerate Disaster Risk Reduction.”
The conference will provide an important opportunity to review risk reduction efforts, share innovative solutions, and make actionable commitments to accelerate disaster risk reduction by 2030 in the world’s most disaster-prone region.
of the recent UN Tourism Regional Forum on Gastronomy Tourism for Asia and the Pacific.
“What we have to understand is that food, in the Philippines, is very much a reflection of our Filipino identity. As a matter of fact, beyond the Hi, Hello, Good Morning, and Good Afternoon, it is very common in the Philippines for the first greeting to be: ‘Have you eaten? Kumain ka na ba? Nikaon ka na?’; food is our love language in the Philippines,” she said at the session on What is the Vintage?: The Role of Food & Wine Tourism. This is why gastronomy tourism is one of the key foci of government’s National Tourism Development Plan 2023-2028, she added. The Philippines, she noted, has received several honors, recognizing the international appeal of its flavorful cuisine. Iloilo City was named a Unesco Creative City for Gastronomy in 2022, and just this year, Bacolod City was declared the Slow Food Hub for Asia Pacific, and will host a slow food event for the region in 2025. Angeles City, Pampanga was also recognized as Asia’s Best Emerging Culinary City Destination at the World Culinary Awards.
CIDG office in Davao City center of Duterte war on drugs–Garma
By Jovee Marie N. dela Cruz
^ Samuel P. Medenilla
A@sam_medenilla
TASK force led by then police Col. Edilberto Leonardo, based at the regional office of the Criminal Investigation and Detection Group (CIDG) in Davao City, was at the center of the Duterte administration’s reward-driven war on drugs, former Philippine Charity Sweepstakes Office (PCSO) General Manager Royina Garma alleged in an affidavit submitted to the House of Representative’s Quad Committee.
Garma detailed how financial rewards incentivized the killings of drug suspects, with a system in place that prioritized extra-judicial killings (EJKs) over arrests in the affidavit.
Garma, a retired police officer and Philippine National Police Academy classmate of Leonardo, explained that the controversial anti-drug campaign was carried out under the direct orders of Duterte, with Sen. Christopher Go and Leonardo playing significant roles in its execution. Go at that time was Duterte’s executive assistant.
Leonardo was appointed commissioner of the National Police Commission by Duterte before he stepped down from the Presidency. Leonardo resigned on October 4 following revelation of his alleged involvement in extrajudicial killing at the QuadCom investigation.
Leonardo, who was then the CIDG Region 11 chief, assembled a trusted team of operatives to carry out the drug war operations, modeled after the infamous “Davao Model” from Duterte’s time as mayor. This system rewarded policemen for killing drug suspects, not arresting them.
The group included Rommel Bactat, Rodel Cerbo, Michael Palma, and Lester Berganio.
“Rommel Bactat, Rodel Cerbo, and Michael Palma were all former police officers stationed at the CIDG 11 Office,” Garma stated in her affidavit.
Discharged “THEY were discharged from service on or about a year ago due to an operation that led to the killing of one individual,” she added.
Garma testified that these operatives were tasked with gathering intelligence on drug suspects and reporting both arrests and killings. Berganio processed these reports, maintaining a comprehensive list of drug personalities in the country.
The intelligence was then passed to Leonardo, who determined the level of the operation and assigned corresponding rewards.
“Rewards were only given for killings, while for arrests, only the funding of the Coplan and a refund for the expenses were given,” Garma explained, referring to case operation plan.
During a hearing on Friday, Garma told the Quad Committee that while she did not know the exact amounts, the cash rewards for drug-related killings ranged from
P20,000 to P1 million, depending on the target.
Garma also shed light on the financial operations that supported Leonardo’s task force. She disclosed that Peter Parungo, a former detainee cleared of a rape charge, managed the task force’s financial transactions.
All funds for Coplan, reimbursements for operational expenses, and rewards for agents were funneled through Parungo’s accounts at major Philippine banks.
While Parungao handled the finances, Berganio maintained the drug personalities list, ensuring that intelligence from officers reached Leonardo for final decisions, Garma added.
Marcos rules out rejoining ICC
DESPITE the recent revelations of the alleged pattern of killings in the drug war of the previous administration in the ongoing HouseQuadCom investigation, President Marcos said the country will not rejoin the International Criminal Court (ICC).
However, Malacañang said it will support the filing of charges against Leonardo, who is being linked to the killing of convicted Chinese drug convicts and former Philippine Charity Sweepstakes Office (PCSO) board secretary Wesley Barayuga.
In a brief statement on Monday, Executive Secretary Lucas P. Bersamin said that the President has not changed his position that the country need not join the ICC to hold accountable those responsible for the drug-related killings.
“The Philippines will not return to the ICC. Based on this, the President is not expected to change his mind and now refer the QuadCom matter to the ICC,” Bersamin said.
He made the remark when asked about the appeal of the National Union of People’s Lawyers (NUPL) for the government to submit the QuadCom findings to the ICC for the crime against humanity allegedly committed by high ranking government officials, including former Duterte.
NUPL noted that the disclosure of Garma on the supposed state-sanctioned killings of drug suspects is damning evidence that can help in the case-build up of the ICC against Duterte.
The ICC continues to conduct its investigation on the matter even after Philippines’ withdrawal from the Rome Statute took effect in 2019.
Marcos maintained that the government will not cooperate with the ICC investigation insisting it no longer has any jurisdiction in the Philippines.
Bersamin said the Palace will back the filing of cases against Leonardo.
“The Palace will support the filing but will leave the decision to file entirely to the DOJ [Department of Justice] or Ombudsman,” Bersamin said.
Surigao del Norte Rep. Robert Ace C. Barbers has called for the filing of murder charges against Leonardo and Garma for their supposed role in the assassination of Barayuga.
online, either to support or tarnish candidates.
“With all of the candidates aspiring for the 18,000 elective posts up for grabs in the midterm balloting having declared their intent to run next year, the Comelec and the DICT, through its CICC [Cybercrime Investigation and Coordinating Center], need to work closely together on a system for AI safety that can effectively monitor and take down deep fakes posted online
Ethics complaint filed vs congressman over microphone scuffle
By Jovee Marie N. dela Cruz @joveemarie
TWO leaders of the House of Representatives on Monday formally filed a joint complaint with the House Committee on Ethics, accusing Agri Rep. Wilbert Lee of “aggressive and threatening behavior” during a September 25, 2024, budget hearing.
House Committee on Appropriations Senior Vice Chairperson Stella Luz Quimbo and BHW Rep. Angelica Natasha Co, sponsor of the DOH budget, said the incident, which occurred during deliberations on the Department of Health’s (DOH) budget, has sparked widespread attention, raising issues of workplace intimidation, particularly toward women in Congress.
Quimbo said that while Senior Deputy Minority Floor Leader Paul Daza was conducting his interpellation, Lee repeatedly pointed his finger at both Quimbo and Co in an aggressive manner and approached them in what Quimbo described as a threatening manner.
Kung hindi niyo ako pagsasalitain , mangugulo ako,” Lee allegedly said before forcefully grabbing the microphone from Daza.
From Quimbo’s perspective, Lee’s movement toward her and Co constituted an attempt to assault. “My instinct was to duck behind the podium for my own safety,” Quimbo said, emphasizing how physically threatened she felt at that moment.
Both congresswomen have expressed that the incident caused them emotional distress, with
Quimbo noting that it was the first time she had ever experienced bullying from a male colleague in Congress.
Immediately after the hearing, the two broke down in tears, which many initially misinterpreted as tears of joy after the budget was passed. In fact, they were tears of fear. The stress of the incident even caused Co to collapse later that evening, during Speaker Ferdinand Martin Romualdez’s address.
“This should not happen to any woman, especially in the workplace,” Quimbo stated, adding that such actions were not only intimidating but also unparliamentary. “There are rules in place to maintain order during budget hearings, and all members of Congress are expected to follow these rules,” she said.
Quimbo also expressed her disappointment with the spread of edited videos on social media, which, according to her, were designed to discredit and malign her and Co.
She condemned the weaponization of misinformation, stating, “Fake news should not be used to attack anyone, especially victims.”
For her part, Co characterized Lee’s behavior as “grandstanding” and an attempt to gain popular -
ity, possibly in preparation for a Senate bid.
She further requested that Lee’s foreign travel authority be canceled and demanded a public apology.
“I ask the House Committee on Rules and the Minority Caucus to mete out the necessary and appropriate measures proportionate to the offenses of Congressman Wilbert Lee,” said Co.
“Any other disciplinary measures, I leave to the wisdom of the Committee on Rules, the Minority Caucus, and the Ethics committee.
I reject any efforts of anyone acting on behalf of Congressman Wilbert Lee to make amends,” she added.
Earlier, Lee said he wants the positive result of fiscalizing the DOH budget and its attached agencies acknowledged instead of focusing on the microphone scuffle between him and Daza.
In a statement Lee said: “Never has it been my intention to hurt or bully anyone.”
Lee issued the statement in response to the decision of his fellow lawmakers to file an ethics complaint against him.
“I respect this [filing of ethics complaint against him] as the right of my fellow legislators,” said Lee.
The Bicolano lawmaker emphasized that he had no intention of disrespecting the institution. He explained that his actions stemmed from his passionate advocacy to officially document the commitments he secured from the Department of Health (DOH) and the Philippine Health Insurance Corporation (PhilHealth) to reduce the out-of-pocket medical expenses of Filipinos.
Lee added that he is ready to present his side once summoned by the House Committee on Ethics and Privileges, saying, “I am just waiting to receive an official copy so I can respond to the ethics complaint.”
Government agents arrest 11 Chinese in illegal gold refinery
By Rex Anthony Naval
GOVERNMENT law enforcement agents and military personnel on Sunday swooped down on an illegal gold refinery in Camarines Norte and arrested 11 Chinese. Bureau of Immigration (BI) and Presidential Anti-Organized Crime Commission (PAOCC) agents, policemen and soldiers, the Bicol Region police commander, Brig. Gen. Andre Dizon, said raided the illegal minerals processing processing plant that was under
between now and May 2025 to extol or vilify particular candidates,” Villafuerte said.
“Now that we know everyone who is running in the next elections in May 2025, the government needs to come up soon enough with an efficient way of monitoring and taking down of illegal campaign materials posted online, considering that Comelec, DICT, and CICC themselves have publicly fretted about the likely spread of politically-related AI content designed to spread misinformation and disinformation
construction at around 8:30 a.m. in Purok 6, barangay Tugos, Paracale, Camarines Norte. Paracale is know for its gold deposits and many of its residents are engaged in small mining operations, usually gold panning.
The arrested Chinese were identified as Liu Wei Xi, Chen Gui Hua, Chang Si Ci, Chen Chan Xia, Liu Wei Mang, Yu Yun Lai, Zhen Zi Yu, Li Chun, Jiu Zhong Ren, Lou Peng, and Sheng Yuan Fan.
Their arrest was made pursuant to a mission order issued by the BI
about specific poll bets,” he added.
Next year’s aspirants filed their Certificates of Candidacy (COCs) during the October 1 to 8 period to run for about 18,000 elective positions to be contested on May 12, 2025.
At the recent launch of Cyber Awareness Month in Quezon City, DICT Undersecretary Jeffrey Ian Dy warned the public about a surge in AI-generated content in the coming
See “Deepfakes,” A4
against these Chinese nationals.
The suspects are now under the custody of the BI and undergoing further questioning and investigation.
Dizon said the Bicol police will continue its close collaboration with the BI to uncover more information surrounding the possible other illegal activities of foreigners in the Bicol Region and ensure accountability of the culprits.
He also commended the efforts of operatives for the successful operation.
By Reine Juvierre Alberto @reine_alberto
THE Bureau of Customs (BOC) seized ecstasy tablets and methamphetamine hydrochloride or shabu valued at P50.47 million in two separate operations at the Ninoy Aquino International Airport (Naia) and the Port of Clark in Pampanga.
On Monday, the BOC announced that its office at the Naia, in close coordination with the Philippine Drug Enforcement Agency (Pdea) and the Naiaa InterAgency Drug Interdiction Task Group (Naia-IADITG), intercepted P42.16 million worth of shabu weighing 6.2 kilograms. The contraband was seized from a South African passenger from Addis Ababa who arrived at Naia Terminal 3 in Pasay City on October 12.
The BOC said the passenger, along with the seized illegal drugs, were turned over to Pdea for inquest proceedings for violations of Republic Act 9165 (Comprehensive Dangerous Drugs Act of 2002, as amended) and Republic Act 10863 (Customs Modernization and Tariff Act).
Customs Commissioner Bienvenido Y. Rubio said the BOC is committed in combatting illegal drug trafficking, saying, “Every successful operation strengthens our resolve to protect the nation from the scourge of illegal drugs.” Meanwhile, the BOC also thwarted an attempt to smuggle illegal drugs at the Port of Clark by intercepting 4,891 pieces of ecstasy tablets concealed among coffee beans
The tablets had a street value of P8.314 million.
The BOC—Port of Clark intercepted the shipment in coordination with Pdea, the BOC’s Enforcement and Security Service (ESS)— Customs Anti-Illegal Drug Task Force (CAIDTF) and the Customs Intelligence and Investigation Service (CIIS) on September 24.
A physical examination revealed the ecstasy tablets were hidden among coffee beans in a shipment containing a box of espresso capsules and three boxes of coffee beans from the Netherlands.
Samples sent to the Pdea for chemical analysis, were found positive for methylenedioxymethamphetamine (MDMA), commonly known as ecstasy.
A Warrant of Seizure and Detention was issued against the shipment for violations of Sections 1400 (Smuggling of Goods), 118(g) (Offenses Related to Importation), 119(d) (False or Misleading Information), and 1113 (General Provisions on Seizure and Forfeiture) paragraphs f, i, and l (3 & 4) of RA 10863 in relation to RA 9165.
“The Bureau of Customs reaffirms its commitment to President Ferdinand Marcos Jr. by remaining vigilant against the importation of illegal drugs and hazardous substances into the country,”
See “Customs,” A4
October 15, 2024
NFA reports drastic spike in palay procurement
PBy Ada Pelonia @adapelonia
ALAY procurement of the National Food Authority jumped to more than 3,000 metric tons (MT) in August.
The grains agency said it procured 3,209.95 MT of palay, higher by more than 1,000 percent than the 285.25 MT it purchased in the same month last year.
However, the NFA noted that this was lower than its procurement target of 19,285 MT owing to the lean season for rice, which runs from the months of July to
September.
“This significant shortfall in procurement can be attributed to the onset of the lean months,” the NFA said in its latest accomplishment report.
“Despite these, the NFA remains committed to providing excellent service to farmers and farmer organizations, ensuring they have the opportunity to sell their harvest to the agency.”
Meanwhile, the grains agency said it had a total rice inventory of 151,210 MT at the end of August.
“It should be noted that NFA’s inventory is 8.02 percent of the
country’s national rice inventory.”
The NFA also distributed 1,213.35 MT of milled rice during the reference month, which is 4.43 percent of its target of 27,360 MT.
“Sales were calibrated due to low inventory level of rice stocks, hence low distribution accomplishment,” the NFA said.
The grains agency reported that it distributed 984.8 MT of rice to the Department of Social Welfare and Development (DSWD), Office of Civil Defense (OCD), legislators, and local governments for relief operations
Philippine, Saudi energy bodies sign MOU on development of low-carbon technologies
TBy Lenie Lectura @llectura
HE Department of Energy
(DOE) and the Ministry of Energy of the Kingdom of Saudi Arabia (KSA) on Monday signed a memorandum of understanding (MOU) for the development and deployment of low-carbon technologies.
The Philippines, led by the DOE, is embarking on an energy mission to the Kingdom of Saudi Arabia for two days aimed at enhancing energy security, driving economic growth, and fostering sustainable development.
The MOU was signed Monday by Energy Secretary Raphael P.M. Lotilla and Saudi Minister of Energy Abdulaziz bin Salam Al Saud.
The MOU will pave the way for the conduct of joint-research and development projects, policy exchange and capacity building in areas such as carbon capture, utilization, and storage (CCUS), and hydrogen. It will also provide a framework for cooperation on key areas, such as renewable energy, natural gas, as well as relevant technologies and solutions related to climate change mitigation.
The MOU follows through on the visit of President Marcos in October last year to Saudi Arabia.
Saudi state-owned companies expressed interest at that time in investing in the Philippine energy sector.
Marcos attended the first-ever Association of Southeast Asian Nations-Gulf Cooperation Council Summit in Saudi Arabia in October 2023 wherein he highlighted the need for cooperation in energy and other areas, such as food security, logistics, supply chains, digital transformation, the free flow of
Philippines signs Fifth Protocol to Acia
By Andrea San Juan @andreasanjuan
THE Philippines signed last week the Fifth Protocol to amend the Association of Southeast Asian Nations (Asean) Comprehensive Investment Agreement (Acia) in Laos which is expected to present a “more stable and predictable” business environment to aid the country in luring more investments, the Department of Trade and Industry (DTI) said.
“We signed the Fifth Protocol to amend Asean Comprehensive Investment Agreement in Laos last week. The Protocol presents a a more stable and predictable business environment necessary to attract more investments in the Philippines,” Trade and Industry Undersecretary
for International Trade Group Allan B. Gepty said in a Viber message.
In particular, Gepty said this submission of the “Schedule of Reservations” pursuant to the Fifth Protocol would provide “greater certainty and transparency” in determining which sectors are open for investments because those secctors with market access restrictions or limitations will be “accordingly listed.” “This is aligned with the country’s policy to pursue an advanced,purposive and forward looking agreement,” the Trade official noted.
In addition, Gepty underscored that the Agreement inked by Asean member states including the Philippines “sends a strong signal” to the investment community of the country’s readiness to serve as an
investment hub in the region especially for smart and sustainable manufacturing.
The Joint Media Statement published on the Asean website said the signing of the Fifth Protocol to amend the Acia also provides for the “expansion of the scope” of the Asean Investment Agreement beyond manufacturing, agriculture, fishery, forestry, mining and quarrying and their incidental services, and the application of the “ratchet” mechanism to some Member States.
The 56th Asean Economic Ministers’ (AEM) Meeting was held in Vientiane, Lao PDR, on September 17,2024.
For her part, DTI Acting Secretary Cristina Aldeguer-Roque said the meeting among economic ministers of Asean member states re -
goods, people, and services.
An MOU was first initiated during Lotilla’s previous stint as Secretary of Energy in 2005. “After 19 years, I am pleased to see the successful conclusion of our negotiations,” he said, acknowledging the hard work and dedication shown by both parties.
The DOE acknowledged the assistance of the Department of Foreign Affairs (DFA) and its embassies in the Middle East, the Department of Trade and Industry (DTI) and the Philippine Trade and Investment Center (PTIC) in facilitating the mission.
volved around “the digital economy, green economy, blue economy and peace among Asean countries.”
Apart from the Investment landscape in the region, the Asean meeting also noted the “significant” progress made on the Asean Trade in Goods Agreement (Atiga) upgrade negotiations.
“The Meeting reaffirmed its commitment to ensuring that the upgraded Atiga would be modern, comprehensive,forward-looking agreement, covering traditional and emerging elements relevant to business communities and more responsive to regional and global developments,” the 56th AEM Joint Media Statement also noted.
The Meeting looked forward to concluding the Atiga upgrade negotiations by the end of the first quarter of 2025, and for the agreement to be signed at the sidelines of the 57th AEM-39th Afta Council in September 2025.
and calamity response.
About 226.4 MT of rice were distributed to government agencies and local governments’ rice requirement under the Executive Order 51 program, the NFA said.
The agency also distributed 2.15 MT for the one-time rice assistance under Administrative Order 2, series of 2022.
The NFA Council, chaired by Agriculture Secretary Francisco Tiu Laurel Jr., earlier approved an increase in the selling price of rice to P38 a kilo from P25 per kilo to the DSWD and other government agencies.
Customs. . .
Rubio said.
“The higher selling price agreed to by the DSWD will help not only reduce NFA losses but also give it additional resources to buy more palay from our farmers,” Laurel said in a statement. For this wet season, the NFA said it plans to buy between 6.4 million and 8.7 million 50-kilo bags of palay.
The grains agency has also sought the immediate release of P9 billion of rice procurement funds from the Department of Budget and Management (DBM) to increase its war chest to around P11 billion.
Continued from A3 Go. . .
The BOC has intercepted illegal drugs worth P2.277 billion, confiscated in 80 seizure operations in the first half of 2024.
Continued from A3
his Malasakit Team distributed essential items such as food packs, shirts, masks, vitamins and snacks to 1,000 residents. Select beneficiaries also received bicycles, watches, shoes, cellphones, and sports equipment like basketballs and volleyballs, bringing joy to the community.
The national government, in collaboration with the efforts of Mayor Angel Go, also provided financial assistance to help the
Deepfakes.
. .
Continued from A3
election season, as his office has monitored the rise of AI content that is either misleading or spreading misinformation and disinformation.
He claimed that three major social media (socmed) giants—Meta, Google (YouTube), and TikTok—have committed to assist the government whenever AI-generated misleading content is detected.
Although the DICT has the tools to effectively monitor AI-generated content being spread on cyberspace, Dy conceded that the department cannot actively filter or take down such content, such that it will need the cooperation of the global social media giants to prevent the spread of such content.
CICC Director Alexander Ramos underscored the danger deep fakes pose to voters, calling them the biggest threat to next year’s elections.
He shared that the Comelec is working with
Methamphetamine hydrochloride or shabu recorded the highest amount of seized drug, amounting to P1.239 billion with 11 seizures. Shabu was followed by marijuana and ecstasy, worth P934 million and P92 million, respectively coming from 37 and six seizure operations.
residents with their immediate needs, further ensuring that basic support reaches those most vulnerable.
The senator also acknowledged the efforts of Congressman Nelson Dayanghirang, and Vice Governor Nelson Dayanghirang Jr., among others.
Go, as chairperson of the Senate Committee on Health and Demography, reminded the residents that accessible healthcare remains a priority. He urged them to take advantage of the services offered by the Malasakit Centers, particularly at the nearby Davao Oriental Provincial Medical Center in Mati City.
DICT to explore technologies that can detect deepfakes and counter tech-driven schemes aimed at misleading the public. Last month, Villafuerte lauded the Comelec for its timely release of guidelines on the use of AI technology in next year’s midterm and Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) elections.
“The Comelec is spot on in preventing us from rushing headlong into allowing AI, specifically deepfake technology, into our electoral campaign system, considering that, at this point, the potential for digital misinformation and disinformation appears boundless even as the capability of our poll watchdog and the rest of government to respond to or counter it is limited,” he said. Last month, the Comelec released resolution 11064, which outlines guidelines for the use of AI, social media, and Internet technology in the 2025 national and local elections. This resolution requires users of AI-generated campaign materials to disclose the use of such technologies and sets penalties for those who fail to do so. Jovee Marie N. dela Cruz
The Philippines ranks badly in the global AI Index. This must be changed without delay!
By: Henry J. Schumacher
IHAVE been writing about the integration of artificial intelligence into business many times. Why? Because AI changes the performance of companies, creates new opportunities, and puts organizations ahead of the competition. In other words, we may have no choice but to integrate AI into our operations; there are signs that AI may become compulsory for organizations.
I was negatively surprised to read last week that the Philippines lags in the global AI Index. The Philippines ranked the
lowest in the region. The index ranks countries based on capacity for artificial intelligence (AI) using 1202 indicators under three pillars: implementation, innovation and investment.
Given this situation, there is no doubt that the AI integration in companies has to be taken more seriously—and without delay. But the government has to be more effective in AI integration also. Why? I am outlining some of the reasons below:
The Predictive Economy will transform executive decision-making and central rules, altering demand and prompting service personnel. Predictive data analytics will manage workforce deployment based on economic, political, and seasonal forecasts, enhancing consumer
engagement with personalized, locationspecific offers. These examples highlight the megatrend of this decade: Predictive Economy.
What has been partially implemented in digital industries will gain overarching importance: tools of artificial intelligence (AI) and machine learning calculate events and outcomes using vast data sets, guiding managerial decisions. The benefits are manifold: proactive, targetspecific and offer to boost revenue and margins.
Businesses integrating these models should adhere to five fundamental rules:
I
Boards must align corporate strategy and business models with Predictive Economy opportunities, frequently revising them. Key questions include adjusting monetization strategies based on customer payment preferences, potentially favoring data licensing and AI-generated service parameters over traditional product sales. Boards must also strategize network partnerships crucial for customer retention.
II Predictive Economy’s notable feature is extensive regulation. Data privacy and new AI laws add to product
and industry regulations. It’s essential to integrate these rules early in product development—perhaps making them integral to products, termed “Compliance by Design.” Early compliance integration in research, development, and product design mitigates risks associated with data handling regulations, enhancing market entry and reducing costs.
Predictive Economy is part of a new data economy shaped by cross-industry collaborations under platform agreements and minority venture capital investments. Bilateral joint ventures are less common. Business leaders must adopt a network-centric approach, understanding their reliance on partners. Contracts should facilitate connectivity with partner offerings, enforcing uniform technical standards and delineating data usage rights to prevent misuse and cyberattacks, especially when competitors are involved.
IVAI tools can become part of new product offerings within this framework. In production, data gathered by sensors is compared to standard norms using artificial intelligence to identify faulty products early. Systems report maintenance or replacement needs
promptly through data matching. V Education must intensify and broaden the need to educate all its people. If the Philippines is to survive in the ever-changing, fast moving, technology-driven world taking shape before our eyes, the country has to position itself strategically in this new economy and secure its place on the right side of the digital divide. Although using artificial intelligence remains optional, it is likely to become mandatory. A first step in this direction is the EU’s General Data Protection Regulation which includes explicit rules governing automated decision-making. While this applies to companies operating in the EU, we have many companies in the Philippines which are dealing with European clients and will have to take these regulations seriously. Additionally, other countries may well follow the EU example.
In conclusion, allow me to repeat that it makes good corporate sense to let AI policies allow you to innovate while ensuring the ethical use of AI, and demonstrate integrity-based leadership. I look forward to your comments; email me at hjschumacher59@gmail.com.
Hezbollah drone attack kills 4 Israeli soldiers, while Israel’s airstrike in Gaza leaves 20 dead
By Wafaa Shurafa & Samy Magdy The Associated Press
DEIR AL-BALAH, Gaza
Strip—A Hezbollah drone attack on an army base in central Israel killed four soldiers and severely wounded seven others Sunday, the military said, in the deadliest strike by the militant group since Israel launched its ground invasion of Lebanon nearly two weeks ago.
The Lebanon-based Hezbollah called the attack near Binyamina city retaliation for Israeli strikes on Beirut on Thursday that killed 22 people. It later said it targeted Israel’s elite Golani brigade, launching dozens of missiles to occupy Israeli air defense systems during the assault by “squadrons” of drones.
Israel’s national rescue service said the attack wounded 61. With Israel’s advanced air-defense systems, it’s rare for so many people to be injured by drones or missiles. Hezbollah and Israel have traded fire almost daily in the year since the war in Gaza began, and fighting has escalated.
Israel launched its ground operation in Lebanon earlier this month with the goal of weakening Hezbollah and pushing the militant group away from the border to allow thousands of displaced Israelis to return to their homes.
Inside Gaza, an Israeli airstrike killed at least 20 people including children at a school Sunday night, according to two local hospitals. The school in Nuseirat was sheltering some of the many Palestinians displaced by the war. Meanwhile, explosions hit early
Monday outside Al-Aqsa Martyrs Hospital in Deir al-Balah, killing three people and injuring about 50 others, the hospital said. Tents caught fire, and residents of the Central Gaza community carried the injured into the hospital.
Hezbollah’s deadly strike in Israel came the same day that the United States announced it would send a new air-defense system to Israel to help bolster protection against missiles, along with troops needed to operate it. An Israeli army spokesperson declined to provide a timeline.
Israel is now at war with Hamas in Gaza and Hezbollah in Lebanon—both Iran-backed militant groups—and is expected to strike Iran in retaliation for a missile attack earlier this month.
Iran has said it will respond to any Israeli attack.
Netanyahu calls UN peacekeepers ‘human shield’ for Hezbollah
THE UN peacekeeping force in Lebanon known as UNIFIL said Israeli tanks forcibly entered the gates of one position early Sunday and destroyed the main gate. They later fired smoke rounds near peacekeepers, causing skin irrita -
tion. UNIFIL called the incident a “further flagrant violation of international law.”
International criticism is growing after Israeli forces have repeatedly fired on UN peacekeepers since the start of the ground operation in Lebanon. Five peacekeepers have been wounded in attacks that struck their positions, with most blamed on Israeli forces.
Stéphane Dujarric, spokesman for UN Secretary-General António Guterres, called Sunday’s incident “deeply worrying” and said attacks against peacekeepers may constitute a war crime.
Israel’s military says Hezbollah operates in the peacekeepers’ vicinity, without providing evidence.
Military officials said a tank trying to evacuate wounded soldiers backed into a UN post Sunday while under fire. A smoke screen was used to provide cover, they said.
Army spokesman Lt. Col. Nadav Shoshani asserted that Israel has tried to maintain constant contact with UNIFIL, and any instance of UN forces being harmed will be investigated at
“the highest level.”
Prime Minister Benjamin Netanyahu on Sunday called for UNIFIL to heed Israel’s warnings to evacuate, accusing them of “providing a human shield” to Hezbollah.
“We regret the injury to the UNIFIL soldiers, and we are doing everything in our power to prevent this injury. But the simple and obvious way to ensure this is simply to get them out of the danger zone,” he said in a video addressed to the UN secretarygeneral, who has been banned from entering Israel.
Israel has long accused the United Nations of being biased against it, and relations have plunged further since the start of the war in Gaza.
Israeli strike in Lebanon destroys Ottoman-era market HEZBOLLAH began firing rockets into Israel a day after Hamas’ surprise attack on Israel on October 7, 2023, drawing retaliatory airstrikes. The conflict escalated in September with Israeli strikes that killed Hezbollah’s leader, Hassan Nasrallah, and most of his senior commanders.
EU condemns Israeli attacks on peacekeepers in Lebanon
By The Associated Press
BRUSSELS—The European Union condemned attacks on UN peacekeepers in Lebanon and rejected allegations that UN Secretary-General António Guterres is responsible for obstructing the Israeli army. Sixteen EU countries are contributing to the UNIFIL peacekeeping force. EU foreign policy chief Josep Borrell said that “their work is very important. It’s completely unacceptable attacking United Nations troops.” Five peacekeepers have
been wounded in attacks that struck their positions, with most blamed on Israeli forces.
Speaking in Luxembourg before chairing talks between EU foreign ministers, Borrell underlined that the UN Security Council decides whether UNIFIL should be moved, “so stop blaming Secretary Guterres.”
Prime Minister Benjamin Netanyahu on Sunday called for UNIFIL to heed Israel’s warnings to evacuate, accusing them of “providing a human shield” to Hezbollah. In a video addressed to Guterres, who has been banned
from entering Israel, Netanyahu told the UN chief “to get (UNIFIL) out of the danger zone.”
Austrian Foreign Minister Alexander Schallenberg, whose country is one of Europe’s strongest backers of Israel, said the attacks are “simply unacceptable” and that UNIFIL will not be leaving.
“No, they will not withdraw. Yes, they will continue to fulfill the mandate. And yes, we demand on each and every party to respect this mandate and respect the security and safety of our blue helmets,” he told reporters.
Israel has been escalating its campaign against Hezbollah after a year of exchanges of fire, while it is also at war with Hamas in Gaza.
Israel’s offensive in Gaza has killed over 42,000 Palestinians, according to local health authorities, who do not say how many were fighters but say women and children make up more than half of the fatalities. The war has destroyed large areas of Gaza and displaced about 90% of its population of 2.3 million people.
It’s been more than a year since Hamas-led militants blew holes in Israel’s security fence and stormed into army bases and farming communities, killing some 1,200 people, mostly civilians, and abducting another 250. They are still holding about 100 captives inside Gaza, a third of whom are believed to be dead.
New Zealand’s Luxon condemns targeting peacekeepers WELLINGTON, New Zealand—“It is totally, utterly unacceptable for Israel to be targeting UN Peacekeepers,” New Zealand’s Prime Minister Christopher Luxon told reporters in the capital on Monday.
“I think the whole world is outraged that Israel is targeting UN facilities. They are there on a peacekeeping mission to try and keep the peace on that border,” he said.
Israel launched a ground operation earlier this month. More than 1,400 people have been killed in Lebanon since September, according to Lebanon’s Health Ministry, which does not say how many were Hezbollah fighters. At least 58 people have been killed in rocket attacks on Israel, nearly half of them soldiers.
Israeli airstrikes overnight destroyed an Ottoman-era market in Lebanon’s southern city of Nabatiyeh, killing at least one person and wounding four.
“Our livelihoods have all been leveled,” said Ahmad Fakih, whose shop was destroyed. Rescuers searched pancaked buildings as Israeli drones buzzed overhead.
The Israeli military said it struck Hezbollah targets, without elaborating, and said it continued to target the militants on Sunday.
Separately, the Lebanese Red Cross said paramedics were searching for casualties in a house destroyed by an Israeli airstrike in southern Lebanon when a second strike left four paramedics with concussions and damaged two ambulances.
The Red Cross said the operation had been coordinated with UN peacekeepers, who informed the Israeli side.
Bodies rot in the streets in northern Gaza
ISRAEL continues to strike what it says are militant targets in Gaza almost daily. The military says it tries to avoid harming civilians and blames their deaths on Hamas and other armed groups because they operate in densely populated areas.
In northern Gaza, Israeli air and ground forces have been attacking Jabaliya, where the military says militants have regrouped. Over the past year, Israeli forces have repeatedly returned to the builtup refugee camp, which dates to the 1948 war surrounding Israel’s creation, and other areas.
Israel has ordered the full evacuation of northern Gaza, including Gaza City. An estimated 400,000 people remain in the north after a mass evacuation ordered in the war’s opening weeks.
Palestinians fear Israel intends to permanently depopulate the north to establish military bases or Jewish settlements there.
The United Nations says no food has entered northern Gaza since October 1.
The military confirmed that hospitals were included in evacuation orders but said it had not set a timetable and was working with local authorities to facilitate patient transfers.
Fares Abu Hamza, an official with the Gaza Health Ministry’s emergency service, said the bodies of a “large number of martyrs” remain uncollected from the streets and under rubble.
“We are unable to reach them,” he said, asserting that dogs are eating some remains. The war began when Hamasled militants attacked a year ago, killing some 1,200 people, mostly civilians, and abducting around 250. Around 100 hostages are still held in Gaza, a third believed to be dead.
Israel’s bombardment and its ground invasion of Gaza have killed over 42,000 Palestinians, according to Gaza’s Health Ministry, and left much of the territory in ruins. The ministry doesn’t distinguish between militants or civilians, but says women and children make up over half the deaths.
Israel says it has killed over 17,000 fighters, without providing evidence.
Magdy reported from Cairo. Associated Press writers Kareem Chehayeb and Abby Sewell in Beirut, Natalie Melzer in Tel Aviv, Israel, Wafaa Shurafa in Deir al Balah and Hannah Schoenbaum in Salt Lake City, Utah, contributed to this report.
KYIV, Ukraine—Ukraine’s human rights ombudsman urged international organizations Sunday to respond to a claim that several Ukrainian prisoners of war were executed in Russia’s Kursk region, where Kyiv had launched an incursion in August.
DeepState, a Ukrainian battlefield analysis site close to Ukraine’s Defense Ministry, said that Russian troops shot and killed nine Ukrainian “drone operators and contractors” on Oct. 10 after they had surrendered.
Dmytro Lubinets said on Telegram that he sent letters to the United Nations and the International Committee of the Red Cross regarding the case, calling it “another crime committed by the Russians.”
Later on Sunday, Ukrainian ProsecutorGeneral Andriy Kostin said that his office had opened a criminal investigation into the matter. Earlier this month, Ukraine’s
UN peacekeepers hold their flag, as they observe Israeli excavators attempt to destroy tunnels built by Hezbollah, near the southern Lebanese-Israeli border village of Mays al-Jabal, Lebanon on December 13, 2019. AP/HUSSEIN MALLA
China launches record-breaking military drills targeting Taiwan
By Johnson Lai & Huizhong Wu
The Associated Press
TAIPEI, Taiwan — China employed 125 military aircraft in exercises aimed at Taiwan on Monday, a record for a single day, Taiwan’s Ministry of National Defense said.
It said 90 of the aircraft, including warplanes, helicopters and drones, were spotted within Taiwan’s air defense identification zone.
China’s Defense Ministry said the drills were a response to the Taiwanese president’s refusal to accept Beijing’s demand that selfgoverned Taiwan acknowledge itself as a part of the People’s Republic of China under the rule of the Communist Party.
The drills came four days after Taiwan celebrated the founding of its government on its National Day, when Taiwanese President Lai Ching-te said in a speech that China has no right to represent Taiwan and declared his commitment to “resist annexation or encroachment.”
“Our military will definitely deal with the threat from China appropriately,” Joseph Wu, secretary-general of Taiwan’s security council, said at a forum in Taipei, Taiwan’s capital. “Threatening other countries with force violates the basic spirit of the United Nations Charter to resolve disputes through peaceful means.” Taiwan’s Presidential Office called on China to “cease military provocations that undermine regional peace and stability and stop threatening Taiwan’s democracy and freedom.”
A map aired on China’s state broadcaster CCTV showed six large blocks encircling Taiwan indicating where the military drills were being held, along with circles drawn around Taiwan’s outlying islands. China’s Defense Ministry has not said how long the drills will last.
China deployed its Liaoning aircraft carrier for the drills, and CCTV showed a J-15 fighter jet taking off from the deck of the carrier, though the exact location of the ship is unclear.
China’s People’s Liberation Army’s Eastern Theater Command spokesperson Senior Captain Li Xi said the navy, army air force and missile corps were all mobilized for the drills, which were an integrated operation.
“This is a major warning to those who back Taiwan independence and a signifier of our
determination to safeguard our national sovereignty,” Li said in a statement on the service’s public media channel.
Chinese Foreign Ministry spokesperson Mao Ning said at a daily briefing that China did not consider relations with Taiwan a diplomatic issue, in keeping with its refusal to recognize Taiwan as a sovereign state.
“I can tell you that Taiwan independence is as incompatible with peace in the Taiwan Strait as fire with water. Provocation by the Taiwan independence forces will surely be met with countermeasures,” Mao said.
Taiwan’s Defense Ministry said it deployed warships to designated spots in the ocean to carry out surveillance and stand at ready. It also deployed mobile missile and radar groups on land to track the vessels at sea. It said as of Monday morning, they had
tracked 25 Chinese warplanes and seven warships and four Chinese government ships, though it did not specify what types of ships they were.
On the streets of Taipei, residents were undeterred. “I don’t worry, I don’t panic either, it doesn’t have any impact to me,” Chang Chia-rui said.
Another Taipei resident, Jeff Huang, said: “Taiwan is very stable now, and I am used to China’s military exercises. I have been threatened by this kind of threats since I was a child, and I am used to it.”
The US, Taiwan’s biggest unofficial ally, called China’s response to Lai’s speech unwarranted. “We call on (Beijing’s government) to act with restraint and to avoid any further actions that may undermine peace and stability across the Taiwan Strait and in the
broader region,” State Department spokesperson Matthew Miller said in a statement. China held similar large-scale exercises after Lai was inaugurated in May. Lai continues the eight-year rule of the Democratic Progressive Party that rejects China’s demand that it recognize Taiwan is a part of China. Also on Monday, China’s Taiwan Affairs Office announced it was sanctioning two Taiwanese individuals, Puma Shen and Robert Tsao, for promoting Taiwanese independence. Shen is the co-founder of the Kuma Academy, a nonprofit group that trains civilians on wartime readiness. Tsao donated $32.8 million to fund the academy’s training courses. Shen and Tsao are forbidden to travel to China, including Hong Kong. Wu reported from Bangkok.
China’s export growth slows unexpectedly in September, dimming economic outlook
By Bloomberg News
CHINA’S export growth unexpectedly slowed in September, curbing a trade rebound that has been a bright spot for a weakening economy that policymakers are relying on manufacturing to power.
Exports climbed just 2.4 percent in dollar terms from a year earlier to almost $304 billion, the lowest level since May, the customs administration said Monday. Shipments to key markets including Japan, South Korea and Taiwan all fell, while exports to the European Union and the US marked their slowest rise in at least four months as politicians ramped up tariffs.
Russian purchases of Chinese goods soared to a record $11 billion, as Beijing continues to shield Moscow from economic isolation after Western companies producing everything from cars to phones quit President Vladimir Putin’s nation due to sanctions to punish his military aggression.
“China’s export growth has been remarkably strong this year and helped to offset the weak domestic demand,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management. “Looking ahead, it would be difficult to sustain strong export growth into next year, as trade tension heightens.”
Chinese exports have powered the economy this year with shipments through September soaring
to the second highest value on record. Weak consumer spending at home, however, has dampened the appetite for foreign products spurring a record trade surplus, and prompting US President Joe Biden and others to impose trade curbs.
Exemplifying that problem, imports inched up just 0.3 percent, leaving a trade surplus of almost $82 billion for September and $690 billion for the first nine months of this year.
President Xi Jinping’s officials have unleashed a stimulus blitz of rate cuts, measures to support the property sector and promises of greater government borrowing in recent weeks in a bid to revive growth. That could lift demand for imports and help Beijing’s battle to boost inflation. A measure of
economy-wide prices is currently stuck in its longest deflationary streak since 1999, which has pushed down export prices.
China has relied on manufacturing and exports to propel growth as the property sector slump that’s wiped billions from household wealth has slammed consumer sentiment. That twospeed model held up while global demand remained relatively strong, but rising trade barriers could threaten its sustainability as countries from Canada to Brazil complain about a flood of cheap Chinese goods.
China’s battered steel industry, suffering from the property crash, is trying to export its way out of slumping demand, with export volumes at the highest since
mid-2016, during the last housing crisis.
The European Union voted earlier this month to impose tariffs as high as 45 percent on electric vehicles from China, accusing Beijing of unfairly subsidizing its industry and hurting local manufacturers.
Goldman Sachs Group Inc. upgraded its forecasts for China’s economic growth this and next year after Beijing signaled its intent to draw a line under its growth slowdown. The bank, however, maintained its predictions for slower growth for 2026 and beyond, citing factors including a global push by countries and companies to reduce their reliance on China in their supply chains. With assistance from Tomoko Sato and Alan Wong/Bloomberg
Nobel Prize for Economics honors laureates’ research linking institutions and prosperity
By Daniel Niemann & Mike Corder Associated Press
STOCKHOLM—The Nobel memorial prize in economics was awarded Monday to Daron Acemoglu, Simon Johnson and James A. Robinson for research that explains why societies with poor rule of law and exploitative institutions do not generate sustainable growth.
The three economists “have demonstrated the importance of societal institutions for a country’s prosperity,” the Nobel committee of the Royal Swedish Academy of Sciences said at the announcement in Stockholm.
Acemoglu and Johnson work at the Massachusetts Institute of Technology and Robinson conducts his research at the University of Chicago.
“Reducing the vast differences in income between countries is one of our time’s greatest challenges. The laureates have demonstrated the importance of societal institutions for achieving this,”
Jakob Svensson, Chair of the Committee for the Prize in Economic Sciences, said.
He said their research has provided “a
much deeper understanding of the root causes of why countries fail or succeed.”
Reached by the academy in Athens, Greece, where he is due to speak at a conference, the Turkish-born Acemoglu, 57, said he was surprised and shocked by the award.
“You never expect something like this,” he said.
Acemoglu said the research honored by the prize underscores the value of democratic institutions.
“I think broadly speaking the work that we have done favors democracy,” he said in a telephone call with the Nobel committee and reporters in Stockholm.
But he added that “democracy is not a panacea. Introducing democracy is very hard. When you introduce elections, that sometimes creates conflict.”
Asked about how economic growth in countries like China fits into the theories, Acemoglu said that “my perspective is generally that these authoritarian regimes, for a variety of reasons, are going to have a harder time...in achieving...long-term sustainable innovation outcomes.”
Acemoglu and Robinson wrote the
2012 bestseller “Why Nations Fail: The Origins of Power, Prosperity, and Poverty,’’ which argued that manmade problems were responsible for keeping countries poor.
In their work, the winners looked, for instance, at the city of Nogales, which straddles the US-Mexico border. Despite sharing the same geography, climate, many of the same ancestors and a common culture, life is very different on either side of the border. In Nogales, Arizona, to the north, residents are relatively well-off and live long lives; most children graduate from high school. To the south, in Mexico’s Nogales, Sonora, “residents here are in general considerably poorer....Organized crime makes starting and running companies risky. Corrupt politicians are difficult to remove, even if the chances of this have improved since Mexico democratized, just over 20 years ago,” the Nobel committee wrote.
The difference, the economists found, is a US system that protects property rights and gives citizens a say in their government.
Acemoglu expressed worry Monday
Britain hosts an international investment summit and denies snubbing Elon Musk
By Jill Lawless The Associated Press
LONDON—Britain’s new Labour Party government is announcing billions of pounds in investment in UK artificial intelligence, life sciences and infrastructure on Monday at a business summit attended by executives from major international companies—though it was the absence of Elon Musk that made headlines.
Prime Minister Keir Starmer’s center-left administration is eager to attract investment into Britain’s sluggish economy, and to convince corporations that its push to improve workers’ rights won’t come at the expense of businesses. It also needs to reassure trade unions, which are key Labour backers, that wooing business won’t come at workers’ expense.
Starmer told about 300 executives from banks, investment firms, pharmaceutical companies, tech firms and others that after several years of economic and political turmoil and “policy churn” under the Conservatives, Britain is once again a stable place for investors.
“This is the moment to back Britain,” he said, pledging to oversee a “hardheaded” industrial strategy and “galvanize growth” but slashing unnecessary
regulation.
“We will rip up the bureaucracy that blocks investment,” Starmer said.
Unions worry that may mean lowering standards on health, safety and the environment, a claim the government denies. Technology Secretary Peter Kyle said reducing red tape did not mean “cutting corners or lowering standards, but making sure that the government takes on some of the burden of compliance, so that our nation can benefit.”
A sign of the tensions facing the government as it tries to please both employers and employees came after Transport Secretary Louise Haigh last week urged people to boycott P&O Ferries, which in 2022 fired 800 seafarers to replace them with cheaper contract staff.
Its parent company, Dubai-based DP World, reportedly threatened to pull out of the investment conference because of the remarks. After Starmer rebuked Haigh and reassured the company that hers was “not the view of the government,” DP World confirmed Monday it would invest in a 1 billion pound ($1.3 billion) expansion of the London Gateway container port.
Business executives attending the summit were rubbing shoulders with government ministers at London’s magnificent medieval Guildhall before
a reception with King Charles III at St. Paul’s Cathedral.
Not among them was Musk, whose social media platform X was used to spread false information during antiimmigrant violence that erupted in Britain this summer. Musk himself posted messages insulting Starmer and saying the UK was headed for civil war.
After the BBC reported in September that Musk would not attend the investment summit, the Space X and Tesla boss posted on X: “I don’t think anyone should go to the UK when they’re releasing convicted pedophiles in order to imprison people for social media posts.”
He was apparently referring to the government’s decision to release hundreds of inmates—though not sex offenders—early because of overcrowded prisons.
Kyle, the technology secretary, denied Musk had been snubbed for political reasons.
“Elon Musk has never come to any of the past investment summits that have been held under the previous government, he doesn’t tend to do these sort of events,” Kyle said.
“But I stand absolutely ready to engage with him, to talk about any potential global investments he’s making. I’m not aware of any at this moment in time.”
that democratic institutions in the United States and Europe were losing support from the population. “Democracies particularly underperform when the population thinks they underdeliver,” he said. “This is a time when democracies are going through a rough patch. … It is, in some sense, quite crucial that they reclaim the high ground of better governance.”
The economics prize is formally known as the Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel. The central bank established it in 1968 as a memorial to Nobel, the 19th-century Swedish businessman and chemist who invented dynamite and established the five Nobel Prizes.
Though Nobel purists stress that the economics prize is technically not a Nobel Prize, it is always presented together with the others on December 10, the anniversary of Nobel’s death in 1896. Nobel honors were announced last week in medicine, physics, chemistry, literature and peace.
Corder reported from The Hague, Netherlands.
Democracy leader Lech Walesa says a Trump victory would be a ‘misfortune’ for the world
WARSAW, Poland—Polish democracy champion and former President Lech Walesa says a victory by Republican Donald Trump in this year’s US presidential election would bring “misfortune” to the world.
Walesa said in a short entry on Facebook on Sunday that he does not interfere in the internal affairs of other countries, but that the matter “is too important for the world” for him to withhold his views.
“I deeply believe that Americans will vote responsibly. In my opinion, I am completely convinced that Trump’s election WOULD BE A MISFORTUNE FOR THE U.S. AND THE WORLD,” he wrote, using all capital letters. He did not explain his thinking further.
Walesa, 81, played a historic role as leader of Solidarity, a labor union that advocated for workers’ rights and greater freedoms during the 1980s, when Poland was still under Soviet-backed communist rule.
He won the Nobel Peace Prize in 1983 for his defense of workers’ rights and universal freedoms more broadly. Solidarity ended up playing a crucial role in the peaceful collapse of communism.
Walesa went on to serve one term as president of Poland. AP
DBM seeks more financial support to women, peace
THE Department of Budget and Management
(DBM) called for development and international partners to prioritize increased financial support to women, peace and security initiatives.
At a televised newscast on Monday, Budget Secretary Amenah F. Pangandaman said the upcoming International Conference on Women, Peace and Security (ICWPS) is an opportunity to urge development and international partners to prioritize funding for women’s involvement in peace processes.
“There will be no concrete evidence of progress without adequate funding and allocations,” Pangandaman said, partly in Filipino, to advocate investing in impact financing strategies on women, peace and security initiatives.
The Philippines will host the ICWPS, the first ministeriallevel conference on the United Nations’ Women, Peace and Security agenda, on October 28 to 30, 2024.
The Budget chief said a very small percentage of official development assistance (ODAs), or loans or grants for social and economic development, are allocated to women, peace and security.
Despite this, Pangandaman said the national government has allotted almost P9 billion for the Moro Islamic Liberation Front (MILF) normalization process and will continue to allocate more funds.
Pangandaman said DBM has also been assisting public financial management practitioners in Bangsamoro Autonomous Region in Muslim Mindanao (Barmm), training them for capacity-building on financial management and how to run a business to achieve financial inclusion.
Pangandaman added the “Manila Declaration” will be released during the three-day conference, outlining the actions needed to promote the rights of women in peace negotiations.
“This summit will provide an opportunity for women who may not know that the government has programs for them and that we are participating not only domestically but also internationally,” Pangandaman said.
“We hope to give women a chance to be heard, not only in this conference but for the whole world to understand their rights and their role in addressing social issues, particularly in peace negotiations,” she added.
The conference is anticipated to draw approximately 400 attendees, including ministers, international delegates, members of the National Steering Committee on Women, Peace and Security, and representatives from civil society organizations (CSOs), the academic community, Barmm, local government units (LGUs) and the private sector.
Reine Juvierre S. Alberto
Over half of PHL labor force to use AI, experts project
By Justine Xyrah Garcia
ARTIFICIAL intelligence (AI) is expected to reshape the country’s labor force and economy at an unprecedented pace, several experts said on Monday.
Speaking at the 9th National Productivity Conference, Department of Trade and Industry Deputy Chief Sebastian Ibanez said that at least 56 percent of Filipino workers are projected to use generative AI for five to 20 percent of their regular work.
This could translate to a contribution of AI to the Philippine economy of around USD120 billion by 2030.
“These projections highlight the urgent need for our own government to take AI seriously and to develop strategic approaches to harness its full potential,” Ibañez said at the conference spearheaded by the National Wages and Productivity Commission.
The deputy chief explained that while AI offers great opportunities, it can also bring significant disruptions, particularly in key sectors.
Wholesale, retail, and manufacturing—which together contribute
over 36 percent to the country’s economy—will see around 20 percent of their labor force affected by AI-driven technologies.
The agricultural sector, which employs over 10.5 million workers, is expected to experience a 23-percent job transformation as new technologies modernize traditional roles.
Meanwhile, the information and communication sector, as well as professional and business services, will face disruptions of 22 percent and 29 percent, respectively.
Despite these projections, Ibañez remained optimistic about the country’s ability to adapt.
“The Philippines is positioning itself to transform into an AI-driven economy and become a center of excellence in AI [research and development]. Our primary asset is our people,” he said.
Echoing Ibañe’s sentiments, an analytics and industrial engineer -
BOI-Kotra deal spurs cross-border investments
By Andrea E. San Juan @andreasanjuan
HE Board of Investments
T(BOI) said it has inked an agreement with Korea Trade-Investment Promotion Agency (KOTRA) to spur crossborder investment flows between the Philippines and Korea following the recent ratification of the Free Trade Agreement (FTA) between the two nations.
Calling it a “landmark” move to strengthen bilateral trade and investment ties, the BOI, an attached agency of the Department of Trade and Industry (DTI), said it inked a Memorandum of Understanding (MOU) with Korea’s Trade-Investment Promotion Agency to advance joint efforts in investments promotion.
According to the BOI, “The MOU serves as a framework for intensifying cooperation be -
Ttween the two organizations to spur cross-border investment flows, laying out plans for joint investment promotion initiatives that include organizing investment seminars, trade missions, and business matching activities to connect enterprises from both sides.” Moreover, the agreement signed between the two parties aims to build “economic and industrial” linkages, which will enable Philippine and South Korean companies to collaborate more effectively, with BOI and KOTRA providing “facilitative” support.
Trade Undersecretary and BOI Managing Head Ceferino S. Rodolfo said this MOU will allow the country to leverage South Korea’s advanced industries and technological expertise while promoting the Philippines as a hub for sustainable manufacturing and innovation.
HE remaining 10 Filipino crew members of the M/V Minoan Courage, which was attacked by Houthi rebels earlier this month while traversing the Red Sea, will be repatriated soon, according to the Department of Migrant Workers (DMW).
The DMW reported that the second batch of repatriates from the Greek bulk carrier, comprising four Filipino sailors, arrived at the Ninoy Aquino International Airport (NAIA) Terminal 3 in Pasay City on Sunday via Etihad Airways Flight 424.
“DMW Seabased Accreditation Bureau Director Augusto San Diego III, along with OWWA (Overseas Workers Welfare Administration) staff and manning agency’s representatives led the welcoming of the seafarers,” DMW said. It coordinated with the manning agency to provide accommodation and other aid, including psychiatric evaluation, to the four seafarers.
Last October 9, the first group of seven seafarers of M/V Minoan Courage arrived in the country.
“Together, we can make it happen in the Philippines by creating new opportunities for investment and growth, especially in high-impact sectors like electric vehicles, renewable energy, and critical minerals processing,” Rodolfo said.
On September 23, the Philippine Senate concurred in the ratification of the free trade agreement between the Philippines and South Korea.
Moving forward, Rodolfo said with tariff reductions and improved market access under the FTA, and backed by the partnership of BOI with KOTRA, business activities between the two economies are “poised to become more vibrant.”
Additionally, BOI said its recent signing of an MOU with Shinhan Bank, Co., Ltd. (SHB), one of South Korea’s leading financial institutions, signals a
In a related development, DMW officials also met with International Labour Organization (ILO) Country Director Khalid Hassan on how to “promote safe migration and decent work for Filipino migrant workers.”
“Both parties agreed to collaborate in promoting a safe and secure working environment for OFWs from every stage of their labor migration journey—from recruitment until their eventual reintegration,” DMW said.
Among the initiatives tackled at the meeting was ILO’s Ship to Shore Rights initiative for the protection of rights and welfare of migrant workers in the fishing and seafood processing sectors, and Safe Migration and Decent Work for Climate Change Resilience in the Association of Southeast Asian Nations (Asean).
From Lebanon
MEANWHILE , the DMW is set to bring home over 250 Filipinos from conflict-hit Lebanon this month.
In a radio interview, DMW Secretary Hans J. Cacdac disclosed that Filipinos are
“coordinated approach” to enhancing financial and investment cooperation between the two countries.
“The partnership with SHB is also designed to further boost investor confidence, providing a comprehensive support ecosystem for South Korean companies looking to expand into the Philippine market,” BOI said in a statement on Monday.
The investment promotion agency said this latest partnership with KOTRA builds on BOI’s “broader” efforts to attract South Korean investors, especially in the fields of renewable energy, electric vehicles, battery manufacturing, and industrial technology.
Bilateral trade between the two economies reached over $12 billion in 2023, BOI said, adding that this figure is expected to grow further with the implementation of the FTA.
scheduled to be repatriated via commercial flights from October 14 to 28, 2024.
Another 300 are currently awaiting clearance from Immigration authorities.
“So we know around 500 Filipinos who want to come home to the Philippines,” Cacdac said.
Most flights going to Lebanon have been grounded as the conflict between Israeli and Hezbollah forces in the Middle East country continues.
According to international news reports, only Middle East Airlines (MEA), Lebanon’s flag carrier, is still operating flights in the war-torn country.
DMW was earlier considering chartering a flight to Lebanon for the government’s ongoing voluntary repatriation in the Middle East country.
It said its contingency plan to evacuate Filipinos from Lebanon includes using ships and a land route going to Damascus, Syria.
Since last year, DMW said the government repatriated over 400 Filipinos and 28 of their dependents from Lebanon.
These include the 20 who were repatriated from 11 October 11 to October 13, 2024. Samuel P. Medenilla
ing professor from the University of the Philippines Diliman gave assurances that AI will not replace humans outright.
“We will not be replaced in our jobs because of AI, but you can be replaced by someone who is knowledgeable of AI,” Eugene Jalao said.
Both experts agreed that upskilling and reskilling will be critical to ensure Filipino workers can keep up with the rapid technological advancements.
According to them, enhancing AI literacy will make workers more competitive and better prepared for the evolving demands of the global economy.
“As AI innovations rapidly spread, public policy must establish governance frameworks that balance innovation with responsible adoption,” Ibañez said.
Gender divide in AI
Aside from the challenges AI poses to various industries, there is also a growing concern about its potential to widen the gender divide in the workforce.
Mary Rose Ofianga, a program manager at Wadwhani Foundation—a non-profit dedicated to advancing labor opportunities, emphasized that women should not be left behind as AI adoption accelerates in the Philippines.
“With limited access to digital tools, it could widen the gap…It widens the gap for us women to
participate in a more productive workforce,” she said.
According to a 2024 study of DataReportal, less than 10 percent of Filipinas use laptops as most of them primarily rely on smartphones for their digital activities.
This limits the scope of what women can engage in, especially when it comes to more advanced operations like AI, which often require a laptop or computer to access and operate effectively.
Ofianga also pointed out that the economic benefits of AI are not equally distributed among genders.
A strikingly low number of women are actively participating in AI-related industries, with only 30 percent of the workforce in these fields being female.
Furthermore, women represent just 15 percent of the Science, Technology, Engineering, and Mathematics workforce— highlighting a significant gap in access to and benefits from AI advancements.
Ofianga said this underrepresentation highlights the importance of reskilling programs so women can also reap the economic benefits that AI offers.
“If women in [micro and small enterprises] could leverage, and make sure that we have the right skills and competencies, then we will be able to keep up our game in the digital economy,” she added.
Atienza: Bring back culture, sports in Dept of Education
AFORMER deputy speaker is pushing for the reinstatement of culture and sports within the Department of Education (DepEd), emphasizing the need to cultivate these activities at the grassroots level, particularly in public schools and communities.
Former Deputy Speaker and BUHAY Partylist Rep. Lito Atienza said that removing culture and sports from the DepEd has been detrimental, as Filipino children are growing up without any awareness, let alone understanding, of Philippine culture.
“That’s very, very disastrous. Why they removed it from the public education is a big wonder. But now that we have realized its negative impact, we should restore it. It used to be the Department of Education, Culture, and Sports (DECS) but they removed culture and sports, and now it is only the Department of Education. So millions of poor Filipinos are growing up in public schools without any knowledge of our culture, and they are not getting the necessary sports training that could give the Philippines back its world standing of producing excellent athletes,” Atienza said.
Atienza highlighted that during his three terms as Mayor of Manila, sports was a key priority of his administration, and
the recent historic victory of Carlos Yulo at the Paris Olympics illustrates the impact of sports in public schools. Carlos Yulo, Atienza pointed out, is a product of the public school system and received his gymnastics training at Aurora Quezon Elementary School in Malate, thanks to City Hall’s decision to reintroduce sports.
“Yulo learned gymnastics in a public school during my term as mayor. Now he gave us two gold medals in the recently concluded Paris Olympics. We should immediately prioritize the return of sports training and cultural orientation among our public school children. Only then will we be able to produce world-class athletes once again. We have always been a powerhouse when it comes to sports—with athletes like the late Lydia de Vega shining in Southeast Asian competitions,” Atienza added.
“We’ve seen the problem, so it’s time to act. Many young people have turned to drugs and juvenile delinquency because culture and sports were removed from schools. Reintroducing these programs will benefit millions of young Filipinos, and the entire nation will take pride in their achievements,” Atienza emphasized. Jovee Marie N. Dela Cruz
DOE sets inspection of oil depots for CME compliance
Continued from A12
An earlier statement from the DOE said the increase in the CME blend is expected to benefit coconut farmers, biodiesel producers, and other stakeholders in the coconut industry with around 900 million additional coconut nuts to produce 100 to120 million liters of CME requirements to satisfy a one percent mandatory increase in CME blend. More important, the DOE said the higher CME blend has more benefits in the long run, specifically in terms of savings and lower carbon emissions.
For instance, motorists will benefit with an increase in mileage from the average of 10 kilometers per liter of diesel to less than 11 kilometers. An on-road test covering 30,000 kilometers with a 5-percent CME blend demonstrated an approximate 10 percent improvement in fuel mileage.
Based on the average diesel pump price of P54.70 per liter during the period of September 24-30 2024, this results in estimated savings of P0.50 per liter. These savings are expected to offset any potential increase in pump prices due to the 1 percent rise in the
Embracing the nuclear future: PHL’s bold step towards energy security and sustainability editorial
In a significant move that underscores the country’s commitment to a sustainable energy future, the Philippines will host this year the inaugural Philippine International nuclear Supply Chain Forum (PInSCF). This pivotal event marks a critical juncture as the nation explores the potential of nuclear energy to power its economic growth and environmental stewardship. (Read the BusinessMirror story: “International gathering of nuke power experts set,” October 9, 2024).
The decision to host this international gathering of nuclear power experts is a clear indication of the Philippines’ ambition to position itself as a key player in the global transition towards clean energy. By inviting industry leaders from countries with extensive experience in nuclear energy, such as the United States, Canada, France, Japan, and South Korea, the country is poised to benefit from a wealth of knowledge and best practices. The forum’s focus on guiding the Philippines in its transition towards clean and sustainable energy systems is particularly noteworthy. As the world grapples with the urgent need to reduce carbon emissions and mitigate the effects of climate change, the exploration of nuclear energy as a viable option for the Philippines takes on added significance. Nuclear power, with its zero carbon dioxide emissions and ability to provide reliable and stable power supply, presents a compelling solution to the country’s energy challenges.
Notably, the Philippines has already taken concrete steps towards embracing nuclear energy, as evidenced by the issuance of Executive Order 164, which formalizes the commitment to exploring nuclear energy as part of the nation’s energy mix. The ambitious target of having the first nuclear power plant operational by 2032, with the capacity set to expand to 2,400 MW by 2035 and reaching 4,800 MW by 2050, underscores the government’s unwavering determination to transform the energy landscape.
This initiative is not merely a domestic endeavor; it is part of the country’s broader strategy to diversify its energy mix, strengthen energy security, and drive investment in human capital. By fostering collaboration with the global nuclear community, the Philippines seeks to leverage international expertise and technology to enhance its own capabilities, ultimately improving labor productivity and fostering long-term economic growth.
The potential benefits of embracing nuclear energy are manifold. Beyond the environmental advantages of reduced carbon emissions, nuclear power can provide a reliable and stable source of electricity, bolstering the nation’s energy security and reducing its reliance on fossil fuels. Moreover, the development of a thriving nuclear industry has the potential to create high-skilled jobs and stimulate investment in research and development, further positioning the Philippines as a future regional leader in sustainable energy solutions.
As the global shift from fossil fuels gains momentum, this proactive and timely initiative to host the Philippine International Nuclear Supply Chain Forum 2024 and delve into nuclear energy represents a daring and visionary step. Through collaboration with the international community and the enthusiastic involvement of local stakeholders, the country demonstrates its preparedness to pave the way towards a clean, resilient, and economically prosperous future powered by nuclear energy.
BusinessMirror
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga
John Mangun
Choosing stock market winners OUTSIDE
THE BOX
THInk of it this way. You are the owner of a professional basketball team and you want to win championships. “Go out and find me the tallest players possible” is not going to work, even though “taller players can have an advantage in jumping, shooting, dunking, and blocking.”
But each position requires a different skill set. The Point Guard needs to be able to control the offense and facilitate plays with ball handling and passing skills. Power Forwards are the primary rebounders and shot blockers. Big picture and the little picture.
Choosing which stock market issue to buy is generally determined by using financial and economic fundamentals analysis, technical price and volume analysis, and buying on news and “hot tips.”
Buying on public news can be profit making assuming that you get in quickly and then many others follow and buy higher. It takes special experience and sometimes
luck to know what news is going to create buying. However, a company that has released news in the past and then the stock did not hold any short terms gains going forward is probably going to be a loser. Caveat emptor.
Hot tips are often great. However, “I don’t believe in astrology; I’m a Sagittarius and we’re skeptical”: Arthur C. Clarke. Think about that for a moment. I believe that I am at the bottom of the ‘hot tip’ food chain. Further, Matthew 13:44-46: “The kingdom of heaven is like treasure hidden in a field. When a man found it, he hid it again, and then went and sold all he had and bought that field.”
Why are you sharing with me the hot
By Galit Altstein
DamaGE to private property from Iran’s recent missile barrage on Israel amounted to 150 million to 200 million shekels ($40 million to $53 million), according to figures provided by Israel’s tax authority, making it the most costly since the start of war a year ago.
Some 2,500 claims were submitted in the two weeks following the October 1 attack, more than half for damage to apartments and several businesses in the vicinity of north Tel Aviv. One of the epicenters was the town of Hod Hasharon, where over 1,000 homes were damaged, according to the insurance claims.
Making decisions based on what we call “Fundamental Analysis” entails looking at the macroeconomic picture and specific corporate information.
tip? Is there any chance that you already own the stock and need me to come in to buy you out at a profit?
When I share a buy recommendation for a stock, unless I specifically say differently, I already own that issue. Caveat emptor.
I make my buying selections based on my analysis of price movement and volume trends. Note carefully: “My Analysis,” not what the book says. If you drive a car you know what I mean. “How to Be a Good Driver” says you should do this and that and in general we follow the advice. But have you said to yourself. “That guy up there drives like an ‘A-Hole’ and I not getting anyway near him.” That is your gut experience kicking in.
Making decisions based on what we call “Fundamental Analysis” entails looking at the macro-economic picture and specific corporate information.
From 2012 through 2019, annual percentage GDP growth was 6.9, 6.8, 6.3, 6.3, 7.1, 6.9, 6.3, and 6.1, with a
6.5 average. The PSEi began 2012 at 4,370, hit 8,760, and down to 7,815, up 78 percent over eight years. Bluechip Ayala Corp. started 2012 at P350 ending 2019 gaining 140 percent as did Jollibee. Another winner was SM Investments Corp., making a 230 percent move. Meralco though gained about 30 percent so not all stocks are created equal. Hence, we need analysis for individual issues. Here is an issue that is trading at its Book Value. Its 2024 second quarter report shows ‘Current YearTo-Date’ Earnings-Per-Share up 50 percent over 2023 with revenues up 20 percent. Sounds good? But you must look deeper, which many investors do not do.
“While still acceptable, its ‘Debt to Equity Ratio’ increased by over 25 percent as current debt increased by nearly double due to short‐term loans from various local banks, the purpose of the loans to support the working capital requirements. Borrowing for working capital can mean a potential cash liquidity problem. I am not buying the stock and waiting to find out.”
E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis provided by AAA Southeast Equities Inc.
Damage to the Israeli Air Force bases of Tel Nof and Nevatim aren’t included in the calculations.
The Israeli Tax Authority said it has paid out 1.5 billion shekels in compensation for damaged properties since October 7, 2023, and estimates that payouts of some 1 billion shekels more are pending, including for damages not yet claimed, mostly in Israel’s north.
Some 60,000 Israelis have left their homes in the northern region over the past year, when Israel’s war in Gaza started and Hezbollah militants based in Lebanon stepped up crossborder strikes in support of Hamas.
Another was a commercial and living complex near north Tel Aviv’s coast, where dozens of apartments and a restaurant were hit. The rest of the damage was concentrated in other parts of central Israel, south of Tel Aviv, including to an empty school. It’s not clear how much of the damage was caused by direct hits and how much from falling debris as missiles were intercepted.
The Israeli Tax Authority said it has paid out 1.5 billion shekels in compensation for damaged properties since October 7, 2023, and estimates that payouts of some 1 billion shekels more are pending, including for damages not yet claimed, mostly in Israel’s north.
Hundreds of thousands of residents have also had to evacuate from south Lebanon as a result of increased fighting between Israel and Iran-backed Hezbollah over the past month. The US is sending an advanced missile defense system and associated troops to Israel to help shield its ally from attacks by Iran, the Pentagon announced Sunday. Deployment of the Terminal High-Altitude Area Defense battery will buttress Israel’s own air defenses, which have been stretched by Iranian attacks at least twice this year.
THAAD will work as a counterpart to Israel’s Arrow system at the top level of a multitier missile shield that includes the mid-range David’s Sling and the short-range Iron Dome. A THAAD battery consists of 95 soldiers, six truck-mounted launchers, eight interceptors per launcher and associated equipment. The October 1 ballistic missile attack was launched by Iran in what it said was retaliation for the killing of Hezbollah leader Hassan Nasrallah by Israel in Beirut, and the assassination of Hamas leader Ismail Haniyeh in Tehran. Hezbollah and Hamas are both backed by Iran and labeled terrorist organizations by the US. The October 1 strikes were Iran’s second direct attack on Israel, following an initial hit in April that involved 300 drones and 100 ballistic missiles. At that time, only four or five missiles managed to penetrate Israel’s air defense shield. Reports in Israel suggest that this time, Iran See “Hundreds,” A11
China orders military drills around Taiwan to ‘warn’ Lai
By Yian Lee
ChinA’S armed forces held more drills around taiwan that they said were intended as a warning to the democratically run government to halt “separatist acts.”
The exercises on Monday involved army, navy, air and missile forces, a spokesperson for the Chinese military said in a statement on social media. The activity involved practicing a “blockade on key ports and areas”—the first time the People’s Liberation Army has said that. It was unclear how long it would last.
The drills were “a stern warning to the separatist acts of ‘Taiwan independence’ forces,” the spokesperson said. Taiwan’s Defense Ministry condemned Beijing’s latest military actions, saying in a statement that it dispatched forces to respond, though without providing details.
The exercises underscore China’s persistent efforts to squeeze new Taiwan President Lai Ching-te, whom it views as pushing to formalize the democracy’s independence. These drills were named “Joint Sword-2024B,” following on from the “2024A” version held right after Lai’s inauguration in May.
Like exercises two years ago after then House speaker Nancy Pelosi visited Taipei, the PLA appeared to be practicing encircling Taiwan—a hub for advanced semiconductors that sits next to one of the world’s busiest shipping lanes. The repeated exercises appear intended to wear down Taiwan’s smaller military, much like the near-daily incursions by PLA warplanes and ships into the archipelago’s sensitive areas.
China has used a range of tactics to try to pressure Lai since he won election in January, including peeling off one of Taiwan’s few remaining diplomatic allies, ordering increased Coast Guard activity around islets just off Chinese shores that Taipei controls and ending tariff exemptions on some agricultural products from the archipelago of 23 million people.
On Saturday, Beijing said it was studying “adopting further measures” against Taiwan for banning certain Chinese shipments. Taiwan responded by saying China was using cross-strait trade as a political weapon.
The latest PLA activity came after Lai said in a speech last week that he would stand up to the challenges posed by China, which views Taiwan as territory that must be brought under its control, by force if necessary.
In his speech, Lai said he’d work to “resist annexation or encroachment upon our sovereignty,” and reiterated that that neither side of the strait separating the two sides was “subordinate to each other.”
He also said he was committed to “the status quo of peace and sta-
used advanced weaponry and that more of its missiles entered Israel’s airspace. One person was killed near the West Bank town of Jericho and a few people were lightly wounded elsewhere. More missiles increase the risk of debris hitting the ground and causing damage. Arrow, the most advanced of Israel’s defense systems, helped the country and its allies—including the US—intercept the bulk of roughly 200 missiles fired on October 1. The head of IAI, the Israeli manufacturer of Arrow, told Bloomberg that the system performed as expected. Israeli officials declined to give interception rates, though, and the low number of casualties was also attributed to the wide availability of bomb shelters throughout the country.
Israel vowed to retaliate against Iran for the missile barrage and has
Using artificial intelligence in tax administration
SThe exercises on Monday involved army, navy, air and missile forces, a spokesperson for the Chinese military said in a statement on social media. The activity involved practicing a “blockade on key ports and areas”—the first time the People’s Liberation Army has said that. It was unclear how long it would last.
bility in the Taiwan Strait.” Those comments were at least partly aimed at easing any US concern the situation could spiral out of control on his watch.
The US backs Taiwan with arms sales that anger Beijing, and also politically and economically. President Joe Biden has said repeatedly that the US would defend the chipmaking hub from a Chinese attack, though he’s also said he doesn’t support independence for Taiwan—a red line for Beijing.
The State Department said in a statement that the US “is seriously concerned” by the drills. China’s “response with military provocations to a routine annual speech is unwarranted and risks escalation,” it said.
The US called on Beijing “to act with restraint and to avoid any further actions that may undermine peace and stability across the Taiwan Strait and in the broader region,” adding that Washington and its allies were monitoring China’s activities.
Lai also said in his speech he hoped to work with China on a range of issues, including climate change and combating infectious diseases. Beijing is very unlikely to take him up on that offer. It cut high-level communication with his predecessor, Tsai Ing-wen, early in her tenure because she refused to acknowledge Taiwan was part of China, and those links largely remain severed.
Tsai worked to expand ties with other democracies during her eight years in office to counter China’s drive to isolate Taiwan diplomatically. In a sign she intends to continue that campaign as a former president, she’s traveling to Europe this week, including a stop at the European Parliament in Brussels.
The UK asked that her visit to London be postponed to avoid displeasing China, the Guardian reported. The UK Foreign Office made the request ahead of Foreign Secretary David Lammy visiting Beijing next week, the newspaper said, citing people familiar with the matter. With assistance from Jing Li /Bloomberg
been discussing its options with the US. The decision-making security cabinet convened last week, but hasn’t yet voted on Israel’s response.
A planned visit by Israeli Defense Minister Yoav Gallant to Washington last week to meet with his US counterpart was postponed at Prime Minister Benjamin Netanyahu’s order. The premier requested to first speak to US President Joe Biden and conclude domestic discussions.
As of Sunday at noon, there was no further scheduled meeting of Israel’s security cabinet.
Biden has made it clear that he wants Israel to refrain from attacking Iran’s oil and nuclear facilities. If Israel agrees, it would be left with a choice of military targets or others associated with the Iranian regime. Gallant said last week that the strike will be powerful, precise and, above all, contain the element of surprise.
“They will not understand what happened and how it happened,” he said. Bloomberg
atty. Jomel n. Manaig
Tax Law for Business
ometime in February 2023, i wrote an article on what i see are broad-stroke opportunities of artificial intelligence (Ai) in tax. Fast forward to today, it is refreshing to witness that some of these outlooks are crossing the realm of reality. more and more, the presence of artificial intelligence is being felt in the world of taxation and this Ai revolution or disruption, whichever way you look at it, is happening in different jurisdictions.
In the Tax Administration Series (TAS) 2023, the Organization for Economic Co-operation and Development (OECD) reported that 2022 data from 52 jurisdictions reveal that around 50 percent of tax administrations use AI in risk assessment processes and detection of tax evasion and fraud. This is a significant increase from just 38 percent in 2019.
One of the major sections of TAS 2023 is the Tax Administration 3.0 vision, which is being used by tax administrations as a guide to drive their digital transformation strategies. It identifies a series of core building blocks that are the critical components of digital transformation. Supporting taxpayer compliance. This focuses on creating positive taxpayer attitudes when it comes to tax compliance. The goal is to make it as easy and seamless as possible for taxpayers to meet tax obligations. The easier it is for taxpayers to comply, the easier it is for tax administrators to raise public funds. The initiatives being taken by
tax administrations are:
Creating a 24/7 tax administration to make it easier for taxpayers to contact the tax administrators and improve the reactive processes. This initiative is also supplemented by proactive programs through social media to educate taxpayers.
For example, tax administrations in Italy, Australia, and Georgia, to name a few, made use of technology and AI to transform their operational models to respond to feedback from taxpayers. Other countries like Canada, Japan, and the Netherlands utilized technology and AI to support taxpayer self-service. Virtual assistants and chatbots have likewise appeared in Portugal and the US to respond to taxpayer queries.
On the other hand, Brazil made use of technology to communicate to the taxpayers the economic importance of taxes.
Leveraging on digital identity and verification allows tax administrations to maximize the use of online and digital platforms while ensuring
With the BIR’s thrust for continued digital transformation, we hope they take note of TAS 2023 and successfully leverage on the practices and experiences of other countries.
the safety of the data of taxpayers.
Identity verification and authentication may come in various forms like multi-factor authentication and biometric verification (facial recognition and/or fingerprint).
In Japan and Mexico, smartphones and digital authentication systems are being used to verify and validate identification and biometric data. The Czech Republic chose to involve different government agencies to enable data sharing between different agencies.
Tax administration services are starting to be decentralized by embedding services and processes in the natural systems used by taxpayers on a daily basis. This decentralization even extends to allowing access to tax administration internal systems through application programming interface (API). It allows connectivity without providing direct access.
China has been developing a system, based on a fully digitized e-invoice, which explores the practice and effects of seamless tax administration. It integrates business, finance, and taxation through an invoice data model without third-party API providers.
Reducing taxpayer burdens.
Another core building block is the reduction of taxpayer burdens by using and analyzing data to adopt a preventive approach to taxpayer compliance risk management. This
approach relies on intervening at earlier stages in taxpayer processes to avoid and prevent noncompliance from happening and having it uncovered after tax returns have been filed.
In Canada, advanced analytics (including machine learning and deep learning) are being tested for identifying high-risk small and medium businesses for audit. Data analytics are likewise being used in Australia, Chile, and Israel to aid in tax administration processes. On the other hand, realizing that paper forms would still be needed in the years to come, Sweden is using artificial intelligence to interpret handwritten text on paper tax returns.
In the Philippines, we have seen some advancements of our own in the past few years: 1) several portals released for the BIR’s various e-services; 2) the chatbot Revie; and 3) electronic modes of filing and payment. But there are also some initiatives that do not appear to have gone past the birth pain stage (i.e. the einvoicing system).
With the BIR’s thrust for continued digital transformation, we hope they take note of TAS 2023 and successfully leverage on the practices and experiences of other countries.
The author is a junior partner of Du-Baladad and Associates Law Offices (BDB Law) (www. bdblaw.com.ph), a member-firm of WTS Global. The article is for general information only and is not intended, nor should be construed as a substitute for tax, legal or financial advice on any specific matter. Applicability of this article to any actual or particular tax or legal issue should be supported therefore by a professional study or advice. If you have any comments or questions concerning the article, you may e-mail the author at jomel.manaig@ bdblaw.com.ph or call 8403-2001 local 140.
China leaves economists wanting more action to defeat deflation
ChinA moved to further ramp up support for the economy, promising more aid for the slumping property sector and indebted local governments. But officials still haven’t convinced economists that they’re doing enough to defeat deflation.
At a highly anticipated briefing on Saturday, Finance Minister Lan Fo’an refrained from putting a price tag on China’s fiscal stimulus as investors expected, signaling that details would come when China’s legislature meets in the coming weeks. The supportive measures he did announce, however, gave little indication Chinese authorities felt any urgency to ramp up consumption, which many economists see as essential to reflating the economy and putting it on a more positive growth trajectory.
“The policy to support consumption sounds quite weak,” said Jacqueline Rong, chief China economist at BNP Paribas SA. “It is still too early to call an imminent significant turnaround in deflationary pressure or a bottoming-out of the property market, which are the two key issues faced by the Chinese economy.”
Highlighting sluggish demand, consumer prices rose less than expected in September and factorygate charges fell for a 24th straight month, according to data released Sunday. Officials spoke little about deflation at the hour-long briefing the day before.
Prior to the weekend, investors and analysts expected China to deploy as much as 2 trillion yuan ($283 billion) in fresh fiscal stimulus, including potential subsidies, consumption vouchers and financial support for families with children. That still might come in a few weeks: Last year, the Standing Committee of the National People’s Congress, China’s legislature, used a late-October meeting to announce a budget revision and additional bonds.
But Lan’s remarks on Saturday indicated that China is comfortable with the overall direction of the economy. He vowed to allow local governments to use special bonds to buy unsold homes and promised the biggest effort in recent years to relieve the debt burden of local authorities, neither of which is likely to provide a short-term boost to growth.
“My sense is that the fiscal policy
moves will take a little too long to roll out for us to hit 5% this year, unless the ultimate scale of fiscal stimulus ends up being much larger than forecast,” said Lynn Song, chief economist for Greater China at ING Bank N.V., referring to China’s economic growth target for 2024.
Lan also hinted at room for issuing more sovereign bonds and greater government spending, steps that could be announced when legislators meet later this month or early November.
Allowing local governments to swap their debt with cheaper loans will free up money for public services and encourage the authorities to spend more. And enabling them to use special bonds to buy unsold apartments and turn them into social housing may help stabilize a downturn in real estate prices, giving homeowners a greater sense of security.
The Finance Ministry didn’t provide an exact value for either measure. But these are among steps that lead economists to think “this time can be different” after previous stimulus efforts faltered, according to Societe Generale SA.
“The prospects for a sustained recovery and reflation are improving, with better chances of housing stabilization and less pressure from local government deleveraging,” Wei Yao and Michelle Lam, both economists at the bank, said in a note.
Goldman Sachs Group Inc. upgraded its China growth forecast for this year to 4.9 percent from an earlier estimate of 4.7 percent, saying in a note Sunday that the latest round of stimulus clearly indicates policymakers have increased their focus on the economy. The bank raised its 2025 growth forecast to 4.7 percent from 4.3 percent.
“With no immediate new money in sight, central policymakers are likely to focus on supporting local governments to deliver their budgeted spending, while making use of existing resources to stabilize the housing market,” said Bloomberg
Economists have long urged a shift in priorities for fiscal policy to focus more on domestic consumption. Such a move toward a more balanced and sustainable growth model would reduce the country’s reliance on exports to power the economy amid rising trade tensions.
economists Chang Shu and David Qu. As far as direct subsides are concerned, Lan said Saturday that China would hand out twice the number of scholarships and step up financial aid to students, a move that comes after youth unemployment rose in August to the highest level this year. He also vowed to continue to provide support to groups in need, citing a one-off handout to the poor last month as an example.
The lack of large-scale handouts is unsurprising, as Beijing has long looked down on what it calls “welfarism.”
“No free food for lazy people is the fundamental thinking of policymakers as to why large-scale subsidy for the whole nation is unlikely,” said Bruce Pang, chief economist for Greater China at Jones Lang LaSalle Inc, referring to a similar comment made by the country’s top economic planning agency.
Economists have long urged a shift in priorities for fiscal policy to focus more on domestic consumption. Such a move toward a more balanced and sustainable growth model would reduce the country’s reliance on exports to power the economy amid rising trade tensions.
The old playbook of using debtfueled investment into public projects—from roads to bridges—has become less effective after decades of urbanization left the country saturated with infrastructure. Because of a lack of high-quality projects, authorities have more money at their disposal than projects to spend it on.
The Finance Ministry said the government will expand the sectors eligible to receive funding support from the issuance of special local bonds. This could infuse the economy with as much as 1 trillion yuan now sitting idle, according to Ding Shuang, chief economist for Greater
China and North Asia at Standard Chartered Plc.
The finance woes of local governments are closely linked with the property downturn. Land sales, a major driver of revenue, are dwindling just as a broader slowdown reduces taxes and other income sources. After going on a borrowing binge following the 2008 financial crisis to prop up growth, and then dealing with a costly pandemic, many localities are now struggling to meet daily spending needs, like paying civil servants. Some regions have opted to delay payments to contractors, impose hefty fines and slap companies with tax bills dating back decades. The moves have dealt a further blow to already fragile confidence in the private sector, prompting Beijing to warn local officials against excessive penalties.
By allowing local governments to swap more “hidden debt,” Beijing is also trying to rein in credit risks at companies that borrowed aggressively on behalf of local governments in past years to help fund infrastructure. H owever, bonds spent for debt swaps generate no new growth in the economy even though they help maintain financial and social stability.
Efforts to tackle local government debt risks “largely involve shifting debt from one arm of the state to another” and will have limited impact on near-term demand, said Julian Evans-Pritchard, head of China economics at Capital Economics. He maintained his 2024 growth forecast at 4.8 percent and revised up the forecast for next year to 4.5 percent from 4.3 percent, citing the fiscal boost. Larry Hu, head of China economics at Macquarie Group, said that China’s two-speed growth model in which it relies on manufacturing and exports to offset the property sector is “increasingly unsustainable.” He said authorities will need to pivot once exports weaken or domestic demand deteriorates further, leading to social unrest.
“The strong sense of urgency from the September Politburo meeting suggests that it’s the pivot moment,” Hu wrote in a note on Saturday. “But to confirm this, we need more evidence.” With assistance from Yujing Liu, James Mayger and Wenjin Lv /Bloomberg
Tuesday, October 15, 2024
DOE sets inspection of oil depots for CME compliance
By Lenie Lectura @llectura
THE Department of En-
ergy (DOE) is set to inspect the terminals of oil companies to verify their compliance with the mandated 3 percent blend (B3) of coco methyl ester (CME) on diesel products.
The implementation of the higher biodiesel blend took effect on October 1. However, it will take a while for the oil companies to actually transport the higher blend all the way to their gasoline stations from their import terminals. Moreover, they need to consume their existing stock which still carries the 2-percent CME blend.
As such, the DOE inspection will initially cover the oil companies’ import terminals. The inspection on gasoline stations, on the other hand, may take place possibly next year.
“So we will do it by the end of October or first week of November. We will inspect the depots to prove that they have really blended. Our plan for the gas stations is to extend even until next year,”
said Director Rino Abad of the Oil Industry Management Bureau in an interview.
Abad said this was also the request of some oil companies, particularly those with nearly or over a thousand service stations nationwide.
The Biofuels Act of 2006 mandates that all liquid fuels for motors and engines contain locally sourced biofuel components. When Republic Act 9367 was signed into law, the blending of 1 percent (B1) coco-biodiesel or CME in local diesel started. It was last increased to 2 percent (B2) in 2007. A higher biodiesel blend was supposed to take place in 2020 but was delayed owing to the absence of assurances on the sufficiency of biodiesel supply and logistical limitations brought about by the pandemic.
From 2 percent to 3 percent, the CME blend will further increase to 4 percent by October 1, 2025 and to 5 percent by October 1, 2026.
Phased approach FOR the next round of CME blend, Abad said the DOE will implement a phased approach.
“Next time, there will be a phased implementation, starting July 1 for depots and September 1 for gas stations. By then, they will have no excuse,” said Abad.
The inspection on terminals in the next few weeks was already relayed to the oil companies. “They told me that they will be responsible if there are violations when we inspect their terminals, but for the gas stations they asked that the DOE give them at least one month,” said the DOE official.
The Philippine Institute of Petroleum (PIP) confirmed that the 3-percent CME blend is already being implemented at the import terminals.
“I presume that the smaller importers-oil companies with a smaller footprint of import terminals, lesser inventories and gasoline stations will be implementing them by now. The bigger oil companies with larger inventories of the old B2 and wider network of import terminals and gasoline stations will be implementing them towards the end of the month,” said PIP Executive Director Raphael Capinpin via Viber.
PIP members include Chevron Philippines Inc., Isla LPG
Corporation, Petron Corporation, Pilipinas Shell Petroleum Corporation, PTT Philippines Corporation, and Total Philippines Corporation.
The group is also aware of the planned inspection by the DOE. “They will inspect import terminals and depots by the third week of this month to ensure that everyone is complying. The moment it is in the terminals then the so-called ‘trickle down’ to the retail stations will follow,” he added.
On price impact, Abad said that an additional P0.30 to P0.40 per liter increase could be reflected in the diesel pump price. However, this is preliminary and only reflects the CME price for August.
“It’s just an estimate for using the CME price in August,” said Abad.
Capinpin could not give an exact amount, but said that the DOE price estimate could be within that level based on his personal view. “Now, all import terminals are blending B3. They will only pass on the cost of that the moment they start selling them at retail stations,” he added.
See “DOE,” A9
CJ GESMUNDO: A.I. WILL PLAY KEY ROLE IN COURTS, BUT...
By Joel R. San Juan @jrsanjuan1573
CHIEF Justice Alexander Gesmundo has admitted that technology, particularly the use of artificial intelligence (AI), will soon play a major role in reshaping the country’s judicial landscape.
Addressing his fellow judiciary leaders at the 19th Conference of Chief Justices of Asia and the Pacific recently in Kuala Lumpur, Malaysia, CJ Gesmundo brought up the potential of AI to assist judges in streamlining administrative tasks, expediting legal research, and predicting judicial outcome.
The chief magistrate earlier said the SC is eying the use of voice-to-text software to transcribe court proceedings, but assured that court stenographers will not become obsolete The Court is also pilot- testing the use of AI for legal research, which is part of the Court’s innovations under a five-year blueprint for judicial reform, the Strategic Plan for Judicial Innovations 2022-2027 or the SPJI. He also noted that in other countries AI is already being used in court for tasks
such as examining evidence and preparing files.
But while AI can enhance judicial processes, Gesmundo warned against overreliance on it, noting that it lacks essential human qualities like empathy, ethical discretion, and the ability to adapt to societal changes— “which are crucial for ensuring that justice is not only administered efficiently but also fairly and compassionately.” He stressed that AI should support judicial efficiency but never replace the human elements of justice.
“Courts should still be populated with human judges if we are to expect that empathy and compassion would still go into the consideration of granting equitable remedies,” he added. He stressed that it is the duty of courts to ensure that AI remains a tool for judicial efficiency without compromising the integrity and humancentric nature of justice.
The conference was held from October 11 to 14, 2024 where judiciary leaders discussed critical issues facing justice systems at present, particularly in the context of global challenges and rapid technological advancements.
Fear of ‘Big One’ warrants review of PHL DRR ‘capacities’
THE Philippines needs to review the country’s Disaster Risk Reduction (DRR) plan in light of the potential impact of a strong earthquake of “biblical proportion,” Department of Environment and Natural Resources (DENR) Secretary Maria Antonia Yulo-Loyzaga said.
Yulo-Loyzaga said she has been talking about the “Big One” and is, in fact coordinating with various government agencies as part of the government’s effort to strengthen the country’s capacity in disaster risk reduction, as well as disaster recovery.
Called by scientists the “Big One,” a strong earthquake or strong typhoon that could trigger severe flooding has been predicted to happen to the Philippines in the still unforeseen future, and even the United Nations is alarmed by the doomsday scenario.
Interviewed at the sidelines of the ongoing 2024 Asia Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR 2024) at the Philippine International Convention Center in Pasay City, Yulo-Loyzaga
said the Philippines needs to review existing plans for the Big One in light of a report entitled “Waiting for the ‘big one’—natural hazards in the Philippines: A UN Resident Coordinator blog.”
“We need to review our plans for the Big One. We need to update exposure and vulnerability data and anticipate the economic cost, and what will it take to recover,” says Loyzaga. She cited for instance, in Tokyo, Japan, they anticipate a scenario where the economic cost will be severe, but they also have a predisaster recovery plan for the recovery of the city.
The Philippines sits in the Pacific Ring of Fire and occasionally experiences strong earthquakes. It also receives an average of 20 typhoons a year. Typhoon Haiyan, locally called Yolanda, devastated coastal cities and towns in Luzon and Visayas, killing at least 6,000 people in 2013.
The UN Report said more super typhoons are happening as the seas in Southeast Asia warm due to climate change.
There are also around 20 active volcanoes across the country, and according to experts, a 7.2 magnitude earthquake could happen at any time, underscoring the serious threat of super typhoons, volcanoes, and earthquakes, exacerbated by climate change. Such compels the Philippines to prepare for the eventuality of a “big one,” a natural event of huge potential destructive force. The Philippines ranks number one globally in the World Risk Index which measures vulnerability and exposure to natural extreme events. In an interview at the sidelines of the event, Yulo-Loyzaga said the Philippines is more prepared today against natural calamities because of the strengthening of the capacities of local government units and the communities in some of the most vulnerable areas in the Philippines. Nevertheless, she said much needs to be done, citing why it needs to learn from neighboring countries to further enhance its capacities in disaster mitigation, adaptation, as well as recovery. Jonathan L. Mayuga
Editor: Jennifer A. Ng
B1 Tuesday, October 15, 2024
Meralco, Samsung partner for nuclear energy projects
By Lenie Lectura @llectura
The Manila electric Company (Meralco) and South Korea’s Samsung C&T Corporation engineering & Construction (Samsung C&T) Group announced last Monday a partnership to jointly explore the potential roll-out of a pilot demonstration project and other opportunities for nuclear-power plant development.
They signed a memorandum of understanding (MOU) to share and discuss technical design and capabilities of nuclear technology, and the prevailing regulatory framework, energy landscape and necessary grid infrastructure.
President for Global Operations Jungwook Kim led the ceremonial signing of the agreement held on the sidelines of “The PhilippinesKorea Business Forum in Manila,” which forms part of the recent state visit of South Korean President Yoon Suk Yeol.
Bataan nuclear power plant.
Meralco is at the forefront of the private sector push to develop nuclear energy. The company has since partnered with international institutions to explore safe adoption of nuclear technologies in the country.
SMC, AGDC break ground for interchange project
By VG Cabuag @villygc
Stion on the TR3 section of SLEX positions it as a crucial gateway, not only connecting Metro Manila to southern Luzon but also driving economic activity in the region.
“Through this MOU, Meralco stands to gain a comprehensive understanding of the critical aspects of nuclear energy development that will ensure that our future decisions are well-informed and aligned with international best practices,” Meralco Executive Vice President and COO Ronnie L. Aperocho said. “This aligns well with Meralco’s continuous efforts to work with global knowledge and technology partners to help us in our transition towards more diversified and sustainable energy sources.”
Samsung C&T is engaged in the business and has expertise as an international construction company, with strong nuclear energy knowhow and unwavering commitment. With the execution of this MOU, Samsung C&T plans to actively engage on construction of large nuclear power plants projects and Small Modular Reactor (SMR) projects in Philippines.
Aperocho and Samsung C&T
The partnership comes as Manila and Seoul agreed to conduct a feasibility study on the revival of the
“Our collaboration with Samsung C&T is a strategic move that cements our commitment to take an active role in contributing to the Philippine government’s efforts to integrate nuclear energy in the country’s future power supply mix,” Meralco Chairman and CEO Manuel V. Pangilinan said.
Meralco is also in pursuit of developing technical and regulatory talent pipeline in the country. This year, Meralco is sending Filipino scholars to nuclear engineering institutions in the United States and China.
Vitro, HK firm ink connectivity deal
Vi TRO inc., a subsidiary of ePLDT and the data center arm of the PLDT Group, and Hong Kong-based telco and iCT solutions provider HGC Global Communications Ltd. (HGC) have partnered to enhance data center connectivity in the Philippines. Through this collaboration, HGC has officially joined the Vitro Partner Network (VPN), a strategic alliance of carriers, system integrators, and technology companies that enables partners to seamlessly incorporate Vitro’s advanced infrastructure into their solutions.
i t expands HGC’s footprint to Vitro Santa Rosa, the largest and first true hyperscale-grade data center in the Philippines. This expansion enhances HGC’s presence to offer comprehensive services tailored to evolving busi -
Vivant exits partnership with Israelis
Vi VANT Hydrocore Holdings inc. (VHHi), a unit of publicly listed energy and water conglomerate Vivant Corp., announced it has exited its joint venture with israeli company WaterMatic international Ltd.
The end of partnership took effect on October 11, the company said.
“The exit enables VHHi to strategically focus on further intensifying its growth initiatives across other segments of the water infrastructure sector. Both parties are open to a potential partnership in the future, driven by a shared commitment to introducing innovative water solutions to address the country’s pressing water security issue,” the company said.
VHHi signed an agreement with WaterMatic int’l to establish Watermatic Philippines Corp. in 2019. The venture is currently engaged in the design, supply, installation, commissioning, operation and maintenance of water treatment and wastewater treatment plants. VG Cabuag
ness needs in the Philippines, but also provides connectivity and telecommunications services to hyperscalers and enterprises colocated at Vitro Sta. Rosa.
“We warmly welcome HGC to Vitro Santa Rosa’s telco ecosystem and
the Vitro Partner Network,” said Vitro Chief Commercial Officer Gary F. ignacio. “This strategic partnership will unlock new possibilities for Vitro and further expand our reach through HGC’s global network.”
The partnership creates an eco -
system that will enable HGC to further expand its data center connectivity and reinforce its position in the Philippines’ rapidly growing technology and digital infrastructure landscape. Simultaneously, the integration of Vitro with HGC’s extensive global network extends its reach and connectivity options for its colocation customers.
“By leveraging Vitro’s state-ofthe-art infrastructure alongside HGC’s extensive premium fiber-optic network in Luzon, including NCR, and strategic portions of Mindanao, as well as our comprehensive iCT solutions and telecommunications services across the globe, this partnership will gear us towards our goal of delivering the same quality of service that HGC offers globally,” said HGC First Vice President Michael De Castro. Lenie Lectura
PSE joins global exchange group’s campaign on financial literacy
THE Philippine Stock Exchange i nc. (PSE) participated in the “Ring the Bell for Financial Literacy” campaign of the World Federation of Exchanges (WFE) through a closing bell ceremony last week.
Over 60 WFE member organizations took part in this year’s campaign for financial literacy in support of World i nvestor Week that is led by the i nternational Organization of Securities Commissions ( iOSCO).
“While the [PSE] is principally responsible for developing the capital market, it is, likewise, mandated with providing and ensuring protection for stock market investors,” PSE President and CEO Ramon S. Monzon said in his message. “ i n my mind, the best way to afford stock market investors with requisite protection is through information and education.”
During the event, Monzon announced the launch of PSE’s new Viber channel, which will serve as an additional source of information
on market updates, corporate disclosures and PSE-related news and announcements.
“We understand that there are existing and potential investors who are active on messaging platforms instead of social media, so we are launching PSE’s Viber channel. We hope the information provided in this channel will help subscribers stay up to date with the latest developments in our market that will be beneficial in their investment journey,” he said.
Aside from the Viber channel, the investing public may access the bourse’s websites to get stock market information. Potential and new
investors may visit the PSE Academy website for the basics of stock investing and to learn about intermediate and advance stock market topics. Meantime, those who need extensive market data for trading can head to the PSE EQUiP website (equip.pse. com.ph) for real-time stock market numbers. The website also has a mobile application that can be downloaded through the AppStore or Google Play.
i nvestors are encouraged to regularly check the PSE EDGE website (edge.pse.com.ph) to remain informed about material developments on publicly listed companies. VG Cabuag
AN Miguel Corp. (SMC) and Ayala Greenfield Development Corp. (AGDC) on Monday broke ground for the Ayala Greenfield interchange, a critical infrastructure project set to improve connectivity in southern part of Metro Manila.
Leading the groundbreaking event were SMC Chairman and CEO Ramon S. Ang, AGDC Chairman Joselito D. Campos Jr. and Ayala Corp. and Ayala Land inc. Chairman Jaime Augusto Zobel de Ayala.
Construction of the interchange will begin next month, the company said.
AGDC, a joint venture between Ayala Land i nc. and Campos-led Greenfield group, is the developer of Ayala Greenfield Estates, a 550-hectare premier residential community in Calamba, Laguna.
The Ayala Greenfield interchange will be a full-directional facility connecting the South Luzon Expressway (SLEX) Toll Road 3 (TR3) to local roads, enhancing access to both SLEX and the STAR Tollway. This improved connectivity will facilitate smoother travel between SLEX and Santo Tomas, Batangas, and reduce traffic congestion in key areas.
Once SLEX Toll Road 4 (TR4) is completed, the expressway will extend 67 kilometers further to Lucena, cutting travel time between Santo Tomas and Lucena from three hours to just 45 minutes.
“We are proud to partner with Ayala on this project. This is part of SMC infrastructure’s larger initiative to improve and expand our southern tollways network, particularly the South Luzon Expressway. By the end of the year, we expect to turn it into a 6 x 6-lane expressway.
With this, we can better support and sustain the long-term growth of the Calabarzon region,” Ang said.
The interchange’s strategic loca-
With the ongoing construction of SMC’s SLEX-TR4 and future plans for TR5, this project will play a significant role in an expanded transportation network that will span 542 kilometers, boosting access to key provinces like Quezon and Sorsogon.
Beyond its regional impact, the Ayala Greenfield interchange will bring direct benefits to the local community. The interchange will significantly reduce travel times and provide more efficient access to major urban centers, including Metro Manila, Alabang and Nuvali.
“We are not simply breaking ground on a new infrastructure project; we are laying the foundation for enhanced connectivity and growth, enriching the lives of the communities that we serve,” Zobel de Ayala said.
“The Ayala Greenfield i nterchange is a symbol of our shared vision to build a better and more vibrant future for the City of Calamba, for this generation, and for generations to come,” he added.
The interchange will provide direct access to Ayala Greenfield Estates, AyalaLand Premier’s residential community that exemplifies Ayala Land’s commitment to creating sustainable, high-quality living environments.
Nestled amidst the scenic beauty of Mt. Makiling and Laguna de Bay, Ayala Greenfield Estates offers residents a serene lifestyle complemented by world-class amenities and convenient access. it is also home to the Ayala Greenfield Golf and Leisure Club, an all-weather, 18-hole, par-72 championship golf course. The interchange will cut down travel time for residents heading to Metro Manila and will streamline routes to essential services and recreational destinations in the area.
Banking&Finance Green transition finance risks cited by banks
By Cai U. Ordinario @caiordinario
RAISING greater transition financing for green projects and technologies require careful management of feasibility and bankability issues, according to a report from leading Asian banks.
Based on the “Asia Transition Finance Annual Report 2024,” feasibility issues include the readiness of projects for implementation while bankability refers to the how confident lenders are that projects will be able to generate sufficient cash-flow to meet debt repayments.
These are also affected by various risks such as credit, cashflow, development, construction, operational, technological, environment, social, reputational, regulatory, political and currency risks.
CCUS, BESS
THE paper explained that CCUS are complex projects that involve significant financial and operational risks. The complexity of these projects involve the construction and storing of carbon dioxide over long periods of time, increasing the risk of these projects.
centives such as financial backing for research and development to improve CO2 recovery rates.
“By developing concrete action plans in consultation with industry players, governments can mitigate the risk of carbon lock-in and ensure that CCUS projects do not delay reaching the targets for net zero/ carbon neutrality,” the report added.
tive approach among stakeholders. Government support is particularly critical in this collaborative effort,” the report stated.
Study group
Meanwhile, BESS projects focus on the creation of power storage systems needed for the transition to a green grid. These are crucial in allowing greater use of renewable energy from solar or wind power, according to the report.
“(Risks) need to be carefully assessed and managed to ensure both feasibility and bankability. The need for and complexity of risk mitigation and allocation may fluctuate depending on project location and the technology used,” the report stated.
The primary consideration for these projects is development, transport and storage, environment and social risks. To mitigate development risk, the report found that robust legal frameworks and comprehensive permitting regulations are needed.
“While all risks need to be managed, particular attention must be paid to those with high necessity and complexity based on the project’s context,” it added. The report cited that “carbon capture, utilization and storage” (CCUS) has higher transition risk alongside coal plant retirement while a “battery energy storage system” (BESS) also requires “heavy upfront investment.”
Tools for turning an idea into a business
THERE are few among us who have been struck by an idea and thought it could make a business. You might have spotted a gap in the market or a concept that strikes you as unique. However, for most people, that’s where the dream ends. The ambition to forge this concept into a burgeoning business too often wilts away once the questions surrounding practically making it happen start to arise.
This is usually because many people lack the entrepreneurial skills to overcome these initial hurdles. However, it’s important to understand that entrepreneurship isn’t some magical gift that people are born with. It is achievable with some focus and dedication.
Whether you recently considered this path or you’ve had a business concept percolating at the back of your mind for years, some strategies can set you on the road to becoming an entrepreneur. Let’s examine some basic tools you need to turn your idea into a business.
1. A solid plan. The first and most important tool you need is a comprehensive business plan. This will formally set out exactly your ideas, along with details that will outline its potential as an enterprise and projections for its growth.
This is important not just because it can help others—such as loan providers and potential investors—to understand what your proposed company does. It can also provide you with a practical step-by-step roadmap that you can use to guide you through those early days of taking your concept to fruition.
Creating a business plan can be overwhelming if you don’t have any experience. However, while it’s an important document, it’s not as difficult as it sounds. Most take a standardized format, and you can use templates to help make certain that you’ve covered all the areas you need to.
But take this seriously, as a solid plan can help your company grow faster and survive beyond the startup phase. Elements such as your executive business summary will solidify your business concept. Your market analysis can help you understand where your idea fits in the industry and why it can compete.
While the analysis and market research aspects can take a little more time and focus, you don’t need to make the document needlessly complex. Go for a clear and simple plan, but don’t leave out important details.
Don’t use any difficult language—whoever is reading it, including you, should be able to see exactly the next steps. If possible, present your first draft to a friend or colleague, have them provide you with honest feedback, and gauge their comprehension and enthusiasm for the endeavor.
2. Funding sources. While it’s true that you can start certain types of companies without capital, gaining funding is usually an essential tool in turning your idea into a functional business. But it’s also the area that many burgeoning entrepreneurs trip upon. This is often from the perspective of not being fully aware of capital sources or putting yourself in the best position to receive it. Some sources to consider here include:
In terms of transport and storage risk, the report stated there was no definitive solution to significantly reduce it, government regulations are evolving in the hope of mitigating the risk.
It is crucial, the report stated, that given the economic impact of carbon dioxide (CO2) leakage, identifying boundaries of risks that the private sector can assume need to be defined.
In terms of environmental risk, the report recommended that to mitigate this risk, governments must impose regulations and provide in-
a. Angel investors. Unlike venture capitalists, which are companies that provide investment—angels are individuals who take a personal interest in the development of your company. This can be a particularly useful route when you are passionate about your idea but don’t have much experience.
However, a poor credit score can negatively affect your ability to manage an angel’s potential financial contributions. As such, before arranging meetings, it’s wise to work on raising your credit score and keep it in check.
Put strategies to pay down any existing debt in place, and work with lenders to make arrangements that minimize damage to your rating.
With a plan in place, you can make a difference within a year, and even if you still have some debt, investors can see that you’re practical about managing it.
b. Loans and grants. A bank loan is usually what new entrepreneurs associate with funding.
However, it’s important to understand that there are various types available.
Alongside the traditional business loans, there are also government-supported loans that tend to have lower interest rates and are designed to help get startups off the ground. If you’re working in non-profit sectors or operating for the benefit of underserved and marginalized communities, special loans are usually available that can help raise initial capital.
3. Strong values. A set of values is often overlooked when turning an idea into a business. The underlying ethics of your business not only help to ensure you’re positively influencing the world and the people you work with, but it is also increasingly a priority for consumers. Particularly in Millennials and Gen-Z customers, what a company stands for can influence purchasing decisions.
However, having values is also an important tool for guidance. Writing your mission statement helps outline what drives your business succinctly and explicitly states the reason for its existence.
This short, simple summary can then influence employees’ daily actions, shape the direction of your brand building, and keep you as a leader grounded in your goals. Don’t think of it as a static element, either. Your values, the world around you, and your priorities will change, and you should keep reviewing your values to ensure that they serve you effectively.
In summary
TRANSFORMING your great idea into a business can be overwhelming, but it’s important not to be discouraged.
Your best tools in creating your enterprise are largely those that can help you get moving—a clear business plan, solid capital, and a strong set of guiding principles. You can achieve your entrepreneurial ambitions with some focus on these areas and a passion for your ideas.
Fitz Villafuerte is registered financial planner of RFP Philippines. His views in this column do not necessarily reflect those of the BusinessMirror’s. To learn more about personalfinancial planning, attend the 109th RFP program this October. To inquire, e-mail info@rfp.ph or text at 0917-9689774.
Risks, challenges
FOR social risks, the report stated that given that CCUS projects have a duration of over 20 years, these require labor for construction and operation. To mitigate these risks, project handlers must implement “equitable hiring practices and provide comprehensive training programs.”
The report also recommended that governments should establish guidelines on human resources practices, including fair hiring and robust training initiatives.
“The successful implementation of CCUS projects hinges on the effective mitigation of various risks. Each of the risks presents unique challenges that necessitate a collabora-
As such, undertaking BESS project require upfront capital expenditure and the source of financing can only recover their investment gradually. The report stated BESS projects can be facilitated by debt finance.
The risks linked to BESS are cashflow risk or the failure to cover cash needs such as costs, debt obligations and taxes. Another risk are operational risks which pertains to the day-to-day operation, management and maintenance of projects.
“A coordinated effort among stakeholders, backed by robust government policies and financial incentives, is essential to manage BESS project risks and ensure their successful implementation,” the report stated.
THE report was the result of months of discussion among the core members, composed primarily of commercial banks. Development banks, export credit agencies, public agencies and finance associations joined as observers and knowledge contributors. Energy and industry players, insurance and guarantee providers and advisors also participated as guest speakers to share their perspectives.
BDO Unibank Inc. is a member of The Asian Transition Finance (ATF) Study Group, a private-led initiative whose core participants are banks with operations in Asia. The ATF Study Group was set up in recognition of the important role that transition finance will play in helping Asian economies address challenges as they move toward netzero emissions. The group’s goal is to create practical recommendations to supplement existing frameworks, including global standards and taxonomies, when financial institutions consider and assess transition finance cases, as well as to understand challenges and explore potential enablers to transition finance.
DOJ clarifies meal discounts for PWDs in restos
By Joel R. San Juan @jrsanjuan1573
THE Department of Justice (DOJ) has opined that the 20-percent discount and value added-tax (VAT) exemption on food purchases from restaurants of persons with disability (PWDs) should apply even on orders that are ideally for group sharing as long as it is for the exclusive consumption of the PWD.
In a 4-page legal opinion, the DOJ, through Assistant Secretary Randolph A. Pascasio, pointed out the word “exclusive” used in the provision of Republic Act (RA) 10754 (Act Expanding the Benefits and Privileges of PWDs) and its implementing rules and regulations (IRR) with regard to the implementation of the discount and VAT exemption in purchases by PWDs.
The DOJ noted that Section 1 of RA 10754 provides that PWDs are entitled to a 20-percent discount and VAT exemption on their food purchases from restaurants as long as it for their “exclusive use, enjoyment or availment.”
Furthermore, the DOJ said Section 6, Rule IV of the IRR of RA 10754 provides that the discount and tax exemption covers goods and services from all establishments.
It further stated that the orders should be limited only to the consumption of the con-
Crop
By Ada Pelonia
THOUSANDS of farmers are expected to receive indemnity checks amounting to P93.8 million from the Philippine Crop Insurance Corp. (PCIC) as compensation for the damage caused by the onslaught of super typhoon Julian.
PCIC President Jovy C. Bernabe said in his report to Agriculture Secretary Francisco Tiu Laurel Jr. that a total of 10,781 insured farmers of rice, corn and high-value crops from the Cordillera Administrative Region (CAR), Ilocos Region and Cagayan Valley will be indemnified by the insurance company.
“We have also issued strict instructions to our staff to assist affected farmers and speed up the processing of their damage claims,” Bernabe purportedly told Laurel.
According to the agriculture chief, the immediate indemnification of farmers would help them bounce back from the calamity.
“Fast-tracking the release of their insurance claims will foster confidence in the PCIC among our farmers and encourage more investors in agriculture,” Laurel was quoted in a statement as saying.
Of the farmers insured with the PCIC, 6,585 are from Ilocos Region, 2,355 from CAR and 1,841 from Cagayan Valley. The PCIC said the Ilocos Region bore twothirds of the damage, estimated at P62.3
cerned PWD in order to safeguard the establishments from abuse of the said privilege.
In relation to this, the Department of Tourism (DOT) issued Memorandum Circular 2017-02, which reiterates the grant of a 20-percent discount and VAT exemption in restaurants is for the “exclusive use, enjoyment or availment of PWDs.”
“While the above-mentioned relevant existing laws, IRR and guidelines may be silent on how the 20-percent discount and VAT exemption will be applied on food purchases which are ideally for group sharing, we would like to emphasize the word ‘exclusive’ as the determining factor to be considered thereon,” the DOJ said.
“In other words, in purchase of a group meal which is ideally for food sharing, if it can be clearly determined that it was for the exclusive use, enjoyment or availment of only one person who is a PWD, i.e. dine-in transactions, then the 20 percent discount and VAT exemption should apply to the total amount of the food purchased,” it added.
On the other hand, the DOJ said the purchase of group meals through online and phone call/SMS transactions, may be guided by MC 71-2022 issued by the Bureau of Internal Revenue.
The circular states: “On the purchase of group meals,” the basis of the discount for
million. Damage to rice farms in the region account for about P51.3 million.
Ilocos Region comprises Ilocos Norte, Ilocos Sur, La Union and Pangasinan, while Cagayan Valley includes Batanes, Cagayan, Isabel, Quirino and Nueva Vizcaya.
Damages
ACCORDING to the Department of Agriculture (DA), the damage brought by the onslaught of super typhoon “Julian” in the country’s agriculture sector climbed to P607.38 million.
The DA reported that the volume of production losses in CAR, Ilocos Region, Cagayan Valley and Central Luzon have reached 25,407 metric tons (MT), affecting 33,110 farmers, with 17,344 hectares (has.) of agricultural areas.
Rice suffered most of the damages at 21,875 MT, followed by corn at 2,778 MT and high-value crops at 755 MT.
According to the DA, most of the damage and losses on rice and corn were in the reproductive and maturity stages. These losses were equivalent to P427.65 million for rice, P38.95 million for corn and P31.13 million for high-value crops.
The livestock and poultry also reported losing 1,558 heads, which include chicken, swine, cattle, carabao, goat and sheep valued at P3.76 million. Damage to irrigation facilities was recorded at about P92.68 million while other farm structures at P13.22 million.
a senior citizen and PWD “shall be on the amount corresponding to the combination of the most expensive and biggest single serving meal with beverage served in a quick service restaurant, is deemed flexible and is adjusted accordingly by food establishments to estimate a single food purchase” for an individual senior citizen and PWD.
The DOJ made the clarification for the guidance of the National Council on Disability Affairs (NCDA) Executive Director Glenda D. Relova who sought a legal opinion on the application of the discount and VAT exemption on food purchased by PWDs.
Relova’s request stemmed from the letter of a certain Mr. Pheelyp Aytona seeking clarification from the NCDA on whether the discount and tax exemption applies to all the food and beverages that a PWD purchases and exclusively consumes in a restaurant regardless of the quantity.
The NCDA chief noted that currently, the discount is applied to the personal share of the PWD by dividing the amount to the number of persons in the group even if the purchased food is for group sharing.
On the other hand, if the purchased food is good for a single person’s consumption, the 20 percent discount and VAT exemption will be applied to the total amount both for dinein and take-out.
PBCom to issue
THE Philippine Bank of Communications (PSE: PBC) intends to issue billions-worth of debt papers to refinance its debt obligations, diversify funding sources, and support loan growth.
In a disclosure to the Philippine Stock Exchange (PSE), the PBC said its P2-billion worth maiden peso bond issue is part of the bank’s P15 billion bond program.
The Series A Bonds will have a tenor of 1.5 years and a fixed interest rate of 6.0796 percent per annum. The public offer period runs from 14 October 2024 to 28 October 2024.
PBC said the bonds are expected to be issued and listed on the Philippine Dealing and Exchange Corp. (PDEx) on November 5, 2024. The bank has appointed ING Bank N.V. Manila Branch as the Sole Arranger and Bookrunner, with both PBC and ING serving as the selling agents. PBC also appointed The Development Bank of the Philippines – Trust Banking Group as the Trustee As of June 2024, PBC’s total assets reached P148.7 billion, a 12.2 percent increase compared to the same period in 2023. Its loans and receivables also saw double-digit growth, reaching P90 billion compared to same period in 2023. PBC’s capital position remains solid as its ratios remain above the regulatory minimum for a universal bank.
The bank’s capital adequacy was at 16.39 percent while its and Common Equity Tier 1 ratio is pegged at 14.14 percent. Cai U.
pERSonal fInanCE
fitz Gerard Villafuerte
Art BusinessMirror
Vintana makes comeback with group show at Sinauna in QC
POP-UP art gallery Vintana returns with a bang following a year-long hiatus, mounting a massive group show that presents “gems” from its cache of backroom works collected over the years.
Vintana owner/art director Angela Gaddi recently hosted an exclusive preview at Sinauna in Matahimik Street, Diliman, Quezon City, where the show’s featured artworks replaced the resident music posters at the house-converted-into-restobar. Gaddi being Vintana and Vintana being Gaddi, her leave from the arts scene meant a break for the gallery as well. But now the person and the gallery are back, with Gaddi explaining the triumphant return in three, simple words.
“I woke up,” she said. It had been a rough year for the gallery owner, to say the least. A toxic relationship took a turn for the worse, affecting all aspects of her life, including her budding art career. In 2019, Gaddi founded Vintana together with her friends. The concept: an online gallery that would cater to the Philippine contemporary art scene in a way that no other gallery
did. The strategy: to set themselves apart by focusing on content that educates and engages the community.
“We rolled up our sleeves and did all the dirty work ourselves, from showing up at openings to visiting artists in their studios to picking up works and delivering them—doing the whole shebang, essentially,” Gaddi said. “We did videos, social media posts, and built our website with a solid purpose [to serve and sell].”
During the height of the Covid-19 pandemic, Vintana launched its first set of exhibitions without the owners knowing what to expect. However, they struck oil, as the gallery’s online-only model hit the boom of the global art economy. Quarantine measures led people to invest more in their homes, including filling up empty walls and corners with artworks. According to a report from Art Basel and UBS, art sales in 2021 rose 29 percent year-on-year to $65.1 billion, driven by a surge in public auctions and online sales.
“There we were,” Gaddi said, “a new online gallery that peddled works from established and emerging Filipino artists and served digestible content that resonated with the community. Our audiences and buyers could purchase art and read and learn about the art scene from the comfort of their homes.”
Vintana performed so well that Gaddi and her friends decided to put up a physical space in 2022. Their vision was a New York basement-style gallery that was “going to shake things up.” They found a spot and “poured in [their] blood, sweat and tears.” They thought their hard work had finally paid off, until issues with the landlord arose. They lost their investment and suddenly they were back to square one. To make matters worse, Gaddi lost her partners, and she began to question whether Vintana was still a venture worth pursuing.
Gaddi eventually found a new business partner in her now-former boyfriend. They hit it off with a couple of successful shows before things soured. The situation got “really bad.”
“I was in hell,” she said. “I couldn’t see past my mistakes, past the f*ckery, past the absurdity, past the shame. I was just there. Festering. I was angry and sad. All I could muster to do was smoke my cigarettes, rot in bed, and pity myself. Then one day… I just woke up.”
Gaddi worked to get back on her feet. There were hesitations at first to return to the art community, she said, feeling that she had lost her place after spending a year away. But given her contributions to the growth of the community, understanding from day one the value of maintaining relationships, she was convinced by her circle to give it another shot. Even Vintana’s comeback exhibition in a physical space was an organic development.
Gaddi was simply helping out two artist friends for commission works when she found herself at Sinauna, a restobar in Quezon City that has become a popular spot among creatives, mostly musicians and artists.
Gaddi looked around the space and noticed that its walls could use some paintings. That was when she was introduced to Sinauna’s owner, Jovee de Ocampo, who immediately bought into the idea.
However, Gaddi got cold feet, saying she was still “dancing with [her] demons.” She didn’t push through until de Ocampo reached out and asked her if they
By Eugenia Last
Press Photographers unite for a cause: Art and photography exhibition set for October
BY JOHN EIRON R. FRANCISCO
THE Press Photographers of the Philippines (PPP) is gearing up to host a fundraising photo and art exhibition from October 22 to 28, 2024, in Makati City, aimed at supporting sick members in urgent need of medical and financial aid from various media organizations. According to PPP president Edwin Bacasmas, the week-long event will showcase the works of the country’s most esteemed press photographers from various media organizations, each having dedicated years to capturing significant news events. In addition to the powerful photojournalism on display, the exhibition will feature artworks by renowned artists whose creations have earned prestigious awards.
A portion of the proceeds—30 percent of all sales—will go directly to the organization’s fund, specifically designated for covering the medical expenses of members in need of financial assistance. “This exhibition is our way of reaching out to our brothers-in-arms who have dedicated their life in the service of people,” Bacasmas said. He emphasized that through the collective efforts of everyone involved, united by a shared goal of providing assistance, their colleagues facing life’s toughest challenges may find the strength and encouragement to persevere.
Several visual artists participating in and supporting the event include Lourd de Veyra, Jun Sabayton, Ludwig Ilio, Benjie Lontoc, Benjo Laygo†, Brian Afuang, Jimbo Albano, Vic Sison, Linggong Ortiz, Jhun Dantes, John Eiron Francisco and mud artist Percy Delono. Amang Pintor and watercolor master Rafael Cusi will also join the event and do live art performance. Artists Rico Aunzo, Daniel Dumaguit, Clarisse Agilera, Joe Hilario Arnold Dacles Estrella and Riza Zuniga will join the exhibit. DJ Par Sattelite will provide the music, Lourd De Veyra and Jun Sabayton aside for their artworks will also contribute in playing music. Photographers and members of the PPP involved include Albert Garcia, Joe Galvez, Gino Espano, Jhun Dantes, Claro Cortez, Luis Liwanag, Pinggot Zulueta, Dave Leprozo, Boy Cabrido, Gil Nartea, Bruce Lee Strong, Rhoy Cobilla, Roy Domingo, Nonie Reyes, George Buid, Jun Mendoza, Bruce Lee Strong, and renowed travel photographer George Tapan.
Supported by the Philippine Amusement and Gaming Corp. as the major sponsor and venue partner Makati Commerce Towers—known for its modern design and state-of-the-art facilities—the event is also backed by minor sponsors, such as One Stop Record Fair for audio, Manny Inumerable for panel boards, and Boss Magazine PH as the event organizer. Media partners include BUSINESSMIRROR, Pilipino Mirror, and Philippines Graphic. Bacasmas views this exhibition of solidarity within the media community as the driving force behind the event, underscoring the significance of unity in supporting those who have dedicated their careers to documenting history and informing the public. The exhibition is open to the public and includes interactive sessions, such as artist and photographer talks, live painting demonstrations, and photojournalism workshops, making it particularly engaging for students and young professionals.
CANCER (June 21-July 22): Consider and develop ideas and skills that excite you. Doing something you love or that has meaning to you will change the atmosphere and how you use your time to get ahead. Refuse to let someone’s mixed emotions mess with doing what’s best for you. ★★
LEO (July 23-Aug. 22): Be careful with whom you align yourself. Someone will offer misleading information or make a last-minute adjustment that doesn’t favor you. Do your research and be ready to state facts. Protect your position, reputation and health from anyone or anything that may be toxic. ★★★
VIRGO (Aug. 23-Sept. 22): Keep life and explanations simple. Don’t underestimate anyone or anything. Keep your finger on the pulse and your head in the game. Recognize what’s real and what’s conjecture. An opportunity is only valuable if it works for you. Create situations that address what’s important to you. ★★★
LIBRA (Sept. 23-Oct. 22): Keep an open mind when dealing with associates, business opportunities and healthy living. Refuse to let frustration and anger surface when there are better ways to use your energy. Hard work will pay off and encourage you to use your experience, knowledge and skills to accommodate current trends. ★★★
SCORPIO (Oct. 23-Nov. 21): Strut your stuff, do your thing and make a splash that embeds what you have to offer into the minds of those you encounter. Go all out, express and articulate your thoughts and position, and you’ll mesmerize someone who has as much to contribute as you do. ★★★★★
SAGITTARIUS (Nov. 22-Dec. 21):Stop, look and listen. Protect your position, popularity and property from anyone trying to make you look bad. Walk away from people who play emotional mind games or try to control what you do or think. You’ll get the best results working toward your goal alone. ★★
CAPRICORN (Dec. 22-Jan. 19): You’re in a better position than you realize. Pump up your stamina and aim to get things done. High energy, vision and charisma will help you raise awareness and attract qualified individuals to help you reach your objective. Leave nothing to chance, get the facts and follow through. ★★★★
AQUARIUS (Jan. 20-Feb. 18): Take your time. Premature changes will turn out differently than you anticipate. Be open to suggestions,
PISCES (Feb.
Show
GMA Public Affairs launches ‘Ano Na Tea?’ video podcast hosted by Herlene Budol, Anjo Pertierra
STAY in the loop on the hottest and trending topics with GMA Public Affairs’ first video podcast, Ano Na Tea?, which launched on October 12 on GMA Public Affairs’ YouTube channel.
Hosted by beauty queen and comedienne Herlene Budol and Unang Hirit host Anjo Pertierra, this lively duo brings a fresh, fun take on today’s most talkedabout issues.
Expect unfiltered conversations and playful banter as they tackle everything from finding love on dating apps and achieving a healthy work-life balance to sharing their scariest paranormal encounters—just in time for the Halloween season.
In the first episode, Herlene and Anjo answer the question: “Hanggang saan dapat tumanaw ng utang na loob sa magulang?
Before hosting the podcast, Herlene previously bannered the drama series Magandang Dilag and was part of Black Rider, becoming widely known for her relatable humor and charming personality. Meanwhile, Anjo is a former professional volleyball player turned media personality who is fondly called by fans “Crush ng Bayan.” Together, they are set to entertain viewers by spilling the latest tea on today’s most relevant topics
While the pairing of Herlene and Anjo may surprise many, the two GMA personalities have a revelation to share.
Tinanong ko ’yung production team kung bakit kami ni Anjo ang magiging host ng podcast,” says Herlene. “Wala naman silang alam sa friendship namin ni Anjo before. Best friend ko kasi siya before, kaya nakaka-excite na kami ang magkakasama para rito,” she disclosed. Anjo, equally thrilled about the project, expressed his excitement about working with Herlene. He also hints at what viewers can expect: “Noong nalaman ko na kami gagawa nitong podcast, na-excite ako kasi ang daming insights na mabibigay ni Herlene from a different perspective.”
Vivamax is now VMX, goes all out
UPON reaching 12 million subscribers, Vivamax announced that it has started its rebranding process to up its ante and be more attractive to its many followers and patrons. It is now to be known as VMX, and it aims to continue to be the country’s leading content streaming service platform that showcases Philippine-produced movies, series, concerts and special-interest titles.
“We have been quietly firming up our strategic plans for the brand and thought that we really owe this rebranding to our loyal patrons who continue to indulge us in the many content selections we offer them. The numbers continue to grow and we are just thankful that we have a huge patronage just a few years after we launched,” enthused Val del Rosario, senior vice president for content creation of the Viva Entertainment Group.
Del Rosario, who is on top of Vivamax, added, “This transition from Vivamax to VMX is exciting for everyone at Viva. We are also grateful for the many Filipino talents and creatives who churn out interesting content for the subscribers to enjoy and get their money’s worth.”
Aside from giving big breaks to the new generation of filmmakers and content creators, the brand always makes space for the industry heavyweights who are tried, trusted and tested. Among the names that have collaborated with Vivamax in the past are Ricky Lee, National Artist for Film and Broadcast Arts, who continues to write scripts for movies produced by Vivamax. Lee often partners with his filmmaker-
friend Mac Alejandre who turns his materials into memorable images on the screen.
Vincent del Rosario, COO and president of Viva Entertainment, is also delighted that some of their Vivamax discoveries have started to spread their wings and penetrated mainstream platforms. He named Angeli Khang, who appeared on the action drama series The Black Rider; Azi Acosta, who is in the main cast of TV5’s Lumuhod Ka sa Lupa; and many others who have made Vivamax as their springboard to more meaty mainstream assignments.
“We are also glad that many of our revered actors and award-winning thespian still find time to appear in our projects like Sid Lucero, Mon Confiado, Dexter Doria, Ana Abad Santos, to name a few,” he added.
“Vivamax has given work to so many people especially during the dreadful pandemic years when the industry was suddenly put to a halt. It continues to give work to actors and production people, and more work opportunities certainly mean a happier and a
more stable life for many. I wish VMX the very best,” Lucero said.
To strengthen its content for 2025, VMX has launched its first-ever film festival. Ronald Arguelles, head of Vivamax Plus and Aggregation, is in charge of this. “We aim to make the VMX brand to be both daring and groundbreaking. That is why we are having this festival in order to discover fresh talents with brave visions that can eventually revitalize and reshape their chosen platforms and hopefully the industry in general.”
Arguelles added, “We are looking for filmmakers who are edgy, and ready to break the mold and redefine erotic cinema, those with bold perspectives and brilliant storytelling abilities. We are encouraging content creators who will further diversify our current film catalog to join, especially regional filmmakers and stories about their communities, including the LGBTQ+ with alternative takes on erotica.”
With a P2 million grant at stake for each qualifier, the festival is open to anyone who has not directed or written for Vivamax in the past.
Everything is looking up for the brand. There are VMX movies in Amazon Prime and other international platforms, and the brand is streaming in more than 78 countries to date, including countries like Japan, Australia, South Korea, Switzerland and Germany.
VMX certainly got plemty to offer in the coming months, and with meatier and better choices on its platform, the happier its subscribers will be. n
were still going to do the show.
“For some reason,” Gaddi said, “I felt that maybe I’ve been ignoring opportunities for too long; that if I ignored this, I may as well close shop and sell fruit at intersections. So planning began and the rest is history, really.”
“It’s a natural fit, music and art,” de Ocampo said.
“That’s what Sinauna is.”
Sinauna needed art and Vintana needed a home, as Gaddi puts it. The gallery owner said she got back in the saddle with all her heart, all her might, and everything thereafter just fell into place. “It just took a little bit of faith, good friends, and a few laughs to exit through the porcelain god,” she added.
Coincidentally, the line serves as the exhibition title of Vintana’s comeback showcase. Exit Through the Porcelain God is “a symbol of a break after the sedation of a critical mess where one emerges from the depths of a personal hell or the pit of a fetid toilet bowl that is the porcelain god and attempts to commit to sobriety,” Gaddi writes in the exhibit note.
The showcase is a display collection of Vintana’s backroom works from an array of artists, including Romeo Lee, Argie Bandoy, Paul Mondok, Jan Sunday, Bong Segovia, Lourd de Veyra, Dave Lock, Masi Oliviera, Iggy Rodriguez, Kiko Escora, Jed Escueta, John Marin, and Don Djerassi Dalmacio. There are pieces as well by Mitch Garcia, Chalk Zaldivar, Israel Remo, Gani Simpliciano, and Jet Tecson.
The selected pieces, according to Gaddi, “are an affirmation of how, when the rage passes, we grow a little wise. And, perhaps, with age and caution, we learn how to walk ourselves back home.”
Vintana’s Exit Through The Porcelain God runs at Sinauna until October 26. The gallery has lined up its year-ender exhibit as well, also set at Sinauna, opening on November 16. Next year, Vintana (www. vintana.ph) is having a group exhibition in New York City via Gugu Room. n
ExcErpts of a memoir written by late Russian opposition leader Alexei Navalny revealed he believed he would die in prison.
The New Yorker magazine published the excerpts on Friday in anticipation of the release of Patriot on October 22.
Navalny was President Vladimir Putin’s fiercest and most prominent foe and relentlessly campaigned against official corruption in Russia. He died in a remote Arctic prison in February while serving a 19-year sentence on several charges, including running an extremist group, which he said were politically motivated.
He was jailed after returning in 2021 from Germany where he was recuperating from a nerve agent poisoning he blamed on the Kremlin, and was given three prison terms since.
Russian officials have vehemently denied involvement both in the poisoning and in his death.
Patriot was announced in April by publisher Alfred A. Knopf who called it the late politician’s “final letter to the world.”
According to Knopf, Navalny began working on the book while recovering from the poisoning and continued writing it in Russia, both in and out of prison.
In detailing his coping strategies while imprisoned, Navalny said he would “imagine, as realistically as possible, the worst thing that could happen. And then [...] accept it.”
For him, this was dying in prison.
“I will spend the rest of my life in prison and die here,” he wrote on March 22, 2022.
“There will not be anybody to say goodbye to...All anniversaries will be celebrated without me. I’ll never see my grandchildren.”
Although he had accepted this fate,
Navalny’s memoir conveys a resolute stance against official corruption in Russia.
“My approach to the situation is certainly not one of contemplative passivity. I am trying to do everything I can from here to put an end to authoritarianism [or, more modestly, to contribute to ending it],” he wrote, also on March 22, 2022.
In a published excerpt, dated January 17, 2024, a month before his death, Navalny answers the question posed by his fellow inmates and prison
guards: “Why did you come back?”
“I don’t want to give up my country or betray it. If your convictions mean something, you must be prepared to stand up for them and make sacrifices if necessary,” he wrote.
As well as capturing the isolation and challenges of his imprisonment, Navalny’s writing is notable also for its humor. The late dissident recounts a bet with his lawyers over the length of a new prison sentence: “Olga reckoned eleven to fifteen years. Vadim surprised everyone with his prediction of precisely twelve years and six months. I guessed seven to eight years and was the winner.”
He also marveled at the absurdity of being made to sit for “hours on a wooden bench under a portrait of Putin” as a “disciplinary activity.”
Navalny’s widow, Yulia Navalnaya, said in a statement released in April by the publisher that the book was not only a testament “to Alexei’s life, but to his unwavering commitment to the fight against dictatorship,” adding that sharing his story would” inspire others to stand up for what is right and to never lose sight of the values that truly matter.”
She also said the memoir was already translated into 11 languages and would “definitely” be published in Russian. AP
FROM left: Vincent del Rosario, Valerie del Rosario, and Ronald Arguelles
PCPPI pushes for quality education, supports DepEd’s Brigada Eskwela
BDO, DTI partner to make PHL smart, sustainable manufacturing hub in SEA
BDO Unibank, Inc. (BDO) has partnered with the Department of Trade and Industry (DTI) to strengthen the flow of foreign investments into the Philippines.
The partnership will focus on organizing investments seminars, business matching activities, and industry promotion missions designed to position the Philippines as a prime destination for foreign investments. These initiatives will highlight the country’s skilled workforce, growing industries, and strategic position in Asia. The goal is to attract investments in key sectors such as manufacturing, technology, renewable energy and infrastructure, fostering the creation of new factories, jobs, and innovations that will benefit Filipinos.
Executive Vice President and Head of BDO Unibank’s Institutional Banking Group, Charles M. Rodriguez, emphasized the importance of this collaboration: “This partnership reflects our shared commitment to making the Philippines a key investments destination for both foreign and local businesses. Through these investments, we contribute to the country’s economic growth, which has consistently ranked among the strongest in the ASEAN region over the past decades.”
DTI Undersecretary and Board of Investments Managing Head, Dr. Ceferino S. Rodolfo, underscored the strategic benefits of the partnership: “By combining BDO’s financial expertise and DTI’s investment policy leadership, we can create a more competitive environment
for investors. This collaboration ensures that the Philippines is recognized not just as a growing market, but as a destination for sustainable, long-term investments.”
The collaboration between BDO and DTI goes beyond attracting foreign capital. It aims to empower small and medium enterprises (SMEs) by connecting them with foreign companies that bring advanced technology, capital, and innovative business practices. In doing so, local industries can enjoy protracted growth and be more capable of providing opportunities for Filipino workers.
Rodolfo also highlighted the government’s role in ensuring the success of these efforts: “It’s vital to empower the
private sector to leverage market-based tools, as we share common stakeholders. There are so many initiatives where we have partnered already, and we will continue to work together to entice more investors. This synergy will help position the Philippines as a smart and sustainable manufacturing and services hub in Southeast Asia.” He added that the government must be proactive in facilitating such partnerships, as the Philippines is one of the fastest-growing economies in the fastest-growing region.
This partnership between BDO and DTI is a crucial step toward enhancing the Philippines’ appeal to foreign investors, driving industrial growth, and creating a wealth of new opportunities for Filipinos.
MEGAWORLD Hotels & Resorts (MHR), the largest hotel operator in the Philippines with 8,500 room keys across the country, has once again been recognized for its wellrounded workplace culture by earning the highly coveted 2024 Great Place To Work Certification.
This certification reflects the company’s commitment to creating a positive and supportive environment for its employees allowing them to grow and extend genuine service reflective of world-class Filipino brand of hospitality.
In a recent survey conducted as part of the certification process, 93 percent of employees expressed that they felt welcomed when they first joined the company. This result highlights the inclusive and supportive nature of the MHR work environment, where new hires are quickly embraced and integrated into the organization’s culture.
Moreover, 88 percent of MHR employees said that the company is a great place to work, significantly higher than the national average of 65 percent for typical companies in the Philippines. This rating marks an increase from MHR’s 2023 rating of 84 percent, showcasing continuous improvement in employee satisfaction.
“We are grateful for our associates. At Megaworld Hotels & Resorts, we believe that happy employees give happy service. We are immensely proud of this achievement as this certification recognizes the trust and vote of confidence of our associates in their leaders and MHR as an organization. We are committed to making our team members feel valued and inspired in all aspects of their journey with us,” says Cleofe Albiso, Managing Director, Megaworld Hotels & Resorts.
MHR’s success in cultivating a positive workplace is deeply rooted in its unique culture, driven by the company’s Circle of Happiness, which places love for God at the center of all that the company does, radiating outwards to promote love for oneself, family, work, and community. Through this belief, MHR has been able to foster a work culture that is not only about delivering a quintessential Filipino brand of service but also about providing a safe and nurturing environment promoting the holistic well-being of its employees. Furthermore, one of the cornerstones of MHR’s brand of hospitality is the Sampaguita, inspired by the national flower of the Philippines. This iconic representation of the Filipino people emphasizes values such as Love, Honor,
Dignity, and Healing, qualities that are reflected in every aspect of the company’s operations and customer journey. Living by its values also sets the stage that supports a truly immersive environment that allows guests to experience and feel the essence of the Sampaguita from across the five senses down to associate-guest interactions.
As the largest hotel operator in the Philippines, Megaworld Hotels & Resorts manages a portfolio of 13 hotels across the country, contributing to the nation’s tourism and hospitality sectors. Its ability to maintain high levels of employee satisfaction is evidence to the company’s leadership in both business and workplace excellence. By nurturing a positive and dynamic work environment, MHR empowers its employees to deliver the best possible service to guests, while also ensuring their own personal and professional growth.
The Great Place to Work Certification is a testament to MHR’s dedication to its people. With an ever-growing focus on employee well-being and satisfaction, the company continues to set benchmarks for excellence within the Philippine hospitality industry. Be part of the circle, get in touch with them through careers@megaworldhotels.com or visit www.megaworldhotels.com.
CARRYING the Filipino spirit of Bayanihan, Pepsi-Cola Products Philippines, Inc. (PCPPI) continues to show full support to the Department of Education’s (DepEd) Brigada Eskwela Program. As part of the company’s sustainability commitments and in line with the United Nations’ Sustainable Development Goals, PCPPI has been extending support to local schools and communities since 2014.
“PCPPI values education and acknowledges the vital role that the youth play in nation-building. This is why we continuously support Brigada Eskwela as it brings communities together to build an environment conducive for learning,” said PCPPI Chief Environmental, Social and Governance Officer Atty. Carina Bayon.
Established in 2003, Brigada Eskwela is a nationwide school maintenance program that encourages participation from teachers, volunteers, private organizations, and other stakeholders to ensure that school facilities are all set for the new academic year.
Aptly themed, “Bayanihan para sa Matatag na Paaralan”, this year’s program pushes closer collaboration between communities
Mitsubishi Motors Philippines introduces Mirage G4 Black Series Limited Edition
IN the face of practicality and style, the sedan rolls forward confidently. From its cost-efficiency, ample cabin and trunk space to smart features, the Mitsubishi Mirage G4 is always a top contender for those looking to own an honest-to-goodness sedan. Now, Mitsubishi Motors Philippines Corporation (MMPC) takes this iconic Philippine-made model to the next level by enhancing its design with a sleek, sporty twist with the limited-edition Mitsubishi Mirage G4 Black Series. Style indeed meets substance in this limited release that takes after Mirage G4’s current design, embellished with exciting and striking enhancements to keep your gaze locked in. On the outside, new details amplify the car’s sporty style and profile. The Mirage G4 Black Series stands out with its new White Solid exterior color that further highlights its black accents. The White Solid exterior
REPERTORY Philippines, the country’s foremost theater company, recently officially opened the doors to its new home in Eastwood City.
For those looking for a vehicle that drives them forward, captures their uniqueness, and makes sure they’re G4 anything—need we say more?
Flex on the road with the limited-edition Mitsubishi Mirage G4 Black Series. Contact your dealer today or get a quote now at https://www.mitsubishi-motors.com.ph/ cars/mirage-g4.
Repertory Philippines finds new home in Eastwood City enjoyable ways for Repertory’s patrons and theater enthusiasts to extend their experience right after the final curtain falls with Eastwood City’s accessibility and its dynamic restaurants, shops, and leisure offerings,” says Graham Coates, First Vice President and Head of Megaworld Lifestyle Malls. Meanwhile, on Repertory’s part, they are more than
The REP Eastwood Theater is located on the fourth floor of Eastwood Citywalk and is set to usher in a brand new chapter for the fabled Repertory Philippines, which was founded in 1967 and has built an unparalleled reputation for its spectacular plays and productions throughout its 57-year history and as a hotbed of theater talents having produced international-caliber stars such as Lea Salonga and Monique Wilson, among others.
The new state-of-the-art theater boasts an expansive area spanning 1,400 square meters and a bigger seating capacity of 500, along with upgraded amenities and common areas that feature a contemporary classic design and offer superior viewing comfort.
The REP Eastwood Theater is an exciting addition set to bring a premium cultural experience and solidify the position of Megaworld’s pioneering township development as the entertainment capital of Quezon City, known as the City of Stars, with Repertory’s worldclass theater productions and plays now made more accessible to patrons and theater enthusiasts.
Repertory Philippines is debuting “Jepoy and the Magic Circle,” an original production based on the short story, “The Magic Circle,” by Gilda Cordero-Fernando to mark this new milestone.
This Filipino musical tells the story of a young boy, Jepoy, who embarks on an epic adventure in a world of enchantment and danger, showcasing a talented cast and stunning production design, blending music, storytelling, and breathtaking special effects to capture the imagination of audiences young and old.
The theater’s revitalized space and modern technology is sure to enhance every aspect of this enchanting show, reinforcing Repertory Philippines’ commitment to delivering world-class theater experiences.
“We are very thrilled to welcome Repertory Philippines to its new home here in Eastwood City and we are honored to be part of its noble journey of elevating Philippine theater and its continuing commitment to shine the spotlight on the world-class talents of Filipino actors and playwrights. We are also offering plenty of
In the photo are, from left, Evariste M. Cagatan, Executive Director of Investments Promotion Services; Dr. Ceferino S. Rodolfo, Undersecretary and Managing Head of Board of Investments; and Charles M. Rodriguez, Executive Vice President and Head of BDO Unibank Institutional Banking Group pose with the signed Memorandum of Understanding (MOU) between BDO Unibank and the Department of Trade and Industry.
EXECUTIVE leaders of Megaworld Hotels & Resorts with Cleofe Albiso, Managing Director. Join (MHR), the Philippines’
Brutal acid attack prompts German executive to hunt down his assailants
By Karin Matussek
IT was a cold and sunny Sunday morning on March 4, 2018, and Bernhard Günther spotted snowflakes as he walked through Haan, a quiet and leafy suburb of Düsseldorf. The area is called Musikantenviertel, or musicians’ quarter, for the street names that pay homage to famous composers: Beethoven, Wagner and Mozart.
Günther, who at the time was the chief financial officer of energy company Innogy SE, was returning home from his weekly jog with a handful of neighbors.
He had just said goodbye to the last of the group and made his usual stop at a local bakery. As he stepped off a main road onto a tree-lined path, a man grabbed him from behind. When Günther tried to escape, a second man blocked him. For a moment, the executive caught the man’s eye. Then, the pair pinned Günther to the ground, as one of them took out a jar and poured searing liquid over his face. After the assailants disappeared, Günther ran home. The liquid was concentrated hydrochloric acid. It corroded much of his face and nearly cost him his eyesight. Had he not washed it off in time, “there would probably have been nothing left,” he reflected. In the years to come, Günther, 57, wouldn’t only struggle with trauma. He’d also deal with a series of bitter realizations: that the justice system won’t automatically take a victim’s account for granted, that police can’t always do whatever it takes to find a culprit and that sometimes the truth doesn’t come out. But that morning, he was in survival mode. His wife was on her way back from a trip to Cologne, and Günther wanted to spare their 10-yearold twins, who were sleeping upstairs, the sight of his injuries. He called emergency services and paramedics quickly summoned a rescue helicopter. To make sure he wouldn’t be recognized by the press, they covered him with an emergency foil blanket. He was flown to a clinic in Duisburg that specialized in burn injuries and remained in intensive care for just under two weeks.
“In the beginning, we didn’t have any clues,” said Dorothea Tumeltshammer, the prosecutor heading the probe. “It didn’t look like he was a random victim.”
There were no eyewitnesses and security cameras in the area didn’t produce any leads. The only hard evidence was the jar that had been left at the crime scene, and a rubber glove carrying DNA. The Düsseldorf police department set up an investigative team that would eventually grow to around 30 people.
It was named “MK Säure”—a
German abbreviation for “Acid
Murder Squad.”
Casting nets VIOLENT attacks rarely happen at random. In most cases, perpetrator and victim have some sort of relationship, which is why about 80 percent of aggravated assault probes in Germany are solved, compared to less than 60 percent of all crime investigations. Acid attacks, which are mostly reported in Southeast Asia as acts of revenge against women, suggest a particularly personal motive.
Police initially focused on Günther’s family and social circles, which he found abhorrent, before expanding their search to his workplace. To find leads, they encouraged Günther to think of anyone who might have had an interest in hurting him. “They told me: think wildly, go ahead and name names,” he remembered.
Business leaders hadn’t been targeted in Germany since the 1980s, but for Günther it was clear that the culprit couldn’t have come from his private life. At the time of his attack, Innogy, his employer, was looking for a new CEO, and Günther was one obvious candidate. (The vacancy disappeared a week after his assault when RWE AG and rival E.ON SE announced they would swap assets, Innogy included.)
The suspicion that the attack was professionally motivated struck him as it was happening—because it wasn’t the first time he had been preyed on at a sensitive moment in his career.
In 2012, Günther was running in a forested area when he was attacked by two young men waiting by the side of the road. Police quickly determined that he had been at the wrong place at the wrong time and closed the file. Günther couldn’t argue with them—random attacks did sometimes occur. Still, he remembered finding it odd that one of his assailants wore gloves in summer. Now, six years later, a friend and colleague suggested that Günther think about who could have benefited in both instances by getting him out of the way. When the first attack happened, Günther had been working at German energy giant RWE AG and was being
considered for a CFO role. In 2018, two years after he moved to Innogy, he was among the contenders for the CEO position.
He drew up lists of competitors for each of the jobs.
When he crossed-checked the lists, only one name remained: a former fellow manager at RWE who he nicknamed “Mr. X.”
Justice monopolized
In Western societies, governments have long monopolized the processes of bringing perpetrators to justice. There are many theories about why this happened, but upholding the rule of law is a key reason. The aim is to prosecute crimes impartially, and without violating individual rights.
Victims aren’t in the driver’s seat during a probe—they are technically only witnesses. While justice systems around the world have in recent decades put greater focus on victims’ rights, their accounts—like those of any witness—can’t simply be taken for granted.
Günther had to sit with all the frustration that the role can involve. While he provided police with information, he had no way of knowing where the investigation was headed or what was being done to target Mr. X. There were long periods when Günther had no contact at all with the investigators.
At the same time, he was still coping with the aftermath of the assault, which entailed endless medical appointments and operations. The physicians tried to soften the paralyzing effects of the scars on his face and throat. The tissue of his eyelids was dying off, and doctors removed and reconstructed them with transplanted skin from other parts of his body.
After a few weeks, he began returning to the office. Work, he concluded, was a good way to come to terms with what had happened.
Several months into the investigation, prosecutors downgraded the probe from attempted murder to aggravated assault when it became clear that the acid couldn’t have been lethal. Under German law, this meant that police were no longer able to use powerful investigative tools like phone taps to deepen their search. Then, one day in September, prosecutors informed Innogy’s head of media relations that they were closing the probe.
Prosecutors said that after six months of investigating they hadn’t found enough evidence to continue.
“Every stone was turned over,” Tumeltshammer said. “We closed the investigation after we had followed up on all the leads.”
As police didn’t provide any further details, Günther had no way of knowing how deeply Mr. X had been investigated—or whether he had been confronted at all.
Devastated, Günther and his wife decided to take matters in their own hands. They hired an attorney and a team of private investigators, and convinced Innogy to offer an €80,000 reward for any tips leading to the perpetrators. Sascha Kuhn, a lawyer who specialized in corporate whistler-blower hotlines, was brought in to handle the process.
Posters offering an €80,000 reward were plastered across the Dusseldorf area. By November, a crucial tipster had surfaced.
Getting closer
DURING their first meeting, the man, who introduced himself with an alias, told Kuhn that he knew the identities of Günther’s attackers. One of them, the “pretty boy,” was a Serb, the other a Turk. Both were habitués of Dusseldorf’s red-light district and new to organized crime. They had been brought in by middlemen working on behalf of the ultimate customer: “a bigwig” from the business world. The informant knew details that police hadn’t disclosed. He wouldn’t divulge who the Turkish man was, but in exchange for around €10,000, Kuhn received three photos of the other man pulled from social media and his name: Marko L.
When the images landed in Günther’s inbox, the first two didn’t set off any alarms. But he said that he will never forget the feeling of opening the third—a photo of Marko L. standing in front of the Louvre pyramid. This was the man who had blocked his way that March morning and who had, for a fleeting moment, looked him straight in the eye.
Over the next several months, Kuhn met with the informant at different locations around Dusseldorf.
“He openly said from the start that his only motivation was money,” Kuhn said, recalling how he once brought a backpack with €50,000 in cash to one of their rendezvouses. “This wasn’t someone who sings in the church choir.”
Marko L. was taken into custody during a visit to the Dusseldorf area in late 2019. But he denied having any part in the crime, and his DNA did not match material found at the crime scene. A court ruled to let him go.
“At that time, we couldn’t back up the suspicion,” Tumeltshammer said.
A month after Marko L. was released, Günther gave an angry interview to the German business daily Handelsblatt, in which he openly criticized prosecutors. By then, he had already undergone a number of surgeries. In a photograph
accompanying the story, Günther wore tinted glasses and a wide headband. He pledged not to give up until the case had been solved.
Half a year later, Innogy agreed to offer another reward, this time for €100,000. Another year passed without anybody coming forward. So Günther’s team returned to the same informant to ask him to disclose the identity of second person, the “Turk.”
“We thought we had nothing to lose,” said Kuhn. “After a few days of reflection, he agreed.”
In August 2021, the two met for the last time. Kuhn learned the name of the second assailant: Nuri T., a man living in Belgium.
From that point on, things moved quickly. In December 2021, Nuri T. was extradited to Germany. A DNA test connected him to the glove and jar that had been left at the crime scene three-and-a-half years earlier. Nuri T. vigorously denied having anything to do with the attack, but evidence—including a scar on his ankle, which appeared to have been caused by acid— convinced judges otherwise. He was sentenced to 12 years in prison following a trial in Wuppertal.
That case, including Nuri T.’s testimony, yielded a raft of new information. Marko L. was arrested again in May 2023. He was sentenced earlier this year to 11 years in prison.
Both men appealed their convictions, but Germany’s top criminal court upheld both sentences.
The informant, whose name was never revealed, ended up collecting the entire €180,000 reward.
Looking ahead
AN uncomfortable truth about this story is that, without Innogy’s financial contribution and Günther’s personal wealth, neither man would have likely been caught. German prosecutors can usually only offer up to €5,000 for tips. Access to money changed the course of justice—and who had to face it.
“That leaves a bad taste,” Tumeltshammer said. “Without this considerable amount, we wouldn’t have been able to convict the perpetrators.”
The middlemen and the instigator still haven’t been caught. And it’s unclear if they ever will be. While the tipster had a few ideas about who might have hired Günther’s assailants, he didn’t seem to know much about the ultimate client. Günther is considering offering another reward. Tumeltshammer moved to another unit, but her office is still investigating the case. She declined to comment on what next steps might be. Marko L. and Nuri T. could potentially increase their chances of early release by cooperating with prosecutors, although perpetrators linked to organized crime typically decline to do so out of fear for their loved ones. There’s also a clock ticking— most crimes carry a time limit for any prosecution. Mr. X no longer works at a big energy corporation, and Günther has never confronted him personally.
While Günther’s face has improved over time, thick strands of scar tissue still make it difficult for him to move the left side of his face and neck. He has more operations planned on his eyes, and never leaves the house without applying some makeup. He’s now used to the unease that his appearance can cause when meeting new people. Posing for a camera isn’t fun— and when he looks in the mirror, he sees “a face that seems alien.”
“In 90% of my dreams, this new face isn’t there,” he said. Like many people who survived traumatic experiences, Günther’s worldview has changed. He has continued to work, joining the board of Finnish energy giant Fortum Oyj after leaving Innogy at the end of 2020 (in June, he announced plans to step down by the end of the year), and reserves more time for close friends.
Uncovering the truth of what happened to him still ranks high on his list of priorities. “For me and my wife, the case is by no means closed,” he says. “It will only be closed when the chain of people behind it has been uncovered all the way to the initiator.”
Günther still jogs on Sunday mornings. Only now, his group picks him up at his doorstep and brings him home at the end. Bloomberg News
DOROTHEA TUMELTSHAMMER , senior public prosecutor of the city of Wuppertal. BLOOMBERG
Football Starts At Home –PFF head Gutierrez
THE Philippine Football Federation (PFF) launched the Football Starts At Home (FSAH) as its newest flagship program that aims to complement the national teams at the grassroots level in the long haul.
“The PFF aims to produce young talents who are highly skilled ball masters,” John Gutierrez, who’ll mark his first year as PFF president next month. “With this foundation, these young talents will be ready for team activities and can be honed by coaches towards becoming competitive players who can eventually play for the national pool.”
Philippine football made a historic breakthrough when national women’s team, known as Filipinas, played in the FIFA Women’s World Cup last year in New Zealand, and years ago, the men’s squad, or the Azkals, made an impact in Southeast Asian play thus trumpeting the country as a football force in the region and in the world.
Yet the long haul tops Gutierrez’s totem pole of priorities with emphasis on the grassroots— specifically the Filipino family.
“It all starts at home, with the family, Dad and Mom encouraging the kids to do football,” Gutierrez said. “Fast forward and we have a mass base of potential talent ripe for the national team program.”
The PFF extensively launched the FSAH nationwide and covered at least 30 major cities and provinces starting in Bukidnon in June and General Santos City and Maguindanao only last October 10.
Gutierrez, along with PFF Head of Grassroots Dave Abellana and FSAH founder Tom Byer are meticulously aiming to bring the program to all the 35 regional football association (FA) members of the federation by the year’s end.
“It’s my mission to touch base with all 35 regional FAs and so far, we are 24 and counting,” said Gutierrez, who before being elected president of the PFF, owned the Pachanga Football Clun and a staunch executive of the Bukidnon Football Association.
The FSAH, Gutuierrez said, introduces children to the basics of ball manipulation skills through their first coaches—their parents.
“FSAH will help bridge the gap between the best and the less developed by enhancing one’s physical, emotional, social and cognitive skills, even before they are able to join on team games,” he said.
The PFF, Gutierrez explained, aims to produce young talents who are highly skilled ball masters. “With this foundation, these young talents will be ready for team activities and can be honed by coaches towards becoming competitive players who can eventually play for the national pool,” he said.
“As young as two or three years old, it’s important that kids learn to fall in love with the ball before they join in organized football,” Gutierrez said.
Specifics about the FSAH are available at footballstartsathomeph.com.
The FSAH launched in Bukidnon, Cagayan de Oro, Cebu, Tarlac and Quezon City in June; Camarines Norte, Lucena City, Barotac Nuevo, Victorias City, San Carlos City, Dumaguete City, Zamboanga City, Pagadian City, Dipolog City, Oroquieta City, Agusan del Sur, Butuan City and Siargao in July; and Laguna, Mindoro, Naga City, Masbate, Leyte, Surigao, Golden Davao, Tagum City, Davao City, Sultan Kudarat, M’lang, Maguindanao and General Santos City in October.
Murcia’s got challenge
Touring ladies head for homestretch
THE country’s top lady golfers gear up for a thrilling final stretch in the Ladies Philippine Golf Tour (LPGT) as in the International Container Terminal Services Inc. (ICTSI) Bacolod Golf Challenge, which reels off Tuesday at the Bacolod Golf and Country Club in Murcia. With the season nearing its conclusion, and only the Match Play Championship at The Country Club in Laguna next month remaining, the contenders are hoping to make their mark in the second-to-last 54-hole stroke play tournament of the year.
Sarah Ababa, fresh off a gritty win in Iloilo where she secured her second crown of the season, is looking to carry over her momentum. But she is downplaying her chances for back-to-back victories, opting instead to focus on a steady game plan. She will again be joined by her father-caddie, Edgar, a partnership that has led to two wins this year, including a home
By Josef Ramos
had 11 points.
“Three-peat”-seeking National University (NU) crushed also-ran San Beda University, 25-19, 25-7, 25-17, for a 3-0 card in Pool A. Myrtle Escanlar uncorked 13 points off 11 attacks, one kill block and an ace while reigning Most Valuable Player Alyssa Solomon added 12 points for the Lady Bulldogs. Angel Habacon had 11 points built on nine kills and two aces for the Lady Red Spikers, who closed their campaign with a 1-3 mark.
RIELLE BARTOLOME clinched two gold medals to lead 15 other young practitioners who clinched medals in the recent Sports Jiu-jitsu International Federation World Championship in Nagoya, Japan.
Bartolome, only seven, clinched titles in the gi and no gi events of the kindergarten featherweight class to highlight the successful campaign of the kids who are all members of the Wrestling Association of the Philippines (WAP)-Philippine Junior Grappling Team.
Competing out of Mandaluyong
victory in Davao last March.
“I’m just hoping for another solid performance, but I’m keeping my expectations in check,” Ababa said. Veteran Chihiro Ikeda, whose missed birdie opportunities down the stretch in Iloilo cost her a playoff chance against Ababa, is expected for a bounce-back win, while Mafy Singson, who carded a closing 68 in Iloilo to finish tied for third with Mikha Fortuna, is optimistic about her chances of claiming her first professional title after scoring two LPGT victories as an amateur.
Fortuna, the reigning Match Play champion, also looks to ride the wave of her strong finish in Iloilo and contend this week and in the ICTSI Negros Occidental Challenge next week.
Attention will also be on Chanelle Avaricio and Daniella Uy, two of the tour’s heavy hitters. Both faltered in the second round in Iloilo, with Avaricio finishing fifth and Uy rallying with a 69 to secure sixth place. They will be looking to shake off those missteps
armbar submission Peng Nian of China to win the no gi gold medal and later defeated Nishimoto Wakana of Japan by points in the gi roosterweight division final.
Marcus Dela Cruz, meanwhile, won all his fights via submission— including China’s Ma Haisen in the final—to top the youth light featherweight no gi class, while Cesca Lepiten also overwhelmed her opponents in winning the youth gi featherweight crown.
Thiago Bartolome also topped the pre-teen no gi middleweight class by submission to help boost the campaign of the team from Asia’s largest jiu-jitsu team DEFTAC whose
THE International Canoe Federation (ICF) Dragon Boat World Championships set October 27 to November 4 in Puerto Princesa City got a major big from President Ferdinand Marcos Jr. after he issued Proclamation No. 699 declaring the fourth week of October annually as “Moving Forward Paddling Week Philippines.” “The celebration of Moving Forward Paddling Week Philippines aims to promote the Philippines as premier paddling destination and encourage all communities to adopt as a sport and leisure activity,” said President Marcos, given the country’s archipelago status with its vast coastlines.
members faced competitors from the US, Japan, China, South Korea, Brazil and Hong Kong.
Also going home as champions were Claudia Lepiten (toddler gi light featherweight), Tessa Joson (junior teen featherweight), Ali Joson (kindergarten no gi rooster-weight), Tomas Joson (youth rooster-weight), Ethan Ramos (pre-teen lightweight) and Uno Ordona (pre-teen medium heavyweight).
“I’m very happy that our Philippine Junior Grappling Team are showing everyone how hard they work and how good they really are,” said WAP head Alvin Aguilar, also DEFTAC and Universal Reality Combat Championship founder and president.
“‘Paddling forward’ symbolizes unity and strength in navigating the challenges towards achieving progress as a Filipino nation, and embodies personal growth and development through constantly striving to push limits, overcome setbacks,
two-time winner on the Pilipinas Golf Tournaments Inc.-organized circuit, Alido is coming in hot as he eyes back-toback contention ahead of his title defense at next week’s season-ending ICTSI Negros Occidental Classic. The spotlight will also be on this season’s leg winners Clyde Mondilla, Jhonnel Ababa, Que and Tony Lascuña. The event also presents a chance at redemption for Fidel Concepcion and Ababa, who both struggled after promising starts in Iloilo.
Concepcion, who led after two rounds,
Adding to the intrigue is the presence of local and foreign talents like Art Arbole, Francis Mendez, Jeffrey Pito-on, Russell Bautista, Albin Engino, Marvin Dumandan and Ryan Monsalve, alongside international challengers Daiya Suzuki, Ozeki Kakeru and former PGT Q-School topnotcher Hyun Ho Rho. With a mix of seasoned veterans and rising stars, this week’s championship promises to deliver a captivating test of skill, resilience and strategy as players battle not just for supremacy but also for ranking points for next month’s 32-player
PHILIPPINE Football Federation president John Gutierrez brings the Football Starts At Home to Tagum City—one of 30 major cities and provinces that the grassroots program have reached so far—and the response is promising.
SARAH ABABAH and dad-caddie Edgar form a partnership that has led to two wins this year— including a home victory repeat in Davao last March—and they intend to in Murcia.
