BusinessMirror October 16, 2024

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FLOWS–EXPERTS TO GOVT

By Cai U. Ordinario @caiordinario

EFFORTS to deepen the capital markets could offer solutions to maximize Overseas Filipino Worker (OFW) remittances but more needs to be done to market these instruments to Pinoys abroad, according to experts.

Based on the latest data from the Bangko Sentral ng Pilipinas (BSP), OFW’s cash remittances grew 2.9 percent to $22.22 billion in January-August 2024 from $21.58 billion registered in January-August 2023. Filipino Alvin P. Ang told BusinessMirror that given the latest data, remittance flows are on track to hit $34 billion to $36 billion by yearend. However, the bigger challenge of maximizing these flows remain.

“ Remittance kasi personal decision ng families kaya relatively resilient. [Remittance is a personal decision of families that is why they are relatively resilient],” Ang told this newspaper.

“Dapat mag offer sila [government] and the private sector ng investment instruments beyond real estate. [The government and the private sector should offer investment instruments beyond real estate],” he added.

Ang also lamented challenges in accessing existing instruments like the Personal Equity and Retirement Account (PERA). He believes these kinds of instruments should be better explained to OFWs and their families. These efforts, Ang said, should be complemented by encouraging more Filipinos to invest. The

See “Remittance,” A2

THE total resources of the financial system increased 9.2 percent in August 2024, according to the Bangko Sentral ng Pilipinas (BSP).

The latest BSP data showed the financial system’s resources reached P32.14 trillion in August 2024, higher than the P29.43 trillion posted in August 2023.

The total resources in August 2024 have already exceeded the P31.198 trillion posted in the full year of 2023. The bulk or about 83 percent

of the P32.14 trillion total are held by banks, P26.81 trillion, while non-bank financial institutions (NBFIs) hold P5.33 trillion or some 16 percent of the total.

NBFIs include BSP-supervised investment houses, financing companies, investment companies, securities dealers/ brokers, pawnshops, lending investors, non-stock savings and loan associations (NSSLAs), credit card companies, government non-bank financial institutions (i.e., Philippine Guarantee Corporation and Small

Business Corporation), and authorized agent banks (AAB) forex corporations. Meanwhile, bank resources in August 2024 increased 10.62 percent from the P24.24 trillion posted in August 2023 while NBFIs grew 2.62 percent in August 2024 from the P5.197 trillion in the same month last year.

Almost all the resources or about 93.58 percent or P25.087 trillion of bank resources was accounted for by Universal and Commercial Banks (UKBs) in August 2024.

The BSP data showed the

resources of UKBs grew 10.59 percent from the P22.685 trillion recorded in August 2023.

The data also showed bank resources included the P1.13-trillion resources of thrift banks, a 7.81-percent growth from the P1.05 trillion posted in August last year.

The BSP also said digital bank resources reached P110.3 billion in August 2024. This was 29.76 percent higher than the P85 billion posted in the same period last year.

See “Financial,” A2

Funding for DRR needs ramping up, says Marcos

By Samuel P. Medenilla  @sam_medenilla

RAMPING up financing for climate-vulnerable countries and the completion of an international legal instrument for assisting disaster-affected persons will be necessary in achieving global targets under the Sendai Framework for Disaster Risk Reduction 2015-2030, according to President Ferdinand Marcos Jr.  The chief executive made the remark after United Nations (UN) Secretary General for Disaster Risk Reduction (UNDRR) Kamal Kishore said the international community is lagging behind the Sendai Framework targets.

“The Surge to 2030 involves key steps: We must significantly increase our investments and develop financing mechanisms in disaster risk reduction,” Marcos said in his speech at the opening ceremony of the 2024 Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) at the Philippine International Convention Center (PICC) in Pasay City on Tuesday.

“Sustained and predictable data and financing would help address disaster risks better,” he added.

The President said the Philippines will help address the gaps as host and member of the Loss and Damage Fund (LDF) board.

Established during the United Nations Climate Conference 2022 (COP27) in Egypt with an initial funding of US$726 million, the LDF provides financial support to low-income countries that are heavily affected by climate change.

“This reinforces our commitment to improving the Board’s operations and to contribute to the success of its institutional architecture,” Marcos said.

CRISIS CONTROL President Ferdinand R. Marcos Jr., alongside regional leaders and disaster management experts, opened the Asia-Pacific Ministerial Conference on Disaster Risk Reduction

(APMCDRR) at the PICC in Pasay City on October 15, 2024. Key attendees included Environment Secretary Maria Antonia Yulo-Loyzaga; Defense Secretary Gilberto Teodoro Jr.; Mongolia Deputy Prime

Minister Amarbayasgalan Dashzegve; Khamal Kishore, Special Representative of the United Nations Secretary-General for Disaster Risk Reduction, and head of the United Nations Office for Disaster Risk Reduction; and Marco Toscano-Rivalta, Chief of Office UNDRR Regional Office for Asia and the Pacific. The conference unites stakeholders across the region to devise strategies aimed at reducing the risks and impacts of natural disasters. NONIE REYES

n Wednesday, October 16, 2024 Vol. 20 No. 7

St. Timothy’s retreat won’t impact elections, Miru says

THE South Korean election technology firm Miru Systems on Tuesday affirmed its commitment to providing a fair and credible electoral system in the Philippines next year.

This reasurrance comes after St. Timothy’s Construction Company (STCC) withdrew from the joint venture, a move that—while approved by the Commission on Elections—raised questions about maintaining transparency and public trust in the elections.

“We remain committed and

ready to provide a successful and advanced electoral system for the upcoming 2025 national and local elections,” Miru said in a press release.

It may be recalled that earlier this month the Comelec gave STCC an ultimatum after the latter’s owners expressed their intent to run for public office.

The poll body specified that STCC—which is strongly linked with Sarah Discaya, a Pasig mayoral aspirant—should withdraw from its local partnership with

QC RTC clears teacher in viral video of traffic

THE Regional Trial Court of Quezon City has junked the criminal complaint filed by a police officer against a teacher who uploaded a viral video showing police officers halting traffic on Commonwealth Avenue to allow a VIP to pass through .

The order issued by QC RTC Branch 104 Presiding Judge Catherine Manodon granted the motion filed by accused Janus Munar seeking reconsideration of its June 7, 2024 order denying his motion to quash the information for violation of Article 154 of the Revised Penal Code filed against him.

Miru or face disqualification from the 2025 polls due to potential conflicts of interest.

In response to STCC’s withdrawal, Miru has then submitted a replacement net financial contracting capacity to assure Comelec that its remaining partners, particularly Integrated Computer Systems Inc., and Center Point Solutions and Technologies Inc., are well-positioned to fulfil their contractual obligations for the upcoming midterm elections.

“Even with STCC’s withdrawal,

the [joint venture] continues to be 60 percent Filipino-owned, with the remaining partners absorbing the minimal share of STCC,” the South Korean firm said.

As local partners, the mentioned companies serve as financial intermediaries between Miru and the Comelec, ensuring the streamlined procurement and delivery of election peripherals.

As of this writing, Miru has successfully delivered 78,338 out of the 110,000 needed automated counting machines for next year’s polls.

Continued from A1

marketing should be done to a wider audience.

University of Santo Tomas Research Center for Social Sciences and Education (RCSSED) Director Jeremaiah M. Opiniano told BusinessMirror that these remittances can also be harnessed for nation building. However, everything starts at home.

“[The] Government should continue pressing behavioral messages to all Filipinos to improve their money habits. Remember: remittances are privately-owned,” Opiniano told this newspaper.

FOMO.

The trial court held that the amended information filed by complainant Executive M/Sgt. Verdo Pantollano failed to cite which particular acts covered by Article 154 were committed by the accused.

The court noted that Article 154 covers four modes of commission of the crime of unlawful use of means of publication and unlawful utterances.

“Under this provision the mere publication or causing of publication does not suffice to establish a crime, but the publication or causing thereof must be characterized by

The law penalizes any person who publishes or causes to publish “false news which may endanger the public order or cause damage to the interest or credit of the state.”

the phrase ‘as news.’ In this case there is nothing in the information which states that the accused published the video ‘as news’,” the order read.

The court noted that the phrase “further propagates the public disorder caused by the incident” was fatal to the prosecution’s case against Munar.

It said Article 154, paragraph 1 contemplates a situation where the publication itself is the source of the endangerment to public order, not just a fuel to the fire.

In Munar’s case, the court said it was the traffic incident which disturbed the public order, and that “the accused act of uploading the video simply aggravated the disturbance.” Joel R. San Juan

The destination offers travellers a unique retail experience and diverse culinary offerings.

Japan, known for its picturesque landscapes, festive markets and shopping districts, also emerged as a favorite destination, with 30 percent saying they visited the country in the past 12 months.

As Filipinos head overseas, many are also drawn to the Philippines as a tourist destination. Inbound travel to the Philippines is also on the rise, with the country welcoming 3.66 million international visitors from January to August 2024—a 10.14-percent increase from the same period last year, according to the Department of Tourism.

Additionally, data from the World Travel and Tourism Council’s 2024 Economic Impact Research (EIR) forecasts that international and domestic tourism spending will reach P715.6 billion and P3.7 trillion, respectively, surpassing 2019 figures by 5.7 percent and 1.8 percent.

The data was obtained from the latest Green Shoots Radar survey commissioned by Visa and done by YouGov. The survey included 16,308 respondents from 14 markets.

Of this number, some 1,045 were respondents from the Philippines. The survey was conducted between August and September 2024.

Cai U. Ordinario

Financial.

Rural and Cooperative Banks, meanwhile, saw their resources increase by 15.26 percent to P478.9 billion in August 2024 from P415.5 billion in August 2023.

The BSP said data on nonbanks are based on Consolidated Statement of Condition (CSOC), except for NSSLAs which is based on FRP. Non-bank institutions also include Social Security System (SSS), Government Service Insurance System (GSIS), and private insurance companies (i.e., life insurance companies, non-life insurance companies, and professional reinsurers), wherein assets are reported net of allowance for probable losses and depreciation.

Cai U. Ordinario

“It takes a lot of convincing by financial institutions for their OF [Overseas Filipino] clients to try and use some of their money for savings, investment and entrepreneurship. And we haven’t gone to the level of OF family financial dynamics,” he added.

BSP data showed cash remittances grew 3.2 percent to $2.89 billion in August 2024 from $2.8 billion in August 2023. BSP traced the growth in cash remittances in August 2024 to the growth in receipts from land- and sea-based workers.

The data breakdown: $2.28 billion worth of remittance from land-based OFWs and P600 million worth of inflows from seabased workers.

“We are hopeful for a Fund that will benefit climate-vulnerable countries, many of whom are in our region,” he added.

The Philippines will also enforce the guidelines on the issuance of green and blue bonds to help finance initiatives that will help mitigate climate change, according to the President.

Economic impact

IN his speech at the APMCDRR opening ceremony, Kishore said in their mid-term review of the Sendai Framework that international efforts to achieve its targets are unable to keep up with the increasing and more complex disaster risks worldwide.

“Disasters are now affecting record numbers of people and threatening their lives and livelihoods. Left unchecked, these disaster risks threaten to derail the development aspirations of the Asia-Pacific region and push back progress that has taken decades to achieve,” Kishore said.

Adopted at the Third UN World Conference on Disaster Risk Reduction in Sendai, Japan on March 18, 2015, the Sendai Framework aims to achieve substantial reduction of disaster risk and losses in lives, livelihoods and health worldwide.

Kishore echoed Marcos’s push for investments in disaster prevention, especially for climate vulnerable countries.

“This means dedicated funding for disaster risk reduction in national budgets and dedicating a larger proportion of official development assistance to prevention and not simply response. This is central to saving lives and protecting vital infrastructure and assets,” the UN official said.

“Monthly growth rates of these remittances won’t go above 3.5 percent. As mentioned previously, cash remittance levels have long plateaued. Not unless if a 1991 Gulf War-level situation in Israel, Iran and Lebanon [plus Occupied Palestinian Territory] happens soon,” Opiniano said.

Meanwhile, personal remittances from OFs grew by 3.3 percent to $3.2 billion in August 2024 from $3.1 billion registered in August 2023.

The data showed cumulative remittances in January-August 2024 increased by 3 percent to $24.74 billion from $24.01 billion recorded in JanuaryAugust 2023.

BSP said the expansion in personal remittances in August 2024 was due to higher remittances from land-based workers with work contracts of one year or more, and seaand land-based workers with work contracts of less than one year.

The growth in cash remittances from the United States (US), Saudi Arabia, United Arab Emirates (UAE), and Singapore contributed mainly to the increase in remittances in January-August 2024. Meanwhile, in terms of country sources, the US also posted the largest share of overall cash remittances in January-August 2024, followed by Singapore and Saudi Arabia.

He noted such initiatives will be complemented by empowering local communities “to prevent risks, prepare, respond fast, and build back better.”

The Philippines, he said, is leading in building local resilience through its “all-of-government and a whole-of-society approach” in generating climate change solutions such as closing the last mile of early warning systems and scaling up nature-based solutions for disaster risk reduction.

Legal framework

ASIDE from financing, President Marcos also called for the “international legal instrument for the Protection of Persons in the Event of Disasters.”

“This endeavor aims to fill critical gaps in international disaster response laws, uphold the rights and dignity of affected persons, establish clearer obligations, and enhance humanitarian coordination,” he said.

The UNDRR said some 25 million people are displaced every year due to the onset of disasters.

Kishore cited the efforts of the Philippine government in crafting such instruments through consultations.

“In every community, efforts should be made to engage the most at-risk groups, such as persons with disabilities, women, children, older persons, indigenous groups, and marginalized communities. This is essential so that we ensure that we leave no one behind,” Kishore said.

Department of National Defense (DND) Secretary Gilberto C. Teodoro Jr. sees the APMCDRR providing the venue for such consultations.

“We know from experience that the cost of prevention is almost always less than the cost of recovery,” it added.

“We hope to provide an avenue where governments in the region, international organizations, the private sector, civil society, and other key stakeholders can convene, share best practices, and coordinate a robust and sustained regional response to the challenges we are facing, both as individual nations and as a collective whole,” Teodoro said.

The country is hosting the APMCDRR for the first time. It runs until October 18.

DILG’s Remulla: Local, regional govts must act fast on disaster resiliency

By Rex Anthony Naval

SECRETARY of the Interior and Local Government

(SILG) Juanito Victor “Jon -

vic” Remulla on Monday called called on all local and regional governments in the Asia-Pacific Region to “act now and act fast” on disaster risk reduction as the region is one of the most disasterprone areas in the world.

Remulla made this statement during the Local and Regional Government Assembly of the 2024 Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) hosted by the United Nations Office for Disaster Risk Reduction (UNDRR) at the Philippine International Convention Center in Pasay City.

“We hope that through this Assembly, we will secure everyone’s commitment to plan and execute decisive and urgent local actions on disaster risk reduction and management more expediently,” Remulla said.

“We all need to act now. We have to act fast,” he added.

The Midterm Review of the Sendai Framework for Disaster Risk Reduction also stressed the need to strengthen the role of local authorities for multi-hazard risk governance, among others.

Remulla said the DILG, as the

vice chairperson for Disaster Preparedness of the National Disaster Risk Reduction and Management, pledges to continue to enhance the capacities of local government units (LGUs) on Disaster Risk Reduction and Management (DRRM) and Climate Change Adaptation.

He said the DILG will continuously provide policy guidance, technical support and capacity interventions to local government units to ensure that they are empowered and equipped to lead DRR efforts in their respective jurisdictions.

Remulla also reported 87.87 percent of local governments have already developed their Local Disaster Risk Reduction and Management Plans; and 71.05 percent of local governments nationwide have established their Local Climate Change Action Plans. Moreover, he said 67.93 percent of LGUs have Contingency Plans, and  87.33 percent have approved Community Based Disaster Risk Reduction Plans.

The APMCDRR, with the theme “Surge to 2030: Enhancing ambition in Asia Pacific to accelerate disaster risk reduction”, is the largest biennial gathering which aims to accelerate progress in reducing disaster risk in the AsiaPacific Region.

Go raises spectre of widespread criminality due to illegal drugs

SEN. Christopher “Bong” Go, who called a liar a former police officer who linked him to a system of rewards for the summary execution of drug suspects during the Duterte administration said he does not want ordinary citizens to fear going about their regular activities due to the threat from drug users and peddlers emboldened by the thought that investigations of the Duterte-era drug war would stay the hand of anti-drug authorities. Ang ayaw ko pong mangyari ay matatakot ang taumbayan na maglakad sa gabi. Dapat po ang kriminal, dapat po ang drug addict ang takot maglakad sa gabi, hindi ang ordinaryong mamamayang Pilipino na gusto lang tahimik ang buhay at makakauwi ng ligtas ang kanilang mga anak. Huwag nating sayangin ang magandang nasimulan ni dating Pangulong Duterte.”

These were the remarks of Go as he expressed alarm that drug lords and other criminal elements could become emboldened as investigations into former President Rodrigo Duterte’s war on drugs has provided an avenue for them to twist facts to undermine the the anti-drug campaign which has improved the peace and order situation in the country.

Speaking during an ambush interview on Monday, October 14, Go emphasized the dangers of a resurgent illegal drug trade and urged the public to reflect on the safety and security they experienced during Duterte’s presidency.

He urged the Filipino people to judge for themselves whether their lives had improved during Duterte’s tenure, especially when it came to public order.

Go also highlighted the fact that Duterte’s leadership in the anti-drug campaign had not only brought tangible benefits but had also earned the former President

the trust and approval of the public throughout his term.

Go also stressed that Duterte’s achievements were evident in the support he received from the Filipino people during all his past State of the Nation Addresses (SONA), particularly when the anti-drug campaign was mentioned.

Go expressed his disappointment over how some those who once stood shoulder-to-shoulder with Duterte have now turned their backs on him.

Meanwhile, responding to accusations that Duterte had implemented a so-called “reward system” in the war on drugs, Go firmly denied such allegations, calling them “baseless.” He explained that Duterte’s support for law enforcement was geared toward helping police and other uniformed personnel perform their duties more effectively within the bounds of the law.

He also recalled how Duterte personally extended support to soldiers and police officers, particularly those wounded in action, by visiting them in military camps and providing financial and moral support.

Go also clarified his position regarding the drug war and his involvement during the Duterte administration, explaining that he had no direct role in the operations of the anti-drug campaign. “Wala po akong role, hindi ko po mandato ang operations ng war on drugs,” Go said, who served as Special Assistance to the President from 2016 to 2018.

“Deemed resigned na po ako noong October 2018, nung tumakbo po ako bilang senador. Wala na po akong kinalaman sa day-to-day operations ni dating Pangulong Duterte,” Go added.

Looking ahead, Go said that he would support efforts to uncover the truth behind the drug war and any other allegations being made.

NBI arrests 17 foreigners in Makati cybercrime bust

TBy Joel R. San Juan @jrsanjuan1573

HE National Bureau of Investigation-Cybercrime Division (NBI-CCD) ) has arrested 17 foreign nationals who were believed to be members of an organized cybercrime group based in Makati City.

At a press briefing, NBI Director Jaime Santiago said 15 of those arrested are Chinese, one Malaysian and a Taiwanese.

The NBI has yet to release the names of the suspects as its operatives are still double checking their identities.

The 17 foreign nationals were arrested on October 11, 2024 by virtue of a warrant to search, seizure, and examine computer data (WSSECD) issued by the Regional Trial Court in Makati City against

the premises located at Mascardo Street, Tejeros, Makati City.

The NBI said it applied for a warrant following an information it received from its assets about the illegal activities of the suspects.

During the implementation of the warrant, NBI-CCD operatives recovered several live electronic devices such as desktop computers, laptops and cellular telephones which were being used in the group’s cybercrime operations.

The NBI said Initial examination conducted on the electronic devices led to the discovery of digital evidence, tools and applications for social engineering schemes, illegal access, misuse of devices, computer-reated forgery and fraud.

Thus, the NBI said the suspects will be charged with violation of

Republic Act 12010 (Anti-Financial Account Scamming Act) and RA 10175 (Cybercrime Prevention Act of 2012).

Santiago said the suspects were caught in the act of committing the illegal activities online and that the Malaysian national was the one acting as the supervisor of the suspects.

The NBI said it is still waiting for the Bureau of Immigration’s report as to the visa status of the suspects.

“We are still verifying their status because they did not provide any documents. We are still waiting for the reply of the Bureau of Immigration because there were documents recovered but those were not official and some of the passports were already expired,” the NBI said.

Philippine, Australian armies start Exercise Kasangga

FILIPINO and Australian soldiers are now conducting specialized land warfare training under Exercise Kasangga in Camarines Sur. The exercise started on Monday and will last until November 8, Col. Louie Dema-ala, Army spokesman, said on Tuesday.

Participating troops are from the Army 9th Infantry Division and soldiers from the Australian Army, he added.

Exercise “Kasangga” formally opened at the headquarters of the Army’s Ninth Infantry “Spear” Division at Camp Elias Angeles, San Jose, Pili, Camarines Sur.

“The Philippine Army-Australian Army Exercise (PAAAE) Kasangga 2024-2 is the inaugural combined training exercise between Filipino and Australian ground troops in the Bicol Region,” Dema-ala said.

At least 266 personnel from the

Ninth Infantry Division are participating along with 50 from the Australian Army.

Dema-ala said combined exercise covers critical areas such as urban operations, close combat techniques, combat shooting, and tactical casualty care.

Soldiers will also undergo training in explosive assault breaching, cybersecurity operations, mortar gunnery with forward observers, and civil-

military operations exchanges. Dema-ala said Exercise Kasangga aims to enhance the skills and bolster the interoperability of both armies in various war-fighting functions.

It can be recalled that the Fifth Infantry “Star” Division in Isabela hosted the first holding of the combined exercise for the year with Australian ground troops from May to June this year. Rex anthony naval

BuCor sanctions 119 personnel in two years

THE Bureau of Corrections (BuCor) has either dismissed, suspended or reprimanded a total of 119 of its personnel over the past two years as part of its ongoing effort to cleanse its ranks of misfits.

Out of 119 sanctioned Bucor personnel, 20 were dismissed, 70 were suspended, 19 were reprimanded and 10 were fined.

“This is a clear message that we will not tolerate any misconduct and inefficiencies in our organization while we will reward with promotion those who will uphold our

ethical standard to ensure effective and fair delivery of public services,” Corrections Director General Gregorio Pio Catapang said.

The more than 100 BuCor personnel were disciplined owing to various offenses such as gross neglect of duty, misconduct, conduct prejudicial to the best interest of the service to serious dishonesty, grave misconduct, neglect of duty, and insubordination.

Catapang noted that the number of disciplined prison personnel indicates the bureau’s commitment to clean up the agency of undesirables

and to promote integrity and accountability in the ranks.

The Department of Justice (DOJ) and BuCor have been implementing reforms to improve conditions within the penal facilities, including transfer of New Bilibid Prisons inmates, which is a stop-gap measure to alleviate overcrowding in the national penitentiary while the agency waits for funding for the construction of regional correctional facilities as part of its medium—and long-term development and modernization plan.

The BuCor has also initiated the release of 6,657

prisoners or persons deprived of liberty (PDLs) over the past two years as part of its decongestion program.

BuCor is operating six prison and penal institutions—New Bilibid Prison in Muntinlupa City, Correctional Institution for Women (CIW) in Mandaluyong City, Iwahig Prison and Penal Farm in Puerto Princesa, Palawan, San Ramon Prison and Penal Farm in Zamboanga City, Sablayan Prison and Penal Farm in Occidental Mindoro, Leyte Regional Prison in Abuyog, Leyte, and Davao Prison and Penal Farm in Davao.

Bautista leads moves to reduce aviation carbon emission

RANSPORTATION Sec -

Tretary Jaime J. Bautista underscored the significance of the 59th Conference of the Directors General of Civil Aviation (DGCA), currently being held in the Philippines, as a crucial platform for addressing carbon emissions in aviation and advancing the development of the country’s aviation industry.

This annual gathering of aviation industry leaders from the Asia-Pacific region is ongo -

ing and will wind up on October 18. At least 423 delegates from around the world are attending the conference.

The gathering is centered on key issues such as safety and security, with a particular focus on reducing carbon emissions in line with this year’s DGCA theme of resiliency, sustainability and inclusivity.

“Pag-uusapan diyan ang  safety, which is always a major topic for discussion. Sa  sustainability naman, titingnan natin kung ano ang

Govt promoting science, technology, innovation–Romualdez

By Jovee Marie N. dela Cruz @joveemarie

PEAKER Ferdinand Martin

SRomualdez on Tuesday said the Philippines is taking steps to promote science, technology, and innovation to sustain the nation’s

development under the leadership of President Marcos.

Speaking at the 149th Inter-Parliamentary Union (IPU) Assembly in Geneva, Switzerland, on Monday (Switzerland time), Romualdez underscored the efforts of both President and the Congress in promoting

these sectors to drive the country’s socio-economic development.

He pointed to the creation of the National Innovation Council, chaired by the President, as a key step in embedding innovation as a priority for the nation’s progress. The council oversees the imple -

mentation of the National Innovation Agenda and Strategy Document, which outlines the country’s 10-year vision and strategies for innovation.

Romualdez emphasized that these initiatives align with the Philippines’ commitment to the

mga  practices that will allow us to contribute to the reduction of carbon emissions, kasama na ang mga  best practices in the industry.  Isa pa sa mga  areas  na paguusapan ay ang  capacity building—kung paano mapapa-increase ang capability ng mga Director General.  Kailangan kasi continuous ang  development,” Bautista said. In support of global sustainability efforts, Civil Aviation Authority of the Philippines (Caap) Director General Manuel Antonio

2030 Agenda for Sustainable Development.

L. Tamayo also proudly shared that nearly 15,000 trees have been planted across the country, and the initiative continues to support Icao’s Long-Term Aspirational Goal of net-zero carbon emissions by 2050. The DGCA conference serves as an important forum for the exchange of ideas and best practices among aviation leaders, and its outcomes are expected to contribute significantly to the future of aviation in the Philippines and the Asia-Pacific region.

He also noted that the Philippine Congress has enacted several laws to improve innovation governance, including the Philippine Innovation Act, the Philippine Digital Workforce Competitiveness Act, and the Technology Transfer Act of 2009. Romualdez said the initiatives taken by the President and measures enacted by Congress have “borne dividends for our country.” He said in the 2024 Global Innovation Index of the World Property Organization, which measures the innovation-based performance of 130-plus economies, the Philippines rose in the ranking from 59th in 2023 to 56th place this year.

In the same report, the Philippines was recognized as one of the decade’s top innovation performers, having achieved its highest rank at 50th place in 2020 during the global pandemic, he said.

He explained the laws he mentioned to enhance science, technology, and innovation.

The Digital Workforce Competitiveness Act aims to address gaps in digital technology and skills by providing programs that equip Filipinos with the necessary competencies for the global labor market.

The law ensures support for the digital workforce through co-working facilities and loans with concessional terms.

It also allows for public-private partnerships to plan and implement training, skills development, and certification programs for digital careers.

The Technology Transfer Act seeks to promote and facilitate the transfer and commercialization of intellectual property, technology, and knowledge resulting from research and development programs funded by the government for the benefit of the Philippine economy.

Under the 2023-2028 Philippine Development Plan, the government has emphasized the importance of innovation in achieving deep socioeconomic transformation.

The Department of Science and Technology (DOST) launched Pagtanaw 2050, the first DOST-funded inter-disciplinal and trans-disciplinal project on a Philippine-focused Science Technology Innovation Foresight and Strategic Plan.

The plan is a compendium of science, technology, and innovation megatrends, global and national societal goals, transdisciplinary operation areas, and current and emerging technologies relevant to

the nation’s development that is firmly grounded in the aspirations of Filipinos.

“With all these legislation, policies, and programs, in terms of innovation governance, the Philippines’ Global Innovation Index has been increasing over the last decade. In fact, the Philippines is recognized as one of the middle-income economies with the fastest innovation catch up,” Romualdez told his IPU audience.

He emphasized the importance of science, technology, and innovation in addressing development issues developed and developing nations are facing.

“The complementary, interdependent nature of these three different concepts means that they must be considered as one: together. Science, technology, and innovation serve as our guiding lights of hope,” he said.

“They are our tools in addressing some of the most pressing issues we have today. They support us in achieving our sustainable development goals and in shaping future peace. They hold vast potential to form and drive global solutions to the world’s problems,” he said.

They are also “key drivers that enable and accelerate the global transformation towards prosperous, inclusive, and environmentally sustainable economies in developing and developed countries alike. They are the pillars of sustainable development,” the House leader added.

“They have the strong potential to contribute to the achievement of almost all the sustainable development goals. They are the heart of international cooperation and global partnerships for development,” he stressed.

The five-day IPU conference focuses on the theme, “Harnessing Science, Technology and Innovation for a More Peaceful and Sustainable Future.”

House panel earmarks additional ₧292 billion for social services

By Jovee Marie N. dela Cruz @joveemarie

ASMALL committee tasked by the House of Representatives to introduce individual and institutional amendments to the proposed 2025 P6.352-trillion

General Appropriations bill (GAB) has earmarked P292.23 billion to enhance social services, strengthen social safety nets, and ensure food security.

House Committee on Appropriations Chairman Zaldy Co said that the increased funding aims to address the needs of vulnerable sectors, including low-income students, farmers, fishermen, soldiers, and indigent families.

“The additional funding is crucial for supporting those in need. We’re providing assistance to struggling families, especially during these challenging times,” said Co. The new funding is on top of the P591.8 billion already set aside by the Department of Budget and Management (DBM) for cash assistance to impoverished families.

Key highlights in the 2025 GAB

include an extra P39.8 billion for the Assistance to Individuals in Crisis Situations (AICS) program, which offers immediate financial support to those in need. The Ayuda sa Kapos ang Kita Program (Akap) will also receive an additional P39.8 billion, targeting families with monthly incomes of P21,000 or less—three times the previous year’s allocation of P13 billion.

Co said Akap is designed for the “near poor” or “lower middle class” segment of the population that includes minimum wage earners vulnerable to economic shocks like sudden death of household head, sickness, loss of jobs, or runaway

inflation that can easily send them back to poverty.

The House also allocated P3.4 billion for the Sustainable Livelihood Program for low-income families, said Co.

“We believe that empowering individuals through livelihood programs will help break the cycle of poverty,” Co added.

For her patt, Appropriations Committee Senior Vice Chairperson Stella Quimbo emphasized the importance of proactive measures.

She said the Department of Labor and Employment will receive an additional P20.28 billion for the Tulong Panghanapbuhay sa Ating Disadvantaged/Displaced Workers (Tupad) and the Government Internship Program.

“We must have funds on standby to support those who have crossed the poverty threshold to prevent them from falling back into poverty due to economic challenges. This budget is not just about numbers; it’s about the lives we can uplift,” Quimbo said.

In further efforts to support education, the House panel allocated P30.01-billion more to provide scholarships for underprivileged students pursuing tertiary education. This funding will be split evenly between the Commission on Higher Education’s Tertiary Education Subsidy and Tulong Dunong programs.

“Investing in education is investing in the future. Every child deserves the chance to learn and succeed,” said Quimbo.

The Department of Education will benefit from an additional P7billion budget for the construction of new school facilities and repair of existing ones. This funding aims to address the pressing need for improved educational infrastructure, particularly in underserved areas, Co said.

Meanwhile, the Armed Forces will have P8.44-billion in additional funding to increase subsistence allowance of military personnel. Once approved, the daily subsistence of soldiers will increase to P250, or a 67 percent increase from previous level.

The extra funding for enlisted

men’s daily subsistence was initiated by House Speaker Martin Romualdez in response to appeals by military personnel he regularly meets in the field.

“Our soldiers deserve the extra allowance. This is a small price to pay for their sacrifice and for defending our country from both internal and external threats,” Romualdez added.

Moreover, Co said the military will also get P3.2 billion more to complete the airport expansion on Pag-asa Island along with a shelter port in Lawak, Palawan. These are in support of efforts to defend the West Philippine Sea against continuing Chinese intrusion.

“Investing in our military not only supports our soldiers but also strengthens our national security and sovereignty. This also underscores our commitment to protect our territorial integrity,” Co added.

In a bid to enhance food security, the panel realigned P30billion for the Department of Agriculture’s Philippine Irrigation Network Piping System, solar-powered irrigation systems, and cold storage projects. “Food security is a priority for our nation, and these investments will help ensure that our farmers can thrive,” Co stated.

Additionally, P44 billion has been added to the National Irrigation Administration’s budget for establishing pump irrigation and solar-driven pump irrigation projects.

The Department of Health is set to receive an additional P56.87-billion, aimed at enhancing its Health Facility Enhancement Program, Medical Assistance for Indigent and Financially Incapacitated Patients Program, and improving specialty and legacy hospitals. A P1-billion budget has been earmarked for upgrading the University of the Philippines-Philippine General Hospital, a crucial facility in the country’s healthcare system. “Healthcare is a fundamental right, and we must ensure that all Filipinos have access to quality medical services,” Co said.

Govt ‘having difficulty’ in tracking underground Pogos

FEWER licensed Internet Gaming Licensees (IGL) remain open amid the looming total ban on their operations before the end of the year, according to the Presidential Anti-Organized Crime Commission (PAOCC).

In a television interview with state-run PTV last Tuesday,  PAOCC spokesperson Winston John Casio disclosed there are now 37 to 38 licensed IGLs—lower compared to the 41 which were registered by the Philippine Amusement and Gaming Corp. (Pagcor) in July.

“They really are winding down. So, we have no problem when it comes to those legal because they are complying with the requirement of Pagcor and the President to really stop all of their operations by the end of the year,” Casio said.

He said they are also continuing with their crackdown on illegal IGLs and Philippines Offshore Gaming Operators (POGO) nationwide with the aid of other government agencies and local government units (LGU).

“Well, the challenge [for us] is that many [POGOs and IGLs] are going underground. So, there are a good number of them and we’re having difficulty catching up,” Casio said.

The PAOCC said operations against four foreign financiers of illegal IGLs and POGOs are ongoing.

“Most of them are Chinese and we have a few who are Malaysian-Chinese. So, we have a lead on them, and we are currently closely monitoring them and building the cases against them so we can apply for search warrants and missions so they can be detained, “ Casio said partly in Filipino.

“In the next few days, weeks, we can get all of these,” he added.

In his third State of the Nation Address (SONA), President Marcos ordered the closure of all POGOs and IGLs before the end of the year, citing their social cost and the crimes that are linked to them.

Heeding an order of the President, the Department of Labor and Employment (DOLE) assured it will provide aid to workers, who will be displaced because of the POGO and IGL closures. Samuel P. Medenilla

BFAR: Chinese militia ship ‘sideswipes’ vessel off Pagasa

By Malou Talosig-Bartolome

CHINESE militia vessel

A“deliberately” hit a Philippine government vessel patrolling near Pagasa Island last October 11, the Bureau of Fisheries and Aquatic Resources (BFAR) said.

BFAR said their vessel BRP Datu Cabaylo (MMOV 3001) was approaching Pag-asa (Sandy) Cay 4 when a Chinese militia vessel with bow number 00108 “deliberately

sideswiped” the starboard bow (front right portion) of BRP Datu Cabaylo.

The same militia vessel also “conducted dangerous maneuvers and tried to block the path” of another BFAR vessel.

“These dangerous maneuvers caused the sideswiping and collision with the BFAR vessel, which sustained minor dents in its starboard bow,” BFAR said.

The brief collision occurred about 5.1 nautical miles south-

southwest of Pagasa Island from one of the four cays of Pagasa Island, within the Philippine 12 nautical miles territorial zone.

Pagasa Island is the biggest rock feature occupied by the Philippines in the West Philippine Sea.

BFAR maintained its position despite the brief encounter with a Chinese militia vessel and was “able to continue” with its maritime patrol mission in the Pagasa cays. The two vessels are now docked at the sheltered port of Pagasa.

2 from Mindanao join WWF sustainable cities

By Manuel T. Cayon @awimailbox

DAVAO CITY—The cities of Dipolog in Zamboanga del Norte and Tagum in Davao del Norte joined two other Philippine cities in the global sustainable urban development program of the World Wide Fund for Nature (WWF).

The WWF said the cities of Baguio, Dipolog, Makati, and Tagum are joining its global We Love Cities 2 (WLC) Campaign that “aims to raise awareness and inspire citizens to support their cities’ sustainable urban development initiatives”.

It said Baguio, Makati, and Tagum were eligible to participate in the WLC Campaign after they were named National Finalists in the One Planet City Challenge (OPCC) 2023-2024. “Coming from the OPCC 2023-2024, this granted them the opportunity to participate in the biennial global competition that helps cities meet their climate mitigation and adaptation goals”.

Dipolog City, the former OPCC 2021-2022 National Winner, was

categorized among the “All-Star” cities, “allowing them to rejoin the public engagement campaign”.

“Filipinos across the country are very eager to support initiatives towards sustainability, and these four cities participating in this global engagement are role models for other local governments to follow,” Imee Bellen, project manager of the OPCC, said.

The We Love Cities campaign will run for the whole month of October 2024 and will encourage citizens of each city to post on social media channels about the sustainable initiatives of their city that they love and support.

Baguio City has been focusing its efforts on roads and vehicles to cut emissions and create a cleaner environment, the WWF said. It also implemented vehicle-free Sundays on the Session Road, allowing residents and tourists to stroll and enjoy the shops, restaurants, and cafés.

Makati City strengthened its commitment to addressing climate change with the declaration of a climate emergency in 2022. Since then, the city has aligned itself with the 1.5°C target for

both 2030 and 2050 and has been implementing comprehensive and diverse climate actions.

Dipolog City’s win in the OPCC 2021-2022 recognized its bold emission reductions plan, which was aligned with science-based targets needed to keep global warming within 1.5°C.

“Dipolog has reported innovative and impactful action plans that will help achieve these targets and bring long term co-benefits such as forest rehabilitation which will assist with mitigation and adaptation,” the WWF said.

The city has its Minaog-Dicayas-Lugdungan Watershed Management Project to restore and rehabilitate the denuded forests in Dipolog and establish legal mechanisms for protection. The project will help sequester carbon emissions and preserve vital flora and fauna such as the endangered Mindanao tarsier by protecting 589 hectares in the mountains of Barangays Dicayas and Lugdungan.

Also part of Dipolog’s climate action is the Riverbank Bamboo Plantation initiative which involves planting over 78,000 bamboo along the city’s

riverbanks to reduce the risk of river flooding and contributing to carbon sequestration. This simple yet effective naturebased solution is a testament to Dipolog city’s commitment to locally led adaptation and resilience building actions.

For Tagum City, the WWF said the international jury of the One Planet City Challenge found this Davao del Norte capital “to have a strong vision and impact, with commitments aligned to fairshare emissions halving by 2030, as well as a net-zero emissions target for 2050”.

“Tagum is developing an integrated solid waste management system that focuses on waste reduction, recycling, and composting. It’s also building eco-parks and increasing green spaces to help absorb carbon dioxide and improve air quality. Promoting sustainable transportation is part of the plan too, to reduce emissions and reliance on fossil fuels. Community forums are regularly held to raise awareness about climate change, emphasizing the big difference every individual can make in mitigation and adaptation efforts,” the WWF added.

DBM, DPWH nix new tourism roads’ funding

By Ma. Stella F. Arnaldo @akosistellaBM Special

Tto the BusinessMirror

HE efforts of government to encourage more domestic and foreign tourists to visit less popular tourism destinations may be stymied because no new roads and bridges will built leading to these areas.  In a hearing on  Tuesday on the Department of Tourism’s (DOT) proposed P3.4-billion budget for 2025, Tourism Secretary Christina Garcia Frasco informed Senator Loren Legarda that only P6.38 billion has been allocated to the

Department of Public Works and Highways (DPWH) to continue the construction of ongoing road projects. The amount is 58-percent less than the P15.1 billion allocated to the DPWH under its Tourism Road Infrastructure Program (TRIP), a partnership with the DOT since 2011. This prompted Legarda, the sponsor of DOT’s budget in the Senate, to say she was willing to introduce an amendment to the agency’s proposed  budget for 2025. “Why are they discriminating against DOT? If the DOT is a driver of the local and domestic economy, why not?

If it brings about thousands of jobs, etc. So, that is my question. So, we shall see  because I can amend it with a special provision if the Department of Budget and Management (DBM) will allow,” Legarda said at the continuation of the Finance Subcommittee G briefing on the DOT’s proposed budget.

Under said amendment, Legarda proposed that DOT can receive the funding for the new roads, but DPWH will still construct them under the agencies’ convergence program. She noted that the budget for farm-tomarket roads, for instance, is

lodged with the Department of Agriculture.

Reading a letter by the DPWH Secretary Manuel Bonoan to Frasco in March, Legarda said, “No new projects will be entertained, and that this should be lodged with the DOT.” However, the DBM was not amenable to this because the DPWH is the “implementing agency for government infrastructure projects,” according to Legarda’s budget consultant, Yolanda Dublon.

Yet the senator confirmed that she “[understood] the limited fiscal space of the DPWH,” and that the latter refers to tourism roads

“We commend the officers and crew of the BRP Datu Cabaylo (MMOV 3001) as they continue to perform their duty, in line with the mandate of BFAR, to uphold Philippine jurisdiction and rights over its territorial waters and exclusive economic zone,” BFAR said. In Beijing, China’s Foreign Ministry Spokesperson Mao Ning confirmed the collision.

“As far as I know, the actual situation is that the Philippine government ship sailed in a dangerous manner in the waters under China’s jurisdiction and collided with a Chinese fishing boat operating normally in the waters,” Mao said. Beijing blamed Manila again for this incident.

“Philippines violated China’s sovereignty and seriously threatened the safety of Chinese fishing boats and personnel. China urges the Philippines to earnestly respect China’s territorial sovereignty and maritime rights and interests in the South China Sea and stop any actions that may complicate the situation,” Mao said in Mandarin.

NMIS needs support so it can ensure safe meat items

SENATE Majority Leader

Francis Tolentino is tapping multi-agency support for the National Meat Inspection Service (NMIS) of the Department of Agriculture (DA) in a move to ensure the safety and quality of Philippine meat products.

At the celebration of the 31st Meat Safety Consciousness Week in Quezon City, Tolentino also stressed the urgency of strengthening the NMIS amid serious threats to local producers, such as the spread of the African Swine Fever (ASF), and declining domestic production.

Speaking before agriculture officials and stakeholders, Tolentino cited the impressive meat inspection systems of Chile and Argentina, considered among the world’s top meat producers and exporters.

Only by strengthening the NMIS, the senator stressed, “can the country strive to become a source of safe and quality meat products.”

Still, Tolentino said he is also “fully aware of and acknowledge the many challenges faced by NMIS.”

Thus, the senator also emphasized the need “to raise the quality of domestically produced meat.”

and bridges as provincial projects and not national projects, which are its core mandate, and on which the agency wants to focus.

The DOT had earlier proposed P8 billion to the DPWH for new tourism roads, under the DBM’s instruction, but the DPWH rejected this. “Now we are in a quandary with the DBM having directed us to propose, the DPWH having rejected the same, leaving these roads that will support our tourism destinations with no funding whatsoever,” said Frasco.

Dublon also informed Legarda that Bonoan had proposed that a new set of guidelines and criteria for projects be drawn up by both DOT and DPWH, so as to create a new priority list from funding

Tolentino batted for four priorities: “One, there should be greater collaboration with the Department of Health (DOH). Two, there should be greater support from the Department of Science and Technology (DOST). Three, I believe the NMIS should be well-funded. And four, we should aspire to be like Chile and Argentina by becoming exporters of our meat products.”

Besides collaborating with the DOH and DOST, the senator suggested that NMIS work actively with the Department of Trade and Industry (DTI), the Presidential Communications Office (PCO), and the Department of Budget and Management (DBM) to enhance its systems and branding.

Asked in a media interview if the state of calamity should still be pursued, the senator responded: “Even without the declaration, the government is already making efforts, like vaccine procurement and increasing public awareness. But he reminds that “ASF is not something that can be easily stopped. It’s up to the President to make the decision, because with a state of calamity, a national price freeze can be imposed to protect consumers.”  Butch Fernandez

of TRIP projects. The TRIP convergence program was forged in 2011 between DOT and DPWH so the former can recommend which tourism areas need vital roads and bridges and help expand the benefits of tourism to the countryside. In 2023, the tourism industry accounted for an 8.6-percent share of the country’s gross domestic product (GDP). The Tourism Direct Gross Value Added (TDGVA) amounted to P2.09 trillion that year, the highest since the Philippine Statistics Authority began compiling the data in 2000. The amount was higher by 48 percent than the P1.41 trillion TDGVA in 2022, when the industry contributed 6.4 percent  to the GDP.

PHOTO screenshot of the video of the collision between Chinese militia vessel and BRP Datu Cabaylo. BFAR

Wednesday, October 16, 2024

World

Editor: Angel R. Calso • www.businessmirror.com.ph

Deadly Israeli strikes kill 15 in southern Gaza, including 6 children and 2 women

By The Associated Press

ISRAELI strikes in the southern Gaza Strip killed at least 15 people overnight, including six children and two women, Palestinian medical officials said Tuesday. In northern Gaza, where Israel has been waging an air and ground campaign in Jabaliya for more than a week, residents said families were still trapped in their homes and shelters.

It’s been more than a year since Hamas-led militants blew holes in Israel’s security fence and stormed in, killing some 1,200 people, mostly civilians, and abducting another 250. They are still holding about 100 people captive inside Gaza, a third of whom are believed

to be dead. 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.

In solidarity with Hamas, Lebanese militant group Hezbollah has exchanged cross-border fire with Israel almost daily for the past year. Israel escalated its campaign

would be crucial in any future attack on Israel.

At the funeral in Tehran for Gen. Abbas Nilforushan, the Guard’s chief commander, Gen. Hossein Salami, attended alongside President Masoud Pezeshkian and the head of the country’s judiciary. Other Guard generals also attended, including Gen. Esmail Qaani of the Guard’s expeditionary Quds Force, about whom rumors had circulated for days regarding his status after the strike that killed Nasrallah.

against the group in recent weeks. Rumors circulated for weeks over the head of the expeditionary arm of Iran’s paramilitary Revolutionary Guard Gen. Esmail Qaani’s status after an Israeli airstrike that killed Hezbollah leader Hassan Nasrallah in Beirut in late September. But Qaani, the head of the Quds Force, was seen in a black bomber jacket, wiping away tears at an event early Tuesday morning at Tehran’s Mehrabad International Airport.

Top leaders are among those mourning an Iranian Revolutionary Guard general DUBAI, United Arab Emirates— The funeral of an Iranian Revolutionary Guard general killed alongside Hezbollah leader Hassan Nasrallah drew the largest crowd of top leaders in the paramilitary organization together Tuesday for the first time since Tehran launched a ballistic missile attack on Israel.

The Guard’s leadership hasn’t been as visible in the two weeks since Iran’s October 1 attack on Israel. The Guard is the main power behind Iran’s theocracy and oversees its arsenal of ballistic missiles—which

At least two prominent Guard generals were not on hand: Gen. Amir Ali Hajizadeh, the commander of Guard’s aerospace division that oversees its missile program, and Gen. Ali Reza Tangsiri, commander of the Guard’s navy, did not attend.

Iran offered no explanation for their absence, though Israel has threatened to carry out a serious retaliatory strike against Iran.

Meanwhile, Israeli strikes early Tuesday hit a house in the southern town of Beni Suhaila, killing at least 10 people from one extended family, according to Nasser Hospital in nearby Khan Younis. The dead include three children and one woman, according to hospital records. An Associated Press camera operator at the hospital counted the bodies.

In the nearby town of Fakhari, a strike hit a house early Tuesday, killing five people, including three children and a woman, according to the European Hospital, where the casualties were taken.

The Israeli military rarely comments on individual strikes. It says it tries to avoid harming civilians and blames their deaths on Hamas, accusing the militants of sheltering in civilian areas.

Israeli bombardment around Jabaliya leaves family trapped DEIR AL-BALAH, Gaza Strip—In

northern Gaza, where Israel has been waging an air and ground campaign in Jabaliya for more than a week, residents said families were still trapped in their homes and shelters Tuesday.

Adel al-Deqes said his relatives tried to move to another place in Jabaliya in the morning, but the military shelled them.

“We don’t know who died and who is still alive,” he said. Ahmed Awda, another Jabaliya resident, said they heard “constant bombing and gunfire” overnight and Tuesday morning. He said the military destroyed many buildings in the eastern and northern parts of the camp, which dates back to the 1948 war surrounding Israel’s creation.

“They bombed many buildings; some of them empty buildings,” he said.

Australia puts sanctions and travel bans on 5 Iranians WELLINGTON, New Zealand— Australia’s government has imposed targeted financial sanctions and travel bans on five Iranians contributing to the country’s missile defense program, Foreign Minister Penny Wong said Tuesday. Iran’s launch of at least 180 ballistic missiles against Israel on October 1 was “a dangerous escalation that increased the risk of a wider regional war,” Wong said in a statement.

The fresh sanctions target two directors and a senior official in Iran’s Aerospace Industries Organization, the director of the Shahid Bagheri Industrial Group, and the commercial director of the Shahid Hemmat Industrial Group. The decision brings to 200 the number of Iran-linked individuals and entities now sanctioned by Australia.

“Australia will continue to hold Iran to account for its reckless and destabilizing actions,” Wong said.

UN Security Council voices ‘strong concern’ over Israel’s actions in Lebanon, urges respect for UN peacekeepers

By Edith M. Lederer The Associated Press

UNITED NATIONS—The UN Security Council expressed “strong concern” Monday as Israel has fired on and wounded UN peacekeepers in southern Lebanon during intensified fighting, reiterating its support for their role in supporting security in the region.

It’s the first statement by the UN’s most powerful body since Israel’s attacks on the positions of the peacekeeping force known as UNIFIL began last week, drawing international condemnation.

UN peacekeeping chief JeanPierre Lacroix told reporters that Secretary-General António Guterres confirmed Monday that peacekeepers will remain in all their positions even as Israel has urged the peacekeepers to move 5 kilometers (3 miles) north during its ground invasion in Lebanon.

Israel has been escalating its campaign against Hezbollah in Lebanon across a UN-drawn boundary between the two countries. The sides have been clashing since the Iranian-backed militant group started firing rockets a year ago in solidarity with its ally Hamas in Gaza. Hamas’ deadly attacks in southern Israel on October 7, 2023, launched the war.

The Security Council statement, issued after emergency closed consultations on Lebanon, did not name either Israel, Lebanon or Hezbollah.

Read by Swiss UN Ambassador Pascale Baeriswyl, the council’s current president, it urges all parties “to respect the safety and security of UNI-

FIL personnel and UN premises.”

The 15-member Security Council has been deeply divided over the war in Gaza, with the United States defending its ally Israel as support for the Palestinians has grown among members and casualties have escalated. The Biden administration has become more critical of civilian deaths as well as the recent attacks on UNIFIL.

US deputy ambassador Robert Wood told reporters that “it’s good that the council can speak with one voice on what’s on the minds of all people around the world right now— and it’s the situation in Lebanon.”

The council’s statement sends a message to the Lebanese people “that the council cares, that the council is watching this issue and that the council today spoke with one voice,” Wood said.

Council members also expressed “deep concern” at civilian casualties and suffering, the destruction of civilian infrastructure and the rising number of internally displaced people.

More than 1,400 people in Lebanon, including civilians, medics and Hezbollah fighters, have been killed and 1.2 million displaced in the past month. Around 60 Israelis have been killed in Hezbollah strikes in the past year. Israel says it wants to drive the militant group away from the border so some 60,000 displaced Israelis can return to their homes.

The Security Council statement called on all parties to abide by international humanitarian law, which requires the protection of civilians. Council members also called for

the full implementation of Security Council Resolution 1701, which ended the 2006 Israel-Hezbollah war “and recognized the need for further practical measures to achieve that outcome.”

That resolution calls for the Lebanese army to deploy throughout the south and for all armed groups, including Hezbollah, to be disarmed—neither of which has happened in the past 18 years. Lacroix, the undersecretarygeneral for peace operations, told reporters after his closed briefing to the Security Council that five UNIFIL peacekeepers have been injured in recent days and that the UN has protested to Israel.

Israel has indicated “investigations will be carried out regarding some of these incidents...and we will see what comes out of this,” he said.

Israeli Army spokesman Lt. Col. Nadav Shoshani asserted Sunday that Israel has tried to maintain constant contact with UNIFIL and that any instance of UN forces being harmed will be investigated at “the highest level.”

Prime Minister Benjamin Netanyahu has 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 Sunday in a video addressed to the UN secretary-general, who has been banned from entering Israel.

The World Canada expels Indian diplomats over Sikh activist’s assassination

400,000

children displaced in Lebanon war, UNICEF warns of ‘lost generation’

BEIRUT—More than 400,000 children in Lebanon have been displaced in the past three weeks, a top official with the UN children’s agency said Monday, warning of a “lost generation” in the small country grappling with multiple crises and now in the middle of war.

Israel has escalated its campaign against the Lebanon-based Hezbollah militant group, including launching a ground invasion, after a year of exchanges of fire during its war with Hamas in Gaza.

The fighting in Lebanon has driven 1.2 million people from their homes, most of them fleeing to Beirut and elsewhere in the north over the past three weeks since the escalation.

Ted Chaiban, UNICEF’s deputy executive director for humanitarian actions, has visited schools that have been turned into shelters to host displaced families.

“What struck me is that this war is three weeks old and so many children have been affected,” Chaiban told The Associated Press in Beirut.

“As we sit here today, 1.2 million children are deprived of education. Their public schools have either been rendered inaccessible, have been damaged by the war or are being used as shelters. The last thing this country needs, in addition to everything else it has gone through, is the risk of a lost generation.”

While some Lebanese private schools are still operating, the public school system has been badly affected by the war, along with the country’s most vulnerable people such as Palestinian and Syrian refugees.

“What I’m worried about is that we have hundreds of thousands of Lebanese, Syrian, Palestinian children that are at risk of losing their learning,” Chaiban said.

More than 2,300 people in Lebanon have been killed in Israeli strikes, nearly 75 percent of them over the last month, according to the

Health Ministry. In the last three weeks, more than 100 children were killed and over 800 were wounded, Chaiban said.

He said displaced children are crammed into overcrowded shelters where three or four families can live in a classroom separated by a plastic sheet, and where 1,000 people can share 12 toilets. Not all of them work.

Many displaced families found have set up tents along roads or on public beaches.

Most displaced children have experienced so much violence, including the sounds of shelling or gunshots, that they cower at any loud noise, Chaiban said.

Then there is “evacuation orders upon evacuation orders. We’re at the beginning, and already there’s been a profound impact,” he said.

The escalation has also put over 100 primary health care facilities out of service, while 12 hospitals are either no longer working or partially functional.

Water infrastructure has also come under attack. In the last three weeks, 26 water stations providing water to almost 350,000 people have been damaged, Chaiban said. UNICEF is working with local authorities to repair them.

He called for civilian infrastructure to be protected. And he appealed for a cease-fire in Lebanon and in Gaza, saying there needs to be political will and a realization that the conflict cannot be resolved through military means.

“What we must do is make sure that this stops, that this madness stops, that there’s a cease-fire before we get to the kind of destruction and pain and suffering and death that we’ve seen in Gaza,” Chaiban said.

With so many needs, he said, the emergency response appeal for $108 million in Lebanon has only been 8 percent funded three weeks into the escalation. AP

TBy Rob Gillies, Aijaz Hussain & Sheikh Saaliq The Associated Press

ORONTO—Canada said it has identified India’s top diplomat in the country as a person of interest in the assassination of a Sikh activist there and expelled him and five other diplomats Monday, in an escalating dispute over the June 2023 killing and allegations of other crimes.

Prime Minister Justin Trudeau said Canada was expelling the Indian high commissioner and the others—all persons of interest, as Canada’s foreign minister said police had uncovered evidence of a worsening campaign against Canadian citizens by agents of the Indian government.

“We will never tolerate the involvement of a foreign government threatening and killing Canadian citizens on Canadian soil,” Trudeau said. He alleged that diplomats were collecting information about Canadians and passing it on to organized crime to attack Canadians, and said “India has made a monumental mistake.”

India has rejected the accusations as absurd.

India’s foreign ministry in turn said it was expelling Canada’s acting high commissioner and five other diplomats, adding that they were told to leave by the end of Saturday.

Trudeau said last year there were credible allegations that India’s government had links to the assassination in Canada of Sikh activist Hardeep Singh Nijjar.

Canada’s foreign minister, Mélanie Joly, said the Royal Canadian Mounted Police had gathered “ample, clear and concrete evidence which identified six individuals as persons of interest in the Nijjar case.”

She said India was asked to waive diplomatic and consular immunity and cooperate in the investigation but refused. She asked that India’s government support the ongoing investigation “as it remains in both our countries’ in -

terest to get to the bottom of this.”

She noted that violence “actually increased” following the allegations a year ago.

RCMP Mike Duheme said police have evidence allegedly tying Indian government agents to other homicides and violent acts in Canada.

“The team has learned a significant amount of information about the breadth and depth of criminal activity orchestrated by agents of the government of India, and consequential threats to the safety and security of Canadians and individuals living in Canada,” he said.

Duheme declined to provide specifics, citing ongoing investigations, but he said there have been well over a dozen credible and imminent threats that have resulted in police warning members of the South Asian community, notably the pro-Khalistan, or Sikh independence, movement. He said attempts to have discussions with Indian law enforcement were unsuccessful.

Nijjar, 45, was fatally shot in his pickup truck after he left the Sikh temple he led in Surrey, British Columbia. An Indian-born citizen of Canada, he owned a plumbing business and was a leader in what remains of a once-strong movement to create an independent Sikh homeland.

Four Indian nationals living in Canada were charged with Niijar’s murder.

India designated Nijjar a terrorist in 2020, and at the time of his death had been seeking his arrest for alleged involvement in an at -

tack on a Hindu priest.

India has repeatedly criticized Trudeau’s government for being soft on supporters of the Khalistan movement who live in Canada. The Khalistan movement is banned in India but has support among the Sikh diaspora, particularly in Canada.

India has been asking countries like Canada, Australia and the U.K. to take legal action against Sikh activists. India has particularly raised these concerns with Canada, where Sikhs make up nearly 2 percent of the country’s population.

In response to Canada’s earlier allegations, India told Canada last year to remove 41 of its 62 diplomats in the country. Relations between the countries have been frosty since then.

The Indian foreign ministry said Monday that “India reserves the right to take further steps in response to the Trudeau government’s support for extremism, violence and separatism against India.”

The ministry also summoned Canada’s top diplomat in New Delhi and told him that “the baseless targeting” of the Indian high commissioner and other diplomats and officials in Canada “was completely unacceptable.”

One of the diplomats, Stewart Wheeler, told reporters after being summoned that India must investigate the allegations and that Canada “stands ready to cooperate with India.”

Meanwhile, the US State Department said in a statement that an Indian inquiry committee set up to investigate a plot to assassinate another prominent Sikh separatist leader living in New York would travel to Washington on Tuesday as part of its ongoing investigations to discuss the case.

“Additionally, India has informed the United States they are continuing their efforts to investigate other linkages of the former government employee and will determine follow-up steps, as necessary,” it said.

Last year, US prosecutors said an Indian government official directed the plot to assassinate Sikh separatist leader Gurpatwant Singh Pannun on American soil and announced charges against a man they said was part of the thwarted conspiracy.

The official was neither charged nor identified by name, but was described as a “senior field officer” with responsibilities in security management and intelligence, and was said to have previously served in India’s Central Reserve Police Force.

New Delhi at the time expressed concern after the US raised the issue and said India takes it seriously.

Canada’s foreign minister on Monday noted that India is cooperating with US officials and can do it with Canada as well.

Saaliq reported from New Delhi and Hussain from Srinagar, India.

US deployment of THAAD battery to Israel adds strain on Army’s air defense forces

By Lolita C. Baldor

The Associated Press

WASHINGTON—The deployment of a US Terminal High Altitude Area Defense battery to Israel and roughly 100 soldiers to operate it will add to already difficult strains on the Army’s air defense forces and potential delays in modernizing its missile defense systems, Army leaders said Monday.

The service’s top two leaders declined to provide details on the deployment ordered by Defense Secretary Lloyd Austin over the weekend. But they spoke broadly about their concerns as the demand for THAAD and Patriot missile batteries grows because of the war in Ukraine and the escalating conflict between Israel and Iran-backed Hezbollah and Hamas militants.

“The air defense, artillery community is the most stressed. They have the highest ‘optempo’ really of any part of the Army,” Army Secretary Christine Wormuth said, using a phrase meaning the pace of

operations. “We’re just constantly trying to be as disciplined as we can, and give Secretary Austin the information he needs to accurately assess the strain on the force when he’s considering future operational deployments.”

Wormuth said the Army has to be careful about “what we take on. But of course, in a world this volatile, you know, sometimes we have to do what we have to do.”

The Pentagon announced the THAAD deployment Sunday, saying it was authorized at the direction of President Joe Biden. US officials said the system will be moved from a location in the continental United States to Israel and that it will take a number of days for it and the soldiers to arrive.

The officials spoke on condition of anonymity to discuss details of troop movements. The move adds to what have been growing tensions within the Defense Department about what weapons the US can afford to send to Ukraine, Israel or elsewhere and the resulting risks to America’s military readiness and its ability to protect the nation.

“Everybody wants US Army air defense forces,” Gen. Randy George, Army chief of staff, said Monday as he and Wormuth took questions from journalists at the Association of the US Army’s annual conference. “This is our most deployed formation.”

The decision to send the THAAD came as Israel is widely believed to

be preparing a military response to Iran’s October 1 attack, when it fired roughly 180 missiles into Israel. Israel already has a multilayered air defense system, but a Hezbollah drone attack on an army base Sunday killed four soldiers and severely wounded seven others, underscoring the potential need for greater protection. Israeli forces and Hezbol -

lah fighters in Lebanon have been clashing since October 8, 2023, when the Lebanese militant group began firing rockets over the border in support of its ally Hamas in Gaza. The Sunday drone attack was Hezbollah’s deadliest strike since Israel launched its ground invasion of Lebanon nearly two weeks ago.

Since the THAAD deployment only involves about 100 soldiers, it won’t add a tremendous amount of additional strain on air defense forces, Wormuth said at the conference.

But it adds to the pace of their deployments. Since the frenetic pace of the Iraq and Afghanistan wars has subsided, the military has tried to ensure that service members have sufficient time at home to train and reset between deployments.

Shrinking that so-called dwell time can have an impact on the Army’s ability to keep good soldiers in the force.

“They’re very good, but obviously deploying for a year and coming back for a year and deploy -

ing for a year—it’s tough to do for anybody,” George said. He said the Army is looking at a range of ways to limit the impact on recruiting and retention, including growing the force and modernizing the systems so that it takes fewer soldiers to operate them.

But the repeated deployments make it difficult to get the systems into the depots where they can be upgraded.

As a result, Wormuth said, Army leaders are trying to make their arguments as clear as possible when combatant commanders go to Austin and ask for another Patriot system in the Middle East or another one for Ukraine.

“We need to be able to bring these units home to be able to go through that modernization process,” she said. “So we’re trying to lay that out for Secretary Austin so that he can weigh those risks—essentially current versus future risks—as he makes recommendations to the president about whether to send the Patriot here or there.”

A DISPLACED family fleeing the Israeli airstrikes in the south sits next to their tent on Beirut’s corniche, Lebanon on Monday, October 14, 2024. AP/BILAL HUSSEIN

Food waste crisis and PHL’s struggle to eliminate hunger

AS the clock winds down to the 2030 deadline of the Sustainable Development Goals (SDGs), many nations remain at a loss as to how to meet their commitment to eliminate hunger. The State of Food Security and Nutrition (SOFI) released by the Food and Agriculture Organization of the United Nations (FAO) showed that around 733 million people faced hunger in 2023, equivalent to one in 11 people globally. The annual report warned that the world is falling significantly short of achieving SDG 2 (Zero Hunger) by 2030 and that the levels of undernourishment are comparable to those seen in 2008-2009.

Despite these stark realities, nations continue to waste tons of food that could have fed the hungry. FAO noted that over 13 percent of food is lost globally in the supply chain after harvest on farms and before the retail stages. UNEP statistics indicated that food waste, occurring at retail, food and service and household levels, stands at 19 percent.

Countries including the Philippines could not seem to find viable solutions to stop food items from ending up in garbage bins or rotting in fields (See, “Cut onion harvest losses to boost local supply,” in the BusinessMirror , February 2, 2023). While the government has crafted several roadmaps, most of which seek to improve the productivity of crops usually grown in the Philippines, the country is making little progress in terms of reducing postharvest losses. For one, the government estimated postharvest losses in rice at around 500,000 metric tons per year.

The scarcity of data that would help farmers plan their production activities, especially at the local level, and the lack of farm-tomarket roads have also contributed to food waste. Local farmers would sometimes throw away their harvest due to the lack of buyers. These are farmers who are not equipped to add value to their produce, which would allow them to earn more from their crops.

Agencies responsible for resolving these issues now have the necessary funds for dealing with them. Since the international rice price crisis in 2008, billions of pesos have been poured into the rice sector and the agriculture sector in general is now getting more money from the national government. Moreover, the rice tariffication law has expanded the pool of funds that will enable policymakers to implement the necessary reforms to prevent postharvest losses and improve milling recovery rate.

The Philippines is one of the countries that has committed to achieving the SDGs, including the elimination of hunger, and it has six years to meet the UN goal. However, the state will not be able to achieve this target by 2030 or even beyond this deadline if policymakers will continue to ignore the necessity of dealing with food waste. With or without international initiatives such as the SDGs, the state must put an end to practices that see food going to trash bins or landfills instead of the tables of Filipino families.

Ramping up infra spending

WTHE BUILDER

rITING about infrastructure projects excites me a lot. From my previous stint at the Department of Public Works and Highways (DPWH), I’ve seen how progress makes a positive impact on the ordinary Filipino and how the construction of municipal and barrio roads in remote areas speed up mobility and make life easier.

Infrastructure projects such as roads, bridges, railways and seaports open more livelihood opportunities, aside from the immediate creation of jobs in a given locality. They support economic growth in general, and connect our rural areas to town centers that offer markets to the produce of our farmers and fishermen.

Just last week, I was pleased to learn that the administration continues to ramp up infrastructure spending to sustain economic growth.

Department of Budget and Management (DBM) Secretary Amenah Pangandaman disclosed that the government is spending P1.510 trillion this year on infrastructure projects, or equivalent to 5.7 percent of the gross domestic product (GDP).

The outlays are up 13.5 percent from the 2023 level of P1.330 trillion, although next year’s spending is a tad lower at P5.07 billion, depending on how my colleagues in Congress

figure it out.

But public spending on infrastructure is expected to be bolstered by higher private sector investments, thanks to the recent enactment of the Public-Private Partnership [PPP] Code and the issuance of its implementing rules and regulations.

The DBM estimates that PPP projects in the pipeline, the bulk of which are infrastructure-related, already amount to P3.183 trillion.

Public appropriations on infrastructure outlay have also risen from P989.3 billion in 2020, P1.074 trillion in 2021, P1.178 trillion in 2022, P1.330 trillion in 2023 and P1.510 trillion in 2024.

The contribution of the private sector cannot be ignored. Private companies through the PPP have built and are building infrastructure projects that aim to speed up the transportation of commuters and the flow of goods from the provinces

Infrastructure projects such as roads, bridges, railways and seaports open more livelihood opportunities, aside from the immediate creation of jobs in a given locality. They support economic growth in general, and connect our rural areas to town centers that offer markets to the produce of our farmers and fishermen.

to the market place. Projects such as the EDSA Busway, Cebu Bus Rapid Transit, regional airports in Bohol, Laguindingan, Bicol, Iloilo, Puerto Princesa, Davao, Bacolod, Kalibo, Busuanga and Siargao, and seaports are expected to give the economy a boost.

In some cases, railways and elevated highways are changing the landscape of a growing metropolis like Metro Manila, apart from decongesting traffic at the ground level. They are also game changers and offer a better commuting experience.

Meanwhile, the announcement of the Department of Transportation (DOTr) last week that the Metro Manila Subway is on track for partial opening, from Valenzuela City to North Ave. in Quezon City, by 2028 is a piece of good news. Per DOTr Secretary Jaime Bautista, the partial operations would extend to Ortigas, Pasig City by 2029.

Trudeau accuses India diplomats of ties to criminal violence BusinessMirror

Pwww.news.businessmirror@gmail.com Printed by brown madonna Press, Inc.–Sun Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila

By Thomas Seal, Laura Dhillon Kane & Dan Strumpf

rIme minister Justin Trudeau accused Indian diplomats of backing a pattern of criminal harassment and violence against Canadians, escalating a dispute that began last year when he suggested Indian agents were involved in the murder of a Canadian Sikh activist in British Columbia.

Canada expelled six officials earlier on Monday after it said India refused to waive their diplomatic immunity for questioning over what Foreign Affairs Minister Melanie Joly called “a number of violent incidents” targeting Canada’s South Asian community, particularly Sikhs. Denying involvement, India has rebuked Canada and expelled six of its senior diplomats.

At a press conference in Ottawa, Trudeau laid out the crux of the Canadian government’s case against India. Hours earlier, on the morning of Canada’s Thanksgiving public holiday, the Royal Mounted Canadian

Police held an extraordinary briefing to share the fresh allegations implicating Indian government agents with the public.

“It is obvious that the government of India made a fundamental error in thinking that they could engage in supporting criminal activity against Canadians here on Canadian soil, whether it be murders or extortion or other violent acts,” Trudeau said.

The widening rupture between Canada and India could have implications on trade, immigration and other links between the two countries, particularly if the dispute leads to tit-for-tat sanctions or other re-

The subway project may be considered the “crown jewel” of mass transit system. It will cut across eight cities

from Valenzuela City to FTI-Bicutan in Parañaque City, with a spur line to Ninoy Aquino International Airport Terminal 3 in Pasay City. The 33-kilometer and 17-station rail line seeks to cut travel time between Quezon City and NAIA from one hour and 10 minutes to just 35 minutes. Once operational, the underground railway system can service up to 370,000 passengers daily.

Another major project under the administration of President Ferdinand Marcos Jr. is the North-South Commuter Railway System (NSCR). Upon completion, the rail line will improve connectivity and mobility between Bulacan and Metro Manila. The NSCR, in the words of Mr. Bautista, will usher in a railway renaissance, reviving the once trailblazing rail industry in the Philippines. Once operational, the 147-km rail line will connect key cities in Pampanga, Bulacan, Metro Manila and Laguna. It will reduce end-to-end travel time between Clark International Airport in Pampanga and Calamba, Laguna from four hours via road to less than two hours via train. The NSCR System is expected to service 800,000 passengers daily. Infrastructure projects are one of the backbones of the economy. They make life easier. More importantly, they contribute to an inclusive economy—where every Filipino can partake in progress.

For feedback e-mail to senatormarkvillar@ gmail.com or visit our web site: https://markvillar. com.ph

“It is obvious that the government of India made a fundamental error in thinking that they could engage in supporting criminal activity against Canadians here on Canadian soil, whether it be murders or extortion or other violent acts,” Trudeau said.

taliatory actions. Asked if sanctions or other measures beyond expelling officials were being considered, Joly said “everything is on the table.” Trudeau and Joly said they had been in touch with their Indian counterparts, Prime Minister Narendra Modi and Foreign Minister Subrahmanyam Jaishankar. Joly added she was also in contact with the foreign ministers of Canada’s Five Eyes intelligence-sharing allies, the US, UK, Australia and New Zealand. US prosecutors in a separate case have accused an Indian government agent

of directing a thwarted plot to assassinate a Sikh separatist and US citizen on American soil.

Trudeau said Canadian officials and agencies have tried to work with India’s government, but its response has been “to deny, to obfuscate, to attack me personally and the integrity of the government of Canada.” Joly said that the “sitting diplomats” were involved in violent acts that increased after Trudeau’s allegation of India’s possible involvement in the June 2023 murder of Hardeep Singh Nijjar, an activist in the movement for an independent state called Khalistan for Sikhs in the Punjab region. India considered him a terrorist. Canadian officials said they will continue to support business ties in India even as they called for a respect for the country’s laws.

“Canada stands firmly by its businesses,” the country’s minister for See “Trudeau,” A11

Ambassador Antonio L. Cabangon Chua

Mark Villar

Singapore seeks to jail Lim Oon Kuin for 20 years for cheating HSBC

By Alfred Cang, Low De Wei & Serene Cheong

SinGApore’S former oil tycoon lim oon Kuin will be sentenced on november 18 for cheating and forgery in a trading scandal that will go into the history books as one of the biggest in the global energy-trading hub.

In a Singapore court on Tuesday, public prosecutor Christopher Ong argued for a 20-year jail sentence for Lim on three counts including instigating forgery and deceiving HSBC Holdings Plc. Lim’s defense lawyers led by Davinder Singh sought a 7-year period.

The 82-year-old known as OK Lim arrived in court in a wheelchair.

The sentence is the latest development in the dramatic downfall of Lim, founder of now-defunct oil company Hin Leong Trading Pte. Lim filed for bankruptcy this week after agreeing to pay $3.59 billion to the liquidators and creditor HSBC to resolve multi-year civil lawsuits against him and his family.

In 2020, Bloomberg News was the first to report that at least two lenders had frozen credit lines to Hin Leong, citing concerns over the company’s ability to repay its debts. In the months that followed, it emerged that Lim had hid hundreds of millions in losses speculating in oil futures and sold inventories that were pledged as collateral for loans.

Storied trader L IM , better known as OK Lim, founded Hin Leong in 1973 as an oil distributor with one truck. Over the years, he expanded the familyrun company into Singapore’s largest independent oil trader with interests from bunkering to storage.

In its heyday, the homegrown trading house was widely respected as one of the boldest and most secretive traders of diesel and shipping fuel. The company, which owned a stake in storage tanks in Singapore as well as its own vessel fleet, was able to corner the market with its knowledge of inventories in and around the hub, cementing its position as one of the region’s top players.

A plunge in oil prices in 2020, however, sent Lim’s empire tumbling

US weighs capping exports of AI chips from Nvidia and AMD to some countries

BThe sentence is the latest development in the dramatic downfall of Lim, founder of now-defunct oil company Hin Leong Trading Pte. Lim filed for bankruptcy this week after agreeing to pay $3.59 billion to the liquidators and creditor HSBC to resolve multiyear civil lawsuits against him and his family.

down. He had initially faced 130 charges after his firm was accused of hiding more than $800 million in losses and leaving more than 20 banks with huge liabilities.

Hin Leong’s case has tarnished Singapore’s hard-earned reputation as a leading hub for energy trading and financing, and dented public confidence in the city-state, said prosecutor Ong. He described the scandal as “unprecedented” in the country’s history, a label that Lim’s lawyer Singh passionately argued against, citing more severe offenses and losses in previous cases including one involving Agritrade International Pte.

In recent years, Singapore has been rocked by numerous commodity trading and financing scandals.

From Agritrade to Noble Group Ltd, and ZenRock Commodities Trading Pte. to Hontop Energy (Singapore) Pte. Ltd., issues surrounding fraud and forgery around paperwork that form the backbone of commodity financing have come to the fore, implicating dozens of banks including HSBC, DBS Group Holdings Ltd and CIMB Bank.

Lim and his family have been seeking to raise money by selling assets including property and business holdings in recent years. Singh, who’s representing Lim, highlighted his client’s state of health and the potential effects of a jail sentence on the octogenarian. Bloomberg

Global public debt to hit $100 trillion by end of 2024, IMF says

By Enda Curran

GloBAl public debt is set to reach $100 trillion, or 93 percent of global gross domestic product, by the end of this year, driven by the US and China, according to new analysis by the international Monetary Fund.

In its latest Fiscal Monitor—an overview of global public finance developments—the IMF said it expects debt to approach 100 percent of GDP by 2030, and it warns that governments will need to make tough decisions to stabilize borrowing.

Debt is tipped to increase in the US, Brazil, France, Italy, South Africa and UK, according to the IMF report, which urges governments to rein in debt.

“Waiting is risky: country experiences show that high debt can trigger adverse market reactions and constrains room for budgetary maneuver in the face of negative shocks,” it said.

With little political appetite to cut spending amid pressures to fund cleaner energy, support aging populations and bolster security, the “risks to the debt outlook are heavily tilted to the upside,” the IMF said.

Countries where debt is not projected to stabilize make up over half of global debt and about two-thirds of global GDP.

Using a “debt-at-risk” framework, the IMF found that the level of future debt in an extreme adverse scenario could reach 115 percent of GDP in three years, almost 20 percentage points higher than in the baseline projections.

“This is because high debt levels today amplify the effects of weaker growth or tighter financial conditions and higher spreads on future debt levels,” it said.

The debt-at-risk metric for advanced economies has slipped from pandemic peaks and is now estimated at 134 percent of GDP, but it has risen to 88 percent for emerging market and developing economies.

While slowing inflation and falling interest rates are offering governments a window to get their fiscal houses in order, there’s little sign of any urgency to do so, the IMF said.

“Current fiscal adjustment plans fall far short of what is needed to ensure that debt is stabilized [or reduced] with high probability,” it said. Bloomberg

By Mackenzie Hawkins

iden administration officials have discussed capping sales of advanced Ai chips from nvidia Corp. and other American companies on a country-specific basis, people familiar with the matter said, a move that would limit some nations’ artificial intelligence capabilities.

The new approach would set a ceiling on export licenses for certain countries in the interest of national security, according to the people, who described the private discussions on condition of anonymity. Officials are focused on Persian Gulf countries that have a growing appetite for AI data centers and the deep pockets to fund them, the people said.

Deliberations are in early stages and remain fluid, the people said, noting that the idea has gained traction in recent weeks. The policy would build on a new framework to ease the licensing process for AI chip shipments to data centers in places like the United Arab Emirates and Saudi Arabia. Commerce Department officials unveiled those regulations last month and said there are more rules coming.

The agency’s Bureau of Industry and Security, which oversees export controls, declined to comment. Nvidia, the market leader for AI chips, also declined to comment, as did Advanced Micro Devices Inc. A representative for Intel Corp., which also makes such processors, didn’t respond to a request for comment.

A spokesperson for the White House National Security Council declined to comment on the talks but pointed to a recent joint statement by the US and UAE on artificial intelligence. In it, the two countries acknowledged the “tremendous po -

tential of AI for good,” as well as the “challenges and risks of this emerging technology and the vital importance of safeguards.”

Setting country-based caps would tighten restrictions that originally targeted China’s ambitions in artificial intelligence, as Washington considers the security risks of AI development around the world. Already, the Biden administration has restricted AI chip shipments by companies like Nvidia and AMD to more than 40 countries across the Middle East, Africa and Asia over fears their products could be diverted to China.

At the same time, some US officials have come to view semiconductor export licenses, particularly for Nvidia chips, as a point of leverage to achieve broader diplomatic goals. That could include asking key companies to reduce ties with China to gain access to US technology—but the concerns extend beyond Beijing.

“We will have to have a conversation with countries around the world about how they plan to use these capabilities,” Tarun Chhabra, senior director of technology at the National Security Council, said at a forum in June without naming specific nations. “If you’re talking about countries that have a really robust internal surveillance apparatus, then we have to think about: How exactly

Setting country-based caps would tighten restrictions that originally targeted China’s ambitions in artificial intelligence, as Washington considers the security risks of AI development around the world. Already, the Biden administration has restricted AI chip shipments by companies like Nvidia and AMD to more than 40 countries across the Middle East, Africa and Asia over fears their products could be diverted to China.

will they use these capabilities to supercharge that kind of surveillance, and what will that look like?”

There’s also the question of how global AI development could affect American intelligence operations, said Maher Bitar, another NSC official. “What are the risks not just on human rights grounds, but also in terms of the security and the counterintelligence risks to our personnel around the world?” Bitar said at the same event.

It’s unclear how leading AI chipmakers would react to additional US restrictions. When the Biden administration first issued sweeping chip regulations for China, Nvidia redesigned its AI offerings to ensure it can keep selling into that market. If the administration moves forward with country-based caps, it may prove difficult to deliver a comprehensive new policy in the final months of President Joe Biden’s term. Such rules could be challenging to enforce and would be a major test of US diplomatic relationships.  Governments around the world

are in a quest for so-called sovereign AI—the ability to build and run their own AI systems—and that pursuit has become a key driver of demand for advanced processors, according to Nvidia Chief Executive Officer Jensen Huang. Nvidia’s chips are the gold standard for data-center operators, making the company the world’s most valuable chipmaker and the top beneficiary of the AI boom. China, meanwhile, is working to develop its own advanced semiconductors, though they still trail the best American chips. Still, there’s concern among US officials that if Huawei Technologies Co. or another foreign maker one day offers a viable alternative to Nvidia chips— presumably with fewer strings attached—that could weaken the US ability to shape the global AI landscape.

Some US officials argue that’s only a distant possibility, and that Washington should adopt a more restrictive approach to global AI chip exports given its current negotiating position. Others warn against making it too difficult for other countries to buy American technology, in the event China gains ground and captures those customers.

While officials have debated the best approach, they’ve slowed highvolume AI chip license approvals to the Middle East and elsewhere. But there are signs things could get moving soon: Under the new rules for shipments to data centers, US officials will vet and preapprove specific customers based on security commitments from both the companies and their national governments, paving the way for easier licensing down the road. With assistance from Ian King and Jenny Leonard /Bloomberg

Typhoon-hit Southeast Asia to see rainier end to 2024

By Mary Hui

SoUtheASt Asia could see higher-than-normal rainfall in the coming months, threatening further disruptions to agriculture, tourism, and industrial output in a region already hit by a series of storms this year.

Weather forecasters predict wetter conditions from the Philippines to Vietnam through November, in large part because of the emerging La Niña phenomenon, which moves warm water toward the western Pacific Ocean and brings more rainfall over the region.

More rain could hamper recovery efforts in Vietnam, which in September was battered by Typhoon Yagi, the worst storm to hit the country in decades. The manufacturing powerhouse has already taken a 40 trillion dong ($1.6 billion) hit from Yagi, and authorities have warned that damage from the storm—like inundated factories and flooded rice and coffee harvests—could cut into this year’s overall economic growth.

Tourism-dependent Thailand is staring at a 30 billion baht ($904 million) bill in damages from a wave of flooding in the north, including in Chiang Mai, which forced the evacuation of around 100 elephants from a conservation center. And the Philippines, which sees around nine typhoons each year, is still reeling from several deadly storms in recent months, including Gaemi in July, Yagi in September, and Krathon in October.

“La Niña conditions are predicted from October-November 2024 onwards, one of the factors contrib -

Trudeau . . . continued from A10

export promotion, international trade and economic development said in a post on X. “We will work closely with all Canadian enterprises engaged with India to ensure these important economic connections remain strong.”

Trade between Canada and India stood at $8.4 billion in the Indian

uting to a chance of above-normal rainfall,” across several countries in the region, the Asean Specialized Meteorological Center said.  Singapore issued a flood alert on Monday as the inter-monsoon period brought one of the highest daily rainfall levels in more than four decades, according to the national water agency. The Philippines weather agency predicts large parts of the archipelago may see above-average rainfall through the end of the year and 160 percent above average in January.

Vietnam is forecast to see higherthan-average rainfall, including in the export-oriented and industry-heavy north, according to the country’s meteorological service. The country’s central region, another important industrial hub, could see as many as five flood events through March. Vietnam could also see a higher number of tropical storms than usual through April, according to Takahisa Nishikawa, forecast operations leader for The Weather Company, potentially “producing heavy rain with a risk of flooding, mudslides, and collapsed buildings due to strong winds.”

La Niña watch T HE World Meteorological Organi-

fiscal year ended in March, with Canada being a major supplier to India of potash, a fertilizer critical to India’s agricultural sector, as well as pulses, timber and mining products. India supplies Canada with pharmaceuticals, gems and jewelry, textiles, and machinery. It’s also a significant source of foreign students to Canada, with an estimated 427,000 Indian students studying there.

After Trudeau first accused the Modi government of involvement

Weather forecasters predict wetter conditions from the Philippines to Vietnam through November, in large part because of the emerging La Niña phenomenon, which moves warm water toward the western Pacific Ocean and brings more rainfall over the region.

zation predicts a 60 percent chance of La Niña conditions emerging toward the end of this year. Experts have been predicting its arrival for months, and it is expected to be weaker and shorter than initially forecast. The phenomenon pushes warm water toward Asia and Australia and is the opposite of El Niño, which brings drier conditions.

Warmer sea surface temperatures also contribute to the development of storm systems. Research by scientists in the US and Singapore shows a warming climate is expected to increase the likelihood of typhoons forming and intensifying closer to Southeast Asian coastlines.

“Tropical cyclones are going to get strong because the underlying theory is obvious: ocean temperatures are higher,” said Benjamin Horton, director of the Earth Observatory of Singapore, who was involved in the research. “The warmer the oceans, the more energy there is for tropical cyclones to get bigger, and bigger, and bigger,” and places like Taiwan and Vietnam can expect to see more super typhoons.

in the Nijjar murder last year, visas for Indian students to Canada were temporarily halted.  Still, the trade relationship between the two nations is a fraction of that between India and the US, which was $119.7 billion in the last fiscal year. Canadian investments represented less than 1 percent of total foreign direct investment into India.  Indian government representatives in Ottawa and Vancouver didn’t

Storm-proof now

T HE increasing ferocity of tropical cyclones in the Pacific Ocean is compelling businesses and governments in the weather-prone region to consider new ways of storm proofing.

“If Yagi has proven anything, it is that if you need to future-proof your country and its economy, there is no pragmatic approach other than you should start now,” said Bruno Jaspaert, chairman of EuroCham Vietnam.

The Amata City Ha Long industrial park in the north of the country is a case in point. Established in 2018, the industrial park conducted extensive surveys to assess flood risks prior to breaking ground and invested in an advanced flood defense system.

While Yagi’s strong winds caused some damage to factories, “flooding was fortunately averted within our park,” operator Amata said in a statement.

Jaspaert said Yagi could prompt the Vietnamese government to tighten industrial building regulations to better storm-proof buildings. He said that while, for instance, Taiwanese law on industrial construction is very strict thanks the high frequency of storms hitting the island, storms hitting Vietnam have historically struck less industrially developed areas—until Typhoon Yagi.

“Yagi creates more willingness to invest more and look for more ways to protect buildings,” he said. With assistance from Linh Vu Nguyen /Bloomberg

immediately respond to emailed requests for comment. On Monday, India rejected Canada’s claims and said they were politically motivated by Trudeau, accusing his government of baselessly targeting Indian officials and endangering their safety.  “We have no faith in the current Canadian Government’s commitment to ensure their security,” India’s Ministry of External Affairs said in a statement. With assistance from Ruchi Bhatia /Bloomberg

PSALM eyeing expert for pitching big-ticket projects

By Lenie Lectura @llectura

THE Power Sector Assets and Liabilities Management Corp. (PSALM) will tap an expert to advise the state firm on how best to make the Agus-Pulangi hydropower complex attractive to investors.

PSALM had considered entering into a concession agreement, in which the government will continue to own the power assets while the operation and management (O&M) aspect will be turned over to the private sector.

However, PSALM President Dennis de la Serna said during a budget hearing on Tuesday that government proposed a fixed rate for the output of the hydro complex prior to privatization to ensure low power rates in Mindanao.

“We said that we can always enter a long-term or short-term contract and attach it to the concession agreement if we do proceed with that kind

of modality and have it operated and maintained by the private sector.

“We can enter into long-term contracts with electric cooperatives and distribution utilities and assign it to concessionaires—whether 10, 15 or 20 years—and those rates will be maintained so even if the private sector needs to rehabilitate and invest money into the system, rates will be maintained based on that contract,” said the PSALM official. The regulated rate in Mindanao is currently pegged at an average of P2.8 per kilowatt hour (kWh).

Senator Sherwin Gatchalian, who presided over the meeting, expressed concern on whether

the prevailing rates in Mindanao would be attractive to investors who will take on the O&M of the hydro complex.

To this, De la Serna said, “That’s why we are in the process of hiring a transactional adviser. We are also coming up with a feasibility study on what we can do to address various concerns we receive from stakeholders. Among them is assigning a contract and how viable is that based on our current rates. It may not be the value private sector is looking for if the modality is a concession agreement.”

The complex consists of seven run-of-river hydroelectric power plants located in southern and central Mindanao with a combined installed capacity of 1,001.1 megawatts (MW). However, its current output is only 450MW due to “hydrology concerns.”

The Agus-Pulangi hydro complex is one of the few remaining stateowned power assets up for privatization. The other big-ticket assets are the Caliraya–Botocan–Kalayaan (CBK) hydroelectric power plant complex and the 200MW Mindanao coal plant.

For CBK, de la Serna said there are six interested bidders. “We hope

to have a successful bidding by next year and turnover also by next year,” he said.

The CBK hydro facility consists of the 22.6MW Caliraya in Lumban, 20.8-MW Botocan in Majayjay and the 684.6-MW Kalayaan I and II in Kalayaan, all in Laguna province. The plants are under an IPP (Independent Power Producer) administrator contract with CBK Power Co. Ltd. until February 7, 2026. The IPP administers the plant’s contracted capacity of 796.46 MW.

PSALM is the agency mandated by the Epira to handle the financial obligations of the National Power Corp. (Napocor) through the privatization of government-owned assets, collection of the proceeds and its effective implementation of its liability management program.

De la Serna said the three remaining assets for sale could fetch the government P40 billion in additional revenues.

As of end-July this year, PSALM’s financial obligations were reduced to P273.51 billion.

The state firm is pushing for an extension of its corporate life by another 25 years  to continue selling the remaining assets and pay off its obligations.

FILIPINOS’ fear of missing out (FOMO) has continued to drive their travel plans and contactless payments, according to the latest Visa survey.

Visa said 32 percent of surveyed respondents are planning domestic trips and 23 percent are choosing international destinations.

Most Filipinos or 80 percent travel to relax and 43 percent are seeking new experiences. Sightseeing remains the top activity, or 82 percent of respondents, followed by experiencing local cuisine and dining and shopping at 67 percent.

“The essence of Filipino travel remains centered around creating memories and sharing moments with loved ones—values that are as enduring as the destinations themselves,” Visa said in a statement.

Visa data showed 66 percent of Filipino travelers prefer using contactless methods like mobile wallets and tap-topay cards while 67 percent said they will likely get cards with contactless features.

However, the data showed 71 percent of holiday travelers still carry cash as a backup,

particularly in areas where digital payment infrastructure may not be as widely available.

“At Visa, we are committed to ensuring a seamless, secure, and convenient experience for Filipino travelers heading abroad and for inbound visitors to the Philippines. We recognize that tourism plays a vital role in the economy, contributing to job creation and overall growth,” Visa Philippines Country Manager Jeff Navarro said.

“We’re working to support the Filipino government’s efforts to enhance tourism by improving digital payment methods and providing tourists with an enjoyable experience, which will help to further drive economic development and strengthen the tourism industry,” he added.

The survey showed some of the favorite destinations of Filipinos were led by Singapore, with 38 percent of the respondents saying they traveled to the city state in the past 12 months. This was followed by Hong Kong, visited by 31 percent of Filipinos in the past year.

See “FOMO,” A2

Editor: Jennifer A. Ng

Bloomberry secures credit facility to refinance debts

By VG Cabuag @villygc

BloomBerry resorts Corp. on Tuesday said it signed a new credit facility that refinances

P93.5 billion in loans it obtained in 2018 and 2020.

The new loan, a p72-billion syndicated refinancing facility, was signed by unit Bloomberry Resorts and Hotels Inc. (BRHI), as borrower, and Bloomberry owner Sureste properties Inc., as surety and third-party security provider.

The new facility replaces the existing p73.5-billion syndicated term loan facility obtained in 2018 and the p20-billion additional term loan facility that BRHI secured in december 2020, the company said.

“We view this refinancing as a positive development that will allow the company to lighten its debt service and preserve cash as Solaire

Resort North ramps-up, improve the company’s bottom line, and ultimately ensure the consistent return of capital to our shareholders in the coming years,” enrique K. Razon Jr., Bloomberry chairman and Ceo, said.

The syndicate of lenders include Bdo Unibank Inc., Bank of the philippine Islands, China Banking Corp. and philippine National Bank. Bdo Capital served as lead arranger and sole bookrunner while Bdo Unibank, Inc.–Trust and Investments Group is the security trustee, facility agent, and paying agent.

The new loan is payable in 10 years or until october 2034.

“The refinanced loan maintains a back-ended principal payment schedule, similar to the structure of its predecessor. More than 65 percent of the balance will come due in the last five years of the facility,” Bloomberry said.

“The updated loan is priced at a spread that is 75 basis points lower than the previous facilities and gives the option to fix the interest rate within the next 12 months. This feature will allow Bloomberry to benefit from further interest rate cuts that are expected to be implemented in the coming months.”

l ast March, the company reported that its net income surged 85 percent to p9.5 billion from the p5.1 billion recorded in 2022, on higher revenues of Solaire Resorts and Casino.

The company said Solaire’s gross gaming revenues last year rose 16 percent to p58.29 billion from the previous year’s p50.12 billion.

Bloomberry’s consolidated net revenue in 2023 reached p48.4 billion, representing an increase of 24

percent from p38.9 billion in 2022. Consolidated net revenue in the fourth quarter was p11.9 billion, higher by 3 percent compared to the same period in 2022, the company said.

Solaire’s VIp rolling chip volume, mass table drop, and slot coin-in reached p616.4 billion, p51.2 billion, and p356.7 billion, representing year-over-year increases of 28 percent, 35 percent, and 16 percent, respectively. All segments benefited from strong domestic demand and further improvements in international visitation.

VIp, mass table and electronic gaming machines revenues amounted to p19.5 billion, p18.2 billion and p 20.6 billion, representing yearover-year growth of 18 percent, 8 percent and 22 percent, respectively.

Total gaming revenues recovered to 97 percent of the 2019 level, propelled mainly by the largely domestic mass table games and electronic gaming machine (eGM) segments, which on a combined basis, increased to more than double of the 2019 level.

PNOC sets sights on industrial parks

TBy Lenie Lectura @llectura

He philippine National oil Co. (pNoC) has proposed a p750-million self-generating industrial park project in two offgrid islands.

“We intend to pilot this concept in two off-grid islands—Tawi-Tawi and dinagat, and the idea is industrial disbursal.

As we know 70 percent of industrial activities in the counties are basically concentrated on perhaps three provinces in north of Manila and three provinces south of Manila. That is where all industrial activities are and that is also where land is very

FPIP inks deal with Converge

Lopez-led First philippine Industrial park (F pI p) has tapped Converge Information and Communications Technology Solutions Inc. (Converge) to provide seamless and fiber-fast connectivity to the industrial park’s 600-hectare hub.

Converge will utilize FpIp ’s socalled dark fiber infrastructure to provide high-speed fiber connectivity to over 150 world-class locators and more than 70,000 locatoremployees.

“Industrial parks such as F p I p whose main clientele are multinationals, are major engines of economic growth not just for CA l ABAR zo N but for the entire country. This is the reason why these economic zones must be state-of-the-art and second to none: these are crucial in bringing in foreign investments.

Converge is proud to be one of the chosen providers of connectivity in this world-class industrial park, where we believe we can add even more to their competitive edge,” said Converge Ceo and co-founder dennis Anthony Uy. Lenie Lectura

DMCI investors approve sale of shares to Dacon

SharehoLderS of engineering conglomerate dMCI Holdings Inc. on Tuesday gave their nod to the sale of p10 billion in preferred shares to dacon Corp., proceeds of which will be used for the acquisition of cement firm Cemex Holdings philippines Inc. (CHp).

dMCI Chairman Isidro A. Consunji said during the company’s special stockholders meeting that the issuance of the preferred shares will not dilute the voting rights of existing shareholders and that the move will improve the balance sheet of the company.

dacon is the unlisted parent company of dMCI.

30-day trading period before the conversion date.

d acon will buy the preferred shares through a private placement, the company said.

last April, the Consunji Group announced its plan to purchase Cemex through the acquisition of Cemex Asian South east Corp. (CASeC) for $305.6 million, through the consortium of dMCI, its unit Semirara Mining and power Corp. and dacon. CASeC is Cemex’s direct mother company under the Mexican cement group, Cemex SAB de CV, umbrella, and owns 89.86 percent of the local cement manufacturer.

costly, labor is costly so the idea is to also support industrial disbursal objectives,” said pNoC president oliver Butalid during a budget hearing. The land, he said, will be provided by the provincial government.

Butalid also proposed modular liquefied natural gas (lNG) facilities to power the industrial parks.

“We want to create baseload capacity 24/7 there using lNG modular generators. In fact, we’ve had meetings already with both petronas and pertamina and they are willing to support this project by delivering small scale lNG if this project will proceed,” he told Senator Sherwin Gatchalian who presided the hearing.

The modular l NG generators would have a four-megawatt capacity.

pNoC will serve as a catalyst. We will invest only in the first few megawatts and once proven it is sustainable; we are certain that there will be more private investors. So that’s our role, to open opportunities for players to come in underserved areas,” said Butalid.

pNo C was asked to submit a feasibility study to prove that its proposal will not compete with the private sector.

In August 2023, pNoC said it intends to transform its 19.2-hectare property in Mabini, Batangas into an integration port in preparation

for offshore wind (oSW) power development in nearby service contract areas.

Butalid said during a budget hearing that this plan is part of the agency’s 5 “high-impact initiatives” for 2024.

p N o C aims to be a key player in underserved segments of the broad energy industry. o ur vision statement communicates that point that we will be a niche player and focus on activities that will impact a long-term energy supply for our nation.”

The pNoC is a government-run corporation mandated to provide and maintain an adequate and stable supply of oil in the country.

PHL Seven expands store network

PHI l I pp IN e Seven Corp., the domestic licensee of the 7-eleven convenience store, on Tuesday opened its 4,000th store in in the philippines in the Newport district in pasay City.

In addition to the new store in Newport, the company will open another branch in Angeles City in pampanga.

Through the Newport branch, the company continues to expand its 21 To Go chicken and Cafe Reserve brands.

Aside from upgraded store features and expansive dining spaces, the new store utilizes renewable and sustainable energy with the use of solar panels as part of the company’s efforts towards more sustainable and environmentally friendly store practices.

“Celebrating 40 years in the philippines and opening our 4,000th store is a significant achievement for us. It underscores our commitment to delivering convenience and exceptional service. We’re excited to keep serving our communities and look forward to the future,” Jose Victor paterno, the company’s president and Ceo, said.

“Reaching 4,000 stores is an incredible milestone that reflects the trust and loyalty we’ve earned from our customers over the years.

It’s also a tribute to the hard work

and dedication of our team. We are proud to continue being an integral part of Filipino daily life,” co-founder and now company chairman Jose T. pardo said.

From its humble beginnings to becoming a nationwide icon, the company is the current leader in the cutthroat convenience store sector in the country.

The journey began on February 29, 1984, when philippine Seven opened its first 7-eleven store at the corner of edSA and Kamias Road in Quezon City.

“What began as a modest outlet quickly turned into a staple of daily life.”

l ast July, paterno said the company may spend some p4.5 billion on 450 new stores as it is keen on expanding its presence in Visayas and Mindanao.

In the first six months of the year, the company opened 170 stores. of the planned capital spending, 60 percent will go to funding the opening of new stores, of which 60 percent as well will be franchisedowned. VG Cabuag

“The primary consideration for funding the acquisition is to optimize the financing costs and limit the impact on common shareholders dividends while providing mutual benefits for the investors and the company with fixed interest rates,”

Consunji said.

He said the preferred shares’ dividend rate is 4 percent, while the management commits to at least 25 percent of the previous year’s permanent income to common shareholders.

Consunji said the convertibility feature of the preferred shares “provides the flexibility in managing the capital structure and optimizes the cost of capital.”

dacon has the option to convert its holdings to common shares at a valuation of 30 percent premium over the volume weighted average price of the common shares over a

l ate last month, dacon issued a tender offer to the publicly owned shares in Cemex at p1.42 apiece. The tender offer will run from october 23 to November 21. The group has expressed its intent to keep Cemex listed even if more shares were tendered through the tender offer.

In case Cemex’s public float falls below the 10 percent minimum threshold following the contemplated mandatory tender offer, dMCI said dacon intends to sell a portion of its CHp shares to maintain public listing with the philippine Stock exchange.

“We anticipate that the said sale of the CHp shares by dacon Corp. would happen within six-months after the acquisition of Cemex Asian South east Corp. (CASeC), which is expected to close by the end of November.” VG Cabuag

THe New NAIA Infra Corp. (NNIC) has upgraded the free internet connection at the Ninoy Aquino International Airport (NAIA). The airport’s new private sector operator has increased the average internet speeds at NAIA terminals to as fast as 115 Mbps. It said that passengers are now enjoying speeds of 50-60 Mbps, with peak speeds reaching 115 Mbps.

Currently, an average of 1,000 users per hour connect to the “NewNAIA” free Wi-Fi network across all terminals. passengers can enjoy up to three hours of free access, eliminating the previous two-hour limit and the need to provide personal information.

To ensure better and reliable coverage, NNIC said it partnered with both pldT, Smart and Converge as Wi-Fi providers.

These improvements are part of NNIC’s ongoing efforts to enhance the passenger experience at NAIA.

“We are committed to providing a high level of service that meets the expectations of today’s travelers,” NNIC added. “In time, we hope to deliver on this promise across all aspects of NAIA operations.”

NNIC is a consortium consisting of San Miguel Corp. and Incheon International Airport Corporation of South Korea.

The group took over the management and operation of the NAIA last month and will spend as much as p 170 billion to upgrade the airport. The government, for its part, is expected to gain about p1 trillion in revenues from the public-private partnership over the 25-year concession period, including the 82.16-percent revenue share to be remitted to the government yearly. Lenie Lectura

“For air travelers, fast and reliable internet connectivity is a must,” said NNIC. “Whether it’s for completing online travel requirements, accessing information, staying connected with loved ones, or simply browsing social media, good internet access is essential at any modern international airport.”

Photo shows DMCI homes’ the Atherton in Parañaque City. From www.dmcihomes.com

Banking&Finance

E-wallet operator enters PHL market

By Rizal Raoul S. Reyes @brownindio

LBy Andrea San Juan

OCAL small-scale and medium-sized enterprises (SMEs) would benefit from the $7-million investment by the International Finance Corp. (IFC) in financing company First Circle Growth Finance Corp., according to the Department of Trade and Industry (DTI).

“Supported by the DTI’s ongoing partnership with First Circle, the investment is set to unlock crucial funding for local SMEs, helping them gain better access to credit and financial services,” the Trade department said in a statement issued last Tuesday.

DTI Undersecretary for the Regional Operations Group Blesila A. Lantayona said this new investment will expand First Circle’s “capacity” to serve more small enterprises in the country.

“Our partnership truly reflects the DTI’s dedication to fostering financial inclusion, which is key to ensuring the resilience and competitiveness of our local businesses,” Lantayona was quoted in the statement as saying.

A statement on the firm’s website read that since its inception in 2016, the company has funded over 3,000 unique customers, of which over twothirds are SMEs accessing credit for the first time.

“These businesses, including those involved in manufacturing, trade, and services, are vital contributors to local economic activity,” according to the DTI.

“First Circle’s innovative credit line provides SMEs with higher credit limits, flexible repayment options, and the lowest unsecured interest rate for credit lines in the market,” the company’s statement read. The firm added it “has recently expanded its services to include fee-free business banking [and] payment solutions.”

By offering these enterprises higher credit limits, flexible repayment options, and competitive unsecured credit solutions, First Circle “directly supports” the DTI’s mission to foster a stronger and more sustainable SME ecosystem, the agency also noted.

Through the lens of IFC Country Manager for the Philippines JeanMarc Arbogast underscored the importance of this investment, saying that with this funding, the private sector lending arm of the World Bank Group is “contributing to the DTI’s objectives to create an inclusive financial landscape for SMEs across the country.” The DTI has always recognized that “adequate” funding is necessary for small merchants to thrive.

With this, apart from First Circle, the agency has partnered with the Small Business Corp., BDO Unibank Inc., Union Bank of the Philippines and the Bank of the Philippine Islands to provide MSMEs with “tailored” financing solutions, like purchase-order financing, check rediscounting, receivables financing and franchising funding.

Last August, Acting Trade Secretary Cristina Aldeguer-Roque said there’s around P10 billion being made available for loans to MSMEs. Roque added that “more funding will be coming in for MSMEs to loan.”

She emphasized that before, the SBCorp. would lend to MSMEs based on collateral.

“We have to realize that these MSMEs don’t have collaterals. So when I became the chairman [of SBCorp.], we added more ways for the MSMEs to be able to loan,” Roque added.

Hence, she is encouraging MSMEs “to use SB Corp., because first, the interest of the loan is very low compared to others.”

“Aside from that, it is really a loan specifically for MSMEs to grow,” added Roque.

THERE’S a new kid in the digital wallet town.

It’s called Dtaka, an electronic wallet app running on blockchain and operated by DWallet Technology Corp., a financial technology (fintech) firm that is purportedly backed by Dennis A. Uy-controlled DITO Telecommunications Inc.

In an interview with the BusinessMirror, DWallet CEO Emmanuel Samson said the newly-formed fintech aims to get 500,000 customers in

the first 18 months of its operations. “It is a very conservative target. Overseas Filipino workers are included in the targets. We’re very niche,”

RBy Cai U. Ordinario @caiordinario

ETIRED and self-employed Filipinos make up the majority of the green time deposit (GTD) of the Rizal Commercial Banking Corp. (RCBC).

In a statement, RCBC said retired Filipinos made up 35 percent while self-employed Filipinos accounted for 21.9 percent of the total GTDs.

The country’s sixth-largest lender in terms of assets also said seniors aged 60 and above accounted for 30.8 percent of the total individual GTD depositors while mature married individuals contributed another 31.1 percent.

“Our [GTD] product offers a unique value proposition—it allows our clients to grow their wealth while helping fund projects that support clean energy, waste reduction and other environmentally responsible initiatives. Investors are now more conscious than ever about where their money goes and the kind of world they want to build,” RCBC Chief Sustainability Officer Armi M. Lamberte was quoted in the state -

WE all want it and certainly need it. However, the reality is that not everyone can achieve financial security.

First of all, what is financial security? In my mind, this means you can afford to live comfortably with the income and savings that you have up to your retirement to the day you pass away. In many cases, when your spouse is dependent on you, there must also be enough for their wellbeing until the day they too die.

Financial security includes having enough funds to cover emergency contingencies such as medical or economic like when you lose your job. Ideally, when you are gone, it would be nice if you could leave something for your children to inherit. There are many guides as to how much you would need to be able to have financial security. The simplest calculation would be to determine your monthly living expenses and living on an investment capital that would earn a benchmark of at least 5 percent in say a perpetual bond. Assuming you need P100,000 a month or P1,200,000 a year, this means having a nest egg of P24 million. Try to keep your nest egg intact and only in extreme emergencies should you draw down on the principal.

Building up financial security is something that needs to be well planned, preferably with two cash flow sources, namely passive income such as a time deposit or bonds and the other one is investment income from rental properties, cash dividends or businesses. Of course, the longer you can maintain your primary source of cash flow such as a

Samson told the BusinessMirror in an interview on the sidelines of the “Philippine Blockchain Week” event held in Mandaluyong City.

He said they would use social media platforms and communitybuilding programs in promoting the Dkata brand. Samson declined to disclose the budget for their marketing campaign. He said that aside from the OFW segment, they also plan to engage Web-driven communities in their bid to build a niche market.

Samson said Dtaka is going to be distinct compared to the “GCash” and “Maya” brands because the platform is being powered by blockchain technology.

“I am sure the others will copy but we’ll be the leader in this area,” he told the BusinessMirror. “The older players are still using legacy systems and we don’t want to disturb them. If you want to work with bigger wallets,

ment as saying.

The bank said the unique time deposit products also appeal to younger and environmentally-conscious segments with 11.1 percent of depositors categorized as young singles, further emphasizing the shift in investor preferences towards green finance solutions

The GTD, according to the RCBC, is part of the bank’s broader mission to promote sustainable finance and responsible investing in the Philippines.

The funds under this investment product are used exclusively to refinance RCBC’s eligible green portfolio as stated in its Sustainable Finance Framework.

The lender said these projects are focused on renewable energy, pollution prevention and control, energy efficiency, sustainable water management and clean transportation.

“Our clients are not just investing in their own future, they’re investing in the future of their children, our communities and our country. It’s truly inspiring to see so many of them—especially our seniors and self-employed individuals—make a

salary or professional fees, the better off you are since you do not need to draw on your savings but also likely to add to it.

As someone who has been working and filing income taxes for more than 40 years, I would like to share with you some tips to aid in your financial security. Start as early as possible, live within your means, don’t be a parasite and stay productive. Starting as early as possible in working towards your financial security will give you more time to build up your savings and take advantage of in-vestment opportunities, particularly through capital gains. Imagine how much property prices were 40 years ago and how much they are now. Something worth P1,000 per square meter then is now worth more than P100,000, an amazing hundredfold increase!

Living within your means is a choice between spending or saving or worse, spending and borrowing the money to spend! The liberal use of your credit card to purchase luxury items that you cannot af-ford will mean that not only do you miss out on building up your savings but also carry the burden of credit card debt of 3 percent a month. If you kept a credit card unpaid balance of P50,000 this means you are paying

we can provide the users of a system that wants to scale up. Putting all the blockchain in use and allowing them to flourish.”

Samson said DWallet also aims to attract gamers.

“A lot of the gamers are tech-savvy and we plan to partner with content providers whether they are on ‘Web 2.0’ or ‘Web 3.0,’” he added.

An estimated 40 million Filipinos are enjoying casual skill games on their mobile devices and free-toplay games available in online stores.

Samson said as they see high-value gamers find it painful to purchase in-app services, the DTaka platform “will change this through an exclusive program that will support clients with services not seen in this market today.”

He said this would be because the Dtaka app integrates seamlessly into multiple ecosystems, has higher

conscious decision to be part of this movement towards a more sustainable Philippines,” Lamberte said.

RCBC recently announced that it has financed nearly P100 billion in projects with notable environmental and social impacts.

According to its “2023 Sustainability and Impact Report,” the bank has allocated P98.1 billion towards eligible green, blue and social assets, supporting over 18,000 projects that promote positive environmental and social outcomes.

Over 40 percent is invested on renewable energy (RE) and energy efficiency projects. This translates to RE capacity totaling 944 megawatts (MW) and generating 1,819,968 megawatt hour (MWh) of RE annually and enables the avoidance of 977,211 tons of carbon-dioxide equivalent emissions per year.

RCBC supported water supply projects, providing 17,178,452 cubic meters of water per year and treating 8,729 cubic meters of sewage, while it helped finance the deployment of 120 light rail vehicles, contributing to an environmentally friendly transportation network.

P18,000 a year!

Being a greedy parasite is horrible, you do not learn how to stand on your own but develop bad habits that will also end up ruining your reputation! You do not learn how to make your own money, don’t know to save and how to manage your own investments because you are too preoccupied with asking or stealing from your friends and relatives. Good people will avoid you like the plague and opportunities will not come your way. Just remember, karma is a bitch!

Staying productive has many benefits such as keeping your mental facilities sharp, not to mention keeping your cash flow coming. Many people do some sideline businesses when they retire such as setting up a home bakeshop, sitting as an independent director, keeping their profession as a con-sultant, teaching, farming and other things that not only keeps them occupied but also generates income as well. Remember, life will be better with financial security even if you have to work hard for it.

The views and comments of Dr. George S. Chua are his own and not of the BusinessMirror or the Financial Executives Institute of the Philippines (Finex). The author was 2016 Finex President, 2010 to 2020 FPI President, an active entrepreneur in fintech, broadcast, media, telecommunications, properties and a regular member of the National Press Club. Dr. Chua is also a Professorial Lecturer 2 at the University of the Philippines Diliman and BGC Campus, a Trustee of the FINEX Foundation and the Vice Chairman of the Market Governance Board of the Philippine Dealing and Exchange Corporation. Comments may be sent to georgechuaph@yahoo. com or gschua@up.edu.ph.

limit wallets and provides local and national remittance services.

“In the Philippines, a significant portion of reward points remain unredeemed due to complex redemption processes and low perceived value. Simplifying redemption and increasing awareness can unleash substantial value and enhance customer engagement. DTaka has an innovative rewards ecosystem,” Samson said.

He said Dtaka has a user-friendly interface, a clean design and streamlined features that will enable clients to experience faster and secure transactions. Samson said the Dtaka platform reduces costs required by a smooth digital experience. He said the fintech plans to expand to Davao, Bacolod and nearby provinces. Samson added that the local market needs fresh options to give them more brands.

ING Groep appoints new CEO for Asia Pacific area

THE Netherlands’s largest financial services company ING Groep NV on Tuesday announced the appointment of Uday Sareen as chief executive and head of wholesale banking for the Asia Pacific market.

In this role, Sareen will oversee operations across 11 markets in the region, leveraging his extensive expertise and leadership to drive growth and innovation, the company said through a statement.

These markets include Australia, China, Hong Kong, India, Indonesia, Japan, the Philippines, Singapore, South Korea, Taiwan and Vietnam.

With a banking career spanning three decades across Asia Pacific and Europe, the Middle East and Africa, Sareen has a deep understanding of customer needs and a wealth of experience in managing segments and products across geographies, which will help grow the difference in the region for our wholesale bank-

ing clients. He joined ING in 2007 in India. Since 2020, he has been the head of wholesale banking at ING for the EMEA (Europe, the Middle-East and Africa) region, prior to which he was the country manager for ING in Australia.

“[Sareen’s] extensive experience in wholesale and retail banking, along with his understanding of the Asia Pacific market, will be invaluable as we continue to grow our business in the region, leveraging our global network and sector expertise to create better value for our clients,” Andrew Bester, head of ING Wholesale Banking, said.

Sareen holds an MBA from the Faculty of Management Studies, University of Delhi, India, in addition to a bachelor of engineering (electrical and electronics) and a master of science (economics) from the Birla Institute of Technology and Science, India. VG Cabuag

Treasury awards full ₧5B on offer for reissued bonds as rates became favorable

By Reine Juvierre Alberto @reine_alberto

THE Bureau of the Treasury (BTr) awarded the full P15 billion offer for the reissued Treasury bonds (T-bonds) as rates became favorable after market’s reduced expectations of US Federal Reserve (Fed) rate cuts this year.

The auction committee sold on Tuesday the reissued 7-year Tbonds with a remaining life of six years and eight months. Total tenders for the long-term government securities reached P40.876 billion, 2.7-times oversubscribed than programmed, pushing the government to reject P25.876 billion as consequence.

Bids declined by P32.472 billion from the P73.348 billion tendered in the previous 7-year T-bonds auction two months ago or on August 13, 2024. Average interest rate for the T-bonds settled at 5.690 percent, which the government would have to pay to investors every year. Yields for the debt papers were as low as 5.650 percent to as high as 5.700 percent. This is 43.8 basis points lower than the 6.128 percent average interest rates for the T-bonds with same tenor previously auctioned.

In comparison to the prevailing secondary market rates, the average rate of the reissued T-bonds almost aligned to the 7-year PHP Bloomberg Valuation Service Reference Rates (PHP BVAL) rate at 5.70 percent.

Rizal Commercial Banking Corp. (RCBC) Chief Economist Michael L. Ricafort said the result of the auction was due to the reduced odds of Fed rate cuts for the rest of 2024. Ricafort said the expected rate cut was priced in by the Fed Fund Futures lowered to 0.45 bps from 0.75 bps.

He also cited factors affecting the Fed rate cut were the stronger labor data and the faster-than-expected Consumer Price Index (CPI) of the United States as well as the increased tensions in the Middle East. Meanwhile, the Bangko Sentral ng Pilipinas (BSP) will hold its ratesetting meeting on October 16.

“Local policy rate is widely expected to be reduced by at least 0.25 bps after inflation eased to 1.9 percent in September 2024, slightly below the BSP’s inflation target range of 2 to 4 percent,” Ricafort said. Should the BSP cut rates by 0.25 bps, this would bring the target reverse repurchase rate down to 6 percent from the current 6.25 percent. The Treasury will auction the remaining 10-year tenor T-bonds worth P15 billion on October 29. So far, the Treasury has raised P90 billion out of the P145 billion programmed borrowings for October. The government aims to borrow P2.570 trillion this year, following a mix of 75:25, of which P1.923 trillion will be raised domestically while P646.084 billion will come from foreign sources.

Finex Free enterprise

George s. Chua

‘Terrifier 3’ slashes ‘Joker’ to take

No. 1 at the box office, Trump film ‘The Apprentice’ fizzles

BY JAKE COYLE

The Associated Press

NEW YORK—The choices on the movie marquee this weekend included Joaquin Phoenix as the Joker, a film about Donald Trump, a Saturday Night Live story and even Pharrell Williams as a Lego. In the end, all were trounced by an ax-wielding clown. Terrifier 3, a gory, low-budget slasher from the small distributor Cineverse, topped the weekend box office with $18.3 million, according to estimates on Sunday. The film, a sequel to 2022’s Terrifier 2 ($15 million worldwide in ticket sales), brings back the murderous Art the Clown (David Howard Thornton) and lets him loose, under the guise of Santa, at a Christmas party. That Terrifier 3 could notably overperform expectations and leapfrog both major studios and awards hopefuls was only possible due to the disaster of Joker: Folie à Deux. After Todd Phillips’ Joker sequel, starring Phoenix and Lady Gaga, got off to a much-diminished start last weekend (and a “D” CinemaScore from audiences), the Warner Bros. release fell a staggering 81 percent in its second weekend, bringing in just $7.1 million. For a superhero film, such a drop has little precedent. Disappointments, like The Marvels, The Flash and Shazam Fury of the Gods all managed better second weekends. Such a mass rejection by audiences and critics is particularly unusual for a follow-up to a massive hit like 2019’s Joker. That film, also from Phillips and Phoenix, grossed more than $1 billion worldwide against a $60 million budget.

Eugenia

film might have done better. The Apprentice, starring Sebastian Stan as Trump under the mentorship of Roy Cohn (Jeremy Strong), has been making news since its debut at the Cannes Film Festival, up to its last-minute release just weeks before the election. The Trump campaign has called the movie “election interference by Hollywood elites.”

The sequel was pricier, costing about $200 million to make. That means Joker: Folie à Deux is headed for certain box-office disaster. Globally, it’s collected $165.3 million in ticket sales.

“This is an outlier of a weekend if ever there was one,” said Paul Dergarabedian, senior media analyst for Comscore. “If you had asked anyone a month ago or even a week ago: Would Terrifier 3 be the No. 1 movie amongst all these major-studio films and awards contenders? To have a movie like this come along just shows you that the audience is the ultimate arbiter of what wins at the box office.”

The Joker slide allowed The Wild Robot, the acclaimed Universal Pictures and DreamWorks animated movie, to take second place in its third weekend with $13.4 million. Strong reviews for Chris Sanders’ adaptation of Peter Brown’s book have led the movie, with Lupita Nyong’o voicing the robot protagonist, to $83.7 million domestically and $148 million worldwide.

The young Donald Trump film The Apprentice, distributed by Briarcliff Entertainment in 1,740 theaters, opened in a distant 10th place, managing a paltry $1.6 million in ticket sales. While expectations weren’t much higher, audiences still showed little enthusiasm for an election-year origin story of the Republican nominee.

If headlines translated to ticket sales, Ali Abbasi’s

Abbasi’s film, set in the 1970s and 1980s, tested moviegoer’s appetite for a political film in an election year. Major studios and specialty labels passed on acquiring it in part because of the question of whether a movie about Trump would turn off both liberal and conservative moviegoers, alike. The Apprentice will depend on continued awards conversation for Strong and Stan to make a significant mark in theaters before voters turn out at the polls.

Jason Reitman’s Saturday Night failed to ignite its nationwide expansion. The film, with an ensemble cast led by Gabriel LaBelle’s Lorne Michaels, collected $3.4 million from 2,288 locations. The Sony Pictures release, about the backstage drama as the NBC sketch comedy show is about to air for the first time in 1975, will likely need to make more of an impact with audiences to carry it through awards season.

Piece by Piece, a Pharrell Williams documentarybiopic hybrid animated in Lego form, had also been hoping to click better with moviegoers. The acclaimed Focus Features release, directed by veteran documentarian Morgan Neville (20 Feet From Stardom, Won’t You Be My Neighbor?), opened with $3.8 million from 1,865 theaters.

But the debut for Piece by Piece, while low for a Lego animated movie, was very high for a documentary. Piece by Piece, which had the weekend’s best CinemaScore, an “A” from audiences, could play well for weeks to come. The film, which was modestly budgeted at $16 million, is also likely to end up the year’s highest grossing doc—if Piece by Piece can be called that.

We Live in Time, the weepy drama starring Florence Pugh and Andrew Garfield, had one of the year’s best per-theater averages in its five-screen opening. The A24 release, which will expand nationwide next

weekend, debuted with $255,911 and a $51,000 perscreen average.

Outside of the success of Warner Bros.’ Beetlejuice Beetlejuice (which pulled in $7.1 million in its six weekends of release despite recently launching on video-on-demand), Hollywood’s fall has struggled to get going. Low-budget horror, like Terrifier 3, continues to be one good bet in theaters, but this autumn has been mostly characterized by bombs, like Joker: Folie à Deux and Megalopolis

This time last year, Taylor Swift was giving the box office a massive lift with The Eras Tour. This weekend compared with the same time last year was down 45 percent according to Comscore.

Estimated ticket sales for Friday through Sunday at US and Canadian theaters, according to Comscore.

1. Terrifier 3, $18.3 million

2. The Wild Robot, $13.5 million

3. Joker: Folie à Deux, $7.1 million

4. Beetlejuice Beetlejuice, $7.1 million

5. Piece by Piece, $3.8 million

6. Transformers One, $3.7 million

7. Saturday Night, $3.4 million

8. My Hero Academia: You’re Next, $3 million

9. Nightmare Before Christmas, $2.3 million

10. The Apprentice, $1.6 million. ■

Kohler...

CONTINUED FROM B5

intentionally kept the word gracious in our mission, and we’re also very focused on health and wellness as part of the area that we compete in. That’s the promise we are providing going forward.

We’re also very committed to sustainability in everything we do. We design for the environment, reducing our environmental footprint. We are showing other companies how you can be a great company environmentally as well as a successful one in the industry. ■

move along. ★★

LEO (July 23-Aug. 22): Proceed with caution; too much too fast will backfire. Gather information, consider your options and leave no room for error. Knowledge and experience are your best routes forward. Get the facts, put a plan in place and have the courage to follow through until you are satisfied with your results. ★★★★★

VIRGO (Aug. 23-Sept. 22): You know the rules and how to play the game, so don’t waffle now when it’s time to forge ahead with vim and vigor. A change is within reach and will add to your required momentum to reach your goal. Turn on the charm and enjoy the ride. ★★★

LIBRA (Sept. 23-Oct. 22): Put your energy into something that will help you get ahead. Raise your qualifications or skills, or share your vision with someone in a position to help promote you. It’s best to create opportunities instead of waiting for them to come to you. Follow your heart. ★★★

SCORPIO (Oct. 23-Nov. 21): You’re in the driver’s seat; formalize your case, ask for what you want and confidently push forward. Set a budget you can live with and refuse to let anyone talk you into spending or offering more than you can handle. Truth, trust and timing form your ticket forward. ★★★

SAGITTARIUS (Nov. 22-Dec. 21): Take time for selfimprovement, personal growth and mapping out a path that leads to happiness and peace of mind. Dedication, understanding and knowing who is and who isn’t on your side are the markers that determine your success. Don’t be afraid to do your own thing. ★★★★★

CAPRICORN (Dec. 22-Jan. 19): You know the ropes, so don’t let emotions kick in and disrupt your plans. Put a budget in place to accommodate what you want to achieve, and don’t look back. Your tenacity and insight will unnerve anyone trying to outmaneuver you or get in your way. ★★

AQUARIUS (Jan. 20-Feb. 18): Participation will lead to discovery and opportunity. Adjust investments, and put your energy into something that encourages fitness, routine and a healthy lifestyle. Turn your attention to well-thought-out functional changes. Don’t be a bystander; own the spotlight and make things happen.

PISCES (Feb. 19-March 20): Play fair and watch for anyone who displays untrustworthiness. Live within your means and put a greater onus on health, fitness and diet. Nurture what and whom you love, and make romance a priority. Travel, expanding your interests and knowledge, and personal growth are favored. ★★★★★

BIRTHDAY BABY: You are opportunistic, charismatic and energetic. You are intuitive and curious.

‘The

genius of the and’: Talking success with Kohler Co.’s chairman/CEO

The fourth-generation leader of his family’s namesake global business, David Kohler shares the winning mindset of their 150-year-old company that specializes in bath and kitchen design

By Jt Nisay

ACROSS the countless media interviews of David Kohler, be it for news sites or podcasts, it seems that one question always pops up: “What’s your secret to success?”

It’s only a natural query, really, considering the impressive stature of both the man and the company. Kohler Co., the namesake global empire of David’s family, is the $7 billion (sales) American manufacturing group based in Wisconsin that specializes in bath and kitchen fixtures and has interests in energy and hospitality.

Meanwhile, David has triumphed at every turn of his life, from his academic pursuits at Duke University and the Kellogg School of Management at Northwestern University, to his ascension in the professional ranks. He has spent more than three decades working through several verticals in the company before taking over the chairmanship in 2022, following the passing of his father and longtime CEO Herbert Kohler at age 83. David’s Midas touch even extends to the fairways, having served as general chair of the 43rd Ryder Cup at the famed, Kohler Co.owned Whistling Straits, which many golf experts consider as the best edition in the international event’s storied history.

Given this wide array of accolades, David faces the secret-to-success question so frequently that he has developed a ready yet honest answer. His response every time is the “combination of left brain-right brain thinking,” saying that he and the company strive to be analytical and creative, logical and imaginative, and so on.

“It is the secret sauce,” Kohler emphasized in a recent sit-down at Admiral Hotel Manila in Malate. “This is the ‘genius of the and:’ How can you be disciplined and conservative on one hand, but then, imaginative and innovative on the other. It’s this crazy combination that you make work over time.” Kohler was in the country last week as part of his Southeast Asia business trip. He touched base with the company’s partners in “key markets like the Philippines,” and granted an exclusive interview with the press. Apart from discussing the “genius of the and”—a philosophy presented by authors Jim Collins and Jerry I. Porras in the book Built to Last, which outlines what leads to enduringly great companies— Kohler talked about the country, their strategies here, and the role of innovation in the company’s past, present and future.

We understand that this is your first time in the country. What did you know about the Philippines coming in?

I love the Philippines, the people, the culture. I’ve known the general aspects of the country, like the Spanish influence and the different kinds of quirks, such as the Filipino people’s love for NBA basketball. Then you layer in the economic element of it. It’s one of the key growth markets we’re certainly focused on. You look at the population of over 100 million, the GDP growth rate—we really like that. It’s

also one of the younger populations when you look at comparative countries, so it’s got so much going for it. There’s a vibrant development happening at the luxury level, and on all levels, from residential development to commercial development, malls, hospitality. There’s a whole vibe here, and it’s an exciting time for the country, so it’s neat to come into that.

From a business perspective, how are you looking to further establish Kohler Co. in the country and capitalize on its economic development?

We really think it’s important to build trust with our consumers. We’re a global brand, a known brand. We stand for leading design. We also stand for a single level of quality in everything we do. But we need to build trust on a local market basis, and you do that through establishing a partner network with distributors that can extend that service level and commitment to architects, designers and consumers. That means selecting our distribution and development partners well. We want to work with developers who are building truly high-quality luxury residential and hospitality and commercial projects—companies like Shang Properties or Ayala Land Inc. that are really doing an outstanding job. That’s really important to us.

You mentioned “luxury.” How does Kohler Co. approach, stay true, and deliver that concept across all its markets around the world?

We think that the only way to truly succeed in a market is by adapting to its norms, needs, codes, standards, taste, trends. Every market’s a little bit different, and there certainly is a design sensibility, kind of this diverse fusion, in the Philippines—a

sophisticated sense of design. Make no mistake: you look at the properties going on here, they can match the best hotels and residential properties anywhere in the world. And there’s a tropical influence that you can see in the colors and the finishes and the textures. There’s warmth and humanity in the design, which is truly unique that’s being incorporated into these luxury developments.

Let’s about Kohler Co.’s cultural DNA, which you always credit in your interviews as a huge part of the company’s success.

At the center of our model are people. The only way we’ve been built over the last 150 years has been great, great people living our values and principles consistently with discipline. They also brought an entrepreneurial spirit to propel the business forward, and to innovate and adapt to new markets and situations. We want self-directed teams like the one we have here in the Philippines. They’re in charge of all of our relationships, our brand equity and our brand standards in this country. They have to map the strategy and need to execute it every day, because they represent Kohler, and we want to export our culture and let our teams really operate and build the business.

What does innovation mean to a company like Kohler Co., which has been around for a century and a half?

It’s the blood in our veins. If we’re not innovating, we’re not staying relevant to our customers. (Our clients) come to Kohler because they want the best and latest the world has to offer in this space. And they expect us to have the color, finish, texture, technology. They want to see it from us. So, (innovation) is

UP readies AI conference on Oct. 24-25 following Nobel Prize recognition of technology’s foundational discoveries

AS the 2024 Nobel Prize hails scientific breakthroughs which made artificial intelligence (AI) technology possible, the University of the Philippines is set to gather the country’s experts for a conference underscoring AI’s profound impact on society, modern science, and the research community.

The university-organized AI Horizons PH ’24: Conference on AIPowered Research and Innovation on October 24 and 25 at the UP-BGC campus in Taguig City will also highlight AI-driven solutions that can potentially transform the Philippines’ unique challenges in food security, sustainable agriculture, quality education, good governance, materials and energy, and health and wellness.

The Royal Swedish Academy of Sciences Nobel Committee honored physicist John Hopfield and computer scientist Geoffrey Hinton recently for their “foundational discoveries and inventions that enable machine learning with artificial neural networks.” It underlined

how Hopfield’s work on associative memory and Hinton’s contributions to deep learning had laid the groundwork for today’s AI revolution, from language translation to image recognition and beyond.

“The 2024 Nobel Prize in Physics shows that investing in AI is not just an option but an imperative for our nation’s future,” UP president Atty. Angelo A. Jimenez noted. “As one of the world’s most prestigious science awards recognized AI’s global significance, UP has been taking concrete steps to harness its power for national progress.’’

Dr. Gisela P. Concepcion, UP’s special adviser to the president on research and innovation, drew parallels between the Nobel-winning work and UP’s initiative: “The breakthroughs recognized by the Nobel Prizes—from fundamental machine learning to protein structure prediction—demonstrate AI’s potential to accelerate discovery and innovation across all fields.” Conference chairman Dr.

Prospero Naval, Jr. of the UP Diliman Department of Computer Science said the organizers “aim to ignite AI transformation in our country, championing a vision where AI is integrated into everything and made accessible to everyone.”

“AI’s transformative potential hinges on our commitment to digital infrastructure and datadriven strategies across all sectors,” emphasized Peter Sy, UP assistant vice president for digital transformation.

AI’s pivotal role across many sectors will be discussed during the two-day conference. Confirmed keynote speakers per track include Education Secretary Sonny Angara, Quezon City Mayor Joy Belmonte, Agriculture Undersecretary Allan Q. Umali, Health Undersecretary Glenn Matthew Baggao, and executive director Enrico Paringit of the Department of Science and Technology-Philippine Council for Industry, Energy. More information and registration details can be found at ai-horizons.up.edu.ph.

essential to what we do, and we’re pushing it at all levels.

And this emphasis on innovation is reflected in Kohler Co.’s commitment to reinvest 90% of earnings back into the company. Talk about that strategy.

That’s an important part of our operating philosophy, our guiding principle. It creates a competitive advantage because our competitors aren’t reinvesting as much as we do over decades into the business, and this really gives us the ability to grow and expand and innovate.

How has the past two years been for you as the head man of Kohler Co., following the passing of your father? (It was reported that in 1998, Herbert Kohler bought out 300 shareholders to consolidate ownership in their branch of the family. Kohler Co. remains owned and operated by the family.)

I look at it all as a journey. I’ve been chair for two years after my father passed, but I have been CEO since 2015, president since 2009, and I’ve with the company for 33 years. It’s been an incredible journey and honor, working with great people and colleagues at all levels. I’ve learned so much from them over the years. Who I am today is a reflection of all the people I’ve worked with.

Two years down and many more to go. What’s your goal as the leader of Kohler Co.’s new era? We reset the brand last year to help people live gracious, healthy and sustainable lives. We very

deployed future diplomats as the Protocol Team of the recently-concluded Philippine Drug Policy and Law Reform Summit at the Diamond Hotel Manila.

Organized by the United Nations Office of Drugs and Crime and the Philippine Department of Justice, the conference adopted a multidisciplinary approach as it provided a platform for various sectors to engage in extensive dialogues.

The discussions delved on how the Philippines combats substance abuse. It, likewise, tackled the possible ways to amend and thus improve the existing drug policies to better align with human rights. The initiative gathered diverse stakeholders, to include civil society organizations, such as policymakers, national government agencies, local government units, the IPG, health professionals and the academe.

The event graced by notable public officials,

Board Undersecretary Earl Saavedra. Representatives Nations, and associates of international organizations were, likewise, present.

For the summit, IPG specially tapped youth leaders from the School of Diplomacy and Governance (SDG) of the De La Salle-College of Saint Benilde (DLS-CSB) to serve as protocol officers. Headed by consular and diplomatic affairs student Patricia Buhay as the chief of protocol, the group included diplomacy and international affairs majors Charllote Hillary Alegre, Andrea Elisha Lopez, Jan James Mendez, and Janine Beatrix Quinzon. SDG dean Gary Ador Dionisio, DPA, stated invitations such as this serve as a blueprint for providing the students with the opportunity to apply the theories and concepts they have learned from their courses to real-life situations. This allows them to deepen their knowledge as well as expand their networks.

BENILDE School of Diplomacy and Governance (SDG) Protocol Team with Sen. Risa Hontiveros.

Cebu airport fortifies capacity to respond during disaster with 2nd GARD Workshop

THE Mactan-Cebu International Airport Authority (MCIAA) organized the second Get Airports Ready for Disaster (GARD) Workshop on September 23 to 27, 2024 with support from the Philippine Disaster Resilience Foundation (PDRF), World Food Programme (WFP), United Nations Development Programme (UNDP), and lead trainer DHL Group. This workshop followed the first held in Cebu in 2014.

Organized in the Mactan-Cebu International Airport, the five-day workshop had 38 participants, including representatives from the Civil Aviation Authority of the Philippines, airport terminal operators, Office of Civil Defense, Bureau of Customs, Bureau of Immigration, local government unit, PNP Aviation Security Group (PNP), and Bureau of Fire Protection (BFP).

“The GARD Workshop is an essential initiative in fortifying our airport’s capacity to respond swiftly and effectively in the event of a disaster. By conducting thorough assessments and identifying

areas for enhancement in our airport operations, we ensure the public that the Mactan-Cebu International Airport remains resilient and prepared to handle the challenges that come with increased air traffic during crisis situations,” said Julius G. Neri Jr, General Manager and CEO, MCIAA.

“Together with key stakeholders, including government agencies, international partners, and humanitarian organizations, we are taking proactive steps to safeguard the continuity of vital operations here at MCIAA and, ultimately, to help save lives in times of need,” he added.

DIGIPLUS Interactive, through its social development arm, BingoPlus Foundation, recently launched Project Clean, an initiative aimed at improving water safety for 15,000 residents in Dumanjug, Cebu. This critical project addresses the severe public health challenges posed by inadequate access to clean water, providing essential support to the local community. Diarrhea remains the third leading cause of death among Filipino children, primarily due to contaminated water. In response, the BingoPlus Foundation donated 138 advanced water filters, 11 rainwater catchment tanks, and provided extensive water sanitation training through its sustained collaboration with Waves4Water. These efforts will directly benefit residents across 11 barangays, ensuring access to cleaner, safer water and significantly

reducing the risk of water-borne diseases. As part of its KalusuganPLUS Program, under the Accessible Healthcare advocacy pillar, Project Clean tackles the pressing issue of sustainable access to clean water in Cebu. With the National Water Resource Board citing Cebu as one of the most water-stressed areas, the provision of MVP filters, capable of purifying up to three million liters of water without electricity and designed for long-term use, represents a vital step toward sustainable water solutions. Angela Camins-Wieneke, Executive Director of the BingoPlus Foundation, emphasized, “Project Clean exemplifies our dedication to transforming lives through sustainable and impactful healthcare solutions. By equipping communities with the tools and knowledge they need, we aim to safeguard their health and improve their quality of life.”

RHEA Generics Takes the Lead in Providing

IN a country where affordable healthcare is a challenge, RHEA Generics has emerged as a leader in providing world-class, affordable medicines that Filipinos can trust. With the rising costs of medications and limited healthcare facilities, RHEA Generics is making significant steps to ensure that high-quality, effective treatments are accessible to all.

The Philippines continues to face a health crisis, with heart disease, stroke, respiratory infections, and kidney diseases among the leading causes of death, according to the World Health Organization (WHO). For many Filipinos, the high cost of branded medicines makes it difficult to receive proper treatment in time. Recognizing this gap, RHEA Generics is taking proactive steps to support the government’s efforts in promoting affordable healthcare through generics.

RHEA Generics leads the movement to make quality medicines affordable in the country. The brand is aligned with the Department of Health (DOH) to promote the use of generics in line with the Generics Act and the Universal Health Care Act, which aim to provide essential healthcare for Filipinos, regardless of income.

By offering high-quality generic alternatives, RHEA Generics ensures Filipinos can prioritize their health without financial strain. Beyond affordability, RHEA guarantees consistent and uncompromised quality through partnerships with globally respected pharmaceutical companies.

To further elevate the standard of generic medicines in the Philippines, RHEA Generics has forged partnerships with internationally renowned pharmaceutical companies that uphold the highest standards of integrity and innovation. These collaborations enable RHEA Generics to offer a broad range of medicines that are as safe and effective as their branded counterparts. By

“Reflecting on the 2013 Typhoon Yolanda response, when Mactan Cebu Airport became a crucial hub for relief efforts, we recognized the logistical challenges our country faces during disasters. After bringing the GARD program to five airports, including Mactan Cebu, we aim to expand further, building the capacities of more airports and enhancing coordination for future disaster response,” said Guillermo Luz, PDRF Chief Resilience Officer.

As a founding member of GARD, UNDP Philippines Resident Representative Dr. Selva Ramachandran, conveyed through UNDP Philippines Programme Analyst Mark Anthony Ramirez, emphasized the ongoing partnership with the PDRF, as well as UNDP’s collaboration with the private sector, including DHL, and its partnership with the WFP in implementing GARD. “We are honored and confident in our ability to support the Philippine Government in enhancing the capabilities of our airport hubs to effectively respond to emergencies and disasters. UNDP is dedicated to

Pilar Fernandez, Nurse and Sanitation Inspector at the Dumanjug Rural Health Unit, highlighted the local impact:

“We frequently see cases of children suffering from diarrhea and amoebiasis due to unsafe water. The water in our rivers may look clear but is often contaminated. Project Clean will greatly enhance the safety of our water sources, protecting our community’s health.”

Project Clean is part of a larger P15 million donation from BingoPlus during the Cebu Carnival, which also includes substantial aid in the wake of Typhoon Carina, apart from various projects dedicated in Cebu.

Dr. Reynilee Christine Cabilin, Department Head of the Municipal Health Office of Dumanjug, expressed gratitude, stating, “We are deeply grateful for BingoPlus Foundation’s generous support. This timely aid will make a significant difference, particularly for those in remote areas, and help us recover from the impacts of Typhoon Carina.”

The BingoPlus Foundation is committed to making a lasting impact through innovative and responsible corporate social responsibility initiatives. With a focus on accessible healthcare and community support, the Foundation has increased its outreach budget to over P100 million, underscoring its dedication to social welfare and sustainable development.

For more information about the BingoPlus Foundation, visit https://digiplus.com.ph/bingoplus-foundation/.

World-Class Medicines for Filipinos

treatment options, ensuring Filipinos have access to medicines that meet international standards of quality and efficacy. This commitment to excellence strengthens RHEA’s mission to enhance healthcare in the Philippines.

RHEA Generics understands that improving healthcare access is not just about providing medicines; it is about empowering people with knowledge. As part of its mission, RHEA actively educates communities about the safety, effectiveness, and benefits of choosing trusted generic medicines. Through grassroots campaigns, RHEA helps debunk the common misconception that generic medicines are less effective than branded drugs, emphasizing that they are equally effective.

These educational efforts reflect its commitment to raising awareness about healthcare solutions and supporting the government’s promotion of generics as a viable alternative for the masses. By fostering an informed public, RHEA Generics strengthens its role in creating a healthier nation.

RHEA Generics is leading the way in addressing one of the country’s most pressing healthcare challenges— affordability. Through innovation, education, and collaboration, the company is reshaping perceptions of generic medicines. With dedication and partnerships across sectors, RHEA Generics empowers Filipinos to lead healthier lives without the burden of high medical costs.

“RHEA Generics offers a wide portfolio of medicines, ranging from treatments for chronic diseases like hypertension and diabetes to antibiotics for acute infections. What makes RHEA Generics stand out is that our medicines are produced in facilities where innovator medicines are made, ensuring world-class quality at an affordable price,” said PHILUSA Marketing Head Maya Leander.

“Additionally, consumers will also get to take advantage of RHEA Generics’ wide availability at 1,200 Mercury Drug outlets nationwide—making high-quality generic medicines not only affordable but also accessible to more Filipinos.”

RHEA Generics is committed to making high-quality, effective treatments accessible to everyone. Through a strong focus on education and advocacy, the brand strives to break down healthcare barriers and improve the quality of life for all.

RHEA Generics is available at Mercury Drug Store branches nationwide. RHEA Generics is a homegrown brand of PHILUSA Corporation and a pioneer in the generics industry, with more than 40 years of experience in producing world-class quality and affordable healthcare products. For more information and updates, follow the social media pages of RHEA Generics PH on Facebook and @rheagenericsph on Instagram.

strengthening the government’s capacity for early warning, preparedness, and early action in the face of crises,” Dr. Ramachandran noted.

The workshop focused on airport assessments, identifying areas of improvement, and collaboration with all stakeholders to ensure the smooth running of logistics for the movement of aid during a disaster. It targets to help in

developing local know-how on ensuring Mactan-Cebu International Airport is well-equipped to play its role as a logistics hub for critical life-saving supplies, materials and for search-and-rescue personnel. The workshop is conducted by GARD instructors, specially trained logistics and training experts from the DHL Group with the support of trainers from organizations like IFATCA.

Brew-tiful Nights at Eastwood City

EASTWOOD City is buzzing with energy, and its bar scene is no exception. Those looking to grab a drink and kick back with friends this month of October shall look no further as Quezon City’s entertainment capital stands out with its selection of unique spots that offer great vibes, delicious bites, and unforgettable nights.

Here’s a look at the best places to enjoy a drink this October:

At Rue Bar and Restaurant, diners can indulge in the unique delight of the famous caramel beer, a sweet and smooth brew that perfectly complements the festivities of the season. Alongside its standout drink, the bar boasts an impressive lineup of classic and creative cocktails along with a menu filled with popular bar food classics that

The next destination is everyone’s favorite, TGI Fridays. The beloved American diner-style restaurant is a go-to for those craving a wide array of drinks and cocktails, featuring everything from the classics to exciting new concoctions. October nights can’t go wrong with TGI Fridays’ hearty menu of comfort food that complement its extensive beverage offerings. G/F Citywalk Finally, with the NBA season kicking off soon,

creative fusion extends to their menu, featuring a delightful selection of Filipino and fusion dishes that perfectly complement their drinks. G/F Citywalk

For more updates on the latest happenings, visit megaworld-lifestylemalls.com or call their hotline at 8-462-8888 or follow their social media accounts on Facebook, Instagram (@MegaworldLifestyleMalls), and TikTok (@megaworldlifestylemalls).

Alab ng Pasko: A spectacular magic show this December at Batangas Lakelands

THIS year, Batangas Lakelands takes its annual Alab Ng Pasko celebration to an exciting new direction. Following the success of the previous performances by Yeng Constantino and Parokya Ni Edgar, the 2024 event promises to captivate with a magical twist. Guests can look forward to a variety of magical performances throughout the evening, with the show’s highlight being the internationally renowned illusionist, Kent Oliver. In addition to his stunning

magic act, the event will feature thrilling performances by The Reals Band, Tectonix, The Fire Benders, Alab Poi, and the Acrobat of Manila. It’s a night guaranteed to dazzle and entertain guests of all ages.

The event happens on December 14, 2024. Gates will be opened at 8:00 AM for guests to take full advantage of Batangas Lakelands’ Day Trip Adventure. Visitors can enjoy activities such as biking, archery, bus tour, and access to walking trails. Tickets are now available at Ticketworld https://bit.ly/MAGICSHW24 and Batangas Lakelands’ website for only P500. The magic and entertainment will run until 10:00 PM that will surely ignite the holiday spirit. For reservations and inquiries, you may call Batangas Lakelands’ Landline: (02) 7623-9465 or Mobile: 0917 852 7735 / 0917 869 1619 or send an email at tours@lakelands. com.ph.

To get in the loop for latest updates and information, please like Batangas Lakelands’ official facebook page at www.facebook. com/batangaslakelands and website at www. batangaslakelands.ph.

GARD workshop for Mactan-Cebu International Airport

OVER 15,000 residents across 11 barangays in Dumanjug are directly benefited by BingoPlus Foundation’s Project Clean Water.

Phl REIT market still a lucrative investment

By Rizal Raoul S. Reyes @brownindio

The country’s Real estate Investment Trust (ReIT) market remains an attractive option, still offering yields of 6 to 9 percent despite the rally in valuations.

This was recently underscored by Leechiu Property Consultants, Inc director Tam Angel in its 3rd Quarter 2024 Philippine Property Market Report held in Makati City. In fact, Angel said it even outperforms global counterparts like Japan (3 to 4 percent), the United States ( 3 to 5 percent) and Singapore (5 to 6 percent).

He pointed out the lowered interest rates implemented by the Bangko Sentral ng Pilipinas (BSP) have been benefitting Philippine REITs as seen in their quarter-on-quarter growth, ranging as high as 20 percent for RCL Commercial REIT Inc. (RCR), 12 percent for Ayala Land REIT (AREIT) and 10 percent for Filinvest REIT Corporation (FILRT).

Although established markets provide more cohesion, Tam said they come with lower yields and limited growth. The Philippine market, said the Philippine market, in contrast, remains vigorous and offers significant opportunities.

“Definitely, it is susceptible to market cycles. For foreigners, it has always been a challenge to

come in and have an exit strategy for seven to 10 years. They have been at the mercy of those very few who control the real estate market,” Angel said in an interview with reporters on the sidelines of the event.

Angel said the rate cuts implemented by the Bangko Sentral ng Pilipinas (BSP) will play a key role in the property sector and as well as the economy.

On August 125, 2024, the BSP cut its main interest rate, the target reverse repurchase (RRP) rate, by 25 basis points from 6.5 percent to 6.25 percent. The target RRP is the BSP’s main monetary policy rate. Moreover, the BSP also cut its overnight deposit and lending rates for banks by 25 basis points each to 5.75 percent and 6.75 percent, respectively.

Angel said another rate cut of 25 bps each projected in October and December potentially will end 2024 with a 5.75 percent key policy rate. Meanwhile, the September inflation of 1.9 percent with full year inflation projected at 3.2 percent is well within the target of 2 to 4 percent. “LPC projects that these eco -

nomic conditions will provide for a more actively traded market and hence supports longer term capital value resiliency and growth,” Tam said. He pointed out that BSP’s lowering of the interest rates will boost confidence in the market. “This means developers will launch more projects, and investors will be encouraged to take positions given lower funding costs,” Angel said. Angel said the BSP might introduce another rate in December to set the tone right for January 2025.

The BSP will reduce the reserve requirement ratios (RRRs) by 250 basis points (bps) for universal and commercial banks (U/KBs) and non-bank financial institutions with quasi-banking functions (NBQBs); 200 bps for digital banks; and 100 bps for thrift banks (TBs) and for rural banks and cooperative banks

dAvid Kohler visits dexterton showroom: elevAtinG Kohler’s influence in the PhiliPPine luxury mArKet

DAv ID K OHLER Chairman and CEO of Kohler, made a significant visit to Dexterton’s premier showroom in BGC, reinforcing Kohler’s strategic focus on expanding its footprint in the Southeast Asian luxury market. Accompanied by Larry Yuen, Group President of K&B International & New ventures, and other senior executives, the visit reaffirmed Kohler’s enduring partnership with Dexterton, a leading distributor of high-end kitchen and bathroom products in the Philippines. Dexterton has played an instrumental role in establishing Kohler’s foothold within the high-end sector of the Philippine market. Known for curating top-tier bathroom and kitchen products, Dexterton aligns seamlessly with Kohler’s mission to deliver cutting-edge innovation and design excellence. The showroom, an architectural showcase in itself, serves as a crucial platform for Kohler’s upscale offerings, from sleek, modern faucets to technologically advanced bathroom fixtures— catering to the evolving demands of affluent Filipino consumers seeking premium, sophisticated home solutions.

During the visit, David Kohler engaged with a select group of industry leaders, influencers, and design luminaries, reflecting Kohler’s deep commitment to understanding local market dynamics and consumer preferences. Notable attendees included celebrated industry figures such as IDr. Myze Bangayan, IDrs. Mado and Cyndi Fernandez Beltran, IDr. Rossy Rojales, IDr. Christine v illamora, IDr. Chat Fores, along with iconic designers Budji Layug and Arch. Marc Go. The event also welcomed key partners such as celebrity entrepreneur Matteo Guidicelli and renowned restaurateur Happy Ongpauco, further amplifying the stature of the occasion. The event was not only a symbol of Kohler’s investment in the region but also an opportunity to showcase its latest innovations. Guests were treated to immersive, interactive experiences with Kohler’s groundbreaking products, which highlight the brand’s dedication to merging sophistication with cutting- edge technology. These demonstrations reinforced Kohler’s unwavering commitment to both quality and customer-centric design, positioning the brand as a leader in the luxury segment. Key Kohler executives, including Salil Sadanandan, Kamol Lertsattha, Ishan Kala, and Pio Gutierrez, expressed their collective enthusiasm for the brand’s growth trajectory in the Philip -

pines. With its dynamic economy and increasing demand for luxury home solutions, the Philippines represents a vital market for Kohler’s expansion in Asia.

Kohler’s visit to Dexterton not only underscored its strategic focus on premium markets but also its commitment to nurturing strong, symbiotic partnerships that enhance brand visibility and consumer engagement. As Kohler continues to expand across Asia, its collaboration with established local partners like Dexterton will be crucial in fulfilling the sophisticated needs of discerning consumers. David Kohler’s visit stands as a testament to Kohler Co.’s forward-thinking vision, innovation-led approach, and dedication to redefining luxury living in the Philippines. This partnership promises to elevate the standard of opulent living spaces for Filipinos, as Kohler and Dexterton set a new benchmark for luxury in Southeast Asia.

(RCBs). For every rate cut is worth P150 billion.

As a result, the reduction shall bring the RRRs of U/KBs and NBQBs to 7.0 percent; digital banks to 4.0 percent; TBs to 1.0 percent; and RCBs to 0.0 percent. The new ratios shall take effect on the reserve week beginning on October 25, 2024 and shall apply to the local currency deposits and deposit substitute liabilities of banks and NBQBs.

The BSP emphasized that these adjustments in reserve require -

ments are in line with its continuing efforts to reduce distortions in the financial system. The reductions will lower intermediation costs and promote better pricing for financial services. As inflation continues to track a target-consistent path over the next two years, the BSP will reassess the need for further reductions in the RRRs to better align them with regional norms over the medium term.

Angel said the BSP hopes to encourage buyers and sellers to be

active in the economy. “That is really a rosy situation hopefully and if that happens, it will really help us live through the supply situation in the residential sector and office sector.”

He said the local developers are quite happy with the current situation in the REIT market because of the liquidity and it’s still part of their portfolio.

“Ultimately, they still control the book value through their holding company.”

Audrey Go and david Kohler

Areit’s s olaris o ne building

ed Ge-certified rcl reit building

Lee makes strong statement in Day 1

BusinessMirror

Sports

B8 Wednesday, OctOBer 16, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Engino in full throttle at 5-under in 1st round of Bacolod Challenge

layout. Rho, who topped last year’s Philippine Golf Tour Q-School, made a quick impact with four birdies, including a string of three from the third hole and despite a lone bogey on the back nine, the young and aggressive Korean maintained his momentum with two more birdies to tie Engino at the top of the P2.5 million championship presented by Negros Power and Electric Corp.

“I didn’t expect to lead since there are many strong players, but I did my best,” said Engino, who tied for 22nd place at the Iloilo Challenge last week. “My driving, iron play and putting were all solid, so I just waited for the birdies to come.”

Rho, playing the tricky Bacolod layout for the first time, was pleased with his strategy.

“I tried to be aggressive and just enjoy myself,” he said. “There’s nothing to change in my approach; I’m going to keep attacking and hopefully make more putts.”

Tom Marcelo, another lesser-known contender, was poised to take the firstround lead after going five under with three holes left to play but a 45-minute lightning delay halted his momentum causing him to bogey the par-three No. 8 on a three-putt miscue and finish with a

RBy Josef Ramos

AIN OR SHINE put to naught

Rondae Hollis-Jefferson’s triple-double performance for TNT Tropang Giga with a 110-109 squeaker in Game 3 of their Philippine Basketball Association Governors’ Cup semifinals duel on Sunday night in Dasmariñas City.

It was a close shave for the Elasto Painters that head coach Yeng Guiao hoped he had his import-stopper Caelan Tiongson at his beack and call at the bench.

“Caelan [Tiongson] is our import stopper and defender, but we don’t know when he’s coming back,” Guiao said. “But he’s getting better than the last time in practice now that he’s joining the shoot around.”

The 6-foot-5 power forward Tiongson, one of two of Guiao’s prized rookie catch this season, is

66 for joint third.

“I had no expectations because the course is tough and I just took it one shot at a time,” said Marcelo, a 28-year-old rookie pro from Marikina City.

Despite modest finishes—he tied for 28th at Forest Hills and 33rd in Iloilo— Marcelo viewed these performances as major confidence boosters.

“I think I gained momentum at Forest Hills, where I had a good run. Then making the cut in Iloilo was a big confidence boost,” added Marcelo, reflecting on his recent progress.

His 35-31 round was highlighted by a brilliant 15-foot eagle putt on the drivable par-four 283-yard 13th hole.

Filipino hopefuls Aidric Chan, Fidel Concepcion and homegrown talent Nelson Huerva also went four under for the day.

still recovering from a strain in his calf that he sustained during their quarterfinals series against Magnolia.

He’s now a day-to-day decision, according to Guiao.

“Gabe [Norwood] and Jhonard [Clarito] are taking care of the defensive duties while Caelan is injured,” he said.

Import Aaron Fuller bailed Rain or Shine to victory with a go-ahead three-point play off Calvin Oftana’s foul after a fast break with only three seconds left and stopped a driving Hollis-Jefferson from reversing the outcome in the final play.

Hollis-Jefferson went all around for TNT with 23 points, 11 assists and 10 rebounds but Rain or Shine was steadier down the stretch to nail their first win in the best-of-seven series.

The Elasto Painters go for the series equalizer in Game 4 at 5 p.m.

WILL the two-day rest reinvigorate June Mar Fajardo in

Game 4 of the best-of-seven semifinal series of

JIWON LEE marked her return to top form with an eagle-aided 68 for an early one-stroke lead over Daniella Uy in the International Container Terminal Services Inc. (ICTSI) Bacolod Golf Challenge in Murcia on Tuesday. After going winless twice in a row following back-to-back victories, Lee found herself in familiar territory atop the leaderboard—the 16-yearold underlined her round on the more challenging backside of the par-70 Bacolod Golf and Country Club with a birdie on the 12th hole and followed it up with a stunning eagle on No. 14.

“I hit a great drive, then holed it from 105 yards out,” Lee said of her eagle. “I thought it would be close, but my caddie told me it went in.”

The momentum was short-lived though as she misfired on the next hole when her second shot went out of bounds resulting in a double bogey, but regained her composure

with another birdie on the 16th to finish with a pair of 34s.

“I thought everything was going to be fine after the eagle,” Lee said. “But I learned to stay patient and not force things, which has been key for me after struggling in Iloilo.” Lee, who finished 10th at the Iloilo Golf Challenge and sixth at Forest Hills before that, seemed to have regained the form that led her to victories at Lakewood and Splendido Taal earlier this year.

“I was trying too hard to win. Now, I’m just trying to play humble and seize the moment,” she said. Lee holds a one-shot lead over Uy, who posted a 69. The former Junior World champion, fresh from the Ladies Professional Golfers Association of Taiwan Tour, overcame an inconsistent start to close strong, carding birdies on Nos. 11 and 16.

“That double bogey on No. 2 pushed me to fight back,” said Uy, reflecting on her miscue following a birdie on the opening hole.

Asian amateur MMA gets going with Manila Open

Aon Wednesday with Guiao hoping the hard-working Fuller punches his numbers.

Besides HollisJefferson, the Elasto Painters also need to contain JP Erram, who had 27 points, Roger Pogoy, who racked up 22 points, and Rey Nambatac and Calvin Oftana, who finished with 17 points each on Sunday.

Barangay Ginebra San Miguel, meanwhile, goes for a commanding 3-1 lead in its semifinals series with San Miguel Beer in Wednesday’s 7:30 p.m. game.

The Gin Kings beat the Beermen, 99-94, behind Justin Brownlee’s 30 points in Game 3 also at the Dasmariñas Arena.

That’s foremost in the minds of everyone, especially the rabid fans of Fajardo, the San Miguel Beer barrel of pillar that went missing in Game 3 because he was deemed too fatigued to play.

It was eerie since it was the Beermen’s eighth game at least in 13 days or so, counting the five grueling games they needed to dispatch stubborn Converge in their intenselyfought quarterfinals. A sorry sight at the spic-and-span Dasmarinas Arena in Cavite, Fajardo horribly hobbled about for a measly 12 points on Sunday that gave Barangay Ginebra a 99-94 Game 3 victory. That baker’s dozen output was a far cry from Fajardo’s 40-point, 24-rebound rampage to carry SMB past Converge in their Game 5 decider.

To win the semifinal ticket by 3-2 against Converge, SMB erased a 99-91 deficit behind Fajardo’s dominance in the dying seconds of the game. So spent was Fajardo after that winner-take-all encounter

MATEUR mixed martial arts action (MMA) got going on Monday night with Philippine Olympic Committee (POC) president Abraham “Bambol” Tolentino vowing to help nurture the sport that will make its debut in the Asian Indoor and Martial Arts Games (AIMAG) next year in Saudi Arabia. Tolentino heads the newlyestablished Nasyonal Mixed Martial Arts Pederasyon ng Pilipinas (NMMAPP)— the highest governing body for amateur MMA in the country—which organized the inaugural Asian Mixed Martial Arts Manila Open, a three-day competition that started Monday and ends Wednesday at the Grand Ballroom of Marriott Manila.

A total of 88 fighters from 16 Asian countries—among them the Philippines, Thailand, India, China, Mongolia, Hong Kong and Kazakhstan—are competing in 11 weight classes in the event.

“We are very thankful to your overall support and we will make sure that this amateur sport will be the safest,” said Tolentino during his address in the event’s opening ceremony. “We’re happy that MMA is in the program of the 2025 AIMAG in Saudi Arabia.” Tolentino thanked Gordon Tang, Asian Mixed Martial Arts (AMMA) president and Olympic Council of Asia vice president, of Cambodia for choosing the Philippines as the inaugural venue of the open. With Tolentino and Tang on opening night were VIP Director of 9 Dynasty Group Derries Wong, pro fighter Kazuhiro Sakamoto, AMMA sports committee chairman Wang Zuankan, Jiang Longyun, Okada Shie and NMMAPP secretary-general Alvin Aguilar. Competitions are in the men’s traditional 60, 65, 71, 85 and 120 kgs and modern 56, 65, 77 and 96 kgs and women’s traditional 60 kgs  and women’s 54 kgs. The gold medalists will each receive $8,000, silver medalist $4,000 and bronze medalists $2,000.

ERIC JED OLIVAREZ reached the finals of the Rep. Edwin Olivarez National Open tennis championship with a gritty 6-0, 7-6(0) victory over Loucas Fernandez at the Olivarez Sports Center in Sucat, Parañaque City, late Monday.

After breezing through the first set, the top-seeded Olivarez found himself in a dogfight in the second set as Fernandez mounted a strong comeback.

But Olivarez won four straight games to force a tiebreaker and in the end outlasted Fernandez in the tiebreak to advance to the championship round of the Group A tournament presented by Dunlop.

Olivarez only needs to beat upand-coming John Benedict Aguilar in Wednesday’s final to book a second consecutive Open title after the Mayor Eric Olivarez National Open last August. Aguilar, an 18-year-old rising star from Camalig in Albay, toppled secondseeded Vicente Anasta, 3-6, 6-2, 6-2, in the other semifinals.

that he became a mere shadow of himself against well-rested Barangay Ginebra in Game 1 of the semifinals.

With Justin Brownlee typifying the good effects of the Gin Kings’ 9-day rest preceding their opening clash with the Beermen, the Ginebra top gun fired 33 points behind five quadruples and three triples.

Add the 30 points and eight rebounds of the talented Stephen Holt and the Gins became unstoppable in assembling a 122-105 Game 1 victory. But somewhat stung by the rout, Fajardo reappeared in Game 2, scattering 26 points and 21 rebounds to go with six assists in a 131-125 SMB overtime win that also starred Terrence Romeo and CJ Perez. Romeo, already hot in the fourth quarter by firing 13 of his 26 points total in that span, was 5-of-5 from afar that was capped by a crucial 4-pointer, sealing SMB’s

After a dominant second-round win over Ethan Ante, 6-0, 6-2, Aguilar overpowered Vince Serna, 6-1, 6-0, before advancing to the semifinals against Eric Tangub.

Aguilar then showed his mettle against Anasta, battling back from a first-set loss to claim the win and set up a finals showdown with the seasoned Olivarez. Olivarez, meanwhile, has been in fine form throughout the tournament, cruising through the early rounds—he defeated Ariel Cabaral, 6-1, 6-0, Elvin Geluz, 6-4, 6-1, and John Kendrick Bona, 6-3, 6-0, en route to the semifinals. Olivarez is also in contention for the doubles title with Anasta after the second-seeded duo beat Elvin Geluz and Eric Tangub, 6-2, 6-3, to reach the final. They will face top seeds Rolly Saga and Bryan Saarenas, who defeated John Altiche and Alberto Villamor, 6-4, 6-4, in the other semifinal match. The doubles final is scheduled at 3 p.m., also on Wednesday.

JOURNEYMAN Albin