BusinessMirror August 01, 2024 by BusinessMirror

INFLATION may have likely breached the government’s inﬂation target in July 2024, according to the Bangko Sentral ng Pilipinas (BSP).

In its latest month-ahead inﬂ ation forecast, the BSP said inﬂ ation may settle from a low of 4 percent to as high as 4.8 percent in July 2024.

is projection is higher than the revised 3 to 4 percent inﬂ ation target for 2024 set by the Cabinetlevel Development Budget Coordination Committee (DBCC).

Inﬂ ation slowed to 3.7 percent in June 2024 due to lower energy prices, according to the Philippine Statistics Authority (PSA).

“Higher electricity rates along with the increased prices for agricultural commodities like vegetables, meat, and fruits along with higher domestic oil prices are the primary sources of upward price pressures for the month,” the BSP said in its forecast.

However, the BSP said its expectations of lower rice and fruit prices and peso appreciation could pull down high commodity prices.

“Going forward, the BSP will continue to monitor developments aﬀecting the outlook for inﬂ ation and growth in line with its datadependent approach to monetary policy formulation,” the BSP said.

BMI projections MEANWHILE, inﬂ ation is projected to average 3.2 percent year-onyear (y-o-y) and 2.0 percent y-o-y over 2024 and 2025, respectively, according to BMI, a unit of Fitch Solutions Company.

e think tank also sees consumer spending accelerating in

DTI CHIEF PASCUAL QUITS CABINET AFTER 2 YRS

RADE and Industry Secretary Alfredo E. Pascual has resigned after serving for two years as chief of the Department of Trade and Industry (DTI).

In a statement sent to reporters through Viber, the outgoing Trade chief said, “After much reﬂection, I have decided it is time for me to return to the private sector.”

Pascual said his roles in the private sector will enable him “to continue contributing my expertise and experience while being able to spend quality time with my family.”

Pascual expressed gratitude to President Ferdinand R. Marcos Jr., saying, “Serving in the Marcos Jr. Cabinet has been an extraordinary

privilege and honor. I take pride in our collective achievements at the Department of Trade and Industry.”

“I thank the President for the op-

portunity to serve our beloved country under his leadership and contribute to the building of a Bagong Pilipinas,” the outgoing DTI secretary said. Pascual said, “With a full heart and unwavering commitment to our nation’s economic growth and development, I accepted the invitation to serve as Secretary of Trade and Industry under the Marcos Jr. administration.”

He emphasized that his role as the head of DTI “has been one of the most challenging yet fulﬁ lling experiences of my career.”

Meanwhile, Ana Carolina P. Sanchez, Chief of Staﬀ of the Oﬃce of the Secretary under DTI, told reporters in a Viber message that there is still no replacement for the recently vacated post.

“None yet, thank you,” Sanchez said.

THE Philippine government will begin the issuance of samurai, dollar and euro bonds in the second half of 2024 to take advantage of the lower borrowing costs, according to Finance Secretary Ralph G. Recto. Recto told reporters that the Bureau of the Treasury (BTr) will start the issuance for the $5-billion external borrowing program for this year. “Based on our advisors, I think it is the optimum time to get lower rates. e idea is to do it so we could get the cheapest borrowing cost,” Recto said at the sidelines of the 74th anniversary of the Philippine Life Insurance Association (PLIA) on Tuesday night.

e Finance chief said about $500 million may be borrowed through the issuance of Japaneseyen-denominated Samurai bonds while the remaining amount for the dollar- and euro-denominated bonds has not been disclosed yet. National Treasurer Sharon P. Almanza told the BM the national government is exploring the Republic of the Philippines’s external transaction to ﬁ nance its external ﬁ nancing requirement this year.

“We are continuously monitoring the diﬀerent markets for the most opportune issuance windows as well as the most suitable structure to optimize pricing and investor reach,” Almanza said. e government raised $2 billion through the issuance of a dualtranche Fixed Rate US dollar bond in May 2024, the ﬁ rst time that the Philippines transacted in the international capital markets for this year. e remaining $3 billion

the Philippines despite concerns hounding consumer conﬁdence.

“We hold a positive outlook for consumer spending in the Philippines, with an acceleration in real household spending growth— from 5.1 percent in 2023 to 6.2 percent in 2024,” the BMI said.

Easing inﬂ ation and a tight labor market will support spending, as real wage growth returns to positive territory, which will support purchasing power over the year, it added.

However, consumer conﬁdence of Filipinos in the second quarter of 2024 stood at -20.5 percent, BMI’s weakest reading since the fourth quarter of 2021.

Concerns over accelerating price hikes for goods and household expenses as well as falling incomes, job availability and doubt over government policy eﬀectiveness were cited by consumers, according to BMI.

“If nominal income growth does not keep pace with inﬂ ation, the purchasing power of consumers will deteriorate, which would be a drag to their spending,” the BMI said.

High food prices, if prolonged, will prompt consumers to allocate more of their disposable income to their basic necessities, BMI said.

Geopolitical risks were also cited, such as the current tensions in the Middle East between Iran and Israel. If oil prices rise from current levels due to geopolitical tensions, inﬂ ation is likely to continue for longer, it said.

Recto urges PLIA: Promote microinsurance in every way

TO ensure that every low-income Filipino household has a decent and secure future, Finance

Secretary Ralph G. Recto is seeking the active promotion of microinsurance.

Speaking at the 74th anniversary of the Philippine Life Insurance Association (PLIA), Recto challenged the industry to boost its efforts to ensure that every Filipino, particularly those in low-income brackets, is protected and shielded from falling below the poverty line.

“Let us aggressively innovate, educate and advocate life insurance in a manner that every Filipino recognizes its indispensable importance. As your theme tonight so aptly states: ‘Reach out, reach

far, and reach wide,’” Recto said in his speech.

e Finance chief told the 33 members of PLIA to be the frontrunners in transforming the industry into a key poverty-ﬁghting force by making insurance products simpler, more aﬀordable, responsive, customer-centric and digitally integrated.

“Insurance should no longer be seen as a standalone product. It must be a holistic solution that includes protection, savings, and in-

vestments tailored to our people’s evolving life stages,” Recto said.

Data from the Insurance Commission (IC) showed total lives insured reached 83.678 million in 2023, higher by 9.50 percent than the 76.419 million lives insured in 2022. Notably, about 44 million of these lives are covered by microinsurance.

Microinsurance products provide ﬁ nancial protection to low-income earners to safeguard against various risks, such as death, injury and damage to livelihood or property. is includes micro-life and health insurance, micro-agricultural insurance as well as pre-need products, such as micro-memorial, educational and pension plans.

Recto said the government’s goal of reducing poverty incidence to a single digit or 9 percent by 2028 can be achieved by elevating 10 million more Filipinos above the poverty line in the next four years.

“And this is where the life insurance industry plays a critical role. Risk is a signiﬁcant driver of poverty, and adequate insurance coverage is among the powerful tools for mitigating this challenge,” Recto said.

Recto told reporters that if the country achieves middle-income status by 2025, then the insurance industry’s penetration will eventually pick up. “As the income level increases, more people will be interested, will be able to aﬀord to buy insurance products,” he said.

Noting the Philippines is branded as a sachet economy, Recto said insurance products could be sold innovatively through the use of technology.

“Today presents a golden opportunity that the life insurance industry must seize... is is our moment to turn life insurance into a mainstream consideration and a basic necessity for Filipinos,” Recto said.

is yet to be raised in the second semester of the year. Latest data from the Treasury showed gross foreign borrowings reached P267.412 billion as of end-June 2024, of which P115.247 billion was raised from the US dollar bond oﬀering. e government aims to borrow P2.570 trillion from the debt market this year and will follow a 75:25 borrowing mix. External borrowings will amount to P645.084 billion while

to the Budget of Expenditures and Sources of Financing (BESF) of the Department of

MALAMPAYA OPERATORS GET TRO VS. MERALCO’S BIDDING

words, there exists EXTREME URGENT NECESSITY for the

writ as to warrant the issuance of Temporary Restraining Order to prevent further damages to the plaintiﬀs’ interests,

the government and the environment,” the Taguig court ruled.

e lower court acted on the 54-page complaint ﬁ led by the members of the Malampaya consortium who argued that the bid terms violate the preference given to indigenous natural gas under existing laws, and creates a direct threat to the country’s energy security and energy sovereignty. ey said Meralco’s bidding done through Competitive Selection Process (CSP) was “ﬂ awed, skewed or supplier-driven and grossly violative of existing laws, rules and regulations.”

e petitioners sought the issuance of the 72-hour TRO against Meralco prior to a permanent injunction. Without a TRO, the petitioners stressed that the bidding would proceed and render the case moot. e Meralco CSPs for the new power supplies are scheduled on August 2 for the 600 MW and September 3 for the 400 MW.

e petitioners also pleaded with the court to issue a 20day TRO enjoining defendant Meralco from conducting the CSP, including the award or the implementation of the award arising from the bidding of the 600 MW and 400 MW power supply deals of the distribution utility.

e petition said the terms of reference (TOR) governing the bids set by Meralco itself should be put on hold because it “violates the preference given to indigenous natural gas under relevant laws, rules and regulations.”

It was referring to provisions in the Electric Power Industry Reform Act (Epira) and orders issued by the Department of Energy (DOE) giving preference to local natural gas in power generation.

e Meralco TOR for the scheduled bids “unduly disadvantages power suppliers which use ING [indigenous natural gas] as a fuel source,” the petition read. e TRO was urgent, it said, because without it power suppliers using indigenous gas would be fenced oﬀ from the bidding for 600MW and 400MW.

“Increased reliance on imported sources of fuel threatens the country’s energy security and energy sovereignty because these are greatly susceptible to a volatile market,” the petition said.

If the biddings push through, it added, such “would put the country in a situation where a signiﬁcant portion of our power supply is placed in the hands of imported coal and imported LNG,

the prices of both are notoriously unstable and extremely subject to external shocks in the market.”

e petitioners said the conduct of the CSPs do not accurately reﬂect least cost available, as the terms allow imported LNG and coal-based power plant bidders to use lower reference costs, only to later pass on higher cost of fuel and actual non-fuel commodity costs to consumers.

is is in contrast to bidders using indigenous natural gas that submit an “as-is, where-is” price during the CSP.

Awarding PSAs only to suppliers using imported fuel will also harm the exploration and development of indigenous resources, and will aﬀect the Malampaya project, which has been reliably and securely supplying natural gas to power plants that provide 30 percent to 40 percent of Luzon’s electricity requirements.

“ e favor being accorded imported LNG and coal would also discourage investors from exploring and developing other oil and gas ﬁelds in the Philippines, which is a very high-cost, high-risk activity. Eventually, the Philippines may have no indigenous gas sources to speak of,” the petitioners argued.

“Lack of demand for Malampaya’s supply would necessarily lead to lack of revenue, ultimately hitting the government’s 60 percent share in revenues,” they added.

Service Contract 38, which governs the Malampaya operations and had been extended for 15 more years, provides the government a 60-percent share of net proceeds from Malampaya gas sales.

Government revenue from Malampaya had already reached P374 billion as of 2023. At least P26 billion was earned by the government in 2022 alone.

Finally, the petitioners said the award of new PSAs to plants using imported LNG or coal would “condemn the country to a 15-year reliance” on fuel sources that could also cause detrimental environmental and public health impacts.

“To allow the Subject CSPs which are hard-wired and skewed to favor coal-ﬁ red power plants is to take a step backwards which is clearly a digression from the worldwide trend to go for cleaner sources of energy,” the petition said.

Cayetano resolution

SEN. Alan Peter Cayetano earlier ﬁ led a resolution seeking the

postponement of the CSP, saying the TOR must be thoroughly reviewed to ensure fairness in the selection of bidders and arrive at the true lowest cost for the supply of energy.

“ e TOR of CSP 1 and CSP 2 do not reﬂect the real preference aﬀorded to indigenous natural gas and its full utilization,” he stated in the Senate Resolution 1090.

Cayetano had initially raised these concerns during a Senate Committee on Energy hearing on the impending depletion of Malampaya gas and the country’s transition to cleaner fuel sources.

“ e CSP must ensure fairness and competition in the bidding process so that only power suppliers oﬀering the true leastcost supply will be contracted,” said Cayetano.

Meralco on Tuesday night said there is no legal basis to delay the bidding as none of the prospective bidders, even the generation companies that use the Malampaya gas, raised issues that can be a basis for postponement of the bidding, hence, Meralco has no valid ground to do so, said Meralco SVP Valles.

“Again, any generation company can submit oﬀers for these CSP. While we prioritize power plants using indigenous fuel as required by DOE [Department of Energy], we have to ensure that it will not violate our least cost mandate under the law. ere is no preferential treatment and Meralco always awards the contracts to the compliant bidder that oﬀered the lowest cost,” Valles reiterated.

He said the TORs for all Meralco CSPs apply to all bidders without discrimination or preferential treatment, and the reserve prices, including the bid offers submitted by the bidders, are inclusive of all costs, including fuel and fuel-related costs, with no hidden charges. “No costs that were not submitted by the bidder will be allowed as pass-through charges under the PSAs,” added Valles. For the 600MW CSP, eight power fi rms signified interest to participate in the competitive auction. ese are First Gas Power Corporation, First NatGas Power Corp., GNPower Dinginin Ltd. Co., Mariveles Power Generation Corporation, Masinloc Power Co. Ltd., Quezon Power (Philippines), Limited Co., Southwest Luzon Power Generation Corporation, and erma Luzon Inc. For the 400MW CSP, Meralco said it received an aggregate offered capacity of 1,220MW from six interested bidders.

House orders arrest of Michael Yang

TBy Jovee Marie N. dela Cruz @joveemarie

HE House of Representatives has issued an arrest and detention order for former presidential adviser Michael Yang alias Hong Ming Yang, in connection with his alleged involvement in a P3.6-billion drug bust in Mexico, Pampanga, last year.

The arrest warrant was issued following House Secretary General Reginald S. Velasco’s signing of a contempt order against Yang, who has repeatedly failed to appear before the House Committee on Dangerous Drugs to shed light on his alleged role in the drug controversy. The House Sergeant-at-Arms, retired Maj. Gen. Napoleon Taas, and his team executed the arrest order at Fortun-Law Of -

fices, located at 134 CRM Avenue, BF Homes Almanza, Las Piñas City. Yang, who served as an adviser to former President Rodrigo Duterte, is linked to Empire 999 Realty Corp., which owns the warehouse in Mexico where the massive drug seizure occurred.

On July 10, the House panel, chaired by Surigao del Norte Rep. Robert Ace Barbers,

Trillanes presses drive vs Dutertes, files fresh charges at DOJ

Ffound Yang in violation of Section 11(a) of the Rules of Procedure Governing Inquiries in Aid of Legislation of the 19th Congress, which pertains to “refusal without legal excuse to obey summons.” As a result, the committee ordered Yang’s detention at Camp Bagong Diwa in Bicutan, Taguig City, for 30 days, in accordance with Section 12 of the same rules.

During a news conference, Barbers noted

Taguba II was able to facilitate the entry of the shipment without having to go through the rigorous process of examination in the BOC.

that Yang might have already left the country.

“We were informed that the subject of the arrest order may no longer be here. The latest information we have is that he might be in Dubai,” Barbers said. Barbers said his committee will coordinate with the Bureau of Immigration and the Department of Foreign Affairs (DFA) to alert other countries about the arrest order.

“We will provide information to Immigration and DFA so that they can alert other countries about the arrest order issued by the House of Representatives,” Barbers explained.

“This will help us track his movements as he may be traveling. An alert will provide us with information on his whereabouts since he will definitely use his own passport,” he added. Yang was invited to the hearing after Lincoln Ong, a Pharmally official and an alleged associate of Yang, was found to be an incorporator of a company with links to Empire 999 and other companies.

Barbers said Yang’s testimony is deemed crucial in unraveling the complex web of illegal drug smuggling activities linked to Empire 999.

ENRILE BACKS MARCOS’S POGO BAN

By Joel R. San Juan @jrsanjuan1573

ORMER senator Antonio Trillanes IV on Wednesday filed drug smuggling and graft charges before the Department of Justice (DOJ) against Davao City Rep. Paolo “Pulong” Duterte and several others in connection with the P6.4-billion methamphetamine hydrochloride or shabu shipment that was smuggled out of the Bureau of Custom-Manila International Container Port (BOC-MICP) in May 2017 but were seized three days after in a warehouse in Valenzuela City.

In his complaint, Trillanes also named Vice President Sara Duterte’s husband Maneses “Mans” Carpio, former Bureau of Customs (BOC ) Commissioner Nicanor Faeldon, Davao City Council Nilo Abellera Jr., businessman Pompey Perez, retired military intelligence officer Allen Capuyan, Taiwanese businessman Charlie Tan, former BOC employee Teofilo Jose Bacud, retired Marine colonel and former customer director Neil Anthony Estrella and a certain Nanie Cabatu Coronacion as respondents.

However, in May 2018, the special factfinding panel of the Office of the Ombudsman cleared Paolo Duterte and Carpio of any crimi -

nal and administrative liabilities in connection with the smuggled drug shipment. Paolo’s father, former President Rodrigo Duterte was still the sitting Chief Executive at that time.

‘Pulong’ welcomes filing

DAVAO City Rep. Paolo Duterte meanwhile welcomed the filing of the case and expressed confidence in the judicial process.

“I welcome Antonio Trillanes’ plan to file a drug smuggling case against me. This is a welcome development, and it’s better because the case will be heard in a Philippine court, not in the court of Facebook and the mind of a foolish soldier,” Duterte said.

“This move will allow us to address these accusations through the proper legal channels, ensuring that the truth will prevail,” Duterte said in a statement.

Duterte reiterated his innocence and emphasized the importance of the legal system in resolving such issues.

“I have always maintained my innocence, and I am confident that the judicial process will clear my name. It is important to rely on our legal institutions rather than resorting to trial by publicity or baseless allegations,” he added.

Trillanes alleged that the so-called “Davao Group” was behind the shipment, thus, should be held liable for conspiracy to import illegal drugs under Section 4, of Republic Act 9165 or the Comprehensive Dangerous Drugs Act of 2002.

The former senator anchored his complaint on the Senate investigation conducted by the Senate Blue Ribbon Committee then headed by former senator Richard Gordon in 2017 which recommended the filing of criminal charges against several individuals.

Trillanes, however, noted that Paolo and Carpio were spared in the filing of the charges.

“I think they [Dutertes] have lost their control over the judiciary as proven by the dismissal of the drug charges against former senator Leila de Lima by the lower court. We now see that the justice system is fair that’s why we decided to pursue the filing of this case,” Trillanes said.

He noted that the entry of the shipment into Philippine territory was facilitated in violation of the procedural of the BOC since it was able to pass through the “green lane” despite the fact that its consignee—the EMT Trading—was a first-time importer and a sole proprietorship.

Trillanes said customs broker Mark Ruben

Poe laments mass drowning of cats, dogs in San Juan animal shelter

By Butch Fernandez @butchfBM

SEN. Grace Poe on Wednesday

According to Trillanes, Taguba testified before the Senate that his shipments managed to pass through the BOC without rigid inspection because of the influence and protection of the Davao group.

He said it was Taguba who mentioned the name of Paolo and Carpio as part of the Davao Group during the Senate investigation.

“However, it bears stressing that Taguba could not have done this alone. The conspiracy to import the subject shipment from China to the Philippines necessitated the crucial acts of the ‘persons from the inside’—the corrupt customs officials, and more critically, the very powerful ‘players’ who used their influence to consummate this unlawful crime of importation of billions of pesos worth of dangerous drugs to the country,” the complaint said.

Earlier, Trillanes filed plunder and graft charges also before the DOJ against former President Rodrigo Duterte, Sen. Christopher Lawrence Go, Go’s father Deciderio Go and brother Alfredo Go.

Trillanes accused the Gos of using their connection with the former President to corner various government contracts in Davao region worth at least P 6.6 billion from 2007 to 2018.

With Jovee Marie N. dela Cruz

CHIEF Presidential Legal Counsel Juan Ponce Enrile on Wednesday expressed strong support for President Marcos’s decision to ban Philippine Offshore Gaming Operators (Pogo), emphasizing that these were never part of his vision when he pushed for the creation of the Cagayan Economic Zone Authority (Ceza).

“If I were the President, I agree with what he said, will kick out Pogo in this country,” said Enrile at the sidelines of the House hearing on Pogo operations.

Enrile attended the joint panel investigation on illegal Pogos and the crimes associated with these at the House of Representatives.

Regarding the operations, Enrile was blunt and declared, “Pogo is a money laundering operation.”

In his State of the Nation Address (Sona) on July 22, President Marcos declared a total ban on Pogos.

In response to the question of whether Marcos had consulted him before making the announcement on Pogo, “[I] will not tell you. Just between him and myself.”

Enrile said that when he pushed for the establishment of the Cagayan Special Economic Zone, Pogos were never in his plans.

“I do not know anything about Pogo.

That was never in my mind when I crafted Republic Act 7922. In fact, when I revised the Pagcor [Philippine Amusement and Gaming Corporation] charter, Pogo was never in my mind or in the mind of any legislator,” he said. Enrile also criticized former President Rodrigo Duterte’s Executive Order 13, which regulated and licensed gambling and online gaming facilities in the country, calling it “ill-advised.”

The directive, issued on February 2, 2017, has faced scrutiny for its implementation and consequences.

“They did not study it well. My God! Pogo was banned by Cambodia, banned by many countries in Central Asia, and we adopted it here. And why is it that until now, you have Pogos in Bamban [Tarlac] and Porac [Pampanga] and without Pagcor being able to control them? Is that a wise decision, wise activity?” Enrile asked, referring to locations in the country where illegal Pogo activities are allegedly occurring. In the same hearing, Enrile’s daughter and Ceza administrator, Katrina Ponce Enrile, emphasized that Ceza has no Pogo licensees and is not involved in Pogo-related crimes. Jovee Marie N. dela Cruz

bemoaned the mass drowning of confined dogs and cats at San Juan City Pound at the height of typhooninduced floods.

Citing statistics on the death toll from Typhoon Carina and the southwest monsoon or habagat, that

it enhanced, Poe lamented that the confined cats and dogs were abandoned and drowned while humans scampered to safety from rapidly rising floods.

“The sad reality in the country’s

animal pounds has reared its ugly head anew with the drowning of cats and dogs at the San Juan City Pound during the onslaught of Typhoon Carina and habagat,” Poe said.

In a statement, she observed that “when everyone scampered for safety

from floodwaters, the poor animals were left on their own, helpless to even save themselves as they were locked in cages.”

“We will await the outcome of the San Juan City’s action on the personnel responsible for the neglect of the animals,” she added. She suggested that “governmentfunded animal shelters should not be death traps, stressing: “instead, they should be lifesavers of abandoned animals that may have chances of getting rehomed and cared for.”

Asian Hospital and Medical Center’s Asian Cancer Institute celebrates 9th anniversary

Asian Hospital and Medical Center’s ( a HMC) a sian Cancer i nstitute celebrated its 9th anniversary with activities spread throughout the month of July that underscored the i nstitute’s commitment to provide comprehensive and integrative care for patients battling cancer and chronic illness. The celebration started on July 5, 2024 with an event titled “ s ymphony of support: Harmonizing Care for Cancer and Chronic i llness.” The event aimed to highlight the importance of supportive care in the healing process and to celebrate the resilience of those affected by cancer.

Dr. Rumalie Corvera, Head of supportive and i ntegrative s ervices of the a sian Cancer i nstitute, said the celebration is meant to “highlight supportive, integrative, palliative and hospice care throughout the journey of any cancer patient and their family.”

“This is usually the underutilized and under referred services because everyone is looking for a cure. But equally important is supportive care which also focuses on the patient’s continuity of care from hospital to home and back,” Dr. Corvera related.

Family meetings

Dr Corvera related that family meetings will be called so that the patient and the family will know what is

needed in their transition from the hospital to the home. it is also important for the family to know the triggers that will require the patient to be brought back to the hospital.

“There are doctors and nurses who can actually visit them at home and we are looking to include laboratory services as part of the home service to lessen the stress of having to go to the hospital. We also have on board nutritionists, psycho-oncologists, derma-oncologists, counselors and even integrative medicine specialists to help patients during this time,” she added.

The kick-off program started with a beautiful rendition of “The Prayer” and was followed by an inspirational message from Dr. Beaver Tamesis, a HMC President and CEO. Dr. Tamesis pointed out that when the a sian Cancer i nstitute was

founded, it has become a Center of Excellence to be able “to deliver the best possible care be it surgical, radiotherapy, chemotherapy, for all our cancer patients.” a long the road, there was a need for a more holistic approach so now we included integrative services, home care, counseling, and family support. The a sian Cancer institute can bring all these aspects together for our patients,” he said. One of the key segments was “The s upportive and i ntegrative Care Opus,” presented by Dr. Corvera and Dr. Maria a ntonia Yamamoto. This talk delved into the significance of supportive care and the innovative approaches the i nstitute employs to provide it.

Unique segment T HE event also featured a unique

segment, “Music as our Medicine,” where s haron Vicente Hernandez and Dave Vicente, along with awarded violinist Merjohn Lagaya, presented a moving testimony through words and music, showcasing the therapeutic power of this art in the healing journey.

a ttendees had the opportunity to engage in “Conversations with Cancer Patients” led by Dr. a lex Delgado, a Medical Oncologist, fostering a supportive community atmosphere. This was followed by a talk on “ s piritual Care: a Pillar of Holistic Care” by Physician Chaplain and Medical Oncologist Dr. s usano Tanael, Jr. The a C i Chorale also performed s tronger Together,” a piece symbolizing unity and strength. Melissa de Leon Joseph, President of Project Pink, delivered a “Message of Life,” sharing inspiring stories and mes -

sages of hope.

The event culminated with the “Lighting of the Wishing Tree,” an interactive public information project by The Ruth Foundation in partnership with Chrys 2- sis a sian Hospital. This symbolic activity allowed participants to write their wishes if faced with a chronic illness and messages of support, fostering a sense of community and collective hope.

The harmonious celebration honored the strength and resilience of cancer patients and continued to advocate for integrative and supportive care.

More activities

T HE kick-off event was followed by the showing of the film titled “Wit” on July 8 at the Tumor Board Meeting Room. The “Brave Conversations” Webinar on Dementia Dialogues and

a dvanced Care Planning was held on July 13. The a sian Cancer i nstitute will have regular webinars regarding this topic and other s upportive Care s ervices.

Last July 17, the i nstitute gave cancer patients the opportunity to try acupuncture at the Tumor Board Meeting Room. a webinar on “The i mportance of i dentifying, a ssessing and Managing Distress in Chronic i llness” was held last July 20. On July 24 and 25, the i nstitute hosted “Harmony Hallways” s upportive Care Exhibits and Booths. The last day of the month-long celebration of the a sian Cancer i nstitute was held on July 24 with s ynchronizing our s ong: a Multidisciplinary Case Discussion.” This was followed by “Cheers to the s ymphony: Wine and Cheese Thanksgiving Fellowship.”

Dr Beaver Tamesis, Asian Hospital and Medical Center President and CEO, delivers the welcome remarks.

The doctors of the Asian Cancer Institute headed by Dr. Corazon Ngelangel.

Merjohn Lagaya Sharon Vicente Hernandez and Dave Vicente

ACI Chorale

In the photo are Dr. Rumalie Corvera and Dr. Maria Antonia Yamamoto

The team from the Supportive and Integrative Services of the Asian Cancer Institute who will perform acupuncture on cancer patients for free.

A doctor prepares a patient for acupuncture.

The A sian Cancer Institute team at the “Cheers to the Symphony: Wine and Cheese Thanksgiving Fellowship.”

Thursday, August 1, 2024

Luzon power grid on yellow alert

TBy Lenie Lectura @llectura

HE Luzon power grid was placed on yellow alert owing to tripping of several power plants, the National Grid Corporation of the Philippines (NGCP) reported on Wednesday.

A yellow alert is issued when the operating margin is insufficient to meet the transmission grid’s contingency requirement. The yellow alert took effect from 2:00 p.m. to 4:00 p.m. and from 5:00 p.m. to 10 p.m.

The grid’s available capacity stood at 12,969 megawatts (MW) while peak demand was at 11,768 MW.

In a statement, NGCP said seven power plants have been on forced outage since January to May this year, and 10 power plants between June and July this year; while five are running on derated capacities, for a total of 3,017.9 MW unavailable to the grid.

The NGCP also reported that the

tripping of Sual Unit 2 at 7:41 a.m. owing to possible boiler tube leak and the emergency shutdown of GNPD Unit 2, also due to boiler tube leak, mainly contributed to the raising of yellow alert.

The Visayas and Mindanao grids, meanwhile, are under normal condition.

Meanwhile, the Energy Regulatory Commission (ERC) said it has investigated 139 power units that went on outage for two weeks last April.

“Out of those 139 units, we found 37 generation companies that have exceeded their allowable outages. Once we have completed the evaluation of these explanations for those that were not justified, we will also be imposing penalties,” said ERC Chairperson Monalisa Dimalanta.

Dimalanta emphasized the critical importance of ensuring a steady and adequate power supply to meet consumer demands. “We are fully aware of the difficulties brought about by these power disruptions and affirm our commitment to a thorough

investigation.”

Under the reliability index implemented since 2020, power generation companies are allowed to go offline for a certain number of days per year.

For instance, a power plant fueled by pulverized coal, is allowed to be out of service for 44.7 days— comprising of 27.9 days of planned outages and 16.8 days of forced or unplanned outages.

For coal plants running on circulating fluidized bed (CFB) technology, the allowable outages shall be for aggregate 32.3 days with 15.4 days of planned outages and 16.9 days of unplanned outages.

Geothermal plants are only allowed to be out for 19.7 days, with six days for planned outages and 13.7 days unplanned.

Combined cycle plants are permitted for total outages of 20.2 days with 12.5 days for planned outages and 7.7 days for forced outages.

The gas turbine plants have total outages of 29.2 days, or 6.5 days of planned and 22.7 days of unplanned outages.

Diesel plants could go offline for 19 days, comprising of five days of planned and 14 days of forced outages.

Hydropower facilities could be out for 29.9 days, consisting of 23.1 days of planned and 6.8 days of unplanned outages.

Oil-fired generating facilities are given a total of 58.6 days of outages with 30.8 days of planned shutdown and 27.8 days of unscheduled outages; while biomass are allowed aggregate outages of 39.7 days with 32.7 days of planned shutdowns and 7 days of forced outages.

Protecting communities: SM Prime vows to pursue disaster resiliency initiatives

SM Prime has asserted it remains committed to ensuring the integration of climate adaptation and sustainability into its projects while expanding partnerships with government and other stakeholders to grow more resilient communities.

Cited as a stark example of this is the group’s initiative for a network of over 25 rainwater catchment basins strategically positioned in SM malls across the country.

The government and private sector, said SM Prime Holdings executive committee chairman Hans T. Sy, must work together in finding solutions for greater resiliency so disaster risk reduction is one of its core business strategies.

“Resilience is not just a word, it is a way of life. It is a commitment to ensure that we act on our responsibility to care for others and that no one is left behind,” Sy said.

SM Prime Holdings recently marked its 30th year as a publicly-listed company highlighted by its exemplary track record of sustainable development.

He said climate adaptation and resilience are keys to thriving despite damage and

the country. These reservoirs act as crucial buffers during heavy downpours, collecting and holding excess rainwater to prevent flooding in surrounding communities.

“We’ve seen firsthand how our catchment basins have spared communities around our malls from severe flooding during typhoons like Carina. This validates our commitment to investing in sustainable and resilient infrastructure,” Silerio said. She cited the SM Mall of Asia complex, designed with a sturdy seawall to protect the surrounding communities from potential storm surges or rising sea levels. It also uses specialized foundation systems to provide more robust protection against liquefaction and seismic events.

losses brought about by climate change, and SM has translated this to action with a significant portion of its capital expenditure allocated to incorporate resiliency and sustainability in its infrastructure designs.

As an engineer, Sy said he is passionate about constructing well-designed structures that are not only efficient, but strong and resilient. Sy sits on the Philippine board of ARISE Private Sector Alliance for Disaster Resilient Societies of the United Nations, and is co-chairman of the National Resilience Council, a private-public sector initiative meant to strengthen resilience of local government units.

SM Prime’s mall arm, SM Supermalls, has led in climate adaption through effective mitigation of flood risks in the communities where these malls serve.

Sparing communities from severe floods

LIZA SILERIO , SM Supermalls head for corporate compliance and sustainability, said a prime example is the network of more than 25 rainwater catchment basins strategically positioned in SM malls across

The first of catchment basins, built at SM City Masinag in 2011, has a capacity of 17,681 cubic meters—equivalent to over seven Olympic-sized swimming pools. Located underneath the premises of these catchment basin malls, the combined rainwater reservoirs have a total capacity of 85,272 cubic meters, collecting floodwaters and protecting nearby communities.

The United Nations Office for Disaster Risk Reduction (UNDRR) has recognized SM City Marikina for being a prepared facility during calamities. Its proximity to the Marikina River and the area’s flood history necessitated the mall’s elevation onto 246 concrete stilts, allowing flood water to enter and flow through the structure away from residential areas and avoid damage to the mall itself.

SM Supermalls, together with its holding company SM Prime, remain committed to its role as a catalyst for economic growth, delivering innovative and sustainable lifestyle cities, thereby enriching the quality of life of millions of people, said SM Prime, as it pursues the next horizon on integrated property development—and onward to building sustainable cities of the future.

Silerio assured that the SM malls have facilities and structures that take into account natural hazards, thus protecting communities around them.

SM City Marikina is a mall on stilts, a safety feature that allows floodwater to flow through the development and away from nearby communities.

Despite more applicants in listing, voter number to dip

By Samuel P. Medenilla @sam_medenilla

THE Commission on Elections is currently projecting a net reduction in the total number of voters for the 2025 polls despite the rise of applicants in the ongoing voter registration.

In a television interview with PTV last Wednesday, Comelec Spokesperson John Rex C. Laudiangco said the increasing number of deactivated voters will greatly reduce the 68 million registered voters during the 2023 Barangay and Sangguniang Kabataan Elections (BSKE).

“But because of the deactivation, it will be reduced. So it is probably around 60 million for now,” he said.

Citing the results of the July 15, 2024 hearing of Comelec›s Election Registration Board (ERB), Comelec Chairman George M. Garcia said the number of deactivated voters has now reached 5,163,437.

He also said the number of those whose voter records were deleted after death or were found to have multiple registration has reached 391,497.

Those who are deactivated or have deleted records will not be able to cast their votes in the 2025 National and Local Elections.

The next ERB hearing is set for August 15, 2024.

The Comelec is hoping the number of those new registrants in the ongoing voters registration, which will end on 30 September 2024, will mitigate the reduction in the number of registered voters.

The poll body was able to register 4,827,794 applications, which will undergo screening from the ERBs before they are added to the final list of registered voters.

“But if the 4.8 million newly registered will be added and approved [by the ERB], we may be able to reach 66 million to 68 million [voters] in the 2025 elections,” Laudiangco said.

Aside from the new registrants, it is also hoping the number of those who will reactivate their voter records will increase in the coming weeks through its intensified voters education campaign.

PCCI: Go slow on adopting alien nutrient profile models

By Andrea E. San Juan @andreasanjuan

THE Philippine Chamber of Commerce and Industry (PCCI) has joined the call of the Philippine Chamber of Food Manufacturers Inc. for the conduct of a “full-blown” impact assessment on the potential economic and social impacts of the proposed Philippine Nutrient Profile Model (PNPM), set to be implemented by the National Nutrition Council (NNC).

This came after the NCC announced that it intended to adopt in the country the NPM of the Pan-American Health Organization, which identifies and imposes nutritional value and content on processed foods and beverages in the market including energy, protein, fats, carbohydrates, fiber, sodium, and cholesterol, impacting the nutritional value of Filipino daily consumption.

PCCI President Eunina V. Mangio said that the proposal must be carefully studied before it is implemented.

“Definitely, we all agree that we should have a comprehensive Nutrient Profiling Model as a crucial step toward enhancing our countrymen’s physical health and mental acuity and promoting their overall well-being,” Mangio said in a statement

Outdated infra, low budget blamed for floods

By Claudeth Mocon-Ciriaco @claudethmc3

THE Metropolitan Manila Development Authority

(MMDA) blamed the limited budget for flood control projects and outmoded and insufficient drainages in the National Capital Region (NCR) as Metro Manila was submerged in floodwater last week.

According to MMDA Acting Chairman Romando S. Artes, the agency is addressing these issues, especially on the approved budget for flood control projects amounting to about P2.72 billion. The bulk of the funds (about P2.264 billion) is for capital outlay while nearly P396 million is for maintenance and other operating expenses for the 71 pumping stations. Artes said the MMDA is working on the budget to cover for the 101 projects across all districts in the NCR. He added that as of July, 56 projects are completed while 45 are ongoing. The MMDA is mandated to undertake flood management in the NCR. The agency’s roles include

infrastructure development, infrastructure operation, dredging, clearing, and declogging, flood monitoring, flood response and relief and waste management.

“Budget and implementation for big ticket flood control projects are within the jurisdiction of the DPWH [ Department of Public Works and Highways],” Artes said. “They likewise plan, procure, and construct new pumping stations, including upgrading and rehabilitation of existing ones, and construction of drainage. Those will be turned over to MMDA for operation and maintenance.”

Outdated, insufficient ACCORDING to Artes, the outdated and insufficient drainage infrastructure in the metropolis is a significant factor in the flooding.

“The drainages in the metropolis are already outdated with the majority of drainage mains constructed dating back to the 1970s,” the MMDA chief said.

“For an average 20 mm/hr [millimeters per hour] rainfall intensity or less, flood subsides between

15 minutes to 30 minutes,” he explained. “However, during ‘Typhoon Carina,’ flooded areas took hours to subside due to the high water level on major waterways and high tide in Manila Bay.”

The MMDA chief also attributed the massive flooding in NCR to improper waste management practices, which affect waterways and clog the drainage system. Artes said informal settlers who dispose waste and debris along rivers and water channels also contribute to the accumulation of obstacles that disrupt the natural flow of water.

“We regularly conduct declogging and desilting of drainage laterals, and dredging of waterways. However, we can only do so much. The problem of flooding must be addressed, not just through the government’s flood management projects, but also through the discipline of the public in their respective waste management efforts,” Artes said.

Pumping stations

THE MMDA operates 71 pumping stations, located strategically in

flood prone areas within Metro Manila. These aim to help alleviate and speed up the receding time of flood water during heavy rainfall and flood emergencies, preventing major destruction of lives and properties.

Trash traps were installed in various strategic locations to trap voluminous solid wastes in waterways leading towards pumping stations, according to Artes.

The MMDA, in collaboration with the DPWH is implementing the Metro Manila Flood Management Project, which involves the rehabilitation of existing pumping stations and construction of new ones.

Under the MMFMP, six of 26 pumping stations were rehabilitated. Four new pumping stations will be constructed by DPWH and will be turned over to the MMDA for operations.

The MMDA also initiated community-based SWM programs that include strategies targeting the change of people’s behaviors and practices in solid waste management that are introduced to various barangays.

Senate panel opens hearings on flood control

THE Senate Public Works Committee opens hearings Thursday on how billions in flood control programs and projects through the years have been used, amid widespread dismay over the massive flooding at the height of super typhoon Carina and the southwest monsoon.

The committee chaired by Senator Ramon Revilla Jr. has invited, among others, the chiefs of the Department of Public works and Highways (DPWH) and the Metro Manila Development Authority (MMDA), two agencies that senators earlier cited among those holding the lion’s share of flood control funds, estimated by some critics as amounting to “roughly P1 billion a day.”

Senators earlier vowed the next budget proposals on flood control will pass ‘through the eye of the needle’ as Congress has started reviewing the 2025 National expenditure

Program (NEP).

Following a privileged speech by Sen. Joel Villanueva who angrily denounced the government’s failure to mitigate massive floods from Carina and the habagat, senators on Monday vowed to scrutinize multibillionpeso budgets for flood control when the 2025 National Expenditure Program (NEP) is tackled.

On Tuesday, the DPWH said the government will now have to spend over P351 billion to complete the Aquino administration’s flood management master plan (FMMP) for Metro Manila, due to delays in the implementation of the project.

The ambitious project, launched in 2012 by former DPWH Secretary Rogelio L. Singson, is expected to mitigate flood waters in the National Capital Region (NCR) by 70 to 80 percent once completed by 2035.

“I think it (cost) will increase because the master plan [was done in] 2012. Actually these were estimates before so I think the [price] is now different,” DPWH Secretary Manuel M. Bonoan told reporters last Tuesday.

Currently, Bonoan said only around 30 percent of the long-term master plan was implemented due to the “pandemic and other factors.”

From July 2022 to May 2024, he said 5,521 flood control projects, including those which were started by previous administrations, were completed.

“We are going to continue to implement another...more than 5,000 flood control projects,” Bonoan said.

Senators made manifestations on the floor as they weighed in on Villanueva’s speech, saying those in charge of flood management should stop blaming the climate for the floods

because everyone knows the country is listed one of those most “at-risk” countries from disasters. Officials had given various reasons for the floods: huge volumes of trash, outdated drainage infrastructure, and even ridiculous rerasons such as that cited in a text message to senators by Senate President Chiz Escudero. Information given to him supposedly said a crucial pumping station in Metro Manila was not working because “it had not been switched on, kasiwalang[because there was no] gasoline, and [was] blocked with trash.” Sen. Grace Poe, who chairs the Senate Committee on Finance, noted that in the 2025 NEP submitted to Congress on Monday, P254 billion of the 2025 DPWH P900-billion budget is for flood control.

MMDA also has its own budget—5.5 billion; of which 40 percent is for flood control. Butch Fernandez, Samuel Medenilla

issued by PCCI on Wednesday.

However, any efforts to revise or implement NPM must be “science- and research-based and not merely patterned on the PAHO model that was designed for specific countries with their dietary patterns and needs,” said PCCI.

Mangio said the proponent has to hear the concerns of various stakeholders, not only international experts, policymakers, and the academe, but also consumers and the food and beverage industry, including MSMEs and large companies in a consultation.

The PCCI president also supports the position of PCFMI for PNPM to provide a framework to address the Philippines’s “most urgent nutritional concerns.”

“Given the high incidence of poverty in our country, it is essential to give due consideration to approaches that increase the availability and accessibility of food rather than narrowing the food choices that our people can make,” Mangio said.

For his part, Paul Cuyegkeng, chairman of the PCCI Agriculture Committee, said that any existing bias against the needs of businesses must be set aside as the magnitude of the malnutrition problem

needs a whole-of-nation approach to find the best solutions.

Rita Palabyab, co-chair of the same committee, added that such a model should empower individuals to make informed dietary choices that align with their lifestyle needs and health goals.

“We adhere to scientific research and data-driven insights as the basis of the model that can help Filipinos adjust their nutritional intake and live healthier and more productive lives,” she said.

Palabyab said that the PNPM has limited its target application to prepackaged foods, “overlooking the crucial role of food processing in ensuring a safe and stable food supply.”

The policy development process thus far has not adequately considered the significant contribution of the agri-food sector to the country’s GDP, which amounts to $126.7 billion, with food and beverage manufacturing accounting for 46 percent, she also noted.

Additionally, excluding participants from the food and beverage industry due to a perceived conflict of interest deprives the process of valuable insights based on direct experience in production and consumer interaction.

OWWA eyes more lounges for OFWs in PHL airports

THE Overseas Workers Welfare Administration (OWWA) is looking to construct new lounges and other amenities for overseas Filipino workers (OFW) in more airports.

OWWA Administrator Arnaldo “Arnel” A. Ignacio said they were instructed by no less than President Ferdinand Marcos to provide better airport services to OFWs.

“That is our orders...Perhaps Terminal 2 [of Ninoy Aquino International Airport]. We are still looking into it. And other airports in the Philippines,” Ignacio said, when asked where OWWA will construct its additional OFW lounges.

Currently, OWWA has built OFW lounges at the terminal 1 and 3 of the Naia, which serve 850 to 1,000 OFWs daily.

Ignacio said they have received positive feedback from the OFWs, who have used the lounges, including

those who were affected by the flight cancellations due to super typhoon Carina (international name: Gaemi) and the enhanced Southwest Monsoon last week.

A total of 143 local and international flights were cancelled because of these weather disturbances.

“We are glad that during the flooding, typhoon, [when] there were many cancelled flights, we have not heard of any OFW with adverse complaints because they were all in the OFW lounges. They were provided with more than enough food and they were very comfortable. So we are looking forward to building more. And also the seafarers hub,” Ignacio said. The OWWA chief said they are aiming to constantly improve the said facilities with the inclusion of clinics and other improvements. Samuel P. Medenilla

European circus to open its world tour in Davao City

By Manuel T. Cayon @awimailbox

DAVAO CITY—A 25-person mixed-nationality circus group from Europe will start its 2024 world tour in this city in time for the celebration of the annual fruit-harvest festival called Kadayawan.

The Euro Extreme Circus will begin its nightly performance on August 9 at the Davao Global Township, a former golf course along Matina that is now being developed for condominium living and resort and commercial uses.

Euro Extreme Circus Executive and Tour Director Kenneth Lee said the performances are “expected to enthrall and captivate the audience with high-flying acts and dexterity in the various instruments and gadgets commonly used in circuses.” According to Avelmar O. Man -

ansala, advertising and marketing director of the promotions group Art Box Entertainment, the group is composed of performers from the Ukraine, Slovak Republic and Spain. The group also have motocross and BMX riders. Manansala noted that Lee’s father, Paul, was also instrumental in bringing the famed Royal London Circus to Davao City in 1992. The Euro Extreme Circus will also tour General Santos City, Zamboanga City, Cagayan de Oro City, Cebu City and Metro Manila before embarking on performances in other continents.

Lee thanked the city tourism office for allowing the circus group to be part of the month-long Kadayawan fruit harvest festivities here. Kadayawan is celebrated every August, when iconic fruits like durian, lanzones, rambutan, mangosteen and marang are in season.

Brief

CHEN, DAIXIONG Marketing Specialist

Brief Job Description: Responsible for coordinating with other marketing and sales professionals to implement innovative campaigns for branding or product launches.

Basic Qualification: Ability to work under pressure and motivation to succeed in a competitive environment. Should have a bachelor’s

10. DONG, NIANRONG Project Coordinator

Brief

11. LIU, ZHENGXING Project Coordinator

Brief

Basic Qualification:

degree in business or related field of study.

12. XUE, XINGCHENG Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

13. YANG, LIANGCENG Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

14. YUE, LIANGZHAO Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

15. ZHANG, PEIQING Project Coordinator

Brief Job Description: Plan, organize, and direct the activities of a construction project, under the direction of a general manager.

16. ZHAO, LILI Project Coordinator

Brief

17. ZHU, HUILING Project Coordinator

Brief

Basic Qualification: Bachelor’s degree in business or related field of study. Competency in Microsoft applications including Word, Excel, and Outlook. Knowledge of file management, transcription, and other administrative procedures or a related field. With good communication and interpersonal skills.

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

Marketing

Brief

52.

BusinessMirror

53.

Brief

54. HUANG, JINPING Marketing And Sales Agent

Brief

55. HUANG, QIUCHENG Marketing And Sales Agent

Brief

56. HUANG, SHENGFU Marketing And Sales Agent

Brief

57. HUANG, YING Marketing And Sales Agent

Brief

LI, LELE Marketing And Sales Agent

Brief

58.

Salary

Basic Qualification:

59.

LI, LIPING 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.

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

60. LI, QIAONI 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

Salary

61. LIN, JINZHONG Marketing And Sales Agent

Brief

96.

BusinessMirror

97.

Brief

98.

Brief

99. MAI, SHUICHANG

Mandarin Quality Control Officer

Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.

100. PHAM THI THUY NGA

Mandarin Quality Control Officer

Brief

101.

TANG, JIAN Mandarin Quality Control Officer

Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.

102. TIAN, TAO Mandarin Quality Control Officer

Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.

103. WANG, RUIHUAN Mandarin Quality Control Officer

Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.

Salary

Basic Qualification:

104.

Salary

Basic Qualification: Must be knowledgeable in developing and reviewing project quality plans, contract documents and project specifications. Must have knowledge to a wide range of construction materials, methods, and techniques.

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

YI, BINGXIN

Mandarin Quality Control Officer

Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.

105.

Brief

Editor: Angel R. Calso

Hamas leader Ismail Haniyeh assassinated in Tehran airstrike, escalating tensions between Iran and Israel

By Abby Sewell Associated Press

BEIRUT—Hamas leader Ismail Haniyeh was killed by a predawn airstrike in the Iranian capital Wednesday, Iran and the militant group said, blaming Israel for a shock assassination that risks escalating the conflict even as the US and other nations were scrambling to prevent an all-out regional war. Iran’s supreme leader vowed revenge against Israel.

There was no immediate comment from Israel, which has pledged to kill Haniyeh and other Hamas leaders over the group’s October 7 attack on southern Israel in which the Palestinian militant group killed 1,200 people and took some 250 others hostage. The strike came just after Haniyeh had attended the inauguration of Iran’s new president in Tehran— and only hours after Israel targeted a top commander in Iran’s ally Hezbollah in the Lebanese capital Beirut.

The dramatic assassination of Hamas’s top political leader threatened to reverberate throughout the region’s intertwined conflicts. Most explosively, the strike in Tehran could push Iran and Israel into direct conflict if Iran retaliates.

“We consider his revenge as our duty,” Iranian supreme leader Ayatollah Ali Khamenei said in a

statement on his official website. He said Israel had “prepared a harsh punishment for itself” by killing “a dear guest in our home.”

Bitter regional rivals, Israel and Iran risked plunging into war earlier this year when Israel hit Iran’s embassy in Damascus in April. Iran retaliated and Israel countered in an unprecedented exchange of strikes on each other’s soil, but international efforts succeeded in containing that cycle before it spun out of control.

Haniyeh’s killing could also prompt Hamas to pull out of negotiations for a cease-fire and hostage release deal in the 10-month-old war in Gaza, which US mediators had said were making progress.

And it could enflame already heightening tensions between Israel and Hezbollah—which international diplomats were trying to contain after a weekend rocket

attack that killed 12 young people in the Israeli-controlled Golan Heights.

Tuesday evening, Israel carried out a rare strike in the Lebanese capital that it said killed a top Hezbollah commander allegedly behind the rocket strike. Hezbollah, which denied any role in the Golan strike, said Wednesday that it was still searching for the body of Fouad Shukur in the rubble of the building that was hit in a Beirut suburb, killing two women and two children, according to the Lebanese Health Ministry.

There was no immediate reaction from the White House to the killing of Haniyeh.

Asked by reporters in Manila about the Tehran strike, US Secretary of Defense Lloyd Austin said he had no “additional information to provide.” But he expressed hope for a diplomatic solution on the Israeli-Lebanon border.

“I don’t think that war is inevitable,” he said. “I maintain that. I think there’s always room and opportunity for diplomacy, and I’d like to see parties pursue those opportunities.”

But international diplomats trying to defuse tensions were alarmed. One Western diplomat, whose country has worked to prevent an Israeli-Hezbollah escalation, said the double strikes in Beirut and Tehran have “almost killed” hopes for a Gaza cease-fire and could push the Middle East into a “devastating regional war.”

The diplomat spoke on condition of anonymity to discuss the sensitive situation.

An Israeli military spokesman declined to comment. Israel often doesn’t comment on assassinations carried out by its Mossad intelligence agency or strikes on other countries.

Iranian media showed videos

Israeli airstrike kills Hezbollah commander in Beirut, wounding dozens in civilian area

By Bassem Mroue & Tia Goldenberg

The Associated Press

BEIRUT—Israel on Tuesday carried out a rare strike on Beirut, which it said killed a top Hezbollah commander who was allegedly behind a weekend rocket attack that killed 12 young people in the Israeli-controlled Golan Heights. The strike in the Lebanese capital killed at least one woman and two children and wounded dozens of people.

Hezbollah did not immediately confirm the commander’s death. The strike came amid escalating hostilities with the Lebanese militant group. An Israeli official said the target was Fouad Shukur, a top Hezbollah military commander whom the US blames for planning and launching the deadly 1983 Marine bombing in the Lebanese capital.

The official spoke on condition of anonymity because he was not authorized to discuss the details of the strike with the media. Shukur is also suspected in other strikes that killed Israeli civilians.

Though Hezbollah issued a rare denial of involvement in the rocket attack Saturday in the town of Majdal Shams, Israel is holding the militant group responsible. “Hezbollah crossed a red line,” Israeli Defense Minister Yoav Gallant posted on the platform X shortly after Tuesday’s strike.

The two sides have exchanged near-daily strikes for the past 10 months against the backdrop of

the war in Gaza, but they have previously kept the conflict at a low level that was unlikely to escalate into full-on war.

Lebanon’s public health ministry said Tuesday’s strike in a southern suburb of Beirut wounded 74 people, some of them seriously. The wounded were taken to nearby hospitals. Bahman Hospital near the site of the blast called for blood donations.

Lebanon’s state-run National News Agency reported that the strike was carried out with a drone that launched three rockets.

“The Israeli enemy has committed a great stupid act in size, timing and circumstances by targeting an entirely civilian area,” Hezbollah official Ali Ammar told Al-Manar TV. “The Israeli enemy will pay a price for this sooner or later.”

Lebanese caretaker Prime Minister Najib Mikati condemned the Israeli attack, saying it hit a few meters from one of the largest hospitals in the capital.

The office of Israeli Prime Minister Benjamin Netanyahu did not immediately release a statement, but minutes after the strike sent a photo of the prime minister with his national security adviser and other officials.

The airstrike on Beirut’s southern suburb of Haret Hreik—a crowded urban neighborhood where Hezbollah has political and security operations but which is also full of small shops and apartment buildings—damaged several buildings.

It was not immediately clear if any Hezbollah official was hit,

a Hezbollah official said. A Lebanese military intelligence official said they had no information when asked by The Associated Press whether a senior Hezbollah security official had escaped the airstrike.

Both officials spoke on condition of anonymity in accordance with regulations.

The strike hit an apartment building near to a hospital, collapsing half of the targeted building and severely damaging one next to it. The hospital sustained minor damages, while the surrounding streets were littered with debris and broken glass.

A forklift was in the middle of the street, reaching to the top floors of the destroyed building, while utility crews removed fallen power lines. Crowds gathered to inspect the damage and check on their families. Some of them chanted in support of Hezbollah.

Paramedics could be seen carrying several wounded people out of the damaged buildings.

A resident of the suburb whose home is about 200 meters (yards) away said that dust from the explosion “covered everything,” and that the glass in his son’s apartment was broken.

“Then people went down on the streets,” he said. “Everyone has family. They went to check on them. It was a lot of destruction.”

He spoke on condition of anonymity out of concern about his security at a tense moment.

Hassan Noureddine said he was riding his motorcycle near the

building when he heard the sound of two explosions. “It looked like a strike from a drone and not a jet,” Noureddine told the AP near the site of the attack.

Despite fears of escalation and a strike in recent days, Noureddine said that he and other people he knows in the area are not fazed and that their spirits are high.

Talal Hatoum, a local official with the Shiite Amal Movement, Hezbollah’s key political ally in Lebanon, said Tuesday’s attack marked a shift in the rules of engagement in the conflict because it caused a significant number of civilian casualties.

The last time Israel targeted Beirut was in January, when an airstrike killed a top Hamas official, Saleh Arouri. That strike was the first time Israel had hit Beirut since the 34-day war between Israel and Hezbollah in the summer of 2006.

Israel had been expected to retaliate for the strike in Majdal Shams, but diplomats had said in recent days that they expected the response to stay within the boundaries of the ongoing low-level conflict between Hezbollah and Israel without provoking all-out war.

Many of them had not expected that Israel would hit Beirut, which might elicit a strike by Hezbollah on a major population center in Israel.

Goldenberg reported from Tel Aviv, Israel. Hussein Malla, Fadi Tawil, Sarah El Deeb and Kareem Chehayeb in Beirut and Joshua Boak in Washington contributed reporting.

of Haniyeh and Iranian President Masoud Pezeshkian hugging after Pezeshkian’s inauguration ceremony Tuesday. Hours later, the strike hit a residence Haniyeh uses in Tehran, killing him, Hamas said in a statement.

It also quoted a past speech by Haniyeh in which he said the Palestinian cause has “costs” and “we are ready for these costs: martyrdom for the sake of Palestine, and for the sake of God Almighty, and for the sake of the dignity of this nation.”

Pezeshkian vowed his country would “defend its territory” and make the attackers “regret their cowardly action.” An influential Iranian parliamentary committee on national security and foreign policy was to hold an emergency meeting on the strike later Wednesday.

Hamas’ military wing said in a statement that Haniyeh’s assassination “takes the battle to new dimensions and will have major repercussions on the entire region.” It said Israel “made a miscalculation by expanding the circle of aggression.”

Speaking to the AP, a Hamas spokesman Sami Abu Zuhri said the loss of Haniyeh won’t impact the group, saying it had emerged stronger after past crises and assassinations of its leaders.

Haniyeh left the Gaza Strip in 2019 and had lived in exile in Qatar. The top Hamas leader in Gaza is Yehya Sinwar, who masterminded the October 7 attack.

In the West Bank, the internationally backed Palestinian President Mahmoud Abbas condemned Haniyeh’s killing, calling it a “cowardly act and dan -

gerous development.” Political factions in the occupied territory called for strikes in protest at the killing.

In April, an Israeli airstrike in Gaza killed three of Haniyeh’s sons and four of his grandchildren.

Meanwhile, Iraq’s Popular Mobilization Forces, a coalition of Iranian-backed militias, said that a strike Tuesday night on a base southwest of Baghdad killed four members of the Kataib Hezbollah militia.

The group accused the United States of being behind the strike. Kataib Hezbollah, along with some of the other militias, has in recent months carried out attacks against bases housing US troops in Iraq and Syria in retaliation for Washington’s support for Israel in the war in Gaza. US officials did not immediately comment.

Israel is suspected of running a yearslong assassination campaign targeting Iranian nuclear scientists and others associated with its atomic program. In 2020, a top Iranian military nuclear scientist, Mohsen Fakhrizadeh, was killed by a remote-controlled machine gun while traveling in a car outside Tehran.

In Israel’s war against Hamas since the October attack, more than 39,360 Palestinians have been killed and more than 90,900 wounded, according to the Gaza Health Ministry, whose count does not differentiate between civilians and combatants.

The Associated Press writers Amir Vahdat in Tehran, Iran, David Rising in Bangkok, and Jon Gambrell in Ubud, Indonesia, contributed to this report.

UN report alleges widespread torture of Palestinian detainees by Israel authorities amid ongoing conflict

By Jamey Keaten The Associated Press

GENEVA—The UN human rights office issued a report Wednesday saying Palestinians detained by Israeli authorities since the October 7 attacks faced waterboarding, sleep deprivation, electric shocks, the release of dogs, and other forms of torture and mistreatment.

The report said Israel’s prison service held more than 9,400 “security detainees” as of the end of June, and some have been held in secret without access to lawyers or respect for their legal rights.

A summary of the report, based on interviews with former detainees and other sources, decried a “staggering” number of detainees—including men, women, children, journalists and human rights defenders—and said such practices raise concerns about arbitrary detention.

“The testimonies gathered by my office and other entities indicate a range of appalling acts, such as waterboarding and the release of dogs on detainees, amongst other acts, in flagrant violation of international human rights law and international humanitarian law,” said UN Human Rights Chief Volker Türk in a statement. Findings in the report, one of the most extensive of its kind, could be used by International Criminal Court prosecutors who are looking into crimes committed in connection with Hamas’ October 7 attacks and Israel’s blistering ongoing military campaign in Gaza.

In May, the ICC’s chief prosecutor sought arrest warrants for leaders of Israel and Hamas, including Israeli Prime Minister Benjamin Netanyahu over war crimes and crimes against humanity in the Gaza Strip and Israel.

Authors of the report said its content was shared with the Israeli government. There was no immediate comment from Israeli authorities.

“Detainees said they were held in cagelike facilities, stripped naked for prolonged periods, wearing only diapers. Their testimonies told of prolonged blindfolding, deprivation of food, sleep and water, and being subjected to electric shocks and being burnt with cigarettes,” a summary of the report said.

“Some detainees said dogs were released on them, and others said they were subjected to waterboarding, or that their hands were tied and they were suspended from the ceiling,” it added. “Some women and men also spoke of sexual and genderbased violence.”

The report said the Palestinian Authority, which administers parts of the Israelioccupied West Bank, had also “continued to carry out arbitrary detention and torture or other ill-treatment in the West Bank, reportedly principally to suppress criticism and political opposition.”

On Wednesday, an Israeli military court extended the detention of eight out of nine soldiers detained over what a defense lawyer said were allegations of sexual abuse of a Palestinian at Sde Teiman—a shadowy facility where Israel has held prisoners from Gaza during the war. The soldiers’ detention triggered angry protests by supporters demanding their release.

The war in Gaza erupted after Hamas surprise attack on southern Israel on October 7, killing some 1,200 people that day and taking 250 others hostage. Israel’s retaliatory operation has obliterated entire neighborhoods in Gaza and forced some 80 percent of the population to flee their homes. Over 39,000 Palestinians have been killed, according to Gaza’s Health Ministry that doesn’t distinguish between civilians and combatants in its count.

The Associated Press writer Jack Jeffery contributed to this report from Ramallah, West Bank.

The report also said detainees were taken from Gaza, Israel and the West Bank, and says Israel has not provided information regarding the fate or whereabouts of many, adding that the International Committee of the Red Cross has been denied access to facilities where they are held.

ISMAIL HANIYEH, leader of the Palestinian militant group Hamas, speaks to journalists after his meeting with Lebanese Parliament Speaker Nabih Berri, in Beirut, Lebanon on June 28,

Fed poised for first interest rate cut in 4 years as inflation steadily falls

By Christopher Rugaber The Ap Economics Writer

WASHINGTON—With the end of their two-year fight against inflation in sight, Federal Reserve officials are likely Wednesday to set the stage for the first cut to their key interest rate in four years, a major shift in policy that could eventually lower borrowing costs for US consumers and businesses.

Inflation has been falling steadily closer to the Fed’s 2 percent target for the past several months. And the job market has cooled, with the unemployment rate rising about a half-point this year to 4.1 percent. Fed officials have said that they are seeking to balance the need to keep rates high enough to control inflation without keeping them too high for too long and causing a recession.

2 percent inflation objective.” On Wednesday, the Fed could drop “modest” or alter it in some other way to underscore that additional progress on inflation has been achieved.

In the latest piece of good news on price increases, on Friday the government said that yearly inflation fell to 2.5 percent in July, according to the Fed’s preferred inflation measure. That is down from 2.6 percent the previous month and the lowest since February 2021, when inflation was just starting to accelerate.

“catch-up” inflation include car insurance, which soared more than 20 percent earlier this year from a year ago, as insurance companies have charged more to reflect the pandemic-era spike in new-car prices. Yet, even car insurance costs have started to rise more slowly.

Powell has long said the Fed was seeking “greater confidence” that inflation was falling back to the Fed’s 2 percent target. Earlier this month—even before the latest inflation readings—he said that recent inflation data does “ add somewhat to confidence “ that it is cooling.

“While I don’t believe we have reached our final destination, I do believe we are getting closer to the time when a cut in the policy rate is warranted,” Christopher Waller, a member of the Fed’s governing board, said earlier this month.

Financial market traders have priced in 100 percent odds that the central bank will reduce its benchmark rate at its Sept. 17-18 meet -

Rate cuts—as early as September—could help the Fed achieve a “soft landing,” in which high inflation is defeated without an economic downturn. Such an outcome might also affect this year’s presidential race, as Republicans have sought to tie Vice President Kamala Harris to the inflation spike of the past three years. Former President Donald Trump said the Fed shouldn’t cut rates before the election.

ing, according to futures markets, so Fed Chair Jerome Powell does not need to provide further guidance to markets Wednesday about the timing of a cut, economists say. Instead, Powell will have more opportunities in the coming months to illustrate how the Fed is thinking about inflation and interest rates, particularly in his speech in late August at the annual Fed conference in Jackson Hole, Wyoming. As a result, he may not provide much of a hint Wednesday regarding how quickly the Fed will

cut rates after it starts doing so. Economists expect relatively gradual cuts, unless there is evidence the job market is faltering, which would spur the Fed to move faster. Even so, the Fed could alter several parts of the statement it releases after each meeting to lay the groundwork for a cut in September.

In the statement it released after its June meeting, for example, Fed officials said, “In recent months, there has been modest further progress toward the (Fed’s)

Harris to be sole Democratic presidential candidate heading into official party vote

By Robert Yoon

The Associated Press

WASHINGTON—Vice President Kamala Harris is the only White House hopeful who has qualified to compete for the Democratic presidential nomination, the Democratic National Committee said in a statement on Tuesday. Although no other major Democrat had indicated any plans to challenge Harris, the DNC’s announcement officially clears the path for the vice president to seek her party’s nomination uncontested, just nine days after President Joe Biden dropped out of the race and created a vacancy at the top of the ticket.

Harris will now face a vote by the party’s national convention delegates, who will officially ratify the nominee in a new online voting procedure adopted by the party last week. Voting will begin Thursday and will conclude on August 5, the release said. Votes for anyone other than Harris will be tallied as “present.” According to an Associated Press survey, Harris was the overwhelming choice of convention delegates to replace Biden as the party’s standard-bearer and face Republican former President Donald Trump on the ballot in November.

Under party rules, a candidate qualifies to compete for the nomination by submitting a notarized declaration of candidacy, meeting

legal requirements to be president and securing the electronic signatures of at least 300 delegates, with no more than 50 signatures from any one delegation counting toward the 300 minimum. The DNC announced that 3,923 delegates had petitioned to nominate Harris.

Despite the early vote to select a nominee, delegates will still convene as planned in late August at the Democratic National Convention in Chicago. The party will convene a ceremonial state-bystate roll call vote on the convention floor, followed by acceptance speeches by Harris and her soonto-be-named running mate.

The release said automatic delegates, also known as superdelegates, will be allowed to vote on

the first ballot since rank-and-file delegates were overwhelmingly for Harris. Automatic delegates include Democratic members of Congress and party leadership, and were not pledged to support any candidate even before Biden dropped out.

After the 2016 primary, the DNC scaled back the role of automatic delegates so that in competitive primaries, they generally cannot vote in the first round of voting. However, automatic delegates may vote in the first round if a candidate “has been certified by the DNC Secretary” to have obtained a majority of pledged delegates.

AP writer Leah Askarinam contributed.

Carter Center unable to verify Venezuela presidential election results, blasts officials for lack of transparency

By Joshua Goodman, Gisela Salomon & Regina Garcia Cano

The Associated Press

CARACAS, Venezuela—The Carter Center said it was unable to verify the results of Venezuela’s presidential election, blaming authorities for a “complete lack of transparency” in declaring Nicolas Maduro the winner without providing any individual polling tallies. The statement Tuesday night by the Atlanta-based group is perhaps the harshest rebuke yet of Venezuela’s chaotic election process because it comes from one of just a handful of outside groups invited by the Maduro government to observe the vote.

“The electoral authority’s failure to announce disaggregated results by polling station constitutes a serious breach of electoral principles,” the Carter Center said. The group, which had a technical mission

of 17 experts spread out in four cities across Venezuela, added that the election did not meet international standards and “cannot be considered democratic.”

The Carter Center’s harsh criticism capped a second long day of protests against the results by opponents of Maduro who said their candidate, Edmundo Gonzalez, trounced the incumbent by a more than two-to-one margin. Maduro’s government hasn’t taken lightly to the criticism and ratcheted up their attacks on their opponents Tuesday, with some allies suggesting the opposition’s most influential leader and a presidential candidate be arrested.

A day after Maduro was declared the winner by a National Electoral Council that is loyal to him and the ruling party, the attacks, which were aired on national television, followed the opposition’s surprise release of detailed voting data that it said shows that Edmundo González won by a landslide. The electoral council has not released any

results from the polling center level, which come from tally sheets that the more than 30,000 electronic voting machines print after polls close. It is not obligated to do so, but in previous elections it has posted the figures online within hours.

United States President Joe Biden and Brazilian President Luiz Inácio Lula da Silva spoke by phone and agreed that Venezuela must release the data, saying the election’s outcome “represents a critical moment for democracy in the hemisphere,” according to a White House summary of the call.

Biden and Lula “agreed on the need for immediate release of full, transparent, and detailed voting data at the polling station level by the Venezuelan electoral authorities,” it said.

Venezuela has the world’s largest proven crude reserves and once boasted Latin America’s most advanced economy, but it entered into free fall after Maduro took the helm in 2013. Plummeting oil prices, widespread

shortages and hyperinflation that soared past 130,000 percent led to social unrest and mass emigration.

More than 7.7 million Venezuelans have left the country since 2014, the largest exodus in Latin America’s recent history.

As both sides defended their claim to victory, thousands of their supporters took to the streets of the capital, Caracas.

A huge crowd of opposition supporters gathered outside the United Nations’ offices. Opposition powerhouse Maria Corina Machado, standing atop a truck, called on the National Electoral Council to release the tally sheets, saying, “Why don’t they publish them?” Machado said the main opposition coalition has obtained more than 84 percent of the tally sheets, which show González garnered more than twice as many votes as Maduro.

The Associated Press writer Nancy Benac in Washington contributed to this report. Salomon reported from Miami.

One encouraging sign for the Fed is that rental prices, a key driver of broader inflation, have started to noticeably cool, as new apartment buildings have been completed in many large cities.

Rental inflation was a leading example of what economists call “catch-up” inflation, in which prices were still rising this year because of distortions from the pandemic economy. Many Americans sought more living space or moved out on their own during Covid, pushing up the cost of rents and homes.

The government’s rental inflation measures have been rising faster than usual, well into this year, to reflect those increases. This even as rapid apartment building has slowed cost increases for new leases. Other examples of

Powell and other Fed officials have also worried that strong job growth and rapidly rising paychecks would potentially fuel inflation, as some companies would likely raise prices to offset the higher labor costs. But hiring and wage growth have slowed in recent months, and Powell this month acknowledged the job market is “not a source of broad inflationary pressures for the economy.”

On Friday, the government will release a quarterly measure of wage growth, which is likely to show that paychecks, while still growing at a healthy pace, are not growing as fast as a year ago, adding to evidence that inflationary pressures have eased.

Pinay White House executive chef retires after nearly 30 years, 1st woman and 1st person of color to have the job

By Colleen Long & Darlene Superville The Associated Press

WASHINGTON—The White House’s executive chef has retired after nearly three decades of making meals and cooking up state

Comerford, 61, sharpened her culinary skills while working at hotels in Chicago and restaurants in Washington before the White House brought her on in 1995 as an assistant chef.

A naturalized US citizen and a native of the Philippines, she was named executive chef in 2005. Her responsibilities as executive

chef included designing and executing menus for state dinners, social events, holiday functions, receptions and official luncheons. She and pastry chef Susie Morrison— also the first woman in that job—formed a duo that has tantalized the taste buds of guests at 1600 Pennsylvania Avenue with their culinary creations for nearly a decade.

AN American flag flies over the Federal Reserve building on May 4, 2021, in Washington. With the end of their two-year fight against inflation in sight, Federal Reserve officials on Wednesday, July 31, 2024, are likely to set the stage for the first cut to their key interest rate in four years. AP/PATRICK SEMANSKY

WHITE House executive chef Cris Comerford holds dishes as she speaks during a media preview for the State Dinner with President Joe Biden and French President Emmanuel Macron in the State Dining Room of the White House in Washington, Nov. 30, 2022. Comerford has retired after nearly three decades of making meals and cooking up state dinners for five different presidents and their families.

Kadiwa stores to sell cheaper well-milled rice

TBy Ada Pelonia @adapelonia

he Department of Agriculture (DA) is set to launch a program that will allow local consumers to purchase cheaper well-milled rice at selected Kadiwa sites.

Dubbed the Rice-for-All program, which will be launched in four Kadiwa stores, the DA said the public could buy well-milled rice at P45 per kilogram (kg). e ach customer will be limited to 25 kilos per day. The DA said the rice supply for the program would be sourced from importers and local traders.

“Rice under the Rice-for-All program will initially be sold at P45 a kilo. It will be adjusted depending on the movement of rice prices but it will definitely be lower than retail prices in

general,” Agriculture Secretary Francisco P. Tiu Laurel Jr. said in a statement.

The well-milled rice will be sold in Kadiwa outlets in FTI in Taguig City, the Bureau of Plant Industry in Manila, Potrero in Malabon, and Caloocan City.

Agriculture Assistant Secretary Arnel de Mesa said the program seeks to help more Filipino consumers cope with the impact of high food prices, which put pressure on inflation and consequently interest rates.

“The main objective of the Rice-

for-All program is to have cheaper rice available. These are one of the many steps of the government to reduce the prices of basic commodities and eventually ease the pressure on inflation,” De Mesa told reporters partly in Filipino

in a press briefing on Wednesday. Apart from the P45 well-milled rice, De Mesa said premium rice would also be sold at the Kadiwa sites at P52 pesos per kilo.

To limit the purchase of buyers to 25 kilos, the DA will require

Manila lifts import ban on Japanese poultry products

The Department of Agriculture (DA) has lifted the temporary ban it slapped on poultry products from Japan.

Agriculture Secretary Francisco P. Tiu Laurel Jr. issued Memorandum Order (MO) 31, which lifted the suspension of imports of domestic and wild birds along with their products including poultry meat, day-old chicks, eggs and semen from the e ast Asian nation.

The MO rescinded the temporary import ban imposed in mid-January of this year due to a confirmed outbreak of h igh Pathogenicity Avian Influenza ( h PAI) or bird flu in Kashima City, Saga Prefecture.

According to MO 31, Japan had

reported to the World Organization for Animal h ealth (WOA h ) that earlier cases of the h PAI had been resolved and that no additional cases had been reported since June 2.

The DA noted that Japan first reported cases of the h 5N1 subtype of the bird flu virus on November 8, 2023. It added that h 5N1 could spread rapidly among the bird population, including poultry that is a multibillion-peso industry in the Philippines.

“Based on the evaluation of the DA, the risk of contamination from importing live poultry, poultry meat, day-old chicks, eggs and semen is negligible,” MO 31 read. Meanwhile, various govern -

ment agencies, the academe, and the private sector are currently crafting a program that aims to prevent outbreaks of salmonella linked to poultry.

The DA earlier issued Special Order (SO) 1023 which mandated the creation of a technical working group (TWG) that will come up with a national poultry salmonella prevention and control program.

The department took its cue from Republic Act (RA) 10611 or the “Food Safety Act of 2013” and RA 8485 or the “Animal Welfare Act of 1998” as amended by RA 10631.

Laurel signed SO 1023 which indicated that the TWG will be composed of DA agencies, pro -

fessional organizations, state university and colleges (SUCs), poultry stakeholders, local government units (LGUs), and development partners.

“The TWG shall discuss relevant issues and concerns on the SPCP [salmonella prevention and control program] and Salmonella in the poultry sector as it relates to food safety and animal health and recommend measures to address this,” SO 1023 read.

Among the tasks of the TWG are drafting and designing a poultry salmonella control program, reviewing the current issuances concerning salmonella, and conducting lectures and seminars on salmonella. Ada Pelonia

Sultan Kudarat planters get farm equipment from DAR

The Department of Agrarian Reform (DAR) recently turned over farm equipment to a farmers’ organization in Malingon, President Quirino in Sultan Kudarat province.

The beneficiaries are members of the Saranay Association of Malingon Farmers Association (FA) who received a unit of traveling rice Mill and floating tiller worth P250,000.00 and P50,000.00, respectively.

The project is funded under the Sustainable Livelihood Support Project under Climate Resilient

Farm Productivity Support Project (CRFPSP) which ims to enhance and sustain the agricultural productivity of agrarian reform communities as an adaptation measure toward climate change resiliency.

Pepito Bañez Jr., President of the Saranay Association of Malungon FA vowed to use the equipment and operate them collectively as a group.

DAR Provincial Agrarian Reform Program Officer I Marhlie Pasal said the equipment would help alleviate poverty among beneficiaries. h e added that part

of the government’s intervention is the intensification of farm machinery and equipment, which is one of the technological changes that the country has to undergo to attain farm self-sufficiency.

“Congratulations to our ARBO and we hope that the awarded farm equipment will be effectively utilized, leading to an increase in your income,” Pasal said.

Chief Agrarian Reform Program Officer Rhea Marie Betque stressed that the DAR initiated this project to help them increase their farm productivity while rais -

ing awareness of the effects of climate change.

“We hope that this farm machinery will serve its purpose given the current impact of climate change. Work together as one organization to fully ensure the sustainability of these farm equipment.”

The DAR would also turnover farm equipment under CRFPSP to selected ARBOs in the municipalities of Lambayong and Lutayan, all in this province on August 5, 2024, and August 22, 2024, respectively.

Jonathan L. Mayuga

Impossible Burger clears first food safety hurdle in Europe

IMPOSSIBL e Foods Inc. has made it past the first hurdle in a protracted process to sell its plant-based burger in the e uropean Union, the world’s biggest alternative-meat market.

The e uropean Food Safety Authority ( e FSA) has ruled that soy leghemoglobin, an additive in the Impossible Burger known as “heme,” doesn’t raise safety concerns at the proposed use and level of use, according to a filing. The ingredient helps the burger taste and smell like meat and is derived from a genetically modified yeast strain Komagataella phaffii, formerly named Pichia pastoris.

The decision by the e U’s foodsafety watchdog marks a first milestone for Impossible Foods in e urope, where it’s been seeking regulatory approval to sell its burger since late 2019. e urope is

the largest market for plant-based meat and seafood alternatives with consumers more receptive than their US counterparts. The food-safety opinion remains provisional subject to an ongoing safety assessment by a panel that studies genetically modified foods, the e FSA said.

The company’s application, filed in 2019, is currently under a “clock stop,” meaning that it needs to supply additional information to complete the evaluation, according to the e FSA.

A spokesperson for Redwood City, California-based Impossible, did not respond to requests for comment.

Impossible began selling its faux chicken nuggets and sausages in the UK in 2022, making those products without heme. The UK, which left the e U in

2020, continues to largely follow the same regulatory framework as the bloc.

Authorities in the US, Canada, Australia, New Zealand and Singapore have ruled heme is safe for human consumption, or it raised no public health and safety concerns. however, the e uropean Commission has some of the most extensive food safety requirements, according to Katia Merten-Lentz, partner at Food Law Science & Partners in Brussels.

Still the e FSA ruling on ‘heme’ represents “a great sign that the e uropean market remains accessible for any food business operator eager to properly comply with the e C requirements,” she said.

Danone sales

Danone SA said health-conscious shoppers are driving

demand for its products as the company sidesteps the cost-ofliving pressure on consumer sentiment that’s afflicting its rivals.

The French yogurt maker’s comparable sales increased 4 percent in the second quarter, compared with 3.8 percent expected by analysts. Almost three-quarters of that came from greater volumes and consumers switching to more expensive formats, rather than price increases.

The shares rose as much as 4.8 percent in morning trading in Paris, and they’re up 11 percent over the past 12 months.

Danone bucked a trend set by rivals Nestle SA, PepsiCo Inc. and Unilever Plc, which missed revenue estimates for the quarter on weak consumer demand in some countries, including the US

them to register at the Kadiwa sites.

Meanwhile, De Mesa said the P29 Rice Program will be extended to two more areas—Sto. Rosa City in Laguna and Antipolo City in Rizal—increasing the network

covered by the program to 17 sites.

“Both the P29 Rice and Ricefor-All programs are designed to make this essential staple more accessible and affordable for every Filipino.”

The latest price monitoring report of the DA indicated that the prevailing retail price of local well-milled rice and premium rice in Metro Manila markets averaged P50 per kilo and P55 per kilo, respectively.

Laurel said the government is banking on Kadiwa stores to reduce food prices and temper inflation.

“[Kadiwa] ang pinaka epektibong paraan para ma-stabilize yung presyo at mabigyan ng mas murang bilihin,” Laurel said in a radio interview ahead of President Ferdinand Marcos Jr.’s State of the Nation Address last July 22. The agri chief said the government is planning to build at least one Kadiwa store per municipality. Through Kadiwa stores, he said farmers could directly sell their agricultural products to the public.

Rise in bird flu cases in Asia Pacific alarms experts

The Food and Agriculture Organization of the United Nations (FAO) is calling for urgent regional efforts to combat a rise in avian influenza cases across the Asia-Pacific region.

The appeal follows a consultation of regional experts in Bangkok, supported by the United States Agency for International Development and the Centers for Disease Control and Prevention.

FAO said recent developments are “alarming.” After a prolonged period of minimal human infection, 13 new human cases have been reported in Cambodia, with additional cases in China and Vietnam since late 2023.

The situation is further complicated by the emergence of a new variant of avian influenza, presenting new challenges for scientists, public health authorities, clinicians and communities alike.

Globally, the highly pathogenic avian influenza h 5N1 virus has spread more widely geographically than ever before, reaching as far as South America and Antarctica. It has also begun infecting new wild and domestic animals, including scavenger species, marine mammals, carnivorous domestic pets, mammals farmed for fur and recently, farmed ruminants such as dairy cattle.

While the Greater Mekong Subregion, Indonesia and the Philippines are facing heightened scrutiny due to their diverse ecological landscapes and limited biosecurity measures, other regions also remain at risk. Notably, Thailand and Myanmar have not reported outbreaks in years. India, Nepal and Bangladesh are currently battling avian

influenza outbreaks.

“The recent surge in avian influenza outbreaks is deeply concerning,” stated Kachen Wongsathapornchai, Regional Manager of FAO e mergency Centre for Transboundary Animal Diseases.

“Since late 2023, we have observed a rise in human cases and the virus spreading to new animal species. The emergence of novel A/ h 5N1 strains, which are more easily transmissible, increases the pandemic threat. Immediate, coordinated preventive measures are essential.”

FAO said there is a need for a unified response, saying member nations must work together to implement comprehensive surveillance systems, including full genome sequencing, to track the novel virus’s spread and evolution.

“Building capacity for rapid diagnostics and bioinformatics is crucial for analyzing virus data. e nhanced cross-sectoral data sharing is vital for a holistic approach to disease management.”

Governments, international organizations and the private sector must collaborate and share information transparently and in a timely manner to devise effective containment strategies. Strengthening biosafety and biosecurity measures in the poultry industry is imperative, including vaccination strategies and promoting good farming practices.

Creating awareness in health providers and the public is essential to reducing the risk of transmission from sick or dead poultry to humans and ensuring that people with symptoms receive timely treatment.

and China.

“People choose mineral water over a sugary drink,” Juergen e sser, Deputy Chief e xecutive Officer in charge of finance, said in an interview, noting that products like high-protein yogurts, vitamin water and hospital nutrition are seeing higher growth as shoppers ditch high-sugar, ultra-processed food and drinks.

“After Covid, people became more and more health-conscious,”

e sser said. “This is not a shortterm dynamic,” he said, and the shift could help explain the pressure on products like confectionery and chips sold by rivals. Danone reaffirmed its likefor-like sales growth guidance of between 3 percent and 5 percent for the year, with a moderate improvement in operating margin. The quarterly growth rate was the lowest since 2021 as price

Coins Deposit Machines drive coin recirculation and financial inclusion

The introduction of Coins Deposit Machines (CoDMs) by the Bangko Sentral ng Pilipinas (BSP) has marked a significant milestone in the campaign to improve currency circulation in the country. Since June 20, 2023, these machines have amassed a staggering P831.774 million in coins by July 15, 2024. (Read the BusinessMirror story: “BSP coin deposit units’ collection at P831.77M,” July 31, 2024).

The impact of CoDMs extends beyond these collection figures. With 223.021 million pieces of coins deposited across 25 machines in Metro Manila, these devices have not only streamlined the process of coin recirculation but have also instilled a sense of fiscal responsibility among citizens.

The key benefits of the CoDM program are threefold. First, by encouraging the public to deposit their idle coins into the machines, the BSP is able to improve the recirculation of coins in the economy. This is crucial, as the lack of coin supply has long been a challenge, forcing the government to continually produce more coins at significant cost. By tapping into the large stock of coins held by households and businesses, the CoDMs help reduce the need for costly new coin production, ultimately saving taxpayer money.

Secondly, the CoDM program promotes greater financial responsibility and awareness among Filipinos. The ease with which people can now deposit their coins, and the option to convert them into e-wallet credits or shopping vouchers, incentivizes citizens to be more mindful of their small change. This can foster a culture of saving and responsible money management, which is essential for building financial resilience at the individual and household level.

Finally, the strategic placement of CoDMs in malls and commercial centers has the potential to drive economic activity and financial inclusion. By allowing depositors to instantly convert their coins into digital or voucher forms, the program enables them to easily participate in the formal financial system and engage in electronic transactions. This, in turn, can help integrate the unbanked and underbanked segments of the population into the mainstream economy, unlocking new opportunities for economic growth and development.

The partnership between BSP and mall operators underscores a collaborative effort to enhance financial literacy and commercial activity. The conversion of deposited coins into e-wallet credit and shopping vouchers not only incentivizes individuals to utilize their coins but also stimulates consumer spending, thereby driving economic growth.

The success of the CoDM initiative is evident in its expansion plans to reach areas beyond the Greater Manila Area. With the intention to double the number of machines, BSP aims to extend the benefits of CoDMs to a wider demographic, further amplifying its positive impact on currency circulation and financial inclusivity.

As we witness the transformative potential of CoDMs in revolutionizing the way we engage with coins, it is essential to recognize the multifaceted benefits that this initiative brings. From cost-saving measures for taxpayers to fostering a culture of coin appreciation and financial responsibility, CoDMs exemplify innovation in currency management that resonates with the evolving needs of a modern society.

As the BSP moves to expand the network of CoDMs to reach more Filipinos in the regions, it is crucial that the program’s momentum is maintained and its benefits are widely shared. By promoting coin recirculation, financial responsibility and inclusion, the CoDMs have the potential to contribute to a more efficient, equitable, and prosperous Philippine economy.

Why we suck at stock investing

RJohn Mangun

OUTSIDE THE BOX

aTheR than devoting time and effort searching for that special book or website, you can have a “Master Class” on the financial and asset markets of the 21st century by a weekend binge watching the television series “Billions.”

The curtain is lifted on what happens in the markets and how the successful traders make money in all the visible and under the tables methods traders employ. Many of the characters are based on actual individuals.

But there is no question in my mind that there is an unseen consultant that provided the insights that no one has dramatized before. “Wall Street,” “The Wolf of Wall Street,” and several others show an aspect or two, but nothing ever came close to the truth as “Billions” has done.

We read almost daily about foreign money buying or selling shares on the PSE but who are these “funds”?

There are two general types of funds. Public Investment Funds, more commonly known as “Mutual Funds,” raise money from the public in small amounts. Every local bank has several mutual funds offering an opportunity to have your money managed by professionals. However,

C817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news.businessmirror@gmail.com www.news.businessmirror@gmail.com

both the short- and long-term performance is gloomy.

Without mentioning any names, one major bank’s premier local equity fund has posted as of July 25, 2024, a return of positive 2.58 percent yearto-date. That is better than keeping your cash in a plastic bag under the bed. But you might say, “I am a long term investor.” This fund’s one-year annualized return is negative 0.69 percent, the three-year return is a positive 1.13 percent, five-year is negative 4.90 percent, and the 10year return per year is negative 3.22 percent.

Some of the banks and insurance companies have a better track record; some are worse. However, there is an inherent bias to the trading that limits your gain. Mutual fund managers are expected to, at the worst, perform in line with the performance of the overall market. Bonuses are paid for over-performance. But underperform the broad market indexes and you may find yourself looking for a

hina’S factory activity contracted for a third straight month in July, leaving the economy on a weak trajectory that’s frustrating Beijing’s efforts to sustain faster growth.

The official manufacturing purchasing managers’ index hit 49.4, the National Bureau of Statistics said Wednesday. The number matched economist forecasts and was slightly worse than June’s reading of 49.5. The gauge has stayed below the 50mark separating growth from contraction for all but three months since April 2023.

The non-manufacturing measure of activity in construction and services fell to 50.2, the statistics office said, below a median forecast of 50.3 and suggesting a slowdown in expansion from June.

“The PMIs contribute to evidence of weak growth in China. Domestic consumption is weak whereas the exports are also facing headwinds from external markets,” said Woei Chen Ho, an economist at United Overseas Bank Ltd.

Chinese stocks opened weak and traded within a narrow range after

the data was released, but they edged higher to gain as much as 0.8 percent.

“China’s weak July PMIs signal a poor start to the third quarter that is likely to weigh on GDP growth—a worrying development given the undershoot in 2Q. The manufacturing sector contracted for a third straight month. The non-manufacturing gauge inched lower, but stayed in growth territory—largely due to construction activity that is being supported by government measures. The service sector, which has a heavy concentration of private firms, stalled,” said Bloomberg economists Chang Shu and David Qu.

In a statement accompanying the data, NBS analyst Zhao Qinghe said manufacturing activity decreased because July is typically an off-season for production and there were “insufficient market demand and extreme weather such as high temperature and floods in some localities.”

call center job. Making profits for investors is good. Keeping your job is better even if there are no bonuses at the end of the year.

Bobby Axelrod and his private investment firm fund Axe Capital take multi-million investments only from the ultra-rich, well-endowed universities, equally rich pension funds, and other financial institutions.

Axelrod and his team have only one goal: to make as much money as possible. This is because the private investment funds make their money from profit sharing with their clients. Ego does not matter. Only the number of zeros at the end of your bank account balance is what counts.

But do you need to be able to be involved in all the shenanigans of Axe Capital to make money in the stock market? Decidedly no. However, even with professional management, the Average Equity Fund Investor experienced returns of 21 percent compared with the S&P 500 return of 27 percent in 2023.

As an individual investor you make your own decisions. Studies across nations as well as time show that on average your performance against the indexes will be 1.5 percent to 3 percent lower.

So why do we suck at stock market investing? Dalbar Inc. is a leading financial services market research firm started in 1976. Each year since 1994, they have published QAIB (Quantitative Analysis of Investor Behavior) study showing that the average investor earns less—in many

China’s economy has performed unevenly this year, with manufacturing at times a bright spot while consumption has been weighed down by a prolonged real estate crisis.

The Communist Party’s 24-man Politburo vowed to make boosting consumer spending a greater policy focus in a meeting Tuesday. But the broad pledges were met with skepticism in the market, with economists calling for more specific policies.

“The Politburo meeting yesterday did not signal a significant change of policy stance in second half of the year. Without a meaningful change of fiscal policy stance, the growth outlook largely depends on how long the

cases much less—than mutual fund performance reports would suggest. Yet when studies are made regarding both public and private equity fund performance—and by extension retail investor personal performance—the conclusions are too similar to be coincidental. The first is that “Diversification Is A Myth.” “Asset classes tend to become more correlated during market corrections, somewhat muting the benefits of diversification and necessitating a downside protection strategy that goes beyond traditional diversification.” All boats sink in the typhoon. Get out. Stay dry.

Note this: Poor Recommendations Not A Problem. “No evidence has been found to link predictably poor investment recommendations to average investor underperformance. Analysis of the underperformance shows that investor behavior is the number one cause.”

And what is that behavior? How you trade is exponentially more critical than what you trade. You have heard this all before, probably many times. “Unfortunately, some investors get caught up in market moves, chasing gains as markets peak, bailing out as markets bottom and missing rebounds.” We suck because we get in too late, get out too late, and fight the market refusing to follow the trend.

E-mail me at mangun@gmail.com. Follow me on Twitter @mangunonmarkets. PSE stock-market information and technical analysis

strong export growth can continue,” said Zhiwei Zhang, president and chief economist at Pinpoint Asset Management.

China’s trade surplus hit a record high last month as exports surged and imports unexpectedly declined. The growing imbalance has spooked China’s trade partners.

The US and European Union— two of China’s biggest export markets—accuse Beijing of building excess capacity in its industries through state subsidies. They’re erecting new trade barriers that will hold back sales of key products like electric vehicles, and threatening even more. Chinese officials, however, argue China’s manufacturing capacity is helping the world fight climate change and contain inflation.

“For decades, China has been a force of disinflation for the world through its supply of manufactured products with good value for money,” Vice Finance Minister Liao

Ambassador Antonio L. Cabangon

Japan’s industrial output falls, clouding recovery outlook

By Yoshiaki Nohara

Japan’s factory output dropped in June, adding to signs that the economy is struggling to recover from a contraction earlier in the year.

Industrial production declined 3.6 percent from May led by automakers and production machinery makers, the Industry Ministry reported on Wednesday. That compared with the consensus estimate of a 4.5 percent drop. Output fell 7.3 ercent from a year ago, but gained 2.9 percent in the three months through June from the previous period, suggesting it provided some support to the economy last quarter.

Separately, retail sales rose 0.6 percent in June from May, while they gained 3.7 percent from a year ago.

The production of cars and auto parts drove the reading lower as an ongoing scandal involving Japan’s large carmakers such as Toyota Motor Corp. continues to disrupt output. Toyota is extending its suspension of production of three models, following a government probe into its faulty vehicle certifications. Still, solid exports signal that global demand remains relatively strong, offering some support for Japan’s production.

“The impact of the auto scandal drove down production in June, which I think is a temporary factor,” said Toru Suehiro, chief economist at Daiwa Securities Co. “Given production rose on a quarterly basis, output will contribute to GDP positively. But at the same time I’m not expecting production to gain a lot of momentum from here.”

The lackluster output result dims the outlook that the economy will stage a recovery in the three months through June, with consumption also remaining weak. Analysts expect the economy to rebound moderately in the second quarter after

contracting in the first three months of this year.

“The slump in Japan’s industrial production in June—likely due to a factory stoppage by a major carmaker —could put a dent in second-quarter GDP. The economy, which has been recovering from a plunge in 1Q, could be stalled by a decline in auto exports and private purchases of cars due to widening safety scandal in Japan’s auto sector,” said Bloomberg economist Taro Kimura.

Retail sales are likely to have been inflated by ongoing price hikes, and a question remains over whether wage gains will help consumers accept inflation. Still, department store sales jumped 13.5 percent from the previous year, with operators benefiting from increased spending by wealthier shoppers despite the inflationary environment, while others look for lower prices for their daily necessities.

Wednesday’s data come as the Bank of Japan concludes its two-day policy meeting later in the day. Analysts are split over whether the BOJ will raise interest rates this time or opt to wait for more economic data to see if demand driven inflation is taking root in Japan.

BOJ officials see weakness in consumer spending complicating their decision over whether to raise interest rates, according to people familiar with the matter.

“We are likely to see the economy return to expansion in the second quarter after poor results in the previous period,” said Daiwa’s Suehiro.

“Given that, if the BOJ raises interest rates today, it won’t be criticized immediately about such a move.” Bloomberg

IMF support helps Ethiopia unlock $16.6 billion from World

TBy Fasika Tadesse

HE World Bank pledged $16.6 billion of funding to Ethiopia over three years, providing a fillip to eastern Africa’s biggest economy as it restructures its debt and opens up the nation to foreign investors.

The International Development Association’s assistance includes a $1 billion grant and a $500 million concessional loan to help the Horn of Africa nation strengthen its financial sector and improve fiscal transparency, according to a World Bank statement on Tuesday. The announcement came hours after the International Monetary Fund agreed to a $3.4 billion bailout package.

“The World Bank is committed to supporting Ethiopia’s aspiration of becoming a middle-income country,” the lender said. “Subject to the board’s approval of new operations and availability of IDA resources, this implies a total financial package of over $16.6 billion in undisbursed and future commitments available over the next three years.”

Prime Minister Abiy Ahmed has initiated a swathe of economic reforms since coming to power in 2018 to open up Ethiopia’s $164 billion economy that’s been ravaged by wars and weather-related calamities for decades. Africa’s most-populated nation after Nigeria has about $28.4 billion of external debt and has been seeking to restructure its loans since 2021.

“Addressing the distortions cre -

Kamala Harris pledges to sign border bill that Donald Trump opposed

By Jenny Leonard & Josh Wingrove

Vice president Kamala harris pledged to find bipartisan agreement on the Us-Mexico border at a rally in Georgia, seeking to blunt a line of attack from her rival Donald Trump and address one of her campaign’s biggest political liabilities.

“As president, I will bring back the border security bill that Donald Trump killed and I will sign it into law and show Donald Trump what real leadership looks like,” Harris said in Atlanta on Tuesday, referring to a bipartisan immigration deal that fell apart earlier this year after the Republican nominee urged his party to pull their support, denying President Joe Biden a political victory.

Trump has repeatedly attacked Harris for what he calls “weak” border security stances and mocked her as the “border czar” referring to her work on solving the root causes of immigration during the early years of the Biden administration.

Harris’ first rally in the battleground state of Georgia since becoming the presumptive Democratic nominee highlighted how her campaign is expanding the electoral map, competing in states the party largely wrote off when Biden was atop their ticket.

It also demonstrates how the campaign is reacting to attacks from Republicans on an issue, the border, that polls show voters are more likely to trust Trump to handle than the vice president. Voters have

pegged the surge in migrants across the southwest border as one of the defining issues of the 2024 election.

“She owns every single one of the Biden administration’s failure over the last four years,” said Trump’s running mate Senator JD Vance of Ohio at a rally in Reno, Nevada, Tuesday. “She unleashed the worst border crisis in American history on her watch.”

Harris’ campaign believes her popularity among key voting groups—including women, younger voters and people of color—is putting more states in play, according to people familiar with their thinking. Harris has seen a wave of enthusiasm from Democratic voters and lined up support from party heavyweights and donors since entering the race for president—a little over a week ago.

The excitement among the roughly 10,000 supporters gathered in the arena was on display. Rapper Quavo introduced her and musician Megan Thee Stallion performed in a blue suit and a crop top, floating a new slogan “Hotties for Harris,” which gained traction on social media. The state’s Democratic senators, Jon Ossoff and Raphael Warnock, also made

appearances.

Turning out Black voters in cities like Atlanta will be key to Democratic hopes of holding the White House.

Biden narrowly carried Georgia in 2020 but polls showed his support among Black voters and young voters who helped drive him to victory had weakened. That unpopularity, also fueled by broad voter discontent with his handling of the economy, largely confined Biden to a narrow path to victory dependent on holding a trio of key Great Lakes states.

The vice president is shifting that dynamic, targeting not only the socalled Blue Wall of Michigan, Wisconsin and Pennsylvania but also vying for Sun Belt states Georgia, Arizona and Nevada.

Polling boost

POLLS have shown Harris narrowing the gap with Trump. A Bloomberg News/Morning Consult survey

conducted from July 24 to 28 found Harris erasing Trump’s lead among voters in seven battleground states likely to determine the election. Harris is backed by 48 percent of voters to 47 percent for Trump, an edge within the margin of error. In Georgia, the two are tied with 47 percent support each, with 51 percent of voters in the state saying they are more likely to vote now that Biden is not seeking reelection. Both Trump and Harris’ campaigns have indicated they see Georgia in play. Tuesday’s rally marks the 15th time Harris has been to the Peach State—which is home to 24 campaign offices. Trump and Vance are holding a rally in Atlanta on Saturday. The Republican nominee and his allied super political action committee have booked $14.7 million in advertising in Georgia through the end of August, according to AdImpact. That’s almost triple the $4.9 million that Future Forward PAC, which backs Harris, is set to spend. Harris’ campaign on Tuesday launched a $50 million ad campaign in battleground states touting her background as a prosecutor. The announcement did not specify how much would be spent in Georgia. Harris is also expected to announce her pick for vice president in the coming days, ahead of an Aug. 7 roll call vote to officially nominate the Democratic ticket. With assistance from Eliyahu Kamisher/ Bloomberg

Malaysia’s biggest state carves out gas assets in autonomy push

By Ram Anand

Malaysia’s biggest state, sarawak, is set to take control of its natural gas assets from federal government-run companies, as its campaign for economic autonomy bears fruit in the southeast asian country’s fragile political landscape.

The Borneo island state’s oil firm, Petroleum Sarawak Bhd., last week signed its first gas sale agreements. It is effectively starting a take-over of the gas distribution network in Sarawak that’s controlled by Malaysian oil giant Petroliam Nasional Bhd.

Bank

ated by Ethiopia’s deep structural imbalances will take time and a challenging transition period,” Jacques Nel, an economist at at Oxford Economics Africa, said in an report on Tuesday. “That said, the front-loaded loan facility and accompanying debt-service restructuring will mitigate the spillover effects of the comprehensive reform exercise.”

The government needed an IMF program in place before it could resume debt-restructuring talks under the Group of 20-backed Common Framework.

Official creditors have committed to restructure loans to Ethiopia in a way that’s consistent with the IMF’s program. In Africa, Ghana and Zambia have also signed up to overhaul their debt using the G20 mechanism.

The support for Ethiopia from the Washington-based lenders came after the central bank freed trading in the nation’s currency— the birr. The step echoed a similar measure by Egypt in March, when it allowed its currency to weaken almost 40 percent, enabling an $8 billion IMF bailout. Ethiopia, which defaulted on its eurobond payment in December, is emerging from a two-year civil war in the northern Tigray region that ended in November 2022. It has since pledged to allow foreign banks to acquire local lenders and proposes to open a stock exchange soon. Bloomberg

Petronas, which answers only to the prime minister, is asking for more time before it cedes full control. It wants to finalize gas supply agreements with Sarawak first to keep its liquefied natural gas complex running in the state—one of the biggest in the world at 30 million metric tons a year.

“We said we respect their concern because we have equity in the LNG plants,” Sarawak Premier Abang Johari Openg was cited as saying by the News Straits Times newspaper this week. “The discussions must be finalized by October 1, otherwise, we will go ahead with the arrangement.”

The state has long demanded for higher oil and gas royalties from Petronas, the custodian of Malay-

sia’s energy reserves, only to be rebuffed or given small increments at best. The renewed push for autonomy began after the November 2022 elections since Prime Minister Anwar Ibrahim now depends on the backing of Abang Johari and the Sarawak-based parties he leads to keep a government coalition intact.

The Prime Minister’s Office and the Sarawak Premier’s Office didn’t respond to Bloomberg requests for comment.

Petronas, whose sole shareholder is the federal government, now has to make concessions. It will soon cede control of the gas distribution network in Sarawak for the first time in its history, and analysts say it could lead to more negotiations with the state over revenue sharing, operational control and regulatory oversight.

“The relationship with Petronas might become more complex,” said Awang Azman Awang Pawi, an associate professor at Universiti of Malaya, who is from Sarawak. “It might create tension, but both parties

might seek a cooperative framework to avoid disrupting the industry.”

The impact on earnings for Petronas, a major source of revenue to the Malaysian government, is uncertain.

RHB Research said in a July 22 note that the oil firm could lose some earning power given the gas segment accounts for about 38 percent of Petronas’ headline profit last year.

Petronas said it was in discussions to achieve a mutual resolution on the gas distribution in Sarawak.

The firm told Bloomberg in a statement that it “will continue to be a strategic partner to Sarawak to preserve a thriving and conducive investment climate in Malaysia.”

Full circle

A LOT is at stake for Sarawak, which is almost as big as mainland Malaysia and has oil and gas fields in the disputed South China Sea. Abang

Johari had forecast the value of Sarawak’s energy sector will surpass 60 billion ringgit ($13 billion) by the end of the decade, up from the 10 billion ringgit it currently collects just in royalties from Petronas, according to a report.

By next year, Sarawak will become the owner-operator of the port where the Petronas LNG complex sits, once the Malaysian parliament passes legislation to dissolve the federal government-owned Bintulu Port Authority. The state is not just betting on oil and gas, it is also going to build two hydrogen plants at the same port.

If the takeover goes through, Sarawak will have come full circle. It joined Malaysia in 1963 under an agreement that allowed it to selfgovern and manage its resources. However this wasn’t the case until the 2022 elections gave an opening to Abang Johari, a politician who had a role in every Sarawak administration since 1982.

While Abang Johari is an influential voice in national politics, he is flexing his influence when it comes to balance of power at the federal level. Sarawak and Sabah are now pushing to increase the allocation of 222 national parliament seats for Borneo states to 35 percent from 25 percent currently. Malaysia has 13 states. Bloomberg

France’s muted price pickup offers ECB mixed signals

By William Horobin

French inflation accelerated less than expected in July, offering mixed evidence for european central Bank officials amid stronger pressures in Germany.

Consumer prices in the euro area’s second-largest economy rose 2.6 percent in July from a year earlier, after a 2.5 percent increase in June, statistics agency Insee said. Economists surveyed by Bloomberg had forecast a 2.8 percent reading.

The reading for the entire currency bloc later on Wednesday is expected by economists to show steady inflation of 2.5 percent. A Bloomberg Economics Nowcast—incorporating the French outcome and surprise accelerations in Germany and the Netherlands—sees an uptick to 2.6 percent. Such numbers are crucial in de-

termining the ECB’s next move after it paused policy loosening this month to await more evidence on the strength of price pressures. While investors anticipate a cut in borrowing costs in September, officials have stressed their decision will hinge on a mass of indicators still to come.

Euro-area bonds extended small gains after the data. The German 10-year yields was down three basis points to 2.31percent, the lowest since March. French peers lagged the move slightly, widening the 10-year yield premium by one basis point to 72 basis points.

Growth numbers on Tuesday that showed uneven expansion across the region won’t have made that judgment any easier. France and Spain beat estimates, Italy slowed slightly, while German gross domestic product unexpectedly fell. In France in July, inflation was supported by acceleration in energy costs, while food prices eased. In services, which ECB policymakers are watching as a measure of momentum in core prices, inflation slowed to 2.5 percent from 2.9 percent—the slowest in more than two years.

“A rise in headline inflation was widely expected, as the French regulator introduced higher gas tariffs as of July 1. The release suggests that the general downward trend in inflation will continue for the rest of the year. The road ahead may be bumpy though, with the Olympic Games

possibly adding temporary price increases,” said Simona Delle Chiaie, Bloomberg senior economist. Bank of France Governor Francois Villeroy de Galhau has said that the ECB is paying particularly close attention to signals from the services sector. Overall, he has been upbeat on the central bank’s efforts, saying disinflation is continuing as expected and that price growth will continue to slow with certainty. The country’s struggle with inflation over the last two years was a top concern for voters in legislative elections that have plunged France into an uncertain political future. With a hung parliament, President Emmanuel Macron has delayed picking a new prime minister until later this summer. With

Malampaya operators get TRO vs Meralco’s bidding

THE Taguig City Regional Trial Court (RTC) on Wednesday issued a Temporary Restraining Order (TRO) against the Manila Electric Company (Meralco), eﬀectively stopping the utility ﬁrm from proceeding with the competitive selection process (CSP) for its power supply requirements.

In a ﬁve-page order promulgated on July 31, 2024, Executive Judge Byron G. San Pedro of Taguig City Regional Trial Court, Branch 15-FC, granted the plea of the members of the consortium operating the Malampaya gas ﬁeld— Prime Energy, Prime Oil and Gas Inc, UC38 LLC, and the Philippine National Oil Exploration Corp (PNOC-EC)—for the immediate issuance of the 72-hour TRO against Meralco’s conduct of competitive selection process for its 600-megawatt (MW) and 400-MW power

supply requirements after fi nding merit in the verified complaint by the plaintiffs.

“Wherefore, acting on the basis of the allegations of the plaintiﬀs and on the strength of the evidence as presented in the complaint...the plaintiﬀs’ application for a 72-hour Temporary Restraining Order is hereby granted, subject to posting of bond,” the order stated.

“Upon posting a TRO bond which is hereby ﬁ xed in the amount of ﬁve million pesos [P5,000,000], let a Temporary Restraining Order

@andreasanjuan

ALTHOUGH it anticipates stronger trade ties between the United States and the Philippines regardless of the result of the US elections, the American Chamber of Commerce of the Philippines, Inc. has signaled that a free trade deal between the two nations won’t likely happen in the near future.

“Certainly not going to happen anytime in the near future,”

AmCham Philippines Executive Director Ebb Hinchliﬀe told the BM on the sidelines of AmCham’s General Membership Meeting on Wednesday.

However, Hinchliﬀe said a free trade deal between the two nations is more likely to be signed under a Trump administration than a Biden administration.

“Trump likes bilaterals where the Biden administration did not want any...therefore that’s the only reason I can say that he would, if it happened it’d be more bilateral,” added Hinchliﬀe.

Hinchliﬀe said he advocated for a free trade deal when he was in Washington last month.

However, he said “Under the Biden administration, there’s no talks. He said there’ll be no concessions. He’s been pretty strict about that.”

Nevertheless, the AmCham oﬃcial stressed that he would never give up on pushing for a free trade deal between the Philippines and the US.

“I don’t care who’s president, we’ll continue to push,” Hinchliﬀe said.

For his part, Trade and Industry Secretary Alfredo E. Pascual said in his speech, delivered by Trade Undersecretary Ceferino S. Rodolfo at the same event, that, “We are actively pursuing a free trade agreement with the US to secure long-term market access preferences and expand trade and investment opportunities.” Rodolfo told the

that Philippine

would continue to

push for a free trade deal with the US regardless of who wins the US elections in November.

“Of course. It’s very important,” he said, despite the possibility of the US imposing higher tariﬀs under a new administration.

Just last week, a United Kingdom-based think tank noted that former US President Donald Trump had earlier floated the possibility of imposing tariffs of 60 percent or more on Chinese goods, and also suggested a blanket 10-percent tariff on all US imports.

Responding to this, Rodolfo said, “Targeted naman ’yan kung sino ’yung matataas na trade deficit, eh di ba sa China nasa $300-billion trade deficit ’yan. ’Yung Vietnam I think $150 billion. Tayo we’re nowhere near that [ at’s targeted, anyway, at those which have a big trade deficit with the US: China I think has $300 billion; Vietnam, I think, $150 billion. We’re nowhere near that].”

Based on the latest Philippine Statistics Authority (PSA) data, the United States of America is the country’s top export destination, with Philippine exports earnings reaching $4.92 billion in the January to May 2024 period. Meanwhile, Philippine imports from the US in the ﬁve-month period this year amounted to $3.41 billion.

For his part, Former Tariﬀ Commissioner George N. Manzano told the BM that “an FTA with the US will guarantee to the Philippines that it can continue to export to the US duty-free given certain conditions such as satisfying the rules of origin.”

“If the US administration, under Trump, will indeed impose higher tariﬀs across the board, then the Philippines can not only continue to export at preferential rates, its exports become more competitive relative to the other exporters to the US which do not have an FTA,” Manzano said, emphasizing that the Philippines is a net exporter to the US in goods.

eﬀective for 72 hours be issued in favor of the plaintiﬀs-applicants enjoining the respondent Manila Electric Company from conducting its competitive bidding selection process, under its current Terms of Reference, including the receipt of bids, the award and the implementation of any award arising from [it],” the RTC said.

Delays risk spike–Meralcopower

MEANWHILE, Meralco said it has yet to receive the TRO issued by the Taguig Regional Trial Court (RTC) on the conduct of CSP for 600MW and 400MW additional power scheduled on August 2 and 9, respectively.

“We would like to stress however that all CSPs for our supply requirements are done in accordance with existing rules of Department of Energy [DOE] and Energy Regulatory Commission [ERC]. It is our mandate to ensure that we conduct these in a timely manner, as delay will expose our consumers to unnecessary burden in the amount of billions of pesos in the form of higher power rates,” said Meralco Senior Vice President and Head

of Regulatory Management Atty. Jose Ronald V. Valles. e pre-bid conference for the 400MW mid-merit CSP was supposed to take place on August 1 while the submission and opening of bids for the 600MW baseload CSP was scheduled on August 2. With mid-merit power supply, the gap between baseload and peaking plants is ﬁ lled. Baseload supply is mostly sourced from coal power plants that must run 24 hours a day while peak power is required when demand is at its highest.

e 400MW CSP involves a 15-year Power Supply Agreement (PSA), which is targeted to start on August 26, 2025. e 600MW CSP is for baseload supply intended for delivery on August 26, 2025. is CSP also involves a 15-year PSA.

“Upon evaluation of the allegations contained in the veriﬁed complaint for injunction, it appears from the facts shown that great or irreparable injury would result to the plaintiﬀs-applicants before the writ of preliminary injunction could be heard. In other

IN preparation for the opening of public schools, Fortune Life Insurance Company joined the 2024 National Brigada Eskwela Kick-o Program at the Carmen National High School, Carmen, Cebu on July 17, 2024.

This year’s event, themed “Bayanihan Para Sa Matatag Na Paaralan,” was led by Vice President and former Secretary of the Department of Education (DepEd) Sara Duterte with the Schools Division O ce of Cebu Province Region VII and DepEd External Partnerships Service (EPS).

In her speech, VP Sara Duterte stated, “We are all here to prove that with the power of partnership, it builds walls to strengthen, not to divide. Today, we have a total of 72 partners standing strong with us in ’

FISH unloaded in the country’s regional ports jumped by more than 50 percent year-on-year in the second quarter, according to the Philippine Fisheries Development Authority (PFDA).

In its quarterly bulletin, the agency said the RFPs delivered 186,557.96 metric tons (MT) to consumers from the April to June period. is showed a 54.10-percent increase from the 121,062.55 MT recorded in the same period last year.

e PFDA said the landed catch during the three-month period was equivalent to an average daily unloading of 2,050.09 MT.

On a quarterly basis, the agency said the second quarter’s volume of ﬁ sh unloading was 38.45 percent higher than the 134,746.84 MT in the ﬁ rst quarter of the year.

e PFDA also said the ports opened their doors to 19,619 vessels and serviced 13,665 clients and port users throughout the reference period.

Meanwhile, the agency said its volume of ice production registered growth from April to June.

“ e PFDA RFPs have also performed well in terms of ice production with 10,671.70 MT of ice produced throughout the quarter, and showed grit with 301.17 MT processed ﬁ sh and ﬁ shery products.”

Data from the Philippine Statistics Authority (PSA) showed that the total volume of ﬁ sheries production from January to March 2024 was 987,190 MT, a 0.5-percent decline from the 992,330 MT registered in the same quarter of the previous year.

“ e decrease in production was noted in marine municipal fi sheries, while commercial, inland municipal fi sheries, and aquaculture reported increments in production during the period,” the PSA said in its fi sheries situation report.

In March, the Department of Budget and Management (DBM) released over P6 billion to the PFDA to con-

struct and rehabilitate ﬁ sheries infrastructure in the country. (See: https:// businessmirror.com.ph/2024/03/28/ government-all-set-to-begin-construction-rehab-of-ﬁsheries-infra/)

Budget Secretary Amenah F. Pangandaman cleared the issuance of a Special Allotment Release Order (SARO) amounting to a total of P6.037 billion to implement the ﬁ sheries infrastructure development program of the PFDA.

e DBM added that P1.1 billion of the allocated funds, which represent the Congress-Introduced Changes in Appropriations, will be used for the construction, rehabilitation and improvement of ﬁ sh ports and other post-harvest facilities in the country.

e authorized appropriation to the PFDA serves as the National Government (NG) subsidy for ﬁ scal year 2024, the DBM said. e budget will be released to the PFDA under the 2024 General Appropriations Act (GAA). Ada Pelonia

Editor: Jennifer A. Ng

‘NCR retail spaces expand as brands open more stores’

By VG Cabuag @villygc

ProPerty consultant Jones Lang LaSalle (JLL) expects a steady stream of new retail spaces to open in the National Capital region (NCr) in the coming months.

However, JLL head of research

Janlo delos Reyes said rents could fall between P1,605 and P1,750 per square meter, lower compared to the current average of P1,746.

“We don’t see any movement as mall developers and operators are maintaining their rents to continue attracting tenants.

We forecast rents to decline slightly by end of the year because we’re expecting again the new supply that will enter the market and they will likely have lower rentals initially, upon launch or upon opening, and this will increase eventually over the next couple of quarters as retailers take up those spaces,” delos Reyes said.

JLL recorded a total of 34,911 square meters of retail space in

Metro Manila that went online in the second quarter, up 12 percent from the first quarter’s 31,215 square meters.

Delos Reyes said developers are now addressing the demand of brands like Nitori, Giordano, Handyman, Muji, Mesa, and Uniqlo, among others.

JLL noted that food and beverage brands had the highest demand for retail areas as it cornered 23.2 percent of transacted space, followed by home appliances and furniture stores and general retail at 11.5 percent.

“Majority of the new store openings are expansion of existing brands. But we’re also seeing firms serving some new brands, such as Nitori of Japan… that

have entered the market over the past couple of quarters,” delos Reyes said.

He noted that majority of new retail spaces are in Quezon City and Makati, where 17,682 square meters and 15,721 square meters of spaces, respectively, were opened by mall developers. He said this is “quite robust” given the concentration of shopping malls in the area.

Delos Reyes also said the new malls pulled down the vacancy rate for retail space in the metro to 6.3 percent in the second quarter from the previous quarter’s 6.5 percent.

“Specifically, we observed that Gateway Mall in (Cubao, Quezon City) saw a significant decline in vacancy to around 29 percent in

the second quarter of 2024. The mall recently opened a new area, which has a high occupancy rate of around 88 percent,” he said.

In terms of vacancy rate, establishments in Parañaque registered the highest at 16.8 percent, followed by Makati with 10.9 percent and Muntinlupa with 9.8 percent.

JLL expects vacancy to slightly increase towards the end of the year as it expects the entry of an additional 123,000 square meters from new shopping malls.

“This will take time to get filled up despite this steady take up of retailers.”

Delos Reyes said this is “particularly notable” given the approaching spending season in the fourth quarter.

ThermaPrime buys 3 rigs for EDC

By Lenie Lectura @llectura

o P ez- L e D ThermaPrime

LDrilling Corp. (ThermaPrime)

is acquiring three more geothermal drilling rigs to support the geothermal expansion program of another Lopez-led firm, energy Development Corp. (eDC).

Two of the three drilling rigs have a capacity of 1,500 horsepower (hp), while the third has a 1,000-hp capacity. ThermaPrime purchased the rigs recently from the United States and

AirAsia offers direct flights to Nagoya

UDG e T carrier AirAsia

BPhilippines is set to expand its footprint in Japan with the introduction of direct flights to Nagoya, marking the airline’s third destination in the country.

According to AirAsia Philippines C eo Ricky Isla, the new route is part of the carrier’s ongoing expansion in the region, highlighting Nagoya’s potential being one of Japan’s largest cities and home to over two million residents, including 57,000 Filipinos.

“Japan is one of the strongest regional markets for AirAsia Philippines. In fact, we’ve already flown 210,000 guests for the first half of 2024. We are confident we will double the 270,000 guests flown in 2023 with our competitive airfares, more services, better flight timings and world leading service.”

According to a recent Statista study, Japan is a favored holiday destination for 48.8 percent of Filipinos. AirAsia’s data shows that 65 percent of travelers to Japan in the past six months were Filipinos aged 30 to 50, with most bookings made for immediate travel within two months.

Lorenz S. Marasigan

THe SM Store, the department store of SM Supermalls, and Coffee Bean and Tea Leaf (CBTL) have announced their plan to complete the rollout of in-store coffee shops across all 78 branches by 2026.

This strategic expansion aims to seamlessly integrate CBTL’s renowned coffee experience into SM Store locations nationwide, the company said.

Currently, 25 SM Store branches already feature CBTL cafes, including locations, such as North edsa, Megamall and Southmall.

With the planned expansion, CBTL aims to complete the rollout of an additional 53 in-store cafes in SM Stores by 2026 for a total of 78 cafes.

our customers’ desire for enhanced shopping experiences. We aim to provide a welcoming environment where customers can relax and enjoy themselves,” Tiu said.

“Partnering with SM Store aligns perfectly with CBTL’s mission to connect with customers and ensure their satisfaction. SM’s extensive presence across the Philippines and deep cultural roots make this partnership highly beneficial,” said Paolo del Rosario, co-founder and vice president for marketing and business development at CBTL.

CBTL will offer exclusive discounts to SM Advantage Card holders to further incentivize customer loyalty.

United Arab emirates.

ThermaPrime said the acquisition of three additional drilling rigs augments its two current 2,000-hp rigs and supports the development of additional geothermal wells of eDC, the country’s biggest vertically integrated geothermal company.

eDC is currently undertaking a P30-billion program to drill until 2026 another 40 geothermal wells in its geothermal sites in Albay, Sorsogon, Leyte, Negros, and Davao for its parent firm First Gen Corporation (First Gen). The drilling forms part

of the overall program of First Gen as a group to expand its renewable energy (R e) capacity by over 7,000 megawatts by year 2030.

ThermaPrime, which specializes in drilling geothermal wells and related services, has been a key enabler of geothermal power in the country completing over 200 projects since the company was founded in 2011.

First Gen is the Philippines’s leading R e producer, with 26 hydro, wind, solar, and geothermal power facilities with over 1,650 MW of total R e capacity. In 2023 alone, First Gen’s

portfolio of R e plants generated 8,000 gigawatt-hours of electricity, primarily from its geothermal units. Last May, First Gen reported that its attributable recurring net income fell by 9 percent to $81 million in the first quarter from $89 million last year, mainly due to lower revenues from its units. From January to March, FGen’s revenues stood at $596 million, almost 9 percent lower than the previous year’s $652 million. This was a result of lower volumes of electricity sold during the quarter across all platforms.

“CBTL has committed to opening cafes in SM Stores based on their global reputation for exceptional customer service. We choose partners who align with our commitment to enhancing customer experience,” Dhinno Tiu, executive vice president of SM Store, said.

The collaboration began with the opening of the first CBTL branch at SM Store North edsa in December 2022, marking the initial step towards creating inviting spaces for patrons. our decision to introduce coffee shops within SM Stores is driven by

THe International Accounting Standards Board (IASB) is urging companies to disclose climate-related risks in their balance sheets and income statements, representing a key shift from existing norms.

IASB, which develops accounting standards followed in more than 160 countries, said on Wednesday that it’s launching a market consultation with a view to having financial statements reflect the impact and uncertainties related to climate change.

The decision comes amid signs of investor confusion about the lack of uniformity in climate disclosures as extreme weather patterns increasingly leave their mark. For some sectors such as insurance, climate risk is already shaping reporting. But for others such as Big Tech, key information on issues such as water scarcity and access to reliable power supplies can be hard for investors to find and decipher.

“Investors have told us that the information they receive in financial statements about climate-related risks is insufficient and inconsistent with what companies are reporting elsewhere,” said Nick Anderson, an IASB member. The board’s latest guidance is intended to strengthen the link between what companies say they’re doing in separate sustainabil-

“Having a CBTL cafe in SM Store not only adds sophistication but also provides convenience and comfort to shoppers, transforming shopping into an enjoyable and relaxed experience,” del Rosario said.

Tiu said integrating cafes into retail spaces is a well-established practice among international brands, offering customers more than just products but a communal experience.

enhancing customer experience is pivotal in retaining and attracting customers. The cafes will serve as spots for customers to recharge during shopping or as meeting places for friends and family.” VG Cabuag

ity reports and their financial statements, he said. The guidelines ask companies to report on climate uncertainties that affect assets, liabilities, equity, income or expenses, in effect showing the impact on financial performance. IASB won’t mandate such disclosures or how to present them.

Regulators from europe to Australia are stepping up climate disclosure requirements for companies and funds, as investors look for quantitative progress on decarbonization targets before allocating capital. About 93% of european financial institutions now evaluate climate change-related risks in their portfolios, CDP data found. A recent Invesco survey of sovereign wealth funds and central banks with roughly $22 trillion of combined assets found that a majority are already scrutinizing physical climate risks to their investments and looking at asset-level data. While sustainability reports are getting lengthier because of more reporting requirements, “the question as an investor is how much of that disclosure is material to your ability to make a decision on the value generation of a company,” David Smith, a portfolio manager at Abrdn Plc, said during a panel discussion at the Bloomberg Sustainable Business Summit in Singapore. Bloomberg News

Photo from www.coffeebean.com

www.businessmirror.com.ph

IC: 7 HMOs not meeting rule on minimum paid-up capital

By Reine Juvierre Alberto

The Insurance

Commission

(IC) is set to immediately implement the planned minimum paid-up capitalization of health maintenance organizations (h MOs) as only 17 of the 24 accredited h MO providers in the Philippines have met the rule for a minimum paid-up capital of P50 million.

Insurance Commissioner Rey -

naldo A. Regaladotold reporters on the sidelines of a Philippine Life Insurance Association (Plia) event that the IC has released an advisory to all HMOs authorized to do business in the Philippines to conduct a public consultation to increase minimum capitalization and financial capacity.

in capitalization: Asian Care Health Systems Inc.; Carewell Health Systems Inc.; Dynamic Care Corp.; Health Plan Phils. Inc.; IMS Wellth Care Inc., MetroCare Health Systems Inc.; Optimum Medical & Health Care; and, Wellcare Health Maintenance Inc.

“We need to have better surveillance because nobody is checking on the hospitals, the clinics, the doctors [and] the coverages. It’s not simple examination; it’s surveillance,” Regalado said Tuesday night.

will increase the paid-up capital requirement from the current P10 million to P50 million for existing HMOs and P100 million for new HMOs by the end of the year. By the end of 2025, all existing and new HMOs must meet the minimum paid-up capital requirement of P100 million. This will be raised to P200 million at the end of 2028.

Moreover, the minimum paid-up capital requirement of HMO providers will reach P350 million in 2031 and P500 million in 2034.

Community-based and cooperative HMOs shall also maintain a paid-up capital equivalent to 50 percent of what is prescribed for a regular HMO.

Regalado said while most HMOs are compliant with the proposed minimum capitalization, some providers are “not even united” and doing operations on their own. The IC chief said that about seven HMO providers fell below the required capitalization of P50 million.

AUTOMATED Clearing Hous-

es (ACHs), such as InstaPay and PESONet, are now required to get approval from the Bangko Sentral ng Pilipinas (BSP) for new rules or enhancements to the settlement of e-payments.

A statement the BSP issued last Wednesday said that the Monetary Board has approved the amended guidelines on the “Settlement of Electronic Payments under the National Retail Payment System (NRPS) Framework” to ensure the integrity and efficiency of the payment system.

The statement added that the BSP has issued Circular 1196 on June 27, 2024, to provide operational flexibility to ACHs organized under the NRPS Framework.

‘BAWAT piso po ay napakahalaga!”

This was the response of Senate Committee on Health Chairperson Senator Christopher Lawrence “Bong” T. Go as he closed the July 30 Senate hearing on the implementation of the Universal Health Care Act, or Republic Act 11223. Go made the remarks after securing a commitment from Philippine Health Insurance Corp. (PhilHealth) CEO and President Emmanuel R. Ledesma Jr. that he will immediately recommend to President Ferdinand R. Marcos Jr. the reduction of premium rate contributions of members in light of revelations of around P500 billion PhilHealth Reserve Fund and the transfer of the P90 billion excess government subsidy for PhilHealth to the National Treasury.

“Mabigat po ‘yung kontribusyon na iyan tapos makikita (ng members) may natitira pang balanse ang PhilHealth,” Go noted.

In his opening statement, Go asked PhilHealth to suspend the implementation of its 5-percent increase in the premium contribution, which took effect starting January 1, 2024.

“At kung sobra naman ang pera ninyo (PhilHealth), huwag ninyo na lang muna kolektahan ang mga OFWs natin o huwag muna i-imple -

Based on the latest data from IC, the following HMOs will also be affected by the planned increase

InstaPay, a real-time, low-value digital payments facility serving as a substitute for cash transactions; and PESONet, a batch electronic funds transfer service that is a viable alternative for checks and recurring payments, are ACHs established under the NRPS.

The circular mandates prior approval from the BSP before implementing new rules or enhancements to the settlement of e-payments under the Manual of Regulations for Payment Systems (Morps).

“This ensures that all enhancements to the settlement guidelines of ACHs are thoroughly reviewed and approved by BSP prior to implementation,” the BSP said. To allow more settlement cycles, support faster settlement and im-

The IC commissioner said since they is still gathering the opinions of the HMO providers, the regulator could possibly limit the number of those who have lower capitalization since some HMOs provide health coverage to a few members.

Regalado stressed this will help the public scrutinize the capital of their HMO providers and their ability to cover them.

“This is risk management. I cannot risk the money and the trust of the public on HMOs,” Regalado added.

In the proposed circular, the IC

prove the overall efficiency of epayments, ACHs may now lodge requests with the BSP if they deem such adjustments are needed.

An ACH may recommend the use of a particular demand deposit account (DDA) maintained with the BSP when settling e-payments, instead of separate DDAs subject to BSP approval for instance. This can be requested in view of evolving circumstances, or when there are new use cases, the BSP said.

Meanwhile, the third settlement cycle for PESONet transactions was activated by the BSP, Philippine Payments Management Inc. (PPMI) and PESONet Steering Committee on July 8, 2024.

The PESONet’s Multiple Batch Settlement (MBS) facility increased

For foreign HMOs applying for an HMO branch license, the circular stated no license shall be issued unless the branch has a statutory deposit of an amount equal to the prevailing minimum paid-up capital for domestic HMOs in cash or allowable securities by the IC.

The total capital stock of the HMO industry is worth P8.139 billion, according to the data from IC.

its batch settlements to three cycles per banking day. The new cycle adds to the earlier two settlements that are carried out in the morning and at the end of a banking day, the BSP said.

Clearing intervals are shortened within a banking day through the rollout of “PESONet 3MBS.” It also improves user experience through faster crediting of funds to recipients’ accounts and facilitates easier cash flow management for businesses.

It also enables PESONet participating banks and electronic money issuers to manage settlement risks as settlement of PESONet transactions is now divided among three batches in a banking day. Reine Juvierre Alberto

briefs

BPI shortens offer period for bonds

THE Bank of the Philippine Islands (BPI) announced it has shortened the public offer period for its 1.5-year peso-denominated fixed-rate “Sustainable, Environmental and Equitable Development” (SEED) bonds due 2026. The company said it received “overwhelming demand across institutional, high-net worth and retail clients.” The bonds had a principal amount of P5 billion, with an option to upsize. The offer, which was originally set to run from July 19, 2024 to August 2, 2024, will now close early on August 1, 2024. The BPI SEED Bonds will be issued at par value, bearing an interest rate of 6.2 percent per year, paid quarterly. The planned issue and listing date of the BPI SEED Bonds on August 9, 2024 with the Philippine Dealing and Exchange Corp. remains unchanged. VG Cabuag

UnionBank unit to launch own Visa cards

THE wealth management program of Union Bank of the Philippines (PSE: UBP) focused on inter-generational wealth creation and transfer announced it will soon offer its own “Visa Signature Debit Card” and access to the lender’s “Visa Reserve Infinite Credit Card.” According to a statement, the lender will also have an expanded suite of “innovative” investment solutions and offerings. We are “more committed than ever to helping our clients achieve their financial goals and build their own legacies, through tailored solutions that will safeguard their wealth and future,” Arlene Joan T. Agustin, head of UnionBank Private Banking, was quoted in the statement as saying. “We intend to deliver on our promise to provide unparalleled value and support for our clients as they further navigate their financial journey.” VG Cabuag

AUB posts 27% increase in H1 net income

ment yung pagtataas ng contributions para sa mga direct contributors,” Go said adding that at the height the COVID-19 pandemic there was a deferment of PhilHealth premium hike.

Go is also a co-author and cosponsor of Senate Bill 2620 which adjusts premium contribution rates and mandates that unpaid contributions of distressed migrant workers should not be collected upon their return to the country.

In 2021, former President Rodrigo R. Duterte ordered PhilHealth to defer the scheduled increase in the premium contributions for that year after Go had appealed to government finance managers and fellow legislators to highly consider the deferment.

Go, popularly known as Mr. Malasakit because of his empathy towards poor and disadvantaged Filipinos, has expressed his concern with inflation, or the spiraling increase in the prices of goods and services, including health services; and this is where PhilHealth plays a vital role.

“Huwag natin pahirapan ang ating mga kababayan. Pera naman nila ito. Ibalik lang natin sa kanila sa pamamagitan ng mas mabilis at mas maayos na serbisyo,” the lawmaker from Davao City said.

ALTERNERGY Holdings Corp. (Alternergy) announced it has secured a P5.3-billion loan from the Rizal Commercial Banking Corp. (RCBC) to partly finance the construction of the 64-megawatt (MW) Alabat wind power project of its unit, Alabat Wind Power Corp. (AWPC).

The AWPC is wholly-owned subsidiary of Alternergy Wind Holdings Corp. (AWHC), which is the wind sub-holding company whollyowned by Alternergy.

Alternergy reported on Wednesday that the project financing was secured from RCBC with RCBC Capital Corp. as the lead arranger for the transaction. Puyat Jacinto Santos Law acted as Lender’s Counsel and Tantoco Villanueva & De Guzman Law acted as Borrower’s Counsel.

Alternergy President Gerry P. Magbanua was quoted in a statement as saying that executives finally signed the loan agreement “after a very thorough due diligence period against a very tight timeline.”

The wind power project is located in the municipalities of Alabat and Quezon in the province of Quezon. According to the company, ground mobilization of the Alabat wind power project is now ongoing following the groundbreaking in early May.

Envision Energy has been awarded the wind turbine supply contract and the construction contract was awarded to China Energy Engineering Group Guangdong Electric Power Design Institute Co. Ltd (GEDI). Danish technical consulting firm K2 Management is the project’s owner’s engineer that will support Alternergy to ensure successful and timely construction of the project.

As a successful winner of the Green Energy Auction 2 Program of the Department of Energy (DOE), the Alabat wind power project will contribute new and additional generating capacity by end 2025 to help boost the country’s power supply availability.

The loan is the largest financing facility extended by RCBC to the Alternergy Group to date since 2014.

RCBC has bankrolled Alternergy’s 12.5 MWp Kirahon solar power project in Misamis Oriental and the Solar Pacific CitySun multi-site solar rooftop projects atop the building roofs of CityMalls.

RCBC Trust Corp., a subsidiary of RCBC, also supported Alternergy’s first solar photovoltaic and battery energy storage system project in the Republic of Palau as the Accounts Trustee. Lenie Lectura

Higher revenues and improving credit quality enabled Asia United Bank Corp. (AUB) and its subsidiaries to maintain their record-setting profitability in the first six months of the year. The group posted P5.2 billion in consolidated net income, 27-percent higher than the year-ago level, and equivalent to a return on equity of 21.9 percent and return on assets of 3.1 percent. Net interest margin widened by 10 percent to P8.2 billion as interest income from its loan portfolio and investment activities rose. This resulted to a net interest margin ratio of 5.4 percent from the previous year’s 5.0 percent. Operating expenses increased by 7 percent to P3.3 billion, mainly due to higher compensation, capital expenditures and investments in further business growth.

New Rizal Microbank prex named

THE board of Yuchengco-led Rizal Commercial Banking Corp. (RCBC) has promoted Ismael S. Reyes to become the president of Rizal Microbank Inc., the lender’s Davao-based thrift bank. Reyes was previously RCBC’s senior vice president 1 and head of retail transformation of the retail banking group. He will assume the post starting August 16. Reyes has 37 years of professional experience mostly gained from the banking and financial industry. “His expertise spans strategy development and marketing, product development and management, business development, cross selling, customer acquisition, relationship building and management, risk managements, and team productivity management,” RCBC said. VG Cabuag

PNB H1 income grew 5 percent to P10.29B

THE Philippine National Bank reported last Monday that its net income grew 5 percent to P10.29 billion during the first half of the year from the previous P9.74 billion.

The bank said it managed to beef up its core banking activities despite the prevailing challenges in the economic environment.

“PNB’s performance has been on an upward trajectory since the start of the year and we attribute this to the sound execution of our strategies and growth initiatives,” PNB President Florido P. Casuela was quoted in a statement as saying. “The stronger focus and collaboration of our business groups have enabled us to serve a broader part of the commercial lending and consumer finance segments.” VG Cabuag

Health& Fitness

AstraZeneca, AC Health partner to push for early screening of lung cancer through AI

By Anne Ruth Dela Cruz

AstrAZenecA, a science-led, patient focused pharmaceutical company, and Ac Health, a healthcare corporation with a portfolio that includes hospitals, clinics and digital health, have partnered to push for early screening for lung cancer utilizing AI through the Lung Ambition Alliance.

Lotis Ramin, AstraZeneca Philippines Country President, pointed out that in the Philippines, lung cancer is second in terms of incidence but number one in terms of number of deaths. According to Global Cancer Observatory, lung cancer accounted for 20,963 deaths and has become the second most common cancer in terms of incidence with other 23,700 new cases in 2022.

Lung cancer’s high mortality rate and low survival rate, both mainly determined by the stage at diagnosis, is a challenge to Filipino patients, having low access for early screening. In fact, 60 percent of lung cases are already in the advanced setting, significantly decreasing the five-year survival to 2.9 percent.

The earlier the disease gets diagnosed, the better the survival rate becomes, with stage III non-small cell lung cancer (NSCLC) having a five-year survival rate ranging from 13 to 36 percent while in stage 1 NSCLC, it can be as high as 68 to 92 percent.

“That is the reason why we are pushing for this ‘Lung Ambition Alliance.’ It is an alliance to move the needle in terms of driving a stage shift in early diagnosis in lung

cancer but also working through the whole ecosystem to make sure that the patients are guided from awareness, screening, diagnosis up to treatment,” Ramin said.

Global coalition

The Lung Ambition Alliance is a global coalition with the bold ambition to eliminate lung cancer as a cause of death. By building a network of partners across various health sectors, the alliance aims to accelerate progress in lung cancer survival rates and outcomes. The alliance represents patient groups, scientific and medical communities and industry, bringing knowledge and skills together to help reach this bold ambition.

“This is a huge feat and we believe that not one organization can do this alone. AstraZeneca started this project tin the Philippines more than three years ago and we have activated multiple partners including laboratories, private and public hospitals and even with a party list,” Ramin said.

“In line with our bold ambition to eliminate lung cancer as a cause of death, AstraZenca is committed to creating value for Filipinos beyond

the impact of our life-changing medicines through early detection, education, and treatment. With our partners in the alliance, we pledge to screen at least one million Filipino patients by 2026 for lung cancer, enabling early intervention that will change disease trajectory of lung cancer in the Philippines,” Ramin added.

Benefit to patient PAOLO B ORROM e O President and C e O of AC h ealth, underscored that ultimately, it is the patient who benefit when innovation comes to healthcare.

“AC Medical Network and h ealthway Cancer Care h ospital continue to deliver the best value oncology services because we work with some of the best partners all over the world, AstraZeneca being one of them,” he said.

Astra Zeneca have partnered with Qure.AI to bring qXR, an AI solution, a triaging tool for lung cancer screening to the h ealthway Cancer Care h ospital in Taguig and h ealthway Qualimed h ospital in Sta. Rosa, Laguna. Through qXR, Filipino patients get a means to avail themselves of early lung screening backed by the efficiency of artificial intelligence.

Qure.AI’s qXR is a world’s most widely used AI for chest screenings

using a simple chest X-ray. It is a triaging tool designed to improve diagnosis, promote better efficiencies on who should be screened with low dose computed tomography (LDCT) scan, and boost optimal management of patients with lung cancer. This breakthrough technology can provide physicians with pre-read assistance in as fast as 20 seconds. The scans made via qXR can get findings on the lungs, heart, diaphragm and bones.

Cost-effective

The use of LDCT Is established to be cost-effective and has demonstrated a 20 percent reduction in lung cancer mortality due to diagnosis at earlier stages of the disease. h owever, this is not widely implemented in routine lung cancer screening due to limited access.

The integration of AI-supported chest X-rays with LDCT would further improve cost- efficiencies and enable more opportunities for routine lung cancer screenings and early detection for lung cancer.

“We are looking at this collaboration as a bright spot in shoring up our ecosystem. Through you, we will be able to rewrite the stories of people who have lung cancer,” said Menchie Auste, Cancer Coalition Philippines Vice President.

St. luke’s Medical Center Quezon City expands with new hospital building

By Candy P. Dalizon

GROUNDBR e A k ING ceremonies for the new 13-story building of St. Luke’s Medical Center (SLMC) in Quezon City took place on Monday, July 29, 2024. This event signifies a major step forward in the hospital’s redevelopment, which aims to modernize and expand its facilities without compromising patient care.

“This is essentially the first step towards what our Board of Trustees and the administration have promised our doctors, the promise of having the best hospital, not just in Quezon City, but probably in Metro Manila. We promise to make this the best, the most modern hospital, better than Global [St. Luke’s Global]. And for sure, it will

The Philippine Red Cross (PRC) and Ayala Corp.’s h ealthway Cancer Care h ospital ( hCC h ) on July 25, 2024 signed a memorandum of agreement to make blood supply affordable and accessible to cancer patients. Under the agreement, PRC will deliver blood to h CC h weekly or as necessary during emergencies. Moreover, the hospital will support PRC in blood donation activities. Signing the agreement were PRC Chairman and C e O Dick Gordon, PRC Secretary-General Dr. Gwen Pang, AC health Chairman Fernando Zobel de Ayala, and AC h ealth Vice Chairman Cezar Consing.

be prioritized over what we are doing in Aseana because Quezon City is the birth site of St. Luke’s. This is where it all began,” said Dr. Dennis P. Serrano, SLMC President and Chief e xecutive Officer. Serving as a healthcare corner -

“We’re still responding to those affected by the typhoon (Carina), but I came here because this partnership is very special to me. Ayala has been our partner for many years, especially during our fight against the pandemic. PRC and h ealthway Cancer Care hospital share the same mission and that is to alleviate the suffering of people,” said Gordon. Well supported partnership PANG added, “With PRC’s 108 blood service facilities, 32 blood centers, 76 blood collecting stations, and 15 apheresis centers, the partnership will be well supported. This is a crucial step in our fight against

stone in the metropolis since its establishment in the 1960s, SLMC Quezon City has outgrown its current facilities as the demand for its services has soared over the years. Recognizing the evolving needs of patients and the healthcare land -

cancer. I’m confident that this partnership will have a positive impact on cancer care and I hope this will inspire more collaborations and partnerships for better health care for Filipinos.”

Consing said, “When they mentioned this partnership to me, I remember when two people close to me were in dire need of blood during Covid. In desperation, I called Chairman Gordon and told him our blood needs. Within two hours, blood was delivered. hence, I think of no better partner than the PRC.” Ayala pointed out that “Ayala Corporation has always believed in the power of collaboration to

FDA has regulatory authority over health aspects of tobacco products, says SC

By Claudeth Mocon-Ciriaco

The Department of h ealth (DO h ) has recognized as a “significant victory” for public health the recent decision of the Supreme Court (SC) affirming the regulatory authority of the Food and Drug Administration (FDA) over the health aspects of tobacco products in the country.

The landmark ruling penned by Senior Associate Justice Marvic M.V.F Leonen upholds the Court’s 2021 Decision by denying the motions for reconsideration filed by the Philippine Tobacco Institute, Inc. (PTI) and empowering the DO h and FDA to continue their crucial and constitutional work to regulate tobacco products, thereby reducing the health risks associated with tobacco consumption.

“We see this decision by the Supreme Court as a triumph of justice in favor of health for our people. We thank the wise Justices of the Supreme Court for this landmark decision. This ruling not only supports the DO h and FDA’s efforts to protect public health, but also underscores our commitment tungo sa Bagong Pilipinas kung saan Bawat Buhay Mahalaga,” h ealth Secretary Teodoro J. h erbosa said.

For Parents Against Vape (PAV), the ruling is as an opportunity to return the regulatory power over vape and electronic cigarette products to FDA.

“This is another reason for our legislators to amend the Vape Law. The Par -

ents Against Vape has been consistently calling on our lawmakers to amend the law and return the regulatory power to FDA,” Rebie Relator, president of PAV, said.

Relator added that the SC has already affirmed the regulatory authority of the FDA over the health aspects of tobacco products.

“It’s about time that our legislators do their part to correct the Vape Law,” Relator added.

h ealth of generations of Filipinos

While lauding the SC decision, the DO h stressed that it is a decisive step against the tobacco industry’s attempt to “circumvent regulations.”

The DO h said that the decision promotes and guarantees the health of generations of Filipinos, both living today and yet to be born.

“In line with the public health goal to protect Filipinos, especially the youth, from the harmful effects of smoke and emissions from tobacco products, vapor products, and heated tobacco products, this decision supports the gains of the Universal health Care (U hC) Act, the National Integrated Cancer Control Act, and many other health laws,” the DO h said.

The DO h said that the DOJ’s opinion also aligns with the Department’s 5th Action Agenda, “Pag-iwas sa Sakit,” by implementing healthy public policies and strengthening intersectoral action and health promotion governance at all levels.

QC launches vax roadshow to eliminate cervical cancer

By Roderick L. Abad Contributor

THE local government unit (LGU) of Quezon City has launched a one-of-a-kind mobile vaccination campaign to put an end to the deadly human papillomavirus (HPV) or simply called cervical cancer, which kills a dozen Filipino women every day.

scape, St. Luke’s embarked on a redevelopment project to elevate its services and infrastructure and serve the community even better.

The new hospital building will house nearly 80 percent of the hospital’s existing services with 140 nursing unit beds. Despite its large scale, the new building will be constructed on a limited footprint, taking up just 10% of the total area. This efficient use of space allows for uninterrupted patient care.

The renovation of the Quezon City hospital will cost around P6 billion. The new hospital building is expected to be completed in 2027. It will be equipped with state-ofthe-art medical technology and designed to prioritize patient comfort and safety.

drive positive change. PRC’s collaborative spirit and unwavering commitment have been instrumental in our journey as the first comprehensive cancer care hospital in the Philippines.”

As one of the country’s major blood suppliers, PRC collected a total of 538,666 units of blood in 2023. This year, PRC’s target is to supply 70 percent of the country’s demand for blood.

Since April, PRC has been partnering with various hospitals, starting with Cardinal Santos Medical Center and St. Luke’s Medical Center to ensure adequate blood supply for vulnerable patients.

Held in the first district of the biggest LGU in the metro, this pioneering effort is aimed at bringing vital immunization services directly to the community via a mobile roadshow.

This five-week initiative of the city government, which started last July 9, 2024 and runs every Tuesday until August 6, is supported by the Quezon City Health Office and all barangay captains of District 1.

By making vaccines accessible to hundreds of girls aged nine to 14 in Quezon City underscores the importance of preventive healthcare in mitigating the incidence and impact of the HPV.

Kick-off

T HE kick-off event was led by no less than Quezon City District 1 Councilor Charm Ferrer, who is a cervical cancer survivor herself.

In her speech, Ferrer recalled the ordeal she underwent with six chemotherapies and 32 radiation therapies.

“Now as a public official, it is my duty to ensure the health and well-being of my constituents. With this landmark initiative, we will ensure that all our adolescent girls in Quezon City will be vaccinated. We support Mayor Joy Belmonte’s vision of road to zero cervical cancer in Quezon City,” Councilor Ferrer said.

“Cervical cancer can be prevented through vaccination and screening. By taking concerted action as one community against HPV, we can ultimately eliminate cervical cancer as a public health problem,” she added.

Big burden

CERVICAL cancer is still a big health malady, particularly in Asia, where it accounts for 58 percent of global deaths from HPV.

In the Philippines alone, at least 12 women die daily from this disease, making it the second most prevalent cancer among women aged 15 to 44.

While it has an adverse effect on families and the entire community, given the financial

and emotional burden it causes, this type of cancer that is highly preventable, thanks to the combination of HPV vaccination and cervical screening that can provide the greatest protection against this illness.

“We are fortunate to have this program for the youth to prevent cervical cancer. Had there been like this in the ‘ 80s or ‘90s, maybe there would only be a few women who succumbed to cervical cancer, one of them was my eldest sister,” said Council Woman Marissa Reyes, chairperson of Barangay Bahay Toro Health Committee.

Successful launch

BY and large, the World Health Organization (WHO) has set ambitious global targets to address cervical cancer. These include inoculating 90 percent of girls with the HPV vaccine by age 15, screening 70 percent of women by ages 35 and 45, and guaranteeing 90 percent of women with pre-cancer or invasive cancer receive the right treatment.

Reaching these ambitions need a multisectoral approach involving individuals, families, communities, civil society, and government agencies.

Heeding this call, Quezon City’s HPV vaccination roadshow supports the Department of Health’s fight against cervical cancer, which necessitates collective action to protect every Filipino woman by making healthcare services and vaccines available to all communities. This is apparent in the initial success of the program, where less than 100 adolescent girls were given a shot of HPV vaccine and 31 female adults were screened for cervical cancer. Community organizations M ORE than 200 participants attended the kick-off event, including representatives from various community organizations, barangay and city health departments, civil society groups, and the private sector.

“This is a significant milestone in our fight against cervical cancer. This is a moment of hope, empowerment, and making a difference. We can create a future where cervical cancer is a thing of the past,” Dr. Lani Buendia, medical coordinator of Quezon City National Immunization Program. The next legs of the HPV vaccination roadshow seeks to inoculate hundreds more of the target school girls and continue to provide breast and cervical cancer screenings to adults.

Editor: Anne Ruth Dela Cruz

Healt H stakeholders from a straZeneca, aC Health and Cancer Coalition Philippines join hands in the push for early lung cancer care through innovation.

Offi C ial S from St. luke’s Medical Center Quezon City at the groundbreaking ceremonies.

Envoys&Expats

US, PHL hold pioneering cyber-digital policy meet

THE United States and the Philippines are advancing information and communication technologies (ICT) ecosystems in aiding the digital economy’s growth, while strengthening resilience to cybersecurity threats.

Both countries held their first Cyber-Digital Policy Dialogue on July 15 and 16 in Washington, D.C. where Ambassador at Large for Cyberspace and Digital Policy Nathaniel Fick of the US and Secretary Ivan John Uy of the Department of Information and Communications Technology (DICT) underscored their countries’ shared interest in advancing bilateral and regional cooperation on cyber capacity-building, supporting the growth of the digital economy, and combating cybercrime following the Philippines’s recent admission to the International Counter Ransomware Initiative.

They also committed to further discussions on the protection of critical infrastructure against malicious cyber activity and enhanced collaboration between their respective national Computer Emergency Response Teams.

“Cybersecurity stands as a paramount global challenge, demanding unified efforts, collective intelligence, and steadfast solidarity. The partnership between the US and the Philippines serves as an exemplar of effective collaboration essential for combating these evolving threats,”

Uy said. “Our [linkage sets a major] precedent, inspiring nations to join forces in confronting cybersecurity challenges head-on, ensuring a safer and more resilient global cyberspace for generations to come.”

“The US believes that a secure and trustworthy ICT ecosystem is vital to supporting the growth of the digital economy and providing improved… services for our citizens,” Fick said. “The Philippines remains our friend, partner, and ally in the cyber and digital space. This…dialogue was an opportunity to discuss our important bilateral efforts to strengthen cybersecurity and our digital economy and to protect government information systems that are a critical backbone of our alliance.”

Both sides agreed to pursue joint efforts on the development of 5G networks as well as open, interoperable, and trusted architectures such as Open Radio Access Network or Open RAN; secure and reliable global undersea cable networks; plus, digital connectivity and inclusion via cloud computing and satellite-based solutions.

Other pacts made during the dialogue included ensuring the trusted flow of data across borders; deep -

ening collaboration through the Global Cross-Border Privacy Rules Forum to facilitate interoperability among data protection and privacy frameworks globally; strengthening cooperation through the Asean Digital Ministers’ and Senior Officials’ meetings; and fostering investments for secure and resilient ICT infrastructure.

Both countries also discussed the importance of upholding and implementing the United Nations Framework of Responsible State Behavior in Cyberspace, as well as continued implementation of cyber confidence building measures.

The US delegation included representatives from the Department of State, Department of Defense, Department of Commerce, Department of Homeland Security, Department of Justice—including the Criminal Division and Federal Bureau of In-

vestigation, Office of the National Cyber Directorate, National Institute of Standards and Technology, and the US Agency for International Development.

Aside from the DICT, the Philippines was represented by officials from Department of Foreign Affairs, Department of National Defense, Department of Transportation, Department of Trade and Industry, National Telecommunications Commission, the National Privacy Commission, Cybercrime Investigation Coordinating Center, National Security Council, National Intelligence Coordinating Agency, Armed Forces of the Philippines, and the Philippine National Police.

Both countries will seek more avenues for technology cooperation at the planned Japan-Philippines-US Trilateral Cyber and Digital Dialogue later this year.

Fil. ambassador conveys PHL’s position on SCS/WPS before Italian parliament

THE Italian Parliament has sought the Philippines’s assistance in obtaining a full picture of the situation in the South China Sea/West Philippine Sea (SCS/ WPS), as Rome charts its own IndoPacific Strategy.

At the public hearing of the Italian Parliament’s Sub-Committee on Foreign Policy for the Indo-Pacific in July, Philippine ambassador to Rome Neal Imperial delivered his intervention as the sole envoy invited to the latest hearing.

The inquiry was part of the factfinding investigation of the larger Committee on Foreign and European Union Affairs of the Chamber of Deputies that aims to establish the foundation for Italy’s strategy in the region.

In his remarks, the Filipino envoy said the SCS/WPS has become “central to our northern neighbor’s maritime power projection.”

Not directly referencing China, he said it “has embarked on a massive land reclamation and construction of artificial islands with military installations and structures, causing enormous ecological damage to coral reefs, and destabilizing the region.”

Rome. COMMITTEE ON FOREIGN AND EUROPEAN UNION AFFAIRS OF THE CHAMBER OF DEPUTIES STREAM/PNA

He relayed that, “as a vital international trade and communication waterway, it is in Italy’s and Europe’s interests that freedom of navigation and overflight is guaranteed in the [SCS/WPS], and that the rules-based order must prevail in the region as a foundation for peace and stability.”

The envoy also proposed that the 2016 Arbitral Award, which was based on the United Nations Convention on the Law of the Sea or UNCLOS, and is now part of international law, be inte-

grated into Italy’s future Indo-Pacific Strategy as a tool for upholding the rule of law.

“We welcome Italy’s interest in charting its own Indo-Pacific Strategy,” said the ambassador. “We expect Italy, as a major stakeholder in the Indo-Pacific, to support the rule of law and a rules-based order in our region.”

The envoy shared that the Philippines is hopeful to see more highlevel visits from Italian officials to Southeast Asia.

On the bilateral front, Imperial said the Philippines takes note of Italy’s intention to participate in the Armed Forces of the Philippines’ modernization, and looks forward to the early conclusion of a memorandum of understanding (MOU) on defense cooperation.

“We hope that through the MOU, the Philippines and Italy will have a closer defense and security cooperation that goes beyond just procurement, but also involves training, the establishment of defense dialogue, joint exercises, and perhaps even a status of visiting forces agreement,” he said.

For his part, Congressman Paolo

Formentini, who is the committee president, said the Philippine embassy has made a “fundamental contribution” to the Italian Parliament’s work, and noted that he too is aware of the “dangerous and risky” situation in the Spratly Islands, or the Kalayaan Island Group.

Formentini also mentioned China’s previous actions that prevented the country from supplying its troops stationed at the BRP Sierra Madre in the Ayungin Shoal. He took note that “[Tension] is very high; there was initial physical damage to a Filipino sailor who lost a finger in these incidents.”

“We know that the bishops of the Philippines have called for a prayer for peace, because the situation is so tense. So, we all want peace, we want a free and open Indo-Pacific, and we want coastal states not to be threatened in their sovereignty,” the Italian parliament official remarked. “Unfortunately, the opposite is happening.”

Formentini said they are taking note of the Philippines’s appeal for Italy to contribute to a rules-based order in the region, and take part in joint exercises. Joyce Ann L. Rocamora/PNA

Taiwan’s ‘Project: Ligaya’ brings happiness to Bulacan’s children

THE British Chamber of Commerce Philippines (BCCP) has set the return of the “Great British Festival” in October, which will underscore consular ties between the United Kingdom and the Philippines, as well as the celebration of their day of amity.

“[The festival] will now be on the 19th and 20th of October, actually coinciding with Philippine-UK Friendship Day,” Executive Director and Trustee Chris Nelson of BCCP declared in an interview. “Last year we had over 50,000 visitors [and 38 participating companies, working closely with the British Embassy, as well as its business and trade section.

We anticipate it to grow] even more.”

Initially launched in 2014, the British Chamber commemorated the return of the Great British Festival last year, following its hiatus in 2019 because of the Covid-19 pandemic.

The festival accommodated the same number of British companies across diverse sectors such as finance, food and beverage, retail, auto shows, general business, and education.

Participating brands are PRU Life UK, HSBC, CyberQ, One World Butchers, Monde Nissin’s Quorn, Coventry Motors: Range Rover, Rider Levett Bucknall, Shell, Yummy Organics (Berry Co. & Tayto Group), Emperador (Smirnoff), Dyson, Save the Children, Nord Anglia International School, and British School-Manila.

In collaboration with the British Embassy in Manila and the British Council, the Great British Festival will emphasize the cultural, economic,

Bethany House Sto. Nino Orphanage, Philippine Children’s Mission, Bahay at Yaman ni San Martin de Porres Inc. and Nazareth Home for Children were treated to a day filled with traditional Taiwanese activities. They learned to make traditional

lanterns, and enjoyed playing typical Taiwanese night market games. Taiwanese snacks were also served that allowed the children to taste the famous treats popular with Taiwan visitors. Additionally, traditional toys were introduced that sparked curiosity and excitement among the youngsters. Aside from promoting Taiwanese culture, the event impressed on the young, and urged them to consider studying and working there in the future. It also sought to help Filipino kids build a better future through similar cross-cultural exchanges. Minister Dustin Yang of Teco welcomed the youngsters, as he emphasized the importance of strengthening the relationship

between the republics. The success of “Project: Ligaya” was made possible through the generous contributions of nearly 80 Taiwanese donors from around the world, and dedicated efforts of 100 volunteers from both the local community and Taiwanese in the Philippines. For Teco, the event “not only provided joy and cultural enrichment to the children, but also highlighted the spirit of cooperation and goodwill between the Taiwanese and Filipino communities.” As the event’s lead organizer, Hsieh expressed her heartfelt gratitude to all those who contributed, as she hoped that “Ligaya” would inspire similar initiatives in the future.

and business ties of the two countries.

Last year’s event theme highlighted innovation, culture, and the arts, as it showcased various performances by artists, bands, with participation of multiple firms.

Nelson commended the efforts and work of the British Council’s Lotus Postrado, who runs the British Council: “[She] is actually an ex-officio member, and we look forward to working with them on the festival.”

BCCP pursues multiple efforts that bolster overall bilateral relations for the 2024 Great British Festival. The growing relations between the Philippines and the UK became evident with a total trade value of £2.8 billion in goods and services by the end of the fourth quarter of 2023. The former ranks as the UK’s 59th-largest trading partner. The chamber also remains dedicated to supporting local-based small and medium enterprises from the UK, and advocates for the interests of the British business community in the country.

BCCP sets return of Great British Festival Norway showcases

THE Norwegian Seafood Pavilion is currently welcoming visitors at the World Food Expo (WOFEX) 2024, and showcases seafood selections caught from the cold waters of Norway—including the world-famous Norwegian salmon.

The pavilion also features more seafood products this year with three exhibitors: Hofseth International, Seafood Partners and Sikat Araw Trading Corp.

Various offerings are in focus for the 54-square meter exhibition at Booth 2247, located on the second floor of the SMX Convention Center in Mall of Asia, highlighting the best quality seafood from Norway until August 3.

The Norwegian Seafood Council office in Bangkok reported a steady volume of demand for fresh salmonids from the Philippines, according to its May 2024 data. The country posted a market growth of +169 percent—second-largest in the Asean Region, with a yearly average growth by market rate from 2020 to 2023.

The data also shows an average 24-percent growth of Norwegian seafood exports to Southeast Asia per year. There was steady growth for salmon in the region with a 90-percent value hike in seafood exports from 2020 to 2023.

Other markets in the report include Malaysia (+83 percent), Thailand (+103 percent), Vietnam (+113 percent), and Indonesia (+30 percent).

“There is much potential for Norwegian salmon and other high-quality

Norwegian seafood in the Philippines,” said Amb. Christian Halaas Lyster. “We continue to engage and explore market opportunities in the country, and tap areas [with demand for high quality and] sustainable seafood.” Norway is one of the leading players in the fisheries industry, ranking as the second-largest seafood exporter in the world. Norwegian fish produce is grown in ideal conditions, combined with Norway’s expertise in aquaculture. The Scandinavian country implements strict guidelines, close monitoring, and sustained commitment to seafood advancements—including investments for fish farmers, plus research and development, according to its embassy in Manila. It said that seafood from Norway upholds only quality of seafood catch, with sustainable practices ensured for every catch. This is also why, per the deputation, Norwegian sea produce is often regarded as the best in the world. The growing consumer market also moves toward the healthy, high protein and on-the-go food segment, which positions nutrition-dense food such as salmon front and center. The fish is a very lean source of protein, abundant in Omega-3 fatty acids, vitamins and minerals. The Norwegian Seafood Pavilion is organized by the Norwegian Embassy in Manila, with support from the

and

SECRETARY Ivan John Uy (left) and Ambassador at Large Nathaniel Fick

AMB. Neal Imperial delivers his piece at the Italian Parliament’s Subcommittee on Foreign Policy for the Indo-Pacific hearing in

BCCP’s Chris Nelson

Parentlife

Supporting call of ILO to end child labor

EVERY child has a right to play, learn, and enjoy their youth in a safe and nurturing environment.

However, in many parts of the world, many children are still subject to child labor where they are often forced to work, depriving them of their childhood and stunting their physical and mental development, as well as their full potential and their dignity.

In the Philippines alone, many children are subjected to the worst forms of child labor, including in commercial sexual exploitation, sometimes as a result of human trafficking, and in armed conflict, according to a study by the International Labour Organization (ILO).

So to protect kids all over the world and make the necessary efforts to eliminate child labor in all its forms, World Vision joins the Philippine government in observing the World Day Against Child Labor.

The campaign continues this year, centering on the theme “Let’s act on our commitments: End Child Labor!” World Vision is contributing to ILO’s mission to eliminate child labor through a series of activities that aim to empower communities and raise awareness on the issue.

Modules were provided to World Vision area programs across the country, including a Positive Parenting Workbook which guides parents on positive ways to discipline children, highlighting the need to understand and protect them from any form of violence.

Another important material is the “Huwag Po!” Module which aims to educate and empower children to protect themselves by tackling what good and bad touch are.

Helplines or phone services are also open to respond to reports of abuse, exploitation, and neglect. One of these is the Council for the Welfare of Children’s Makabata Helpline 1383 which caters to cases of violence against children.

Now more than ever, children all over the world need protection, guidance and a safe environment where they can explore their full potential without worries.

On World Day Against Child Labor, everyone can join in reinforcing the campaign’s mission to end child labor by helping children living in vulnerable conditions through World Vision (www. worldvision.org.ph).

How smiles help lives

AS parents, caring about our community is a value we would like to teach our children.

As world issues become bigger and more complicated to solve, it would be good to explain to our children that even as individuals, we can do our part either through time, talent or treasure. The recent Typhoon Carina (International name: Gaemi) is an example that we can use to teach our children how people can devote their time to volunteer their talent like how medical professionals, celebrities or community leaders use their talents to help affected communities, or help raise funds and organize relief efforts; and treasure like those who donate funds regardless of amount.

It is also good to support long-term causes, especially those that bring great impact to people’s lives. Smile Train, the world’s largest cleft-focused organization with a sustainable and local model of supporting surgery and other forms of essential cleft care, released a newly published study that lays out the real-world return on their investments in communities worldwide.

The report, titled “Smile Train at 25: $69 Billion in Impact,” features new data measuring the economic impact and value that comes with 25 years of transforming cleft care. Smile Train’s work has boosted economies by $69 billion in more than 90 countries around the world and has regained 11 million total productive life years globally by cleft surgery patients—measured in averted disabilityadjusted life years (DALYs).

In the Philippines specifically, Smile Train has performed over 69,000 primary cleft surgeries, resulting in 598,000+ years lost to disability averted and $3 billion-plus in economic benefit.

“Having a cleft can have wide-ranging consequences on a child—impacting their physical and mental health, their family’s economic stability, and the child’s future capacity to live a full and productive life,” shared Mamta Carroll, vice president and regional director for Asia, Smile Train. “Having seen first-hand how untreated clefts have affected children in the Philippines and around the world, there is no doubt how access to safe and quality comprehensive cleft care is not only vital but undeniably transformational in all aspects of their lives.”

“We’re thrilled to share this latest study showcasing the economic impact of our work,” said Susannah Schaefer, president and CEO, Smile Train. “$69 billion put back into local economies around the world is no small feat, and these incredibly impactful numbers are all thanks to the dedicated efforts of our worldwide team who understand and prioritize our sustainable and local model of supporting surgery and other forms of essential cleft care. It’s time that the international medical community follows suit and recognizes the cost-effectiveness of integrating comprehensive cleft care into their health systems in order to provide every child with a cleft in need the access to the care they deserve and the future they can achieve for themselves, their families and their communities.”

For as little as $400 committed toward one cleft surgery, as much as $60,000 is put back into the local economy, as former cleft patients go on to contribute to economic output and lead full, productive lives. This amounts to a more than 150x return on investment for a single cleft surgery.

Over the past 25 years, Smile Train has seen the impact of supporting timely, affordable, high-quality cleft surgery for those who need it most. Since inception, the organization has sponsored more than two million cleft surgeries, awarded more than $38 million in education and training grants to medical professionals, supported 600,000-plus families with funding for costs related to accessing cleft care, worked with more than 6,000 partner surgeons and 4,000 partner healthcare centers. The data in this study quantifies that surgical care is a sound investment and a cost-effective intervention that yields substantial economic returns for individuals,

Children’s animated short on love and loss screens this August

A SHORT animated film which hopes to educate children on love that transcends seasons, spaces and death, All The Time is set to be screened on August 3, 2024 at the Ayala Malls Manila Bay.

The piece, which runs for eight minutes and seven seconds, follows the heartfelt journey of an adopted kitten named Tohru, his adjustments to a daunting new environment, and finally finding comfort with his new family and home.

It was inspired from the personal encounters of Anya Zulueta, an alumna of the Digital Filmmaking (DFilm) Program of the De La Salle-College of Saint Benilde, who started writing the piece after her cat Tohru crossed the rainbow bridge.

Presently an educator at her alma mater, she was still healing from the passing of a treasured companion when she was once again challenged by fate upon the sudden passing on of her grandmother.

Motivated to utilize their craft to guide the youth into understanding and coping with personal losses, Anya, together with

her brother Dominic, a Benilde Animation graduate, decided to transform their circumstances into healing experiences. Dominic, the co-director, character and production designer, layout and background artist, and key animator of the film, explained that All The Time was conceptualized to walk young viewers through the concept of death in the kindest and gentlest possible way— through an animated approach.

“We want to teach kids that death is a natural part of life—it doesn’t have to be a scary thing,” Dominic shared. “When we look back at loved ones who’ve passed away, we should remember them for the life they lived.”

All The Time is a collaborative project created by a diverse group of young animators, graphic artists, filmmakers and musicians. It was produced by filmmaker Sonny Calvento, together with DFilm grad Arianna Martinez. Yuuka Tanaka, also from DFilm, served as the line producer-assistant director. It premiered at the 2023 SineKabataan

Film Festival of the Film Development Council of the Philippines, under the mentorship of filmmaker Petersen Vargas. It bagged the Special Mention Award. All The Time will be screened from

August 3 to 10 at the Ayala Malls Manila Bay Cinemas along Macapagal Boulevard, Parañaque City. More information is available at www.instagram.com/allthetime. film.

nations, and the global economy.

The study is a follow up to a 2016 study published in World Journal of Surgery about the societal gain provided by Smile Train’s global cleft surgical intervention program, based on 11 years of data (20012011). This new study provides an updated analysis with an additional 11 years of data (2012-2023) and was conducted using data from 1,486,131 Smile Train patient records of primary cleft procedures between 2001-2023. Fifty-eight percent of the records were cleft lip surgeries, and 42 percent were cleft palate surgeries.

Smile Train empowers local medical professionals with training, funding and resources to provide free cleft surgery and comprehensive cleft care to children globally. The institution advances a sustainable solution and scalable global health model for cleft treatment, drastically improving children’s lives, including their ability to eat, breathe, speak and ultimately thrive. More information can be found at smiletrain.org, about how Smile Train’s sustainable approach means donations have both an immediate and long-term impact. n

FAMILIES CAN REST EASY WITH SAFE AND FAST MOBILE

BANKING TRANSACTIONS

FAMILIES can now say goodbye to waiting for one-time passwords (OTPs) and hello to a faster, more secure way to complete all your essential banking transactions with the AppKey feature on the Metrobank App.

AppKey is a two-factor authentication system that utilizes your biometrics and device ID to provide an unparalleled level of security and convenience.

With this new feature, transactions via the Metrobank App are made even more simple and secure. One-time passwords (OTPs) will now be replaced with fingerprint or facial recognition technology, enabling you to validate your transactions faster. Since your biometrics are unique and cannot be easily replicated, the Metrobank AppKey further lessens the risk of unauthorized transactions in your account.

The AppKey doesn’t stop at biometrics. This new feature takes security a step further, as now, transactions on your mobile app will only go through when you approve it on the smartphone you enrolled as a primary device. This means that even if unscrupulous people gain access to your app login details, they cannot perform transactions without your biometrics and confirmation via your primary smartphone or tablet. This gives you additional security to protect your hard-earned money.

Activating the AppKey feature on your Metrobank App is easy. Here’s a quick guide: after logging in, tap “Enhance security with AppKey”; enter your passcode followed by the SMS OTP sent to your registered mobile number; tap “Yes, enable biometrics” and authenticate via Face ID or fingerprint scan. And you’re done! After 24 hours, AppKey will be activated on your device and you can start enjoying added security and complete transactions faster. Activate AppKey today and unlock a world of smart, simple and secure banking with the Metrobank App. Accountholders and customers can download the Metrobank App for free on the Apple

and

B8 Thursday, augusT 1, 2024

mirror_sports@yahoo.com.ph

Editor: Jun Lomibao

Eumir Felix Marcial: Where’s Princess?

By Jun Lomibao

PARIS—There was something peculiar about Eumir Felix Marcial as he marched toward the ring for his men’s light heavyweight bout against a young opponent from Uzbekistan at the Paris Olympics on Tuesday night—he wasn’t his usual ferocious and determined self.

Instead, he appeared bewildered as he looked around the stands of the almost packed Paris North Arena seconds before the traditional introduction of athletes by the stadium barker.

“I was looking for Princess,” Marcial told BusinessMirror at the Mixed Zone after losing to 20-year-old Turabem Khabibullaev via unanimous decision that abruptly ended his cherished bid to win an Olympic gold medal.

Princess is Marcial’s wife who’s always been by his side since they got married in October 2021, two months after the pride of Zamboanga City clinched a bronze medal as a middleweight in Tokyo.

Could a missed gaze or wave to the love of his life have, by fate, reversed the fight’s outcome?

Not one from a handful Filipino journalists had the courage to ask Marcial the hypothetical question that had he seen Princess in the crowd, he could have emerged a winner.

Marcial’s emotions kept journalists from adding salt to his wound.

Amateurs cry foul as pro boxers seize spotlight

VILLEPINTE, France—Although professional boxers were first allowed into the Olympics eight years ago, they haven’t come close to dominating in the way many coaches and fighters feared they would.

That’s easy to forget this week at the Paris Olympics if you happen to be watching 30-year-old super heavyweight gold medalist Bakhodir Jalolov taking time out from his 14-0 pro career to try to beat up a bunch of younger, less experienced boxers in his third Games. Jalolov and a few other pros, particularly International Boxing Federation lightweight champion Beatriz Ferreira of Brazil, have some coaches and opponents questioning their presence in Paris.

US lightweight Jajaira Gonzalez was furious after her loss Monday to Ferreira, a 5-0 professional whose strength and speed are formidable to fighters with a fraction of her resources and experience.

“I will say I think the

pros should stay out [of] the amateurs,” Gonzalez said. “You went pro. You’re pro for a reason. Leave the amateurs alone.”

Most professional boxers do, but the Olympics simply mean too much to those like Jalolov and Ferreira. They crave the personal achievement, but they also share a fanatical desire to honor their country, their families and the boxing systems that taught them everything.

“Gold is the mother of all medals,” Fer reira said.

While Jalolov and fellow Uzbek gold medalist Hasanboy Dusmatov stand out among the men’s pros, Ferreira has been the most impressive on the women’s side. They eagerly jumped through the Olympic hoops, sacrificing months of moneymaking opportunities for qualifying and preparations for Paris.

Jalolov started his pro career in the US in 2018. He shows promise as a heavyweight contender and has fought in big venues around the world, but his heart clearly isn’t in prizefighting: He bounced

from promoter Lou DiBella to Top Rank and then out of the pro game temporarily this year because he wanted to focus on Paris.

But he has been clear for years about his boxing goals, which he laid out to The Associated Press immediately after crying on the medal podium in Tokyo. He thinks the professional game is a good way to pass time between Olympic cycles, but it doesn’t matter to him nearly as much as fighting for Uzbekistan in the Olympics and in world championships.

“I’m very happy being here, because winning a gold medal is my greatest goal,” Jalolov said through an interpreter Sunday after he opened his Paris run by blanking Omar Shiha of Norway. “Everything I have done in boxing is to prepare me for this opportunity. This is my greatest wish.” AP

“I’m not sure right now if I’ll focus on my pro career or should I start all over again to achieve my Olympic dream,” said Marcial, teary-eyed. “To all Filipinos, to those who supported and believed in me, I’m very sorry.”

“I have no excuse in my loss, I have no explanation on why I lost,” he said. “Maybe I did something wrong and I

wasn’t up to the task.”

Princess Marcial was in the crowd wearing a white Team Marcial jacket and was shown for a few seconds on jumbotron, but of course, Marcial didn’t notice.

After the fight, husband and wife got to see each other outside the athletes’ warmup area and everything else was all drama and emotions.

MARCIAL’S NO LIGHT HEAVYWEIGHT

EUMIR FELIX MARCIAL didn’t look like he was fit to a T as a light heavyweight—at 5-foot-8 he gave away five inches in height that translated to a disadvantage in reach that saw the Uzbek occasionally scoring on jabs with his orthodox boxing style.

“He’s really fit for middleweight,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino, who’s been a dad to Marcial, Nesthy Petecio and Carlo Paalam, now residents of Tagaytay City after having rewarded the three houses and lots for their exploits in Tagaytay City.

Light heavyweight is pegged at 80 kgs while middleweight, which was scrapped for Paris, is at 75 kgs.

TOLENTINO: FULL THROTTLE IN PARIS

THE Philippine campaign at the Paris Olympics remains strong and steadfast despite Eumir Felix Marcial’s emotional exit on Tuesday night.

“Full speed ahead,” said Philippine Olympic Committee president Abraham “Bambol” Tolentino on Wednesday. “The campaign for medals, especially gold, is hot on track.”

Tolentino described Marcial’s setback as an “extremely emotional loss” considering the sacrifice and dedication the bronze medalist in Tokyo 2020 poured for Paris.

“I know how painful it is for Eumir to bear the loss,” Tolentino said. “We feel his

disappointment and frustration, but it’s not the end all for him.”

“But if we look at the tangibles, the light heavyweight is not for Eumir,” he said. “He’s small for the weight class, while the other boxers are bigger and heftier.” Marcial’s bronze in Tokyo was at middleweight, but the division was scrapped for these Olympics.

EUMIR AMATEUR BOXING CAREER OVER? MP Promotions head Sean Gibbons advised Eumir Felix Marcial that there’s nothing to be ashamed of after crashing out of the games.

“There’s no tear in the beer and no crying. He lost, he

Hwith Cheung’s supporters celebrating his win with posts about pineapple pizzas—widely considered a culinary blunder in Italian cooking. Cheung made Hong Kong history on Tuesday by beating Macchi, 15-14, in the men’s foil. That triumph made Cheung, who had

Fencing Federation said in a statement that it would file a complaint to the International Olympic Committee and the International Fencing Federation about what it called “unacceptable” refereeing. “Never seen anything like

was denied a gold he deserved,” Italian Fencing Federation President Paolo Azzi said.

Kong fencer’s win

Italy’s Olympic Committee

President Giovanni Malagò suggested the selection of referees was problematic, saying “the two judges were from Taipei and Korea in a final between Italy and Hong Kong.”

Macchi’s supporters also left comments on Cheung’s Instagram account to express their grievances. One comment alleged that Cheung’s championship was “robbed” and Macchi should be the final winner.

In a mockery response, Hong Kongers replied with comments on Instagram about their love for pineapple pizza to defend Cheung and

of boxing at the Paris North Arena. The 28-year-old Villegas booked a dominant 5-0 victory over Morocco’s Yasmine Moutakki four days ago but she would have to draw more from her arsenal if she wants to stay in medal contention.

Boualam, a 29-year-old two-time Olympian, is a highly decorated boxer with gold medals that from the 2023 African Boxing Olympic Qualification Tournament, African championships, 2019 African Games and 2023 Arab Games. She is the first female boxer to represent Algeria at the Olympics.

Despite the daunting task ahead,

said they would have a lot of pineapple pizzas to celebrate the win. Pizza Hut in Hong Kong and neighboring gambling city Macao also offered free pineapple toppings on any pizzas when dining at its branches on Tuesday and Wednesday to celebrate the victory. But Macchi eventually earned respect from some Hong Kongers after he posted on his Instagram to say that he knows both referees and

Villegas takes on veteran Algerian in Round of 16

Villegas believes her previous sparring sessions with Boualam could give her an edge.

“I’ve sparred with her before, but of course, an actual match is different,” Villegas said. “We need to study her again and train hard.”

The Tacloban City native’s victory inspired her teammate, Tokyo Olympics silver medalist Nesthy Petecio, who also secured a 5-0 win over India’s Jaismine Lamboria.

However, the Philippine boxing team suffered a setback with the early elimination of Tokyo bronze medalist Eumir Marcial, who lost to Uzbekistan’s Turabek Khabibullaev in the men’s 80 kg category. The bout between Villegas and Boualam is scheduled for 8:16 p.m. (12:16 a.m. Friday in Manila). Jun Lomibao

HONG KONG’S Cheung Ka-long (center) Italy’s Filippo Macchi (left) and the United States’ Nick Itkin. AP

SEED TOO STRONG

VILLEGAS