BusinessMirror August 16, 2024

THE WORLD | A9

PHEU THAI PARTY SET TO NOMINATE NEW PRIME MINISTER AFTER SRETTHA’S OUSTER

Sweeping of GOCC balances to stop in ’25

By Reine Juvierre Alberto @reine_alberto

NO more fund balances from government-owned and -controlled corporations will be swept away to finance unprogrammed appropriations in 2025, according to Finance Secretary Ralph G. Recto.

“Frankly speaking, I don’t expect, even the Congress, to do an additional unprogrammed [appropriations] similar to what was done this year kasi medyo nasweep na rin natin lahat eh,” Recto said in the recent 2025 national budget Senate deliberations.

Under the 2025 National Ex -

penditures Program (NEP), unprogrammed appropriations are pegged at P158.665 billion in 2025. This is significantly lower by 361 percent or P572.783 billion than the P731.448-billion appropriations this year.

Unprogrammed appropriations are those which provide standby authority to incur additional agency obligations for priority programs or projects when revenue collection exceeds targets, and when additional grants or foreign funds are generated.

To recall, early this year the Department of Finance (DOF) issued DOF Circular 003-2024 which authorized the Philippine

Health Insurance Corporation (PhilHealth) to remit P89.9 billion to the Bureau of the Treasury (BTr) to utilize its reserve funds to bankroll the unprogrammed appropriations of the government. As such, the fund balances enabled the release of P27.5 billion in unpaid arrears for the 5.04-million claims of pandemicera service allowances of frontliners and are seen to finance foreign-assisted projects, usher in additional revenues for the government, create thousands of jobs and increase economic growth by 0.7 percent. Kapag sinabi ng Supreme Court o ng Congress na ‘Ibalik niyo yan,’ ibabalik

BSP CUTS POLICY RATE

TBy Cai U. Ordinario

Monetary Board has reduced key policy rates ahead of the United States Federal Reserve in the hope that lower interest rates may encourage better access to credit for Filipinos, according to the Bangko Sentral ng Pilipinas (BSP).

AJORITY of the provinces that had the

rates were located in Mindanao, according to the latest Poverty Statistics data released by the Philippine Statistics Authority (PSA). The data showed that in terms of population, the province with the highest poverty rate was Zamboanga del Norte with a poverty incidence of 47.6 percent. This is more than triple the national poverty incidence rate of 15.5 percent. (See: https://businessmirror. com.ph/2024/07/23/poverty-ratedown-but-poor-pinoys-face-risksexperts/). The poverty rate in Zamboanga del Norte decreased from the 50.8 percent posted in 2021 and increased from 45.4 percent in 2018. There were a total of 507,260 poor Filipinos, a 27,480 decrease from the 534,740 recorded in 2021 but higher by 37,550 poor individuals from the 469,710 posted in 2018.

Based on data from PSA, apart from Zamboanga del Norte, other provinces that recorded the highest poverty rates were Basilan with a poverty incidence of 46.2 percent; Maguindanao, 42 percent; Tawi-Tawi, 41.8 percent; and Davao Oriental, 38.9 percent. It may be noted that the poverty incidence of Basilan has declined from 53.5 percent in 2021 and 73.5 percent in 2018; while Maguindanao's poverty rate worsened from 38 percent in 2021 and improved from 48.5 percent in 2018. The poverty incidence in Tawi-Tawi worsened from 36.5 percent in 2021 and 22.2 percent. This is similar to Davao Oriental, which worsened from 37.7 percent in 2021 and 30.4 percent in 2018. The PSA data also said the list included other Mindanao provinces such as Sultan Kudarat which posted a poverty incidence of 34.3 percent;

Local traders bought palay at higher price in July–PSA

By Ada Pelonia

LOCAL traders bought palay at a higher price in July, latest data released by the Philippine Statistics Authority (PSA) show.

The start of the lean season for rice saw the average quotation for dry unhusked rice jumped by 25.9 percent to P24.47 per kilo in July, from P19.44 per kilo last year, based on PSA data. The lean season for rice is from July to September.

“Farmgate prices refer to the prices received by farmers for the sale of their produce at the first point of sale net of the total mar -

keting cost paid by the farmers,” the PSA explained. “These prices are determined at the farmgate or first point of sale transactions and are also known as ‘producer prices.’”

On a monthly basis, the average farmgate of price in palay in July slid by 0.7 percent from P24.65 per kilo recorded in June.

PSA data showed that the highest increase was observed in Western Visayas, where the average prices registered a year-on-year growth of 40.1 percent.

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The average palay farmgate price in Western Visayas reached P28.63 per kilo in July, higher than the previous year’s P20.43 per kilo.

Meanwhile, the slowest year-on-year growth in farmgate prices was recorded in Calabarzon at 10.5 percent. The average palay prices went up to P20.29 per kilo in July from P18.36 per kilo in the same period last year.

Wholesale price

THE PSA said the average wholesale price of regular milled rice jumped by 22.6 percent to P46.44 per kilo in July, from P37.89 per kilo a year ago.

The fastest increase in regular milled rice was recorded in Cagayan Valley, where the price of the staple surged 39 percent to P44.37 per kilo, from P31.92 per kilo in the previous year.

This was followed by Mimaropa (Mindoro, Marinduque, Romblon and Palawan), where the prices soared 37.5 percent in July to P47.27 per kilo from P34.39 per kilo in July 2023. However, the average price in July was 0.6 percent lower than the P46.71 per kilo recorded in June.

“Wholesale price refers to the price of commodity transacted in bulk for further resale or processing. It is the actual ‘spot’ transaction price received usually by the wholesalers, distributors or marketing agents for large lots but net of discounts, allowances, and rebates,” the PSA explained.

The agency said the monthly data on the wholesale selling prices for agricultural commodities are obtained from the results of the Wholesale Selling Price Survey conducted every week of the reference month.

‘There’s

room to expand ties between PHL, Singapore’

By Samuel P. Medenilla @sam_medenilla

PRESIDENT Ferdinand Marcos on Thursday announced the Philippines will soon have even stronger ties with Singapore

as both countries are set to sign two more agreements on health and maritime security.

The chief executive made the remark before the start of his "frank, and wide-ranging" bilateral meeting with Singapore President Tharman Shanmugaratnam in Malacañang.

“MO u s [Memorandum of u nderstanding] in the fields of health and maritime security are already in the pipeline and are anticipated [to be] finalized in the very near future,” Marcos said.

The two pending agreements are on top of the two MO u s covering the recruitment of Healthcare Workers (HCW) in Singapore as well as Collaboration on Carbon Credits under Article

6 of the Paris Agreement, which were signed on Thursday.

The former provides the mechanism for the recruitment, deployment and reintegration of Filipino HCWs in Singapore, while the latter gives incentives to industries and individuals, who will reduce their carbon footprint.

Before concluding his opening speech, he also belatedly greeted Tharman a Happy National Day after Singapore celebrated its 59th year of independence last week.

Investment partner M ARCOS is optimistic the country can

still enhance its cooperation with Singapore in other fields beyond security and defense, such as trade and investment as well as energy.

Singapore, he pointed out, remains an important investment source of the Philippines with stakes in a “wide sector of industries in the Philippines ranging from the hospital industry to the renewable energy sector.”

“The ties that bind us go beyond geography and are based on our strong peopleto-people connection. This has given rise to the strong, multifaceted relationship, which we enjoy today,” Marcos said at a joint press conference with Tharman.

Besides the two signed Philippines-Singapore MO u s, Marcos witnessed the signing of business-related pacts between Philippine local government units (L gu ) and their Singapore private sector partners.

Marcos and Tharman also discussed regional issues in their bilateral meeting, including promoting peace and security in the West Philippine Sea (WPS) amid growing Chinese aggression in the area, and the civil war in Myanmar.

Tharman said Singapore supports the Philippines in upholding freedom of navigation and overflight in the

WPS as well as the peaceful resolution of disputes in accordance with international law including the 1982 u N Convention on the Law of the Sea ( u nclos).

Honor for Asean

F OR his part, Tharman commended the swift completion of the MOus, which he said will allow the relationship between the two countries to head to a new phase.

“So, I think we are making fine progress and it’s a phase of our relationship that shouldn’t be business as normal, incremental change after each meeting. But we really want to take it on a new trajectory. under your leadership, I’m confident we’ll be able to achieve that,” he said.

Singporean investors remain interested in participating in Philippines development, while the Singaporean government wants to learn from the Filipinos’ experience in tackling environmental challenges, according to Tharman.

He also lauded double gold medallist Carlos Yulo for his incredible performance in gymnastics during the 2024 Paris Olympics, saying it brought honor to the Philippines as well as the entire Association of Southeast Asian Nations (Asean).

flation is projected to trend downward to within the government’s 2 to 4 percent target range despite the uptick in July.

“I’d say it will make, we hope, make lending rates lower, make some credit, make credit easier. And that has side effects on consumption, on investment, and so on. So it’s one move [to boost the economy]. We may need further moves in the same direction, but we’ll see,” BSP g overnor Eli M. Remolona Jr. said in a briefing on Thursday.

Remolona said based on the recent performance of the economy, the 6.3 percent growth was driven by construction and strong public spending.

Data from the Philippine Statistics Authority (PSA) showed construction posted a 16.1-percent growth in the second quarter while g overnment Final Consumption Expenditure grew 10.7 percent.

PSA data also showed that public construction, which is also the data for “general government,” grew by 21.8 percent in the second quarter of 2024.

This, Remolona said, may not be sustainable especially since Household Final Consumption Expenditure (HFCE) was "relatively weak.

The PSA said while HFCE accounted for over 70 percent of g DP, it only grew 4.6 percent in the second quarter.

“We’re somewhat more confident in the inflation numbers coming down than in the g DP numbers going up,” Remolona said. “Consumption was relatively weak. So it doesn't look like something that could easily be sustained. And so that we went for a cut, partly because of that.” The BSP said headline in -

Continued from A1

and Lanao del Norte, which was tied with Eastern Samar, and had a poverty incidence of 33.4 percent.

Meanwhile, National Statistician Claire Dennis S. Mapa said improvements in income were the main factor in the regions that posted improvements in poverty incidence. The average annual income of Filipino families in 2023 was estimated at P353,230. This was higher by 15 percent from the P307,190 average family income in 2021. Further, the average annual family income in 2018 was recorded at P313,450.

“You can see from the sources of income, wages and salaries are rising. This is connected to our other indicators, particularly labor market statistics— employment in private establishments is rising. If you compare this to 2021, at the height of the pandemic, the major sources were cash transfer, domestic or ayuda,” Mapa explained, partly in Filipino.

Filipino families spent an average of P258,050 in 2023, an increase of 12.8 percent compared to the P228,800 expenditure in 2021. In 2018, the average annual family expenditure was registered at P238,750.

Among the regions, the National Capital Region (NCR) registered the highest average annual family income in 2023 at P513,520.

This was followed by Calabarzon at P426,530 and Central Luzon at P375,240.

Meanwhile, the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) recorded the lowest average annual family income at P206,880 followed by Zamboanga Peninsula at P257,140 and Negros Island Region at P266,290.

The PSA said a family with five members needed at least P13,873 per month to meet their minimum basic food and non-food needs in 2023.

“Among the regions, nine had poverty thresholds higher than the national average,” PSA said.

This was led by Region III (Central Luzon) with a poverty threshold of P16,046, followed by the National Capital Region (NCR) at P15,713, and Region IV-A (Calabarzon) at P15,457.

However, the risk-adjusted inflation forecast for 2024 was reduced to 3.3 percent.

The baseline forecast for 2024 was adjusted to 3.4 percent from the initial 3.3 percent.

The risk-adjusted forecast for 2025 now stands at 2.9 percent. This is also lower than the baseline estimate of 3.1 percent which was adjusted downward from 3.15 percent.

For 2026, the BSP said its risk-adjusted forecast was pegged at 3.3 percent. This is higher than the 3.2 percent baseline estimated by the central bank.

“The balance of risks to the inflation outlook continues to lean toward the downside for 2024 and 2025 with a modest tilt to the upside for 2026. The downside risks are linked mainly to lower import tariffs on rice, while upside risks could come from higher electricity rates and external factors,” BSP said in a statement.

The BSP also said the Monetary Board also expects domestic demand prospects to hold firm. Despite tight financial conditions, secondquarter g DP growth has been solid and the unemployment rate has declined.

Public investment and the easing price pressures and robust employment conditions, BSP said, are expected to support economic activity.

With inflation on a targetconsistent path, the current macroeconomic outlook supports a calibrated shift to a less restrictive monetary policy stance. Nonetheless, monetary authorities remain mindful of lingering upside risks to prices.

Meanwhile, Region XII (Soccsksargen) posted the lowest poverty threshold at P12,241. Cai U. Ordinario

Sweeping...

Continued from A1

‘Special provision deleted’ Bu D g ET Secretary Amenah F. Pangandaman said in the deliberations that the DBM has removed the special provision for unprogrammed appropriations in the 2025 National Expenditure Program (NEP) that instructs g OCCs to remit their fund balances to the BTr. This was the letter “D” under the first provision mandating the DOF to issue the guidelines implementing the provision of withdrawing the fund balances of g OCCs resulting from the review and reduction of their reserve funds to reasonable levels.

u nprogrammed appropriations can now only be financed through excess revenue collections of the national government, new revenue collections not included in the original revenue collection targets and approved loans for foreignassisted projects.

Pangandaman called for the passage of the Budget Modernization Bill, which includes a provision on the limits of unprogrammed appropriations, currently endorsed to the Senate Committee on Finance.

u nder the bill, the unprogrammed appropriations shall not exceed 3 percent of the total proposed expenditure, net of contractual, statutory and other legal obligations in the programmed component of the g eneral Appropriations Act (g AA). It also states that releases from the unprogrammed appropriations shall be subject to the prior approval of the President of the Philippines, other than the final and executory decisions of competent authorities, including arbitration awards, mediation settlement, or compromise agreements.

The DBM shall also report quarterly and annually to Congress on the releases from the unprogrammed appropriations.

Watchdog pushes for FDA-led summit on trade of mercury-tainted cosmetics

By Jonathan L. Mayuga @jonlmayuga

AN ANTI-TOXICS group has requested the Food and Drug Administration (FDA) to convene a multi-stakeholder summit to tackle the persistent trade of mercurytainted cosmetics.

Ecowaste Coalition pitched the proposal in a letter submitted on Thursday, to FDA Director General Samuel Zacate and FDA Ana Rivera, director of FDA Center for Cosmetics and Household-Urban Hazardous Substances Regulation and Research by Aileen Lucero, National Coordinator of the EcoWaste Coalition, an environmental health group that has been tracking mercury-tained cosmetics since 2011.

“We write to propose to the FDA, the lead regulatory agency for health products, to convene a multi-stakeholder summit to solve, once and for all, the seemingly interminable trade of mercury cosmetics, particularly skin products for lightening the skin tone,” Lucero wrote.

The group presented its proposal as the international community commemorates the entry into force on August 16, 2017 of

the Minamata Convention on Mercury, a treaty that aims to protect public health and the environment from human activities contributing to global mercury pollution, including phasing out the manufacture, import and export of mercury-added products like skin lighteners.

Mercury in such products is often present at levels exceeding the threshold value of 15 parts per million (ppm) for mercury waste under the Minamata Convention, putting human health and the ecosystems at serious risk of toxic contamination.

These products should not be classified as cosmetics but as toxic waste, plain and simple, the EcoWaste Coalition pointed out.

“While we fully recognize the past and current efforts of the FDA to address this grave threat to public health, the importation, distribution, sale, and

use of skin-lightening products with undisclosed mercury content persists.  It is apparent the FDA needs to muster the support of other agencies and sectors to put this serious health threat to rest,” Lucero said.

“The enormous expansion of online marketing has brought these dangerous products to the fingertips of consumers. With their unrestrained advertising and promotion in e-commerce sites, Facebook, Instagram, and TikTok, these health-damaging products are merely one click away,” she said. In August 2022, the group reported to Facebook Philippines close to 100 sites promoting and offering FDA-banned mercury cosmetics for sale.

Despite the ban on mercury cosmetics globally, regionally, and nationally, the EcoWaste Coalition has found over 290 stores selling FDA-banned mercury cosmetics during the group’s market monitoring from January 2023 to August 2024, including 198 in Metro Manila, 10 Cordillera Administrative Region, 21 in Calabarzon, three in Mimaropa, 57 in Central Visayas, and five in Northern Mindanao.

In Pasay City, for example, EcoWaste Coalition obtained in April this year these five contraband cosmetics from Pakistan with mercury concentrations ranging from 11,940 ppm to 27,200 ppm: Aima Gold Beauty

Cream, Armena Gold Beauty Cream, Pure Pearl Beauty Cream, Zartaaj Beauty Cream, and Zoya Beauty Cream Gold.

Among the FDA-banned products sold with impunity offline and online are Goree Beauty Cream (3 variants) from Pakistan, 88 Total White Underarm Cream from Thailand, Collagen Plus Vit E Day & Night Cream from Indonesia, Jiaoli and S’Zitang facial creams from China, some of which have been banned as early as 2010.

In 2024, following the reports submitted by the EcoWaste Coalition, the FDA banned eight more skin-lightening products with mercury content from China and Pakistan, including Hua Shu Li Miracle Whitening & Anti-Freckle Set, Sandal Beauty Cream, Faiza Beauty Cream, Feique Herbal Extract Whitening Freckle Removing Cream, Feique Green Tea Whitening Nourishing Anti-Freckle Set, Feique Cucumber Whitening & Freckle-Eliminating Cream, Feique 2 in1 Lemon Whitening Anti-Wrinkle Face Cream Set, and Feique Snail Liquid Whitening Anti-Freckle Set.

The group hopes that the summit can serve as a launching pad for a multi-sectoral campaign that will challenge the normalization of skin-lightening practices among women and men, and advocate for diversity, acceptance, and respect for a person’s natural skin color.

Southbound lane of Kamuning flyover now open

By Claudeth Mocon-Ciriaco @claudethmc3

THE southbound lane of the Kamuning flyover in Quezon City was opened on Thursday, ahead of schedule by the Department of Public Works and Highways (DPWH) and the Metropolitan Manila Development Authority (MMDA) after a threemonth retrofitting.

“The DPWH was able to finish the flyover’s retrofitting works two months ahead of schedule,” said

MMDA acting Chairman Romando Artes as he attributed the early completion of the flyover’s retrofitting, to the cooperation and close coordination of the concerned agencies. Artes said the flyover was retrofitted to strengthen and prepare it for potential earthquakes, or the “Big One,” as well as to ensure the safety of motorists and the general public that use the facility. The flyover’s retrofitting work started in May, and its initial target completion is October. While the DPWH was able to

finish the repair of flyover so that motorists can now use it, DPWH National Capital Region (NCR) Director Loreta Malaluan said continuing work is concentrated under the flyover.

Data from the MMDA Traffic Engineering Center showed that 24,000 four-wheeled vehicles and 23,000 motorcycles traverse the southbound lanes of the flyover daily.

Meanwhile, Artes said that coordination with other agencies is ongoing for the other bridges in

Metro Manila set for reinforcement, like the Guadalupe Bridge and the Magallanes flyover in Makati City.

“Rehabilitation works are ongoing on the Magallanes flyover but only during the night, and no closures have been implemented so as to minimize inconvenience to vehicular traffic,” said Artes.

Artes said the Guadalupe Bridge’s repair is still in the planning stages as a temporary bridge must be constructed to accommodate passing vehicles.

Spain’s defense attaché bids farewell to Brawner

By Rex Anthony Naval

GEN. Romeo Brawner Jr., Armed Forces chief of staff, on Thursday lauded the outgoing Spanish defense attaché, Col. Javier Martin Gil, for his efforts to make the defense relations between the two nations much closer. In his farewell call to Brawner at the Armed Forces

General Headquarters in Camp General Emilio Aguinaldo in Quezon City, Brawner presented Gil with the Armed Forces Commendation Medal and Ribbon.

This is in recognition of his dedicated service and contributions to strengthening the defense relations between Spain and the Philippines.

Gil started his tour of duty as Spain’s defense attaché to the

Philippines in August 2021.

“The commendation was a testament to Colonel Gil’s efforts in fostering military cooperation and enhancing bilateral defense engagements between the two nations,” the Armed Forces said in a statement.

During the farewell call, Brawner expressed his gratitude to Gil for his exemplary work and welcomed the incoming

Go partners with barangay leaders

Isabela, Executive President Martina Gimenez from Leyte, Secretary General Celestino Martinez from Cebu, Auditor Marcelino Fernandez from Dagupan, Region 10 President Cesarve Siacor from Iligan, and Caraga President Gemma Tabada from Butuan, among others. He also thanked all provincial chapter presidents, including LNB President Ferdinand Zabala from Palawan, Salvador Canlas from Misamis Occidental, Robert De Lara from Misamis Oriental, Peter Dann Romulado from

defense attaché, Col. Santiago Martin Sanz, expressing optimism for continued collaboration and strengthened defense ties between Spain and the Philippines.

“The courtesy call signifies the ongoing commitment of both nations to maintaining strong defense relations and working together to promote peace and security in the region,” the Armed Forces noted.

Camiguin, Joseph Neri Jr. from Lanao del Norte, Godofredo Balansag from Bukidnon, Gretchen Ang from Dinagat Islands, Jaime Cortes from Surigao del Norte, Melanie Joy Momo-Guno from Surigao del Sur, Benjamin Lim Jr. from Agusan del Norte, Glenn Plaza from Agusan del Sur, Benzi Chan from Santiago City, and Yan Lam Lim from Cagayan De Oro City. Go’s message resonated deeply with the attendees, inspiring them to maintain their dedication to community service and reinforcing the vital role they play in the country’s development. His words served as a reminder that every effort made at the barangay level contributes to the broader national progress.

Bill gives more teeth to food, drug regulator

By Jovee Marie N. dela Cruz @joveemarie

IN response to the growing number of counterfeit overthe-counter (OTC) medicines being sold in various outlets, particularly online, a senior lawmaker is urging the 19th Congress to strengthen the Food and Drug Administration (FDA) in its pharmacovigilance efforts.

Camarines Sur Rep. Luis Raymund F. Villafuerte said the government should crack down on manufacturers and distributors of counterfeit or substandard drugs, particularly those sold online, targeting common ailments like fever, colds, and cough.

In filing House Bill 3984, Villafuerte and his other colleagues from Camarines Sur introduced this bill that would require the FDA to establish a dedicated pharmacovigilance unit within its Center for Drug Regulation and Research (CDRR). This unit would focus on enhancing the agency’s ability to monitor, detect, and take action against the sale and distribution of counterfeit pharmaceutical products.

The bill seeks to develop a consumer advocacy and education program, in partnership with private organizations and relevant government agencies, on the dangers of using bogus or substandard pharmaceutical items.

The proposed legislation also seeks to impose harsher penalties, including life imprisonment, for the large-scale production and distribution of counterfeit drugs.

In an earlier advisory, FDA Director General Samuel Zacate said his office had found counterfeit versions of OTC medicines Kremil S, Alaxan FR, Biogesic, Medicol Advance, Bioflu, and Tuseran Forte in the local market.

The FDA, in a follow-up warning this August, said that on top of these OTC drugs, it has also found other counterfeit medicines locally, including Solmux and Diatabs capsules.

Counterfeit medicine is defined as a product “with the correct ingredients but not in the amounts as provided, wrong ingredients, without active ingredients, with insufficient quantity of active ingredient, which results in the reduction of the drug’s safety, efficacy, quality, strength, or purity.”

The FDA said counterfeit products “pose potential danger or injury to consumers.”

To combat this growing threat, the bill authorizes the FDA’s Food and Drug Regulation Officers (FDROs) to conduct inspections, seize counterfeit products, and file criminal and administrative complaints against offenders. The bill also provides that possession of counterfeit drugs could lead to life imprisonment and hefty fines, particularly if the counterfeit product results in death.

Villafuerte emphasized that the current laws, such as Republic Act 8203 or the Special Law on Counterfeit Drugs of 1996, have been weakened by conflicting Supreme Court rulings and inconsistent definitions of “drugs” in various laws.

HB 3984 seeks to address these issues by clearly defining counterfeit pharmaceutical products and establishing strict penalties for those involved in their production and distribution.

Under the bill, any offense involving counterfeit drugs valued at P1 million or more will be considered economic sabotage, punishable by life imprisonment and fines ranging from P5 million to P10 million. Lesser offenses will still carry significant penalties, including fines, license revocations, and prison terms.

“Our medicines must conform to national and international standards of quality, efficacy, and safety. If they don’t, then these drugs may potentially harm and even create additional health risks for our people,” Villafuerte said.

PBy Samuel P. Medenilla @sam_medenilla

RESIDENT Ferdinand Marcos has signed Republic Act 12018 that created more Shari’a courts. Shari’a are religious laws that form part of Islamic tradition based on scriptures of Islam.

Signed on Monday, the new law amended Articles 138, 147, and 150 of Presidential Decree 1083 to create three additional Shari’a Judicial Districts, which will be serviced by 12 circuit courts. Of the soon-to-be established circuit courts, five will be located at the Sixth Shari’a District, three at the Seventh District, and four in the Eighth District. This brings the total number of Shari’a circuit courts to 63. The three additional Shari’a districts will cover the following areas: Bukidnon, Misamis Oriental, Misamis Occidental, Camiguin, Cagayan de Oro City and the provinces in Northern Mindanao and Caraga for the Sixth District; the provinces within

Western Visayas, Central Visayas, Eastern Visayas for the Seventh District; and, Metro Manila, the provinces within the Cordillera Administrative Region, Ilocos, Cagayan Valley, Central Luzon, Calabarzon (Cavite-Laguna-Batangas-Rizal-Quezon), Bicol and Mimaropa (Mindoro-MarinduqueRomblon-Palawan) region for the Eighth District. These new Shari’a districts will be in addition to the five districts established by PD 1083. The first of the original districts comprised the province of Sulu; the second in Tawi-Tawi and the third covered Basilan, Zamboanga del Norte and Zamboanga del Sur and Dipolog, Pagadian and Zamboanga Cities. The Fourth District was for Lanao del Norte, Lanao

Villar bats for RTL extension, revisions

By Butch Fernandez @butchfBM

CITING the need to improve the financial condition of local rice producers and respond to the appeals of stakeholders in the rice industry, Sen. Cynthia Villar sponsored the extension and amendments to the Rice Tariffication Law (RTL), or Republic Act 11203, that created the Rice Competitiveness Enhancement Fund (RCEF) from tariffs collected on imported rice.

Enacted in 2019, the RTL lifted quantitative restrictions on rice and introduced tariffs to guarantee the protection of Filipino rice producers.

credit support, and another P1 billion for the training of rice farmers,” said Villar.

The collections in excess of the P10 billion funds go to the Rice Farmer Financial Assistance (RFFA) under RA 11598, which took effect on March 5, 2019. It will also expire in 2024.

Villar said the Senate Panel convened last May a congressional oversight committee on agricultural and fisheries modernization in the Senate. After subsequent meetings, they have consultation and discussion with stakeholders and fellow lawmakers.

The salient features of the new bill are:

1. Extension for another six years or until 2031.

shortage and extraordinary increase of rice prices, where the DA can sell through government agencies such hospitals and jails and KADIWA outlets and replenish through procurement of locally produced rice from farmers and farmers’ co-op.

5. DA to import when no available locally produced rice. And it shall designate an importing authority except the NFA, the proceeds of sale shall revert to the buffer fund.

6. Disposal of aging stock with NFA shall be 4 week before expiration.

7. The President can prohibit further importation or specify the volume to be imported during excessive supply of both imported and locally produced rice in the market, for a specific period and volume.

Group seeks comprehensive study on Bataan oil spill’s effects on fish

By Jonathan L. Mayuga @jonlmayuga

ANATIONAL alliance of fishermen’s organizations is calling on the Bureau of Fisheries and Aquatic Resources ( BFAR ) to conduct a comprehensive study on the impact of the Bataan oil spill.

“The RCEF provided P5 billion for the free distribution of farm machinery and equipment, P3 billion for the free distribution of high-quality inbred certified seeds, P1 billion for

The Rice Tariffication Act amended the Agricultural Tariffication Act of 1996 (RA 8178). It ensures that farmers directly benefit from the liberalization of rice trading by providing P10 billion a year to the RCEF until 2024.

2. Total Amount Covered: P30B sourced from tariff on imported rice any deficiency shall be supplemented by the GAA.

3. Strengthening the DA-Bureau of Plant Industry Regulatory Functions including registration and data basing of all grains warehouses.

4. Empowering the DA Secretary to respond to a declaration of rice food

8. Creation of the Program Management Office that will monitor both the RCEF and the National Rice Program.

9. Engage the services of an independent and Mid-term and End Term Evaluation of the RCEF to assess the performance the result of which to be submitted and discussed with the COCAFM.

Pambansang Lakas ng Kilusang Mamamalakaya ng Pilipinas (Pamalakaya) made the call, saying further studies such as chemical analysis on fish caught in Manila Bay, particularly in Cavite, is needed to prove that fish species caught in the oil spill-affected areas are unfit for human consumption.

The call was in response to BFAR ’s “sensory evaluation” of fishing areas surrounding Manila Bay, wherein the agency declared that fish from Cavite remain unsafe or unfit for human consumption.

The group’s chapter in Cavite has been calling for the immediate lifting of the fishing ban which started on July 30, saying that the government’s response to the oil spill is more detrimental to the fishers than the spill itself.

The group is pushing for a P15,000 monthly subsidy for every fishing family in times of calamities, including the fishing ban caused by the oil spill. The amount is based on the average income of a small fisherfolk every month. Around 50,000 fishermen were affected by the current oil spill scare in Manila Bay, wherein fishers from affected areas complained of the low farm-gate price as a result of BFAR’s fishing ban and public advisory not to consume fish in several affected areas for safety reasons.

“Sensory analysis is insufficient because it is only based on what is seen, felt, or smelt. These do not measure the chemical content of fish which means the result is not absolute that the fish caught in Cavite are contaminated or not,” said Ronnel Arambulo, Pamalakaya vice chairman.

Budget chief pitches for regularization of temporary government workers

which 2,017,380 positions are filled.

By Reine Juvierre Alberto @reine_alberto

THE almost 1 million tempo -

rary government workers may now hope for permanent appointments as Budget Secretary Amenah F. Pangandaman appealed to national government agencies to fill in the vacant plantilla positions in their offices to provide job security and career advancement to these personnel.

in various government agencies.

Department of Budget and Management records indicate that as of June 30, 2023, there were a total of 832,812 of contract of service (COS) and job order (JO) workers

In a recent press briefing, Pangandaman there are 168,719 vacant plantilla positions in various government agencies that are yet to be filled.

The total number of plantilla, or permanent or regular positions in the public sector, is 2,186,099, of

“I encourage department heads to absorb ang mga JO and COS when they fill in these unfilled plantilla positions. I -prioritize natin sila,” Pangandaman said.

This, after the DBM announced the increased salary rates of government employees, which does

not cover COS and JO workers who are bound by Civil Service Commission rules that they do not have an employer-employee relationship with the government. However, Pangandaman said JOs and COS can still get additional compensation when they are hired, such as a premium of up to 20 percent on the salary they will receive.

COS workers undertake a special project or job within a specific period while JO refers to piece work (pakyaw) or intermittent or emergency jobs to be undertaken for a short duration and for a specific piece of work.

Pangandaman said the recent issuance of the Commission on Audit (COA)-DBM Joint Circular 2, series of 2024, provides the extension of the transition period on the engagement of COS and JO workers in the government.

The circular states that departments/agencies may engage the services of new COS or JO workers through individual contracts and

renew the individual contracts of their existing COS or JO workers until December 31, 2025.

“Bakit kailangan ito? Para hindi sila matanggal sa trabaho . And at the same time, madagdagan pa ang kanilang work and educational experience, [Why is this needed? So that they will not be removed from their works. And at the same time, expand their work and educational experience],” Pangandaman emphasized.

She said the the extension gives JOs and COS workers to enhance their experiences to qualify for the vacant plantilla positions in the national government.

Earlier, President Marcos instructed government agencies to implement strategies to assist COS and JO workers in qualifying for permanent positions. Among the strategies being considered is to implement programs, such as review sessions, to help their respective COS and JO workers pass the Civil Service Examination.

Indonesia National Day

Editor: Francine Medina

INDONESIA’S RED AND WHITE FLAG FLIES HIGH IN MANILA AS BILATERAL TIES FLOURISH

Both governments have pledged to further ease trade restrictions and invest in joint ventures, particularly in sectors such as renewable energy, infrastructure, and technology.

By John Eiron R. Francisco

ON August 17, 1945, the red and white flag of Indonesia was raised for the first time. Amid an emotional and proud moment, it became the moving symbol of liberation from more than a century of colonial rule and as Indonesia finally became an independent republic.

This year, on July 27, the Indonesian Embassy in Manila kicked off the 79th year anniversary of its Independence Day with a fun walk at Ayala Triangle Gardens in Makati City. Over 200 participants, including embassy officials, citizens residing in the Philippines, and Filipino and foreign friends of Indonesia, joined the event—all wearing red and white sportswear as an homage to the Indonesian flag.

Indonesian Ambassador Agus Widjojo said the commemorative events celebrating Independence Day aim to foster connections among Indonesians in the Philippines, especially those in Metro Manila, while strengthening the bonds of brotherhood, solidarity, and unity within the diaspora.

Widjojo emphasized that Indonesians abroad act as ambassadors of the nation, bearing the responsibility to promote Indonesia's positive image internationally and contribute to its progress across various fields.

To formally honor Indonesia's triumph and history, the embassy in Manila held a flag-raising ceremony and community gathering, featuring a series of cultural performances and games.

On August 23 to 25, the Indonesian bazaar, "Sarap Ng Indonesia," will showcase Indonesian cuisine and support the Indonesia Spice Up the World (ISUTW) program. Various Indonesian restaurants in Manila will participate in this culinary celebration.

Meanwhile, a diplomatic reception, set for September 5 at the Dusit Thani in Makati City, will serve as the culmination of the commemorative activities.

It will bring together local government officials, members of the diplomatic community, business leaders, and partners of the Indonesian Embassy in Manila.

Ferdinand R. Marcos Jr. witnessed the signing of a significant transportation infrastructure contract for the North-South Commuter Railway (NSCR) Project at Malacañang Pal-

Today, the Philippines and Indonesia continue to strengthen its long-standing bilateral ties, with focus on cooperation that fosters mutual growth and regional stability.

Thriving PhilippinesIndonesiatrade

relations

Indonesia Day also highlighted the growing economic relationship between the two nations.

In 2022, Indonesia exported $13.6 billion worth of goods to the Philippines, with the top exports being coal briquettes ($5 billion), cars ($2.08 billion), and motorcycles and cycles ($783 million). Over the past five years, Indonesia's exports to the Philippines have increased at an annual rate of 12.4 percent, rising from $7.56 billion in 2017 to $13.6 billion in 2022.

In the same year, the Philippines exported $1.36 billion worth of goods to Indonesia. The primary exports were Semiconductor Devices ($308 million), Refined Copper ($117 million), and Integrated Circuits ($110 million). Philippine exports to Indonesia have seen an average annual growth rate of 7.32 percent over the past five years, rising from $955 million in 2017 to $1.36 billion in 2022.

This demonstrates that for Indonesia, exporting a diverse range of products—from energy resources such as coal to automotive goods—supports its ongoing economic growth. Similarly, for the Philippines, the export of high-value items like semiconductor devices and integrated circuits highlights the country's strong position in technology-driven industries and other markets. Both governments have pledged to further ease trade restrictions and invest in joint ventures, particularly in sectors such as renewable energy, infrastructure, and technology. Recently, President

HONOR AND PRIDE. A symbol of courage and patriotism, the Indonesian flag is raised as part of the Indonesian Embassy's commemoration of Independence Day. PHOTOS COURTESY OF THE EMBASSY OF INDONESIA IN THE PHILIPPINES.

SOLIDARITY. The fun walk aims to foster camaraderie among participants. PHOTOS COURTESY OF THE EMBASSY OF INDONESIA IN THE PHILIPPINES.

45.

WANSHANG Sales Consultant

Brief

46. HUANG, DONG Sales Consultant

Brief

47. WANG, TINGFENG Sales Consultant

Brief Job Description: Conduct

48. ZHU, YUANPING Sales Consultant

Brief Job Description: Conduct presentation to demonstrate to potential clients the benefits of our product.

DEXIN INTERNATIONAL IMPORT AND EXPORT CORP. 534, Tomas Mapua St., Barangay 298, Santa Cruz, City Of Manila

49. LYU, CHANGFU Customer Support Specialist

Brief Job Description: Monitor customer complaints.

50. LIU, ENQI Import And Export Officer

Brief Job Description: Ensure compliance.

EASTERN GOLD CORPORATION 503, Nueva St., Barangay 289, Binondo, City Of Manila

51. XU, DONGTAO Marketing And Sales Agent

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

Qualification: Proficient in handling customer questions about service and products.

Basic Qualification:

52. YANG, SHENGLIN Marketing And Sales Agent

Brief Job Description: Researches and develops various marketing strategies for products and services and implements marketing plans and works to meet sales quotas.

Basic Qualification: Able to contribute information, ideas, and research to help develop marketing strategies. Able to help detail, design, and implement marketing plans for each product or service being offered.

Salary Range: Php 30,000 - Php 59,999

GUANGXI HYDRO ELECTRIC CONSTRUCTION BUREAU (GHCB PHILIPPINES CORPORATION) #58, Road 1, Project 6, Quezon City

53. WEI, XI Mandarin Cost Control Officer

Brief Job Description: The Mandarin Cost Control Officer will be a strategist and a leader able to steer the company to the most profitable direction while also implementing its vision, mission and long-term goals.

Basic Qualification: Proven experience as Mandarin Cost Control Officer, familiarity knowledge and awareness on

82.

RIDGE

Rufino St., Bel-air, City Of Makati

83. HOU, TAI-HSIANG a.k.a. HOU, CHIEH-YU Taiwanese Customer Service Representative

Brief Job Description: Prepares work to be processed by gathering, sorting and recording data information and documents.

84. NGUYEN, THI MY LINH Vietnamese Customer Service Representative

Brief Job Description: Prepares work to be processed by gathering, sorting, organizing, and recording data, information, and documents.

85. TRAN LE XUAN Vietnamese Customer Service Representative

Brief Job Description: Prepares work to be processed by gathering, sorting, organizing, and recording data, information, and documents.

86.

Brief

87. CHEN, ZEBIN Marketing Specialist

Brief Job Description: Developing and implementing marketing

88. WANG, KUN Marketing Specialist

Brief Job Description: Developing and implementing marketing plans.

SHOPEE PHILIPPINES INC. Levels 43-49 West Tower, The Podium, Adb Avenue Cor. Ortigas, Wack-wack Greenhills, City Of Mandaluyong

89. TSENG, TZU-HAN SPX Strategy/OPEX

Brief Job Description: Work closely with regional team.

TELEPHILIPPINES INCORPORATED G, 3, 4&5/f Peoplesupport Center, Ayala Avenue, San Lorenzo, City Of Makati

90. EYONG-TIKU, MERMARYL KETCHEN Customer Service Representative

Brief Job Description: Communicate effectively and efficiently with internal and external customers. Ensure customer satisfaction in all transactions.

August 16, 2024 A9

Pheu Thai party set to nominate new prime minister after Srettha’s ouster

By Jintamas Saksornchai The Associated Press

BANGKOK—Thailand’s populist Pheu Thai party on Thursday was given support by its major coalition partners to nominate one of its two candidates as the new prime minister, a day after former Prime Minister Srettha Thavisin was removed by court order over an ethical violation.

Sorawong Thienthong, secretary-general of Pheu Thai, told reporters at Parliament on Thursday that the party executives are meeting later in the day to decide on its prime ministerial nomination in Parliament, with a vote scheduled for Friday.

Pheu Thai’s Srettha was ousted on Wednesday after less than a year in office. The Constitutional Court found him guilty of a serious ethical breach regarding his appointment of a Cabinet member who was jailed in connection with an alleged bribery attempt.

It was the second major ruling in a week to shake Thai politics. The same court last week dissolved the progressive and main opposition Move Forward party, which won last year’s general election but was blocked from power, saying it violated the Constitution by proposing an amendment to a law against defaming the country’s royal family. The party has already regrouped as the People’s Party.

Pheu Thai’s ruling coalition partners have already given their endorsement for the party’s candidate, including the Bhumjaithai party, which came third in the election, and the pro-military Phalang Pracharath and United Thai Nation parties.

Anutin Charnvirakul, the Bhumjaithai party’s candidate and leader is seen as another frontrunner, though he said he would not contest Friday’s vote against a candidate from Pheu Thai.

Pheu Thai has two eligible candidates that were put up for the general election in 2023. One is Paetongtarn Shinawatra, the daughter of former Prime Minister Thaksin Shinawatra who is seen as a real patriarch behind Pheu Thai. Another is Chaikasem Nitisiri, 75, a former Minister of Justice who served in the Pheu Thai government led by Thaksin’s sister Yingluck Shinawatra and was removed by a coup in 2014.

Pheu Thai finished second in

WHO declares mpox outbreaks in Africa a global health emergency as new form of virus spreads

By Maria Cheng Ap Medical Writer

LONDON—The World Health Organization declared the mpox outbreaks in Congo and elsewhere in Africa a global emergency on Wednesday, with cases confirmed among children and adults in more than a dozen countries and a new form of the virus spreading. Few vaccine doses are available on the continent.

Earlier this week, the Africa Centers for Disease Control and Prevention announced that the mpox outbreaks were a public health emergency, with more than 500 deaths, and called for international help to stop the virus’ spread.

“This is something that should concern us all...The potential for further spread within Africa and beyond is very worrying,” said WHO Director-General Tedros Adhanom Ghebreyesus.

The Africa CDC previously said mpox, also known as monkeypox, has been detected in 13 countries this year, and more than 96 percent of all cases and deaths are in Congo. Cases are up 160 percent and deaths are up 19 percent compared with the same period last year. So far, there have been more than 14,000 cases and 524 people have died.

“We are now in a situation where (mpox) poses a risk to many more neighbors in and around central Africa,” said Salim Abdool

last year’s election but was given a chance to form a government after the winners, reformist Move Forward party, was blocked from taking power by the previous Senate, a military-appointed body.

Move Forward was then excluded from the coalition by Pheu Thai, who went on to join hands with parties affiliated with the previous military-backed government that ousted it in a coup. The move drew criticism from some of its supporters but party officials say that it was necessary to break the deadlock and start reconciliation after decades of deep political divisions.

The former senators were given special power to veto a prime ministerial candidate by the constitution adopted in 2017 under a military government. That power expired when their term ended in May, however. New members of the Senate, selected in a convoluted process last month, do not retain the veto.

A candidate now needs just a majority from the lower house, or at least 247 votes. The House of Representatives now has 493 sitting members after six were banned from politics as a result of Move Forward’s dissolution.

Another lawmaker of the Bhumjaithai party is suspended awaiting a court ruling.

While Pheu Thai’s key coalition partners endorsed its candidate, all of them reiterated that they would not support a proposal to amend the royal defamation law which became a key issue during last year’s election. Pheu Thai discussed the issue during the election campaign but has toned down significantly after becoming the government.

The law, also known as Article 112 in Thailand’s criminal codes, protects the monarchy from criticism with penalties of up to 15 years in jail per offense. Critics say the law is often wielded as a tool to quash political dissent.

The People’s Party, new home for lawmakers of the dissolved Move Forward, said Thursday that it will not vote to approve a candidate from Pheu Thai on Friday. Party leader Natthaphong Ruengpanyawut said the party will continue its duty as an opposition.

adding the baby has been in their care for a month. “He got infected because hospital overcrowding meant he and his mother were forced to share a room with someone else who had the virus, which was undiagnosed.”

Karim, a South African infectious diseases expert who chairs the Africa CDC emergency group. He said the new version of mpox spreading from Congo appears to have a death rate of about 3-4 percent.

In 2022, WHO declared mpox to be a global emergency after it spread to more than 70 countries that had not previously reported mpox, mostly affecting gay and bisexual men. In that outbreak, fewer than 1 percent of people died.

Michael Marks, a professor of medicine at the London School of Hygiene and Tropical Medicine, said declaring these latest mpox outbreaks in Africa an emergency is warranted if that might lead to more support to contain them.

“It’s a failure of the global community that things had to get this bad to release the resources needed,” he said.

Officials at the Africa CDC said nearly 70 percent of cases in Congo are in children younger than 15, who also accounted for 85 percent of deaths.

Jacques Alonda, an epidemiologist working in Congo with international charities, said he and other experts were particularly worried about the spread of mpox in camps for refugees in the country’s conflict-ridden east.

“The worst case I’ve seen is that of a six-week-old baby who was just two weeks old when he contracted mpox,” Alonda said,

Save the Children said Congo’s health system already had been “collapsing” under the strain of malnutrition, measles and cholera.

The UN health agency said mpox was recently identified for the first time in four East African countries: Burundi, Kenya, Rwanda and Uganda. All of those outbreaks are linked to the one in Congo. In Ivory Coast and South Africa, health authorities have reported outbreaks of a different and less dangerous version of mpox that spread worldwide in 2022.

Earlier this year, scientists reported the emergence of a new form of the deadlier form of mpox, which can kill up to 10 percent of people, in a Congolese mining town that they feared might spread more easily. Mpox mostly spreads via close contact with infected people, including through sex.

Unlike in previous mpox outbreaks, where lesions were mostly seen on the chest, hands and feet, the new form causes milder symptoms and lesions on the genitals. That makes it harder to spot, meaning people might also sicken others without knowing they’re infected.

The Associated Press writers Gerald Imray in Cape Town, South Africa, Christina Malkia in Kinshasa, Congo and Mark Banchereau in Dakar, Senegal contributed to this report.

MEMBERS of Pheu Thai party meet at Parliament in Bangkok, Thailand on Thursday, August 15, 2024.

Death toll surpasses 40,000 in Israel-Hamas war as international mediators scramble for solution

By Abby Sewell & Tia Goldenberg The Associated Press

DOHA, Qatar—The Health Ministry in Gaza says more than 40,000 Palestinians have been killed in the Israel-Hamas war.

Thursday’s announcement comes during new efforts to broker a cease-fire to the conflict, now in its 11th month. The count does not distinguish between civilians and militants.

It reflects the magnitude of Israel’s offensive in Gaza, one of the most devastating military campaigns in recent history. The war began October 7 after Hamasled militants attacked southern Israel, killing some 1,200 people and dragging roughly 250 hostages to Gaza.

International mediators were set to hold a new round of talks Thursday aimed at halting the Israel-Hamas war and securing the release of scores of hostages, with a potential deal seen as the best hope of heading off an even larger regional conflict.

The United States, Qatar and Egypt were to meet with an Israeli delegation in Qatar as the Palestinian death toll from the 10-monthold war breached 40,000, according to local health authorities. Hamas has not said whether it will participate, accusing Israel of adding new demands to a previous proposal that had US and international support and to which Hamas had agreed in principle.

A cease-fire in Gaza would likely calm tensions across the region.

Diplomats hope it would persuade Iran and Lebanon’s Hezbollah to hold off on retaliating for the killing of a top Hezbollah commander in an Israeli airstrike in Beirut and of Hamas’ top political leader in an

explosion in Tehran.

The mediators have spent months trying to hammer out a three-phase plan in which Hamas would release scores of hostages captured in the October 7 attack that triggered the war in exchange for a lasting cease-fire, the withdrawal of Israeli forces from Gaza and the release of Palestinians imprisoned by Israel.

Both sides have agreed in principle to the plan, which US President Joe Biden announced on May 31. But Hamas has proposed “amendments” and Israel has suggested “clarifications,” leading each side to accuse the other of making new demands it cannot accept.

Hamas has rejected Israel’s latest demands, which include a lasting military presence along the border with Egypt and a line bisecting Gaza where it would search Palestinians returning to their homes to root out militants.

Hamas spokesperson Osama Hamdan told The Associated Press the group is only interested in discussing the implementation of Biden’s proposal and not in further negotiations over its content.

Prime Minister Benjamin Netanyahu denies Israel has made new demands, but he has also repeatedly raised questions over whether the cease-fire would last, saying Israel remains committed to “total victory” against Hamas and the release of all the hostages. The two sides are also divided over the details of the hostage-

prisoner exchange, including who among the Palestinian prisoners would be eligible for release and whether they would be sent into exile. Hamas has demanded the release of high-profile militants convicted of orchestrating attacks that killed Israelis.

The most intractable dispute has been over the transition from the first phase of the cease-fire— when women, children and other vulnerable hostages would be released -- and the second, when captive Israeli soldiers would be freed and a permanent cease-fire would take hold.

Hamas is concerned that Israel will resume the war after the first batch of hostages is released. Israel worries that Hamas will drag out the talks on releasing the remaining hostages indefinitely. Hamdan provided documents showing Hamas had agreed to a US bridging proposal under which talks on the transition would begin by the 16th

day of the first phase and conclude by the fifth week.

More recently, Hamas has objected to what it says are new Israeli demands to maintain a presence along the Gaza-Egypt border and a road dividing northern and southern Gaza. Israel denies these are new demands, saying it needs a presence along the border to prevent weapons smuggling and that it must search Palestinians returning to northern Gaza to ensure they are not armed.

The demands were only made public recently. Hamas has demanded a full Israeli military withdrawal, which was also part of all previous versions of the cease-fire proposal, according to documents shared with the AP that were verified by officials involved in the negotiations.

The war began when Hamas-led militants stormed across the heavily guarded border on October 7 in an attack that shocked Israel’s

vaunted security and intelligence services. The fighters rampaged through farming communities and army bases, killing some 1,200 people, mostly civilians. They abducted another 250 people. Over 100 were released during a weeklong cease-fire in November, and around 110 are believed to still be inside Gaza, though Israeli authorities believe around a third of them died on October 7 or in captivity. Seven were rescued in military operations.

Israel’s retaliatory offensive has killed over 40,000 Palestinians, according to Gaza’s Health Ministry, which does not say how many were militants. The offensive has left a swath of destruction across the territory and driven the vast majority of Gaza’s 2.3 million people from their homes, often multiple times.

Successive evacuation orders and military operations have driven hundreds of thousands of

people into a so-called humanitarian zone along the coast where they live in crowded tent camps with few services. Aid groups have struggled to deliver food and supplies, prompting warnings of famine.

Hamas has suffered major losses, but its fighters have repeatedly managed to regroup, even in heavily destroyed areas where Israeli forces had previously operated. Its top leader and one of the architects of the October 7 attack, Yahya Sinwar, is still believed to be alive and hiding inside Gaza, likely sheltering in Hamas’ vast tunnel network.

Hezbollah has meanwhile traded fire with Israel along the border in what the Lebanese militant group says is a support front for its ally, Hamas. Other Iranbacked groups across the region have attacked Israeli, American and international targets, drawing retaliation.

Iran and Israel traded fire directly for the first time in April, after Iran retaliated for an apparent Israeli strike on its embassy compound in Syria that killed two Iranian generals. Many fear a repeat after the killing of Hamas leader Ismail Haniyeh, who was visiting Iran for the inauguration of its new president. The explosion was widely blamed on Israel. Israel has not said whether it was involved.

Hezbollah has meanwhile vowed to avenge the killing of its commander, Fouad Shukur, raising fears of an even more devastating sequel to the 2006 war between Israel and the militant group. Still, Iran and Hezbollah say they do not want a full-blown war, and a cease-fire in Gaza could provide an off-ramp after days of escalating threats and a massive military build-up across the region. Goldenberg reported from Tel Aviv, Israel.

US inflation falls to 3-year low, clearing the way for Fed to begin cutting rates

By Christopher Rugaber

Ap Economics Writer

ASHINGTON—Year-

Wover-year inflation reached its lowest level in more than three years in July, the latest sign that the worst price spike in four decades is fading and setting up the Federal Reserve for an interest rate cut in September. Wednesday’s report from the Labor Department showed that consumer prices rose just 0.2 percent from June to July after dropping slightly the previous month.

Measured from a year earlier, prices rose 2.9 percent, down from 3 percent in June. It was the mildest gain since March 2021.

The ongoing inflation slowdown could affect the presidential campaign, given that former President Donald Trump has highlighted rampant inflation as a key failing of the Biden administration and its energy policies. Vice

President Kamala Harris has said she would soon unveil new proposals to “bring down costs and also strengthen the economy overall.”

The government said nearly all of July’s inflation reflected higher rental prices and other housing costs, a trend that, according to real-time data, is easing. As a result, housing costs should rise more slowly in the coming months, contributing to lower inflation.

The report showed that inflation is steadily falling closer to the Fed’s 2 percent target—though not too quickly, which might suggest that the economy is weakening, said Tara Sinclair, an economist at George Washington University and a former Treasury Department official.

“It’s a comforting report, both because it is going in the right direction and because it is not doing anything too dramatic,” Sinclair said. “It is exactly what we wanted to see.”

In July, grocery prices rose just 0.1 percent and are a scant 1.1 percent higher than they were a year earlier, a much slower pace of growth than in previous years. Yet many Americans are still struggling with food prices, which remain 21 percent above where they were three years ago.

Gas prices were unchanged from June to July and have actually fallen 2.2 percent in the past year. Clothing prices also dropped last month; they’re nearly un -

changed from 12 months earlier. New and used car prices fell in July, too. Used car prices, which had skyrocketed during the pandemic, have tumbled nearly 11 percent in the past year.

Some food prices, including for meat, fish and eggs, are still increasing faster than before the pandemic. Dairy and fruit and vegetable prices, though, fell in July.

Even as inflation—the rate of price increases—keeps slowing, many people are still struggling with daily costs that, on average, are still about 20 percent higher than they were three years ago. That’s true even though average US wages have surpassed inflation for more than a year.

Ariel Borchuk, who lives in the Harlem area of New York City, complained that the government’s inflation reports don’t mean any -

thing to “regular people” like himself.

“Everything,” he said, “is expensive. What more do you need to know?”

Borchuk, 48, who works in the catering business, had just grabbed a hot fried chicken sandwich for $7.99 at a grocery store on Manhattan’s Upper East Side. It’s something he says he really can’t afford.

Borchuk said he’s been cooking more at home and eating out less and buying more of his groceries at Costco, where he said he can get good deals.

Austan Goolsbee, president of the Federal Reserve’s Chicago branch, said Wednesday in an interview with The Associated Press that the July data shows that inflation is clearly on track to return to the central bank’s 2 percent target. He also noted that

there are signs that the job market is weakening even while the Fed’s key rate remains at its highest level in decades.

Goolsbee’s remarks suggested that he would support a series of rate cuts in the coming months.

At a White House event Wednesday, President Joe Biden was asked whether the nation had defeated inflation.

“Yes, yes, yes,” he said. “I’ve told you we’re going to have a soft landing,” he added, referring to an economy in which inflation is tamed without a steep recession.

For nearly a year, cooling inflation has provided gradual relief to America’s consumers, who were stung by the price surges that erupted three years ago. Inflation peaked two years ago at 9.1 percent, the highest level in four decades.

In July, excluding volatile food and energy costs, so-called core prices climbed a mild 0.2 percent from June, after a 0.1 percent increase the previous month. And compared with a year earlier, core inflation slowed from 3.3 percent to 3.2 percent—the lowest level since April 2021. Core prices are closely watched by economists because they typically provide a better read of where inflation is headed.

Fed Chair Jerome Powell has said he is seeking additional evidence of slowing inflation before the Fed begins cutting its key

interest rate. Economists widely expect the Fed’s first rate cut to occur in mid-September, and will be followed by additional cuts in November and December. Investors are betting that at least one of those cuts will be a half-point, according to future prices. When the central bank lowers its benchmark rate, over time it tends to reduce the cost of borrowing for consumers and businesses. Mortgage rates have already declined in anticipation of the Fed’s first rate reduction. Many companies have slowed their price increases as consumers have become more resistant to paying more. Mark Barrocas, CEO of SharkNinja, a small appliance-maker in Needham, Massachusetts, said the company raised its prices 5 percent to 7 percent in 2021 and 2022 but hasn’t done so since. For some items, it recently reduced prices to where they were before the earlier hikes took effect.

Inflation has eased substantially in the past two years as global supply chains have been repaired, a spate of apartment construction in many large cities has cooled rental costs and higher interest rates have slowed auto sales, forcing dealers to offer better deals to potential car buyers.

JAMES PRATT, head cashier at Phantom Fireworks in Hinsdale, N.H., helps bag a customer’s order on June 28, 2024. KRISTOPHER RADDER /THE BRATTLEBORO REFORMER VIA AP

DA to open more Kadiwa centers, vows better ops

By Samuel P. Medenilla  @sam_medenilla

DESPITE being one of the flagship initiatives of the Marcos administration to provide affordable agricultural products to consumers, over 90 percent of the Kadiwa stores of the Department of the Agriculture (DA) have “irregular operations.”

In a television interview aired last Thursday, DA Secretary Francisco P. Tiu Laurel, Jr. said of the 247 Kadiwa centers nationwide, only 17 are open regularly.

“We will be standardizing their operating hours, operating days so the people would know about it. Of course, we will also have information dissemination,” Laurel said.  Through the Kadiwa program, DA provides agricultural producers free venues and shoulders the transportation cost of their products so they can sell them at a cheaper price compared to other

private retailers.

Marcos earlier said he wants the program to be institutionalized by having at least one Kadiwa center per province.

To help achieve this target, Laurel said they are planning to increase the number of Kadiwa centers in the next four years.

“Once we establish the smooth logistics flow of goods and the smooth transaction, we will expand [Kadiwa] in four years. Our target is 800 to 1,000 stores,” the DA chief added.

He said they will also implement the franchising of the Kadiwa brand to significantly increase the number of Kadiwa centers nationwide.

“We will allow private sector operators or cooperatives to use the Kadiwa name in selected sites as long as they abide by the rules and guidelines or policies of DA. What is important is that Kadiwa is there to sell [goods] at a reasonable price,” Laurel said.

No worries, fruits are plenty for Kadayawan season

By Manuel T. Cayon @awimailbox

DAVAO CITY—Fruits will be abundant here as the city celebrates the annual Kadayawan fruit harvest festival, the City Agriculturist’s Office (CAgrO) has assured the public, following the erratic fruit production during the decade, largely blamed on the changing climatic pattern.

The worst El Niño dry spell phenomenon to hit the country this year turned eventful to the city however, as agriculturists pointed to it for the lush flowering of fruit trees during the summer months.

Fe Oguio, the CAgrO’s focal person for durian and cacao production, said they expect as many as 150,000 metric tons of fruits from the city area alone, assuring an abundant supply of fruits in time for the 39th Kadayawan Festival.

Of this number, Oguio said they expect 21,000 metric tons of durian, around 4,000 metric tons of mangosteen, 4,000 metric tons of lanzones, and 1,000 metric tons of rambutan in the coming days.

Oguio traced this bountiful harvest to the months of dry spell that gave ample time for fruit trees to bear more fruits.

“We are expecting a large volume of fruits coming from both the farms here in Davao and from

neighboring provinces. Due to the volume, we are also expecting the prices to be cheaper,” she added.

“Since we can expect a huge production of fruits in the city, by the end of September until December, Davao will continue to have an abundant fruit harvest,” she added.

In some years this decade, there were periods of low volume of fruits, with supply pressures worsened by the competition posed by traders who have commitment supply orders from Metro Manila and other markets outside the city. Also, the fruits identified with this city, like durian, lanzones, rambutan, mangosteen and marang, were actually expected to be in abundance by September. Fruits displayed in time for the Kadayawan festival in August were noticeably priced high because these were the first batch of fruits in the harvest season.

CAgrO said it continued to provide Davao farmers with different services to support farmers and boost the production of fruits in the city. Farmers are urged to reach out to the district offices of the City Agriculturist’s Office for technical assistance and other support services.

Farmers are also urged to continue following good agricultural practices.

DOTr pushes reduction of subterranean ROW to boost safer underground infra

Continued from A14

“It was a recurring problem throughout my tenure as secretary. It was something that we had to meticulously deal with through several department orders based on the Right of Way Act every time we were pursuing a project,” he said.  Villar explained that ROW acquisition is meticulous. In fact, he said, the Radial Road 10—a

DTI, PDEA ink pact to fight illegal drug-infused vapes

By Andrea E. San Juan @andreasanjuan

THE

Department of Trade and Industry (DTI) said it has inked an agreement with the Philippine Drug Enforcement Agency (PDEA) to combat vape products infused with illegal drugs.

In a statement on Thursday, the Trade department said its memorandum of agreement (MOA) with PDEA underscores the “urgent need for robust and proactive measures” to detect and investigate illegal substances penetrating consumer products, particularly vape products.

Trade Assistant Secretary and Fair Trade Group Supervising Head Agaton Teodoro Uvero said this agreement “leverages” the combined resources and expertise of the DTI and the PDEA to ensure product safety and protect the public, particularly the youth, from the infiltration of illegal drugs, including marijuana-infused vapes.

PDEA Undersecretary Virgilio M. Lazo recognized the “action-oriented” partnership with the Trade department as

an “aggressive” move to address and dismantle distribution networks of drug-infused products. PDEA said it will work closely with the DTI and other relevant enforcement agencies to detect and investigate any lead or intelligence involving illegal druginfused vape products and other consumer products.

According to DTI, this recently signed agreement “reaffirms” the agencies’ commitment in implementing Republic Act (RA) No. 11900 or the Vape law, and enforcing RA 9165 or the Comprehensive Dangerous Drugs Act of 2002, respectively.

Moreover, the Trade department said the collaboration builds on the DTI’s previous efforts, including a DTI-led briefing session in June with PDEA and major e-commerce plat -

forms, where they discussed measures to address existence of marijuana-infused vape products in the Philippine market.

In a statement by DTI in June, the DTI said it hosted a briefing session with PDEA and representatives from online shopping platforms Lazada, Tiktok, and Shopee to explore potential joint operations aimed at tackling illegal vape products.

In that June briefing, intelligence officers from PDEA Laila Abad and Lester Urmaza discussed emerging domestic and global trends in addictive substances.

They highlighted the infusion of psilocybin,or magic mushrooms and cannabis, or marijuana, into foods, drinks, and vape products.

Both are listed on the Dangerous Drugs Board’s (DDB) updated list of Scheduled Controlled Substances.

From the viewpoint of the ecommerce platforms in the country, Lazada’s Ricky Carndang, Shopee’s Jean Ramirez and TikTok’s Phillip Fullon discussed with PDEA the ways to tackle the sale of illegal substances in online markets.

In response, PDEA suggested renewing and updating their memorandum of agreement with the online platforms to better combat the “evolving” presence of illegal substances in the market.

For this year, DTI said it has

teamed up with law enforcement agencies that include not just PDEA but also the Department of Interior and Local Government (DILG), the Philippine National Police (PNP), and the National Bureau of Investigation (NBI) as part of its collaborative efforts to intensify monitoring and enforcement of vape regulations.  The DTI signed a memorandum of agreement with the NBI on June 11 2024, aimed at boosting consumer welfare initiatives with the latter’s investigative and technical expertise.

Meanwhile, in July, the DTI issued Department Administrative Order (DAO) No. 24-03, Series of 2024, suspending the online sale of vape products due to their “significant threat” to the health and safety of minors.

“In the meantime, temporarily suspend the online sale, distribution, and advertising of Vapor Products, and their Devices and Systems through their respective e-marketplace(s) and online merchants, until the presentation and submission, to the satisfaction of DTI, of adequate and effective measures to ensure compliance with the proof-of-age verification and all other mandatory legal requirements of RA 11900 and other pertinent laws…on the part of their respective e-marketplace(s) and online merchants,” a portion of the July 2024 DAO read.

‘Tech-based farming to cut farm inputs’ cost’

A9.7-kilometer expressway from Delpan Bridge in Tondo to Navotas City—took six presidents to complete.

“We need to make significant tweaks to the current law in order to make it responsive to the needs of the implementing agencies. It is crucial to know how the right of way act could be amended so it would be in sync with the dynamic changes in our infrastructure landscape,” he said.

Lopez firms get ERC OK for cost recovery

Continued from A14

ERC chairperson Monalisa Dimalanta said in a Viber message that based on the agency’s computation an additional 30 centavos could be collected “because of the LNG use and rebased gas price” and an additional two to three centavos on the differential to be collected over 12 months.

“These are just our estimates. It will depend on actual blend of LNG and natural gas,” she said. Meralco has yet to issue a comment as of press time.

By Ada Pelonia @adapelonia

technologies,” he added.

GRICULTURE Secretary

Francisco Tiu Laurel Jr. said technology-based farming will lower the cost of farm inputs and boost the earnings of farmers.

“Our big challenge is to make farming profitable, and the solution lies in embracing technology-based farming methods to optimize resource efficiency and lower costs of farm inputs,” Laurel said in his message for the Philippine Sugar Technologists Association’s (Philsutech) 70th Annual National Convention.

“We must now shift our focus on comprehensive training of farmers in modern farming techniques and new emerging

According to the agriculture chief, he ordered the Sugar Regulatory Administration (SRA) to broaden the services and benefits from the Sugarcane Industry Development Act (SIDA) that would include fuel subsidy, liming and fertilization programs, irrigation, and more inclusive farm mechanization initiatives.

“I have also directed the SRA to establish a new breeding program and consider acquiring new sugarcane high-yielding varieties from other sugarcane-producing countries to refresh our old and deteriorating varieties and boost our productivity enhancement programs,” he added.

SRA Administrator Pablo Luis Azcona said he has discussed the fuel subsidy and expanding the

benefits and services under SIDA with Rep. Wilfrido Mark Enverga, who chairs the House Committee on Agriculture and Food.

“We will be submitting a formal proposal soon for Congress to approve this under the SIDA budget,” Azcona said.

He talked with representatives from Japan and is pursuing discussions with Tokyo University, which proposed to introduce new technologies that will help make the mills more efficient and productive.

“Recently, we started growing higher-yielding sugarcane varieties also from Japan, and hopefully we will get good results to start a new breeding program for these varieties. We had to bring in seeds, not cuttings, due to restrictions and so

it will take some time.” Meanwhile, Laurel said that through active private support, the sugarcane industry has invested in its own automatic weather stations, drought indicator and monitoring system using soil moisture sensors, satellite imaging crop estimation system, solar irrigation, and mechanization of planting and harvesting processes.

“Like Philsutech, we firmly believe that technology and innovation will propel the agriculture sector toward enhanced productivity, profitability, and global competitiveness,” he said.

“We hope that Philsutech will continue to be a proactive partner in advancing the competitiveness of the sugar industry in the years to come.”

Global governance meet to boost PHL in Asean

By Andrea E. San Juan @andreasanjuan

TO sustain the Philippines’s momentum as the fastestgrowing economy within the Asean region, the Global Governance Summit aims to weed out corruption, poverty and high power costs in the country, among others, according to the Institute of Corporate Directors (ICD).

“Why the global summit? Now? We are improving our competitive ranking and we are also improving our economic growth. So now is the time to show that the Philippines is actually emerging from the low depths to higher,” ICD Chairman Pedro Maniego said at a briefing on Thursday in Makati city.

“This time I hope we will really emerge and there will be no problem. That’s why I’m also very concerned about our power situation because unless we can

improve our power situation, we will not be able to grow as fast as what we want,” Maniego added.

Set to take place on September 19,2024 with the theme “Global Governance Summit: Leading the Future, Strengthening Unity,” the summit, ICD noted, will bring together industry leaders, policymakers and experts from around the world, featuring sessions on why governance matters and how it can improve the Philippine economy by building global trust and “enhancing” perceptions.

Asked what prompted ICD to hold a global summit, Imelda Tiongson, ICD Vice Chairperson, said, “We wanted to do something out of the box. We want for Philippines to be known in Asean,” adding that, “It’s really having the Philippines on the map.”

With the global governance summit set to welcome both local and foreign speakers, Tiongson said, “If they actually come here

and they are coming here and they see us, we feel that that would have a domino effect in terms of market perception of the world.”

As such, Tiongson said this could help the country attract more investments.

For his part, Founder and Chairman Emeritus of ICD Jesus P. Estanislao, also a former Secretary of the Department of Finance (DOF) and the National Economic and Development Authority (Neda), noted that the Philippines is the fastest-growing economy in Asean.

“Higher than Singapore, higher than Malaysia, higher than Thailand, higher than Vietnam, and the Philippines today, according to all the forecasts, including from ADB and IMF, we are competing with India to become the fastest-growing economy in Asia in the next two years,” the ICD founder said. Given this, he emphasized the

importance of corporate governance. “Because now we’re rated investment grade B, that is still on the low side. Why is corporate governance so important? Because it can help bring the Philippines from investment grade B to double A possibly in the next 15 years, if we do these things right.”  Catherine Jalandoni, Global Governance Summit Organizing Committee Member of ICD and Executive Director for Global AI Council Philippines, cited the “timeliness” of the global summit to technology development, which is not only happening in the Philippines but across the globe.

“When it comes to technology, it’s always collaborative, crossborder,” said Jalandoni.  She emphasized that the Philippines, when it comes to technology, is not a “mere user,” adding, “We’re developers, we’re programmers, we’re resource and that is exactly what we want to happen.”

PM Srettha’s fall: Turning point for Thai democracy?

THE shocking removal of Prime Minister Srettha Thavisin by Thailand’s Constitutional Court marks a pivotal moment in a political landscape already fraught with instability. This decision not only reflects the intricate web of ethical and legal challenges that define Thai politics but also signals a deeper crisis within the nation’s democratic framework.

Srettha’s ousting stems from a controversial cabinet appointment: Pichit Chuenban, a figure with a tarnished past involving attempts to bribe a judicial official. While the court’s ruling emphasizes individual accountability, it also raises questions about the motivations behind such legal maneuvers. The petition that led to this judgment was initiated by former military officials, suggesting a calculated effort to undermine a government that had previously sought to collaborate with progressive forces like the now-dissolved Move Forward Party.

The judicial intervention in Thailand’s political affairs is not new. Historically, the courts have acted as a vehicle for the royalist establishment, often wielding their authority to stifle political opposition. The dissolution of the Move Forward Party just a week prior to Srettha’s removal underscores a troubling pattern: a systematic effort to dismantle any progressive momentum that threatens the status quo. As the court acts in what appears to be alignment with promilitary interests, the integrity of democratic processes in Thailand is increasingly jeopardized.

Srettha’s tenure was marked by controversy from the outset, having risen to power despite his party finishing second in a general election that delivered a historic victory to the opposition Move Forward Party.

The political maneuvering that allowed him to form a coalition with military-aligned parties was a pragmatic choice but one that

many viewed as a betrayal of the Thai people’s desire for change. Now, with his exit, the Pheu Thai Party is left to navigate an uncertain future, with caretaker leadership that lacks the mandate to govern.

The implications of this political turmoil extend beyond individual leaders; they raise fundamental questions about the health of democracy in Thailand. The ongoing struggle between progressive and conservative forces is emblematic of a nation grappling with its identity. The removal of Srettha, coupled with the barring of the Move Forward Party, may resonate with segments of the population that yearn for reform and transparency, igniting further discontent. It would do well for the international community to closely watch developments in Thailand and collectively work for the restoration of democratic norms. Thailand’s allies need to emphasize that the ongoing decline of democratic freedoms will have repercussions. The way forward requires sincere dialogue among all political groups and a renewed commitment to democratic principles that honor the people’s wishes.

The future of Thai politics remains uncertain, but it is clear that the country is facing a critical crossroads. Will Thailand embrace a truly democratic system, or will it continue to be dominated by powerful elites and institutions? The answer to this question will determine the future of the nation and its people.

South Korea’s Yoon offers rare olive branch to Kim Jong Un

By Soo-Hyang Choi

SOUTH Korean President Yoon Suk Yeol offered aid, dialogue and a path to unification to North Korea, making new approaches to the neighbor that has berated him with insults and threatened to annihilate his government in Seoul.

In a speech Thursday to mark end of Japanese colonial rule over the Korean Peninsula in 1945, Yoon called unification an “unfinished task,” which he aims to pursue on a freedom-based path.

“Only by firmly defending our freedom can we become the leading force driving free and democratic unification,” Yoon said.

He also pledged to raise awareness about human rights abuses in North Korea, which has bristled for years at criticism of its rights record.

North Korean leader Kim Jong Un started the year with a strident tone by eliminating the concept of peaceful unification from his state’s national policy and abolishing laws for economic cooperation with South Korea, driving a wedge deeper between the neighbors.

This has led to some speculation

that Kim has turned the corner on his bellicose outbursts and is readying for battle.

But Yoon reiterated he could offer rewards for moves to roll back Kim’s atomic ambitions, saying “we will begin political and economic cooperation the moment North Korea takes just one step toward denuclearization.”

He also proposed setting up a so-called Inter-Korean Working Group that could take up issues ranging from relieving tensions to economic cooperation.

Kim this month ratcheted up friction by displaying hundreds of new mobile missile launchers to deploy at the border that can deliver conventional or nuclear strikes on South Korea and US bases in the country.

North Korea has shown no signs of being ready to talk. Kim

has strengthened his hand by providing munitions to Russia in exchange for aid propping up his economy, the US and South Korea have said.

Kim’s regime this month turned down an offer for humanitarian assistance from Seoul after North Korea was hit by heavy floods from late July, saying enemies are enemies.

“Even though the North Korean regime rejected our offer yet again, we will never stop making offers of humanitarian aid,” Yoon said.

Bringing the two Koreas together, either through the collapse of the Kim regime or a peaceful reconciliation comes with enormous costs as well as opportunities for South Korea.

Its population of 52 million, which is aging and dwindling, could get a jolt by absorbing North Korea’s 26 million people. This would allow South Korean companies to benefit from low-cost workers and open new avenues for commerce, according to analysis by Bloomberg Economics.

But, the budget office for South Korea’s parliament said in a 2015 report that Seoul would need to spend 4.8 quadrillion won ($3.45 trillion) over 50 years to boost the North’s income level to 66% of the

Bringing the two Koreas together, either through the collapse of the Kim regime or a peaceful reconciliation comes with enormous costs as well as opportunities for South Korea.

average income of the South. The August 15 anniversary for the end of Japanese rule with its World War II surrender is one of the few days marked in North and South Korea.

They have both offered criticism of prominent Japanese politicians on the day visiting Tokyo’s Yasukuni Shrine, where 14 Class-A war criminals are honored alongside other war dead.  Three members of Prime Minister Fumio Kishida’s cabinet— Economic Security minister Sanae Takaichi, Defense Minister Minoru Kihara and Economic Revitalization Minister Yoshitaka Shindo—visited Yasukuni on Thursday, Kyodo News reported. The shrine is seen by many across Asia as a symbol of Japan’s past militarism. South Korea expressed disappointment over the officials’ visit, its Foreign Ministry said in a statement. Bloomberg

Singapore charges former Citibank, Julius Baer bankers in money laundering case

By Low De Wei & Chanyaporn Chanjaroen

SCabangon

Lourdes M. Fernandez

Jennifer A. Ng Vittorio V. Vitug

Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso

Ruben M. Cruz Jr.

Eduardo A. Davad Nonilon G. Reyes

D. Edgard A. Cabangon Benjamin V. Ramos Aldwin Maralit Tolosa Rolando M. Manangan

INGAPORE charged two former bank relationship managers who it accused of being involved in the country’s biggest money-laundering case, marking its first criminal actions against finance professionals in the S$3 billion ($2.3 billion) scandal.

Wang Qiming, a 26-year-old Chinese national, was charged with 10 counts including forging documents for the purpose of cheating the bank, according to charge sheets read out in a local state court on Thursday. He used to work at Citibank Singapore Ltd., according to records with the Monetary Authority of Singapore.

Liu Kai, a 35-year-old who was formerly with Bank Julius Baer & Co., was accused of aiding one of the now-convicted money launderers in submitting a forged Chinese tax document to open a bank account in Switzerland.

The charges were read out to both men in Mandarin. Liu, who is also a Chinese citizen, holds Singapore permanent residency, according to his charge sheet. They declined to comment after the hearing.

The latest charges come a year after the money laundering scandal first unfolded with a series of arrests of wealthy foreigners who were residing in the city-state. Singapore

authorities have seized cash, real estate, cryptocurrencies and other assets totaling about S$3 billion, and sent 10 people of Chinese origin to jail this year for laundering illicit funds from overseas gambling operations and other offenses. More individuals involved in the scheme remain at large.

The case has also rocked Singapore’s banking sector. The convicted China-born individuals and their close associates, together with companies they controlled, held more than S$370 million in total at over a dozen financial institutions, court records compiled by Bloomberg show. Units of Citigroup Inc. and UBS Group AG-owned Credit Suisse were among the top banks holding the most in deposits.

The MAS has been inspecting multiple banks. The lenders with the most dealing with the criminals— through deposit accounts, loans and other financial services—could face fines and other punitive measures,

The latest charges come a year after the money laundering scandal first unfolded with a series of arrests of wealthy foreigners who were residing in the city-state. Singapore authorities have seized cash, real estate, cryptocurrencies and other assets totaling about S$3 billion, and sent 10 people of Chinese origin to jail this year for laundering illicit funds from overseas gambling operations and other offenses. More individuals involved in the scheme remain at large.

people familiar with the matter said previously.  Wang appeared in court on Thursday in a white hooded sweatshirt, black pants and white sneakers. Liu was dressed in a dark blue polo shirt. Neither entered a plea, and they are currently out on bail. Both men are expected to be back in court in September.  Wang’s clients included Su Baolin and Vang Shuiming, who were among the 10 convicted money launderers. Singapore police said that in late 2020, Wang helped Su make a false loan agreement to mask the

source of a deposit made into the latter’s bank account. Wang also helped hold S$481,678 in cash he collected from Su, and the ex-relationship manager has also been charged with laundering that sum of money. In addition, Wang in 2021 forged remittance receipts from an Indonesian company that were used to substantiate two separate S$999,980 deposits into a Citibank account, according to the charges. He also forged a loan document to fool Citibank about the source of Vang’s funds, the police said.  The maximum penalties for these and other offenses include jail terms of up to 10 years and fines.   A Citi spokesperson said Wang hasn’t been employed at the bank since April 2022, adding it does not comment on matters that are before the courts.

Liu was a relationship manager for Lin Baoying, and submitted a forged tax document from the nowconvicted money launderer around November 2020 to help her open a bank account in Switzerland, where Julius Baer is based. MAS records show that Liu worked at the bank from 2019 to 2022.  Julius Baer did not immediately respond to an emailed request for comment.

A third individual, a 41-year-old Singapore citizen who was a driver to one of the suspects in the money

Musk’s free speech mantra collides with crackdowns on hate speech and disinformation

By Kurt Wagner & Michael Shepard

ELON MUSK’S absolutist version of free speech has thrown the world’s richest man and his X social-media platform into the crosshairs of governments worldwide.

In the UK, officials are weighing tougher rules for sites like X after a surge of online disinformation fueled an outbreak of riots.

In India, X was ordered this year to remove posts and block certain accounts in response to farmer protests. And in Brazil, Musk is in a running battle with the nation’s highest court over its orders to suspend users who had circulated fake news.

Taken together, the moves amount to a crackdown by some of the world’s largest democracies against what officials see as a wave of hate speech and disinformation. Yet any attempt to rein in social-media expression runs headlong into Musk’s hands-off approach to user posts, a “free speech” pledge that he defends ardently on the website formerly known as Twitter, which he acquired for $44 billion in late 2022 and promptly refashioned into X.

That commitment to letting users say whatever they want has cost X advertising revenue and put him at the center of political battles throughout the world. “It turns out free speech is actually really expensive,” he posted earlier this year. Critics say that “free speech” defense has shielded users who promote hate speech and falsehoods.

While the issues facing X are familiar to large social-media companies, Musk adds additional elements to these fights—including claims from opponents that he’s exposing his own political biases.

“What’s different is how he’s pulling so much of it into the spotlight,” said Katie Harbath, a former public policy executive at Meta Platforms Inc. and current global affairs officer at Duco Experts, a consultancy firm that works with companies on trust and safety issues. “Their method of pushing back is very aggressive.”

Following the arrests of about a dozen people in Britain for inflammatory online content connected to recent riots, Musk responded “true” to a post by Reform UK party leader Nigel Farage calling the current prime minister, Keir Starmer, “the biggest threat to free speech we’ve seen in our history.” Starmer’s office pushed back on Monday against Farage’s comments, yet steered clear of igniting a war of words with X’s billionaire owner. The latest challenge to Musk emerged when Olympic boxing champion Imane Khelif filed a cyber-harassment complaint in France that named the billionaire, according to Variety

Her lawyer told the magazine that Musk and other high-profile figures had amplified online attacks over Khelif’s gender identity, which was called into question on her way to winning a gold medal in women’s boxing during the Paris Olympics.  Representatives for Musk didn’t immediately respond to requests for comment. Any crackdown on X raises the question of how far governments will go to curb content they see as harmful, especially in democracies that value free expression. No platform has borne the brunt of their efforts more than X, which has a long history of carrying controversial material—even before Musk bought it. This was perhaps most notable during Donald Trump’s first term, when the then-US president pushed the boundaries of Twitter decorum and forced the company’s hand when it came to rules around speech. After Trump posted falsehoods about mail-in ballots ahead of the 2020 election, Twitter began labeling his posts with links to more information, but did not take them down. He was ultimately banned following the Jan. 6, 2021, attack on the US Capitol, but after buying the company, Musk restored Trump’s account.

Since taking over, Musk has largely abandoned X’s prior efforts to curb misinformation, instead relying on crowdsourced Community Notes and asking users to police themselves. Musk made deep cuts to teams that wrote and enforced company rules, part of a cost-cutting effort but also a move that aligned with his belief that X was too heavy-handed when it comes to policing user speech.

Earlier this week, Musk drew a warning letter from Thierry Breton, the European Union’s internal market chief, who urged X to abide by the region’s rules against harmful content, especially in light of recent UK violence. Breton’s letter—posted on X—

More evolutionary tales: The case of Cain and Abel

In the UK, officials are weighing tougher rules for sites like X after a surge of online disinformation fueled an outbreak of riots. In India, X was ordered this year to remove posts and block certain accounts in response to farmer protests. And in Brazil, Musk is in a running battle with the nation’s highest court over its orders to suspend users who had circulated fake news.

reminded Musk that the bloc is already taking formal steps against the platform over alleged violations of the Digital Services Act.

Musk responded to Breton with a taunting, expletive-filled post to his nearly 200 million followers on X.

EU officials have made fighting fake news a top priority, recently sharpening their powers to deal with illegal and harmful content. The EU can now levy fines of as much as 6 percent of annual sales against large social-media platforms found to have violated new contentmoderation rules.

In the US, curbing content on X poses a political challenge ahead of a bitterly contested election. Musk, who has increasingly aligned himself with conservative figures, last month endorsed Trump for president and is supporting a super-PAC backing the Republican nominee. On Monday, Musk hosted a conversation on X with Trump that lasted more than two hours, flattering his guest and floating a role for himself in a future administration if the former president wins in November.

Democrats have seized on Musk’s support for Trump with complaints that X is throttling or suspending posts that feature liberal viewpoints or favor Democratic nominee Kamala Harris. Representative Jerrold Nadler, the top Democrat on the House Judiciary Committee, has urged the Republican-led panel to investigate whether X’s artificial intelligence chatbot, Grok, has propagated false information, including that Harris had missed ballot deadlines in nine states. Under US law, regulators have little recourse to bar harmful online content, thanks to a provision in the 1996 Communications Decency Act known as Section 230 that shields websites from liability for third-party content on their platforms. While lawmakers in both parties agree on the need to update the nearly three-decade old measure, Republicans and Democrats disagree vehemently over what changes to make.

Authoritarian governments have shown less restraint in dealing with X. Following a disputed election that opponents and international observers said he lost, Venezuelan President Nicolas Maduro on August 8 said he was suspending access to X in the country for 10 days. He accused Musk of fomenting disorder by questioning the vote count on X and posting “Shame on Dictator Maduro.”

Elsewhere in Latin America, Brazilian officials are engaged in a protracted dispute with X over posts on the site by disaffected supporters of former President Jair Bolsonaro who claim without evidence that his loss in the country’s 2022 election was due to fraud. After Bolsonaro supporters stormed buildings in the capital Brasília in January 2023, Supreme Court Justice Alexandre de Moraes opened an inquiry into whether Musk had sought to use X to wage “a disinformation campaign” and ordered the suspension of some accounts in Brazil.

Musk initially responded saying he would defy the court order, accusing Moraes of violating free speech rights and calling for his impeachment. The company later relented, saying it would comply after all.  On Tuesday, Musk revived the feud by posting some confidential orders purportedly issued by Moraes. Musk used the documents to claim that X was “being asked to censor content in Brazil where the censorship demands require us to violate Brazilian law! That is not right.”

With assistance from Billy House, Daniel Carvalho, Benoit Berthelot, Olivia Solon, Ellen Milligan, Eleanor Thornber and Jeff Stone/Bloomberg

(This continues where I left off on the story of human nomadism, following the book Nomads. The Wanderers Who Shaped Our World by Anthony Sattin. BusinessMirror , Opinion. August 10, 2024)

DESCRIBED by New York Times as “a terrific storyteller,” Sattin talks of two more tales in his book on Nomads: one is on the first fratricide and the second is about the nomadic gene.

How the nomadic lifestyle figured in one of the most violent—and saddest—stories in the Bible is proof indeed of Sattin’s style. First he takes us to Damascus, which he describes as possessing a compelling story. He tells us that while it is not a foundation myth (meaning, it does not define the beginning of a civilization), “it does relate back to the earliest of times and, like the foundation myth of Rome [remember Remus and Romulus?] and many other places, it involves two brothers [underscoring mine].” Here is Sattin with his drama: “One of these brothers was a nomad.”

Sattin brings us along in this journey where he urges us to turn our back on the city’s ancient stone walls, past the river, past an important tomb. He asks us to walk beyond townhouses and twentieth-century apartment buildings, “continue until the cityscape closes down and roads become so narrow that only the slimmest vans can pass between the housing blocks...” Sattin says we will reach a steep slope that leads to a small compound of whitewashed buildings. Almost intoning, the author writes: “When you reach the gate, you will be invited to enter the courtyard and from there you enter the mouth of a cave, the Cave of the Blood.”

The site is a bearer of an ancient tradition that dates back to millennia. Quoting the fourteenthcentury Moroccan traveler Ibn Battuta, we are told that “Abraham, Moses, Jesus, Job and Lot” prayed in the Cave of the Blood.

Why that name? According to the book, this is the cave where the first fratricide took place. This is how Sattin narrates the tradition: “Enter the cave and you will see…the blood of Abel, the son of Adam [on him be peace], God having caused a red trace of it to remain on the stones.”

The story does not end with blood. Sattin brings us back to another beginning, the Book

of Genesis. There we are reminded of the story, which might as well be the first lessons in competition, envy and greed. Abel, it was told, offered God “the firstlings of his flock” while Cain “the fruit of the ground.” The tale is universal and we are familiar with the direction of the narrative: God favored the offerings of Abel over those of Cain. Why?

That was also the question of Sattin. Why was God harsh and refused to receive the fruits of Cain’s labor? Was there something about the attitude of Cain? Here then comes forth the hermeneutical analysis of Sattin, which I now pose as a question: Was the God of the wandering tribe showing preference for nomadic pastoralists over tillers of the soil? Sattin pushes further his theory and that is, whatever is the reason behind God favoring Abel over Cain, “the Genesis author is clear that Cain killed Abel, a murder that highlights one of the consequences of the Neolithic Evolution, the conflicting interests of herders and tillers, of nomads and the settled.”

What is not clear is what causes nomadism.

Or, should we venture into that inquiry?

Sattin discusses next of a study done by a group of geneticists and other scientists from Northwestern University of the United States back in June 2008. The research looked into nomadic tribes in Kenya. The focus of the study was the Ariaal, who descended from two larger tribes—the Rendille and Samburu.

The two tribes speak different languages and are also different from each other in livelihood. Some of them live on the lowlands and are constantly on the move. They graze camels, goats, and sheep. The other tribes are settled in the highlands. There they plant and send their children to school.

The study examined the genetic make-up of the said groups and discovered a pattern. Some of the Ariaal men were discovered to possess a

variant gene, which has been named DRD4-7R.

Among the nomads, those who bore the 7R genetic variant “tended to be better fed and stronger than those who did not have it.” The study called them the “alpha nomads.”

The scientists were able to identify what’s causing the variants and this was the chemical dopamine, which when released by our brain, encourages us to learn. That act rewards us with pleasure. This dopamine brings about a feel-good factor, and the chemical, as the book states, plays a crucial role in evolution “by driving us to seek benefits and rewards.” Dopamine can give us a “high” and to maintain that high we must repeat the actions to maintain that high. In a settled society, this brings about some kind of “addiction” or “obsession.” The nomadic gene, following the study, might as well partly explain why, in some adults, there is this difficulty to stay put, to focus.

Could ADHD be also brought about by this genetic gene? As with scientific studies, they are there to be questioned and tested. For the moment though, it seems clear, the “nomadic urge is part of our genetic legacy,” and that, at times, we offer to our God the fruit of our unsettled labor?

laundering case—Su Binghai, who remains at large—was also criminally charged on Thursday.  Liew Yik Kit was charged for helping Su to dispose of four luxury cars—two Rolls-Royces and two Ferraris—at a multistory car park in a public housing estate last year, and then lying about it to the police. With assistance from Denise Wee and Joyce Koh/Bloomberg

Aileen Beltrano Bautista: Master of execution

CORPORATIONS and organizations rely on people with execution skills to achieve growth and success. They may have the best minds to formulate strategies, but without the people who can turn these into fruition, those master plans will remain mere propositions.

Business leaders, CEOs and tycoons always hire people who can implement ideas and strategies. These individuals, sometimes referred to as “miracle workers” or “wonder workers,” can take on seemingly impossible tasks and achieve results well ahead of deadlines.

In business and in life, Aileen Beltrano Bautista put these execution skills front and center. When she completed her college degree, she got jobs that required her to deliver quotas and sales results.

Financial independence, stability and success propelled Aileen to excel in her work, often putting in long hours at the office and attending

meetings after work.

When her second child was born, she opted for a job with Saudia Airlines as a flight attendant at 23. Because she was based in Jeddah and away from her two children, the lure of the high salary couldn’t outweigh her longing to spend more time with them.

“I knew I had some leadership skills and thought, maybe I can harness this selling insurance,” Bautista said. So, she quit being a flight attendant, returned to Manila to focus on insurance, and was hired by Prudential Insurance Company of America. The timing was perfect, and Bautista found her niche.

At Prudential, Bautista used her confidence in public speaking and her sales skills to meet her bosses’ sales targets and expectations. The company recognized her achievements with a full-page advertisement in the Philippine Daily Inquirer, honoring her as the First Champion Life Planner of Prudential.

The ad caught the attention of Insular Life CEO Vicente Ayllon, who was impressed by Bautista’s accomplishments. He offered her the position of assistant vice president at the age of 28, overseeing more than 300 agents. Bautista consistently delivered the required results.

The CEO dubbed her “The Flash Executioner” because of her ability to achieve sales targets and implement projects way ahead of schedule.

To execute project plans, Aileen delegates duties and tasks by choosing people who demonstrate a certain “hunger” or “passion” for their jobs. Aileen says that you can tell if people have passion from the way they speak—with zeal, vivacity and “gusto.”

Companies value employees who can deliver, and to get them started, she advises them “to stop talking and start working asap.”

As a Management teacher at St. Benilde and a mother and wife, she offers four tips to put those

At Prudential, Bautista used her confidence in public speaking and her sales skills to meet her bosses’ sales targets and expectations. The company recognized her achievements with a full-page advertisement in the Philippine Daily Inquirer, honoring her as the First Champion Life Planner of Prudential.

execution skills to the fore:

1. Communication is critical—“You must give clear instructions on what is required and why you need specific tasks to be undertaken,” Bautista says. “If you know the what and why, arguments and debates can be avoided.” Communicate with passion.

2. Demonstrate excitement and enthusiasm—Apathy and indifference are major turnoffs for Bautista in the work environment. As a business leader at Insular Life, she identified people with a hunger and thirst for achieving goals. One lesson learned from her mentor, Vicente Ayllon, is how to spot them: by the speed of their walk. “The faster the speed, the more likely that person is an achiever and an ‘executioner’,” Aileen says. These people do their assignments well and above the call of duty.

3. Palabra de honor—When you are given tasks and say, “Consider it done,” it is very comforting to superiors. That said, you must follow through because your word should be your bond.

4. Set a deadline for yourself—When given a specific task, set a deadline for its delivery and completion. In Aileen’s case, her due date is always “yesterday.” Setting an earlier deadline with a specific date and time allows you to revise and make corrections.

All strategies and plans are useless if no one can execute them. Just ask Aileen Bautista.

Investment pledges cleared in Q2 up 220.7% to ₧189.5B

By Cai U. Ordinario @caiordinario

INVESTMENT pledges approved by the country’s investment promotion agencies more than tripled in the second quarter of 2024, according to the Philippine Statistics Authority (PSA).

The data showed that investment pledges reached P189.5 billion, a 220.7-percent growth from the P59.09 billion total foreign investments in the same quarter of 2023.

PSA said of the total approved foreign investment for the second quarter of 2024, Switzerland posted the highest investment com -

mitment, amounting to P172.04 billion or 90.8 percent of the total foreign investment pledges.

The data showed this was followed by Japan at P7.68 billion or 4.1 percent of the total and Malaysia with P4.53 billion, a 2.4-percent share of all.

These investment pledges were made in industries such as

DOTr pushes reduction of subterranean ROW to boost safer underground infra

By Lorenz S. Marasigan

T@lorenzmarasigan

HE Department of Transportation (DOTr) proposed on Thursday the reduction of the minimum depth for subterranean right of way (ROW) from 50 meters to 15 meters, a change aimed at allowing the construction of more underground infrastructure while enhancing safety.

During the Senate committee hearing on the proposed amendments to Republic Act No. 10752, or the ROW Act, Transportation Assistant Secretary Leonel de Velez said the proposed adjustment will result in better infrastructure planning and development, especially for mass transport systems such as subways.

“The depth of our subterranean infrastructure doesn’t matter as much for utilities like electricity or gas, but it’s critical when we need to evacuate live passengers. Evacuating people from 50 meters below ground—equivalent to around 18 stories—is far more challenging than from 15 meters,” de Velez explained. The goal is to ensure that in emergencies, passengers can be evacuated within 6 to 10 minutes.

De Velez added that the proposed amendment also aligns with international practices, citing Singapore, Finland, and Montreal as prime examples of countries with successful subterranean infrastructure at shallower depths.

Singapore has set its subterranean ROW at 30 meters, while Helsinki and Montreal have implemented 6-meter and 10-meter standards, respectively.

De Velez noted that the Philippines aims to follow suit as it prepares for the expansion of subway systems in Metro Manila and Cebu, as well as upcoming projects like the Metro Rail Transit (MRT) Line 4, Alabang-Zapote Secondary Line, and the Mindanao Railway.

RPVARA IRR out by October, but... T HE discussion also highlighted

the challenges surrounding the valuation of land for ROW acquisition.

Department of Public Works and Highways (DPWH) Undersecretary for Legal Services Anne Sharlyne G. Lapuz pointed out that the current ROW acquisition process, which can take up to two years, is fraught with delays due to limited funding and bureaucratic hurdles.

The validity of funds under a cash-based budget system and the reliance on the issuance of a Special Allotment Release Order (SARO) complicate the process further, she said.

However, she expressed optimism that the Real Property Valuation and Assessment Reform Act (RPVARA) could address some of these issues.

This law, once fully implemented, will standardize property values across government agencies, thereby reducing the need for independent appraisals and speeding up the ROW acquisition process.

“With a standardized value, we could significantly lower costs and shorten timelines,” she said, though she noted that the law’s implementation is still pending the issuance of its implementing rules and regulations (IRR).

The IRR for the RPVARA is expected to be out by October.

“But the updating of the values itself will take about two years as provided under the law,” Lapuz explained.

Hence, she said the agency is now “coming up with measures to address the gap in the RPVARA.”

Urgent need to amend the law

SENATOR Mark Villar, who chairs the Senate Committee on Public Works, said the Philippines has to update the ROW Law, citing the “delays in many high impact infrastructure projects” that he encountered during his stint as the DPWH Secretary.

the Electricity, gas, steam, and air conditioning supply industry, which received the largest amount of P172.74 billion or 91.2 percent of the total approved foreign investment pledges.

PSA said this was followed by Manufacturing with P12.39 billion and Administrative and support service activities with P2.84 billion, or shares of 6.5 percent and 1.5 percent, respectively.

In terms of regions, the Negros Island Region received the largest share of pledged investments, amounting to P86.46 billion or 45.6 percent of the total approved FI for the second quarter of 2024. This was followed by Calabarzon with P6.93 billion and Central Visayas with P4.35 billion.

Meanwhile, total approved investments of foreign and Filipino nationals reached P715.01 billion, an increase of 125.4 percent from the reported amount of P317.23 billion in the same quarter of the previous year.

The data showed Filipino na -

tionals contributed P525.51 billion or a 73.5-percent share to the total approved investments during the second quarter of 2024. Approved investments of foreign and Filipino nationals in the second quarter of 2024 were expected to generate a total of 26,915 employment. This indicates a decline of 13.8 percent from the 31,218 expected employment in the same quarter of the previous year.

Out of the total generated employment, PSA said a total of 18,135 jobs would be absorbed by foreign investment projects.

The data on approved investments in the second quarter were obtained from six Investment Promotion Agencies: the Board of Investments (BOI), BOI-Bangsamoro Autonomous Region in Muslim Mindanao (BOI-BARMM), Clark Development Corporation (CDC), (Peza), Subic Bay Metropolitan Authority (SBMA), and Zamboanga City Special Economic Zone Authority (ZCSeza).

PBy Lenie Lectura @llectura

OWER rates are expected to go up in October after the Energy Regulatory Commission (ERC) allowed Lopez-led First Gas Power Corporation (FGPC) and FGP Corp. (FGP) to recover the difference between the previously approved pass-through costs and the landed cost of Liquefied Natural Gas (LNG) and the New Gas Sale Purchase Agreement (GSPA).

In a notice of resolution, the agency said it allowed the FGPC and FGP Corp. to recover the landed cost of the re-gasified LNG incurred during fuel supply force majeure events.

The costs being claimed were not divulged but these are associated with testing and commissioning of the LNG facilities, including storage and regasification stages of utilizing LNG as fuel for the gas plants and the delivery of power to the Manila Electric Company (Meralco) under the power purchased agreements (PPAs).

“Thus, the prayer to conform the pass-through to or recovery from customers, as well as Meral -

co’s payment to FGPC and FGP for all the attendant costs of LNG during such period, is hereby granted, corresponding to the fuel used for electricity delivered to Meralco from the gas plants during the relevant period,” the ERC said in a notice of resolution.

As a result of this, Meralco was authorized by the agency to collect the costs over a period of 12 months commencing from the October billing period. This means that Meralco may implement higher rates.

“Meralco is authorized to reflect the adjusted rates from the gas plants starting October customer billing period. Further, FGPC and FGP are hereby allowed to recover, and Meralco is authorized to collect from its customers, the difference between the previously approved pass-through costs and the costs resulting from the clarifications, particularly as such pertain to the landed costs of LNG and the new GSPA, over a period of 12 months commencing from the October customer billing period of Meralco,” the ERC said.

Continued on A11

Tobacco plantation expansion eyed

By Samuel P. Medenilla @sam_medenilla

THE Department of Agriculture (DA) is now studying the proposal to use public funds to accelerate the expansion of tobacco plantations by 20,000 hectares in the next four years to boost the profits of farmers.

In an interview in the Palaceproduced show, Malacañang Insider, on Thursday, DA Secretary

Francisco P. Tiu Laurel Jr. disclosed they plan to use 20 percent of tax collected from tobacco for the said expansion. He said the proposal was discussed during President Ferdinand Marcos' meeting with the Private Sector Advisory Council (PSAC) on Wednesday.

“The funds are supposed to, you know, [used] to buy [pieces of] machinery, seeds, fertilizers to grow tobacco,” Laurel said.

The initiative, he said, is expected to help expand the plantable area for tobaccos by 5,000 hectares annually for four years.

In its latest data, the Philippine Statistics Authority (PSA) reported that the area planted for all tobacco varieties from January to June last year rose to 27,000 hectares from 26,800 hectares in the same period in 2022.

“Because tobacco is clearly a money-making [crop]...farmers can earn from it,{ Laurel said.

Last April, the National Tobacco Administration (NTA) reported that buying price for tobacco varieties exceeded the approved

floor price indicating high market demand.

During the said period, the buying price for flue-cured Virginia tobacco reached P113 per kilogram (kg), while for air-cured Burley and Native tobacco, it was at P100 per kg.

Vaccine rollout A SIDE from tobacco, Laurel said other matters discussed in the PSAC meeting included boosting the country’s sugar production through the Sugarcane Industry Development Act (SIDA) and the rollout of the African Swine Fever (ASF) vaccines next week in Batangas.

The provincial government of Batangas has declared a state of calamity in Calatagan, Lian, Lipa

City, Lobo, Rosario, San Juan, Talisay and Tuy due to an ASF outbreak.

Laurel said they will be using the 2,000 doses, which were donated by the ASF vaccine manufacturer and are scheduled to arrive in the country on Friday, for the immunization drive.

“We are targeting to start the vaccination by Tuesday next week,” the DA chief said. He said they will be using emergency procurement to get more ASF vaccines as part of their efforts to contain the spread of the disease in Batangas.

“It’s not that alarming because the vaccine is on the way. So, hopefully we can contain it. But, of course, it will not be easy but we will do our best,” Laurel added.

ROTARY FORUM Rafael Garcia III, Rotary International Director (RY 2018-2020) Second left), receives a token of appreciation as Guest of Honor and Speaker from Rotary Club of Manila President Jujut Enriquez (3rd left), joined by RCM PDG Alexander Cureg (Moderator, left), Secretary Aries Salanay (Third right), PDG Samuel Pagdilao (R1

Resource Person, second right), and PP Felix Francisco Zaldarriaga (right).

Editor: Jennifer A. Ng

Vista Land H1 income rises on strong housing demand

By VG Cabuag @villygc

Villar-led property developer Vista land & lifescapes inc. reported a net income of P6.4 billion in the first half, an 11-percent increase from the previous year’s P5.8 billion as it solidified its foothold in the horizontal residential market.

The company said it launched projects nationwide with a total value of P22.2 billion.

Vista Land recorded consolidated revenue of P18.92 billion for the period, an 8-percent increase from the previous year’s P17.47 billion.

Real estate revenue reached P9.6 billion, while rental income amounted to P8.5 billion.

Vista Land said it enhanced its gross margin, bringing it to 57 percent.

“This year’s increased project launches contribute significantly to our extensive project pipeline and have positively impacted our reservation sales, which totaled

P39.2 billion for the first semester, a 10 percent increase compared to the same period last year,” company

chairman Manuel B. Villar Jr. said.

“Our first-half 2024 results align with our asset optimization strategy, with growth in both residential and commercial segments,”

Manuel Paolo A. Villar, the company’s president and C eO said.

Vista Land now has over 1.6 million square meters of gross floor area across more than 100 commercial properties, including 42 malls, 59 commercial centers and seven office buildings. The company noted that foot traffic is increasing as more people are returning to its malls and commercial spaces.

With a landbank of 2,969 hectares, the company plans to launch more upscale and vertical residential projects, integrated with commercial developments in its

August 16, 2024

B1

Banking, power units drive FDC

master-planned communities, to maximize its prime land. The company spent P13.6 billion on capital projects in the first half of 2024.

Last July 30, the company sold $350 million in notes due 2029. The proceeds will be used to refinance the company’s dollar bond maturing in November 2024 which effectively eliminates refinancing risk for the year.

The company intends to call the maturing bonds as early as October. The success of the bond offering underscores strong investor confidence and highlights the company’s solid performance and strategic vision for delivering longterm value, it said.

The company’s landbank is primarily located near major areas and primary infrastructure, with 60 percent and 40 percent situated in provincial and mega Manila areas, respectively.

Power sales buoy CREC profit in H1

CBy Lenie Lectura @llectura

ITICOR e Renewable energy Corp.’s (CR eC) net income in the first half inched up to P456.4 million from last year’s P455.2 million as revenues grew by 13 percent.

In a disclosure to the stock exchange on Thursday, CR eC’s revenues hit P2.09 billion on account of a 15-percent growth in electricity sales to P1.73 billion from P1.5 billion last year. The company also

Follow-on offering of Dito gets SEC nod

The Securities and e xchange Commission (S e C) has approved the followon offering of the country’s third telecom firm Dito CM e h oldings Corp. for up to P4.2 billion. In its en banc meeting on Thursday, the agency approved Dito’s registration statement covering a total of 1.95 billion common shares priced at P1 to P2.15 per share, subject to the company’s compliance with certain remaining requirements. At the maximum price, Dito expects to net up to P4.12 billion from the offer.

The listed telco provider will use the proceeds to fund the commercial rollout of its network expansion and for general corporate purposes.

The offer will run from September 5 to 12, in time for the listing of the shares on the main board of the Philippine Stock e xchange on September 20, according to the latest timeline submitted by the company.

The company has tapped BDO Capital and Investment Corp. as the sole underwriter for the transaction. VG Cabuag

recorded a 6-percent improvement in earnings before interest, taxes, and depreciation ( eBITDA) to P765 million from P723 million. electricity sales accounted for 83 percent of CR eC’s revenue during the period, with the balance coming from lease income and service fees. electricity sales is largely composed of revenues from commercial and industrial customers which rose by 11 percent to P1.08 billion from the previous year’s P974.55 million. The rest of the company’s electricity sales include revenues from

the government’s Feed-In-Tariff (FIT) program which generated P271.82 million and sales through the Wholesale electricity Spot Market (W e SM) which reached P57.84 million.

“CR e C attributes this robust performance to our portfolio of 10 operating solar power facilities with a combined gross operating capacity of 285 megawatts, making us the second largest solar platform in the country. We ensure optimal performance in our plants to augment grid capacity for peak

demand requirements,” said CR eC President Oliver Tan. With the construction of CR eC’s first 1,000 MW in full speed, Tan said CR eC expects a “more exciting 2025.”

“The full impact of the power generation revenues will be felt next year since projects currently under construction will start to be energized by then. We will focus on adding solar capacity and looking at other opportunities that take us closer to our 5 gigawatts in 5 years goal.”

Costly gold boosts Apex Mining earnings

APex Mining Group said its consolidated net income in the first half reached P1.89 billion, 35 percent higher than last year’s P1.4 billion.

The company attributed this to the surge in realized gold price, gold ounces sold and the depreciation of the peso against the dollar.

Quarter on quarter, the consolidated net income in the second quarter reached P1.03 billion, higher than last year’s P848.26 million.

The consolidated gross revenues from the sales by Apex Mining and its subsidiary Itogon-Suyoc Resources Inc. amounted to P6.94 billion in the first half. The figure is 22 percent higher than the P5.69 billion recorded last year.

The group derives its revenues from the sale gold and silver.

Apex Mining’s operating mines include the Maco Mine in Maco, Davao de Oro and Sangilo Mine in Itogon, Benguet, which produced and sold 52,993 ounces of gold in the first half, 4 percent more than last year’s 50,796 oz. Silver production and sale reached 176,838 oz, 1 percent more than the previous year’s 175,569 oz.

“Realized price per ounce of gold in the first half was $2,264, up 16 percent from last year’s $1,953. Meanwhile, the realized price of silver in the first half was up 13 percent at $26.86 from last year’s $23.68.”

Apex Mining Co. Inc., the parent company, recorded a net income of P1.84 billion from January to June-36 percent higher than its net income in the same period in 2023 when it hit P1.35 billion.

Following the landslide in February in Masara (Maco, Davao de Oro), Apex Mining went on limited opera-

tions and focused its resources on the search, rescue, retrieval and relief operations. Its Maco Mine milled 426,396 tons of ore in the first half.

During this same period, the gold recovery rate dipped to 85.8 percent from last year’s 87.34 percent.

The positive performance of Apex Mining despite the difficulties imposed by the landslide is “a testament to the resilience of the company’s labor force.”

According to Luis R. Sarmiento, the company’s president and CeO, “The collective can do attitude and genuine spirit of malasakit have propelled us to rise up and successfully tackle the hurdles one by one.”

In terms of its contribution to its host communities’ social development, Apex Mining’s first-half spending under its Social Development Management Program reached P53.7 million.

“Our work with Regina Rica to help our kababayans affected by the Masara landslide continues with periodic medical missions, other psycho-social interventions and full scholarships for 40 children who were orphaned by the landslide,” said Sarmiento.

Regina Rica Foundation is run by the Dominican Sisters of Regina Rosarii. Apex Mining and Regina Rica are implementing R e ACh Masara, a two-pronged assistance program comprising of educational assistance and holistic recovery initiatives. Regina Rica is currently the sole active humanitarian organization present in the area affected by the landslide.

“On a longer-term scale, we are finalizing the donation of a parcel of land to the Masara Municipality for their permanent relocation program,” said Sarmiento. Jonathan L. Mayuga

performance

FILINV eST Development Corp.

(FDC), the holding firm of the Gotianun Group, said its attributable net income in January to June jumped by 41 percent to P5.54 billion from P3.94 billion last year.

For the second quarter alone, net income grew by 46 percent to P2.61 billion from P1.79 billion in the same period in 2023.

Banking accounted for 38 percent of FDC’s net income, followed by power at 31 percent, property business at 22 percent and sugar milling at 9 percent, the company said.

Total revenues and other income for the first half rose by 30 percent to P55.5 billion. Banking grew 28 percent; power, 75 percent; real estate, 18 percent; and hospitality, 49 percent.

“We look forward to sustaining our robust growth as we keep honing our strategies and operations, and as we implement important capital investments for long-term growth,” FDC President and CeO. Rhoda A. huang said.

e astWest Bank’s top-line growth was driven by a 22-percent increase in consumer loans leading to a 28-percent rise in net

interest income.

The power subsidiary FDC Utilities Inc. reported a 75- percent surge in revenues in the first half, driven by higher energy sales from its fully contracted 405-megawatt plant located in Misamis Oriental in Mindanao. The significant rise in power generation and sales was made possible by the Mindanao-Visayas interconnection project.

FDC’s real estate business composed of subsidiaries Filinvest Land Inc., Filinvest Alabang Inc. and Filinvest R eIT Corp., generated 18 percent higher revenue versus the same period last year from improved residential sales and mall rentals. h otel operations under Filinvest h ospitality Corp. grew revenues by 49 percent compared to the same period last year due to a strong resurgence in domestic tourism and international arrivals. This led to higher room occupancy and rates across its hotel brands Crimson, Quest and Timberland h ighlands, which included 7 hotels with 1,800 rooms, and two 18-hole golf courses situated in Filinvest Mimosa Plus Leisure City in Clark, Pampanga. VG Cabuag

Cebu Pacific launches new route from Davao

By Lorenz S. Marasigan @lorenzmarasigan

BUDGeT carrier Cebu Pacific said on Thursday it is enhancing international connectivity from Visayas and Mindanao with the launch of a new route from Davao to hong Kong and the resumption of flights between Iloilo and Singapore later this year.

In a statement, the Gokongweiled carrier said it will begin operating the four weekly flights between Davao and hong Kong on October 27, while restarting the thrice-weekly Iloilo-Singapore route on November 25.

The carrier noted that it is offering promotional fares for both routes. Until August 31, travelers can book one-way tickets on the Davao-hong Kong and Iloilo-Singapore flights for as low as P1, exclusive of fees and surcharges.

The travel period for the Davaohong Kong route is from October 27, 2024, to March 29, 2025, while for Iloilo-Singapore, it is from November 25, 2024, to March 29, 2025.

Cebu Pacific expects the new and reinstated routes to boost tourism and provide greater opportunities for business and leisure travel for travelers in the Visayas and Mindanao.

The carrier currently services 35 domestic and 26 international destinations across Asia, Australia, and the Middle east, continuing its commitment to making travel more accessible for Filipinos.

Cebu Pacific operates a diversified commercial fleet that includes eight Airbus 330s, 39 Airbus 320s, and 21 Airbus 321s, and 15 turboprops.

The Gokongwei-led carrier is beefing up its operations in anticipation of more planes in the future. It has signed a memorandum of understanding (MOU) with Airbus for the purchase of as much as 152 Airbus A321 new engine option (Neo) jets. The deal is valued at $24 billion or about P1.4 trillion based on list prices and is the “largest aircraft order in Philippine aviation history.”

The MOU encompasses firm orders for up to 102 A321neo aircraft, with an option to purchase an additional 50 A320neo family jets.

Cebu Air Inc., the operator of Cebu Pacific, saw its profits dropping by 5.4 percent in the first six months of 2024 to P3.55 billion from P3.75 billion the year prior due to higher costs related to increased passenger activities.

The carrier’s revenues surged by 18.1 percent, reaching P51.439 billion as of June 30, compared to P43.551 billion in the same period last year. This growth was primarily fueled by substantial increases across passenger, cargo, and ancillary revenue streams. however, Cebu Air also recorded a 15.5-percent increase in operating expenses to P45.95 billion from P39.79 billion due to the higher flight activity and the depreciation of the Philippine peso against the greenback.

Facade of the Quest Hotel in Tagaytay. Photo from www.filinvesthosPitality.com

Editor: Dennis Estopace

Climate action goes beyond financing, says DOF official

By Reine Juvierre Alberto

AS a nongovernment group reckons that climate finance would mobilize the implementation of effective climate action in cities across the Philippines, an official of the Department of Finance (DOF) provided a broader look.

“Climate action is cross-cutting— this is one issue with a multitude of concerns that we have to consider,” DOF International Finance Operations Office Director John Adrian M. Narag said. “The financing follows the plan: it is a tool that can help support climate action; but climate action goes beyond just financing.”

According to Narag, governance and development planning in leveraging urban climate finance are more important.

Narag was one of the officials that sat down last August 8 with representatives of from government agencies and the Institute for Climate and Sustainable Cities (ICSC) to tackle climate finance.

During that meeting, officials of the Department of Budget and Management presented finance opportunities for cities through the “Green Green Green” program, which aims to support the development of sustainable public open spaces in cities

across the country. The program is allocated P1.055 billion under the fiscal year 2024 General Appropriations Act (GAA) to earmark the construction, rehabilitation, repair or improvement of green open spaces, such as public parks and plazas, nature recreational parks, arboretum and botanical gardens.

‘Not infallible’

A STATeMeNT issued by the ICSC quoted its executive Director Angelo Kairos T. dela Cruz emphasized that it is crucial to include improved enabling conditions for climate finance to support climate-resilient development in urban areas.

“Cities are not infallible; in fact, having cities as concentration hubs for essential services, businesses, investments, and governance make them highly vulnerable to shocks,” Dela Cruz said.

According to the ICSC, data from

the United Nations Sustainable Development Group revealed that approximately 70 percent of people globally will be living in cities and urban areas by the year 2050.

However, many cities around the world are ill-prepared for rapid urbanization, where housing and infrastructure development have been unable to pick up speed.

The Integrated Urban Climate Action for Low-Carbon and Resilient Cities (Urban-Act) project seeks to address that issue.

According to the ICSC, the project aims to improve conditions for the planning and implementation of evidence-based and inclusive climate action in cities and urban areas in the Philippines, India, Thailand, Indonesia and China.

It also targets to transform cities and urban areas towards lowcarbon and resilient development by ensuring that local and national policy frameworks and long-term strategies facilitate access to climate finance and support climate action.

Regional initiative

THe Urban-Act project is a regional initiative led by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and is in line with the Philippines’s Nationally Determined Contributions and the United Nations 2030 Sustainable Development Agenda.

The ICSC is an implementing partner of the project together with Clean Air Asia (CAA) while the Department of the Interior and Local

Government serves as the project’s political partner in the country.

“We in the DILG are very glad to have ventured in this partnership with our development partners, because these interventions reinforce the agency’s current efforts in capacitating local government units to ensure that they implement sustainable development practices,” said Interior and Local Government Assistant Secretary Francisco R. Cruz. earlier, the Green Climate Fund (GCF) Board approved a $1 billion worth of climate adaptation and mitigation projects, including a research and development business (R&DB) program for Filipino entrepreneurs to promote climate-resilient development.

A total of 17 funding proposals for adaptation and mitigation projects and six new accredited entities, were approved by the Board including sectors such as coastal resilience, sustainable agricultural systems, ecosystem restoration and climate technologies.

The DOF, as the national designated authority of GCF in the Philippines, said the $221.215 million program will be divided among the recipient countries and allow Filipino green entrepreneurs to leverage global technological expertise and accelerate climate-resilient development in the country.

The GCF will cover $104.471 million of the total cost through grants and equity while the $116.744 million will be earmarked by the cofinancer’s contributions.

PCAAE and Sustainable PH: A Strategic Collaboration for Sustainability

By Octavio B. Peralta

AT this time when the call for sustainability has become increasingly urgent, organizations across the globe are recognizing the need to work together to address environmental and social challenges. A significant step towards this goal has been taken recently through a strategic partnership between the Philippine Council of Associations and Association executives (PCAA e) and Sustainable Philippines (Sustainable PH). This collaboration aims to drive sustainable practices across various sectors and, among others, position associations as key players in the country’s sustainability movement.

Sustainability is a complex, multifaceted challenge that requires input and action from all sectors of society.

No single entity can tackle these issues alone. It requires the concerted efforts of businesses, governments, non-profits, and communities. The collaboration between the PCAA e and Sustainable PH epitomizes this approach, bringing together two organizations with distinct yet complementary strengths to amplify their impact.

The PCAA e, as a network of associations and association professionals, has a broad reach across diverse industries and sectors. By partnering with Sustainable PH, a non-profit dedicated to promoting sustainable practices, the PCAA e is poised to leverage its influence to embed sustainability into the heart of association governance, management and operations. This partnership signifies a proactive approach to sustainability, where associations

Syndicated loan facility to expand Psalm funds

H

Te Land Bank of the Philippines (Landbank) announced it arranged a P60-billion syndicated loan facility to support the financial capacity of the Power Sector Assets and Liabilities Management (Psalm) Corp.

A statement issued by the state-run lender last Thursday read that Landbank loaned the majority of the P110-billion syndicated loan facility to Psalm to strengthen and enhance the competitiveness of the country’s local power industry.

Landbank and the Development Bank of the Philippines (DBP) acted as joint lead arrangers for the syndicated loan, a form of financing from a group of lenders to spread the risks. The DBP-Trust Banking Group acted as the “Facility and Paying Agent” while the Office of the Government Corporate Counsel (OGCC) was the “Transaction Counsel.”

“Landbank has a long-standing history of supporting the national government’s electrification initiatives, with our loan portfolio encompassing a wide range of energy-related projects,”

Landbank President and C e O Lynette V. Ortiz was quoted in the statement as saying.

Ortiz, DBP President and C e O Michael O. de Jesus and Psalm President and C e O Dennis e dward A. Dela Serna led the ceremonial signing of loan agreement on July 30. Assistant Government Corporate Counsel Judge Basilia Serrano-Angeles witnessed the event, the statement read.

The loaned amount will be used for the purpose of augmenting

Psalm’s working capital, refinancing liabilities and settling its domestic obligations, according to the Landbank.

Dela Serna was quoted in the statement as expressing “heartfelt gratitude” to the Landbank, the DBP and the OGCC “for their continued support in attaining Psalm’s financial objectives.” He added that Psalm’s liability management program has presented challenges as the company tries to fulfill its mandate of liquidating the financial obligations it assumed.

With the loan in place, Dela Serna said Psalm is projecting a net reduction of P12.9 billion in its financial obligations this 2024.

“This syndicated loan provides additional financial support to Psalm, ensuring our continued progress and assisting our asset management and privatization strategies,” he added.

Ortiz vowed to continue supporting Psalm “in addressing the energy needs of the country today and in the future.”

Psalm is a wholly-owned and -controlled government entity mandated under the e lectric Power Industry Reform Act ( e pira) to take over the ownership of all existing generation assets of the National Power Corp. (Napocor), independent power producer contracts, real estate and all other disposable assets, including the transmission business of the National Transmission Corp. It also manages the sale and privatization of these assets with the objective of liquidating all of Napocor’s financial obligations. Reine Juvierre

are not just participants but leaders in the movement toward a more sustainable future.

The collaboration is centered around several key areas, each designed to promote and integrate sustainability within associations and their broader networks:

1. education and capacity building. One of the primary goals of the partnership is to educate and equip association professionals with the knowledge and tools necessary to implement sustainable practices. The focus on capacity-building ensures that associations are not only aware of the importance of sustainability, but are also empowered to take meaningful action.

2. Resource sharing and best practices. Sustainable PH brings a wealth of expertise and resources to the table, which will be shared with PCAA e members. This includes access to best practices, case studies, and practical tools that associations can use to enhance their sustainability efforts. The PCAA e , as a membership organization, contributes to Sustainable PH its experience and competence in association governance and management.

3. Joint sustainability projects. To demonstrate the tangible benefits of sustainability, the partnership will spearhead joint projects that address specific environmental and social

challenges. These projects, ranging from community-based initiatives to larger industry collaborations, will serve as proof points of the effectiveness of sustainable practices. An ongoing project is the conduct of a joint summit on sustainability to be held on November 27, 2024, at the Philippine International Convention Center themed, “Collectively Driving Sustainable Impact.”

The PCAA e and Sustainable PH are driven by a shared vision of a sustainable Philippines where environmental stewardship, social responsibility, and economic growth go hand in hand. As the world continues to face unprecedented environmental challenges, the need for collaboration has never been more critical. The partnership between the PCAA e and Sustainable PH is a good example of how organizations can come together to drive positive change, helping to build a future where sustainability is not just an option, but a way of life.

Octavio Peralta is founder and volunteer CeO of the Philippine Council of Associations and Association executives, the “association of associations.” PCAA e and SustainablePH will hold a joint summit at the PICC on November 27, 2024. The views he expressed herein do not necessarily reflect those of the BusinessMirror. e -mail: bobby@pcaae.org.

BOC seeks greater Asean Single Window’s capability

THe Bureau of Customs (BOC) is recommending to enhance the Association of Southeast Asian Nations (Asean) Single Window (ASW) by expanding its scope and improving technological systems to enhance regional trade facilitation.

A statement issued by the BOC

Customs officials met with representatives of the Department of Finance (DOF) and the Asean-United States Agency for International Development (USAid) to discuss the developments of the study on the new-generation ASW. According to the statement, Customs Acting Deputy Commissioner Michael C. Fermin raised several recommendations, such as enhanc-

ing the technical compatibility with global trade systems and developing mobile-compatible versions of the ASW system. Moreover, the implementation of robust data quality control measures; improving data security and expanding electronic document exchanges; as well as making the system accessible to micro, small and medium

enterprises were also suggested by the BOC. Fermin, the statement continued, also discussed the Philippines’ efforts, specifically the National Feasibility Study on Cross-border electronic e xchange, supported by the United Nations economic and Social Commission for Asia and the Pacific. Reine Juvierre Alberto

SBy Cai U. Ordinario

AN Miguel Corp. (SMC) affiliate Bank of Commerce (BankCom) saw its net income decline by 11 percent in the first semester of 2024 on the back of “people and technology investments.”

In a disclosure to the local bourse, BankCom said its net income declined to P1.42 billion in January to June 2024 from the P1.59 billion recorded in the same period last year.

BankCom said it continued to invest in people and technology to help sustain the bank’s profit growth in the long-term. It’s operating expenses, excluding provision for credit and impairment losses, posted P3.25 billion, 19 percent more than the P2.74 billion last year.

“The bank saw strategic hiring and an improved retention program, which led to an increase in compensation costs. Investments in technology, geared towards modernization activities, include a new core banking system, the upgrade of its cash management system and a new fraud management system,” BankCom’s statement read.

The bank noted that there was a 30-percent growth in compensation to P1.26 billion to increase manpower count and to improve retention. The lender didn’t provide details on the latter costs.

BankCom’s depreciation and amortization, which is related to information and technology, amounted to P295.30 million, 34-percent up from last year’s P220.07 million on account of higher depreciation of computer equipment and other properties held. The bank, however, posted an

8-percent year-on-year growth in total revenues amounting to P5.23 billion for the first semester of 2024. BankCom said with this, the bank’s return on equity (ROe ) and return on asset (ROA) hit 9.12 percent and 1.23 percent, respectively.

“Topline revenues were mainly driven by expansion across all lending segments resulting from a higher loan and securities portfolio. Meanwhile, corporate loans grew on account of program lending and loans to the SMC ecosystem,” BankCom said. Meanwhile, as of June 30, total assets amounted to P230.68 billion, translating to a ROA of 1.23 percent, the lender said. The bank said its total loans and receivables, represented over 50 percent of total assets, rose 13 percent to P123.71 billion, driven by growth in corporate and consumer loans. The loan growth resulted to a loan-to-deposit ratio of 75 percent.

BankCom’s gross non-performing loans (NPL) and net NPL ratios at 1.7 percent and 0.53 percent respectively, from 1.54 percent and 0.44 percent as of end-2023. Total deposits moderately declined to P177.39 billion, 5-percent lower than the previous year. Total deposits reached P155.20 billion, time deposits reached P17.16 billion and long-term negotiable certificates, P5.03 billion. In the first semester of 2024, the bank also declared its first dividends in more than 20 years as committed during the its initial public offering. The bank set aside P0.726 per preferred share and P0.2512 per common share amounting to 23.37 percent of its previous year’s profits.

Alberto

If you had P100 million like Carlos Yulo, where should you invest your money?

FILIPINOS are a generous lot. When we find success, we try to make sure everyone around us also benefits from our good fortune. But utang na loob (debt of gratitude) can be a heavy burden, plaguing us with guilt and imagined years of disaster and doom if the debt is unpaid.

By now, most of us Paris Olympics addicts are aware of the many cash and non-cash prizes to which our double gold medal winner Carlos Yulo is entitled.

To date, he has been promised over P100 million in cash, from government and private sector sources, free frequent flyer miles for life from Philippine Airlines and free domestic and international flights from Cebu Pacific, a lifetime-privilege to eat a popular buffet restaurant, free pizza and ice cream, along with free colonoscopies once he turns 45 from some obscure physician, among others. He recently received the keys to a brand-new P32-million condominium from Megaworld Corp.

At 24 years old, Carlos will probably just have six more years to compete professionally in gymnastics, and get more chances to win the gold and other cash prizes. So today, he should already be thinking of the future and finding ways to stretch that P100 million into his retirement years. For sure, he can work as a gymnastics coach but how much will that pay? And after the celebrity endorsements are over, there will be less income, and instead more financial pressures, especially if he gets married and has a family. But not if he invests his winnings wisely.

In one TV interview, Carlos was asked where he would invest the cash prizes he would get, and he answered that he would ask Cynthia Carrion, president of the Gymnastics Association of the Philippines, for advice. Mistake No. 1. Always consult a professional on money matters. I doubt that Carrion is a registered financial planner, or a banker who can give personal financial advice objectively. So I asked our friends at BDO what someone can do with P100 million. Where can he invest his money so it can grow and sustain him, especially if he retires early? The Trust and Investments Group responded with a few suggestions, while BDO Private Bank declined.... I guess the latter thought P100 million too small to manage.

Patricia Lei Alvarillo, BDO first vice president and head of the Trust and Investments, said: “First off, we recommend that the client take a suitability assessment to understand their attitude toward investment risks. This will give us an idea on what appropriate assets the clients should invest in. Assuming that the client has an aggressive risk profile, and has an investment horizon of 10 years, we may recommend investing the majority of his investments in fixed-income securities such as government securities or bonds.” Government securities, such as Treasury bills or Treasury bonds, are basically certificates of the state’s indebtedness. Think of the Philippines as a home, and

chip stocks.

Basically, blue chips are shares of major companies that have been around for the longest time, and you think will still be there long after you’re dead and buried. A few of them include the Ayala Corp., Aboitiz Equity Ventures, Jollibee Foods Corp., SM Prime, Universal Robina Corp., San Miguel Corp., Megaworld Corp., Meralco. You can just park your money in these shares until you really, really need to sell them, maybe for emergency purposes.

UITFs, meanwhile, are ready-made investments that allow the pooling of funds from different investors with similar investment objectives. The pooled funds are managed by professionals who carefully select financial instruments like money

By Eugenia Last

Filipinos are generous to a fault and are often prone to giving out gifts of cash to relatives to the 5th degree of consanguinity, and friends they think have supported them over the years. Okay lang ’yan, guys, but make sure you set aside the bulk of your winnings for your future.

The key is to diversify your investments, as this will allow you to weather market downturns and enable these investments to work regardless of the state of the economy. Also, investing for the long-term helps smooth out short-term market volatility and maximizes the investment potential of your portfolio, thus helping you achieve your investment goals. In other words, don’t put all your eggs in one basket.

and mentally. Do something that melts stress and inspires you to look and do your best. ★★★★★

LIBRA (Sept. 23-Oct. 22): You owe it to yourself to explore and expand your mind. An intellectual journey will broaden your awareness regarding the possibilities. It’s time to reach out to people, places and pastimes that motivate you to reach for the stars. ★★

SCORPIO (Oct. 23-Nov. 21): Sit tight, plan and prepare for what’s next. Don’t pressure yourself or let negativity take over. Dream, research and reach out to organizations that can offer a path that makes your journey less stressful. Make a promise to yourself and follow through. ★★★★

SAGITTARIUS (Nov. 22-Dec. 21): Taking short trips, getting together with friends, attending a reunion, catching up on reading or learning something that inspires and motivates you to do something unique, creative or life-changing is favored. Stop dreaming and start doing. ★★★

CAPRICORN (Dec. 22-Jan. 19): Take a moment to decide what’s next. A day trip or meeting with someone who inspires you will impact your subsequent actions. Let your creative imagination take you on a journey that offers insight into pursuing your passion. ★★★

AQUARIUS (Jan. 20-Feb. 18): Don’t give up or give in when opportunity and growth await you. Get out, socialize and expose yourself to new beginnings. Don’t fear change or hide from commitment. Explore your options and pursue what attracts you most. ★★★

PISCES (Feb. 19-March 20): Review every detail, expense and possibility before committing to a change. Problems at home will require patience, discipline and expert help to ensure you minimize damage. Refuse to let your health or meaningful relationships suffer. ★★★★

BIRTHDAY BABY: You are outgoing, talkative and flexible. You are active and impressionable.

Show BusinessMirror

FUGITIVE

THE actor is a fugitive from the law because one of his endorsements sued him for alleged breach of contract and there is an outstanding warrant for his arrest. The complainant even initiated a hold departure order against the actor so he can’t leave the country. This is not the first time the actor has messed with an endorsement. He lost a good-paying one some years ago because he did not fulfil the terms of their contract. He posted about a product from a competing brand and he did it again. This time, however, the brand was not so forgiving and decided to take legal action against him. The actor is in some financial difficulties because of some business decisions. It remains to be seen whether he will survive this obstacle.

THE GRUDGE

THE singer was sexually abused when he was younger and while he will never forgive his abuser, he also has a grudge against several former colleagues. One of them is an influential showbiz couple who he hoped would help him.  The couple was,  in fact,  very much trusted by the singer after what happened to him. They did listen to him but they never helped him. In fact, when the higher-ups quietly started making sure that the singer never worked again, the couple kept their distance from him for fear that their perceived friendship would affect their careers. There is a perception that the couple is a champion for people who are oppressed. This could not be further from the truth.  The guy,  in particular,  is an elitist who believes that the working class should know their place in this world. The wife, meanwhile, is someone who usually only thinks of herself.

ACTRESS’ RANT

THERE is no doubt that the actress milked what was a minor gaffe on the part of organizers of a recent big event for publicity. There was no intention to exclude her or make her sit in an undesirable table. What happened was an honest mistake that could have been prevented by the organizers. The actress and her camp kept on harping about influencers invited to the event when, in fact, most of these people were brought by the sponsors who spent millions on securing their spots. What also happened is that rank-andfile employees were blamed after the actress started ranting about what happened when it was not their fault.

MOM IS PROTECTIVE

PEOPLE have the impression that the showbiz mom likes the new girlfriend of her son simply because she hates his ex-wife. That isn’t true. While the showbiz mom has some bad feelings for her former daughterin-law, there is no hate involved because she knows what happened between her son and the girl. She may have said some things in a fit of anger but she doesn’t hate her son’s ex. As for her son’s new girl, the showbiz mom has reservations. While she has a reputation for being feisty, the showbiz mom is actually someone who just wants her children to be happy, safe and secure in all aspects. Only time will tell if she fully accepts the new girlfriend who is way younger than her son.

Historicizing cinema: Once more with feeling

THERE is this book that has been languishing for months already among my pile of reading materials. It’s not that I am not interested in it; far from it, it has become my obsession already, a feeling which begins with me touching the cover, flipping its pages and bringing the tome down. For it is a huge and heavy book. Physically. Thematically, it is forbidding with the title Film: An International History of the Medium

Written by Robert Esklar, the film is described as of “consuming interest to anyone with an interest in films.” The book contains more than 750 film stills, frame enlargements, production shots and diagrams, and is touted to be presented in a “global perspective.”

Why dwell in a history (or better still, histories) of cinema? The recently completed 2024 edition of Cinemalaya has brought to the fore cinemas of different persuasions, with some films marketed for its extracinematic functions and, it must be said, extra power. That for some of these films, the message and thematic underpinnings are not only found on screen but also around what those people behind the films intend to do with the awareness of the issues their works bring forth. Or assumed to generate.

What happened to films? What has become of cinemas that we are not content with delivering narratives and within them discourses about societies and cultures? What we want is for our audiences to go beyond and out of the screen and moviehouses and film festivals.

Thus, I thought it wise to go back to the beginning of cinema. What was there in its birth?

Is there still to be learned about the history of cinema? Chapter One of the Esklar book deals with “Cinema, Society and Science.” It states: “We should be wary of origins. The medium of motion pictures (which here as elsewhere will be variously and interchangeably called film, cinema, the movies) is a case in point. While we seek to pinpoint exact beginnings to celebrate anniversaries and centennials, the fact remains that large-screen projection of multiple moving images forming a narrative has existed for centuries.”

From this sweeping introduction, the book goes into what it calls “the prehistory of cinema.”

Was there a device before the filmmaking apparatuses of the 1890s? The author posits that “if the cinema was something new for spectators of the 1890s, seeing larger-than-life projections of still and moving images was not.” The keywords here are “projection” and “still” and “moving” images. An origin tale is hereby proposed that in Asia we were doing this projection already and the examples given are the “intricately perforated puppets made of thin leather” in Java, where using lamplight they cast “filigree shadows.” From Java, the narration traveled

up to The Netherlands where inventors in the mid17th century used the oldest light source, the sun, to project images crafted on a reflecting surface by way of a lens through the wall. Years passed and a device was made where the light source, image and lens were all incorporated in one portable machine. This earned the name the Magic Lanterns.

But man is sophisticated. Soon, a Belgian named Etienne Gaspar Robert came up with a more elaborate Magic Lantern that was dubbed Fantasmagorie (this became more popularly known as Phantasmagoria). Eklar describes this invention thus: “With his audience on one side of a translucent screen, Robert— he called himself Robertson—had his lantern mounted on wheels. Moving the lantern, adjusting the lens to focus, and using a shutter for dissolves, Robertson projected a macabre specter of skeletons.” Even then, the horror genre was always a crowddrawer, it seemed.

This was followed by the invention of dual- and even triple-lens projectors, which provided more details without the operator expending so much energy to tell a story through images. The different kinds of lens allowed smooth transition from image to image, which enabled “lanternists (for that was how they were called) to deliver complex narratives out of multiple slides. The modern comparison is that of creating a sequence of shots.

The devices producing moving images did not stay in the public space; the “motion toys” were brought to homes—portable units that were fitted with

Barbie, David headline Kadayawan Festival 2024

DABAWENYOS are set to celebrate this year’s Kadayawan Festival with an extra dose of fun and thrills as GMA Regional TV brings to Davao Barbie Forteza and David Licauco of the most important Philippine TV series of 2024, Pulang Araw, this Sunday, August 18. Barbie and Davd will surely brighten the smiles of fans and Pulang Araw supporters as they showcase their charm while giving some entertainment like no other. Catch Barbie and David’s surprises and performances in the Kapuso Fiesta at SM City Davao at 4 pm.

“For the past years, GMA Network, through its regional arm GMA Regional TV, has been joining the colorful and vibrant celebration of the Kadayawan Festival in Davao City. This year, we are once again bringing our Kapuso stars to celebrate with our Kapusong Dabawenyos. Through Barbie and David, two of the lead stars of the most important drama of 2024, we hope to make the Dabawenyos feel extra special and appreciated as they continuously show their unwavering love and support to all the network’s initiatives,” says senior vice president and head of GMA that boasts of a powerhouse cast led by Barbie Forteza as Adelina dela Cruz, Sanya Lopez as Teresita Borromeo, David Licauco as Hiroshi Tanaka, and Alden Richards as Eduardo dela Cruz, with Dennis Trillo in a very special role as Col. Yuta Saitoh. Set during World War II, the series traces the intertwined lives of four

dreams, friendships and loyalties are tested, leading them on a journey of selfdiscovery and resilience.   Pulang Araw airs Mondays to Fridays at 8 pm on GMA, Kapuso Stream, and GTV. Global Pinoys can also catch it via GMA Pinoy TV. Viewers can also stream it on Netflix Philippines.

paper strips or disks that were bearers of a sequence of images. When this sequence was set in motion, the action gave an illusion of movement. This was considered an illusion because it was part of what Eklar calls a ‘scientific experimentation.

At this time, science was surging and scientists in the 1820s were getting focused on a phenomenon called “persistence of vision.” In the book, it is simply explained as “the eye’s capacity to retain a visual image after its source has been removed.” Then a paper written by Peter Mark Roget—the same man behind the Thesaurus—inspired inventors to come up with apparatuses again that could “turn separate still pictures into a single moving image.” Years went by and the notion of persistence of vision continued to appear in film history but, as the book puts it, the term was no longer accepted in the field of perceptual psychology. The capacity of the eyes to retain a visual image was gradually known as “positive afterimages.”

More inventions came with difficult names. There was the Thaumathorpe attributed to John Paris, which was “a round card attached to a string with separate but related drawings on either side.” Then came in the 1830s the Phenakistoscope—“a platesized, slotted disk with a sequence of drawings around its circle; when the disk was spun in front of a mirror, a person looking through the slots would see the drawing appear to move.” In the 1860s, a device called the Zoetrope was crafted. The name resurfaced in the 1970s when a film director, Francis Ford Coppola, named his company and studio after it. n

SHOW OFF BEST HAND CHOREO TO FLOW G’S BARS TO WIN EXCLUSIVE PUREGOLD PRIZES

PUREGOLD bolsters its groundbreaking P-pop and OPM collaboration with a brand-new TikTok challenge from rapstar Flow G. “FLOWers,” rap fans, and Puregold patrons who rejoiced when he dropped his original “Nasa Atin ang Panalo” single can now leave their own mark on this historic milestone in OPM history—and win exclusive prizes.

The Puregold #PanaloNaWalangHalo TikTok Challenge will have fans trying at a set of Flow G-themed hand choreo all month long, as winners will be selected every week until August 30. To join the contest, fans must have a TikTok account and follow the official Puregold TikTok page (@puregoldph). Once that’s done, they must record their performance while using the “Nasa Atin ang Panalo” Hand Choreo filter on TikTok. Each participant must showcase their best hand moves and choreography in their video entries to accompany Flow G’s single. These must be posted on TikTok with captions that include the hashtags #PuregoldNasaAtinAngPanalo, #PuregoldxFlowG, and #PanaloNaWalangHalo. Every week, 10 participants will be selected, with each winning a complete set of Nasa Atin ang Panalo merchandise. This includes an exclusive T-shirt, canvas bag and a karaoke box.

Given the sheer scale of this Puregold

collaboration, with Flow G, BINI, SunKissed Lola, and SB19 leading the way, this is an opportunity for fans looking to own a piece of the collab for themselves.

Moreover, following the great reception from Flow G’s heartfelt and uplifting bars on his “Nasa Atin ang Panalo” single, this contest is a perfect way for fans to demonstrate what the single and overarching collaboration means to them. In line with Flow G’s lyrics, this TikTok challenge will spur fans to express how their own experiences led them to believe in themselves, take chances, and acknowledge the fact that all challenges can be overcome.

“We hope Flow G’s music will continue to be an inspiration to all,” said Puregold senior marketing manager Ivy Hayagan-Piedad. “All of us at Puregold look forward to seeing the talent and creativity on display through this TikTok challenge.”

Post Office Philippines issues ASEAN Post Stamps for sale

CHAIRMAN and Postmaster General Mike F. Planas has announced the release of ASEAN Post commemorative stamps featuring the iconic “Manila Central Post Office Building” to mark the Joint Issue of the General ASEAN Post Office 2024.

The ASEAN POST stamp features the “General Post Office” building as the theme for this year 2024. Ten countries in the ASEAN Postal Region have introduced each of the façade of their main post office building which symbolizes unity, integration and cooperation from among the ASEAN Post member states.

“Built in 1926, the Manila Central Post Office Building is one of the Philippine capital’s most recognizable landmarks. It is the beacon of hope to represent the country in the ASEAN Region”, Postmaster General Mike Planas said.

The Stamp is being issued with a view to promote Philippine history and culture among ASEAN countries. The ASEAN POST stamps aim to foster closer relations and cooperation among the member countries of ASEAN.

The ASEAN Postal Business Meeting represents a significant milestone in fostering stronger collaborations and

advancing the postal networks within the ASEAN. For more than three (3) decades, the ASEAN Postal Business Meeting has significantly brought a positive impact on postal services across the ASEAN region.

Toy Kingdom Toy Expo is Back and Bigger Than Ever

KIDS of all ages are in for a treat as Toy Kingdom brings back its muchawaited Toy Expo from August 22 to 25, 2024 at the SMX Convention Center Manila. Get ready for four days of pure fun during this immersive event that showcases a world of toys.

Get to know trending brands like Bluey, Funko Pop, Mario Bros, Pop Mart, Pokemon, Squishmallows, Sunrisepop, Yolopark and Zuru. Rediscover nostalgic favorites such as Care Bears, Sanrio, Sesame Street, and Voltes V alongside beloved classics like Barbie, Crayola, Disney, DC, Gundam, Hot Wheels, Lego, Marvel, Minions, Star Wars and many more.

There will also be a series of meetand-greets featuring popular characters, exclusive toy launches, limited edition toys, surprise bundles and daily raffle for all guests.

Whether you’re a seasoned collector on the hunt for a rare gem, a parent eager to delight your child, or simply looking for weekend fun, the Toy Kingdom Toy Expo offers something for everyone.

For more info on our upcoming activities and promos, follow Toy KingdomPH on social media (Facebook, Instagram and TikTok) and website (https://www.toykingdom.com.ph/)

CitySavings Helps Keep the Bayanihan Spirit Alive Through Brigada Eskwela

AS the new school year begins, City Savings Bank (CitySavings), the thrift bank of Aboitizled Union Bank of the Philippines (UnionBank), partnered with the Department of Education (DepEd) and other community partners for the weeklong Brigada Eskwela from July 22 to 27, 2024.

The Bank participated in the national kick-off at Carmen National High School in Carmen, Cebu, with the theme “Bayanihan para sa MATATAG na Paaralan.” Vice President and former

Education Secretary Sara Duterte expressed her gratitude to the teachers, parents, the local government units, and the private sector for their active support of the MATATAG agenda.

Duterte emphasized the importance of Bayanihan and the collective effort needed to ensure the success of the national schools’ maintenance week.

This year, CitySavings assisted 240 schools nationwide by providing learning and teaching supplies, painting materials, technology equipment, emergency Go bag kits, and construction materials.

“As bankers and community members, we are committed to the growth and transformation of the communities we serve. We take pride in the positive impact our Corporate Social Responsibility (CSR) initiatives have on the lives of our teachers, learners, and various stakeholders”, shared CitySavings Chief Executive Officer Lorenzo Ocampo.

Brigada Eskwela, which the Bank has actively supported since 2008, aligns with CitySavings’ goal to co-create a safe, empowered, and more sustainable teaching and learning environment.

SAFC Heroes Repack Relief Goods for Typhoon Carina Evacuees

IN a demonstration of unity and compassion, SAFC has reaffirmed its commitment to aiding those in need. Through its corporate social responsibility arm, SAFC HEROES, and under the Community Development sub-program Love Hero’s BAYAN-I (Ako, Para sa Bayan) Outreach, SAFC employees, alongside esteemed partners, successfully participated and repacked relief goods for 2,125 evacuees impacted by Typhoon Carina.

Typhoon Carina’s devastating sweep across the Philippines left countless families displaced and yearning for assistance. In response to this pressing crisis, SAFC joined forces with volunteers from the Armed Forces of the Philippines, Philippine Air Force, Bureau of Fire Protection, and Philippine Marine Corps, to support the Department of Social Welfare and Development (DSWD) headed by Director Leo Quintilla and Supervising Admin Officer Ronald Reonal, the typhoon’s relief repacking initiative.

Held at the DSWD Central Warehouse, the event was initiated by SAFC’s Chief Compliance Officer, Roseshel M. Barrun, whose coordination ensured the smooth and efficient repacking of essential goods. “Our team’s dedication and the overwhelming support from our partners exemplify the spirit of bayanihan. Together, we are stronger and more capable of making a significant impact,” said Barrun.

A statement from Robel G. de Jesus, Corporate Communications Group Head, echoed SAFC’s deep-seated commitment to community support and disaster relief.

“At SAFC, we firmly believe that our

responsibility transcends financial services. We are devoted to making a substantial difference in the lives of those we serve, particularly in times of crisis. The SAFC HEROES initiative, especially the Love Hero’s BAYAN-I Outreach, stands as a commitment to our promise to stand by our communities. Our employee volunteers, alongside our partners from DSWD, Armed Forces of the Philippines, Philippine Air Force, Bureau of Fire Protection, Philippine Marine Corps, and emergency services, are the true heroes, selflessly dedicating their time and effort to bring hope and relief to those affected by Typhoon Carina. This initiative is not just about immediate aid; it’s about being with the one community, united in support and resilience,” he said. The collaborative repacking activity saw volunteers diligently sorting and packing essential items. These vital relief goods were then distributed to evacuation centers across the hardest-hit areas, providing crucial support to the evacuees.

As the nation navigates the aftermath of Typhoon Carina, SAFC HEROES remain in their mission to deliver aid and foster resilience within the communities affected. This initiative is one of many under SAFC’s extensive CSR programs, all aimed at creating a lasting positive impact on society.

SAFC extends its heartfelt gratitude to all the volunteers, partners, and supporters who made this participation initiative possible. The company called on everyone to embody the spirit of bayanihan, demonstrating that through unity and compassion, the country can overcome any adversity.

Kababaihan delivers relief to thousands affected by Super Typhoon Carina

KABABAIHAN, a new organization dedicated to advancing inclusivity in governance and increasing women’s participation in society, quickly mobilized to support victims of Typhoon Carina, which severely impacted different parts of Metro Manila.

In partnership with Department of Justice (DOJ)

Undersecretary Atty. Margarita Gutierrez, Kababaihan distributed thousands of relief packs to families in various evacuation centers. Recently, the organization, along with Gutierrez and Strokes Beauty Lab, donated 1,000 food packs and pantyliners to the City of Manila.

“Hopefully, with the help of Kababaihan and Strokes, we will be able to give a little comfort to those who were affected by the typhoon,” Manila Mayor Honey Lacuna said, noting that around 4,000 families in Manila were affected by Typhoon Carina.

During the week the typhoon struck Metro Manila, the organization delivered over 2,500 food packs and pantyliners to evacuees in Brgy. Bagong Silangan, Quezon City. Together with Gutierrez, it also turned over more than 60 boxes containing over 3,400 items such as soaps, cooling powder, and body wash to Quezon City Mayor Joy Belmonte. These hygiene and skincare products were among the most requested by women evacuees.

Quezon City was among the hardest hit by Typhoon Carina. Recent data from the National Disaster Risk

Reduction and Management Council (NDRRMC) indicates that over 31,000 individuals and nearly 9,000 families have been affected. Marikina follows, with over 30,000 individuals and almost 6,000 families impacted. The women’s group and the DOJ undersecretary have also contributed over 1,600 food packs and pantyliners to Navotas City Mayor John Ray Tiangco. According to the NDRRMC, approximately 350 individuals and more than 60 families were affected in Navotas.

“Our office in partnership with Kababaihan, because we wanted to help the victims of Typhoon Carina, nagmobilize kami agad. We were able to get donations for food packs and pantyliners for the women,” said Gutierrez. Meanwhile, Navotas City Social Welfare Aide Alfie Marcelo is grateful for them. She said: “On behalf of the city government of Navotas, we highly appreciate po the efforts of Attorney and Kababaihan to help our countrymen in Navaotas who were badly affected by the southeast monsoon and Carina. We will make sure that these items will reach the beneficiaries.” Kababaihan and Gutierrez are still accepting donations for Typhoon Carina victims. To donate and help, reach out to Kababaihan’s social media pages: Facebook:  https://www.facebook.com/kababaihanp and Instagram: @kababaihan_ph.

ASEAN post stamps available at Post Office.

THE photo on the left shows City Savings Bank supporting the Brigada Eskwela 2024 national kick-off at Carmen National High School in Carmen, Cebu, led by Vice President and former Education Secretary Sara Duterte. Photo on the right shows CitySavings Bankers from Calapan, Oriental Mindoro Branch volunteer in repainting classrooms at Joaquin G. Hernandez Elementary School.

SAFC Corporate Communications Group Head Rob de Jesus (3rd from left), DSWD Director Leo L. Quintilla (4th from left), SAFC Chief Compliance Officer Roseshel M. Barrun (5th from left), alongside dedicated SAFC Hero Volunteers, united in their mission to provide relief for Typhoon Carina evacuees.

DEPARTMENT of Justice Undersecretary Margarita Gutierrez (left), in partnership with Kababaihan, turns over 1,000 food packs and pantyliners for Typhoon Carina victims to Manila Mayor Honey Lacuna (right).

ISUZU SHOWCASES THE 2024 D-MAX IN DAVAO CITY

Peregrino

AFTER its successful launch events in the National Capital Region and Cebu City, Isuzu Philippines Corporation (IPC) also brought the 2024 Isuzu D-MAX to Davao City, targeting the Mindanao market through an exciting mall display and 4x4 Action Playground activity. Held recently at the SM Mall Lanang in Davao, the public witnessed and experienced the latest D-MAX models first-hand.

Led by IPC Executive Vice President Shojiro Sakoda, Isuzu’s nationwide push to bring its products closer to customers continues. The company showcases various D-MAX variants and offers an interactive experience that highlights the vehicle’s advanced features.

“We are very happy with the warm reception of our customers for this new model. From Manila to Visayas, we have received good feedback and appreciation for all the comfort, performance, and safety technologies we developed for this new model. As one of our most important markets, we couldn’t miss bringing this tour to Davao City, as it suits their provincial roads and mountainous terrains,” said Sakoda. Enhanced look, digitalized interior, new off-road essential, and more

The latest design highlights the new three-dimensional front Grille with gun-metal and black chrome finish, complementing the new LED headlamps with redesigned Daytime Running Lights. The fog lamps were redesigned with an air curtain, reducing air drag and improving aerodynamics. Other elements are the new Cargo Sail bed accessory, 18inch All-Terrain Alloy Wheels with a Matte Dark Gray Metallic finish, and the new Triple-wing LED rear combination lamps.

Inside, the 2024 model features a new digital pattern, “Miura” design, exuding a clean and solid structure, generating emotional harmony. The new Isuzu D-MAX also has a lot of comfort and convenience features, like its new Wireless Charger, 2nd Row Aircon Vents, a

THE massive expansion of the South Luzon Expressway (SLEX) is on track to be finished this year, including the completion of its 36.1-kilometer main carriageway to six lanes on each side, and enhancements to its cashless toll collection system that will allow for barrier-less toll plazas. It will be done before Christmas, we pray? San Miguel Corp.’s Francene F. Callueng said the upgrades are part of concession holder SMC SLEX Inc.’s continuing efforts to futureproof the tollway that serves as the main expressway in Region 4A, which contributes about 1/5 of the country’s gross domestic product.

SMC SLEX said that some 20 bridges along the SLEX carriageway are also currently being expanded, to further prevent traffic bottlenecks that result to vehicle buildup and slowdowns.

The expansion of these bridges aligns with the new six-by-six lane configuration of the carriageway to accommodate increasing vehicle traffic in SLEX, which serves high growth provinces of Cavite, Laguna, Batangas, and Quezon.

Seamless tollways IN 2022, the company implemented the Seamless Southern Tollways project, which reduced the number of stops motorists had to do when traveling along the Skyway System, SLEX, and Star Tollway. The project likewise led to the decommissioning of the Calamba Main Toll Plaza--which used to be the terminus of SLEX--and SLEX Greenfield Toll Plaza, the terminus of Toll Road 3, which connects SLEX to Star Tollway at Sto. Tomas, Batangas.

Currently, the toll plazas are pass-through lanes and are scheduled to be demolished in line with the SLEX widening project.

The company has also equipped entry toll plazas along SLEX with automatic license plate readers (ALPR), which reduce the need for barriers there.

Along with RFID tags, ALPR cameras cross-reference the entry and exit of vehicles by reading and recording their license plates for accurate charging of their toll.

Isuzu on ‘Carina’ ISUZU Philippines Corp. (IPC) has launched the Typhoon Assistance Program to aid vehicle owners impacted by typhoon Carina, offering a 30-percent discount on select parts and labor for all inundated Isuzu vehicles within National Capital Region (NCR) and Luzon

“At Isuzu, we believe in standing by our customers, especially in their time of need,” said IPC’s Aftersales official, Hodaka Matsuda.

The assistance program is from August 10 to 31.

“This initiative reflects Isuzu’s core values of empathy, responsibility, and support for its customers, ensuring that they are not alone in times of adversity,” said Yvonne Linchangco, IPC’S media strategist.

Honda youth connect AS part of Honda Cars Philippines, Inc.’s (HCPI) commitment to empowering the youth of today, it has continued its partnership with the Department of Science and Technology – Science Education Institute (DOST-SEI) at this year’s 7th imake.wemake:create. innovate.collaborate.

The competition culminated with the Final Presentation at the Citadines Bay City Manila, Pasay City, last July 25-26.

Andrea Beatrice Vitug reported that some 20 schools spent months of hard work on concept-mapping, intensive training and a dedicated build-period where they got to bring

their ideas to life.

Lexus lineup

DISCOVER the Lexus range of electrified models and select Lexus sedans on display until August 31.

Listen to Joaquin Francisco Guevara, AVP Jade Sison-Mendoza’s new frontliner:

“Electrify your horizons with the Lexus UX 300e (starting from P3,838,000).

“Designed with a sleek and aerodynamic silhouette, the UX 300e is equipped with a cutting-edge electric powertrain and a host of modern amenities, such as a cockpit adorned with Sashiko leather seats and a Pre-Collision System and a Dynamic Cruise Control.

“The RZ 450e, starting at P5,228,000), is Lexus’ first fully electric model. Its advanced electric powertrain and comprehensive suite of safety features ensure a driving experience like no other.

“The LS 500 Premier starts at P10,500.  This flagship sedan offers exceptional comfort,

performance and safety, with an interior crafted by Takumi masters using razor-thin haku metal foil and Nishijin weaving techniques. Complemented by a powerful Mark Levinson 23-speaker sound system, the LS500 Premier embodies the pinnacle of luxury.”

PEE STOP The 37th Mango Tee at Alabang set Feb. 1 to 8 next year, with a projected mammoth budget of P37 million, might yet attract high-end cars as hole-in-one prizes, including possibly Lexus, BMW and Benz—not to mention regular patron Mitsubishi through the incomparable Paul Ching. Cheers!… And finally, Aries P. Alconaba, Mixie Flavier’s main man for Toyota’s

carded a 78 for a 314 total, while Oro posted a 79 to also wind up with a 26-over aggregate with the former bagging runner-up honors via countback.

Both Wahing and Oro had already secured their places in the Match Play Championship, scheduled for October 1 to 4 at The Country Club in Canlubang, through their top finishes in the Visayas series.

Their participation this week served as a crucial preparation for the yearend finale of the nationwide circuit sponsored by ICTSI and organized by Pilipinas Golf Tournaments, Inc.

Wahing said he needs to improve his putting, particularly on short putts.

“My driving and pitch shots are solid, but I really need to work on my putting. I missed a lot of four-footers today [Thursday],” said Wahing, the 17-year-old standout from Del Monte. Nuñeza, who won at Del Monte last week, earned the second finals berth from the Mindanao series and will join Aldrien Gialon, who topped Apo and South Pacific, in the head-to-head finale.

Gaccion, meanwhile, finished with a second consecutive 72 marked by four birdies for a remarkable four-over 292.

“I had a good round and a strong finish, except for the last hole. Overall, I’m really pleased with my game today,” said Gaccion, who highlighted her performance with a chip-in birdie from 30 yards on the ninth hole.

The Cagayan de Oro native plans to focus on improving her iron play, which has been challenging throughout the week.

“I need to refine my iron game to get closer to the pin,” said Gaccion, as she stressed the importance of ball control, especially with the windy conditions at The Country Club.

Crista Miñoza secured second place with a 330 after an 89 and also qualified for the Match Play finals where she will join Gaccion, along with Visayas series 16-18 topnotchers Dominique Gotiong and Rhiena Mae Sinfuego.

What’s next for Yulo? See, feel beauty of PHL

B8 Friday, august 16, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

The Luzon series will resume with the final three legs starting on August 20 at Luisita, followed by the penultimate stage at Mount Malarayat from September 2 to 5 and concluding at Sherwood Hills from September 10 to 13. For details and registration, contact PGTI’s Jhi Castillo at 0928-316-5678 or Shiela Salvania at 0968-311-4101.

CARLOS YULO will be a tourist in his own country soon after he takes care of countless commitments that are tied to his two gold medals in gymnastics at the Paris Olympics.

“Do you know that he has never even seen the entire Philippines?” gymnastics association head Cynthia Carrion-Norton told BusinessMirror on Thursday. “He’s been in France, Belgium, etc. etc. and all over the world training and competing, but he has never seen the beauty of the country.”

“He’ll go places before he starts training seriously again,” she added.

Just like Hidilyn Diaz-Naranjo who won the country’s first Olympic gold medal at Tokyo 2020, Yulo’s nonsport schedule is that long—he was in Malacañang with President Ferdinand R. Marcos Jr. and family immediately after arriving on Tuesday night, he was in the House and in a more than 7-kilometer long parade on Wednesday.

On Thursday, he was on television heeding invites for a personal appearance in Eat Bulaga, a TV5’s noontime

The list would go on and on and on for the 24-year-old who accomplished the unprecedented for the

FARM Fresh kept its quarterfinal hopes alive with a crucial victory over Capital1, 25-17, 25-23, 25-20, on Thursday in the Premier Volleyball League Reinforced Conference at the Philsports Arena. In a notable individual battle, Yeny Murillo outshone Marina Tushova despite scoring 15 points, including 13 from attacks, as her efforts were wellsupported by Trisha Tubu, who added 12 points, all from attacks, and by Caitlin Viray and Rizza Cruz, who both contributed nine points. The team’s cohesive performance was key as they aim to break into the quarterfinals by overcoming the Solar

Philippines with his gold medals in vault and floor exercise in Paris.

An energizer bunny this elite athlete Yulo, but Carrion-Norton said her ward needs to rest before returning to the gym.

“He needs to rest for sure after all of these,” she said. “And he’s asking that after all of these, he wants to explore the Philippines.”

A private jet perhaps for the double Olympic champion whose rewards and bonuses are increasing by the day with the private sector enthusiastically honoring Yulo and his accomplishment.

On Yulo’s agenda, according to Carrion, are Boracay, El Nido, Samal Island and Bohol.

“He has so many on his list, that’s for sure,” she said.

Still among Yulo’s commitment are a trip back to Paris for a sponsorship deliverable with Toyota and a visit to Tokyo for his former coach Munehiro Kugiyama in October or November.  French prosecutors investigate boxer Khelif cyber harassment FRENCH prosecutors opened an investigation into an online harassment complaint made by Olympic boxing champion Imane Khelif after a torrent of criticism and false claims about her sex during the Summer Games, the Paris prosecutor’s office said Wednesday.

The athlete’s lawyer Nabil Boudi filed a legal complaint Friday with a special unit in the Paris prosecutor’s office that combats online hate speech. Boudi said the boxer was targeted by a “misogynist, racist and sexist campaign” as she won gold in the women’s welterweight division, becoming a hero in her native Algeria and bringing global attention to women’s boxing.

The prosecutor’s office said it had received the complaint and its Office for the Fight against Crimes against Humanity and Hate Crime had opened an investigation on charges of “cyber harassment based on gender, public insults based on gender, public incitement to discrimination and public insults on the basis of origin.”

Khelif was thrust into a worldwide clash over gender identity and regulation in sports after her first fight in Paris, when Italian opponent Angela Carini pulled out just seconds into the match, citing pain from opening punches.

Claims that Khelif was transgender or a man erupted online. The International Olympic Committee defended her and denounced those peddling misinformation. Khelif said that the spread of misconceptions about her “harms human dignity.” Josef Ramos and AP

Spikers in one hour and 35 minutes. Farm Fresh had previously been on the back foot after two consecutive losses, but Japanese coach Shota Sato expressed confidence in his team. “Our level of play is there despite the setbacks,” said Sato through an interpreter. “I trust our players, and we’ll make the necessary adjustments in training.” The Foxies,

PHILANTHROPIST

Luis

“Chavit” Singson pledged

P5 million in incentive not for the gold medals Carlos Yulo won in Paris but for the vault and floor exercise champion to reunite with his family.

Singson told BusinessMirror about the pledge on Thursday afternoon minutes after he posted a video in his Facebook account asking Yulo to reunite with his dad Mark Andrew, mom Angelica and siblings Karl Jahrel Eldrew, Iza and Joriel.

“There are only 10 orders from God in the Ten Commandments and one of them tells us to ‘Honor our Father and our Mother,’” Singson said in social media. “It hurts, as a father, for your child to quarrel with you. They [family] weren’t even invited…but if they stay together, I will give P5 million.”

The Yulo family feud has become a common knowledge after the gymnast won an unprecedented two gold medals for the Philippines at the Paris Olympics, an issue that has gone berserk on social media. But the former Ilocos Sur governor and congressman had anothing thing in mind and pledged the cash bonus not to reward Yulo’s Olympic success but for the family to reunite.

“The real purpose here is to reunite his family,” Singson told BusinessMirror over the phone.

“I don’t care about the gold medals. I want to see him and his family reunite, that’s it,” he said. “I will be happy to see that if they will reconnect as a happy family. My purpose is the unity in his family.” Josef Ramos

YULO longs to

his

country. COURTESY PSC PCO

SINGSON