MARCOS JR. BANS POGOS, SETS END-2024 DEADLINE
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand R. Marcos
Toward the tail end of his State of the Nation Address (Sona), the President instructed the Philippine Amusement and Gaming Corp. (Pagcor) “to wind up and cease operations of Pogos by the end of the year,” and directed the Department of Labor and Employment (DOLE) in coordination with economic managers, to help affected countrymen find jobs.
Jr. on Monday announced a ban on all Philippine Offshore Gaming Operators (Pogo) nationwide, effective at the end of the yearend, saying it was time to end the evils associated with them. See “Marcos,”
“This will solve many of the problems that we encountered, but it will not solve all of them,” he conceded. The President made the announcement, which drew overwhelming applause at Batasang Pambansa Plenary Session Hall, amid the public clamor to stop Pogo operations, which critics have blamed for cases of serious crimes, though regulators have pointed out the crimes
TBy Andrea E. San Juan @andreasanjuan
HE Philippines is expanding its efforts to forge more free trade deals as it eyes to “formally” apply with the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year, among others.
“Another promising [free trade agreement] FTA is our interest in the CPTPP. So we’re pursuing that and we’re eyeing to hopefully at least formally apply [with] that this year,” Trade Undersecretary Allan B. Gepty told reporters at a recent briefing.
“It’s a good FTA for the Philippines in the sense that once we become a party [to] the CPTPP, our value added...will be of course...[the presence there of] Chile,
Mexico, Peru and also Canada. And now the UK is there…with more reason that we need to join, so that our reach can at least be more comprehensive,” added Gepty, partly in Filipino.
The CPTPP, as explained on the website of the government of Canada, is a free trade agreement between Canada and 10 other countries in the Indo-Pacific.
The agreement is in force among: Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. On July 16, 2023, CPTPP parties signed an “Accession Protocol” with the United Kingdom.
“The CPTPP is a trading bloc of 580
erty and were “felt” by the masses, became the highlight of President Ferdinand Marcos
of the Nation Address (Sona). The chief executive started his one hour and 22 minute SONA speech at the Batasang Pambansa Plenary Hall by citing his “hard lesson” on how the country’s improvements in economic figures “means nothing to a Filipino, who is confronted by the price of rice at 45 to 65 pesos per kilo.”
“My dear countrymen, I know you feel it. We do not ignore your grievances and sufferings,” Marcos said.
He cited government efforts to control rice prices by increasing the production of the food staple by boosting support to farmers, going after hoarders and smugglers, and extending the reduced tariff rates to facilitate the importation of rice, corn, and pork until the end of this year.
Infrastructure projects such as stage two of the MalitubogMaridagao Irrigation Project, Cabaruan Solar-Powered Pump Irrigation Project in Quirino, Isabela, and the Jalaur River Multipurpose Project sa Iloilo will also help ensure long-term food security, he noted.
“Since this is the main grievance of the people, we will not stop fighting poverty, and in finding a remedy to bring the price of goods back to normal—especially rice,” Marcos said.
The increased availability of affordable food, he said, will be augmented by the government’s nationwide rollout of the “Walang Gutom 2027” by the end of the year.
“The program will go on until we feed the one million most foodpoor families by 2027.” He said the poverty rate in the country has significantly dropped to 15.5 percent, down from 18 percent in 2021.
Connectivity, energy ASIDE from agriculture, Marcos said he administration has also
Sona focus on agri cheered, but groups say not enough
By Ada Pelonia
THE local agriculture sector has now been given primacy after decades of neglect, according to the Philippine Chamber of Agriculture and Food Inc. (PCAFI).
PCAFI President Danilo Fausto issued the statement after President Ferdinand Marcos Jr.’s State of the Nation Address (Sona) stressed the government’s bid to prioritize local farm production and continued support for the agricultural sector.
“The opening of his speech began about solving the problems of Philippine agriculture. Now, our sector is being given priority after decades of neglect,” Fausto told the BusinessMirror via Viber.
However despite Marcos acknowledging the public’s burden of high food prices and focusing on local food production, Federation
implemented infrastructure projects such as the National Fiber Backbone, which is expected to be completed by 2026 and provide more households access to the internet and energy
of Free Farmers (FFF) Chairman Leonardo Montemayor said the Executive Order (EO) 62 was not mentioned in his address.
“Although he said that external factors forced government to take emergency action, such as imposing price ceilings imposed on rice in 2023 and extending reduced tariffs on rice and other agri products until the end of the year/2024 [under] EO 50,” Montemayor told the BusinessMirror.
“Also, no specifics on presumably an increased budget for [Department of Agriculture] DA and attached agencies,” he added. Marcos earlier issued EO 62 which reduced tariffs on key agricultural commodities, including rice. In his address, Marcos assured farmers and the agricultural sector that the extended reduced tariff rates would only be a temporary solution.
projects to address the country’s power shortages to help the quality living of Filipinos. These structures, he said, will also bring in more investments
Sinag: EO 62 no cure to prices
THE broad agriculture sector coalition Sinag maintained that EO 62 would not solve the spike in retail rice prices.
“ Kasama ng buong agri sektor ang pangulo sa paghahanap ng paraan na mapababa ang presyo ng bigas. Subalit ang EO 62 ay hindi sagot sa pagbaba ng presyo ng bigas ,” Sinag Executive Director Jayson Cainglet told the BusinessMirror via SMS.
“There is no shortcut. Bababa lang ang presyo ng bigas at iba pang pangunahing bilihin kung lalakas at dadami ang local production.”
Bantay Bigas Spokesperson Cathy Estavillo noted that Marcos did not mention farmers’ rights to their lands, which she said would be the major solution to solving the crises in agriculture.
“ Walang binanggit kaugnay sa pagpapalakas ng karapatan ng mga magsasaka sa lupa o tunay na Reporma
in the country.
“To sustain the country’s economic gains, we are promoting investment-led growth. We have set in motion policies and programs to create an environment conducive for businesses to thrive, like reforms in the capital markets, and implementation of green
were spawned by the illegal Pogos, not the Internet Gaming Licensees (IGLs), the newly accredited entities that survived a massive vetting and culling by Pagcor.
sa lupa na mayor na solusyon sa krisis sa bigas, pagkain at agrikultura ng bansa,” Estavillo told this newspaper via Viber.
She also said that Marcos did not address his promise of P20 per kilo of rice, which she said would spur the spike rice prices.
“ Wala talagang binanggit kaugnay sa sinisingil sa kanya ng mga magsasaka at konsyumer kaugnay sa pangakong P20 kada kilong bigas at pagpapababa ng presyo ng bigas. Magpapatuloy lang ang napakataas na presyo ng bigas at pangunahing pagkain.” Cainglet said achieving the P20 per kilo of rice would be difficult considering the current economic conditions.
“ Bitawan na ang paghabol sa P20 per kilo na bigas dahil hindi makakamit ito sa kasalukuyang sitwayson na dumoble ang presyo ng langis at tumaas ang gastos sa produksyon sa lahat ng bansa ,” he said.
lanes,” Marcos said. “As a result, we have greenlane certified’ around a hundred projects with a total investment of about P3 trillion across the sectors of renewable energy, digital infrastructure, food security, and manufacturing,” he added.
Continued from A Continued from A
Samuel P. Medenilla
“Disguising as legitimate entities, their operations have ventured into illicit areas furthest from gaming such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture, even murder,” Marcos said of the Pogos.
“The grave abuse and great disrespect to our system of laws must stop. We must stop this attempt to cause desecration and disrespect to our country,” he added.
He urged Filipinos to join his the government campaign citing the famous quote of the English philosopher John Stuart Mill: “Let not any one pacify his conscience by the delusion that he can do no harm if he takes no part, and forms no opinion.”
“My beloved countrymen, let’s always fight the wrong and evil. Let’s always fight for what is right and what is good,” he said.
Pagcor reforms
THE poor reputation of Pogo has prompted Pagcor to rebrand it into Internet Gaming Licensee and impose additional security features to its licensees.
Earlier this month, DOLE said it has started profiling workers who might be displaced if a ban on Pogo is pushed through.
Most or 34 of the governmentregistered IGL, which employ about 80,000 workers, are in Metro Manila.
The IGLs employ 10,319 Filipino workers and 69,472 foreign nationals.
Concerns on the social impact of Pogos soared after the Senate conducted hearings on the illegal Pogo operations that were raided in Bamban, Tarlac, followed by a similar raid in Porac, Pampanga.
million consumers and 15.6 percent of global [gross domestic product] GDP,” the website of the Canadian government noted.
Heeding the call of President Ferdinand R. Marcos Jr.’s in his State of the Nation Address (Sona) last year to forge more international economic partnerships, Gepty said the Department of Trade and Industry’s (DTI) direction is to expand its efforts on free trade agreements (FTAs).
“So in response to that, the Department of Trade and Industry, in coordination with other departments and other government agencies, we, of course commenced negotiations with various trading partners, like one [with] South Korea which has been [signed by the] President and is now with the Senate,” Gepty said.
The FTA with South Korea was signed in September 2023. The Senate, which resumed session Monday, will conduct a pubic hearing on the concurrence process for the trade deal.
Gepty told the BUSINESSMIRROR that the issues to be tackled will depend on what the Senate would like to take up, but “offhand, we will just highlight benefits of the FTA and consistency with our legal regime.”
However, he said South Korea also needs to finish their own ratification process before the FTA between the two nations takes effect.
“It’s good to note also that our agriculture sector is very supportive of this because the South Korea FTA will basically complement our existing [Regional Comprehensive Economic Partnership] RCEP and Asean-South Korea FTA,” said Gepty.
“So that will basically cover now almost all trade value and of course, volume of imports and export that we are doing with South Korea,” he added.
Negotiations with the 27-member bloc European Union (EU) for an FTA was formally announced last March 18. As an update, Gepty said, “This coming October 14 or 18 we will now start the next round of negotiation.” He said the elements of the chapters to be included in the talks are expected to be “more comprehensive.”
On the Middle Eastern, Gepty said that, “Two weeks ago we just concluded our second round of negoations with the United Arab Emirates.”
This is “another milestone” in the Philippines’ international trade relations because this will be the first time that the country will have a free trade deal with a Middle Eastern country, he said.
Gepty said they are targeting to wrap up the trade negotiations with UAE by October.
Continued from A
Digital Transactions Act.
“Pogos are just a small part of a bigger Pagcor IGL framework,” Salceda noted. “I hope the Senate will act swiftly to pass revenue measures that can offset the loss and ensure continued financial stability.”
Distinction crucial SALCEDA also emphasized the need to differentiate between legal and illegal IGL operations.
“Given the challenges in distinguishing between legal and illegal Pogos, it is imperative to find a technical solution that does not negatively impact legitimate [legal] IGL operations,” Salceda added.
During a House hearing, it was revealed there are 78 legal POGO operations under PagcorOR’s supervision, while the Presidential Anti-Organized Crime Commission (PAOCC) has identified 402 illegal Pogos across the country.
Pagcor Chairman Al Tengco informed lawmakers that the number of licensed operators has been significantly reduced following a comprehensive review and new regulations implemented in July 2023.
Atty. Jessa Mariz Fernandez, Assistant Vice President of Pagcor’s Offshore Gaming Licensing Department, reported that Pagcor generated P5.17 billion in 2023 from 87 licensees and providers, a substantial increase from the previous year’s P2.99 billion from 158 licensees. For 2024, despite the reduced number of licensees, Pagcor estimates revenue to reach P7 billion.
Speaker Ferdinand Martin G. Romualdez commended the President’s decision. “This bold move underscores the President’s commitment to lawful economic practices,” the Speaker said. Also, Cagayan de Oro City Rep. Rufus Rodriguez lauded the order of the President.
The mayor of Bamban, Alice Guo, who was later revealed to be a Chinese national, was accused of abetting the illegal Pogo within her jurisdiction.
Recto backs Marcos ban
FINANCE Secretary Ralph G. Recto approved of Marcos’s decision to ban Pogos.
Recto said in a post-Sona interview that it is only right to ban Pogos in the Philippines until the end of the year since there are reputational risks associated with it.
“Not to mention maraming dulot na masasama sa ating lipunan, ‘no.
Kita naman natin, napag-uusapan natin ’yan halos araw-araw [Not to mention the negative impacts [of Pogos] have on our society. We see it; we talk about it almost every day],” Recto said.
Recto added that illegal Pogos are a major distraction to the government, specifically for the Philippine National Police (PNP).
The ban on Pogos will also not be affecting the country’s financial situation because the losses the government incurs from Pogo are greater than the earnings generated from it, according to Recto.
“While they do pay taxes, there are significant costs to us, for example, in terms of the PNP’s expenses related to crime,” Recto said, partly in Filipino.
Earlier, Recto had recommended to the President the ban on Pogos and presented a cost-benefit analysis.
Salceda warning HOUSE Committee on Ways and Means Chairman Joey Sarte Salceda, however, had words of caution. He said the Senate must pass comprehensive revenue measures to mitigate the financial impact of the upcoming ban.
Salceda stressed that while Pogos contribute approximately P12 billion to Pagcor’s Integrated Gaming License (IGL) operations, which total P43 billion, it is crucial to address the potential revenue shortfall resulting from the ban.
Among the bills pending under Senate consideration are: Excise Tax on Single-Use Plastics, Rationalization of the Mining Fiscal Regime, New Motor Vehicle User’s Charge/Road User’s Fee, and VAT on
“We in the House of Representatives have been calling for the closure of Pogos, whether legal or illegal, because of the evil they have caused not only in the areas where they operate but in other communities. We thank the President for finally heeding our call,” he said. He said the collective call was reflected in the approval by the House committee on games and amusement early this year of his resolution and a bill authored by Manila Rep. Bienvenido Abante, both of which proposed banning Pogos.
“We made the proposal long before the authorities exposed various criminal activities associated with Pogos raided in Bamban, Tarlac, and Porac, Pampanga, including money laundering and human trafficking,” he said.
Rodriguez pointed out that many of these Chinese are the brains or are members of criminal syndicates that victimize not only other Chinese nationals but other foreigners and Filipinos as well.
“A 10 out of 10.” This was the score given by longtime anti-gambling advocate Abante Jr., after the President announced that POGOs would henceforth be banned in the Philippines as “their operations have ventured into elicit areas farthest from gaming such as financial scamming, money laundering, prostitution, human trafficking, kidnapping, brutal torture, even murder.”
Sen. Risa Hontiveros, chair of the Senate Committee on Women that has been holding hearings on crimes associated with Pogos, said in reaction to the ban:
“Our Senate hearings will continue to demand accountability. We will also continue to ensure that we strengthen policies that would prevent industries like Pogos from ever emerging again.”
She thanked “all victim-survivors, whistleblowers, and government agencies that cooperated with our investigation in the Senate to uncover the horrible truths about the Pogos. We owe you this victory. And to all POGOs—legal o illegal— goodbye.” With reports by Reine Juvierre S. Alberto, Jovee Marie N. Dela Cruz and Butch Fernandez
Carpio joins calls to ban Pogos
By Joel R. San Juan @jrsanjuan1573
ORMER Supreme Court Associ-
Fate Justice Antonio Carpio has joined mounting calls to cancel all licenses issued to operators of Philippine Offshore Gaming Operators (Pogos).
Carpio stressed that the Philippine Amusement and Gaming Corporation (Pagcor), the country’s gaming regulator, should not have granted licenses to Chinese Pogos “considering that gambling is illegal in China.”
“Have you heard about the ‘great firewall of China?’ The online Pogos claiming to operate in China are blocked,” Carpio was quoted as saying at a public event in Manila on Saturday.
“They get [a] license from Pagcor saying they operate in China but they are blocked,” Carpio added.
It can be recalled that in July last year, Pagcor came up with new regulations for Pogos, now referred officially as “Internet Gaming Licensees” (IGLs).
The retired SC justice claimed that what the report termed “Chinese-run Pogos” were using such a license as “cover only so they can have buildings, operation with computers.”
These companies, according to Carpio, were instead engaged in illegal activities online such as scamming and phishing.
“Just cancel those licenses. We are just fooling ourselves,” Carpio urged the government.
Carpio also hoped that President
Marcos would formally announce that he is banning Pogos in the country during his State of the Nation Address (Sona).
“It is probably good if he can announce he is against the rules of Pagcor issuing licences on POGO that cater to the mainland Chinese market,” he said.
The Chinese government has earlier announced its willingness to work with Philippine authorities in connection with online gambling, while stressing that Chinese people were mere “victims of offshore gambling.”
Carpio along with other opponents of Pogos such as former senator Leila de Lima and former Ombudsman Conchita Carpio-Morales had also released an open letter urging Marcos to cancel offshore online licenses.
“Pagcor cannot, and should not, issue a license to any Pogo that caters to the mainland Chinese market.
Any such license is void ab initio [from the beginning] under Pagcor’s own regulations,” their open letter said.
On the other hand, Department of the Interior and Local Government (DILG) Secretary Benjamin Abalos Jr. had also met with law enforcement agencies and local governments in Metro Manila and parts of Luzon to discuss measures to eradicate illegal Pogos.
The National Police earlier raised concerns over illegal activities such as espionage, human trafficking, sexual exploitation, physical abuse, kidnapping, extortion, digital fraud and identity theft involving illegal Pogos.
DOJ get ₧336-M fund for new PAO lawyers
ATOTAL of 178 new public attorneys (PAs) are expected to join the Public Attorney’s Office (PAO) to assist poor Filipinos who are in need of legal representation and counselling.
This was announced by the Department of Justice (DOJ) on Monday after the Department of Budget and Management (DBM) approved the creation of said positions across the country.
Under the new plantilla, there will be 122 PA I and 56 PA 2 positions to be designated in different PAO offices nationwide requiring an annual budget of P336 million.
The department said the hiring of new PAs is part of the President
Marcos’s Bagong Pilipinas governance campaign to assure that no Filipino will be left behind towards the nation’s path to progress.
Justice Secretary Jesus Crispin Remulla thanked Budget Secretary Amenah Pangandaman for prioritizing the hiring of new public lawyers to address the legal needs of the underprivileged sector.
“Gone are the days when some may think that access to justice in the Philippines is exclusively for the wealthy. Today, under the Bagong Pilipinas political vision, we level the playing field between the rich and the poor in terms of having access to legal services,” Remulla said. Joel R. San Juan
Group to govt: Stop building ‘car-centric’ infrastructure
By Lorenz S. Marasigan @lorenzmarasigan
THE Move As One Coalition has called on the Metro Manila Development Authority (MMDA), the Department of Public Works and Highways (DPWH), and the Department of Transportation (DOTr) to stop building “substandard and car-centric infrastructure,” which they claim is a “waste of taxpayer money and a violation of the rights of vulnerable road users.”
In a statement, timed to coincide with the State of the Nation Address (Sona) and National Disability Rights Week, the coalition voiced concerns over the poor quality of infrastructure that fail to serve persons with disabilities (PWDs) and other vulnerable groups.
For instance, the coalition pointed to the controversial Edsa-Philam Busway Station, which had steeper slopes than what is mandated for the use of PWDs.
“Taxpayer money has already been wasted and laws were violated when a non-compliant and unsafe ramp design was authorized,” the coalition said.
Move As One said it demands accountability from those responsible
Inflation busters, AFP upgrade on Senate, House leaders’ priority list
By Butch Fernandez @butchfBM & Jovee Marie dela Cruz @joveemarie
THE Senate will prioritize, during the third and last regular session of the 19th Congress, the continuing upgrade of the military, while helping grow amicable relations with neighbors, and will push measures that assure ordinary Filipinos better incomes and access to health, education and justice.
Senate President Francis Escudero laid down these priorities in his speech opening the Senate’s Third Regular Session on Monday morning.
“This Senate is unanimous and unbending in defending our country’s sovereignty,” Escudero said, and this why it has given priority to the Maritime Zones Act and related measures.
At the same time, he said in his Monday’s opening speech, “We will strengthen our military, not to ignite any conflict,” but to keep the peace; and continue to support efforts to keep the welfare of Filipino fishermen.
“Indeed, we must work toward breaching these troubled waters,” he added, in apparent reference to the continuing tensions with China over the West Philippine Sea.
He repeated an observation he had made the past few weeks, alluding to “our centuries-old amicable relations with them,” of which the current turmoil “is just a mere speck.” He has often stressed that Filipinos have been engaging the Chinese people for centuries, way before the country was colonized by Western powers.
House to protect purchasing power
SPEAKER Ferdinand Martin Romualdez meanwhile vowed to protect Filipinos’ purchasing power and to continue supporting farmers in order to increase their productivity and reduce the price of the staple crop.
At the beginning of the Third Regular Session of Congress, Romualdez informed his colleagues
and urges immediate action to provide adequate PWD facilities at all stations. They also expressed concerns over the DOTr’s plan to seek an additional P200 million for installing elevators at Edsa busway stations, citing the poor maintenance of existing elevators in train stations as a warning sign.
The coalition criticizes the government’s focus on car-centric projects like the PWD ramp and footbridges to the Edsa busway, which, they said, prioritize vehicular flow over pedestrian safety and accessibility.
“Car-centric infrastructure is fundamentally unjust in a country where only 6 percent of Filipinos own private cars. The supermajority, 94 percent, including PWDS, take public transit, walk, or ride bicycles or light electric vehicles. This supermajority is among the most vulnerable in a road crash,” Move As One said.
Move As One called for a more “inclusive” approach to infrastructure planning, involving PWDs and regular commuters in the consultation process.
It also advocated for the expertise of institutions like the National Council on Disability Affairs and the UP National Center for Transportation Studies to be tapped in decision-making.
that the House of Representatives “welcomes and fully supports” President Marcos’s Executive Order 62 that lowered the duty on imported rice from 35 percent to 15 percent.
“May I just add that in conjunction with the lowering of rice tariffs for the benefit of Filipino consumers, we will strive to provide all the necessary infrastructure, technological, and financial support to increase the productivity and income of our farmers,” he said.
The lower chamber already approved on third and final reading the amendments to the Rice Tariffication Law, which addresses the widening gap between rice retail and farm gate prices.
“By augmenting the rice supply and managing prices, rice becomes more affordable and, thus, accessible to all Filipinos,” Romualdez said.
He also highlighted the House’s goal of safeguarding the purchasing power of Filipinos by controlling inflation and reducing electricity costs.
“The House likewise aimed to safeguard the purchasing power of our countrymen by keeping inflation under control and reducing electricity costs,” he said.
The Philippine Statistics Authority recently reported a decrease in inflation to 3.7 percent in June from 3.9 percent in May, attributed to lower energy and transport costs.
“The amendment to the Electric Power Industry Reform Act [Epira], which we must finish in December, is expected to further ease inflation,” he said.
Defense and security
ROMUALDEZ also reported on his recent trip to Japan, where he met with
Go stresses need for stronger initiatives to address poverty
IN an ambush interview on Saturday, July 20, after aiding cooperatives in Iloilo City, Sen. Christopher Go emphasized the critical importance of further support for the country’s impoverished populations.
Go’s call for action comes against a backdrop of concerning statistics from the National Nutrition Council (NNC), which reports that one in three Filipino households experiences food insecurity, leading directly to malnutrition and its consequences.
According to NNC Assistant Secretary Azucena Dayanghirang, malnutrition is not only a health issue but a developmental one, contributing to reduced intelligence quotients and stunted growth among Filipino children.
Go called on the Department of Agriculture and other agencies like the DSWD and DOLE to fully exert efforts in delivering tangible aid to those in dire need.
Go, a member of the Senate Committee on Agriculture, has continuously advocated for strengthening agricultural support systems, acknowledging the contribution of farmers in maintaining food security.
The senator’s assertion aligns with recent World Bank insights, which suggest that Filipinos born today may only achieve 52 percent of their potential due to nutritional deficiencies. This stark reality underscores the urgency of Go’s call for a focused, transparent, and compassionate approach to governance and aid distribution, free from the taint of political maneuvering.
his counterpart, Speaker Fukushima Nukaga, and other Japanese lawmakers “to enhance the defense and security cooperation between our countries.”
“During the meeting, we made a firm commitment to expand the trilateral cooperation among the Philippines, Japan, and the United States,” he said.
They also discussed matters relating to the fair access of Philippine agricultural products to the Japanese market, the PhilippineJapan Economic Partnership Agreement, assistance for infrastructure projects through Official Development Assistance (ODA), protection of the rights of Overseas Filipino Workers (OFWs), and Japanese investments.
“This collaboration serves to fortify our bilateral relations and strategic partnership,” Romualdez said.
He said the House is likewise addressing the “most current and pressing issues” like criminal activities linked to Philippine Offshore Gambling Operations (Pogos) and proliferation of illegal drugs.
Wage hike
TURNING to his advocacy of a legislated wage hike and related efforts, Escudero stressed, “Our people are overworked, underpaid. A comfortable life has clearly eluded them for generations.”
“It is time,” he stressed, to “reframe our work, and pivot to laws that improve their lives.”
He noted how Congress has “passed a raft of laws” that help business, such as those for ease of doing business, ease of paying taxes, and even ease for offloading bad loans. And yet, he rued, “Bakit
walang [Why is there no] ease in providing better wages, access to health care and education, and acquiring justice, and providing affordable food.”
LINK TO EARLIER STORY
https://businessmirror.com. ph/2024/07/22/wage-hike-billstill-needed-wage-boards-tooslow-chiz/
He expressed hope the Senate “can and shall be the Senate that President Quezon” had dreamt of, a Senate that serves the people, the way that people themselves want to be served.
Romualdez reiterated his commitment to the approval of all priority measures identified by President Marcos Jr. and the LegislativeExecutive Development Advisory Council (Ledac).
“We, at the House of Representatives, stand united with the President in his desire to advance these legislative initiatives that will shape the nation’s path forward. This is a time for unity, and we fully support the President,” he said.
Priority bills include the AntiAgricultural Economic Sabotage Act, Philippine Self-reliant Defense Posture Program Act, Philippine Maritime Zones Act, amendments to the Right-of-Way Act, amendments to the Electric Power Industry Reform Act, Create More Act, VAT on Digital Transactions, and capital market reforms. The Ledac has also added the Archipelagic Sea Lanes Act and five other significant measures to the top priority list.
“Today, I emphasize our commitment to pass the remaining priority bills before the end of the Third Regular Session. We are ready and equally determined to ensure that these critical measures are enacted to support our nation’s progress and development,” he said.
“As we did during the First and Second Regular Sessions, we will pour all our strength and time into passing the laws that the country needs,” he told his colleagues.
SENATE President Francis EscuderoSPEAKER Ferdinand Martin Romualdez
Tuesday, July 23, 2024
New laws expected to thwart scams, improve governance
By Jovee Marie N. dela Cruz @joveemarie
THE recently signed New Government Procurement Act and the Anti-Financial Accounts Scamming Act (Afasa) are important steps toward improving openness, effectiveness, and good governance in public procurement while thwarting financial scams and safeguarding the public from economic fraud.
Speaker Ferdinand Martin G. Romualdez said the New Government Procurement Act ushers in a new era of transparency, integrity, and accountability in the government’s procurement processes.
“It reflects our unwavering commitment to the Filipino people to ensure that every peso is spent wisely and responsibly,” Romualdez said.
The revised government procurement law, which updates Republic Act 9184, enhances the integrity and accountability of government
procurement processes by promoting transparency, competitiveness, efficiency, proportionality, accountability, public monitoring, procurement professionalization, sustainability, and value for money.
Romualdez emphasized that the law streamlines and standardizes procurement processes, ensuring that public funds are spent wisely and judiciusly.
The law applies to procurements by all branches and instrumentalities of the national government, including departments, bureaus, offices, agencies, state universities and colleges (SUCs), governmentowned and -controlled corporations (GOCCs), government financial institutions (GFIs), and local governments. It covers the procurement of goods, infrastructure projects, and consulting services, regardless of whether funds are sourced locally or internationally.
Key features of the revised law include the standardization of procurement processes and forms,
requirements for proper planning and budget compliance, and mandates for detailed engineering investigations and surveys before bidding on infrastructure projects. It also introduces provisions for market scoping, life cycle assessment, and the use of framework agreements and pooled procurement to achieve economies of scale.
“The revised act introduces essential safeguards to ensure that procurement activities are conducted with the highest standards of integrity and accountability,” Romualdez said.
Combat financial fraud
ROMUALDEZ also lauded the enactment of Afasa, or Republic Act 12010, signed into law by President Marcos on Saturday, highlighting its importance in safeguarding the integrity of the country’s financial systems and protecting the public from fraudulent schemes.
“The signing of the Afasa marks a significant milestone in our fight against financial fraud and cybercrime,” he said. “This law provides stringent measures to regulate financial accounts and prevent their misuse, ensuring that our financial systems remain secure and trustworthy.”
Afasa aims to prevent financial scams, including money muling, social engineering schemes, and economic sabotage.
The law provides comprehensive safeguards for financial account owners, requiring financial institutions to implement secure access systems and be liable for restitution if they fail to protect accounts adequately.
“The Afasa introduces essential protections for financial account
owners and holds financial institutions accountable for any lapses in security,” Romualdez said.
“Mandating robust risk management systems and controls fosters a safer environment for all financial transactions,” he added.
The law grants the Bangko Sentral extensive powers to enforce its provisions, including investigating financial accounts involved in fraudulent activities and applying for cybercrime warrants. The BSP is also tasked with promulgating the implementing rules and regulations within one year of the law’s effectivity.
Romualdez noted the severe penalties imposed under Afasa for various financial crimes, underscoring the government’s commitment to deterring such activities.
“The penalties under this law are designed to serve as a strong deterrent against financial fraud and cybercrime, reflecting our commitment to upholding justice and protecting our citizens,” he said.
Violations of AFASA carry severe penalties. Money muling can result in six to eight years of imprisonment and fines ranging from P100,000 to P500,000.
Social engineering schemes can lead to 10 to 12 years of imprisonment and fines between P500,000 and P1 million, with harsher penalties for targeting senior citizens, which are 12 to 14 years of imprisonment and fines of P1 million to P2 million.
Economic sabotage can result in life imprisonment and fines ranging from P1 million to P5 million. Other offenses carry various jail terms and fines, including disqualification from holding public office for government officials.
ARTIFICIAL INTELLIGENCE IS A MUST (forcompaniesandindividuals) TO REACH THE NEXT LEVEL
By Henry J. Schumacher
AI, AI, AI—everyone is talking about it. Artificial Intelligence is already changing today the way we work and live.
Some understand and pilot it, but only a limited number of companies are already working with it on a large scale daily. In the future, there will be more, that’s certain. But the journey into this promising new world is not so easy.
No one expects everyone in the future to be able to program AI or possess such deep mathematical and statistical knowledge that they can fully understand algorithms. Now it will be shown who has truly internalized the theme of “lifelong learning.”
Decision makers need to gain a clear understanding of how AI can be operationalized. The new technology is not an end in itself, but only makes sense if a positive business case and thus added value for the company can be derived.
Neither hype nor hysteria help with implementation, but a sober assessment of opportunities and risks is needed to create an appropriate action plan. It’s not a shame for companies not to have their own experts in-house; it often requires external support.
How can leaders convince their teams that continuous learning, especially about AI, is a must and can be enjoyable? The conditions are good: A good number of people see AI not only as a replacement for labor but also as a chance to increase job satisfaction. Not in translation of foreign languages or in optimizing supply chains, but especially when AI can take over
routine tasks. Now people prefer more demanding activities rather than threats. However, not everyone is convinced yet. As always, skepticism accompanies new technology. People have often experienced that new technologies and the efficiency gains they bring have benefited companies more than themselves.
Looking at the job market, it is clear, that the expectations in the capabilities of employees constantly rise. This concern is understandable since not too many currently have the necessary skills to handle AI. So how can leaders alleviate this fear in their team and convince their employees that continuous learning, especially regarding AI, is essential and can be enjoyable?
Those who are engaged in motivating people to learn, know: It’s easy to read about it, but not so easy to implement it in reality—even if the right training opportunities exist. Continuous learning should no longer be seen as a tedious necessity but should be felt as a pleasure. For that, the environment must be right, and appropriate role models are needed. Those who are open-minded and perhaps see a personal advantage will be more likely to venture into unknown territory when they see that others have already made progress. The ability to learn will be more than ever a key competence. For this reason, as Accenture CEO Julie Sweet revealed at the World Economic Forum in Davos, that she asks all applicants in interviews: “What have you learned in the past six months?” She added: What the candidates have learned is irrelevant. It’s only about finding out if someone is curious about learning something new, as that is the prerequisite for transformation.
And how would you have answered that question?
I would love to receive your answer to that question and whether you are now convinced that continuous learning will get you to the next level. Please email me at hjschumacher59@gmail.com
NSC, DICT, DND, DOJ slam
latest ‘deepfake’ PBBM video
THE National Security Council (NSC) on Monday called the video linking President Ferdinand R. Marcos Jr. to alleged drug use as a “fabricated and malicious hoax” being peddled to the Filipino people.
In a statement, the agency said this latest effort to discredit the Chief Executive, using technology and stagement management, reveals the desperation and ulterior motive of those responsible.
“The calculated attempt to tarnish the President’s reputation and create political instability is deeply concerning and alarming. We condemn any attempts to destabilize the administration and we will resist any and all efforts to weaken our duly-constituted democratic institutions,” it noted.
The Department of Justice threatened to prosecute those involved in the release and circulation of the fake video showing a man who looks like President Ferdinand Marcos Jr. snorting a white powdery substance.
DOJ spokesman Jose Dominic Clavano IV also questioned the
timing of the release of the video, just hours before President Marcos Jr.’s State of the National Address (Sona), which could be intended to undermine his credibility and the speech he would deliver.
The production and dissemination of such false information are not only irresponsible but also illegal and punishable under Article 154 of the Revised Penal Code, he said.
Article 154 clearly states that “any person who, by means of printing or any other means of publication, shall publish or cause to be published as news any false news which may endanger the public order, or cause damage to the interest or credit of the State, can be held criminally liable.”
The Department of Justice is committed to upholding the law and will take all necessary actions to identify and prosecute those
responsible for this deceitful act.
Clavano urged individuals and groups to refrain from further disseminating the fake video as “only serves to create unnecessary confusion and division among the public, ultimately damaging the interest and credit of the State.”
Maisug leaders deny hand in video
MEANWHILE, the national leadership of the Hakbang ng Maisug, the political mass organization formed by former PResident Rodrigo Duterte, denied it was behind the video footage played in a private gathering among North American members of the group.
“The Hakbang ng Maisug national leadership has nothing to do with the release of the video footage showing President Ferdinand Marcos Jr. In the act of snorting cocaine in the Maisug gatherings in Vancouver, Canada and Los Angeles, California,” the statement said on Monday. It was signed by Duterte but it could not be immediately ascertained if his statement did come from his camp.
It said the members of Maisug leadership “is just as surprised as the rest of the country when they saw it for the first time”.
The statement did not say that the video was authentic but hinted
about it when it said that “with due apologies to all the experts who vouched for the authenticity of the video, the refusal of President Marcos to undergo the hair follicle drug test is the best proof not only the video’s authenticity but worse, his addiction”.
The statement said the release of the video “was a decision made entirely by the Maisug volunteers in the two places without the knowledge and imprimatur of the Maisug organizing committee”.
Relatedly, the Department of National Defense (DND) also called as “malicious” the obviously fake video being circulated in the Maisug gathering in Los Angeles, California and aimed at destabilizing the Marcos administration.
“The obviously fake video being circulated emanating from a Maisug gathering in Los Angeles is again a maliciously crude attempt to destabilize the administration of President Ferdinand Marcos Jr. They will not succeed!” DND spokesperson Arsenio Andolong said in a statement.
“Even the release of the contrived video in the USA is a cowardly attempt to escape Philippine criminal jurisdiction,” Andolong stressed.
He also urged US authorities to investigate and bring to justice the perpetrators of this act. Rex Anthony Naval, Joel San Juan, Manuel T. Cayon
‘Intergenerational’ solutions to territorial, drug woes sought
By Samuel P. Medenilla @sam_medenilla
PRESIDENT Ferdinand R. Marcos’s Jr. is now pushing for an “intergenerational” solution to the country’s territorial issues and drug problems.
In third State of the Nation Address (Sona) at the Batasang Pambansa Plenary Session Hall, the chief executive said he wants to institutionalize mechanisms to resolve both security concerns. For illegal drugs, his administration will implement the “8
Es” strategy of the Philippine National Police (PNP).
The strategy for the includes “engineering the needed structure, education, extraction of information, enforcement, enactment of laws, environment, economics, and evaluation.”
Marcos said the approach has led to a “bloodless war against illegal drugs” resulting in more than 71,500 operations, seizure of more than P40 billion worth of illegal drugs, and the arrest of 97,000 drug personalities.
This contrasted to the “bloody” anti-illegal drug campaign of the
Duterte administration, which led to at least 6,000 deaths, and is being investigated by the International Criminal Court.
A similar peaceful long-term solution, Marcos said, will also be in place to address the country’s territorial issues with China in the West Philippine Sea through legislation.
“Laws on our Maritime Zones and Archipelagic Sea Lanes will make sure that this intergenerational mandate—this duty—will firmly take root in the hearts and minds of all our people,” Marcos said.
The chief executive stressed the country will not yield its territory to China or other countries.
“The West Philippine Sea is not just our imagination. It is ours. And this will remain ours as long as the spirit of our beloved country Philippines burns,” Marcos said, drawing applause and a standing ovation.
He also drew wide applause and a standing ovation when he thanked the soldiers defending the country’s maritime rights and the fishermen at the frontlines of the tug-of-war with China.
PHL eyeing govt-to-govt deals to cut fertilizer prices, input costs
By Ada Pelonia @adapelonia
THE government will negotiate government-to-government deals to reduce fertilizer prices and input costs, according to Agriculture Secretary Francisco Tiu Laurel Jr. “There’s a big chance we can bring down the price of fertilizers,” Laurel said, speaking mostly in Filipino, in a radio interview on Monday ahead of President Ferdinand Marcos Jr.’s State of the Nation Address (Sona).
“I expect that government can buy fertilizers that are maybe 10 to 20 percent less so we can give them to farmers this coming cropping season and maybe next year,” he said. Laurel noted the lack of investment in the agricultural sector for the last 30 years, particularly in terms of drying systems for key farm products like rice and corn.
He said the department will be investing more in post-harvest facilities, cold storages, and also ports to ease the cost of entry of livestock feeds and fertilizers. What’s important, he said , “is to bring down input cost so that the eventual cost of production goes down, and farmers’
The agriculture chief said he instructed the government-owned or-controlled corporation (GOCC) Planters Products, Inc. to negotiate with foreign governments and conduct G2G transactions regarding the farm input.
incomes rise and [and] prices are lower when they rerach consumers.”
Meanwhile, the Department of Agriculture (DA) recently urged a Vietnamese fertilizer manufacturer to put up a factory in the Philippines to make its products more accessible to local planters.
The DA said a delegation led by Laurel met executives of Binh Dien Fertilizer Joint Stock Co. in Vietnam to explore areas of cooperation, particularly the potential for the firm to supply, or if viable, to manufacture fertilizer in the Philippines.
During his recent visit to Binh Dien’s facilities, Laurel highlighted the need for the Vietnamese fertilizer giant’s presence in the Philippines to help increase local farm production.
“We see great potential in partnering with Binh Dien. Our country stands to benefit significantly from their advanced technology and expertise in agriculture,” he said in a statement.
The country relies heavily on imports to meet its demand for various fertilizer grades. Citing data from the Bureau of Customs (BOC), the Congressional Policy and Budget Research Department (CPBRD) said imports accounted for almost 87 percent of the fertilizer used by the Philippines in 2021 to 2023.
Last year, the think tank said the country imported a total of 2.54 million metric tons (MMT) of fertilizer products, mostly from China. Of the volume, more than half consisted of nitrogenous types like urea.
PBBM asks Congress: Revisit Epira, legislate on PHL’s role in LDF
will
Chairman
Asian cochair elected by 180 nation-states to the UN Green Climate Fund, a predecessor of the LDF.
“Hosting the LDF will help the Philippines gain fair access to financial resources for funding climate change adaptation and
mitigation measures,” he added.
“Loss and damage are adverse impacts of climate change despite adaptation and mitigation measures. They are, in other words, the unavoidable losses due to the fault primarily of industrialized countries,” he added.
An initial USD 700 million was pledged by donor countries to the LDF. Experts warn, however, that this is merely 0.2 percent of the total loss and damage that developing countries suffer from climate change every year.
38.
39.
Able
41. SI THU LWIN
42. SU SANDAR
43. THAN HTIKE WIN
44. WAI YAN HTET
45. YEE WAI MAUNG
46. HUANG, CHAOLU
47. LI, CHANGFENG
48. PU, JINRONG
49. ZHANG, JIZHONG
50. ZHUANG, KAIQI
51. CHENG SOO YIAU
52. WONG PACK SING
Php 30,000 - Php 59,999
Able
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
Php
Able
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
Able to speak, read, and write in Chinese language.
Php 30,000 - Php 59,999
Able to speak, read, and write in Chinese language.
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
Able to speak, read and write in Chinese and Vietnamese languages.
Php 30,000 - Php 59,999
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175. PENG, PEI-CHI a.k.a. PEGGY PENG
POWERCHINA PHILIPPINES CORPORATION
176.
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SVR TECHNOLOGIES PHILIPPINES INC.
178. PRASAD, SHANKAR
Editor: Angel R. Calso
Biden steps aside, Harris steps up: VP seeks to unite the party behind her White House bid
By Zeke Miller & Seung Min Kim
The Associated Press
WASHINGTON—Vice
President Kamala Har-
ris moved swiftly to lock up Democratic delegates behind her campaign for the White House after President Joe Biden stepped aside amid concerns from within their own party that he would be unable to defeat Donald Trump.
Biden’s exit Sunday, prompted by Democratic worries over his fitness for office, was a seismic shift to the presidential contest that upended both parties’ carefully honed plans for the race.
Aiming to put weeks of intraparty drama over Biden’s candidacy behind them, prominent Democratic elected officials, party leaders and political organizations quickly lined up behind Harris in the hours after Biden announced he was dropping his reelection campaign.
Biden’s departure frees up his delegates to vote for whomever they choose. Harris, whom Biden backed after ending his candidacy, is thus far the only declared candidate and was working to quickly secure endorsements from a majority of delegates.
It’s only the first item on a staggering political to-do list for her after Biden’s decision to exit
the race, which she learned of on a Sunday morning call with the president. If she’s successful at locking up the nomination, she must also pick a running mate and pivot a massive political operation to boost her candidacy instead of Biden’s with just over 100 days until Election Day.
On Sunday afternoon, Biden’s campaign formally changed its name to Harris for President, reflecting that she is inheriting his political operation of more than 1,000 staffers and a war chest that stood at nearly $96 million at the end of June.
Harris spent much of Sunday surrounded by family and staff, making more than 100 calls to Democratic officials to line up their support for her candidacy, according to a person familiar with the matter who spoke on the condition of anonymity to discuss the effort. It comes as she tries to move her party past the painful, public wrangling that had defined the weeks since the Biden’s disastrous June 27 debate with Trump.
Speaking to party leaders, Harris expressed gratitude for Biden’s endorsement, but insisted she was looking to earn the nomination in her own right, the person said.
In a sign that the Democratic party was moving to coalesce behind her, Harris quickly won endorsements from the leadership of several influential caucuses
Israel’s latest airstrikes in Gaza kill at least 15 including children
By Wafaa Shurafa
The Associated Press
DEIR AL-BALAH, Gaza Strip—Israeli airstrikes killed at least 15 people, including women and children overnight in Gaza, according to hospital officials and a body count by an Associated Press journalist on Sunday. The latest strikes occurred as Israeli Prime Minister Benjamin Netanyahu prepared to leave Monday for the United States, where he is expected to meet with President Joe Biden and address Congress to make his case for the ninemonth war against Hamas while cease-fire negotiations continue. A team will be sent to continue talks on Thursday, Netanyahu’s office said.
The already precarious humanitarian conditions inside besieged Gaza have worsened with the discovery of the polio virus as water and sanitation services have suffered for the territory’s population of 2.3 million, most of it displaced. Traces of the virus were found in sewage samples in Gaza. The World Health Organization has said no one has been treated for symptoms caused by the infection.
Israel’s military said that soldiers would be vaccinated, and it would work with organizations to bring in vaccines for Palestinians.
Israel’s latest airstrikes were in the Bureij refugee camp in central Gaza, where nine people, including two children, were killed, and the southern city of Khan Younis, where at least six people were killed, including two girls. Men and women wept and embraced the small bodies in white shrouds.
“Unknown body of five-month baby” was written on one.
Smoke also rose from the Nuseirat refugee camp in central Gaza, but there was no immediate word on casualties.
The war in Gaza has killed more than 38,900 people, according to the territory’s Health Ministry, which doesn’t distinguish between combatants and civilians in its count. The war began with an assault by Hamas militants on southern Israel on October 7 that killed 1,200 people, most of them civilians, and took about 250 hostages. About 120 remain held, about a third of them believed to be dead, according to Israeli authorities.
Netanyahu has vowed to wipe out Hamas’ military and governing capabilities
Civilians killed, wounded as Russia and Ukraine trade missile attacks; Russia claims gains in east
By Samya Kullab The Associated Press
KYIV, Ukraine—Russia and Ukraine exchanged drone, missile and shelling attacks on Sunday. At least two people were killed in Ukrainian strikes on the partly Russian-occupied Donetsk region, Russian state media said, while Ukrainian officials said Russian strikes wounded at least five people. Along the front line in the east, Russia said it had taken control of two villages, one in the Kharkiv region and one in the Luhansk region.
Ukrainian shelling of Russia-held areas of the Donetsk region killed two people in the village of Horlivka, Russian state news agency RIA Novosti said.
and political organizations, including the AAPI Victory Fund, which focuses on Asian American and Pacific Islander voters, The Collective PAC, focused on building Black political power, and the Latino Victory Fund, as well as the chairs of the Congressional Progressive Caucus and the Congressional Hispanic Caucus and the entire Congressional Black Caucus. Harris, if elected, would be the first woman and first person of South Asian descent to be president.
Notably, a handful of men who had already been discussed as potential running mates for Harris—
and secure the return of the remaining hostages. Families of hostages and thousands of other Israelis have rallied in weekly demonstrations, urging the prime minister to reach a cease-fire deal that would bring loved ones home.
Mediators Egypt, Qatar and the United States continue to push Israel and Hamas toward a phased deal that would stop the fighting and free the hostages.
Concerns about a wider regional conflict continue. Israel on Saturday struck the port of Hodeida in Yemen in the first known Israeli strikes there since the war in Gaza began. The strikes, in response to a deadly Houthi drone strike in Tel Aviv, threatened to open a new front as Israel battles Iranian proxies in the region.
On Sunday, the Israeli military said that it intercepted a missile fired from Yemen as the Houthis vowed “impactful strikes.”
Proxies also include Hezbollah in neighboring Lebanon. On Sunday, Lebanon’s military said two of its soldiers were wounded after an Israeli strike hit a watchtower on the outskirts of the border town of Alma al-Shaab. Earlier Sunday, Israel’s military said it struck multiple areas in southern Lebanon after a number of drones were identified crossing from Lebanon into Israeli territory. It said hits were identified in the areas of Hanita and Ya’ara in northern Israel but no injuries were reported.
as Rozivka, in the Luhansk region. Kyiv did not immediately comment.
Three people were wounded by Russian drone strikes in southern Ukraine’s partly occupied Kherson region, local officials said Sunday morning. In the country’s northeast, officials in the Kharkiv region said two people were wounded when Russian shells hit a village.
Overnight into Sunday, Ukraine’s air defenses intercepted 35 of the 39 drones launched by Russia, according to air force commander Mykola Oleschuk. In addition, Russia launched three ballistic missiles and two guided air missiles, which did not reach their targets, he said.
Russia’s Ministry of Defense said Sunday that its troops had taken control of two villages: Pishchane Nizhne in the Kharkiv region and Andriivka, sometimes referred to
Officials in the northern Sumy region said Sunday that Russia launched a missile strike on “critical infrastructure facilities” in the city of Shostka. City mayor Mykola Noha specified that “two heating facilities” had been destroyed and called on residents to use electricity sparingly and stock up on water.
With few changes reported along the 1,000-kilometer (600-mile) front line, where a recent push by the Kremlin’s forces in eastern and northeastern Ukraine has made only incremental gains, both sides in the war have taken aim at infrastructure targets — seeking to curb each other’s ability to fight in a war that is now in its third year.
Russian air defense systems overnight destroyed eight drones over the country’s Belgorod region and over the Black Sea, the Russian Ministry of Defense said.
Pennsylvania Gov. Josh Shapiro, North Carolina Gov. Roy Cooper and Arizona Sen. Mark Kelly— also swiftly issued statements endorsing her. Aides to Shapiro and Cooper confirmed that Harris spoke with them Sunday afternoon. In her brief call with Cooper, the North Carolina governor told Harris he was backing her to be the Democratic nominee, according to Cooper spokeswoman Sadie Weiner.
But former President Barack Obama held off on an immediate endorsement, as some in the party have expressed worry that the quick shift to Harris would
appear to be a coronation, instead pledging his support behind the eventual party nominee.
Meanwhile, West Virginia Sen. Joe Manchin, who left the party earlier this year to become an independent, is considering re-registering as a Democrat to vie for the nomination against the vice president, according to Jonathan Kott, a longtime adviser to Manchin.
Harris was to make her first public appearance Monday morning at the White House, where she is scheduled to speak at an event honoring National Collegiate Athletic Association championship teams. She is filling in for Biden, who is recovering after contracting Covid-19 last week.
Harris, in a statement, praised Biden’s “selfless and patriotic act” in deciding to leave the race and said she intends to “earn and win” her party’s nomination.
“I will do everything in my power to unite the Democratic Party— and unite our nation—to defeat Donald Trump and his extreme Project 2025 agenda,” she said.
Biden planned to discuss his decision to step aside later this week in an address to the nation. He wrote in a letter posted Sunday to his X account, “I believe it is in the best interest of my party and the country for me to stand down and to focus solely on fulfilling my duties as President for the remainder of my term.”
Nearly 30 minutes after he delivered the news that he was folding his campaign, Biden threw his support behind Harris.
“Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year,” he said in another post on X. “Democrats— it’s time to come together and beat Trump.”
The Democratic National Convention is scheduled to be held August 19-22 in Chicago, but the party had announced it would hold a virtual roll call to formally nominate Biden before in-person proceedings begin. The convention’s rules committee is scheduled to meet this week to finalize its nomination process and it is unclear how it will be adjusted to reflect Biden’s exit.
Congressional Hispanic Caucus chairwoman Nanette Barragan, who emphasized that she was “all in” behind the vice president, said she spoke Sunday with Harris, who communicated that she preferred to forego a virtual roll call for the nomination process and instead hold a process that adheres to regular order.
The Democratic National Committee’s chair, Jaime Harrison, said in a statement that the party would “undertake a transparent and orderly process” to select “a candidate who can defeat Donald Trump in November.”
Biden’s withdrawal injects uncertainty into wars, trade disputes and other foreign policy challenges
By Isabel Debre The Associated Press
JOEBIDEN’S withdrawal from the US presidential race injects greater uncertainty into the world at a time when Western leaders are grappling with wars in Ukraine and Gaza, a more assertive China in Asia and the rise of the far-right in Europe.
During a five-decade career in politics, Biden developed extensive personal relationships with multiple foreign leaders that none of the potential replacements on the Democratic ticket can match. After his announcement, messages of support and gratitude for his years of service poured in from near and far.
The scope of foreign policy challenges facing the next US president makes clear how consequential what happens in Washington is for the rest of the planet. Here’s a look at some of them.
Israel WITH Vice President Kamala Harris being eyed as a potential replacement for Biden, Israelis on Sunday scrambled to understand what her candidacy would mean for their country as it confronts increasing global isolation over its military campaign against Hamas.
Israel’s left-wing Haaretz daily newspaper ran a story scrutinizing Harris’ record of support for Israel, pointing to her reputation as Biden’s “bad cop” who has vocally admonished Israel for its offensive in Gaza. In recent months, she has gone further than Biden in calling for a cease-fire, denouncing Israel’s invasion of Rafah and expressing horror over the civilian death toll in Gaza.
“With Biden leaving, Israel has lost perhaps the last Zionist president,” said Alon Pinkas, a former Israeli consul general in New York. “A new Democratic candidate will
upend the dynamic.”
Biden’s staunch defense of Israel since Hamas’ October 7 attack has its roots in his half-century of support for the country as a senator, vice president, then president. Israeli Defense Minister Yoav Gallant thanked Biden for his “unwavering support of Israel over the years.”
“Your steadfast backing, especially during the war, has been invaluable,” Gallant wrote on X.
Israeli President Isaac Herzog praised Biden as a “symbol of the unbreakable bond between our two peoples” and a “true ally of the Jewish people.” There was no immediate reaction from Prime Minister Benjamin Netanyahu, an ally of former President Donald Trump whose history of cordial relations with Biden has come under strain during the Israel-Hamas war.
Ukraine
ANY
Democratic candidate would likely continue Biden’s legacy of staunch military support for Ukraine. But frustration with the Biden administration has grown in Ukraine and Europe over the slow pace of US aid and restrictions on the use of Western weapons.
“Most Europeans realize that Ukraine is increasingly going to be their burden,” said Sudha DavidWilp, director of the Berlin office of the German Marshall Fund, a research institute. “Everyone is trying to get ready for all the possible outcomes.”
Ukrainian President Volody-
myr Zelenskyy said on X that he respected the “tough but strong decision” by Biden to drop out of the campaign, and he thanked Biden for his help “in preventing (Russian President Vladimir) Putin from occupying our country.”
Trump has promised to end Russia’s war on Ukraine in one day if he is elected—a prospect that has raised fears in Ukraine that Russia might be allowed to keep the territory it occupies.
Trump’s vice presidential pick, Ohio Sen. JD Vance, is among Congress’ most vocal opponents of US aid for Ukraine and has further raised the stakes for Kyiv.
Russia, meanwhile, dismissed the importance of the race, insisting that no matter what happened, Moscow would press on in Ukraine.
“We need to pay attention,” Kremlin spokesman Dmitry Peskov was quoted as saying by a pro-Russian tabloid. “We need to watch what will happen and do our own thing.”
China
IN recent months, both Biden and Trump have tried to show voters who can best stand up to Beijing’s growing military strength and belligerence and protect US businesses and workers from low-priced
Chinese imports. Biden has hiked tariffs on electric vehicles from China, and Trump has promised to implement tariffs of 60 percent on all Chinese products.
Trump’s “America First” doctrine exacerbated tensions with Beijing. But disputes with the geopolitical rival and economic colossus over wars, trade, technology and security continued into Biden’s term.
China’s official reaction to the US presidential race has been careful. The official Xinhua news agency treated the story of Biden’s decision as relatively minor. The editor of the party-run Global Times newspaper, Hu Xijin, downplayed the impact of Biden’s withdrawal. “Whoever becomes the presidential candidate of the Democratic Party may be the same,” he wrote on X. “Voters are divided into two groups, Trump voters and Trump haters.”
Iran
WITH Iran’s proxies across the Middle East increasingly entangled in the Israel-Hamas war, the US confronts a region in disarray.
Yemen’s Iran-backed Houthis struck Tel Aviv for the first time last week, prompting retaliatory Israeli strikes inside war-torn
Yemen. Simmering tensions and cross-border attacks between Lebanon’s Iran-backed Hezbollah militant group and the Israeli military have raised fears of an all-out regional conflagration.
Hamas, which also receives support from Iran, continues to fight Israel even nine months into a war that has killed 38,000 Palestinians and displaced over 80 percent of Gaza’s population.
The US and its allies have accused Iran of expanding its nuclear program and enriching uranium to an unprecedented 60 percent level, near-weapons-grade levels.
After then-President Trump in 2018 withdrew from Tehran’s landmark nuclear deal with world powers, Biden said he wanted to reverse his predecessor’s hawkish anti-Iran stance. But the Biden administration has maintained severe economic sanctions against Iran and overseen failed attempts to renegotiate the agreement.
The sudden death of Ebrahim Raisi—the supreme leader’s hardline protégé—in a helicopter crash vaulted a new reformist to the presidency in Iran, generating new opportunities and risks.
Masoud Pezeshkian has said he wants to help Iran open up to the world but has maintained a defiant tone against the US.
Europe and NATO
MANY Europeans were happy to see Trump go after his years of disparaging the European Union and undermining NATO. Trump’s seemingly dismissive attitude toward European allies in last month’s presidential debate did nothing to assuage those concerns.
Biden, on the other hand, has supported close American relations with bloc leaders.
That closeness was on stark display after Biden’s decision to bow out of the race. Polish Prime Minister Donald Tusk called his choice “probably the most difficult one in your life.” The newly installed British prime minister, Keir Starmer, said he respected Biden’s “decision based on what
he believes is in the best interests of the American people.”
There was also an outpouring of affection from Irish Prime Minister Simon Harris, who called Biden a “proud American with an Irish soul.”
The question of whether NATO can maintain its momentum in supporting Ukraine and checking the ambitions of other authoritarian states hangs in the balance of this presidential election, analysts say.
“They don’t want to see Donald Trump as president. So there’s quite a bit of relief but also quite a bit of nervousness” about Biden’s decision to drop out, said Jeremy Shapiro, research director of the European Council on Foreign Relations. “Like many in the United States, but perhaps more so, they are really quite confused.”
Mexico THE close relationship between Mexico and the US has been marked in recent years by disagreements over trade, energy and climate change. Since President Andrés Manuel López Obrador took power in 2018, both countries have found common ground on issue of migration – with Mexico making it more difficult for migrants to cross its country to the US border and the US not pressing on other issues.
The López Obrador administration kept that policy while Trump was president and continued it into Biden’s term.
On Friday, Mexico’s president called Trump “a friend” and said he would write to him to warn him against pledging to close the border or blaming migrants for bringing drugs into the United States.
“I am going to prove to him that migrants don’t carry drugs to the United States,” he said, adding that “closing the border won’t solve anything, and anyway, it can’t be done.”
The Associated Press writers Jill Lawless in London, Daria Litvinova in Talinn, Estonia, and Josh Goodman in Miami contributed to this report.
BRITAIN’S Prime Minister Keir Starmer, left, looks on as US President Joe Biden speaks, where he introduced Ukrainian President Volodymyr Zelenskyy during an event on the Ukraine Compact at the NATO Summit at the Walter E. Washington Convention Center, in Washington on Thursday, July 11, 2024. Biden’s withdrawal from the US presidential race injects greater uncertainty into the world. STEFAN ROUSSEAU/POOL PHOTO VIA AP
Tuesday, July 23, 2024 A13
Israel’s Netanyahu walks political tightrope
on Washington trip following Biden’s exit
By Tia Goldenberg & Aamer Madhani Thr Associated Press
ERUSALEM—Israeli Prime Minister
JBenjamin Netanyahu left for Washington on Monday, leaving behind a brutal war to make a politically precarious speech before the US Congress at a time of great uncertainty following Joe Biden’s withdrawal from the presidential race.
With efforts ongoing to bring about a cease-fire between Israel and Hamas, rising concerns about the war spreading to Lebanon and Yemen, and the US in the midst of a dizzying election campaign, Netanyahu’s speech has the potential to cause disarray on both sides of the ocean.
The risks only increased with Biden’s decision Sunday to drop out of the race for president, especially since the choice of a replacement Democratic nominee—and the potential next American leader—are still up in the air.
Before stepping on the plane, Netanyahu said he would emphasize the theme of Israel’s bipartisanship in his speech and said Israel would remain America’s key ally in the Middle East “regardless who the American people choose as their next president.”
“In this time of war and uncertainty, it’s important that Israel’s enemies know that America and Israel stand together,” he said, adding that he will meet Biden during his trip and thank him for his support for Israel.
A person familiar with Biden’s schedule confirmed Sunday that the president will host Netanyahu at the White House. The official, speaking on condition of anonymity because they were not authorized to comment publicly, said the exact timing of the meeting has not been established because Biden is recovering from Covid-19.
Netanyahu is scheduled to address Congress on Wednesday. He is also expected to meet with Vice President Kamala Harris, who is seeking the Democratic Party’s presidential nomination.
Netanyahu will deliver his congressional address with an eye on several audiences: his ultranationalist governing partners, the key to his political survival; the Biden administration, which Netanyahu counts on for diplomatic and military support; and Donald Trump’s Republican Party, which could offer Netanyahu a reset in relations if he is reelected in November.
His words risk angering any one of those constituencies, which the Israeli leader cannot afford if he hopes to hold on to his tenuous grip on power.
“There are a few land mines and pitfalls on this trip,” Eytan Gilboa, an expert on USIsrael relations at Israel’s Bar-Ilan University, said before Biden’s withdrawal. “He is thought of as a political wizard who knows how to escape from traps. I am not sure he still knows how to do that.”
It is Netanyahu’s fourth speech to Congress—more than any other world leader. During his address, his far-right governing partners will want to hear his resolve to continue the war and topple Hamas.
The Biden administration will look for progress toward the latest US-backed ceasefire proposal and details on a postwar vision. Republicans hope Netanyahu besmirches Biden and bolsters the GOP’s hoped-for perception as Israel’s stalwart supporter.
The war, which was sparked by Hamas’ October 7 attack on southern Israel, has tested Israel’s ties with its top ally as never before.
The Biden administration has stood staunchly beside Israel. But it has grown increasingly alarmed about the conduct of the Israeli military, the continued difficulties of getting humanitarian aid into Gaza, especially after the short-lived US military pier off Gaza coast, as well as Israel’s lack of postwar plans and the harm to civilians in Gaza. Similar concerns will likely persist if Americans elect a new Democratic president.
Biden earlier this year froze the delivery of certain bombs over fears they would be used in Israel’s incursion into the southern Gaza city of Rafah, which at the time sheltered more than half of Gaza’s population of 2.3 million.
China-Philippines deal raises hope for peace in the South China Sea
THE agreement reached between China and the Philippines regarding the disputed Ayungin Shoal (Second Thomas Shoal) in the South China Sea is a significant development that brings hope for peaceful resolutions in the region. The deal, which aims to end confrontations and establish a mutually acceptable arrangement at the shoal, comes after a series of meetings and diplomatic exchanges between the two countries. (Read the BusinessMirror story, “China, PHL reach deal in bid to stop clashes at Shoal,” July 22, 2024).
T he Phi lippines has long occupied Ay ung in Shoal, but China also cla ims sovereignty over it, lead ing to hosti le clashes at sea and ra ising concer ns about t he potential for larger conflicts involv ing t he United States, which has a treaty alliance w it h t he Phi lippines. T he deal signif ies a positive step for ward in manag ing tensions and avoid ing f ur t her escalation. China’s territorial d isputes w it h several countries in t he reg ion have been a source of contention for years. However, t his rare deal w it h t he Phi lippines opens t he possibi lity of simi lar arrangements being forged w it h ot her rival countries, fostering stabi lity and reducing t he risk of clashes whi le underlying territorial issues rema in unresolved. It is impor tant to note t hat successf u l implementation of t he ag reement and its long-ter m susta inabi lity are yet to be deter mined.
T he conf rontations at Ay ung in Shoal have been par ticu larly intense, w it h t he Chinese coast g uard using agg ressive tactics such as water cannons and dangerous block ing maneuvers to prevent supplies f rom reaching navy personnel stationed t here. T hese actions have exacerbated t he already tense situation and posed risks to t he safety of t hose involved.
In t he most severe incident, Chinese forces repeatedly rammed and boarded Phi lippine Navy boats, seizing supplies and causing injuries to a Phi lippine Navy personnel. T he conf rontation underscored t he urgency for t he cla imants to f ind a resolution t hat wou ld prevent f ur t her clashes and restore stabi lity to t he area.
T he inter national community, includ ing the US, Japan, Australia, and other key allies, has condemned China’s actions and emphasized t he impor tance of uphold ing t he ru le of law and f reedom of nav igation in t he Sout h China Sea.
T he reg ion is a v ital global trade route w it h abundant f ishing resources and signif icant undersea gas deposits.
T he territorial d isputes in t he Sout h China Sea involve not only China and t he Phi lippines but also Vietnam, Malaysia, Brunei, and Ta iwan. T hese d isputes have added to t he complex ity of t he US-China reg ional rivalr y, w it h t he US ma inta ining a mi litar y presence and conducting f reedom of nav igation operations t hat China v iews as a t hreat to reg ional stabi lity.
W hi le t he US does not have territorial cla ims in t he Sout h China Sea, it has a treaty alliance w it h t he Phi lippines and has reiterated its commitment to defend ing Fi lipino forces f rom ar med attacks.
T he removal of key stick ing points during t he negotiations demonstrates t he w i llingness of bot h par ties to reach a compromise. Chinese demands related to t he transpor t of supplies and t he for tif ication of t he crumbling ship at t he shoal were excluded f rom t he f inal deal, reflecting t he Phi lippines’ rejection of t hese cond itions.
T he China-Phi lippines ag reement offers a glimmer of hope for peace and stabi lity in t he Sout h China Sea, but it is only t he beg inning of a larger process. T he inter national community shou ld encourage f ur t her d ialog ue and d iplomatic effor ts to address t he broader territorial d isputes in t he reg ion. Cooperation and negotiation rema in crucial in order to bui ld trust, reduce tensions, and safeg uard t he interests of all par ties involved. Ultimately, a comprehensive and lasting resolution to t he Sout h China Sea d isputes w i ll require a commitment to inter national law, ad herence to peacef u l means of d ispute settlement, and respect for t he rights and interests of all stakeholders. T he ag reement between China and t he Phi lippines sets a positive precedent, and it is now up to bot h countries to demonstrate t heir commitment to its implementation and to work towards a more stable and secure Sout h China Sea for t he benef it of all nations in t he reg ion.
‘FJohn Mangun
Who knows the future? OUTSIDE THE BOX
UNDAMENTAL analysis attempts to forecast future stock price movement based on the macroeconomic, microeconomic, and corporate data.” This analysis is trying to figure out why a price is moving in a particular direction. For example, “Does the price properly reflect the current earnings growth? Buy.” Or “The stock has never traded at a Price-Earnings-Ratio of more than 25. Sell.”
“Tec h n i cal analys i s attempts to forecast f uture price movement based on historic and current price movement.” T his analysis is tr y ing to f ig ure out how a price is mov ing in a par ticu lar d irection. “T he price is at t he top of a several year trad ing band. Sell.” Or “For t he last seven mont hs, t he price has closed each mont h hig her t h an t he prev iou s period. Buy.”
I have never been a successf u l t rader u si ng t he “f u ndamentals.”
But I am going to make it even simpler. You can learn the absolute foundation of all Technical Analysis (TA) if you know what these cities have in common: Kalaburagi/India, Ankara/Turkey, Polokwane/South Africa, El Paso/ Texas, and Manila/Philippines.
Technical Ind icators for t he Stock Market.” Or “T he 5 Best Technical Ind icators for stocks ever y trader shou ld know.” Or—my favorite— “T he BEST Lead ing Ind icator For Stocks.”
phérique de Caen in France, you know fairly well how these circumferential routes f unction wherever you may f ind t hem. Keep going for ward w it hout tur ning off t he road and you w i ll make a f u ll trip and end up where you star ted. Technical Analysis behaves basically t he same way. L i ke t he
I’m conf u sed. I g u ess t h at i s w h y I h ave neve r been an ‘Investment St r ateg i st’ o r ‘Sen i o r Econom i st’ and t h at my favo ri te s h oes a r e a pa ir of bl u e camo C r ocs. Howeve r, i n t h e past f i ve yea r s, CROX i s u p 475 pe r cent. B r eak i ng r es i stance at $28.00 i s w h en t h e p ri ce took off.
If you wou ld li ke to lear n about Technical Analysis, you can easi ly search on t he Inter net for t he follow ing books and websites. “Best 25 Technical Ind icators t hat Ever y Trader Shou ld Know.” Or “T he 9 Best
T he ear nings go up and my stock price goes down. And i f t he Fed cuts interest rates, stock prices w i ll go higher But what about “Ju ly 15, 2024: Two quar ter-point rate reductions are f u lly priced in for 2024.” Do stock prices already reflect t he interest rates cuts t hat are coming in t he f uture? As a stock trader apparently I don’t even need interest rates to go down because t he price won’t go higher when and if t hey do drop rates as t he cuts are already “priced in.”
But I am going to make it even simpler You can lear n t he absolute foundation of all Technical Analysis (TA) if you know what t hese cities have in common: Kalaburag i /Ind ia, Anka ra/Turkey, Polokwane/Sout h Af rica, El Paso/Texas, and Mani la/ Phi lippines. All of these cities—and a few hundred more worldw ide—have a ‘R ing Road’ or ‘Metropolitan Circumferential Highway’ encircling a city. T hey are basically all t he same. I know t hat our Edsa ring ends at Mani la Bay. But you can sti ll drive t he ‘ring’ using Roxas Bou levard and beyond to complete t he circle. T hings are always a little more d iff icu lt in Mani la just li ke prof iting on t he Phi lippine Stock Exchange.
However after you have driven t he 26-k i lometer Bou leva rd Péri-
High returns lure wealthy investors to fund coal as banks exit
By Sharon Klyne
Sout h Wales. It ear ns a placement fee for each transaction. For IAM, t he rising demand for
private credit globally dovetai ls w ith a g row ing interest among some ind iv idual investors in Australia for coal and ot her resource bets t hat offer strong retur ns. Strident opposition to coal developments in t he countr y has been tempered by a slowdown in renewable energy project i nvestments. Developers have had to w restle w it h rising costs, lengt hy approval processes and capacity constra ints in t he transmission g rid. A recent decision by Orig in Energy Ltd. to push back t he closure of Australia’s largest coal-f ired power station by two years amid fears of power shor tfalls u nderscores t he d i lemma posed by t he slower-t hanexpected transition. As a resu lt, t he f inancing pipeline for coal-related projects in Australia is healt hy, notw it hstand ing opposition f rom ESG proponents and a pu ll back by trad itional lenders. Some of Australia’s major banks, includ ing
Commonwealt h Bank of Australia and Westpac Bank ing Cor p., have committed to limit or ref ra in f rom lend ing to t her mal coal miners. A unit of Ind ia’s Adani Group recently got a A$500 mi llion private cred it loan f rom non-bank lenders Farallon Capital Management and K ing Street Capital Management, people fam i l i a r w it h t he matte r told Bloomberg News. Meanwhi le, a consor t iu m led
Upholding workers’ rights through bilateral cooperation
By Eng. Ahmed bin Mohammed Al-Sharqi
OVER 50 years ago, the journey of Filipino workers to Saudi Arabia began, marking the start of a relationship built on shared growth and prosperity.
Today, w it h more t han 700,000 Fi lipinos resid ing in Saud i A rabia, t he ties between our nations have never been stronger or more productive. T his deep connection is a testament to our countries’ continuous d ialog ue and cooperation, includ ing in labor affairs. In Ju ly 2024, our two countries f ur t her signaled our commitment to collaboration and close engagement in t he f ield of labor, through a bi lateral meeting between t he K ingdom of Saud i A rabia’s Minister of Human Resources and Social Development, His Excellency A hmed Al Rajhi and His Excellency Hans Cacdac of t he Phi lippines’ Depar tment of Mig rant Workers.
At t he national leadership level, t he latest bi lateral talks between HRH Prince Mohammed bin Salman, t he Crown Prince of Saud i A rabia, and President Ferd inand R. Marcos Jr underscore t he strengt h of our par tnership. T his dialog ue is not just ceremonial but a clear demonstration of our mutual commitment to addressing labor issues and enhancing t he welfare of Fi lipino workers in the K ingdom. It exemplifies how concer ted effor ts and shared v isions can substantially benef it bot h nations. Last year t he Saud i-Phi lippines roundtable meeting in R iyad h f urt her high lighted our collaboration. T he meet i ng, attended by hi g hlevel off ic i als, major compan ies, and representatives f rom bot h t he private and gover nmental sectors, focused on enhancing bi lateral relations. Strengt hening cooperation in t he labor sector and enabling t he sk i lled Fi lipino workforce were key d iscussion points. T he signing of a Memorandum of Understand ing (MoU) during t he roundtable meeting between t he private sectors in t he f ield of human resources marks anot her mi lestone. T his MoU a ims to prov ide a professional workforce t hat meets t he needs of t he Saud i labor market t hrough global par tnerships w it h t he largest companies specialized in t he sector W hi le promoting oppor tunities, the K ingdom’s f irst priority is ensuring a safe and fa ir labor market t hat is f ree f rom t he crimes of abuse and exploitation. Collaboration w ith our par tners worldw ide has paved t he way for new initiatives such as t he Wage Protection System (W PS) and the Mudad Platform, spearheaded by Saud i A rabia’s Ministr y for Human Resources and Social Development
(MHRSD). T hese mechanisms ensure fa ir and transparent payment practices, reflecting our ded ication to creating a safe and suppor tive env ironment for all workers. Moreover, introducing t he Labor Refor m Initiative (LRI) in 2021 marked a signif icant leap for ward, promoting free mobility and improv ing contractual relationships, and solid ify ing t he legal rights of mi llions of workers. T he K ingdom has also ratif ied inter national instruments to align w it h inter national labor standards and improve and develop laws and procedures to enhance t he protection of workers and employers. T his includes the Inter national Labor Organization Convention on Wage Protection and t he Protocol of 2014 to the Forced Labor Convention No. 29. Our commitment to t he rights of overseas workers in t he K ingdom is ongoing and unwavering. We continuously strive to uphold accountabi lity and care for t he workforce t hrough const ruct ive d i sc u ssions and collaborative effor ts w it h our Fi lipino counter par ts. T hese initiatives ser ve as models for how bi lateral par tnerships can tackle complex labor issues, setting a precedent for f uture collaboration.
T he successful implementation of t hese initiatives, involv ing various stakeholders, high lights t he effectiveness of our collaborative effor ts. We recognize t he profound impact of f inancial security on workers and t heir fami lies.
W hi le signif icant prog ress has been made, our comm itment extends far beyond t he present. We are deter mined to continue this jour ney, ensuring t hat t he rights and welfare of ever y worker are upheld.
T his commitment to fair ness and justice is at t he hear t of t he special relationship between Saud i A rabia and t he Phi lippines, showcasing t he profound benefits of cooperation between nations.
By uphold ing workers’ rights and ensuring fa ir treatment for all, we are not only honoring our inter national obligations but also lay ing t he groundwork for a more equitable and prosperous society in par tnership w it h t he Phi lippines, and countries all over t he world.
Eng. Ahmed bin Mohammed Al-Sharqi is Saudi Arabia’s Deputy Minister for Labor Affairs at the Ministry of Human Resources and Socia Development.
Creditable withholding tax refund claims
Atty. Mabel L. Buted
TAX LAW FOR BUSINESS
ARLY this year, when the Ease of Paying Taxes Act (EOPT) was passed into law, I wrote about the reforms and changes introduced by the said law in relation to the processing of claims for refund of excess and unutilized creditable withholding taxes (CWT) of taxpayers.
and t he proofs of remittance of taxes w it hheld. As t he 180-day period commences to ru n f rom t he date of subm ission of complete doc u ments, I was also hopi ng for t he BIR to settle once and for all t he doc u ments needed to be subm itted upon f i l i ng t he appl icat ions for ref u nd—a call t h at t he BIR heeded recently. Ea rly i n Ju ly, t he BIR issued RMC No. 75-2024, presc ribi ng t he mandator y requirements i n cla i m i ng for ref u nd of excess and u nut i l i zed CWTs, and RMO No. 25-2024, prov id i ng t he g uidel i nes, pol ic ies, and procedures i n processi ng CWT ref u nd cla i ms.
Early in July, the BIR issued RMC No. 75-2024, prescribing the mandatory requirements in claiming for refund of excess and unutilized CWTs, and RMO No. 252024, providing the guidelines, policies, and procedures in processing CWT refund claims.
T h an Capital Asset (BIR For m No. 1606), whic hever i s appl icable, i ssued by the payor-w ithhold ing agent to t he taxpayer -cla i mant; (d) h a rd and soft copies of Su mma r y of Revenues/Income decla red per Income Tax Ret ur n and t he correspond i ng taxes w it hheld per BIR For m No. 2307/1606 i n accordance w it h t he BIR-presc ribed for mat; (e) orig i nal du ly nota ri zed copy of Taxpayer ’s
were also ot her i ssues u nder t he old ru les t h at I h ave been want i ng to be resolved w it h t he enactment of t he EOP T. T hese concer n t he mandator y doc u menta r y r e quir ements i n adm i n i st r at i ve cla i ms for ref u nd. To recall, i n t he past, some appl icat ions were bei ng den ied for fa i lure to present t he orig i nals or t he cer t i f ied t rue copies of t he w it hhold i ng tax cer t i f icates,
Under RMC No. 75-2024, t he appl icat ion mu st be accompan ied by t he follow i ng doc u ments: (a) Appl icat ion for Tax C red it/Ref u nd (BIR For m No. 1914); (b) Aud ited Financ i al Statements, complete w it h Notes to AFS, i f t he AFS was not subm itted i n BIR eAFS; (c) orig i nal copies of t he Cer t i f icates of C red itable Tax W it hheld at Source (BIR For m No. 23 07) or W it hhold i ng Tax Rem ittance Ret ur n for Onerou s Transfer of Real Proper ty Ot her
Harris’ first task: Get emboldened Democrats to fall in line
By Erik Wasson & Billy House
TIME is short, party tension is high, and many congressional Democrats on Sunday rushed to rally behind Vice President Kamala Harris as their pick for the top of the ticket.
T he v ice pres ident’s f ir st task i n for mally sec uri ng t he Democ r at ic pres ident i al nom i nat ion w i ll be to co rr al h e r fo r me r cong r ess i onal colleag ues, newly emboldened after a s uccessf u l press ure campa i gn to force t heir pa r ty’s leader, Joe Biden, off t he 2024 ballot.
Biden cou ldn’t lever age t he deep relat ionships and t ies developed ove r f ive decades i n Washi ngton to stave off t he calls for hi m to step as ide i n t he r ace aga i nst Donald Tru mp. For Ha rri s, t h at cou ld be even more dau nt i ng, as she ba rely touc hed down i n t he US Senate i n 2017 before lau nc hi ng he r f ir st bid for t he pres idency. Ha rri s’ weak t ies leave l ittle t i me to bui ld t he k i nds of u nwave ri ng all i ances t h at she cou ld rely on i n pol it ical combat. But she wasted no t i me, mak i ng calls to H i ll Demo-
c r ats Su nday to shore up s uppor t.
“T hi s i s a sp ri nt,” Cal i fo r n i a Senator Laphonza Butle r a close
Ha rri s ally, sa id i n an i nte r v iew.
“S he i s mak i ng t he calls to make sure t h at people know wh at she sa id i n he r statement: t h at she’s ready to ea r n t hi s nom i nat ion.”
Joe Manc hi n, t he West V irg i n i a senato r w ho t u ssled w it h B iden
ove r pol icy and became an i ndependent t hi s yea r, eme rged as a potent i al c h allenge r He’s “se riou sly consideri ng” ret ur n i ng to t he Democ r ats to ru n for t he pres ident i al nom i nat ion, adv i se r Jonat h an Kott sa id Su nday. T he re i s no playbook for t he com i ng weeks. But among t he most urgent battles a head i s r apidly convey i ng to t he US pu bl ic a f u lle r and more compell i ng por t r a it of a woman who, despite her high off ice, h as mostly been a m i nor s uppor ti ng c h a r acte r i n t he pol it ical d r amas t h at h ave occ upied t he nat ion. Repu bl icans w i ll t r y to present he r as a v i lla i n. Ha rri s spent muc h of he r caree r as a prosec utor and se r ved as Cal i fo r n i a’s atto r ney gene r al before w i nn i ng he r Senate seat i n
2016. S he made hi stor y as t he f ir st woman v ice president and wou ld do so aga i n i f elected pres ident.
Powerful roles DEMOCRATIC lawmakers w i ll play power f u l roles i n present i ng t he por tra it and helping bui ld her a political follow ing, along w it h eit her helping consol idate her par ty support or feeding opposition. T hey’ll be calibrating how closely to join t heir political for tunes to her cand idacy. And t h ey’r e ac utely awa r e of Ha rri s’ st rengt h s, as well as t he p r oblems h e r nom i nat i on co u ld c reate for t he pa r ty.
Ha rri s h as h ad he r sh a re of d i ff ic u lt ies t hrou g hout he r ca ree r i n nat ional pol it ics, i nclud i ng some self- i nfl icted wou nds. Her bid for t he 2020 nom i nat ion began w it h lofty expectat ions, but it flamed out before t he Iowa cauc u ses as she st ru ggled to convey a clea r message to vote r s and he r ope r at ion was plag ued by i nf i g ht i ng.
As v i ce p r es i dent, s h e’s been c rit ic i zed for he r role add ress i ng t he root cau ses of m i g r at ion as c ross i ngs at t he US-Mex ico borde r s urged.
But afte r Biden endor sed Ha rri s on S u nday, fo r me r Pr es i dent B i ll Cl i nton and fo r me r Sec r eta r y of State H i lla r y Cl i nton, t h e pa r ty’s 2016 nom i nee, qui ckly followed s uit. So d i d membe r s of t h e Cong r ess i onal Black Cau c u s, as d i d some ot h e r notable Democ r ats, p r og r ess i ve Senato r
There is no playbook for the coming weeks. But among the most urgent battles ahead is rapidly conveying to the US public a fuller and more compelling portrait of a woman who, despite her high office, has mostly been a minor supporting character in the political dramas that have occupied the nation. Republicans will try to present her as a villain.
t ri st and he r ca ree r as a prosec utor made many prog ress ives skept ical. New York Democ r at Alexand ri a Ocas io-Cor tez, a prog ress ive w ho s uppor ted Biden’s reelect ion campa ign even i n its f i nal days, pledged he r “f u ll s uppor t” for Ha rri s.
“Now more t h an ever it i s c ruc i al t h at our pa r ty and cou nt r y sw i ftly u n ite to defeat Donald Tru mp and t he t hreat to American democ racy,” she sa id on soc i al med i a. Ot h e r Democ r ats h ad ur ged aga i nst an anoi nted s uccessor to Biden and a rg ued for c reat i ng an abb r ev i ated contest befo r e and duri ng t he Democ r at ic Nat ional Convent ion i n late A u g u st. “I wou ld s uppor t Kamala Ha rri s as t he nom i nee. But I t hi nk she h as to ea r n it,” Representat ive Adam Sm it h a Was hi ngton Democ r at, told an aud ience at a Pol it ico event T hur sday.
Lawmakers skeptical SMITH i sn’t alone. Ot he r cong ress ional leade r s of t he effor t to ou st Biden sa id t hey weren’t sold on Ha rri s. W hi le t hese lawmake r s don’t cont r ol t h e convent i on p r ocess, t hey a re hi g h ly i nfluent i al. T hey h ave a lot at stake. Cont rol of bot h t he Hou se and t he Senate h ang i n t he balance and i s s ure to be heav i ly i nfluenced by vote r s’ response to t he top of t he t icket. Democ r at i c Rep r esentat i ve Lloyd Doggett, t he f ir st to pu bl icly call on Biden to step as ide, on Su nday sa id Democ rats shou ld
ALSHARQI
By Andrea E. San Juan @andreasanjuan
DESPITE the decline in poverty incidence rate in 2023, the government still needs to put in place economic programs that will lift “chronically poor” Filipinos out of poverty as nearly 5 million Filipinos still cannot afford their basic food needs amid rising rice inflation, according to Filipino economists.
Philippine Statistics Authority (PSA) data showed there were 4.84 million Filipinos living below the food thresholds in 2023. Among the population, this is around 4.3 percent while the proportion of Filipino families whose incomes were not sufficient to meet their basic food requirements in 2023 stood at 2.7 percent or equivalent to 740,000 families.
At the individual level, poverty incidence was at 15.5 percent, meaning, about 17.54 million Filipinos were poor in 2023, lower than the 18.1 percent or about 19.99 million FIlipinos poor in 2021.
Poverty incidence is the proportion of Filipino families with incomes that are not sufficient to buy minimum basic food and non-food needs as estimated by the poverty threshold, PSA explained.
4Ps, subsidies a factor
HOWEVER, Ateneo de Manila University economist Leonardo A. Lanzona Jr. told the BusinessMirror that, “A lot of this decline can be due to the conditional cash transfer programs and other forms of subsidies being given to those with incomes below the poverty threshold.”
With this rate now lower than the prepandemic poverty incidence of around 16 percent in 2018, “In ef-
fect, after four years or so, we are just really bouncing back from the effects of the pandemic. But still most of these households are just above the poverty threshold,” Lanzona said.
The risk, he said, is that any calamity such as food inflation or a health crisis similar to Covid-19 can “push down” the incomes of these people back below the poverty threshold.
“Those who are chronically poor are still significant and are not being reached by government programs,” he said, adding that “the institutions involved with social protection [need to be strengthened], but of course, this is not sufficient.”
Lanzona added, “We need real government economic programs that increase productivity to permanently place those who have barely escaped poverty to remain there.”
Given the “limited” budget, the economist said the government may be helping those households who are just below the poverty threshold “at the expense of the chronically poor.”
In effect, he said, “All of these are just for show.”
“We have to institute a government that can interact with the poorest of the poor and willingly respond effectively to their needs,” he also noted.
Impact of rice inflation on poor
FOR his part, Former Socioeconomic Planning Secretary Dante Canlas explained the potential impact of rice inflation on the poor, telling the BusinessMirror that “The administration is hoping to stem rising rice inflation through the new tariff reduction [executive order] EO on rice imports. The latter, however, is negated by the increase in the number of Filipino farmers who cannot compete with rice imports and whose financial support under the rice competitiveness fund is dimmed.”
Canlas said that if rice farmers’ productivity is impeded, the decline in domestic rice prices slows down. Hence, he added, “The poor today will continue to be tomorrow's poor. Food insufficiency among households will thus propagate malnutrition and stunting among children age 5 and below,” the former Socioeconomic Planning chief told this paper.
De La Salle University economist
Maria Ella Oplas held a similar view: “I fear that rice inflation is here to stay until the end of the year not only because of domestic situation but international as well.”
Oplas pointed to the decision of Vietnam to cut annual rice exports by 40 percent by 2030. She explained, “Remember that Vietnam is a top import source, so lower supply with same demand means higher price.” The DLSU economist noted, “Our farmers have just planted rice and we still don’t know what disaster will enter PAR that can affect their harvest.”
PSA data showed that while while rice inflation slightly declined, it remained high at 22.5 percent in June from 23 percent in May.
Ways forward TO combat poverty, Oplas remained hopeful the situation will improve
with the “concerted efforts” of the Departments of Trade and Industry and Agriculture to prioritize agriculture, not only for rice but food security in general.
She cited the Clark International Food Hub, noting “This project hopes to respond to food wastage, etc.”
In a statement issued by the National Economic and Development Authority (Neda), Socioeconomic Planning Secretary Arsenio M. Balisacan stressed that food security remains a top government priority.
“We know what we have to do to ensure that food is available, accessible, affordable, and nutritious. We must boost agricultural productivity; invest massively to improve our infrastructure and markets; effectively manage food prices through supply- and demand-side interventions; and strengthen targeted interventions to enhance health outcomes,” said Balisacan.
At the same time, the Neda chief said, “We continue to work on the creation of more and higher-quality jobs and human capital development to enhance Filipinos’ income-earning abilities. We must also strengthen our social safety nets by harnessing digital technologies so that the poor and vulnerable are partially shielded from economic shocks,” he added.
By Jovee Marie N. Dela Cruz @joveemarie
PRESIDENT Ferdinand “Bongbong” Marcos Jr. on Monday urged Congress to consider whether the Electric Power Industry Reform Act (Epira) needs to be amended in order to provide lower electricity rates and also to enact an enabling law that will grant the Philippines legal personality and the ability to serve on the board of the Loss and Damage Fund (LDF), a climate disaster fund.
During his third State of the Nation Address, Marcos said that the government is studying whether or not the Epira still meets customer demands for lower electricity prices.
“We are revisiting and thoroughly examining the Epira to determine if it is still suitable for our current situation or if it is time to amend it,” he said.
“I am urging Congress to work together on this for the sake of the Filipino people. With the high cost of electricity in the country, it is not only businesses that are struggling, but especially the general public,” he added.
Earlier, Speaker Ferdinand Martin G. Romualdez said the lower chamber is working to reduce electricity rates by reviewing the Epira.
“We will work to further reduce electricity rates as well as rice prices. Accomplishing that will surely lead to a further moderation of inflation,” Romualdez said.
“We are looking into possible amendments to the Epira to bring down electricity prices, making it more affordable for everyone,” he added, indicating that the House aims to complete these changes before the Christmas recess.
Electricity rates in the country remain among the highest in the Asean region.
Romualdez said amending the Epira would be preceded by an inquiry into the energy situation.
“We want to know what the problem is with the law and why the law that was supposed to streamline the energy sector has unfortunately raised electricity rates. We will call all stakeholders—power producers and distributors, the transmission company, and most importantly, the consumers represented by consumer groups,” he said.
The Legislative-Executive Development Advisory Council (Ledac) has resolved to prioritize the passage of 28 bills, including Epira amendments, before the conclusion of the 19th Congress in June 2025.
Loss and damage fund
MARCOS also urged Congress to enact enabling legislation to grant the Philippines legal personality and the right to serve on the board of the “Loss and Damage Fund,” a fund dedicated to climate disaster relief.
Marcos said the Philippines’s securing a seat on the LDF board and being chosen as the host country for the fund will bolster the nation’s efforts to combat the adverse effects of climate change.
“As we can see in all the world, weather events are, as predicted, getting more extreme, such as torrential rains that instantly shift to scorching heat waves—or vice-versa. Our country’s geographical location makes us highly vulnerable to the adverse effects of climate change,” he said.
THE public-sector loans approved by the Monetary Board (MB), the highest policy-making body of the Bangko Sentral ng Pilipinas (BSP), posted a double-digit growth in the second quarter of 2024 compared to the same period a year ago.
The BSP said the MB approved a total of US$3.90 billion of public sector foreign borrowings from April to June 2024.
This is higher by 43 percent or US$1.17 billion than the US$2.73 billion approved in the second quarter of 2023.
The loans accrued by the government in the second quarter of the year consisted of one bond issuance, the US dollar bond issued
in May, amounting to US$2 billion. This will bankroll the assets in line with the country’s Sustainable Finance Framework.
The central bank said all the borrowings of the national government consisted of three project loans aggregating to $1.90 billion, which will finance various transportation projects.
“These borrowings will fund the National Government’s general budget financing and financing/ refinancing of assets in line with the Republic of the Philippines’ Sustainable Finance Framework and transport infrastructure projects,” the BSP said.
The public sector borrowings in the second quarter represented the
highest amount approved by the MB so far this year. The loans approved in the second quarter are 35.89 percent higher than the first quarter’s $2.87-billion approved publicsector borrowings.
With the latest approval, the MB has approved a total of $6.77 billion worth of public sector loans in the first half of 2024. However, this is lower by 18.33 percent than the $8.29 billion approved in the same period in 2023.
“[P]rior approval of the Bangko Sentral ng Pilipinas, through its Monetary Board, is required for all foreign loans to be contracted or guaranteed by the Republic of the Philippines,” the BSP said, citing
Section 20, Article VII of the 1987 Constitution.
The BSP noted the Letter of Instructions No. 158 dated January 21, 1974, which requires all foreign borrowing proposals by the national government, government agencies and government financial institutions to be submitted for approval-inprinciple by the Monetary Board before commencement of actual negotiations.
The BSP said in a statement that it “promotes the judicious use of the resources and ensures that external debt requirements are at manageable levels, to support external debt sustainability.” Reine Juvierre S. Alberto
Editor: Jennifer A. Ng
Cebu Pacific in ‘exploratory talks’ with Ayala for airline
By Lorenz S. Marasigan @lorenzmarasigan
BUDGET carrier Cebu Pacific
confirmed on Monday that it is currently in exploratory talks with Ayala Land Inc. regarding a potential acquisition of AirSWIFT.
In a clarif ication attached to a disclosure, Cebu Pacif ic acknowledged t he d iscussions but emphasized t hat no def initive ag reement has been reached.
“Cebu Pac if ic is always on t he lookout for oppor tunities to g row and expand its network, includ ing par tnership w it h ot her par ties. We confirm that Cebu Pacific is currently engaged in explorator y talks w it h Ayala Land Inc. but not hing def ini-
tive has been ag reed upon,” t he d isclosure read. A irSWIFT, a boutique a irline under t he Ayala Group, is known for its routes ser v icing popu lar tourist destinations, namely: El Nido, Cebu, Boracay, and Bohol, among ot hers. It operates a small fleet of turboprop planes.
“Cebu Pac i f ic’s t rack record of success means ot her businesses do prefer par tnering w it h Cebu Pacif ic
when it comes to av iation initiatives.
Shou ld any oppor t u n ity move from a proposal to a firm business under tak ing, we w i ll make t he proper d isclosures. We also endeavor t hat whatever business proposals we caref u lly evaluate, we never let it become a d istraction to our core business,” t he company noted.
T he Gokongwei-led carrier is no stranger to acquiring ot her a irlines. In 2014, it acquired Tigera ir Phi lippines and later on rebranded it to Cebgo, which now ser ves local destinations.
Cebu Pacific operates a diversified commercial fleet t hat includes eight A irbus 330s, 39 A irbus 320s, and 21 A irbus 321s, and 15 turboprops.
T he carrier is beef ing up its operations in anticipation of more planes in t he f uture. It has signed a memorandum of understand ing (MOU) w it h A irbus for t he purchase of as
much as 152 A irbus A 321 new eng ine option (Neo) jets.
T he deal is valued at $24 bi llion or about P1.4 trillion based on list prices and is t he “largest a ircraft order in Phi lippine av iation histor y.” T he MOU encompasses f ir m orders for up to 102 A 321neo a ircraft, w it h an option to purchase an add itional 50 A 320neo fami ly jets. Currently, it flies to 35 domestic and 25 inter national destinations across Asia, Australia, and t he Middle East. In 2023, Cebu A ir Inc. sw ung to a prof it, after record ing a surge in revenues due to stronger passenger demand.
It repor ted an operating income of P8.6 bi llion
Vista Land to offer $300-M notes
By VG Cabuag @villygc
Commu n it ies Phi l ippi nes Inc., C rown Asia Properties Inc., Vista Residences Inc. and Vistamalls Inc. “T he net proceeds w i ll be used for ref inancing, work ing capital, investment and ot her general cor porate pur poses,” t he company sa id. T he company has set t he interest rate for t he notes at 9.5 percent. DBS Bank Ltd. and HSBC were hired as joint global coord inators, book ru nners and lead managers, KIS Asi a as its joi nt book ru nner and lead manager whi le Unionbank of t he Phi lippines was tapped as its domestic lead manager Tycoon Manuel B. Vi llar Jr had
sa id his company is launching t he next phase of development for t he 3 ,500- hecta re V i lla r C ity i n t he sout her n par t of Metro Mani la. “One yea r afte r we la u nc h ed V i lla r C i ty, we a r e now f ir m i ng u p plans
est i g i o u s u n i ve r s i ty, an i nteg r ated ente r ta i nment complex,
development is env isioned to become “a t hriv ing commu nity where econom ic, l ifestyle, cu ltural and leisure activ ities w i ll converge.”
LG slows EV cell plant with GM in US as political worries swirl
Sbl ic se r v ice and, at t he same t i me, an i nspir at ion t h at w i ll only d rive u s f ur t her to i mprove our pol ic ies and processes,” SEC C h a ir man Em i l io B. A qui no sa id. “O ur appl icat ion for t he P QA d id not only allow u s to showcase our ac hievements ove r t he past f ive yea r s, but also se r ved as an oppor t u n ity for u s to f ur t he r assess and ret hi nk bot h our i nte r nal and exte r nal pol ic ies and processes.” Unde r t he P QA system, organ i zat ions a re assessed fo r t he ir pol i c i es, p r act i ces and accompl i sh ments relat i ng to leade r ship; st r ategy; c u stome r ; meas urement, analys i s and knowledge management; workforce; and ope r at ions.
Banking&Finance
raises ₧20B via T-bills amid high asking yields
By Reine Juvierre Alberto
THE national government managed to borrow P20 billion through the sale of short-term Treasury bills (T-bills) despite high investor asking yields.
Ju ly 15.
THE transaction timing iss ues encountered by financial institutions will now be hastened through the fully-automated Intraday Settlement Facility (ISF) launched by the Bangko Sentral ng Pilipinas (BSP).
T he BSP sa id it rolled out t he new automated system toget her w it h t he Bureau of t he Treasur y (BTr) on June 27, 2024, to fasten t he tur naround time of settlements, suppor t paperless transactions and manage f unds eff iciently.
T he BSP noted t he system i s al i gned w it h t he cent r al bank’s mandate of “promot i ng a safe, eff ic ient, and rel i able mode of f u nds t r ansfe r i n s uppor t of f i nanc i al stabi l ity.”
T he BSP sa id t he ISF is ava i lable to all el ig ible f i nanc i al i nst it ut ions experiencing timing mismatches when t hey engage in transactions involv ing gover nment securities t hrough t he Peso Real-Time Gross Settlement (RTGS) Payment System managed by t he central bank.
T he ISF automates the settlement process by link ing t he BSP ’s RTGS system, or Phi lPaSSplus, to t he BTr’s Enhanced National Reg istr y of Scripless Securities.
T his system w i ll enable Phi lPaSSplus par ticipants to obta in f unds w it hin a few minutes after initiating repurchase ag reement or “repo” transaction w it h t he BSP Repo is a transaction in which t he borrower temporari ly lends a security to t he
lender for cash w it h an ag reement to buy it back in t he f uture at a pre-deter mined price.
T hese f unds can cover t he par ticipants’ queued or expected outgoing payment inst ruct ions in t he Phi lPaSSplus, t he BSP added.
T he ISF is also designed to suppor t a paperless process aside f rom preventing g ridlocks in t he Phi lPaSSplus due to its automation reducing physical documents.
T hi s system also settles t he clea ri ng res u lts of reta i l payments made by i nd iv idu als, bu s i nesses, and t he gove r nment u s i ng c hecks, ATMs, Insta Pay and PESONet, t he BSP sa id. Phi lPaSSplus, owned and managed by t he BSP t hrough t he Payments and Settlements Department, enables an “efficient and low-risk” settlement of large-value f unds transfers between f inancial inst it ut ions, accord ing to t he BSP
Meanwhi le, t he Peso RTGS Payment System designated as a systemat ically i mpor tant payment system (Sips), poses or h as potent i al to pose system ic ri sk t h at cou ld t hreaten t he stabi l ity of t he nat ional payment system, u nder t he BSP ’s Payment System Oversight Framework. Its par ticipants are required to comply w ith the ru les, standards, and requirements promu lgated by t he BSP and contribute toward ensuring t he safety, eff iciency, and reliabi lity of t he payment system, t he BSP sa id. Reine Juvierre Alberto
CCAP to simplify credit card terminologies to help
t hat must be pa id in f u ll on or before t he due date to avoid penalties or interest charges.
3 “Minimum Amount Due” (MAD) is t he least you must pay to avoid penalties. It is computed based on a percentage (usually 3 percent to 5 percent) of t he total outstand ing balance or a cer ta in f i xed amount as d isclosed by your cred it card issuer Unl i ke t he TAD, pay ing only t he MAD w i ll incur interest charges.
4. “Late Penalties” are only appl ied if you fa i l to pay eit her t he TAD or t he MAD on or before t he payment due date.
5. “Interest Charges” or “Finance Charges” apply only if you do not pay t he whole TAD.
6. “Fees” come i n va riou s for ms; some avoidable, ot hers not. For example, fees for cash advances, balance t ransfers, and i nstallments a re typically u navoidable. Penalty fees, suc h as late payment fees and i nterest c h a rges, can be avoided by mak i ng t i mely and f u ll payments.
7. “Cred it Limit” is t he max imum amount you are allowed to charge aga inst your card.
8. “Bi ll ing Cycle” or “Cut-off Date” is t he lengt h of time between t he last statement closing date and t he next w it h an inter val of about 30-days ever y mont h All t he transactions you make after t he cut-off date w i ll be included in t he next Bi ll ing Statement. T his is impor tant when planning your f inances.
9. “One-Time PIN” (OTP) is a temporar y code (usually composed of 4-d ig it numbers to 6-d ig it numbers) sent to your reg istered mobi le number to let you know t hat a transaction is being charged aga inst your cred it card and to conf ir m whet her you aut horized it. It is system-generated and d isclosed only to t he card holder T his is not to be shared over t he phone or v ia text to anyone.
10. “Card Verif ication Value” (CCV) is t he
3 -d ig it code on t he back of your cred it card. It’s used for onl ine purchases to ensure you have t he physical card. Just l i ke t he OTP t his code shou ld never be shared w it h anyone to prevent onl ine f raud.
T he Treasur y said the auction was 2.4 times oversubscribed, attracting P47.4 bi llion in total tenders. T he amount tendered per tenor was P14.860 bi llion for t he 91-day, P15.010 bi llion for t he 182-day and P17.502 bi llion for t he 364-day Tbi lls.
“Wit h its decision, t he Committee ra ised t he f u ll prog ram of P20.0 bi llion for t he auction,” t he Treasur y sa id in a statement.
Accord ing to R izal Commercial Bank ing Cor p. (RCBC) Chief Economist Michael L. R icafor t, t he T-bi lls’ average auction y ields increase weekon-week as investors lock-in longerter m tenors as they expect monetar y
GBy VG Cabuag @villygc
OTYME Bank Cor p., a joint venture between the Gokongwei family and South Africa’s Tyme Group, claims to be the countr y’s fastest growing bank and expects to reach 5 million in depositors by the end of the year T he d ig ital bank sa id t hat in just two years it has been add ing an average of 250,000 new customers a mont h and posting a seven-fold increase in g rowt h of mont h ly transactions year-on-year
“W hen we announced t hat we hit t hree mi llion, we were computing how what’s our track or trend to hitting by t he end of t he year, and we’re on track to hit t hat 5 mi llion t hat we committed to two launches (about a year) ago,” Alber t Raymund O. Tinio, t he bank’s co-CEO, sa id.
Accord ing to GoTyme, its bi lls payment is already online w it h cer ta in bi llers such as cred it card issuers and processors and telecommunication f ir ms. RFIDs and Metro Mani la Development Aut hority were already on board, the operator of payment system added.
Accord ing to GoTyme, it may not have a signif icant development f rom its loan products,
aut horities to cut interest rates next mont h Bangko Sentral ng Pi lipinas (BSP) Gover nor Eli M. Remolona Jr has sa id t hat t he Monetar y Board may star t cutting policy rates in Aug ust to avoid a loss of output. “T hat’s basically where we stand. We’re not going to ra ise,” Remolona sa id (S ee: https: // businessmirror.com.ph /2024/07/09/f urtherdela ys-in-easing-ma y-cause-output-losses/) R icafor t also noted t he marg inal week-on-week i nc
t hough it expects more f rom its acquisition of “SAVii ” (New Cross Cred it and Financing Gate PH Inc.).
“T he bigger g rowt h, f rom a lend ing perspective t hough, in t he next year w i ll come t hrough our shareholders’ acquisition of SaVii A couple of mont hs ago, we acquired SaVii which is t he largest pay roll lender so t hey have over P3 bi llion. So we’re gonna be par tnering w it h t hem to expand salar y lend ing, but also expand our pay roll account offering because t hey have been 150 cor porates, and t hey ser ve over half a mi llion,” Nate Clarke, t he company’s CEO, sa id. Clarke said that the launch of its own cred it card wou ld take longer; t he earliest timeline seen at be end of 2025.
“One, t he complex ity of bui ld ing cred it card just takes longer just take longer to get live. T he second element, which means t hat we wou ldn’t be able to scale [at t he] same size is t hat t he cred it card rate is capped at 3 percent,” he expla ined.
In a May study by Forrester, GoTyme Bank achieved a net promoter
15-point lead over t he nearest
itor T he global standard of customer experience metrics, NPS apar t f rom t a reflection of customer satisfact ion, but also loyalty and
NPS position amongst all banks and eWallets and also came out top in t he EDB study on Customer Experience rating w it h an overall score of 78. “T hese ratings reflect how consumers are delighted and satisf ied when t hey transact w it h GoTyme Bank,” it sa id.
“So you know, t hat’s one of t he drivers now we t hink we can ser ve more t han 5 percent of t he popu lation w it h a cred it card using riskbased scoring and alter native data. However one of t he contributors for only 5 percent of t he popu lation hav ing cred it card is t he cap. So I t hink t hat’s one ot her factor [It’s really] t he size of bui ld and interest rate caps [t hat we’re considering,” Clarke sa id. Nonetheless, he pointed to “a product similar to a cred it card, called a QR-based cred it card, t hat we w i ll launch in t he beg inning of next year.”
Travel Hacks for the Budget-Savvy Filipino Gen Z
OT the itch to explore the world (or your own backyard) but worried your bank account is sing ing the “Empty Pockets” blues?
Traveling as a young Filipino can feel like tr ying to conquer Mt. Apo with flip-flops—ambitious, but potentially disastrous.
Fear not, Gen Z adventurers! T his guide
the unique Filipino tw ist? Here are some budget-f riendly havens you might not have t hought of: Homestays. Immerse yourself in local life by stay ing w it h a Fi lipino fami ly. Many offer comfor table rooms and delicious home-
simple but clean accommodations w it h stunning mounta in or beach v iews, often at a donation-based rate. T his is per fect for solo travelers seek ing introspect ion or a d ig ital detox. Volunteer prog rams. Explore a place whi
munching. Dive into the v ibrant world of Fi lipino wet markets! Fresh f ruits, vegetables, and local delicacies are aplenty at barga in prices. Grab some ing red ients and whip up a budget-f riendly feast at your home-
halohalo” (shaved ice desser t), explore t he d iverse flavors for a f raction of t he cost of a restaurant meal. Just remember to follow basic hyg iene practices—ask for t he food to be cooked well and use bottled water for drinks.
Pro-Tip: Download a food deliver y app to explore local restaurants at a d iscount. Many offer deals and promos, especially during offpeak hours.
3. Public transport is your new BFF. Tax is are convenient, but t hey can quickly eat into your travel budget. Here’s how to nav igate li ke a local pro: Jeepney joy ride. T hese iconic Fi lipino buses are a budget-f riendly and cu ltural experience. Just be prepared for a bit of an adventure jeepney rides can be crowded and bumpy! Tricycle travels. Need a shorter ride? Tricycles are a great option for getting around town. Negotiate the fare in advance to avoid any sur prises. Bu s bonanza, Long-d istance t ravel? Buses offer a comfor table and affordable way to get between cities. Book online in advance to secure t he best deals.
Pro-Tip: Don’t underestimate t he power of walk ing. Exploring local neighborhoods on foot is a fantastic way to immerse yourself in t he cu lture, d
which are architectural mar vels and offer a glimpse into Fi lipino histor y and cu lture. Entrance fees are usually minimal, if any. Stargazing spectacle. Escape t he city lights and f ind a secluded beach or mounta in spot for some epic stargazing.
Art BusinessMirror
Around them orbits a gamut of shapes, patterns and colors that simultaneously feel random and measured. An inverted triangle frames one eye in In Between, while an opaque half-circle caresses the other, as the subject peers from an eggshell. Another woman darts a piercing look in Layers of Success, herself an image of triumph, ornamented with a makeshi t crown and half an eyeglass. he narrative of layers extends into the artworks frames as well with di ferent material cutouts composing the corners in a staggered sequence. “ y life has passed through many stages, like layers that give substance to my image as a person. t is like a collage of experiences,” Padua said. “ rom failure to success, the layer grows.”
eanwhile, analo presents a conceptual shi t from inquisitive to transportive in his side of this twoman presentation. he mixed-media artist carries over from Art air Philippines his series of adapting Victorian era-inspired characters, saying they look “digni ied,” and “proud of their work,” whatever it entailed. n Wonder Wander, analo incorporates indigenous ilipino elements in scenic cutouts, saying he s “always been proud of his roots. herever my heart leads me, d always give a nod to being a ilipino.”
A woman standing on a rhinoceros looks away in The Road Less Traveled, while housed in her balloon skirt are lowers and a bronze female donning a
Demi Padua wonders, AR Manalo wanders in joint showcase
ONE artist ruminates about the essentiality of exploration in personal growth, the other about what the future holds for his young daughter. Apart from the variance in concept, everything ties up together in an ongoing oint gallery presentation, re lecting its exhibition title wherein a single letter spells a subtle yet vast di ference.
Dubbed Wonder Wander, the two-man exhibit features the works of noted visual artists Demi Padua and A analo. he show runs until uly at Art
nderground in an uan ity as a collaboration exhibition with Village Art Gallery.
“Both artists coincide in terms of their artworks, intricate and multi-layered,” said Art Underground gallery manager Deseree apandi. “ t s also nice that they go way back, so they have this particular low and understanding of each other. e didn t intervene much to allow them to develop their own concept for the show.”
Depth de ines the artistic approach and aesthetic of Padua and analo. heir artworks run as deep as their contemplations about social issues and personal experiences, accentuated by engaging symbolism and geometric forms.
Padua is recognized in the Philippine art scene for his brand of trompe l’oeil, a painting technique that creates a three-dimensional illusion of hyper-realistic painted ob ects. nformed by his background in theatrical production and design, the alapan-born artist knows his way with lighting, allowing his subjects to bathe in dramatic shadows and convey emotions with mere gazes.
n Wonder Wander, those eyes are out to explore.
ilipiniana. n the diptych To the Endless Waltz, the woman still refuses to reveal herself and is locked in on the distance, yearning for what s out there. er back remains turned against the viewer, as her skirt lows outside the frame, within its con ines a group of pre-colonial ilipinos works on pottery.
ucked in these busy period scenes, according to anuel, is a love letter to his two-year-old daughter. All the traveling signi ied in his featured artworks in this show represent his daughter s own as she goes about her life—from the people she will meet to the experiences she will form.
“ t s a dad hoping the best for his daughter,” the artist said. “ hope that someday, she will understand that her dad, who s always working late, was always thinking of her.” According to apandi, the gallery manager, Art Underground will continue collaborating with other art spaces.
t s nice for camaraderie to work with other galleries, artists and institutions, and to grow the art community as a whole. f we could be part that, pushing the contemporary art scene, we d love to be there.”
AMBASSADOR ENDO KAZUYA JOINS OPENING RECEPTION OF ‘YAKISHIME-EARTH METAMORPHOSIS’ EXHIBIT
ON July 3, 2024, Ambassador Endo Kazuya attended and delivered an insightful message at the opening reception of the Yakishime-Earth Metamorphosis, an exhibition organized by the Japan Foundation Manila, in cooperation with the Metropolitan Museum of Manila, in Bonifacio Global City. The chairman of the National Commission of Culture and Arts,
Hon. Victorino Manalo, the director of the Japan Foundation Manila, Suzuki Ben, and the wife of the ambassador, Madame Endo Akiko, also graced the event.
Yakishime-Earth Metamorphosis aims to highlight Yakishime, a traditional art form developed in Japan since the 12th century. It involves the rigorous yet delicate process of molding and forming clay under intense
heat, which then results to the production of exquisite pieces of ceramics.
“As a remarkable part of Japanese culture, Yakishime’s international journey is essential in paving the way for cultural diplomacy and appreciation,” said Ambassador Endo during his speech in the event. He added, “It is my wish that many Filipinos will enjoy the fascinating
culture of Yakishime and develop their own appreciation for Yakishime, its history, and the tireless artisans who have kept this art alive.” The exhibit is ongoing until July 31, 2024, at the 2nd Floor North Gallery of the Metropolitan Museum of Manila. Starting August 2024, it will continue its journey to the Iloilo Museum of Contemporary Art. Admission to the exhibition is free.
TODAY’S HOROSCOPE
By Eugenia Last
TAURUS (April 20-May 20): Reevaluate your worth, rethink your next move and take the path that makes sense. At the end of the day, it’s you who must be happy with the decisions you make. Don’t be fooled into thinking you can buy love, trust and equality.
GEMINI (May 21-June 20): Don’t give up or get angry. Consider what you are trying to achieve, and come up with a plan dedicated to learning. Follow your heart, not someone misusing your attributes.
CANCER (June 21-July 22): Hold your head high and navigate a path to the top. Set standards to live by and goals that stretch your imagination but are still within reason. Interviews, meetings and financial matters will turn out better than you anticipate if you pay attention to detail.
LEO (July 23-Aug. 22): Sign up for something that excites you or improves your health. Start a regimen focused on getting you in shape. The better you look and feel, the easier it is to advance. Don’t be a slouch; activity and participation are the keys to life, love and happiness.
VIRGO (Aug. 23-Sept. 22): Target your goal and stick to your plans. If you venture off course, you will need help completing your mission. Be cautious of anyone trying to change your mind. Discipline and hard work will get you to your destination.
LIBRA (Sept. 23-Oct. 22): You’re on the right track; don’t let lethargy step in and take away your pep. Stay focused, be creative and don’t be afraid to dance to the beat that draws you. The trick to success is finding enjoyment in what you do and being grateful for your skills.
SCORPIO (Oct. 23-Nov. 21): Spend more time caring for yourself and your environment. Change begins with you, so make every move count. Refrain from allowing others to disrupt your plans or take advantage of what you have to offer. Make changes for the right reason.
SAGITTARIUS (Nov. 22-Dec. 21): Be resourceful, gather information, ask questions and agree to something only once you are satisfied that you can achieve your goals. Trust yourself and distance yourself from those offering pretenses or conspiracy theories. Verify facts and move forward. Arguing is a waste of time.
CAPRICORN (Dec. 22-Jan. 19): Take a closer look at your investments, contracts and qualifications. Question anything that appears to be outdated or overdue. A domestic change needs careful handling if you want to avoid interference. A joint venture will require proper management.
AQUARIUS (Jan. 20-Feb. 18): Devise a more efficient way to live and implement change. Don’t expect everyone to agree with your plans. Don’t hesitate to remove yourself from a situation lacking what you need to be happy. Take responsibility and explore your options. Self-improvement will lead to personal opportunities.
PISCES (Feb. 19-March 20): You need time to think. Avoid argumentative individuals who stretch the truth. Stick to what and who you know and trust. Don’t let an emotional matter infiltrate into other aspects of your life. Separate business from pleasure.
BIRTHDAY BABY: You are outgoing, ambitious and entertaining. You are impulsive and generous.
BY JOE RODINI
Show BusinessMirror
GMA NETWORK RECEIVES MULTIPLE NOMINATIONS AT 2024 CONTENTASIA AWARDS
LEADING broadcast media company GMA Network earned multiple nominations at the prestigious 2024 ContentAsia Awards.
Secret Slaves: The Jessica Soho Special Report was nominated for Best Current Affairs Programme Made in Asia for Regional Asia and/ or International Markets. Produced by GMA Public Affairs and presented by the country’s most awarded broadcast journalist Jessica Soho, the documentary examines the global issue of human trafficking through survivor testimonies and investigative reporting.
Adding to its accolades, , the critically acclaimed film produced by GMA Pictures and GMA Public Affairs, was nominated for Best Asian Feature Film/Telemovie. The movie narrates the story of a young boy searching for the mythical island of fireflies described in his mother’s bedtime stories. received a nomination in the Best Variety Programme category. The musical variety show gives viewers nonstop entertainment every Sunday with vibrant musical performances and fun games featuring various GMA artists.
Rounding off the list is no less than the network’s prized leading man Dingdong Dantes, who was nominated for Best Male Lead in a TV Programme for his performance as Napoy in the murder mystery series
Now in its fifth year, ContentAsia Awards recognize excellence in premium video and TV content across 27 categories throughout Asia. This year, it received a recordbreaking 500 entries, notably from China, India, Indonesia, Singapore, Mongolia, Hong Kong, the Philippines, Malaysia, Taiwan, Japan, Korea, and Vietnam. Winners will be announced in Taipei on September 5, 2024.
The Associated Press
O ANGE E The Bear went on a tear at ednesday morning s Emmy nominations with a comedy-series record , and h gun led all nominees with in a dominant year across categories for Nominations for the The Bear, up for its second season in which its rag-tag band of sandwich makers tries to create an elite restaurant, included best comedy series and best actor in a comedy series for eremy Allen hite—both awards it won at anuary s strike-delayed ceremony—along with best actress for Ayo Edebiri, who won best supporting actress last time around.
t was also boosted by a bounty of guest acting nominations, including amie ee urtis and Olivia olman, two of many Oscar winners who landed nominations. took full advantage of the absence of last year s top three nominees— and The Last of Us—to dominate in drama and give with overall nominations, the kind of strong year o ten reserved for BO, which even in this “o ” year received ts nominations included best drama series, best actress in a drama series for Anna awai and best actor for iroyuki anada.
he show shook up the drama race when its makers said in ay that despite reaching the end of the story of ames lavell s novel about political machinations in early th century apan, they would explore making more than one season, shi ting the critical darling from the limited series category to the more prestigious drama one. was a bright spot for BO, which lost uccession to retirement and is between seasons on and The Last of Us.
he show, a semi-spino f of the franchise, led all limited or anthology series nominees with , including a best actress nomination for odie oster for playing a police chief investigating mysterious deaths in the darkness of a north Alaskan winter.
ali eis, who plays oster s investigating partner and rival on the show and is nominated for best supporting actress in a limited series, joins ily Gladstone, in the same category for Under the Bridge, as the irst ndigenous women to get Emmy acting nominations. D Pharaoh oon-A- ai of becomes the irst ndigenous actor to be recognized for lead with his best actor in a comedy nom.
he only previous ndigenous acting nominee, according to Variety, was August chellenberg, who received an Emmy nomination in for his performance as itting Bull in the BO V movie
Net lix has its own pair of contenders in the category. Baby Reindeer became a minor cultural phenomenon and Emmy upstart in recent months. t got nominations, including best actor for star and creator ichard Gadd. Ripley, a black-and-white retelling of Patricia ighsmith s novel The Talented Mr. Ripley, got nominations including acting nods for Andrew cott and Dakota anning. he shows along dozens of acknowledgements in cra t and comedy special categories, helped Net lix lead all outlets with nominations.
oster was another of the Academy Award winners to get Emmy nods, along with fellow multiple Oscar winner eryl treep, up for best supporting actress in a comedy for reigning best supporting actor winner obert Downey r., up for best supporting actor in a limited series for playing several characters in The Sympathizer and Gary Oldman, up for best actor in a drama series for Slow Horses.
a perennial Emmy nominee for ulu with few wins, outdid itself this year with , behind only and The Bear eads teve artin and artin hort were nominated for best actor, and, in her irst Emmy nomination as a performer, elena Gomez got a nod for best actress. Old Emmy favorites also returned. on amm,
who had one Emmy from previous nominations, most of them for Mad Men, got two nominations, one for actor in a limited or anthology series for argo and another for supporting actor in a drama for The Morning Show is Morning Show castmate ennifer Aniston is considered by many the favorite to win the best drama actress Emmy to go with the comedy actress trophy she won for Friends with nominations and acks with each make triumphant returns to the Emmys a ter their own years o f. Each had especially acclaimed seasons. Elizabeth Debicki is considered the closest thing in these Emmys to a lock to win best supporting actress in a drama for playing Princess Diana in the last days before her death in the sixth and inal season of
WOW! Fiesta taps JV Decena as new brand ambassador
P NO well-loved videoke, O iesta Videoke has tapped singing sensation V Decena as its newest ambassador. he young singer recently performed in concert.
During the contract-signing, Decena expressed his joy for being the O iesta Videoke s newest ambassador along with renowned singer Gary Valenciano.
“Sobrang heartwarming. kong naramdaman talaga. Parang naging full circle kasi ve been with them for more than years. feeling na pinagkatiwalaan nila ako. t s like
Ruru Madrid will forever cherish his ‘Black Rider’ experience
inale week of the widely followed action drama series Black Rider promises to be one illed with pulse-pounding duels, high-octane showdowns and engrossing revelations.
A bronze medal recipient at the New ork estivals, the series certainly rea irmed its star uru adrid as a premium lead television actor of the G A camp. “ t s been one full year of wonderful teamwork, and am just grateful that our loyal audience never let go of us despite the challenges and the intense competition,” he intoned.
adrid also mentioned about the close friendships he made during the entire run of the show. “ e were not only workmates, because as months passed the camaraderie transformed into genuine care and love for each other, and we became a tight, close-knit group. ike my Nanay Alma io ocsin s character
who became a second mom to me. he guided me throughout our entire journey in the series. can say that she is not only the heart of Black Rider but she is the silent strength among all the actors, being the most celebrated senior member of the cast. appreciate all the pieces of advise she gave me and the wonderful example she showed to everyone as far as professionalism is concerned, especially with regards to tenacity, grace and being real. look forward to working with her in my future projects. or me, she is the epitome of a true icon.” he series also discovered a few gems. irst to come into mind is on ucas, who is so good playing bad in the series.
“Black Rider opened the big door for me. here were times in the past when doubted if being an actor was the right path for me to pursue. es, there were projects before Black Rider but there was also a void, a lot of questions deep inside me that needed answers. don t know, but it wasn t emptiness but more like a sense of lacking, of wanting to be challenged more, wanting to elevate what was doing to a di ferent level. And this role they gave me in Black Rider not only opened my eyes and my mind to what can do more and learn more, and be a lot more receptive and more open to explore and to learn. t s like my rebirth as an actor, ” ucas told us.
his early, we are certain that both ucas and adrid will be entrusted more wonderful roles a ter
coming back home, ganon ’yong feeling,” Decena said.
he Tawag ng Tanghalan contestant said that ever since he was a child, he s always been using videoke to hone his singing skills.
“Sa videoke songs. ko, most of them pang-matanda talaga kasi
kinakanta nila,” he said.
Decena also has tips for aspiring singers to never lose hope.
“Never stop dreaming. aith kay ord, faith sa sarili mo. Of course, lagi mong tatandaan na may mga taong may
faith hope mo at drive mo kasi it s a passion,” he said. O iesta Videoke vice president for sales Gigi Garcia said selecting Decena as the new brand ambassador was an easy choice.
“ e chose V and we are con ident that he is the best choice because we ve known him since . Actually, he grew up with us. -glow up at nag-shine. n , he was young but we saw his passion, his interest and enthusiasm,” Garcia said. ore information about O Audio is available at ph.
Black Rider, be they in on television or on ilm, that will give them both recognition as actors.
adrid also told us he secretly wishes that he d stumble upon a beautiful material for “an action movie with a heart.”
“ am enjoying the action genre and there seems to be a lot more to traverse in this ield for the Philippine movie industry. Our Asian neighbors have mastered the action genre in their ilms and it s about time we also look at that direction and see what we can o fer.” here are talks that adrid, a ter he takes a much deserved break, will be preparing for the second season of Lolong, the irst series of the Public A fairs team of G A Network that catapulted him to the big league.
m just waiting to be told. have put my complete trust in my home network and continue to be grateful to everyone in my team that makes sure that only get the best work assignments,” he enthused. On the love front, adrid continues to bask in the love of his longtime girlfriend Bianca Umali. “ he is my precious one, and my reason for happiness ” he whispered to us before the interview ended.
uru adrid has come a long way from the lanky, shy teenager we met many, many years ago when we were introduced by his discoverer, the late director aryo . De os eyes. All these years, adrid has remained grounded, sincere and real—his handshake still powerful, and his hug still as warm and as tight.
Editor: Gerard S. Ramos
HIROYUKI SANADA (left) as Yoshii Toranaga and Anna Sawai as Toda Mariko in a scene from which scored the most number of nominations that included Best Actress and Best Actor in a Drama Series for Sawai and Sanada, plus Best Drama Series.
Celebrating Entrepreneurs, Nation Builders at the RVR Awards 2024
THE 2024 Ramon V. del Rosario Awards will honor six outstanding individuals recognized for their exemplary corporate citizenship and dedication to nation-building. Organized by JCI Manila, PHINMA, De La Salle University RVR College of Business, and AIM RVR Center for Corporate Responsibility, these awards celebrate those who embody values such as Entrepreneurial Spirit, National or Global Impact, Corporate Citizenship, and Social Responsibility.
Named after JCI Manila’s founding president and the “Father of Philippine Modern Industry,” the awards commemorate JCI Manila’s sixdecade commitment to driving positive community change.
Established in 2009, the RVR Award for Nation Building pays tribute to Ramon V. del Rosario’s legacy, honoring leaders who significantly shape modern Philippine industries. The award serves as a platform to honor titans and trailblazers who exemplify exceptional corporate citizenship and a deep-seated commitment to nation-building.
This year’s awardee was selected by a distinguished panel including former Chief Justice Artemio V. Panganiban,
Ramon R. del Rosario, Jr., Manuel V. Pangilinan, Ambassador Jesus P. Tambunting, Victor J. del Rosario, Senen C. Bacani, Calel Gosingtian, and Ambassador Jose L. Cuisia.
The RVR Awards has recognized esteemed individuals such as Dr. Tony Tan-Caktiong, Dr. Jaime Aristotle Alip, Diosdado Banatao, George S.K. T, Henry Sy, Sr., Manuel Pangilinan, Jaime Augusto Zobel de Ayal, Vicente Paterno, Washington Sycip, Oscar Lopez, Senen Bacani, and Ambassador Jesus Tambunting.
The awards also highlight young entrepreneurs through the RVR Siklab Awards, recognizing Filipino leaders who excel in entrepreneurship and
social change. This year, five Siklab awardees were chosen from over 100 nominations. They will join the ranks of fellow young entrepreneurs and changemakers: JB Tan, Melissa Yap, Clarissa Delgado, Gary Ayuste, Edgar Elago, Anya Lim, Stephen Michael Co, and Ralph Ray Chua. Through this year’s RVR Awards, the organizing committee aims to inspire the youth by celebrating the excellence and resilience of these individuals. The 2024 Ramon V. del Rosario Nation Building & Siklab Awards Night will be held on July 25, 2024, from 6 pm to 9 pm, broadcast live on Facebook at facebook.com/ rvrawards. Further details can be found on the official website: rvrawards.org.
Robinsons Appliances Expands with New Opus Mall Location
ROBINSONS Appliances, a prominent player in the retail industry, recently inaugurated its newest store at Opus Mall in Bridgetowne, Quezon City, further expanding its extensive network of outlets nationwide
Located on the 4th floor near the Ortigas Avenue entrance, the new Robinsons Appliances store boasts a premium, sleek interior, complementing the overall luxe design of Opus. Indeed, you can’t expect anything but the best with this branch’s curated selection of high-quality home appliances and the hottest gadgets from the world’s most trusted brands.
“This location is perfectly situated in the middle of Quezon City, that is also near Pasig and Marikina. Our goal is to provide accessibility to the right appliances and gadgets in a premium shopping environment,” said Donna San Luis, Marketing Services Manager of Robinsons Appliances.
From the latest mobile phones from Apple, Samsung, and Oppo, showcased
at the entrance, to the comprehensive selection of appliances from brands like Samsung, LG, Whirpool, Panasonic, and others, this branch offers a diverse range of products to suit various lifestyles and preferences.
Highlights of the new lineup include Nintendo and DJI products, as well as the brand-new TCL 115” Premium QLED TV. Being the first in the Philippines to showcase this mammoth TV, the branch created a custom spot for it right near the entrance.
Gamers can also indulge in the latest Nintendo Switch, alongside other cutting-edge tech such as the Sony PS5 and Samsung Odyssey. The store plans to expand its gaming selection, adding more games and consoles soon. Enthusiasts can look forward to an even wider variety of options to elevate their gaming experience.
“[This selection] is just the beginning for gamers. Other branches offer a full line-up of consoles, monitors, and more. Since this store is new, we’re gauging customer preferences by presenting a
variety of options. Our selection will evolve based on their needs,” San Luis added.
Despite its recent launch, the Opus branch of Robinsons Appliances has already implemented an installment payment scheme for customers looking to manage their purchases conveniently.
Opus Mall makes it an ideal location for a new Robinsons Appliances store. Its proximity to the vibrant residential areas within Makinina, Pasig, and Quezon City, ensures convenient access for residents seeking quality home appliances and electronics. The mall attracts a diverse customer base, including tech enthusiasts, homemakers, and individuals looking to enhance their living spaces. Whether you are upgrading your kitchen, revamping a home office, or exploring the latest in technology, Opus Mall promises to cater to all your appliance needs.
Drop by Robinsons Appliances Opus at Bridgetowne to see more of what it offers! You can also check out existing deals on our website at robinsonsappliances.com.ph.
Ogilvy Manila, IKEA Philippines Collaboration Secures a Cannes Lion
OGILVY Manila and IKEA Philippines
celebrated a remarkable victory at the Cannes Lions International Festival of Creativity 2024, where their innovative campaign, “THIS IS AN IKEA STORE,” clinched a prestigious Silver Lion in the Media, Culture & Context, Single-Market Campaign Category. This marks a win for Philippine creativity, with the campaign garnering the highest metal with the most shortlists in the country.
The campaign ingeniously addressed a common challenge faced by Filipinos: the distance and inaccessibility of IKEA’s famed offerings. Despite boasting the world’s largest stores, IKEA remained out of reach for many due to logistical constraints across the archipelago’s 7,000 islands.
In response, Ogilvy Manila and IKEA Philippines devised a groundbreaking concept: transforming everyday locations into interactive IKEA showrooms.
From bustling city billboards to serene beachfronts, each site featured strategically placed furniture adorned with QR codes, enabling shoppers to instantly purchase items on the spot.
“Cars, restaurants, coffee shops, gyms, nail salons, camping sites, and even a jiu-jitsu dojo—all became IKEA stores! Turning a bold idea into a Cannes-worthy reality would’ve never been possible without the collaboration between the different teams within Ogilvy
Manila and IKEA Philippines,” said Creative Director Karl Garcia.
“The campaign’s success highlights the importance of deeply understanding our customers’ behavior and pain points. It did not only drive us great business results but also recognition from the global community. We are grateful to have Ogilvy Manila as our creative partner in delivering these ideas into reality,” said Patrick Marcelo, Marketing & PR Manager at IKEA Philippines.
Associate Creative Director Henry Glo added, “This win means a lot across our entire team—from creatives to account managers and strategists. It validates our belief that creativity is indeed borderless and leads to solutions for our partners. It’s a testament to the bravery of our clients and the support of an entire community.”
Corsa Tires Champions Safety at Two Big Events
CORSA Tires, known for their reliable motorcycle tires, reaffirmed their dedication to safety by sponsoring two recent events: the challenging Vtour Endurance Ride and the first-ever Grand Test Ride. The Vtour endurance ride, a grueling 555 and 1,111 kilometer challenge that began at Bazaar City in Cainta, tested riders’ mettle. With checkpoints scattered across the province, including By-pass Road Lopez, Edling’s Cafe Tagkawayan, Fuente De Malagunlong, Tayabas, Quezon and the Japanese Garden Caliraya, the course pushed participants to their limits.
Corsa’s sponsored riders were not just determined in the Vtour, they exuded confidence throughout. This came from their trust in Corsa Motorcycle Tires’ topnotch performance and safety features.
The highly anticipated Grand Test
READY to take your smile to the next level? Say hello to Restylane Kysse, the secret to naturally plump, fuller lips without looking overfilled. It’s time to embrace a more stunning, natural smile, thanks to the Restylane lip filler technology.
Belleza Aesthetics is teaming up with Galderma, a global leader in dermatology, to bring you Restylane Kysse, a revolutionary lip filler that’s taking the beauty world by storm. Dr. Christian Peralta of Belleza Aesthetics couldn’t be more excited: “We’re here to make every Filipino’s smile even more beautiful with Restylane Kysse. It’s a game-changer, ensuring that everyone leaves our clinic with a smile they’re proud of.”
Restylane Kysse is not just any lip filler. It’s crafted with the unique Optimal Balance Technology™ that uses flexible gel giving that natural-looking lips with dynamic movements. Michelle De Jesus, Business Unit Head of Galderma Injectables and Aesthetics explains, “Restylane Kysse is the future of lip enhancement, combining natural-looking results with the support you need. We’re thrilled to see the beautiful smiles this product will help create.”
Curious about what Restylane Kysse can do for you?
Just ask Rayana Eissa, who shared her fab experience: “I did my research and decided to go for it. I wanted more moisturized lips, and now I have hydrated and plump lips without looking overfilled.” Anastasiia Korbut also loves her new look: “It’s really natural and it enhanced my face feature.”
The experience was seamless, thanks to Dr. Peralta.” And Geraldine Rivera adds, “I really love how soft and volumized my lips now, I feel more confident in front of the camera.” Restylane Kysse doesn’t just enhance lip fullness
Ride, meticulously planned by Lifestyle On Wheels, MotoTowne, and Bridgetowne Destination Estate, marked a historic moment. For the first time, almost all motorcycle riding schools and motorcycle brands came together for a test ride that prioritized safety.
RideAcademi, MMDA Riding Academy, and MotorClyde Training Center spearheaded the safety practical assessment, perfectly aligning with Corsa Motorcycle Tires’ core values. Riders from partner schools and Corsa’s Traction Masters impressed the crowd with their skills, reminding everyone of the importance of control and safe riding.
“Safety isn’t an option at Corsa Tires, it’s what drives us,” said Andrew Lim of Corsa Motorcycle Tires. “That’s why we’re proud to back events that teach safe riding and give riders the confidence to go anywhere.”
Philippines, Ramon Medina.
CORSA Tires is dedicated to safety.
Copper market’s biggest whale fuels speculation of major shift
By Bloomberg News
FOR months, as copper spiked to record levels and then fell back down again, one key question has bubbled up across the metals industry: What is China’s state grid operator up to?
The world’s single biggest buyer of copper, State Grid Corp. of China, has slowed its purchases of copper wire this year, while at the same time ramping up purchases of aluminum wire, a cheaper substitute. While arguably a natural response to soaring copper prices, the change has ignited a debate over whether there’s something bigger going on—if one of the metals industry’s most important but opaque buyers might be undergoing a shift in policy that could rock the global market.
The possibility of large-scale substitution of copper in China’s power networks would have a meaningful impact on global demand, and some traders are touting it as a reason to bet against the broad consensus for growing shortfalls and rising copper prices in the coming years. China is the world’s largest copper consumer, with more than a quarter of global supplies being used for Chinese electrical cable.
Still, traders and industry executives said that it’s far from clear that any such major push is underway—small-scale substitution away
from high-priced copper has been a long-running theme in the market, and tends to attract more attention whenever prices rise. Others suggested that the shift this year was only a temporary response to spiking prices.
“It’s not a new topic in China but an ongoing one for years without significant progress from the state grid,” said Chenfei Wang, head of wire and cable at CRU Group in Shanghai. “The topic becomes ‘hot’ whenever copper prices rally.”
Copper has retreated about 12 percent from the May record of $11,104.50 on the London Metal Exchange amid profit-taking by investment funds and muted Chinese demand. It fell 0.1 percent to $9,793 a ton as of 11:14 a.m. in Shanghai.
Copper has been the metal of choice for conducting electricity since the days of Thomas Edison, but aluminum—less conductive but also lighter and cheaper—has long been used as an alternative. Because aluminum is less conductive, aluminum cable must be larger than copper cable to transmit
the same quantity of electricity. For uses where weight is important but there is no constraint on space, like overhead power transmission lines, aluminum is commonly used. Where space is at a premium, such as underground cabling in city centers, copper wins out. Aluminum also has a reputation for being less safe, cemented in the 1970s as high copper prices triggered a boom in the use of aluminum in home wiring and a wave of electrical fires.
Globally, substitution has reduced copper consumption by around 1 and 1.5 percent per year over the past decade, according to a recent presentation from the International Copper Association.
While the global copper market is well supplied for now—in large part due to weak buying in China— there is a widely held view that the industry is headed for large deficits
in the coming years, which could drive prices dramatically higher.
In China, copper is legally required for certain types of wiring or power generation usage, so traders are on high alert for any sign of a policy shift.
The world’s biggest utility, State Grid supplies electricity to more than 80 percent of China. However, it only uses public tenders for certain purchases, and even then doesn’t always disclose whether it is buying aluminum or copper wires, making buying decisions difficult to track.
But several analysts and industry executives said State Grid had slowed purchases of copper and wire cable in recent months, as copper prices soared to a new record driven by buying from bullish investors.
One major supplier to the grid said that his company’s sales of copper cable were down about 20
percent in the second quarter.
The state grid’s insulated metallic power cable tenders slowed since April due to high copper prices, although some activity resumed after prices retreated, said CRU’s Wang.
Meanwhile, sales of aluminum cable have been rising sharply.
State Grid’s tenders for aluminum cables rose by 40 percent to 718,000 tons in the first four months this year, according to Shanghai Metals Market.
And there has been growing discussion of substituting copper with aluminum.
Already in China, as in much of the world, aluminum is used in high-voltage overhead power cables, where its light weight is an advantage. But China still uses about 7.5 million tons of copper a year in electricity cable, compared with 3 million tons in aluminum, according to data provided at an industry conference organized by the China Nonferrous Metals Industry Association in Shanghai on July 3.
Opportune moment “IT is at an opportune moment” to promote aluminum substitution to copper, the association’s chairman Ge Honglin said at the conference earlier this month, referring to the country’s abundant aluminum resources, high reliance on copper imports and aluminum’s economic competitiveness over copper. Aluminum has achieved “industrialized” use in low-voltage grids, said Ge.
One cable supplier to State Grid has increased its aluminum purchases by almost 50 percent in
the past couple of months, according to a person familiar with the matter. Still they cautioned that the surge in demand for aluminum cables appeared to be for use at construction sites—and therefore temporary installations—rather than use in the power grid. State Grid didn’t respond to a request for comment.
Italy’s Prysmian SpA, the world’s top cable maker, is also skeptical about the prospects of a broader, global shift to aluminum, unless the industry is faced with real shortages of metal.
Prysmian’s customers in fastgrowing areas of usage—such as ultra-high-voltage cables to connect new renewables projects to regional grids, or cables for use in artificial intelligence data centers—prefer copper because it is more efficient and reliable, said chief sustainability officer Maria Cristina Bifulco
“Honestly, we have not seen a shift driven by potential shortages or fears over the copper price,” she said.
Still, it is clear that the recent high copper prices are having an impact on some corners of the market. “Thrifting,” some of which included aluminum substitution, has already reduced copper demand by 400,000 tons, Citigroup Inc. analyst Max Layton, said in a recent interview.
“The likelihood of a policy shift is on the rise in our view,” Citigroup analysts wrote in a recent note. “Large-scale substitution to aluminum, if realized, poses a risk to limit the upside in copper price.” With assistance from Dan Murtaugh/ Bloomberg
Treason and espionage cases rising in Russia since Ukraine war began
By Dasha Litvinova The Associated Press
TALLINN, Estonia—When Maksim Kolker’s phone rang at 6 a.m., and the voice on the other end said his father had been arrested, he thought it was a scam to extort money. A day earlier, he had taken his father, prominent Russian physicist Dmitry Kolker, to the hospital in his native Novosibirsk, when his advanced pancreatic cancer had suddenly worsened.
The phone kept ringing and Kolker kept hanging up until finally his father called to confirm the grim news. The elder Kolker had been charged with treason, the family later learned, a crime that is probed and prosecuted in absolute secrecy in Russia and punished with long prison terms.
Treason cases have been rare in Russia in the last 30 years, with a handful annually. But since the 2022 invasion of Ukraine, they have skyrocketed, along with espionage prosecutions, ensnaring citizens and foreigners alike, regardless of their politics.
That has brought comparisons to the show trials under Soviet dictator Josef Stalin in the 1930s.
The more recent victims range from Kremlin critics and independent journalists to veteran scientists working with countries that Moscow considers friendly.
These cases stand out from the crackdown on dissent that has reached unprecedented levels under President Vladimir Putin. They are investigated almost exclusively by the powerful Federal Security Service, or FSB, with specific charges and evidence not always revealed.
The accused are often held in strict isolation in Moscow’s notorious Lefortovo Prison, tried behind closed doors, and almost always convicted, with long prison sentences.
In 2022, Putin urged the security services to “harshly suppress the actions of foreign intelligence services, promptly identify traitors, spies and saboteurs.”
The First Department, a rights group that specializes in such prosecutions and takes its name from a division of the security service, counted over 100 known treason cases in 2023, lawyer Evgeny Smirnov told The Associated Press. He added there probably were another 100 that nobody knows about.
The longer the war goes on, “the more traitors” the authorities want to round up, Smirnov said.
Treason cases began growing after 2014, when Russia illegally annexed Crimea from Ukraine, threw its weight behind a separatist insurgency in the eastern part of the country and fell out with the West for the first time since the Cold War.
Two years earlier, the legal definition of treason was expanded to include providing vaguely defined “assistance” to foreign countries or organizations, effectively exposing to prosecution anyone in contact with foreigners. The move followed mass anti-government protests in 2011-2012 in Moscow that officials claimed were instigated by the West. Those changes to the law were heavily criticized by rights advocates, including those in the Presidential Human Rights Council.
Faced with that criticism at the time, Putin promised to look into the amended law and agreed “there shouldn’t be any broad interpretation of what high treason is.” And yet, that’s exactly what began happening.
In 2015, authorities arrested Svetlana Davydova, a mother of seven in the western region of Smolensk, on treason charges in accordance with the new, expanded definition of the offense.
She was charged over contacting the
Ukrainian Embassy in Moscow in 2014 to warn officials there that she thought Russia was sending troops into eastern Ukraine, where the separatist insurgency against Kyiv was unfolding.
The case drew national attention and public outrage. Russia at the time denied its troops were involved in eastern Ukraine, and many pointed out that the case against Davydova contradicted that narrative. The charges against her were eventually dropped.
That outcome was a rare exception to the multiplying treason and espionage cases in subsequent years that consistently ended in convictions and prison terms.
Paul Whelan, a United States corporate security executive who traveled to Moscow to attend a wedding, was arrested in 2018 and convicted of espionage two years later, and sentenced to 16 years in prison. He denied the charges.
Ivan Safronov, an adviser to the Roscosmos space agency and a former military affairs journalist, was convicted of treason in 2022 and sentenced to 22 years in prison. His prosecution was widely seen as retaliation for his reporting exposing military incidents and shady arms deals.
“It’s a very good cautionary tale case for them that journalists shouldn’t write anything about the defense sector,” his fiancee and fellow reporter Ksenia Mironova told AP.
The FSB also went after scientists who study aerodynamics, hypersonics and other fields that could be used in weapons development.
Such arrests swelled after 2018, when Putin in his annual state-of-the-nation address touted new and unique hypersonic weapons that Russia was developing, according to Smirnov, the lawyer.
In his view, it was the security services’ way of showing the Kremlin that Russian scientific
advances, especially those used to develop weapons, are so valuable that “all foreign intelligence services in the world are after it.”
He stressed that all the arrested scientists were civilians, and that “they practically never go after military scientists.”
Many of the scientists denied the charges. Their families and colleagues insisted they were implicated over something as benign as giving lectures abroad or working with foreign scientists on joint projects.
Kolker, the son of the detained Novosibirsk physicist, said that when the FSB searched his father’s apartment, they looked for several presentations he had used in lectures given in China.
The elder Kolker, who had studied light waves, gave presentations that were cleared for use abroad and also were given inside Russia, and “any student could understand that he wasn’t revealing anything (secret) in them,” Maksim Kolker said.
Nevertheless, FSB officers yanked the 54-year-old physicist from his hospital bed in 2022 and flew him to Moscow, to the Lefortovo Prison, his son said.
The ailing scientist called his family from the plane to say goodbye, knowing he was unlikely to survive prison, the son said. Within days, the family received a telegram informing them he had died in a hospital.
Other cases were similar. Valery Golubkin, a 71-year-old Moscow physicist specializing in aerodynamics, was convicted of treason in 2023. His state-run research institute was working on an international project of a hypersonic civilian aircraft, and he was asked by his employer to help with reports on the project.
Smirnov of the First Department group, which was involved in his defense, says the reports were vetted before they were sent abroad and didn’t contain state secrets. Golubkin’s daughter, Lyudmila, said the
2021 arrest came as a shock.
“He is not guilty of anything,” she said.
His 12-year sentence was upheld despite appeals, and his family now hopes he will be released on parole.
Other scientists working on hypersonics, a field with important applications for missile development, also were arrested on treason charges in recent years. One of them, Anatoly Maslov, 77, was convicted and sentenced to 14 years in prison in May.
The Institute of Theoretical and Applied Mechanics in Novosibirsk wrote a letter supporting Maslov and two other physicists implicated over “making presentations at international seminars and conferences, publishing articles in highly rated journals (and) participation in international scientific projects.” Such activities, the letter said, are “an obligatory component of conscientious and high-quality scientific activity,” both in Russia and elsewhere.
Two other recent high-profile cases involved a prominent opposition politician and a journalist.
Vladimir Kara-Murza, a journalist who became an activist, was charged with treason in 2022 after giving speeches in the West that were critical of Russia. After surviving what he believed were attempts to poison him in 2015 and 2017, Kara-Murza was convicted and sentenced to 25 years in prison, where his family fears for his deteriorating health.
In his closing statement at trial, KaraMurza alluded to the USSR’s dark legacy of prosecutions, saying the country has gone “all the way back to the 1930s.”
The Wall Street Journal’s Evan Gershkovich was arrested in 2023 on espionage charges, the first American reporter detained on such charges since the Cold War. Gershkovich, who went on trial in June, denies the charges, and the US government has declared him to be wrongfully detained.
Russians reportedly have been charged with treason—or the less-severe charges of “preparing for treason”—for acts including donating money to Ukrainian charities or groups fighting alongside Kyiv’s forces, setting military enlistment offices in Russia on fire, and even private phone conversations with friends in Ukraine about moving there. Ksenia Khavana, 33, was arrested in Yekaterinburg in February on treason charges, accused of collecting money for Ukraine’s military. The dual Russian-US citizen had returned from Los Angeles to visit family, and the First Department said the charges stem from a $51 donation to a US-based charity that helps Ukraine.
Several factors are motivating authorities to pursue more treason cases, experts say. One is that it sends a clear message that the unwritten rules have changed, and that conferences abroad or work with foreign peers is no longer something scientists should do, says Andrei Soldatov, an investigative journalist and expert on the security services. It’s also easier to get higher authorities to allocate resources to a treason case, like surveillance or wiretaps, he says.
According to Smirnov, the spike in prosecutions came after the FSB allowed its regional branches in 2022 to pursue certain kinds of treason, and officials in those branches sought to curry favor with their superiors to advance their careers.
Above all, Soldatov said, is the FSB’s genuine and widespread belief of “the fragility of the regime” at a time of a political turmoil—either from mass protests, as in 2011-12, or now during the war with Ukraine. “They sincerely believe that it can break,” he said, even if it’s really not the case. Mironova, the fiancee of the imprisoned journalist Safronov, echoed that sentiment.
CHINA is the world’s largest copper consumer. The possibility of large-scale substitution of copper in China’s power networks would have a meaningful impact on global demand. BLOOMBERG
PBBM wishes athletes to Paris best of luck!
Pogacar celebrates Tour de France reign with emphatic victory in ITT
But defense has not been in his vocabulary during this race and he simply could not resist another attack. With his main rival Jonas Vingegaard unable to challenge him, Pogacar celebrated his Tour victory in style with a dominant win in the time trial ending in Nice for the 17th stage win of his already illustrious Tour career. The 25-year-old Slovenian rider also became the first cyclist to secure the Giro d’Italia and Tour de France in the same year since the late Marco Pantani in 1998.
“To win both together is another level above,” said Pogacar, who rides for UAE Team Emirates. “I think this is the first Grand Tour where I was totally confident every day. Even at the Giro I remember I had one bad day.
Pmirror_sports@yahoo.com.ph
na at ang Kagawaran ng Education para sa matagumpay na pagkakatanghal ng mga palarong ito.”
whole, continuously thank his Administration for relentlessly supporting sports through his financial support.”
B8 TUESDAY, JULY 23, 2024
Editor: Jun Lomibao
RESIDENT Ferdinand R. Marcos Jr. did an unprecedented in his third State of the Nation Address (SONA) on Monday afternoon by putting premium on sports especially on the campaign of 28 Filipino athletes in Paris—22 for the Olympics and six for the Paralympics—that open this Friday in the French capital.
“Thank you, PBBM, for your kind wishes for the athletes at the Olympics,” said Philippine Olympic Committee [POC] president Abraham “Bambol” Tolentino.
“It’s definitely inspiring and it’s an extreme boost to the morale not only to our athletes competing in Paris, but to the entire Philippine sports,” added Tolentino, who will fly to Paris today (Tuesday July 23) to oversee the Philippine Olympic campaign.
“This may be exaggerated but the President putting emphasis on sports in a very important event in his administration—something that’s never been done by past Presidents in memory— gives us the goose bumps,” added Tolentino, who, as POC head, personally suggestion to Malacañang for the President Marcos to include the sports agenda in his SONA.
“As we speak, 28 of our finest athletes are competing in Paris now for the glory of the Philippines,” said President Marcos, drawing appreciation through a rousing clap from his audience. “Let us wish them well and the best of luck.”
It’s not only the Paris Olympics campaign that was in President Marcos’s SONA, but also grassroots sports.
“Grassroots and sports of all programs are back, nailunsad na namin ang Palarong Pambansa after three years na pagkakatigil nito dahil sa pandemya,” he said. “Binabati natin ang Cebu at Mariki-
President Marcos added: “We will continue to support these health enhancing sports programs. Through these, we will also set forth our youth on the same well-established path taken by some of our national champions and renowned athletes to sporting greatness.”
President Marcos, too, noted the sports’ importance in tourism.
“The focus now is on experiential tourism—foods, heritage, culture, the arts, education, Halal, Islamic traditions, education, dive, cruise, farm and eco-tourism and even sports have now become potent subjects and products of the nation’s tourism,” he said.
“We are very grateful to the President for showing his love and concern for sports,” Tolentino said. “And we, at the POC and Philippine sports as a
Competing in the Paris Olympics are boxers Nesthy Petecio,
Pope Francis calls for Olympic truce
VATICAN CITY—Pope Francis on Sunday voiced his hope that the Paris Olympic and Paralympic Games will provide an opportunity for countries at war to respect an ancient Greek tradition and establish a truce for the duration of the Games.
“According to ancient tradition, may the Olympics be an opportunity to establish a truce in wars, demonstrating a sincere will for peace,” Francis said during his Angelus prayer in St. Peter’s Square.
The Pope stressed that sport also has “a great social power, capable of peacefully uniting people from different cultures.”
This year, the Tour was just amazing. I was enjoying it from day one.”
The two-time defending champion Vingegaard of Denmark was second overall. He also finished the 21st and final stage in second place. Pogacar won the 34-kilometer time trial on the French Riviera’s roads from Monaco to Nice in 45 minutes and 24 seconds. Vingegaard was one minute and three seconds behind him and Belgian rider Remco Evenepoel 1:14 back in third spot.
In the overall standings, Vingegaard finished 6:17 behind Pogacar and Evenepoel was third overall, 9:18 behind Pogacar—whose other Tour wins came in 2020 and 2021.
“I’m super happy. I cannot describe how happy I am after two hard years in the Tour de France,” Pogacar said. “This year everything [was] perfection.” The race did not finish in Paris as it usually does because of the Olympic Games. Nice mayor Christian Estrosi called the region between the Mediterranean Sea and the southern French Alps “perfect cycling territory.” AP
The opening ceremony of the 33rd Olympic Games will be held in Paris on July 26 with the participation of 205 delegations of athletes, who will parade on more than 80 boats on the Seine.
“I hope that this event can be a sign of the inclusive world we want to build and that the athletes, with their sporting testimony, may be messengers of peace and valuable models for the young,” Francis added.
The pope, as always, asked the faithful to pray for peace, recalling the ongoing conflicts around the world.
“Let us not forget the martyred Ukraine, Palestine, Israel, Myanmar, and many other countries at war. Let us not forget, war is a defeat,” he concluded. AP
Eala books twin victories in Spain
will to work harder.”
ABy Aldrin Quinto
LEX EALA came up with a stellar performance in Spain by seizing the singles crown on Sunday without dropping a set and completing a double celebration in the Vitoria-Gasteiz tournament at Pena Vitoriana Tenis Club in Spain.
Seeded fifth in the International Tennis Federation W100 tournament with a No. 162 ranking in the Women’s Tennis Association (WTA), Eala proved too much for seventh seed Victoria Jimenez Kasintseva (WTA No. 247) in the singles final, 6-4, 6-4, on Sunday.
The 19-year-old Eala teamed up with France’s Estelle Cascino to win the doubles crown, beating Bulgaria’s Lia Karatancheva and Latvia’s Diana Marcinkevica in the final, 6-3, 2-6, 104, on Saturday.
“I am so proud because this represents the culmination of so much hard work,” Eala said in a social media post.
“Securing my biggest titles yet in both singles and doubles is a fairytale finish, and I’m overwhelmed with emotion. This will always have a special place in my heart, and I leave here with a pocket full of great memories and the
Eala opened with a 6-4, 6-2 rout of Lian Tran of the Netherlands, notched a 7-5, 7-5 win over Spain’s Lucia Cortez Llorca before eliminating fourth seed Yuliia Starodubtseva of Ukraine, 7-6 (4), 6-4. The Filipina then stopped Mexico’s Maria Jose Portillo Ramirez, 6-2, 6-1.
Kasintseva also scored straightsets wins in the first and second rounds before stunning No. 3 seed Linda Fruhvirtova of the Czech Republic, 6-2, 2-6, 6-4, quarterfinals and second seed Jessika Ponchet of France, 6-2, 6-2 in the semifinals.
PBA governors reelect Vargas as league chair
TBy Josef Ramos
HE Philippine Basketball Association (PBA) governors reelected TNT’s Ricky Vargas as chairman for a seventh term during the board’s annual meeting in Osaka, Japan, on Monday.
Junior World campaigner Saban leads charge in JPGT Mindanao at Apo
Golf
“Everybody saw the leadership
ARED SABAN brings his fresh experience from the Junior World Championships in San Diego to the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (PGT) Mindanao Series I starting Tuesday at the Apo Golf and Country Club. Saban’s participation is expected to intensify the competition for the boys’ 10-12 title, which will be contested over 36 holes at the tight and challenging layout. His competitors include fellow players from South Cotabato, Marco Senador and Laurence Saban, Cagayan de Oro’s Gabriel Manangquil, and local talents Scionverje Recto and Paul Braberry.
Zeus Sara, who also competed in the Junior World and won the boys’ premier division in the first Junior PGT national finals last year, was initially on the list but withdrew at the last minute, saying his clubs were still in Manila after being fitted upon his arrival from the US. The withdrawal leaves the chase for top honors and ranking points in the 16-18 division wide open among local talents such as Vince Naranjo, Jon Ortega, Adrian Bisera, Stuart Co and Aldrien Gialon, among others. The girls’ 10-12 category will also be highly anticipated, featuring Davao’s Elize
Naranjo, Angel Salvador, Snoe Dalisay and Kimberly Barroquillo, who will compete against Makati’s Kelsey Bernardino, South Cotabato’s Brittany Tamayo, Bacolod’s Chelsea Ogborne and Davelyn Dy from Cebu.
Other titles up for grabs include the boys’ and girls’ 8-9 categories, played over 36 holes, and the 13-15 category, set over 54 holes. Ranking points are available in this first of four tournaments in the Mindanao series, part of a nationwide circuit put up by ICTSI aimed at discovering and nurturing young talents while fostering a cooperative atmosphere for their mutual benefit.
The best two results from these events will determine the players’ final rankings. The top two from each age division will earn spots in the Match Play Championship from October 1 to 4 at The Country Club in Laguna. The seven-leg Luzon series will also have its set of qualifiers for the national finals, while 16 players have already qualified from the recent three-part Visayas series of the circuit organized by Pilipinas Golf Tournaments Inc.
Eumir Felix Marcial, Carlo Paalam, Hergie Bacyadan and Aira Villegas; gymnasts Carlos Yulo, Aleah Finnegan, Emma Malabuyo and Levi Ruivivar; weightlifters Vanessa Sarno, John Febuar Ceniza and Erleen Ann Ando; golfers Bianca Pagdangan and Dottie Ardina; swimmers Jarod Hatch and Kayla Sanchez; pole vaulter EJ Obiena; hurdlers Lauren Hoffman and John Cabang Tolentino; judoka Kiyomi Watanabe; rower Joanie Delgaco; and fencer Sam Catantan.
Filipino Paralympians are Agustina Bantiloc (archery), Angel Otom and Ernie Gawilan (swimming), Jerro Mangliwan and Cendy Asusano (athletics) and Allan Ganapin (taekwondo).
PRESIDENT Ferdinand R. Marcos Jr. puts premium on the 28 Filipino athletes—22 in the Olympics and six in the Paralympics—competing in Paris. AP
TADEJ POGACAR nails his 17th stage win of his already illustrious Tour de France career on top of becoming only the second cyclist to also win the Giro d’Italia and Tour de France in the same year. AP