THE Philippine peso could strengthen further against the dollar given the dovish stance on monetary policy by the Bangko Sentral ng Pilipinas (BSP), according to the Bank of America.
In its latest brief, the Bank of America said it has revised its outlook for the Philippine peso to P56 to the US dollar this year from its initial estimate of P57 to the greenback.
This expectation of a further strengthening of the peso, the bank said, was also supported by the BSP’s recent decision to cut key policy rates.
“PHP [Philippine peso] has strengthened vs the USD (US dollar), but less so compared to peers in the region, taking cues from the BSP's rate cut in the last meeting and dovish guidance for another possible cut this year,” Bank of America said.
The bank also noted expectations that the US Federal Reserve will soon reduce its policy rates, leading the peso to appreciate against the US dollar.
It also noted geopolitical concerns that could only be temporary and lead to the peso's appreciation against the greenback.
“With the Fed cutting cycle likely commencing soon, PHP could still appreciate vs the USD over time, which would keep BSP relatively comfortable on FX [foreign exchange moves,” the Bank of America said.
MAJORITY of Filipino households do not have disaster emergency kits or evacuation bags that are crucial in preparing for various calamities, according to the Asian Development Bank (ADB).
Based on the latest Key Indicators for Asia and the Pacific 2024, the Manila-based multilateral development bank said 81.8 percent of households do not have these evacuation bags or emergency kits. Similar to such households that are not prepared for calamities, many national statistics offices across the region are also
ill-prepared in terms of generating data on climate change.
“Asia and the Pacific is at the forefront of the climate battle,” said ADB Chief Economist Albert Park. “The deadly heat waves and catastrophic floods we’ve seen in recent months show us what’s at stake. We need high-quality data and robust statistical capacity to avoid policy blind spots and make sure our strategies for tackling the climate crisis are well-informed. This means we need to invest in our statistical systems, our people, and our institutions. The cost of not doing so will be far higher than the cost of these investments.”
Based on available data from the Philippine Statistics Authority (PSA) Annual Poverty Indicators Survey 2022, the proportion of households with a disaster emergency kit or evacuation bag also ranged anywhere from 9.2 percent to 29.2 percent for different localities across the country.
The ADB report said many households without disaster kits but have experienced a natural calamity or calamities are located in Central Visayas, Western Visayas, Caraga, Mimaropa, and Eastern Visayas. See “ADB,” A2
Section 8 of the Electric Power Industry Reform Act of 2001 for the purpose of assuming the electrical transmission function of the National Power Corporation [NPC]. The DOJ made known its position in a three-page legal opinion sought by Power Sector Assets and
By Reine Juvierre Alberto
@reine_alberto
NATIONAL government agencies are mandated to submit their budget utilization reports after the end of each quarter to allow for timely monitoring of those with low budget utilization rates.
In a news forum on Wednesday, Budget Secretary Amenah F. Pangandaman said the quarterly submission of the Status of Appropriations, Allotments, Obligations, Disbursements, and Balances (SAAODB) to the DBM is an old practice but had not strictly been followed.
Constitutional offices and state universities and colleges (SUCs) are also required to submit the report through the Unified Reporting System of the DBM. To recall, Pangandaman issued Circular No. 2024-12 on June 28, 2024, directing all government agencies and SUCs to submit their
See “NGAs,” A2
MEDIa FrEnZY at tErMInal 1 c assandra Ong and Sheila “Sandra” g uo arrived from jakarta thursday afternoon on Pr 540, heavily guarded by airport police. the DOj-nbI team handed them over
with police
PnP officers to capture the moment. Story in A3 Nation. BERNARD TESTA
LOCAL farmers, fishers and livestock raisers lost P4.73 billion due to typhoon Carina and the southwest monsoon, according to the Department of Agriculture (DA).
In its final bulletin, the DA said the volume of production losses for agricultural and fishery areas across 12 regions was pegged at 68,690 metric tons (MT).
High-value crops suffered the brunt of the tropical cyclone and accounted for most of the damage at 19,969 MT.
lion for high-value crops, P469.45 million for corn, and P12 million for cassava.
For fisheries, the damage was valued at P783.96 million; and P38.26 million for livestock and poultry, with 25,855 chickens, swine, cattle, carabao, and goat, among others, affected.
cropping season.
The typhoon and southwest monsoon affected 137,999 farmers and fisherfolk with 82,824 hectares (ha) of agricultural areas, based on DA’s report.
Transco...
Continued from A1
Liabilities Management Corporation (PSALM) president and chief executive officer Dennis Edward dela Serna.
In his letter-request, Dela Serna sought the DOJ’s opinion on whether or not Transco is required to remit dividends to the national government under RA 7656. Dela Serna also asked the DOJ on whether or not the interest income from deferred payment on the concession fee is part of the net profit to be remitted by Transco to PSALM, pursuant to the Epira.
ceeds” and that “remitting privatization proceeds as dividends to the national government may be perceived as contrary to Epira, which requires these privatization proceeds to be used for payment of the obligation assumed from the NPC.”
However, the DOJ held that not all annual net earnings of Transco are obliged to be remitted to the national government.
“A portion thereof, which pertains to privatization proceeds of the NPC, must be remitted directly to PSALM to enable the latter to liquidate all NPC financial obligations and stranded contract costs in an optimal manner per Section 50 of Epira,” the DOJ noted.
Palay and corn trailed behind, with the accumulated recorded damage at 18,629 MT and 18,170 MT, respectively.
Peso...
Continued from A1
Typhoon Carina and the southwest monsoon also damaged 472 MT of cassava and 11,450 MT of aquaculture produce. According to the report, the production losses were equivalent to 1.08 billion for rice, P691.62 mil -
“Geopolitical concerns need to be watched as another trigger as the relief from earlier agreements on the resupply missions did not last
It also affected P1.64 billion worth of irrigation facilities, P4.44 million worth of agricultural infrastructure, and P4.01 million worth of machineries and equipment.
The DA said the rice production loss of 18,629 MT was equivalent to around 0.16 percent of the target production of 11.7 million metric tons (MMT), both for wet cropping season this 2024.
As for corn, the production loss of 18,170 MT is 0.53 percent of target production of 3.4 MMT in the same
for long,” it added. On the macroeconomy, the Bank of America said the country's current account flows may have fluctu -
The department said it provided 64,404 bags of rice and 45,307 bags of corn seeds worth P301.72 million; and P6.31 million worth of bio control measure as forms of assistance.
It added that the Bureau of Fisheries and Aquatic Resources (BFAR) helped by providing fingerlings, fishing gear and paraphernalia.
It added that the available funds from the Philippine Crop Insurance Corporation (PCIC) would be disbursed to indemnify affected farmers.
ated but is already tracking better compared to last year.
However, it noted that foreign direct investment (FDI) flows slowed in July. This did not saddle the country's Balance of Payments (BOP), which remained in surplus on the back of government debt funding flows.
Meanwhile, Bank of America said the BSP decision to cut policy rates by 25 basis points and the dovish stance of monetary policy is in support of the domestic economy.
In the second quarter, household final consumption grew 4.6 percent, the same rate posted in the first quarter which was initially deemed the slowest in 14 years, excluding the pandemic.
“Lower rates in the Philippines have raised the likelihood of even a narrower interest-rate buffer against USD rates. That may gain importance as a factor for corporate hedging behavior once the USD stabilizes,” Bank of America said.
“This pressure could increase if USD strength picks up or US yields move higher again, increasing PHP sensitivity to the US policy outlook,” it added.
The Philippine peso has been strengthening against the US dollar and is trading at its strongest levels since March 2024. On Wednesday, the peso closed at P56.5 to the greenback.
Continued from A1
There were many households without disaster kits and have not experienced a natural calamity or calamities in Davao, the Cordillera Autonomous Region, Central Luzon, and Calabarzon.
However, ADB said subnational data available in the Philippines reveal certain disparities in implementation rates for different localities nationwide. The report noted that this suggests difficulties in adoption and/or implementation or in the mechanisms used for reporting.
“It is therefore important to ensure continued efforts not only in implementing DRR strategies at the local level, but also in ensuring that these strategies are effectively com -
Prior to this, the national government through the Department of Finance, PSALM and Transco executed a memorandum of agreement for the conditional return by PSALM to Transco of P8.32 billion, which the latter, in turn, remitted as dividends for the years 2016-2019.
On November 24, 2021, aligned with the government's continued revenue generation efforts to address the impact of the Covid-19 pandemic, a supplemental memorandum of agreement (MOA) was executed between the DOF, PSALM, and Transco to include the latter’s dividend remittance from its 2020 net earnings and subsequent years.
The D O F ’s position, according to Dela Serna, is that the interest from the concession fee is not covered under the net profit of Transco, and instead, forms part of the dividend that should be remitted to the national government under the Dividend Law.
On the other hand PSALM’s position is that “all amounts collected by Transco from the National Grid Corporation [NGCP] arising from the said concession agreement , whether as concession fee or interest of such, are understood as privatization pro -
NGAs...
Continued from A1
budget utilization report and detailed catch-up plans for those with below 50 percent utilization rates.
On the part of the DBM, Pangandaman said they regularly write letters, starting in the first quarter of the year, to agencies with low spending to do their respective catch-up plans. "We also have quarterly communications with the departments for them to use their budgets.”
“We indicate the programs and projects with low utilization. We remind them to already start procurement,” Pangandaman added.
Latest data from the DBM showed the average obligation rate of government agencies stood at 53.9 percent as of the first half of 2024. A high budget utilization rate reflects the agency’s absorptive capacity to utilize additional funds.
The DBM said the Congress of the Philippines is the lowest spender among all government agencies with 8.8 percent obligation rate. This was followed by the Commission on Higher Education with 19.2 percent; Department of Migrant Workers, 22.2 percent; Department of Human Settlements and Urban Development, 24 percent; Department of Energy, 33.8 per -
municated and adopted at the community, household, and individual level,” the ADB said.
“Such efforts may involve targeted public education campaigns, community outreach programs, and initiatives to make disaster emergency kits more accessible, particularly in localities where household preparedness is low,” the report added.
ADB said some national statistical offices in the region said they don’t have enough staff working on climate data while others don’t have a unit dedicated to it.
In a briefing on Thursday regarding the report, Evalyn Wareham, the Manager of Statistics Leadership, Governance and Use Pacific Community, in some Pacific island countries, only 10 staff are working on national data.
Most respondents also said their access to geographically granular data was “fair”
“The privatization proceeds that Transco remits to PSALM is in turn, derived from the concession agreement that it will enter into with a qualified party for NPC’s transmission facilities,” it added. The DOJ explained that under Section 6 of the Concession Agreement between PSALM, Transco and the NGCP, the concession fee consists of commencement fee and the deferred payments . Commencement fee is defined as 25 percent of the concession fee while deferred payments is “the balance of the concession fee converted to Philippine pesos at a fixed exchange rate equal to P42.75 for every US$1.00 “In sum, since the interest component of the deferred payments of the transmission fee are privatization proceeds, these must be remitted to PSALM under Section 18 of Epira and not to the national government,” the DOJ declared.
“This does not mean, though, that Transco is exempted from remitting dividends to the national government. Transco is still covered by the Dividend Law, but the dividend base should not include the concession fee,” it pointed out.
cent; Philippine Sports Commission, 35.2 percent; Office of the President, 37.2 percent; Department of Labor and Employment, 37.8 percent; Office of the Vice President, 39.9 percent; and the Department of Justice, 41.4 percent.
Pangandaman said the DBM expects government agencies with low spending to provide their reply to their letters soon. "I think, some have already submitted but we have to consolidate. We'll release it soon."
The Budget chief is banking on the recently enacted New Government Procurement Act (NGPA) to speed up the procurement of goods and services of government agencies.
The NGPA is seen to provide flexibility to procuring entities, such as competitive dialogue, unsolicited offers with bid matching, direct acquisition, direct sales and direct procurement for science, technology, and innovation, to streamline processes and align with the diverse requirements of various projects.
The DBM has already released 94.2 percent or P5.434 trillion of the P5.767-trillion national budget for 2024 as of end-July.
The budget release rate is faster by 1.4 percent than the 92.8 percent recorded in the same period a year ago.
The DBM is yet to disburse 5.8 percent of the 2024 national budget or P333.566 billion for the rest of the year.
at best for many types of data, including on climate change drivers such as fossil fuel use and total greenhouse gas emissions. Key data on impacts on ecosystems, infrastructure, specific geographic areas, and water security are lacking, according to the Manila-based multilateral development bank.
ADB said, unfortunately, national statistical offices are challenged not only by limited capacity and insufficient access to climate data, but also by a lack of uniform definitions and methodologies. Asked about the reasons for these shortcomings, the survey respondents cited insufficient technical
Sheila Guo, Cassandra Ong back; will face charges
TBy Joel R. San Juan @jrsanjuan1573
& Samuel P. Medenilla
@sam_medenilla
HE sister of the dismissed mayor of Bamban, Tarlac, Alice Guo and a key executive in the company that operated a Philippine Overseas Gaming Operation (Pogo) hub in Porac, Pampanga, arrived in the country on Thursday afternoon, after having been turned over by Indonesian authorities to Philippine immigration officials.
The Bureau of Immigration (BI) said that Sheila Guo and Cassandra Li Ong arrived in the country following their turn-over to the Philippine government byIndonesian authorities.
The two arrived at the Ninoy Aquino International Airport (Naia) Terminal 1 at around 5:00 p.m. on Philippine Airlines flight PR 540 from Jakarta. They wer being escorted by operatives of the BI’s intelligence division (ID) and fugitive search unit (FSU) from Jakarta.
BI spokesman Dana Krizia Sandoval said the two were brought to the BI headquarters
in Manila for medical check-up and inquest proceedings.
In a statement, Immigration Commission Norman Tansingco said Sheila and Ong “were considered illegal aliens by Indonesian immigration as they are wanted in the Philippines.”
Tansingco added that he immediately ordered the arrest of Guo upon arrival at the Naia for being an illegal alien, while Ong will be charged by the National Bureau of Investigation.
No other details were provided by the BI as to the possible charges to be filed against the two.
The BI said that they immediately coordinated with their counterparts in Indonesia upon learning that Alice Guo and her siblings Sheila and Wesley along with Ong traveled to Batam last August 18.
The two were allegedly about to depart Batam Island when the Indonesian investigation team from the Directorate of Wasdakim intercepted them and initiated their return to the Philippines.
Initial information gathered from Guo, according to the BI chief, confirmed their suspicion that they left the country illegally without undergoing regular immigration inspection.
Inmates tag Duterte in killing of Chinese drug lords
THE House quad-committee on Thursday formally invited former President Rodrigo Dutert to appear before the panel to address allegations of his involvement in extrajudicial killings (EJKs) during his administration’s bloody war on drugs.
This after the joint committee heard the sworn testimony of Leopoldo “Tata” Tan Jr., one of two inmates who admitted to killing three Chinese drug lords inside the maximum security facility of the Davao Prison and Penal Farm (DPPF) in 2016.
Tan claimed that the killings were ordered by the former President.
After hearing Tan’s testimony, Senior Deputy Speaker Aurelio “Dong” Gonzales Jr.
moved to invite former President Duterte to address the allegations.
“In the interest of fairness, may I move to invite former President Duterte to hear his side on this matter?” Gonzales said.
Surigao del Norte Rep. Robert Ace Barbers, chairman of the Committee on Dangerous Drugs and overall chairman of the quad-committee, promptly declared the motion carried after it was duly seconded.
In his testimony, Tan claimed that he overheard Supt. Gerardo Padilla, then officer in charge of the DPPF, receiving a congratulatory phone call allegedly from Duterte after the Chinese drug lords were killed.
Justice Secretary Jesus Crispin Remulla said the two will be interrogated by the NBI to determine how they were able to leave the country without being detected by government authorities.
The two are among those with standing arrest warrants issued by the Senate and the House of Representatives in connection with ongoing investigations on their alleged involvement in illegal Pogo activities.
“We have to process them first. The legislative investigation should come later. We have to process everybody in accordance with the law. We have to respect their rights, we don’t want to violate their rights and we cannot make a spectacle of everything that we do,” Remulla said.
President Marcos earlier announced Philippine authorities had been in talks with Indonesian authorities to bring the two detained companions of Guo into Philippine custody.
“Of course in coordination with the Indonesian government and the agencies, [we are] arranging for them to be brought back. Probably within the day,” Marcos said.
The Department of the Interior and Local Government (DILG) said Cassandra Li Ong and
The following is an excerpt from Tan’s sworn statement, which became the basis for inviting the former president to the hearing:
“Habang naglalakad kami papuntang Investigation Section, tumunog ang cellphone ni Superintendent Padilla. NakitakonapinindotniSuperintendent Padilla ang kanyang cellphone. Nadinig ko na sinabi nung tumawag kay Superintendent Padilla, ‘Congrats Superintendent Padilla, job well done. Pero grabe yung ginawa, ginawang dinuguan.’”
“Alam ko na ang kausap ni Superintendent Padilla ay si Presidente Duterte dahil pamilyar ko ang boses niya.”
“Pagkatapos ng tawag, sabi ni Superintendent Padilla sa mga kasamahan
Guo’s sister, Sheila Guo, were intercepted by local authorities when they were about to leave Indonesia on Thursday.
Guo’s whereabouts are still undetermined but reports said she was spotted in Kuala Lumpur, Malaysia, on Tuesday.
How did they leave?
REMULLA stressed that authorities should find out how Sheila Guo and Ong managed to leave the country undetected despite being placed in the immigration’s lookout bulletin (Ilbo).
“We cannot lose sight of the objective of how the Ilbo was ignored completely,” Remulla said.
While they are being processed, Remulla said the Bureau of Immigration will be preparing the filing of charges against the two for alleged violation of immigration laws.
“I’m asking the Immigration people to prepare the case to be filed against them,” the DOJ secretary said.
The dismissed mayor and his companions reportedly left the country last month following the issuance of an arrest warrant by the Senate for her refusal to attend its hearing on the illegal Pogo activities in her town and
niya doon, ‘Tumawag si Presidente, nagcongrats s a akin.’ Dahil sa sinabing ito ni Superintendent Padilla, kayalaloakong napaniwala na ang tumawag sa kanya ay si Presidente Duterte.”
Tan said he was approached by a policeman assigned at the Criminal Investigation and Detection Group 11 in Davao to do the killing.
The policeman, he said, was Senior Police Officer 4 Arturo Narsolis, who was his high school classmate.
Narsolis, Tan said, promised him freedom and P1 million for each of the three Chinese drug lords to be killed and told him to get a partner to do the killing.
Two of the Chinese inmates Chu Kin Tong and Jackson Lee, were already at DPPF at
the filing of a criminal complaint of qualified human trafficking before the Department of Justice (DOJ) against her.
Remulla said Ong’s being intercepted with Guo’s sister proves the connection between Pogo operations in Bamban and Porac.
“We found a connection between Alice Guo and Cassandra Li Ong. Definite connection was found by our people which means Bamban and Porac are closely related,”
Remulla said.
“The connection is there, it proves the connection between Bamban and Porac operations,” he added.
‘Tricky’ passport cancellation
REMULLA said that the government cannot summarily cancel their Philippine passports as this would prevent their return to the country.
“We cannot summarily cancel a passport because it is a document vested with rights. It was not advisable also to treat it summarily because if the passports are cancelled immediately, then how can you make them travel back to the country?”
Remulla explained.
“You will have to issue a travel document
the time while the third, Peter Wang was brought in later.
Tan said he then enlisted the help of fellow inmate, Fernando Magdadaro, who agreed to participate in exchange for the promised financial reward and the prospect of early release.
Andy is my friend and I know that he is a worker’ hired killer, Tan said.
Tan alleged that on the night of August 13, 2016, he and Magdadaro stabbed the three with “korta and bente nwebe (balisong)” handed to him by Leo Pinkihan, “angmayor sa bartolina.”
“Noong August 13, 2016 nggabi,pinagsasaksak namin ’yung tatlong Chinese drug lords,” Tan admitted.
He said he killed Wang, while Magdadaro
which should be an admission that they are Filipino citizens,” Remulla said. Remulla admitted that the issue on the cancellation of passports “is a little tricky,” thus, the need to just follow the law on passport cancellation. He said the government has reason to go after Guo’s group and bring them back to the country, noting that there is suspicion that their passports were fraudulently obtained.
Last Tuesday, Executive Secretary Lucas Bersamin issued an order to the Department of Foreign Affairs to cancel the passports of Guo, Sheila, their brother Wesley and Ong. Bersamin, a retired Chief Justice, cited the New Philippine Passport Act as basis for his order.
Bersamin noted that Guo is the subject of a Senate arrest order for her failure to attend the Senate inquiry on illegal POGO activities.
“The DFA Secretary may cancel a passport in the interest of national security. Under the same law, one of the grounds for the cancellation of a Philippine passport is when the court issues an order for its cancellation as the holder is a fugitive from justice,” Bersamin said.
stabbed to death Chu and Lee. He added that after the killings, Supt. Gerardo Padilla instructed them to dispose of the weapons used in the crime. Magdadaro’s sworn statement corroborated Tan’s account, particularly highlighting the alleged involvement of Duterte. He recalled that after the murders, Supt. Padillareceived a phone call, during which the caller reportedly congratulated him on the job well done.
Two days after the killing of the three drug lords on August 13, Tan said Narsolis visited them again and told them, “Nandito na ang reward ninyo na tig-isang milyon, saan ko to ibibigay.” Tan and Magdadaro told the policeman to give P1 million each to their wives.
DA mulls ASF vax subsidy for backyard swine raisers
THouse panel okays Clark food hub bill
CLARK FREEPORT ZONE—Lawmakers on Tuesday approved a measure that mandates the establisment at the Clark civil aviation complex here of the National Food Hub that is aimed at centralizing and modernizing the distribution, storage, and processing of agricultural products in the country.
the country’s aqua-cultural and agricultural industries,” he added.
Secretary Frederick Go, Special Assistant to the President for Investment and Economic Affairs, has identified food and agriculture as one of the priority industries for investments.
By Ada Pelonia @adapelonia
HE Department of Agriculture (DA) is mulling over the grant of African swine fever vaccine subsidy for backyard raisers.
“Pinag-aaralan ng DA na i -subsidize ang [ASF vaccines] para sa mga backyard [raisers] dahil they cannot afford [it],” Assistant Secretary Constante Palabrica told reporters on Thursday.
“Pero iyong mga malalaking farms, hindi natin isa -subsidize.
Kasama sa negosyo ’yan,” he added.
The department recently said the initial cost of the vaccines against the deadly hog disease could range from P400 to P500 per dose.
Palabrica earlier said that other vaccine manufacturers from the United States, South Korea, and Vietnam, are also applying with the Food and Drug
Administration (FDA) to participate in the controlled testing to be conducted by the Bureau of Animal Industry (BAI).
“These applicants have vaccines that could be injected into breeders and growers,” he said. The department recently announced that 10,000 doses of ASF vaccines arrived on Monday for the emergency inoculation of healthy growers in red zones as a response to the resurgence of the virus.
Meanwhile, DA officials recently met with some 150 farmers to brief them on the use of the ASF vaccine and explained the draft guidelines on its controlled use
while outlining the procedures and requirements for its implementation.
Batangas is currently ground zero in the latest resurgence of ASF, a virus that has devastated the local swine industry since the first outbreak in 2019.
The DA had set up several livestock checkpoints to control the spread of the virus and would start a controlled trial of the ASF vaccine on growers to have another layer of defense against the disease.
During the briefing, the DA said farmers interested in having their pigs inoculated registered their farms for the program. Local governments have been tasked to validate the biosecurity measures of these farms to ensure they meet the standards before proceeding with vaccination.
As part of the process, blood samples would be collected from the animals to test for ASF infection before administering the vaccine.
“Only healthy pigs will be vaccinated to prevent the spread of
Think tank to toll board: Make sure RFIDs work before imposing fines
By Lorenz S. Marasigan @lorenzmarasigan
ATHINK tank on Thursday
said the Toll Regulatory Board (TRB) should first address the flaws in the cashless toll collection systems before penalizing motorists.
Research firm Capstone In -
tel Chief Executive Officer Nick Conti said before implementing stricter enforcement of penalties on motorists without RFID tags or with insufficient load, the agency should first modernize the toll collection systems that he described as “outdated and unreliable.”
“Before we even think of penalizing motorists, the TRB must first focus on improving and
modernizing the toll collection systems. The persistent congestion on our toll roads, especially in Metro Manila, is largely due to defective RFID readers and the lack of a uniform payment system across various tollway concessionaires,” Conti, also the convener of Click party-list group, said. The TRB on Saturday announced that it will start penalizing motorists without RFID tags or those who have insufficient credits under Joint Memorandum Circular 2024-001. Under the circular, motorists entering expressways without valid RFID tags or electronic toll collection (ETC) devices will have to shell out between P1,000 to P5,000 in fines.
Motorists with insufficient
load will also have to pay between P500 and P2,500.
Lastly, those that have fraudulent, tampered, or fake ETC devices will be paying penalties between P1,000 and P5,000.
Erring motorists, according to the regulator, represent 9 percent of all expressway users. They are said to have been “the ones causing the unnecessary delays and long queues at the toll plazas.”
Conti pointed out that the RFID systems in use are outdated and lack the reliability needed to ensure a smooth toll collection process. He suggested that the TRB adopt cutting-edge technology similar to those used in countries like Singapore, Germany, and the United States, where toll systems are integrated and efficient.
the virus and minimize possible virus mutation,” the DA said in a statement.
The department recently approved a higher rate of indemnification for ASF-infected pigs that farmers would surrender in its bid to curb the spread of the disease.
Agriculture Undersecretary Deogracias Victor Savellano said the indemnification has been raised to P4,000 for piglets, P8,000 for medium-sized hogs, and P12,000 for sows and bigger hogs. Previously, the maximum indemnification was P5,000 per head.
Savellano said the department has set aside an initial amount of P50 million for indemnification.
He noted that the higher indemnification was meant to encourage swine raisers to surrender their animals instead of selling them to unscrupulous traders who eventually transport the infected hogs to other areas for slaughter.
Based on BAI monitoring, 64 towns and 251 barangays have active ASF cases as of August 8.
Meanwhile, Sen. Grace Poe said that before imposing penalty on motorists, the TRB should first make sure that RFID systems used by tollways operators must first pass the test of reliability, efficiency and interoperability.
“As it is, motorists still complain—and we have personally experienced this—of devices that cannot read the RFID stickers. Some devices also do not reflect the remaining balance or are not functioning at all that will require the card for manual payment,” Poe said.
She added: “Months ago, we were promised by the TRB of full implementation of the interoperability of Easy Trip and Autosweep services by July to make travel easier. What happened to this?
“We would also like to know what the TRB is doing about the defective RFID devices. Are the private operators being penalized for them?” With Butch Fernandez
House Bill 10678 or ”An Act Establishing the Clark National Food Hub, Appropriating Funds Therefor and for Other Purposes” was unanimously approved by the House Committee on Trade and Industry chaired by Iloilo Rep. Ferjenel Biron.
The bill’s principal authors are Reps. Rufus Rodriguez of Cagayan de Oro, Maria Angela Garcia of Bataan and Anna Victoria Veloso-Tuazon of Leyte; while its co-authors are Reps. Salvador Pleyto of Bulacan and Mark Go of Baguio City. Rodriguez said there is an urgent need to address the country’s food security issues through a systematic streamlining of food distribution process.
“Establishing a national food hub in Clark will play a crucial role in shortening the supply chain from producer to consumer [and] will not only standardize logistics but also ensure the efficient movement of food products, thereby enhancing overall efficiency. The initiative is further reinforced by the Philippines’ development plan which includes food security measures [and so] the Clark national food hub is designed to achieve these objectives for the Filipino people,” Rodriguez said.
The Clark International Airport Corp. is tasked to develop, operate and manage the civil aviation complex surrounding the Clark International Airports and the site where the 62-hectare national food hub will be established.
Ciac President and Chief Executive Officer Arrey Perez said the committee approval is “a patriotic act that will benefit the country’s agriculture sector and the nation.”
“We’re both grateful and honored to be recognized as this support from Congress aligns with the national government’s initiative to develop the Luzon Economic Corridor which will position the country as a regional hub for agribusiness and logistics in Asia Pacific, and is consistent with the Marcos administration’s thrusts on agriculture development, particularly in the advancement of
“We continue to pursue initiatives that contribute to increasing agriculture production, and improving the food logistical chain. The Clark National Food Hub is a step in this direction, and we look forward to its successful establishment as a sustainable food security solution,” Go said.
“As soon as this proposal becomes a law, it will bolster agrologistics as support to our country’s robust agricultural production. It will also enhance freight transport services, mobility, and access to key economic zones, toward seamless logistics and efficient supply chains. This means higher farm productivity and sustained agribusiness, and higher income for Filipino farmers,” Perez added. Also in attendance during the committee hearing was former President and now Pampanga Rep. Gloria Arroyo who expressed support for this proposed flagship project, citing the Ciac leadership’s competence in promoting investments.
Perez noted the project will simultaneously address food security and logistics cost concerns by providing predictable, sustainable, and modern solutions for the demand and distribution of agricultural produce of Luzon to both domestic and foreign markets. The committee-approved measure will be referred to the Committees on Appropriations and on Ways and Means for the funding and tax incentives provisions.
The Clark National Food Hub features key components, including state-of-the-art food storage warehouses, cold storage- facilities, processing units, administrative offices, logistics infrastructure, and wholesale and retail market spaces.
The project will serve as a central hub for high-quality food products, catering to organized producers, collectors, retailers, supermarkets, suppliers, and regional producers. It offers an adapted consumption wholesale market to meet long-term fresh food requirements, facilitates the export of Filipino agricultural products, and includes an ambitious warehouse program for various food companies. Ashley Manabat
Senate president renews call for general aviation terminal
By Butch Fernandez @butchfBM
SENATE President Francis G. Escudero on Wednesday renewed his call for the establishment of a general aviation terminal, pointing to the ease with which individuals, like the dismissed mayor of Bamban, Tarlac, Alice Guo, can slip in and out of the country without undergoing the standard inspections by customs and immigration officials.
In an interview on the sidelines of the 30th Defense and Sporting Arms Show at the SMX Convention Center in Pasay City, Escudero expressed his longstanding frustration over the country’s aviation infrastructure, a concern he has repeatedly highlighted during budget deliberations.
“I’ve long been pressing the Caap [Civil Aviation Authority of the Philippines] and DOTr [Department of Transportation] on the lack of a general aviation terminal since they invented the airport in the Philippines,” Escudero said partly in Filipino, underscoring the gap in the system that allows the wealthy to bypass the usual predeparture checks that ordinary citizens face.
Without a general aviation terminal, he explained, individuals with private planes can bypass standard procedures, including inspections by customs and immigration, making it easier for them to travel in and out of the country undetected.
Currently, Escudero said, those with
private planes simply go to their hangars, have their passports stamped, and proceed to their private lounges before boarding their planes.
“Sa ngayon, sinumang may private plane,iyongmgamayayaman,aypupunta lamang sa hangar nila, ipapadala ang passport nila,papatatakan,maghihintaysa lounge nila at sasakay na sa eroplano para umalis. Pag-landing pagbalik ng Pilipinas ganunulit,”Escudero lamented, illustrating how the absence of a general aviation terminal “creates a privileged escape route for those who can afford it.”
With San Miguel Corporation (SMC) set to play a significant role in the aviation industry starting September 20, Escudero is set to seek the establishment of a general aviation terminal.
He noted that SMC plans to convert the oldest airport terminal into this muchneeded facility, a move that Escudero believes could finally close the loophole. The urgency of Escudero’s call was further underscored by the recent departure of Guo, who managed to leave the country despite her controversial status. Without a dedicated terminal for private flights, law enforcement agencies are left in a difficult position, struggling to monitor and prevent the departure of individuals who can easily evade detection.
“It’s easy to sneak in and out because we don’t have a general aviation terminal. So, if you have money, you can very easily leave the country and return at will,” Escudero noted.
SB Corp allots ₧10B for loans to small merchants
Continued from A14
“So we encourage the MSMEs to use SB Corporation, because first, the interest of the loan is very low compared to others. And aside from that, it is really a loan specifically for MSMEs to grow,” added AldeguerRoque SB Corp. chairman who’s also the acting secretary of DTI. Meanwhile, Bastillo said the SBCorp. has a separate program for startups. If the business track record is less than a year, he said it’s considered “startup financing.”
Aldeguer-Roque reported that, “We just approved the P200-million startup fund for the MSMEs.” “So for six months, no payment of interest or principality, and the next six months just the interest,” she added.
The DTI Acting Secretary said “DTI is aggressively working to improve access to credit and other forms of financing for the MSMEs with other banks such as BDO Union Bank, BPI and, of course, the SB Corporation, of which I am the chairman.”
AMLC hails drug operator’s conviction on laundering
Continued from A14
In June, FATF President T. Raja Kumar said the Philippines fell short of addressing three of the 18 action items needed to fight money laundering, terrorist financing, and proliferation financing of weapons of mass destruction in the country.
Nonetheless, Kumar recognized the country’s “steady progress” in increasing its money-laundering investigations and prosecutions.
These three items, Kumar said, include implementing controls to mitigate money laundering and terrorist financing risks that are linked to “casino junkets.” Kumar also said the Philippines needs to apply anti-money laundering and counter-terrorism financing measures to all main ports “to essentially detect false declarations of currency and confiscate illicit proceeds in area that it still needs to work on.”
The FATF President added that the Philippines must also complete efforts to prosecute terrorist financing in the country. Cai U. Ordinario
Found lying to House panel, Roque cited for contempt
THE House of Representatives quad-committee (Quad Comm) on Thursday unanimously cited former presidential spokesperson Harry Roque for contempt for lying about why he missed the August 16 hearing of the joint panel in Porac, Pampanga.
As a result, the joint panel— comprising the Committees on Dangerous Drugs, Public Order and Safety, Human Rights, and Public Accounts—ordered Roque’s detention at the House of Representatives for 24 hours, in accordance with its rules.
Roque had written Surigao del Norte 2nd District Rep. Robert Ace Barbers, the designated overall chair of the quad-committee, that he could not attend the August 16 hearing due to a scheduled appearance at the Manila Regional Trial Court (RTC).
However, Kabayan Party-list Rep. Ron Salo presented a certification from the RTC’s Clerk of Court,
which confirmed that Roque had no scheduled hearings on that date. The certification indicated that Roque’s court appearance was actually held on August 15, contradicting his excuse.
This prompted Salo to move that Roque be cited in contempt for lying to the committee, an act that amounts to disrespecting its members and is “contemptible” under Section 11(E) of the House Rules of Procedure Governing Inquiries in Aid of Legislation.
“I therefore move, Mr. Chair, that Atty. Harry Roque be cited in contempt for disrespecting the members of this committee when he lied in order to evade attending the hearing of this committee where
he was invited,” Salo said.
The quad-committee did not immediately rule on the motion, opting first to hear comments from its members.
This also gave Roque, a central figure in the controversy involving Philippine Offshore Gaming Operators (POGOs) under investigation by the committee, an opportunity to defend himself. He claimed that his actions were an "honest mistake."
Roque explained that he assumed the hearing would be on a Thursday, as had been the case with previous sessions, and that he had mistakenly associated the hearing with his scheduled court appearance on August 15.
“I had no intention of disrespecting the committee. It was an honest mistake, and I apologize,” he said.
Despite Roque's explanation and apology, committee members were not persuaded.
Antipolo City 2nd District Rep. Romeo Acop, vice chair of all four committees, questioned Roque's actions and emphasized that he must face the consequences of his mistake.
“When you make a mistake, you should be ready to accept the
consequences,” Acop told Roque. Roque acknowledged the error and expressed his willingness to accept the committee’s decision, though he maintained that his mistake was unintentional.
Ultimately, Barbers approved Salo’s motion after hearing no objection from the committee members and cited Roque for contempt under Section 11(E) of the House Rules of Procedure Governing Inquiries in Aid of Legislation.
According to Section 12 of the same rules, those cited under Section 11, paragraphs E and F. Salo moved Roque's penalty to "the barest minimum—just one day or 24 hours," citing several factors, including their long-standing relationship, as well as Roque's apology and claim of an honest mistake. The motion was approved by Barbers after it was duly seconded. In his August 13, 2024 letter to Barbers, Roque claimed that he could not attend the April 16 hearing due to a “previously scheduled court hearing” before RTC on the same day.
Roque further stated that based on previous experience, such hearings “last the entire day.”
13.
Brief
15. WANG, HONGZHI Project Coordinator
Brief
16. XU, QING Project Coordinator
Brief Job Description: Assisting in overseeing, administering and controlling the operation.
17. JIANG, CHAOYANG Project Manager
Brief Job Description: Assisting in overseeing, administering and controlling the operation.
18. YANG, GUODONG Project Manager
Brief Job Description: Assisting in overseeing, administering and controlling the operation.
19. HAN, HYEJIN Advisor I, Customer Service
Brief Job Description: Answers calls and process reservations requests from our Korean-speaking guests/callers.
DC WIDEWEB CONSULTANCY INC.
Room 203, Webjet Building, Tatalon, Quezon City
20. CHIU, RUI-XIANG Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
21. GOH BOK GUAN Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
22. KE, QI Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
23. LIU, YIFEI Assistant Supervisor
Brief Job Description: Relaying productivity concerns to the supervisor.
24. WANG, ZENGHUI Chinese Speaking Business Development Associate
Brief Job Description: Develop and execute strategic sales plans.
25. YANG, ZHENFEI Chinese Speaking Business Development Associate
Brief Job Description: Determines and reviews safety
SINGH
88.
89. NAKHWAL, HARDEEP SINGH Supply Chain Manager Brief Job Description: Determines and reviews safety stocks and inventory levels.
Brief
Salary
Basic Qualification:
Brief
Salary
BusinessMirror
118. WU, CHUNZHU
Mandarin Quality Control Officer
Brief Job Description: The Mandarin Quality Control Officer ensures that the quality of product from plans to actual construction is strictly implemented.
Basic Qualification: Must be knowledgeable in developing and reviewing project quality plans, contract documents
Salary
Basic
119. YANG, YONGGUO Mandarin Quality Control Officer
Brief
Salary
120. YE, RONGXING Mandarin Quality Control Officer
Brief
- Php 59,999
Brief
RIDGE OUTSOURCING SERVICES INC. 46/f Pbcom Tower, 6795 Ayala Ave. Cor. V.a. Rufino St., Bel-air, City Of Makati
125. PHAM THI DUNG Vietnamese Customer Service Representative Brief Job Description: Attracts potential customers by answering product and service questions. Suggesting information about other products and services developing company policies and ensuring compliance.
126. PHAN THAO LAN Vietnamese Customer Service Representative
Brief Job Description: Attracts potential customers by answering product and service questions. Suggesting information about other products and services developing company policies and ensuring compliance.
SHELL SHARED SERVICES (ASIA) B.V.
16/f-25/f Solaris One Bldg., 130 Dela Rosa St., San Lorenzo, City Of Makati
Brief Job Description: Handles a range of frontline customer enquiries including customer loyalty registration and personal data management. Manages integrated retail B2C complaints, feedback and compliments.
TELFA OUTSOURCING SERVICES INC. 21/f Tower 2 The Enterprise Center, 6766 Ayala Ave. Cor. Paseo De Roxas, San Lorenzo, City Of Makati
128. ZHANG, TIANQI Mandarin Technical Support
Brief Job Description: Monitoring and maintaining computer systems and network.
Editor: Angel R. Calso
Friday, August 23, 2024 A9
Canada’s rail system grinds to a halt as contract dispute cripples freight and commuter services
By Rob Gillies & Josh Funk
The Associated Press
TORONTO—Both of Canada’s major freight railroads have come to a full stop because of a contract dispute with their workers, an impasse that could bring significant economic harm to businesses and consumers in Canada and the US if the trains don’t resume running soon.
Canadian National and CPKC railroads both locked out their employees after the deadline of 12:01 a.m. Eastern Thursday passed without new agreements with the Teamsters Canada Rail Conference that represents some 10,000 engineers, conductors and dispatchers.
All rail traffic in Canada and all shipments crossing the US border have stopped, although CPKC and CN’s trains will continue to operate in the US and Mexico.
Billions of dollars of goods each month move between Canada and the US via rail, according to the US Department of Transportation.
“If rail traffic grinds to a halt, businesses and families across the country will feel the impact,” Jay Timmons, president and CEO of the National Association of Manufacturers, said in a statement. “Manufacturing workers, their communities and consumers of all sorts of products will be left reeling from supply chain disruptions.”
There will be other impacts as well, including on the more than 30,000 commuters in Vancouver, Toronto and Montreal who will be scrambling to find a new way into work because their trains won’t be able to operate over CPKC’s tracks while the railroad is shut down.
Business groups had urged the government to intervene, but Prime Minister Justin Trudeau has declined to force both sides into arbitration yet.
CN said it was waiting for a response on one final offer made late Wednesday when it locked the workers out. CPKC spokesperson Patrick Waldron said the union rejected its last offer that CEO Keith Creel made at the table in person. Both railroads have said they would end the lockout if the union agreed to binding arbitration.
“Despite the lockout, the Teamsters remain at the bargaining table with both companies,” the union said in a statement.
CN had been negotiating with the Teamsters for nine months while CPKC had been trying to reach an agreement for a year, the unions said.
Many companies across all industries rely on railroads to deliver their raw ma-
terials and finished products, so without regular rail service they may have to cut back or even close.
That’s why the US government kept rail workers from going on strike two years ago and forced them to accept a contract despite their concerns about demanding schedules and the lack of paid sick time.
Canada’s railroads have sometimes shut down briefly in the past during contract negotiations—most recently CPKC was offline for a couple days in March 2022—but it is rare for both railroads to stop at the same time. The impact on businesses will be magnified because both CN and CPKC have stopped.
Both CN and CPKC had been gradually shutting down since last week ahead of the contract deadline. Shipments of hazardous chemicals and perishable goods were the first to stop, so they wouldn’t be stranded somewhere on the tracks.
As the Canadian contract talks were coming down to the wire, one of the biggest US railroads, CSX, broke with the US freight rail industry’s longstanding practice of negotiating jointly for years with the unions. CSX reached a deal with several of its 13 unions that cover 25 percent of its workers ahead of the start of national bargaining later this year.
The new five-year contracts will provide 17.5 percent raises, better benefits and vacation time if they are ratified. The unions that have signed deals with CSX include part of the SMART-TD union representing conductors in one region, the Transportation Communications Union, the Brotherhood of Railway Carmen and the Transport Workers Union.
TCU President Artie Maratea said he’s proud that his union reached a deal “without years of unnecessary delay and stall tactics.”
Trudeau has been reluctant to force arbitration because he doesn’t want to offend the Teamsters Canada Rail Conference and other unions, but he urged both sides to reach a deal Wednesday because of the tremendous economic damage that would follow a full shutdown.
“It is in the best interest of both sides to continue doing the hard work at the table,” Trudeau said to reporters in Gatineau, Quebec. “Millions of Canadians, workers, farmers, businesses, right across the country, are counting on both sides to do the work and get to a resolution.”
Numerous business groups have been urging Trudeau to act.
Trudeau said Labor Minister Steven MacKinnon met with both sides in
Brazil will restrict entry to some Asian nationals, aiming to curb migration
By Mauricio Savarese The Associated Press
SÃO PAULO—Brazil will begin imposing restrictions on the entry of some foreigners from Asia who use the country as a launching point to migrate to the United States and Canada, the justice ministry’s press office said Wednesday. The move, which starts on Monday, will affect migrants from Asian countries who require visas to remain in Brazil. It does not apply to people from Asian countries currently exempt from visas to Brazil. US citizens and many European nationals also do not require visas for Brazil.
A Federal Police investigation has shown these migrants often buy flights with layovers in Sao Paulo’s international airport, en route to other destinations, but stay in Brazil as a place from where they then begin their journey north, according to official documents provided to The Associated Press. More than 70 percent of requests for refuge at the airport come from people with either Indian, Nepalese or Vietnamese nationalities, one of the documents says. The African nations of Somalia, Cameroon, Ghana and Ethiopia are among the remaining 30 percent of refuge seekers.
the CN talks in Montreal on Tuesday and would be on hand for the CPKC talks in Calgary, Alberta. MacKinnon later said he wrapped up his meetings with the rail companies and the Teamsters.
‘Workers, farmers, commuters and businesses can’t wait. Canadians need urgency at the table. The parties need to get deals done now,” he posted on the social platform X.
The negotiations are stuck on issues related to the way rail workers are scheduled and concerns about rules designed to prevent fatigue and provide adequate rest to train crews. Both railroads had proposed shifting away from the existing system, which pays workers based on the miles in a trip, to an hourly system they said would make it easier to provide predictable time off.
The railroads said their contract offers have included raises consistent with recent deals in the industry. Engineers make about $150,000 a year on Canadian National while conductors earn $120,000, and CPKC says its wages are comparable.
Similar quality-of-life concerns about demanding schedules and the lack of paid sick time nearly led to a US rail strike two years ago until Congress and President Joe Biden intervened and forced the unions to accept a deal.
Manufacturing companies may have to scale back or even shut down production if they can’t get rail service, while ports and grain elevators will quickly become clogged with shipments waiting to move. And if the dispute drags on for a couple weeks, water treatment plants all across Canada might have to scramble without new shipments of chlorine.
“If railways are not picking up the goods that are coming in by ships, then pretty soon your terminals get filled up. And at that point you cannot take any vessels at the terminal anymore,” said Victor Pang, chief financial officer at the Vancouver Fraser Port Authority.
He pointed to the 13-day strike by 7,400 British Columbia dockworkers last summer, which manufacturers said blocked the flow of $500 million Canadian (US$368 million) worth of goods each day.
Some companies would undoubtedly turn to trucking to keep some of their products moving, but there’s no way to make up for the volume railroads deliver. It would take some 300 trucks to haul everything just one train can carry.
Funk reported from Omaha, Nebraska.
to the US and Canada
Starting next week, travelers without visas will either have to continue their journey by plane or return to their country of origin, the ministry said.
A report signed by federal police investigator Marinho da Silva Rezende Júnior informs the justice ministry that since the beginning of last year there has been “great turmoil” due to the influx of migrants at the airport in Guarulhos, a city located in the Sao Paulo metropolitan area.
“Evidence suggests that those migrants, for the most part, are making use of the known—and extremely dangerous—route that goes from Sao Paulo to the western state of Acre, so they can access Peru and go toward Central America and then, finally, reach the US from its southern border,” one of the documents says.
An AP investigation in July found migrants passing through the Amazon, including some from Vietnam and India. Many returned to Acre state, on the border with Peru, as US border policies triggered a wait-and-see attitude among them.
Brazil’s justice ministry said that the new guidelines will not apply to the almost 500 migrants currently staying camping out at a Sao Paulo’s international airport.
Rêmullo Diniz, the coordinator of Gefron,
Acre state’s police group for border operations, told the AP the government’s move comes after local authorities spoke to US diplomats about the situation with many Asian and undocumented migrants in the region.
“We have seen growth both in the number of migrants coming here and in the number of nations they come from,” Diniz told the AP over the phone. “Bangladesh, Indonesia also send a lot of people here. They come either with no documents or with fake documents from other nations.”
“That is a concern for us, they could be running from police,” he added. “And there are also the ‘coyote’ networks, taking unaccompanied children, trafficking drugs.”
Earlier on Wednesday, Brazil’s federal prosecutors’ office said in a statement that Sao Paulo’s international airport “is once again counting a high number of foreigners who arrive on flights of the airline LATAM and do not exit quickly due to the overload on the Brazilian migration system.”
The prosecutors’ office added that it will put pressure on airlines to give migrants some basic supplies as they wait for their concession of refuge. The term refers to an application for refugee status, regardless of the reason.
LATAM did not immediately respond an AP request for comment.
The Associated Press writer Gabriela Sá Pessoa in São Paulo contributed to this report.
Moscow faces massive drone attack as Ukrainian forces push into Russia
MOSCOW—Moscow came under one of the largest attacks by Ukrainian drones since the start of fighting in 2022, Russian authorities reported Wednesday, saying they destroyed all of those headed toward the country’s capital.
The attacks came as Ukrainian forces continue to push into Russia’s western Kursk region. In the past week, they have also struck three bridges, several airfields and an oil depot in a sign they are not letting up on their attacks.
Late Wednesday, the governor of Russia’s Bryansk, which borders both Kursk and Ukraine, said Russian forces turned back a Ukrainian attempt to enter that region.
Governor Alexander Bogomaz identified the Ukrainian forces as a “sabotage and reconnaissance group” but did not specify if they were part of Ukraine’s military. He said on the Telegram channel that the attempted incursion was in the area of Klimovo, about 200 kilometers (125 miles) west of the section of Kursk held by Ukrainian forces.
“This was one of the biggest attempts of all time to attack
Moscow using drones,” Moscow Mayor Sergei Sobyanin said on Telegram. Strong defenses around the Russian capital made it possible to shoot down all the drones before they could hit their intended targets, he said. Russia said it downed 45 Ukrainian drones overnight, including 11 over the Moscow region. There was no independent information to verify those figures. Some Russian social media channels shared videos of drones apparently being destroyed by air defense systems, which then set off car alarms. Ukrainian drone strikes have brought the fight far from the front line into the heart of Russia, targeting Moscow and Russia’s second city St. Petersburg, as well as an airport in western Russia, according to Russian officials. Since the beginning of the year, Ukraine has stepped up aerial as -
saults on Russian soil, targeting refineries and oil terminals to slow down the Kremlin’s assault.
A fire at an oil depot targeted by Ukraine burned for the fourth day Wednesday in Rostov, a region in southwestern Russia that borders Ukraine. Priests from the Russian Orthodox Church held prayers for injured firefighters as dark plumes of smoke rose from the depot in Proletarsk, according to a photo shared on social media by the Volgodonsk diocese.
Ukraine’s daring land incursion into Russia has raised morale in Ukraine with its surprising success and changed the dynamic of the fighting. But it is also risky— Ukrainian forces were already badly stretched, with fighting underway along a stretch of over 970
kilometers (600 miles). The gains in Kursk come as Ukraine continues to lose ground in the eastern industrial region of Donbas.
The Russian state news agency Tass reported that 31 people had died since Ukraine’s incursion started August 6, figures that are impossible to verify. It said 143 people were injured, of whom 79 were hospitalized, including four children.
A Ukrainian drone dropped an explosive device on a car in the Bolshesoldatsky area of Kursk, slightly northeast of the town of Sudzha, the acting governor Alexei Smirnov said. One woman was killed and two others were hospitalized, he said.
Russia’s Central Electoral Commission announced that local elec -
Key mediator Egypt expresses skepticism about Gaza cease-fire proposal as more details emerge
CBy Samy Magdy
The Associated Press
AIRO—Key mediator Egypt expressed skepticism Wednesday about the proposal meant to bridge gaps in cease-fire talks between Israel and Hamas as more details emerged a day before negotiations were expected to resume in Cairo.
The challenges around the socalled bridging proposal appeared to undermine the optimism for an imminent agreement that US Secretary of State Antony Blinken carried into his latest Mideast visit this week.
Diplomatic efforts have redoubled as fears grow of a wider regional war after the recent targeted killings of leaders of the militant Hamas and Hezbollah groups, both blamed on Israel, and threats of retaliation.
President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu on Wednesday, and stressed the urgency of reaching a cease-fire and hostage release deal, the White House said. Officials in Egypt, in its unique role as both a mediator and affected party since it borders Gaza, told The Associated Press that Hamas won’t agree to the bridging proposal for a number of reasons—ones in addition to the long-held wariness over whether a deal would truly remove Israeli forces from Gaza and end the war.
One Egyptian official with direct knowledge of the negotiations said the bridging proposal requires the implementation of the deal’s first phase, which has Hamas releasing the most vulnerable civilian hostages captured in its Oct. 7
attack on Israel that sparked the war. Parties during the first phase would negotiate the second and third phases with no “guarantees” to Hamas from Israel or mediators.
“The Americans are offering promises, not guarantees,” the official said. “Hamas won’t accept this, because it virtually means Hamas will release the civilian hostages in return for a six-week pause of fighting with no guarantees for a negotiated permanent cease-fire.”
He also said the proposal doesn’t clearly say Israel will withdraw its forces from two strategic corridors in Gaza, the Philadelphi corridor alongside Gaza’s border with Egypt and the Netzarim eastwest corridor across the territory. Israel offers to downsize its forces in the Philadelphi corridor, with “promises” to withdraw from the area, he said.
“This is not acceptable for us and of course for Hamas,” the Egyptian official said.
A second Egyptian official, briefed on the latest developments in negotiations, said there were few chances for a breakthrough since Israel refuses to commit to a complete withdrawal from Gaza in the deal’s second phase. The official said Israel also insists on keeping its forces in the Philadelphi corridor and having full control of the Netzarim corridor.
He also said Egypt told the United States and Israel that it won’t reopen the Rafah crossing into Gaza, a crucial entry point for humanitarian aid, without the complete withdrawal of Israeli forces from the Palestinian side and from the Philadelphi corridor—where Israel wants to
prevent Hamas from replenishing its arsenal through smuggling tunnels. Israel’s defense minister says over 150 such tunnels have been destroyed.
Both Egyptian officials spoke on condition of anonymity to discuss the negotiations. Mediators are scheduled to meet on Thursday and Friday in Cairo for more talks on the proposal before submitting it officially to Hamas.
Hamas political official Bassem Naim said Tuesday that the bridging proposal adopted several new demands from Netanyahu, including that Israeli forces remain in Rafah, Philadelphi and Netzarim and search displaced Palestinians returning to northern Gaza. Israel has said the searches are necessary to find militants.
Naim said the proposal also includes unspecified changes to the exchange of hostages held in Gaza for Palestinians imprisoned in Israel and doesn’t guarantee that a cease-fire would remain in place during negotiations on the transition from the deal’s first phase to the second.
In previous versions of the cease-fire plan, the second phase would entail a permanent ceasefire, full withdrawal of Israeli forces from Gaza and the release of remaining male hostages, both civilians and soldiers.
Blinken after his visit to Egypt and fellow mediator Qatar said the bridging proposal is “very clear on the schedule and the locations of (Israeli military) withdrawals from Gaza,” but no details on either have emerged.
Blinken added that because Israel accepted the proposal, the focus turns to doing everything possible
to “get Hamas on board.” Egypt’s state-run Al-Ahram daily reported that Blinken received a “clear Egyptian demand for the US to work towards a well-framed deal with clear deadlines and clear objectives to encourage Hamas to sign.”
But there is skepticism, along with fatigue, among many in Israel about Netanyahu’s commitment to securing an agreement.
“As long as the entire group of professional negotiators believes that Netanyahu is scuttling a deal, there won’t be any confidence,” commentator Nadav Eyal wrote in daily newspaper Yedioth Ahronoth.
The war in Gaza, now in its 10th month, has caused widespread destruction and forced the vast majority of Gaza’s 2.3 million residents to flee their homes. Aid groups fear the outbreak of polio and other diseases.
The Oct. 7 attack by Hamas and other militants killed some 1,200 people in Israel, mostly civilians. Over 100 hostages were released during last year’s ceasefire. Hamas is still believed to be holding around 110 hostages. Israeli authorities estimate around a third are dead. Six bodies of hostages were recovered this week in Gaza.
“In what world do families have to beg and cry for the return of their family members alive and murdered?” Esther Buchshtab, the mother of one, 35-year-old Yagev Buchshtab, asked at his funeral Wednesday.
The Associated Press writers Abby Sewell in Beirut and Aamer Madhani in Buellton, Calif., contributed to this report.
tions in six districts and one city of the Kursk region scheduled for Sept. 8 will be postponed and rescheduled when voters’ safety can be guaranteed.
Maria Zakharova, Russian Foreign Ministry spokeswoman, said Ukraine’s attack on Kursk has ended “any possibility” of peace negotiations.
“Who will negotiate with them after this, after the atrocities, the terror that they are committing against peaceful residents, the civilian population, civilian infrastructure and peaceful facilities,” she told reporters Wednesday in Moscow.
Ukraine said it was respecting the Geneva Conventions, the international humanitarian rules of war. Ukraine’s Interior Minister Ihor Klymenko said the Ukrainian military established an office in the Kursk region to provide humanitarian and medical aid to the local population. More than 90 percent of Russian civilians who stayed in Kursk territory currently controlled by Ukraine are age 60 and older, he said.
“We have no right to leave them there to die,” Klymenko said, according to the Ukrinform national news agency.
Ukraine’s attacks on three bridges over the Seym River in Kursk could potentially trap Russian forces between the river, the Ukrainian advance and Ukraine’s border. Already they appear to be
slowing Russia’s response to the Kursk incursion.
Ukrainian forces seem to be striking Russian pontoon bridges and pontoon engineering equipment over the Seym in an area west of the Ukrainian advance point, the Washington-based Institute for the Study of War said Tuesday.
Satellite photos from Planet Labs PBC analyzed Wednesday by The Associated Press show a significant fire on the Seym, near the village of Krasnooktyabrskoe.
The blaze appeared on the northern bank of the river on Tuesday, with another fire seemingly in the village itself. Such fires are common after strikes and often signify where ongoing front-line combat is taking place.
The Russian Defense Ministry said its forces had thwarted attack attempts by Ukrainian assault groups in the Kursk region, according to a report from Tass. Ukraine’s armed forces saw more than 45 soldiers killed or wounded over the past 24 hours, and two were captured while attempting to attack the Kursk region, Tass said. There was no independent confirmation of those numbers and no comment from the Ukrainian side.
The Associated Press writer Jon Gambrell in Dubai, United Arab Emirates, contributed to this report.
Greek oil tanker drifting and ablaze after repeated Houthi attacks in the Red Sea, British military says
By Jon Gambrell The Associated Press
DUBAI, United Arab Emirates—A Greek-flagged oil tanker traveling through the Red Sea came under repeated attack Wednesday, leaving the vessel “not under command” and drifting ablaze after an assault suspected to have been carried out by Yemen’s Houthi rebels, the British military said. The attack, the most serious in the Red Sea in weeks, comes during a monthslong campaign by Houthis targeting ships over the Israel-Hamas war in the Gaza Strip that has disrupted a trade route through which $1 trillion in cargo typically passes each year.
In the attack, men on small boats first opened fire with small arms about 140 kilometers (90 miles) west of the rebel-held Yemeni port city of Hodeida, the British military’s United Kingdom Maritime Trade Operations center said.
Four projectiles also hit the ship, it added. It wasn’t immediately clear if that meant drones or missiles.
“The vessel reports being not under command,” the UKMTO said, likely meaning it lost all power. “No casualties reported.”
Later, the UKMTO warned that the ship was drifting while on fire in the Red Sea.
The Greek shipping ministry later identified the vessel as the tanker Sounion, with 25 crewmembers on board at the time of the attack as it traveled from Iraq to Cyprus.
Later Wednesday, the UKMTO reported a second ship being targeted in the Gulf of Aden by three explosions that occurred in the water close to it, though they caused no damage. That ship, the Wind I, came under attack again Thursday with two more explosions striking in the water, the UKMTO said.
The Houthis did not immediately claim responsibility for the attacks, though it can take them hours or even days before they acknowledge their assaults. However, they
did acknowledge US airstrikes in Hodeida, something the American military’s Central Command said destroyed a Houthi surfaceto-air missile and radar system.
The Houthis have targeted more than 80 vessels with missiles and drones since the war in Gaza started in October. They seized one vessel and sank two in the campaign that also killed four sailors.
Other missiles and drones have either been intercepted by a US-led coalition in the Red Sea or failed to reach their targets.
The rebels maintain that they target ships linked to Israel, the United States or the UK to force an end to Israel’s war against Hamas in Gaza. However, many of the ships attacked have little or no connection to the conflict, including some bound for Iran.
The Houthis have also launched drones and missiles toward Israel, including an attack on July 19 that killed one person and wounded 10 others in Tel Aviv. Israel responded the next day with airstrikes on Hodeida that hit fuel depots and electrical stations, killing and wounding a number of people, the rebels say.
After the strikes, the Houthis paused their attacks until Aug. 3, when they hit a Liberian-flagged container ship traveling through the Gulf of Aden. A Liberian-flagged oil tanker came under a particularly intense series of attacks beginning Aug. 8, likely carried out by the rebels. A similar attack happened Aug. 13 as well. The last three recent attacks, including Wednesday’s, targeted vessels associated with Delta Tankers, a Greek company.
As Iran threatens to retaliate against Israel over the assassination of Hamas leader Ismail Haniyeh in Tehran, the US military told the USS Abraham Lincoln aircraft carrier strike group to sail more quickly to the area. Early Thursday, the US military’s Central Command said the Lincoln had reached the Mideast’s waters, without elaborating.
www.businessmirror.com.ph
From cybercrime to terrorism, FBI director says America faces many elevated threats ‘all at once’
By Michael Goldberg The Associated Press
BROOKLYN CENTER,
Minn.—The country is facing heightened threats from many corners at a time when law enforcement agencies are struggling, FBI Director Christopher Wray said in an exclusive interview, adding that he is “hard pressed to think of a time in my career where so many different kinds of threats are all elevated at once.”
Wray spoke Wednesday with The Associated Press while visiting the Minneapolis field office to talk about partnerships between law enforcement agencies and also with other entities. His remarks come as the FBI confronts heightened concerns over terrorism, both domestic and international, as well as Chinese espionage and intellectual property theft and foreign election interference.
“I worry about the combination of that many threats being elevated at once, with the challenges facing the men and women in law enforcement more generally,” Wray said at the office in the suburb of Brooklyn Center. “And the one thing that I think helps bridge those two challenges is partnerships. That’s how we get through. It is by all working together.”
Wray’s assessment of an elevated threat landscape is consistent with alarm bells he has sounded for months. Soon after the October 7 attack by Hamas in Israel, Wray began warning that the rampage could serve as an inspiration to militants, “the likes of which we haven’t seen since ISIS launched its so-called caliphate years ago.”
The FBI has also scrambled to deal with security concerns related to the United States’ southern border, with officials revealing in June that eight people from Tajikistan with suspected ties to the Islamic State group were arrested and were being held on immigration violations.
Officials are also dealing with the specter of foreign election interference. The FBI and other federal agencies announced Monday that Iran was responsible for a hack targeting the Trump campaign and for an attempted breach of the Biden-Harris campaign, part of what officials portrayed as a brazen and aggressive effort to interfere in American politics.
Wray declined to talk about any specific investigation or threat but said investigations
Global benchmarks mostly rise ahead of US Fed chair’s speech
By Yuri Kageyama Ap Business Writer
TOKYO—Global shares mostly rose Thursday, as market optimism got a boost from a rally on Wall Street on better-thanexpected profit reports from major companies.
into cyberattacks, including against election infrastructure, candidates or campaigns, require help from the private sector.
“One of the things that we have been doubling down on with every passing day is on partnerships, because ultimately you’re talking about the ability to connect the dots, whether it’s against some kind of election influence threat or some other kind of threat,” Wray said. “You need to have partners sharing information with each other to put the two pieces together to see the bigger picture.”
Law enforcement officers are being killed in the line of duty at a rate of about one every five days, Wray said, noting that four first responders have died in Minnesota alone in 2024. They include a Minneapolis officer killed in May while trying to help someone, and two officers and a paramedic who died in Burnsville in February when a heavily armed man opened fire.
Such violence “breaks my heart every single time,” the director said.
The FBI has not been spared such attacks: Days after agents searched Donald Trump’s Florida estate, Mar-a-Lago, to recover classified documents, a gunman who called on social media for federal agents to be killed “on sight” died in a shootout after trying to get inside the FBI’s Cincinnati office.
Wray said the FBI has been working to beef up traditional partnerships with state and local law enforcement, while also creating other ones with business and academia to help counter threats against cybersecurity or intellectual property. In Minneapolis and other offices, he said, authorities are cooperating with the likes of school resource officers and mental health professionals to help at-risk teenagers in hopes of heading off future threats.
Working with industry is important for protecting innovation and artificial intelligence from foreign threats, Wray added.
“AI is in many ways the most effective tool against the bad guys’ use of AI,” he said. “So we need to work closely with industry to try to help make sure that American AI can be used to help protect American people from AIenabled threats coming the other way.”
France’s CAC 40 rose 0.4 percent to 7,556.62 in early trading, while Germany’s DAX added 0.4 percent to 18,515.22. Britain’s FTSE 100 rose 0.4 percent to 8,314.16. US shares were set to drift higher with Dow futures rising 0.1 percent to 41,055.00. S&P 500 futures gained nearly 0.1 percent to 5,646.50.
Trading is likely to stay relatively quiet ahead of the annual conference of central bankers at Jackson Hole, Wyoming, where Federal Reserve Chair Jerome Powell will give a much-anticipated speech on Friday. The hope is he’ll offer clues about how deeply and quickly the Fed will begin cutting interest
rates in September after it jacked them to a two-decade high to beat inflation.
Japan’s benchmark Nikkei 225 added 0.7 percent to finish at 38,211.01. Australia’s S&P/ASX 200 rose 0.2 percent to 8,027.00.
South Korea’s Kospi rose 0.2 percent to 2,707.67 after the Bank of Korea decided at its monetary policy meeting to keep rates unchanged. The vote to keep the base rate the same at 3.50 percent was unanimous, according to the bank’s statement.
Hong Kong’s Hang Seng edged up 1.4 percent to 17,641.00, while the Shanghai Composite fell 0.3
percent to 2,848.77. Worries have been growing about whether shoppers in the United States can keep up their spending and keep the slowing economy out of a recession. Inflation is slowing, but prices remain much higher than before the pandemic.
A preliminary revision released by the US government suggested the economy created 818,000 fewer jobs in the year through March than earlier reported. That’s a big
Floods maroon hundreds of thousands of people in Bangladesh, India and cause at least 15 deaths
By Julhas Alam The Associated Press
DHAKA, Bangladesh— Floodwaters have stranded hundreds of thousands of people in India’s northeast and neighboring Bangladesh’s eastern region, causing at least 15 deaths as rescuers struggled to reach those who needed help, officials and media reports said Thursday.
At least 11 people were killed and thousands displaced from homes as floods and mudslides have ravaged India’s northeastern Tripura state, bordering Bangladesh, since Wednesday.
Another four were killed in Bangladesh as upstream India and downstream Bangladesh share common rivers along their border.
India’s Meteorological Department issued a “red” alert in Tripura on Wednesday, forcing authorities to announce a two-day closure of schools after heavy rains inundated several regions, including the state’s capital, Agartala.
Authorities have opened more than 300 relief camps in Tripura, where the number of people shifting to the camps was estimated to run into thousands.
Of the 11 dead since the rains intensified Monday, seven drowned or washed away while four were buried by mudslides.
“We are closely monitoring the situation and are focusing on providing relief to those displaced from their homes,” Tripura’s Chief Minister Manik Saha said.
In Bangladesh, a pregnant woman died after she fell into raging waters at Akhaura in Brahmanbaria district, Bengalilanguage Kal Bela newspaper reported. Three other people died from drowning and electrocution, it said.
The rains and the rising waters from upstream Tripura state devastated many areas in eastern Bangladesh. Many in the worst hit districts such as Cumilla, Feni and Noakhali called for rescue as power was cut and road links were disconnected. Travel and communication were severed between the capital, Dhaka, and the southeastern port city of Chattogram as parts of a major highway were under water.
The Bangladesh Flood Forecasting and Warning center said Thursday that the water levels in many rivers in the delta nation’s eastern, northeastern and southeastern regions were still increasing.
About a dozen volunteers who rushed to the scene with boats and speedboats in the region told The Associated Press by phone that they were struggling to reach many of the affected people as
they failed to communicate with them because the victims’ mobile numbers could not be reached.
Many areas have no electricity, the government said.
“We are taken shelter at a house where about 35 people need to be rescued soon. The water is still rising and now we are on the rooftop with our small kids and elderly family members,” Sonia Akter, a mother of 2-year-old girl, told AP by phone from the scene at Feni. “Please send us a boat. Please save us.”
The military and other authorities have started rescue operation in the region, the authorities said.
While the both neighbors have been affected in the flood, many Bangladeshis blamed India for the flash floods, saying that India opened a river dam in Tripura, causing sudden floods in Bangladesh. India’s Ministry of External Affairs denied that in a statement.
Monsoon rains in South Asian nations India and Bangladesh typically begin in June. India and Bangladesh share 54 common rivers that flow from the Himalayas to the Bay of Bengal. The countries have contention over the sharing of waters of the common rivers.
The Associated Press writer Wasbir Hussain contributed to this report from Guwahati, India.
Thousands of Indonesians attempt to storm parliament to protest changes to election law
By Dita Alangkara & Edna Tarigan
The Associated Press
JAKARTA, Indonesia—Thousands of protesters attempted to storm Indonesia’s parliament Thursday, tearing down a section of fence and throwing stones at police, and forcing the legislature to delay a vote on controversial changes to election laws that could
further enhance the political influence of outgoing President Joko Widodo.
Parliament was to meet in an emergency session in order to overturn one decision made by the country’s Constitutional Court on election procedures, while amending another.
Protesters held banners and signs, while others started a fire and burned tires.
The Constitutional Court on Tuesday dismissed a challenge to an age limit that prevents people younger than 30 for running for regional governorships, which would prevent the Widodo’s 29-year-old youngest son, Kaesang Pangarep, from running in a regional contest in Central Java.
The court also made it easier for political parties to nominate candidates by cutting back a require -
number and adds to evidence of a cooling job market. In energy trading, benchmark US crude rose 4 cents to $71.97 a barrel. Brent crude, the international standard, edged up 18 cents to $76.23 a barrel. In currency trading, the US dollar rose to 145.68 yen from 145.14 yen. The euro cost $1.1138, down from $1.1153.
AP Business Writer Stan Choe contributed.
Triple-digit temperatures scorch Texas as millions across Southwest under excessive heat warnings
By Ken Miller & Nadia Lathan
Associated Press
The
AUSTIN, Texas—Summer heat scorched Texas and the Southwest on Wednesday, pushing Phoenix to nearly 90 consecutive days of triple-digit temperatures and putting millions of people under excessive heat warnings.
Meanwhile, energy demand in Texas hit an unofficial all-time high Tuesday, according to data from the state’s grid operator.
A major heat alert is in place for Texas, reflecting what the weather service called “rare and/or long-duration extreme heat with little to no overnight relief.” An extreme heat alert was issued for eastern New Mexico.
This area of high pressure, sometimes referred to as a heat dome, is a slow moving, upper-level high pressure system of stable air and a deep layer of high temperatures, meteorologist Bryan Jackson said.
“It is usually sunny, the sun is beating down, it is hot and the air is contained there,” Jackson said. “There are dozen or so sites that are setting daily records... mostly over Texas.”
Record high temperatures were expected in cities such as Corpus Christi, San Antonio and Amarillo. In Phoenix, monsoon rains have provided brief respites since Sunday, although daytime highs continue to top 100 degrees Fahrenheit (37.8 degrees Celsius).
ment that they hold 20 percent of a local legislature. Parliament passed an emergency motion to changing the minimum age to serve as governor to 30 at the time of inauguration and further ease nomination requirements on Wednesday, and planned to ratify the vote in a plenary session Thursday. The moves triggered widespread condemnation on local social media and raised concerns about a potential constitutional crisis. The legislature was forced to delay the vote after failing to achieve a quorum.
The Associated Press writer Eric Tucker in Washington contributed to this report.
FBI Director Christopher Wray answers questions during an interview on Wednesday, August 21, 2024, in Brooklyn Center, Minn. AP/ABBIE PARR
Accelerating mining revenue shares: A winwin for LGUs and the PHL mining industry
THe recent expressions of support from Senate President Francis Joseph G. escudero and Senator Joseph Victor G. ejercito for expediting the computation and downloading of mining revenue shares to local government units (LGUs) mark a pivotal moment in the ongoing discourse surrounding the rationalization of mining fiscal regimes in the country. (Read the BusinessMirror story: “Hasten transfer of LGU shares in mining revenues,” August 20, 2024).
During a Senate Committee on Ways and Means hearing, Assistant Secretary Karlo Fermin S. Adriano of the Department of Finance shed light on the prolonged process that currently hampers the timely distribution of mining revenue shares to LGUs. Under the existing system, these shares are delayed by two to three years, creating inefficiencies and hindering the economic progress of regions hosting mining operations.
Escudero’s call for a streamlined approach to computing LGUs’ mining revenue shares resonates with the need for transparency and accountability in the distribution of national resources. By advocating for a faster and more efficient mechanism, he underscores the importance of empowering local communities and ensuring that they directly benefit from mining activities within their areas.
The proposed amendments to the mining fiscal regime, as outlined by the Department of Finance, present a comprehensive framework aimed at simplifying current practices and enhancing revenue collection mechanisms. By introducing measures such as royalty taxes, windfall profit tax mechanisms, and provisions for transparency and accountability, the government seeks to create a stable and predictable environment that fosters economic growth while safeguarding the interests of all stakeholders.
Ejercito’s emphasis on the urgency of accelerating the distribution of mining revenue shares underscores the pressing need to address the challenges faced by LGUs due to delayed financial allocations. By reducing the time lag in revenue sharing, local officials can avoid resorting to additional fees and taxes, thereby promoting a more conducive business environment for mining companies and facilitating sustainable development at the grassroots level.
The support extended by Chamber of Mines Chairman Michael T. Toledo further underscores the industry’s commitment to fostering a fair and equitable mining landscape. By aligning with the government’s initiatives to enhance revenue sharing and promote sustainable mining practices, the Chamber exemplifies a collaborative approach towards harnessing the country’s mineral resources for the collective benefit of all stakeholders.
As the Philippines navigates a dynamic economic landscape marked by evolving global trends in renewable energy and climate action, the need for a robust and efficient mining fiscal regime becomes increasingly apparent. By prioritizing transparency, efficiency, and stakeholder engagement, policymakers can lay the foundation for a more inclusive and sustainable mining sector that not only boosts revenue generation but also upholds the principles of social responsibility and environmental stewardship.
Ultimately, the goal should be a mining industry that is sustainable, equitable, and supportive of broader national and local development goals. This will require continued dialogue between government, industry, and affected communities to find the right policy mix. With goodwill and compromise on all sides, the Philippines can unlock the potential of its mineral wealth in a manner that benefits the entire nation.
BusinessMirror
T. Anthony C. Cabangon
Lourdes M. Fernandez
Jennifer A. Ng Vittorio V. Vitug
Lorenzo M. Lomibao Jr., Gerard S. Ramos
Lyn B. Resurreccion, Dennis D. Estopace Angel R. Calso
Ruben M. Cruz Jr.
Eduardo A. Davad Nonilon G. Reyes
D. Edgard A. Cabangon
Benjamin V. Ramos Aldwin Maralit Tolosa
Rolando M. Manangan
Post-SONA reality: A fog of policy ambiguities
WDr. Rene E. Ofreneo
LABOREM EXERCENS
eekS after the feel-good
Marcos, many citizens are wondering if things are indeed getting better for the nation.
The government’s technocrats say it is. They are adamant that the country is on course to reach the category of an upper middle-income country, a level that Vietnam reached in 2022 when the latter’s per capita GDP reached over $4,000. Our economic technocrats have also been releasing stories on a Philippine economy on the mend—continuous 5-6 percent GDP growth rate, boom in infra development, stable credit ratings, FDIs coming, rising employment, declining poverty rate, etc. As to the food inflation, which raged in the first two years of the Marcos administration, Neda Secretary Arsenio Balisacan lost no time reassuring the nation that it has been tamed. He even came up with “new” computations to show that a Filipino with a budget of P21.33 per meal (or P64 for three meals) can no longer be considered food-poor. This means a family of five needs only a daily budget of P320 for food. Hence,
this family, if it has a breadwinner earning the new minimum wage of P645 (NCR), still has P325 daily to meet their non-food expenses. This family ceases to be poor.
However, this statistical mumbojumbo of Balisacan on food budgeting immediately became a public relations disaster. No one can have a decent meal costing P21.33. Not even if this amount is doubled at P43. A McDo or Jollibee burger meal costs around P100, while the cheapest carinderia meal (rice, one viand and drink) costs at least around P60. Cooking at home? A simple eggsausage-rice meal would cost around P40+ (i.e., P10 for one egg, P10 for a scoop of rice, P10 for cheap sausage and P10+ for coffee/tea, cooking oil, ingredients and fuel).
Because of the incredible government statistics on poverty and hunger, most researchers now turn to the non-government Social Weather Station for alternative estimates on
poverty and hunger. The SWS data through the years show that “selfrated poverty” has been hovering around 50 percent, meaning every other Filipino considers himself/ herself as poor. But the most worrisome SWS finding is that “involuntary hunger” among Filipinos who are unable to have three full meals a day has been rising. The SWS hunger survey for mid-2024 noted that 14.2 percent of families in Metro Manila have been experiencing involuntary hunger.
Now back to the SONA.
Like in the above contestable government take on the food situation, the SONA’s bullish reports on various issues are clouded by policy ambiguities, contradictions and incoherence, from the identification of a socio-economic problem to the formulation and implementation of policies and programs by different government agencies. Achieving policy coherence is often missing in the whole-of-government approach in tackling various national and local problems. What is fed to the President as achievement can be different from what is happening on the ground.
The most vivid illustration of this fog enveloping policy formulation and implementation is shown in the case of the flood control program of the country. In his SONA, President Bongbong proudly declared the completion of 5,500 flood control projects. And yet, while he was delivering his hour-long SONA speech,
Metro Manila and half of Luzon were drowning in floods due to the combined effects of Typhoon Catrina and Habagat monsoons. Some senators, including Senator Imee Marcos, could not restrain themselves in openly castigating government officials in charge of the flood control program. Why the massive occurrence of floods despite the budgetary allocation of P1.4 billion a day for the program in the last 2-3 years? The senators themselves blurted out some of the reasons: corruption in public works projects, continuous decimation of the forests (especially in the long Sierra Madre mountain range), failure in the implementation of various environmental programs, and the slow flow of flood waters to the sea because of the numerous reclamation projects in Metro Manila and other regions. On reclamation, the DENR reaffirmed how these projects are slowing the seaward flow of floodwaters. And yet, the reclusive Philippine Reclamation Authority, apparently deeply committed to the rich investors, openly denied the role of reclamation projects in the water Armageddon—without showing any scientific geo-hazard maps. They argued that the mountains of trash, not reclamations, were responsible for the floods in the metropolis. Incidentally, the PRA still has to make an official public report if it has heeded the verbal order of PBBM issued last year that all reclamation projects
See “Ofreneo,” A13
Mpox risks heighten with complex mosaic of infection patterns
By Jason Gale & Janice Kew
AS disease detectives rush to central Africa to quell a mushrooming mpox contagion, they’re finding a complex mosaic of infection patterns involving different viral strains and vastly different routes of infection.
In the Democratic Republic of Congo’s gold-rich eastern region, a newly mutated virus is spreading mostly among adults through sexual contact. In other areas of the country, an older strain is spilling from infected wildlife to humans who hunt and handle the animals, leading to a deadly explosion of cases among children. Linked to both viral pathways are infections among patients’ household members and health workers caring for them.
The virus is riding international transport routes into neighboring countries, and there are reports of increased sexual violence stoking transmission, especially among conflict-displaced Congolese living in crowded camps. Determining how spread occurs is critical for stopping transmission of an emerging disease that the World Health Organization declared an international health
emergency last week.
“There are big knowledge gaps and an enormous need to fill them as soon as possible,” said Margaret Harris, a WHO spokeswoman in Geneva. “An understanding of transmission patterns is one of the most pressing needs.”
Insufficient testing
DIAGNOSTIC testing is insufficient in central Africa, investigators say, as is the sophisticated genomic sequencing that helped scientists map and understand the spread of Covid-19 within communities.
Mpox is being transmitted in multiple ways in the Congo, according to the WHO, including via close physical contact between people engaging in transactional sex. Infected people may also pass the virus to those they live with and to health-care workers treating them.
Experts on the ground don’t see evidence of airborne spread, epidemiologists Anne Rimoin and Katelyn Jetelina said in an Aug. 20 blog post.
Rather, they see potential routes of infection such as children hunting rodents, or sleeping four to a bed.
There have been about 19,000 cases and almost 550 deaths across Africa since the start of the year. The bulk of those have been in Congo, with the country recording almost three-quarters of 1,405 new mpox cases on the continent in the week through Tuesday, according to data from the Africa CDC.
Still, the true number is likely much higher due to under-reporting and limited testing. About 17 percent of Congo’s new cases were confirmed by tests and the rest met the agency’s definition of the disease. Burundi reported 100 cases and last week
Sweden reported an initial infection in a traveler.
The strain that’s exploding in Africa, endemic to Congo and historically more severe, is called clade I. The majority of cases in Congo are the Ia subvariant, which accounts for about 85 percent of deaths; about 80 percent of known clade Ia cases are
in children. The second subvariant, Ib, is spreading among adults.
“Some of these emerging viruses that we’re seeing are changing behavior and becoming more aggressive,” said Helen Rees, founder of the Reproductive Health and HIV Institute in Johannesburg. “We saw it with Ebola, we saw it with Covid, and now we’re seeing it with mpox.” While understanding how the different strains are spreading is vital, health authorities say working with the affected communities to explain the need for behavior change is equally crucial.
High time
“WE have to give good communication to children to abstain from meat from the jungle or animals that are found dead in the forest,” said JeanJacques Muyembe-Tamfum, a microbiologist who leads health emergency responses in the DRC. “This is the first step.”
The second is halting humanto-human transmission by ensuring communities are aware of the need to wash hands regularly and take precautionary measures when
SONA speech of President Bongbong
Ambassador Antonio L. Cabangon Chua
‘Great
Game’ unfolds in Pacific as US, China vie for backing
By Michael Heath
ISlAnd nations scattered across the Pacific ocean are at the center of an intensifying competition between China and the US for maritime routes, deep-water ports and other strategic assets in what the lowy Institute calls a new “Great Game.”
The countries’ proximity to key shipping lanes and the communication cables that crisscross the Pacific floor, together with fisheries and seabed minerals, also encourage the rivalry, Lowy said in a report on wednesday. But it’s the region’s maritime location between Asia, North America and Australia that is set to keep it at the forefront of major powers’ defense strategies.
“The Pacific’s geopolitical landscape is increasingly crowded, with multiple powers vying for influence,” report authors Mihai Sora, Jessica Collins and Meg Keen said. “China is expanding its reach through diplomatic relations, infrastructure projects, and development finance, while traditional partners such as Australia and the US strive to maintain their influence.”
That’s a significant turnaround for island leaders who used to complain that western nations didn’t pay enough attention to the region. Lowy warns the new strategic focus is set to challenge good governance and transparency, given opportunities for local political actors to advance narrow interests over what best serves the people of the Pacific.
The Pacific region is further grappling with rising sea levels due to climate change, as well as a lost decade of development following Covid.
China is now a significant player in the Pacific via development finance, diplomatic outreach and infrastructure such as ports, airports and telecommunications. It’s also pushing to play a greater role in key sectors such as the military, policing, digital connectivity, and media, according to the report from the Sydney-based institute.
The US and its allies are also catching up. Since 2017, 18 new embassies have been established in the Pacific, including American outposts in Vanuatu and the Solomon Islands, while four have closed. Australia, which has opened six new Pacific posts since 2017, is the only country with a resident diplomatic presence in every sovereign Pacific nation.
“The frenetic tempo of global diplomatic outreach to the Pacific underscores the intensity of competi-
Mpox.
. . continued from A12
tion,” Lowy said. “But this sustained engagement can quickly overwhelm local systems” and may not bring “tangible benefits.”
Beijing’s loans and infrastructure investments have allowed it to bolster its presence at the expense of Taiwan, which has lost three diplomatic partners in the Pacific to China since 2019.
In 2022, China signed a security pact with the Solomon Islands, triggering concerns among western nations. That prompted the US and Australia to bolster security and other agreements with countries including Papua New Guinea. Canberra also signed an agreement with Tuvalu allowing its people to relocate to Australia as climate change worsens.
Rapid population gains and urbanization are straining services in Pacific nations and young people often have poor employment and education prospects, according to Lowy. PNG’s population is estimated to reach 22 million by 2050, from around 10 million currently, it said.
Ports and infrastructure
THE “Great Game” reference harks back to the 19th century competition for influence in Central Asia between the British Empire and Russia’s tsarist rulers.
One of the problems of great power attention in the Pacific is that local needs like poverty reduction, education, health and other key areas are ignored in favor of strategic projects like deep-water ports and communications infrastructure. Or locally, politicians use development funds to build stadiums and other high-profile projects at the expense of more pressing needs.
The number of individual donors to the Pacific increased to 82 in 2021 from 31 in 2008 and some Pacific Islanders are concerned about the capacity of regional architecture and national systems to manage and coordinate this activity, Lowy said.
“The extent of corruption in the Pacific, including ‘capture’ of the state by elites and private interests, has seen no material improvements across the years,” the Lowy report showed. Bloomberg
Reporting: Ad absurdum
Legal loopholes in hopes
FTito Genova Valiente annoTaTions
or months now, we have been amused by the story of Alice Guo, who does not remember her childhood and her recent past. If we follow her confession, she could not even remember the people around her. It was as if she lived in a myth, where all truths were suspended or, as in an over-the-top opening of a monumental film, shrouded in mist. She was consistent with her claims and much as they sounded incredible each day, the legislators were patient to ferret (a favorite word of some senators in another hearing but this is another chapter in this discourse) out facts. The investigation went on and the world was persistent in searching for ways to discover the identity of this mayor, alleged to be not a Filipino citizen and even touted to be a spy for China.
Go back to the proceedings and witness how the people of Bamban, Tarlac, who were the constituents of Alice Guo, refused to believe what the investigation was slowly revealing. That here was an individual without a past. Isn’t this the most romantic proposition a local politician can ever secure for one’s biography? All this time, of course, her lawyers took the opposite view, which was that the lady mayor may possess short-term memories but she was indeed born in the Philippines and was following the law of the land. All this time, our memories of Guo’s lawyers were those of individuals who would defend her to the last even if the truth or the lack of it was already assaulting their senses.
For the sake of discussion, if as a lawyer, one could see his or her client was already telling a lie and was not making sense, does one continue to defend one’s clients—assuming the lawyer already senses the absurdity of Alice Guo’s reality?
Does enlightenment ever play a significant part in a lawyer’s moral code? Or is a lawyer bound by his agreement with the client?
Now that Alice Guo is said to be not anymore in the Philippines, do we
Ofreneo. . .
continued from A12
in Metro Manila and Luzon be suspended, precisely to prevent floods and protect the environment. Ironically, PBBM himself swallowed the PRA’s argument that poor garbage disposal is the main culprit in causing the floods.
have the right to condemn her lawyers? Or is it just all in a day’s work?
Social helplessness (or Who could I turn to?)
HOw does one deal with the special committee set up by the Senate in order to conduct investigations the results of which are needed to be collated, scrutinized all in aid of legislation?
For days now, our online obsession has assumed the voyeuristic delectation of tabloid reporting. For several days now, we are all witness to the wrath of God as expressed by Senators Jinggoy Estrada and Robinhood Padilla. This rage, ok, let us call it anger, has manifested in voices, gestures and pronouncements that do not seem fitting in a session that is supposed to address the pitiful conditions of victims of sexual harassment. And were they ever ready when one of those complaining, the singer-actor Gerald Santos, clarified that he was raped? Is Sandro also admitting to the same report?
Online we read similar complaints: where does this rage of the senators come from? w hat do they intend to do with the alleged perpetrators presently facing the jury
talizing story was the political rise of Alice Guo as mayor of Bamban, Tarlac and as facilitator in the development of a massive POGO complex housing 37 buildings in a 10-hectare site. Guo could not show proofs that she was born and educated in the Philippines, and where she got her billion-peso wealth.
and executioner? Suffice it to say that while Sandro Muhlach appears to understand the letters of the law (“we have not submitted yet this part of my confession” with his lawyer stressing the need for such), Estrada insisted in today’s broadcast that the young man should tell it all. The senator was not being patriarchal; he came across as an angry prophet of the Old Testament and woe to the alleged “perpetrators” for being there at the end of the ex-cathedra scream. w hen it was Santos’s turn to confess what happened to him, he was also greeted with the voice that reeked of the Mosaic law. All things being equal, the two alleged abusers of Sandro experienced the same treatment. In this hall of justice set up by senators, one cannot just complain. One can be bawled out. w hen did this all begin, the arrogance and blazing eyes when the complainant is telling his story? w hen this action happened, and one was not allowed to talk or reason out, was there a person in that hallowed hall one could run to and complain of the treatment he has received from the panel? Or are they all almighty?
Extraterrestrial absurdity
T HE Vice President having left the Department of Education has entered, technically, a new arena,
Immigration, is further enhanced by China’s behavior in the west Philippine Sea: chasing Filipino fishermen out of their traditional fishing grounds and erecting maritime barriers right within the Philippine sea territory.
writing. The decision has caught everyone by surprise. The object of contention: a children’s book about an Owl and a Parrot. It sounds exotic. w hy would a parrot help the owl? Anyway, a good senator has asked the good vice president what is the book all about but the good daughter of a former good president (isn’t it amazing how the modifier “good” has been transformed by the legalese and politesse?) answers back and excavates the concept of utang-na-loob). It does not make sense; the question was simple and the required answer is supposed to be even simpler. On a personal note, I like the idea of parrots having avian agency—being able to help. My childhood had always been golden with memories of a grandaunt bringing us each year at least three young parrots during summer. They were captured from the tall breadfruit tree in the vastly receding forest of the island of our birth. During the colder months, these young birds would die, eventually. The next summer, we would get another supply. See, a book about strong parrots would make me less sad, less guilty, and my grandaunt finally exonerated of political/ecological incorrectness beyond the grave.
E-mail: titovaliente@yahoo.com
having sex, such as wearing a condom, Muyembe-Tamfum said. Unlike clade IIb, a milder strain that erupted in 2022 and spread primarily through men who have sex with men, the monkeypox virus is spreading in the Congo through various forms of sexual activity and close physical contact. Experience gained in the region from the spread of viruses that have caused diseases such as Ebola, Covid and AIDS needs to be used again, he said.
Now let us go to the most applauded parts of the SONA: the total ban on POGOs and the reassertion of Philippine sovereign rights over its territorial waters.
“Unfortunately we forgot all this,” Muyembe-Tamfum said. But, with a new infectious threat on the doorstep, “it’s high time now that we put all this in place.” With assistance from Antony Sguazzin /Bloomberg
The total ban on POGOs is not surprising. weeks before the SONA, the country was flooded with media reports on congressional investigations of the crimes committed by POGOs such as cyber heists, money laundering, kidnapping, human trafficking, frauds, tortures and even killings of unwanted personnel, mostly foreign hires. The most tan-
To many Filipinos, Alice Guo epitomizes the economic invasion of the Philippines by the “new wave” of Chinese who have been entering the county since the turn of the millennium. The “new wave” Chinese have been easing out Filipinos and old Tsinoys in a number of businesses. They are reported to be buying lands all over the archipelago. They are also engaged in the environmentally destructive extraction of unprocessed ores and soil, which are exported to China. The negative image of the Chinese being created by the new Chinese immigrants, whose exact number is mystery to the Bureau of
Banning the POGOs is extremely popular. The POGO ban declaration received a long standing ovation at the Batasang Pambansa.
And yet, not all government officials seem to be happy with the ban.
Days after the SONA, some PAGCOR officials and legislators tried to modify the President’s total-ban policy. They pointed out that there are “legit” and “non-legit” or unlicensed POGOs. In brief, the POGO lobby wants the “legit” to continue operations. The “legit” are even given a more harmless non-POGO name: “Internet-linked games” or ILGs. At the same time, the POGO lobbyists try to ignore the fact that no less than the People’s Republic of China
Low tax is India’s lure as green debt misses nation’s bond boom
By Ronojoy Mazumdar & Ishika Mookerjee
INDIA is making new efforts to ignite interest in its green debt as the category misses out on a torrent of foreign flows into local sovereign bonds.
The nation will allow the trading of sovereign green debt from its newest finance hub in Prime Minister Narendra Modi’s home state of Gujarat by March. But lower taxes may not be enough to lift their appeal amid a lack of supply and small issuances.
“The tax advantage won’t necessarily be a game changer unless the liquidity of the market improves,” said Kenneth Akintewe, head of Asian sovereign debt at abrdn plc. Foreign investors “can access supra-
national bonds, many of which are also sustainable or green, with higher ratings and improved liquidity and free of domestic taxes.” Green issuances aren’t among the 20 most popular Indian government bonds with foreign investors, according to Clearing Corporation of India data. Only about 14 percent of the planned issuance of $1.4 billion for the April-September period hit the market as officials scrapped auctions that didn’t garner a premium. That hampers the government’s plan to lower financing costs to promote green growth in the world’s third-largest emitter. At $15.6 billion, India’s ESG debt issuance is set to notch an annual record, but the volume remains a fraction of that of peers such as China and Japan, ac -
Green issuances aren’t among the 20 most popular Indian government bonds with foreign investors, according to Clearing Corporation of India data. Only about 14 percent of the planned issuance of $1.4 billion for the April-September period hit the market as officials scrapped auctions that didn’t garner a premium.
cording to Bloomberg Intelligence. The lukewarm response for India’s green bonds contrasts with the enthusiasm seen for their conventional peers. Global funds snapped up Indian bonds at a rate not seen in seven years following a landmark
index inclusion by JPMorgan Chase & Co. in June. Only a tiny share of about $12 billion of such inflows has gone into green bonds.
“ w hether they can actually have sufficient liquidity is perhaps the most important thing for a lot of foreign investors,” said Xuan Sheng Ou Yong, sustainable fixed income lead for Asia Pacific at BNP Paribas Asset Management in Singapore. He suggested allowing investors to swap green bonds with regular government debt as has been done in Germany, and building a yield curve by issuing shorter green bonds as those are more popular when interest rates fall.
Feeble demand CONCERNS over finding a buyer
when they want to trim holdings is keeping investors at bay—no green bonds have exchanged hands since August 16, according to data compiled by Bloomberg.
Allianz Global Investors GmbH’s portfolio manager Giulia Pellegrini, who started trading in sovereign rupee bonds this year, is awaiting the next primary issuance as the secondary market remains illiquid.
India’s got all the ingredients from a macroeconomic standpoint, “it’s a giant that seems committed to doing more about environmental issues, climate change,” she said. “But at the moment we’re lacking literally the paper.”
w hile poor liquidity remains a talking point for green bonds globally, small sizes and the unpredict -
has been recommending the abolition of all POGOs inside and outside China because of their negative social and economic impact on the Chinese people themselves. So how will PBBM pursue his total POGO ban declaration? will he allow his subalterns to modify the ban in surreptitious ways? will he allow low-level officials ignore the Presidential policy declaration by not issuing follow-up orders to PAGCOR and to DOLE regarding the transition programs for workers to be displaced by the ban? will it be a repeat of what the PRA seems to be doing: quietly listening or accepting PBBM’s suspension order on reclamation projects in Metro Manila and yet doing nothing afterwards? More on SONA in the next issue. Dr. Rene E. Ofreneo is a Professor Emeritus of the University of the Philippines. For comments, please write to reneofreneo@ gmail.com.
ability of issuance are compounding the challenges for India. Only one of its green bonds cleared the issuance threshold for inclusion into JPMorgan’s gauge. The nation’s decision last month to remove future issuance of 14- and 30-year debt from the index-eligible securities will also limit green debt availability to investors.
“The small size of a long-term bond which is typically bought by foreign investors leads to less liquidity in the secondary markets and wider bid-offer spreads,” said Gustavo Medeiros, head of research at Ashmore Group Plc. This “makes it a costly instrument to carry in portfolios. From that perspective, a feeble demand is not surprising.” With assistance from Greg Ritchie /Bloomberg
Friday, August 23, 2024
SB Corp allots ₧10B for loans to small merchants
By Andrea E. San Juan @andreasanjuan
THE Department of Trade and Industry (DTI) through the Small Business Corporation (SBCorp.), its financing arm for micro, small and medium enterprises (MSMEs), said it is allotting P10 billion for loans to small merchants.
“Right now there's P10 billion for the MSMEs to be loaned, but there's actually more funding that will be coming in for the MSMEs to loans,” DTI Acting Secretary Cristina Aldeguer-Roque told reporters on the sidelines of the Philippine Chamber of Commerce’s (PCCI) 2024 Metro Manila Business Conference in Manila. At the same conference, SB -
Corp. President Robert C. Bastillo unveiled the multipurpose loan program of the financing arm of DTI for MSMEs. First is the micro multipurpose loan for multisectoral microenterprises with at least one year business track record, who are allowed to loan up to P300,000.
Second is the SME MultiPurpose Loan Suki for exist -
Can non-structural options break flood cycle in PHL? Think tank weighs issues
By Bless Aubrey Ogerio
THE perennial flooding problem in Metro Manila has persisted for decades, and an estimate suggested that it could take another 23 years to fully address the issue.
The core of the issue, according to a report by the US-based think tank GlobalSource Partners, is the lack of continuity and the emphasis on "traditional flood control measures" including dikes, dams, and drainage systems.
Per the study, conventional infrastructurebased solutions can be complemented with nonstructural risk avoidance measures, such as flood forecasting and disaster planning and response, to provide a more allencompassing approach to flood management.
Neighboring nations have shown that nonstructural flood mitigation strategies, like early warning systems and improved flood predictions, work well.
Thailand and Indonesia have implemented land use planning regulations to reduce the risk of flooding in vulnerable areas and regions.
On the other hand, Vietnam has supported communitybased disaster risk reduction programs to encourage local communities to create their own plans for flood preparedness and response.
By allocating resources towards non-structural solutions, the Philippines can enhance its ability to withstand flooding and mitigate the adverse effects of climate change.
The success of these measures, however, depends
on sustained and sciencebased execution, and the tenure of public officials, often measured in years, can hinder long-term planning and implementation.
Flood control efforts
A S of July 27 this year, the Department of Public Works and Highways reported that over 5,000 flood control projects are currently being constructed across the country. These projects are in addition to the 5,521 flood control projects completed between July 2022 and May 2024.
Meanwhile, concerns have been raised regarding the underutilization of funds designated for flood control measures. According to the report, only 58 percent of the P255 billion in funds allocated to flood control projects by the DPWH in 2023 were spent.
Progress in resolving the flooding situation has also been hampered by delays in project implementation brought on by the Covid-19 pandemic, a lack of dredging and desilting operations, and the need to relocate informal settlers.
Despite the efforts to implement updated solutions, such as redesigning flood control projects and enlarging drainage systems, they deem it “insufficient.”
“They have failed precisely because the mindset is ‘flood control,’ which leads to measures that do not work well with nature and therefore lead to maladaptation, ‘solutions’ that negate their very aim, which is to reduce flood risks,” Pamela Cajilig said, an anthropologist who advocates for disaster risk reduction and management.
ing borrowers of SBCorp. in “good standing” with at least 6 months’ repayment track record.
Under this type of loan, Bastillo said, small merchants can loan up to P5 million, which is collateral-free.
“We are working so that we can double this limit to P10 million,” he noted, adding that for purchase order financing, it’s up to P10 million.
Meanwhile, SME Multi-Purpose Loan First Timers is for merchants who have at least two years of business track record, who require more than P300,000.
In order to borrow under SBCorp.’s loan program, Bastillo laid out the qualifications.
For one, “You must be a Filipinoowned business or at least 60 percent owned.”
The loan applicant must also have an asset size of not more than P100 million, exclusive of the land. “Business assets: buildings, inventories,etc. machinery and equipment of not more than P100 million.”
Another requirement is that the business must have a business track record of at least one year. If the business track record is less than a
year, he said it’s considered “startup financing.”
Lastly, Bastillo said the loan applicant must have “no past due account under any SBCorp. programs and no major negative credit.”
Meanwhile, he said, “The loanable amount is up to P20 million but for first-timers up to P3 million muna ang [initially] collateral-free but this can be increased to P5 million after 6 months depending on the evaluation.”
For the interest rate, “For the direct loans, the retail, 1 percent nominal but that’s really less on an annualized basis. If you pay only for one year, that’s only effect rate of 6.7 percent per annum,” he noted.
The maximum term for regular loans retail is three years, added Bastillo.
As the Chairman of SBCorp., Aldeguer-Roque emphasized that before, SBCorp. would just loan to MSMEs based on collateral. “We have to realize that these MSMEs don’t have collaterals. So when I became the chairman, we added more ways for the MSMEs to be able to loan.”
AN operator of an illegal drug laboratory was convicted by a Regional Trial Court (RTC) in Angeles City in Pampanga for money laundering, according to the Anti-Money Laundering Council (AMLC).
In a statement, AMLC said the operator, Xinli Chen, was found guilty of 35 counts of money laundering under Section 4 (a) of Republic Act No. 9160, or the Anti-Money Laundering Act of 2001 (AMLA).
Chen was sentenced to seven to 14 years of imprisonment for each count and fined P3 million per offense. This brings up the total fine for all 35 counts to P105 million.
“This conviction demonstrates the effectiveness of our legal framework in tackling the complex and insidious nature of money laundering, particularly when tied to illegal drug operations,” AMLC Executive Director Matthew M. David said.
“The AMLC remains committed to upholding the rule of law and protecting the integrity of our financial system. This case serves as a stark re -
minder that those who engage in laundering the proceeds of crime will face the full force of the law,” he added.
AMLC said Chen was arrested on September 7, 2016, during a raid on a drug laboratory hidden within a piggery in Magalang, Pampanga. The Philippine Drug Enforcement Agency (PDEA) and the Pampanga Provincial Police Office conducted the joint operation.
A subsequent financial investigation by the AMLC uncovered Chen’s money laundering activities, including the use of multiple bank accounts to conceal illicit proceeds from drug operations. The conviction, AMLC said, is a significant achievement in the government’s ongoing battle against money laundering linked to illegal drug activities.
It added that this conviction emphasizes the Philippines’ whole-of-government approach and dedication to combat money laundering and related unlawful activities.
Comelec pushing its case against Guo
TBy Justine Xyrah Garcia
kami sapagkat kikilos ang law department namin base sa kung nag submit ba o hindi [We will wait because our law department will act depending on what has been submitted],” he explained. The misrepresentation case arose from Guo’s putting down, in
require the notary office to provide proof that Guo was present and she personally signed the document. “The notary public has an obligation to prove that the respondent personally appeared before him,” he said, emphasizing that they can summon the notary public for interrogation. In terms of Guo’s cancelled passport, the
Editor: Jennifer A. Ng
B1 Friday, August 23, 2024
Malampaya consortium OKs $180M deal to connect wells
By Lenie Lectura @llectura
THE Malampaya consortium led by Prime Energy Resources Development BV (Prime Energy) said late Thursday it has awarded a contract valued at $180 million to Allseas Nederland (Brasil) B.V. for the installation of new facilities that will connect the new exploration wells to the Malampaya Shallow Water Platform.
The Malampaya gas field off the province of Palawan is the country’s first and only indigenous gas resource. It supplies
about 20 percent of Luzon’s electricity needs. Allseas, a contractor in the offshore energy market, will be
installing the pipeline and umbilicals that will connect two new wells to the platform. The wells will be drilled in 2025 and will deliver new gas by 2026.
This new development is part of the consortium’s Malampaya life extension project dubbed “Project Sinagtala” as it progresses well into the project execution phase.
“Project Sinagtala” aims to develop Phase 4 of the Malampaya deep water gas-to-power project, extending the life of the gas field in accordance with the 15-year license extension under Service Contract 38 that was granted to the consortium by President Ferdinand R. Marcos Jr. in May last year.
The Marcos administration, through the Department of Energy (DOE) led by Secretary Raphael PM. Lotilla, has actively
promoted the growth of indigenous oil and gas resources as part of the government’s long-term solution for energy security and independence.
“As a service contractor to the government, we are committed to maintaining high standards of production and exploration that have defined the Malampaya project since its inception in 2001. By increasing our gas supply, we extend Malampaya’s life and sustain our own Filipino gas, always available and at a stable and predictable price,” Prime Energy President Donnabel Kuizon Cruz was quoted in a statement as saying.
The other members of the Malampaya consortium are the Philippine National Oil CompanyExploration Corp. (PNOC-EC), UC 38 LLC, and Prime Oil and Gas Inc.
Fortune Life feted at GAMA Awards
Jabines
At the awards ceremony (L-R): Fortune
GAMA Global USA President and CEO Bonnie Godsman, former GAMA Philippines President Zenaida Muyco, Fortune
SVP-OIC Marketing and Sales Virgilio Aquino and Ulysses Elmundo (IMA-Silver). CREDIT: FoRTunE LIFE InsuRanCE Co. InC
ORTUNE Life Insurance
FCompany’s exceptional sales managers were recognized at the 2024 GAMA Global Leadership Awards on August 12 at Okada, Manila. The awards ceremony, led by GAMA Global President and CEO Bonnie Godsman, took place during the Leadership Convention. With this year’s theme, ‘Onederful Together: One Team, One Purpose, One GAMA,’ the event highlighted the importance of unity and collaboration, emphasizing the bond between members and underscoring their shared purpose and goals. The awards were presented alongside other General Agents and Managers Association (GAMA) officers. The 13 distinguished GAMA Awardees from Fortune Life: Frontline Leaders Award (FLA) recipients Atty. Ines Jabines (Diamond), Angela Guillermo (Platinum), Eunice
Korean firm to delist at exchange
SOUTH Korean firm SFA Semicon Philippines Corp., which has a semiconductor plant in Clark in Pampanga, has requested for its delisting at the Philippine Stock Exchange after its parent firm SFA Semicon Co. Ltd. intends to buy all other shares the does not own, SFA’s shares were suspended for trading starting last Thursday and will resume trading on Tuesday next week. SFA Korea intends to do the tender offer at the price of P2.22 per share, higher by 32 percent from its Wednesday’s close of P1.50 per share. “This price is the higher of the highest valuation of the company’s shares based on the fairness opinion and valuation report dated August 20, 2024 prepared by R.G. Manabat and Co., an independent valuation provider, in accordance with applicable Philippine regulations,” the company said. VG Cabuag
Tariff body sets hearings on PHL joining UAE-CEPA
By Andrea E. San Juan @andreasanjuan
THE Tariff Commission (TC) said it is set to hold a public consultation on the Philippine participation in the Philippines-United Arab Emirates Comprehensive Economic Partnership Agreement (PH-UAE CEPA).
In a Notice of Public Consultation published on its website, the TC said, “Pursuant to Section 1609 and in relation to Section 1603 (g) and (h) of Republic Act (RA) No. 10863, otherwise known as the Customs Modernization and Tariff Act (CMTA), notice is hereby given that the Tariff Commission will hold a public consultation on Philippine participation in the Philippines-United Arab Emirates Comprehensive Economic Partnership Agreement (PH-UAE CEPA) Negotiations.”
The tariff body said this public consultation would cover products under Chapters 1 to 97 of the Asean Harmonized Tariff Nomenclature (AHTN) 2022.
The Commission said the public consultation, to be held through an online videoconferencing platform, is scheduled on August 30, 2024.
“All interested parties are invited to attend the Public Consultation via Videoconferencing (PCV),” the TC notice read.
“Likewise, interested parties shall be afforded the opportunity to present their views, and are encouraged to submit their comments, inputs and/or positions on the subjecct matter to the Commission on or before September 4, 2024,” the public consultation notice also noted.
Atty. Ines
Breis, Sonny
Hangad and Patricia Taguines (Gold), Edmar Santos, Ana Maria Borbe, Emily Taguines, and Anatoly Taguines (Silver). Additionally, the International Management Award (IMA) was conferred upon Sonny Guillermo, Michael Jabines, and Victor Taguines (Gold), along with Ulysses Elmundo and Francisco Taguines (Silver).
Other representatives from Fortune Life were EVP and Chief Operating Officer Emma Abad,
SVP-OIC Marketing and Sales
Virgilio Aquino, Senior Manager for Training Celso Carlos Magcalas, Regional Sales Manager for North and Central Luzon Marifi Breis, and Regional Sales Assistant Manager for Visayas and Mindanao Gerald Roland Casia. Fortune Life belongs to the ALC Group of Companies founded by the late Amb. Antonio L. Cabangon Chua and currently chaired by D. Edgard A. Cabangon.
MGEN signs deal with Vena Energy
MGEN Renewable Energy Inc. (MGreen), the renewable energy arm (RE) of the Meralco PowerGen Corp. (MGen), announced it signed an investment deal with Vena Energy Pte. Ltd., Southeast Asia’s largest independent RE firm, for the development of the 450-megawatt alternating current (MWac) Bugallon solar power project in Pangasinan.
“Beyond ink and paper, the signing of this investment agreement for our 450MWac solar Power Project in Bugallon, Pangasinan is a testament to our commitment to power the good life of many Filipinos through solar energy,” MGreen President Dennis B. Jordan was quoted as saying in a statement.
There was no mention of the investment cost. Company officials have yet to comment. According to the statement,
MGreen and Singapore-based Vena will jointly develop, construct and operate the solar project. The project is expected to reach financial close and start construction by third quarter of this year. Commercial operations are targeted by the fourth quarter of 2025. However, in a recent filing with the Department of Environment and Natural Resources’ Environmental Management Bureau (EMB), the proposed capacity of the solar project stood at 650.1 MWpeak (MWp) or 530.4MWac and will cost P31.9 billion. The listed project proponent is 3 Barracuda Energy Corp. (3BEC), a subsidiary of Vena.
The major components of the project are solar PV panels, battery energy storage system, HV transformer, buildings and other structures.
Vena Energy CEO Nitin Apte said the company is committed to accelerating the energy transition and advancing renewable solutions that foster sustainable growth and environmental stewardship.
“The Bugallon Solar Power Project stands as a testament to our shared responsibility and dedication to engineering a greener future for the Philippines,” Apte said in the same statement.
MGen is a wholly-owned subsidiary of the Manila Electric Co. It owns and operates Global Business Power Corp. and MGreen.
Vena Energy, meanwhile, owns, develops, constructs, operates, manages and commercializes a renewable energy portfolio of onshore wind and solar, offshore wind and stationary and transportable energy storage projects totaling 45 gigawatts. Lenie Lectura
In a Viber message sent to the BusinessMirror , Department of Trade and Industry (DTI) International Trade Group Undersecretary Allan B. Gepty said “Consultation is part of the process whenever we conduct negotiation.”
He said such public consultation is in addition to the consultations DTI and other agencies are doing.
As to the topics it would cover, Gepty said, “It cover a range of topics such as Philippines’ offensive and defensive interests particularly on market access for goods.”
“Other areas like rules of origin, non-tariff measures, etc. can also be discussed,” added Gepty.
Last July, DTI Bureau of International Trade Relations announced the Philippines hosted the second round of negotiations for CEPA with the UAE.
“Over three days, negotiators reviewed the CEPA texts in almost all chapters. Negotiations on market access commenced during this round,” said the Philippines’s foreign trade relations arm.
According to the DTI-BITR, “substantial” progress has been achieved by the end of second round of negotiations with a few remaining issues in most of the chapters.
“Products and sectors of interests were conveyed, as well as timelines for submission of offers. Chief negotiators agreed that the third round will be devoted to market access negotiations and finalization of the remaining issues in the chapter texts,” it noted.
Gepty earlier underscored that this trade deal is a “good takeoff point also for us to access the [Gulf Cooperation Council] GCC countries,” adding that the Philippines’ interest is not just employment opportunities but also business opportunities.
“I think you're aware that many businesses of FIlipino companies and of course our professionals, are practicing on their own,” said Gepty.
The foreign trade relations arm of the country said the “substantial” conclusion of the negotiations remains to be targeted towards the end of the year.
The CEPA, once concluded, will be the Philippines first free trade agreement within the Middle East and with a Gulf Cooperation Council (GCC) member state, the DTI-BITR noted.
(IMA-Gold),
Jabines (FLA-Diamond), Ana Maria Borbe (FLA-Silver),
Life RSM for NCL Marifi
Guillermo (IMA-Gold), Edmar Santos (FLA-Silver),
Banking&Finance
PDIC public e-bidding of 80 lots set in Sept
THE Philippine Deposit Insurance Corp. (PDIC)
announced it is set to sell through electronic public bidding (e-bidding) a total of 80 agricultural, residential, and mixed-use lots on its e-bidding portal on September 25 until September 26. To be sold on an as-is-whereis basis are corporate and closed banks’ assets consisting of 64 agricultural lots, five agricultural lots with improvements, five mixed residential/ agricultural lots, four mixed residential/agricultural lots with improvements, and one residential lot bundled with an agricultural lot, the PDIC said through a statement issued last Thursday. According to the PDIC, the lots would located in Aklan, Aurora, Batangas, Bulacan, Cagayan, Camarines Norte, Camarines Sur, Cebu, Isabela, Maguindanao, North Cotabato, Nueva Ecija, Pampanga, Pangasinan, Quezon, Rizal, Sultan Kudarat, Tarlac and Western Samar. Property sizes range from 240 square meters to 236,840 square meters.
Interested buyers can browse through the catalog of properties on the e-bidding portal where the complete list and description of the properties, requirements, ebidding process, and Conditions of Bid are posted. Prospective bidders are encouraged to get familiar with the terms and conditions outlined by the PDIC and are reminded of their responsibility to determine the actual condition, status, ownership, and other circumstances of the properties they wish to acquire.
As the statutory receiver of closed banks, the PDIC liquidates the remaining assets of closed banks to maximize recovery and help pay claims of closed bank creditors, including depositors with uninsured deposits. Proceeds from the sale of closed bank-owned properties go directly to a fund that the Corporation manages for these closed banks to settle creditors’ claims. Meanwhile, revenues from the sale of corporate assets are added to the Deposit Insurance Fund, the funding source for valid deposit insurance claims.
4Ps beneficiaries allowed to become SSS members
THE Social Security System (SSS) announced last Thursday its President and CEO Rolando l . Macasaet and Department of Social Welfare and Development (DSWD) Secretary Rex T. Gatchalian recently inked a Memorandum of Agreement (MOA) that will allow 4.4 million beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps) to become SSS members and have access to social security benefits.
Macasaet said that through the agreement, the SSS and the DSWD will work together “to protect the welfare of the most vulnerable sectors of society,” including those families benefitting from the Philippine conditional cash transfer program.
“[The] SSS aims to provide these vulnerable sectors with the mechanism to become active SSS members and thereby secure their future through the range of SSS benefits,” a statement quoted Macasaet as saying. Under the agreement, Macasaet explained that SSS shall develop an AlkanSSSya program specifically designed for 4Ps beneficiaries. The program was established in 2011 as a micro-savings scheme for self-employed workers with irregular income, such as tricycle drivers, market vendors, farmers, fisherfolks, and other workers in the informal economy.
“We may also craft a special SSS contribution table for 4Ps beneficiaries tailored to fit their paying capacity considering the current minimum monthly contribution of P570,” Macasaet said.
Payment options
ACCORDING to Macasaet, the SSS is exploring several options to help 4Ps beneficiaries pay the 120 monthly contributions required to qualify for a lifetime pension when they reach retirement age.
“It is important for 4Ps beneficiaries to have SSS contributions. Once they have paid at least 120 monthly contributions, they will no longer need financial support from the government because they will become qualified to receive a monthly pension from SSS upon reaching 60 years old,” the SSS official said. Macasaet said that SSS will discuss corporate social responsibility programs with businesses to subsidize the SSS contributions of 4Ps beneficiaries.
“We have a ‘contribution subsidy provider program’ (CSPP), wherein a private or government individual or group can subsidize the monthly contributions of identified SSS members. We will pitch to companies willing to sponsor SSS contributions to subsidize the monthly premiums of 4Ps beneficiaries,” Macasaet added.
He also said that the SSS will study the possibility of reducing the
THE closed-door sessions of the Bicameral Conference Committee (Bicam) in deliberating the national budget create a breeding ground for corruption, according to anti-poverty group Social Watch Philippines (SWP).
The group’s view is anchored on the fact that the deliberations of the Bicam on the national budget are held away from public scrutiny and without publicly-available official recordings.
According to SWP Co-Convenor Dr. Ma. Victoria R. Raquiza, the Bicam has persistently made insertions that include massive budget reallocations, double and overlapping appropriations and new budget items.
minimum monthly SSS contribution from P570 to a much more affordable amount.
“Our SSS Actuarial Team will check out if it is possible to have a lower monthly contribution specifically for 4Ps beneficiaries. For the poorest families like 4Ps recipients, paying P570 a month might already be a big amount. They might not be able to complete the minimum monthly contributions required to qualify for a lifetime pension,” Macaset said.
However, Macasaet noted that a reduced monthly premium will result in a much lower benefit.
“Currently, SSS members who paid the minimum monthly premium of P570 for 120 months or 10 years will receive a lifetime pension of about P2,200 monthly. 4Ps beneficiaries who will be paying at a reduced monthly premium, let’s say for 120 months, will get a lifetime pension much lower than P2,200 per month,” he explained. Macasaet said another option is to pay a reduced monthly premium for a longer period than usual to receive a lifetime pension.
“SSS members who paid the minimum of P570 monthly contributions for 120 months shall receive a lifetime pension of P2,200 monthly. For 4Ps beneficiaries, we could lower their monthly premiums, but they must contribute much longer so they get the same amount of benefit. For example, 4Ps beneficiaries have to contribute for 180 months to get the minimum monthly pension of P2,200,” he added.
He said all these options are still at the exploratory stage, adding, “[the] SSS and [the] DSWD will still work on the implementing guidelines for the social security coverage of 4Ps beneficiaries.”
“We will immediately work on the appropriate mechanism for registration, contribution collection, benefit claims, and other essential details needed to implement the program knowing the importance of SSS membership to 4Ps beneficiaries.
Voluntary contributions
GATCHA lIAN clarified that the 4Ps beneficiaries’ contribution to the SSS will be voluntary because the cash grants cannot be used to pay their SSS contributions since it is intended for health, education, and the rice subsidy.
Gatchalian added that DSWD will integrate the value of SSS membership during the 4Ps “family development sessions,” an activity attended by 4Ps parents every month. In these sessions, 4Ps beneficiaries share their knowledge and experience and promote learning on good parenting practices, financial literacy, and disaster risk preparedness, among others.
“These actions are conducted off the record and without a paper trail. The Bicam report does not offer any justification for the amendments and revisions made by legislators. This practice must stop,” Raquiza was quoted as saying in a statement the SWP issued last Thursday.
UAs unconstitutional
THE organization noted that it was the Bicam that collectively approved the increase of unprogrammed appropriations (UAs) in the previous budgets.
The SWP said increasing appropriations beyond the amount proposed by the President to Congress is in itself unconstitutional as doing so violates Article VI, Section 25(1) of the 1987 Constitution.
Data from the Department of Budget and Management (DBM) showed the approved unprogrammed appropriations (UAs) grew by P100 billion or 65.95 percent to P251.639 billion from the proposed P151.639 billion in 2022. It again doubled by P219 billion or
37.23 percent to P807.162 billion from P588.162 billion.
In 2024, the Bicam bloated the UAs to P731.448 billion, up by P449.54 billion or 159.46 percent from P281.908 billion.
Budget Secretary Amenah F. Pangandaman also pointed to the Bicam when asked why priority programs were placed under UAs.
UAs are standby appropriations, and as such it has provided appropriations cover for some unexpected expenses; additional support for infrastructure projects and social programs; support to FAPs (foreignassisted projects), etc. [last mile schools program, procurement of vaccines and risk management program, among others.]
These may be financed through availability of additional funding sources, such as loan proceeds, revenue collections exceeding government targets, or new revenue collections not included in the President’s original proposal.
Currently, UAs would be funded through fund balances from government-owned and -controlled corporations (GOCCs) after the Department of Finance (DOF) issued Circular 003-2024. The circular or-
ders the Philippine Health Insurance Corp. (PhilHealth) and the Philippine Deposit Insurance Corp. (PDIC) to remit P89.9 billion and P110 billion, respectively, to the Bureau of the Treasury (BTr) this year.
Failing us AMID questionable fund transfers to UAs, the SWP demands that bicameral budget deliberations be opened to the public for greater transparency.
“SWP calls for opening up the bicameral conference proceedings on the national budget to the public, allowing civil society organizations (CSOs), the media and other stakeholders to attend all meetings,” it said.
The group also demands deliberation sessions to be live streamed on the official social media pages of both the House of Representatives and the Senate to further promote transparency and accountability on how public funds will be spent.
Co-Convenor Jessica Reyes-Cantos said the Bicam’s secret meetings funnel money into their pet infrastructure projects and unplanned flagship programs, often at the expense of public service.
“Our legislators are failing us by hiding how our money—our public funds—are being spent,” Cantos added.
Hong Kong crypto exchanges face challenges to get full licenses
By Kiuyan Wong
HONG Kong’s push for a digital-asset hub faces growing pains amid uncertainty over whether 11 crypto exchanges will all achieve full licenses after earlier receiving initial approvals.
The city’s Securities and Futures Commission found unsatisfactory practices at some of the “deemedto-be-licensed” platforms during on-site inspections carried out since they won the designation in June, people familiar with the situation said, asking not to be identified because the information is private.
Some of the crypto firms are overly reliant on a handful of executives to oversee the custody of client assets, while others aren’t properly guarding against cybercrime risks, the people said. It’s unclear which firms fell short of the SFC’s requirements. The inspections are ongoing and subject to change, according to the people. The findings add to the challenges officials face to foster a flourishing
crypto center in the city.
License Applicants
THE 11 deemed-to-be-licensed exchanges include global players such as Crypto.com and Bullish, as well as HKbitEX, PantherTrade, Accumulus, DFX l abs, Bixin.com, EX.IO, YAX, WhaleFin and Matrixport HK. Crypto.com didn’t comment on the inspections, while the other exchanges didn’t respond to inquiries from Bloomberg News.
A spokesperson for the SFC said that while the agency doesn’t comment on specific cases, the inspections were carried out to ascertain whether applicants adhered to its requirements, “with a particular focus on their safeguarding of client assets and know-your-client processes.”
For platforms that are unable to remedy “critical deficiencies identified during on-site inspections, the SFC may opt to remove their deemedto-be-licensed status or refuse their license applications,” the spokesperson added.
licensing crypto exchanges is a
First impression lasts
ISTIll remember what my senior fraternity brother advised me when I was to be interviewed for a job opening: “First impression lasts, bro.”
“First impression lasts” means the initial encounter or introduction is important as the first perception often leaves a lasting impact and has a considerable influence on the development of relationships. Positive initial encounters can lead to trust, cooperation, and affinity.
On a personal level, attention to detail in appearance, communication, and behavior is crucial for making a positive first impression that contributes to a polished and professional image.
In the context of associations, where relationships, reputations, and member engagement are paramount, this timeless adage is of utmost importance. The power of the initial member encounter with an association shapes perceptions, influences collaborations, and sets the tone for enduring relationships. Here are eight areas where a good first impression can be applied:
1. Member recruitment and onboarding. Associations that prioritize creating helpful and welcoming experi-
ences for new members set the stage for enduring engagement. From the first interaction with association materials to the onboarding process, the initial impression significantly influences a member’s perception of the association.
2. Event planning and execution. Associations organize events, meetings, and conferences that serve as key touchpoints with members and stakeholders. The way these events are planned and executed leaves a lasting impression. Associations that meticulously plan their events, ensuring seamless logistics and meaningful content, contribute to an affirmative image that endures long after the event ended.
3. Online presence and communication . Associations must be mindful of their online presence which includes websites, social media platforms, and email communication. A well-designed
cornerstone in Hong Kong’s web3 agenda that was first proposed in 2022—part of a bid to restore the city’s appeal as an international financial hub following a political crackdown. But authorities have taken a relatively cautious approach that has so far struggled to generate much traction in terms of personnel shifts or capital inflows.
Read more: Hong Kong’s Shaky Crypto ETF Debuts Dent Global Hub Aspirations
JPEX Scandal
A major scandal involving JPEX, an unlicensed crypto platform, has spurred officials to prioritize investor protection. The alleged scam stung 2,636 victims with a total of HK$1.6 billion ($205 million) in losses, according to the police. The investigation for prosecutions is ongoing, a police spokesperson said.
The exchanges under scrutiny have been forbidden from onboarding new clients until they are granted full licenses. If turned away, applicants would need to restart the submission process from scratch.
website, engaging social media content, and clear communication contribute to a worthwhile initial encounter with both current and potential members.
4. Leadership and governance Association leaders who embody transparency, accessibility, and a membercentric approach from the outset create a positive initial impression. This good perception fosters trust among members and sets the tone for collaborative and effective governance.
5. Member services and support Associations that prioritize prompt and personalized member support, whether in responding to inquiries or addressing concerns, contribute to a beneficial first impression that influences members’ perceptions of the association’s commitment to their needs.
6. Advocacy and industry influence. The way associations present themselves in advocacy initiatives, public statements, and industry collaborations leaves a lasting impression on stakeholders, influencing their perception of the association’s credibility and influence.
Full licenses are expected to be issued around the end of 2024 for firms that satisfy all requirements, SFC Chief Executive Officer Julia l eung said in June.
Only two crypto platforms—OSl and HashKey—are fully licensed in Hong Kong at present. Those operating before Hong Kong installed its regime were allowed to remain open for business while applying for a license. Non-applicants had to exit the market by the end of May. The licensing process has already seen 12 companies withdraw their applications, including Huobi HK, OKX, Bybit and VAEX. No sólo sobrevivió 500 años, sino que tambien ingresó como texto de relleno en documentos electrónicos, quedando esencialmente igual al original. Fue popularizado en los 60s con la creación de las hojas “l etraset”, las cuales contenian pasajes de l orem Ipsum, y más recientemente con software de autoedición, como por ejemplo Aldus PageMaker, el cual incluye versiones de l orem Ipsum. Bloomberg
7. Crisis management and communication . Associations that approach crises with transparency, empathy, and a clear communication strategy can mitigate negative perceptions and, in some cases, strengthen their reputation through effective crisis management.
8. Sustaining positive impressions for long-term engagement Regular communication, meaningful programming, and a commitment to member needs contribute to an enduring positive perception of the association. As associations navigate the intricacies of member engagement, governance, and industry influence, they are well advised to uphold the principle that the first impression is not just a fleeting moment, but a foundation upon which lasting success is built. Has your association been impressive at the first instance?
Octavio Peralta Association World
A duck in �lames and a whole package of fun
THE Gokongwei Group certainly got their money’s worth when they spent about P1 billion to renovate Holiday Inn Manila Galleria, one of the most iconic hotels standing tall, and looking down on the often maddening Edsa-Ortigas traffic.
From the largely opulent brown tenor of its former interiors, the Holiday Inn Manila Galleria is now a cheery blend of timeless elegance and modern functionality, providing a sanctuary of tranquility from the usual mayhem of the metropolis.
Each of the hotel’s 285 rooms, including 36 exquisite suites, has been lovingly refreshed, creating a vibe that seamlessly balances contemporary style with a soothing ambiance that immediately envelops each guest. The new higher room types such as the one-bedroom and two-bedroom suites, and the only two-level penthouse in Ortigas, cater to the diverse needs and desires of the hotel’s guests.
I was able to enjoy a brief overnight stay at one of those comfortable one-bedroom suites, and while it had a less-than-ideal view of buildings along the ADB Avenue, the room had a huge firm bed, along with a pleasant and large bathroom with vegan-friendly Soak hair care products. Its hand and body wash, for instance, has parsley stem; its shampoo has purple kale; and the hair conditioner uses maca root—herbs and vegetables not normally found in your regular soap and hair products.
Using Soak, an eco-friendly line of skincare products from Australia, conveys Holiday Inn’s commitment to sustainability. Aside from encouraging hotel guests to reuse towels and linen, bathroom amenities are on demand, so if you happen to forget your toothbrush and toothpaste (like I did),
a phone call to Housekeeping will get what you need. The hotel is almost all paperless as every instruction, service, or information one may need in the course of one’s stay can be accessed by scanning QR codes, using one’s phone.
Also, they now have an onsite water bottling plant, which has eliminated the use of single-use plastic water bottles not just at the hotel, but also at the adjacent Crowne Plaza, and sister-hotels like the Westin Manila, Summit Greenhills, and Summit Magnolia. Guests can also park and juice up the batteries of their electronic vehicles (EV), while they attend a meeting or are checked-in the hotel, as Holiday Inn has EV chargers.
As I was staying in a suite, I had access to the newly opened Summit Lounge on the 29th floor, which had an amazing view of the sun setting on the metropolis, while my friends and I relaxed with an assortment of cocktail bites (available from 6 to 9 pm), and I enjoyed my vodka tonic. The lounge also has space for serious meetings, if some guests choose to do so (but I can’t imagine why...drink up, ladies and gents!), and TV area for those who are glued to their news or sports events.
Sufficiently nourished, but with still enough space in our tummies for a sumptuous dinner, we all herded to Xin Tian Di, the popular Chinese restaurant on the fourth floor of the Crowne Plaza Manila Galleria. We had an invigorating and informative chat with the ever-gracious Cluster General Manager Patria Puyat, who oversees both Holiday Inn and Crowne Plaza, as she showed off the restaurant’s most popular dishes.
While leisure and family staycations have become the bread-and-butter of Holiday Inn, Crowne Plaza, which has also been newly renovated, is “perfect for bleisure travels.” She added, “We offer a fun experience at both properties, which extends beyond our hotels as we are the only two hotels in the area seamlessly attached to a shopping center, Robinsons Galleria.” (Okay, I confess I walked to a competitor’s mall the next day as I was in search of a particular item at a specific store there. Still, the hotel security was kind enough to offer me an umbrella as it was drizzling then.)
Meanwhile, the main star at dinner was the Peking Duck Flambé. It was quite the spectacular show as
Jun, our dedicated waitstaff, poured on some Chinese wine that had been torched, and with every dash of cinnamon on the duck, the alcohol burned off with a pleasantly sweet aroma, as the duck skin crisped up some more.
Another dish that became our favorite was the Deep-Fried Lapu-Lapu in Pomelo Sauce. It tickled the palate with every savory bite of the meaty fish, with the sauce made from sweet pomelo pulp, peeled shallots, bird’s eye chili, and lemongrass. It had the perfect balance of flavors, with an extra shot of umami. (I tried to replicate the dish at home with bangus belly instead, and failed because, of course, the grouper has a very distinct lilting flavor, and, well, the pomelo I bought was not sweet enough.)
Other dining outlets available within the complex is the restaurant Fab, where the buffet breakfast is served, but is open all day for casual dining.
At Crowne Plaza, its Seven Corners Restaurant offers an international buffet featuring seven unique interactive stations that present a variety of international cuisines. Best of all, kids 12 and under and staying with their parents eat free at the hotel’s dining outlets.
Unfortunately, the next day, the weather had turned gloomy and I wasn’t able to enjoy a swim at the hotel’s swimming pool, like I had originally planned. For those who may find themselves in the same situation during this rainy season, there are a number of activities families can enjoy within the complex. If you’re an introvert just trying to de-stress from it all, enjoy movies in your room; frankly I hadn’t watched as many exciting HBO movies since I cut my cable TV subscription. (In-room dining is available, so you’ll be able to snack away.)
Families can bring the kids to Play Zone, while the parents get a massage at the spa, or do their steps on the threadmill at the fitness center. Or, yes, why not go malling at Robinsons Galleria? In the past, I’ve managed to snap up good deals on clothes at the department store there, and buy countless of items I never thought I needed until I dropped by Daiso.
Staying at the Holiday Inn Manila Galleria is just a whole package of fun, which everyone can enjoy.
■ More information is available at 8790-9400 or e-mail higm.reservations@ihg.com
Eugenia Last
ARIES (March
and the response you encounter. Don’t rule out what you can accomplish because of someone’s criticism or jealousy. ★★★
TAURUS (April 20-May 20): Share your thoughts passionately, and you’ll gain acceptance and valid suggestions. Don’t let stubbornness stop you from moving in a direction that offers benefits. Getting along will be necessary to get your ideas up and running. ★★★
GEMINI (May 21-June 20): Resolve personal issues and confirm what others plan to do before you set your schedule for the day. Be ready to adjust to last-minute changes or someone’s hidden agenda. Don’t overreact; be prepared to act. ★★★
CANCER (June 21-July 22): Play fair. Using emotional manipulation will not play out in your favor. Incentives will bridge the gap between what you want and what others are willing to offer. Pay attention to how well your surroundings function, and make changes that accommodate your needs. Romance is favored. ★★
LEO (July 23-Aug. 22): Observe how well things are running and who is responsible for what. The insight you gain will help you understand what’s necessary to simplify your life and make your daily routine function efficiently. ★★★★★
VIRGO (Aug. 23-Sept. 22): Note what others expect from you and stick to the script. Take on only what you can handle or those responsibilities that belong to you. Putting your time, effort and skills into something that matters to you will bring the most satisfaction and gratitude. ★★★
LIBRA (Sept. 23-Oct. 22): A shift in how you deal with others and your conversations will help point you toward like-minded people and the chance to make a difference. Don’t hold back when you have so much to offer. ★★★
SCORPIO (Oct. 23-Nov. 21): Take the initiative and let those you encounter get a glimpse of what you are trying to achieve. The people who stick around will have valuable input that will pique your imagination and inspire you to go the distance. ★★★
SAGITTARIUS (Nov. 22-Dec. 21): Clock the time it takes to get your responsibilities out of the way and consider how to become more efficient. Taking the initiative to improve is in your best interest and will prepare you for what’s yet to come your way.
CAPRICORN (Dec. 22-Jan. 19): Listen and act for those who cannot advocate for themselves. Your input will be appreciated and paid for through kindness, generosity and support. Make your mission innovative change and hands-on input to enforce positive transitions.
AQUARIUS (Jan. 20-Feb. 18): Revisit your plans and consider the expense before you act. Offer less with the intent of adding extras if your budget, time and skills allow you to expand your interests. Understate your intentions and wow everyone by enhancing your plans as you move
BIRTHDAY
Show BusinessMirror
GMA KAPUSO FOUNDATION: A LIFELINE FOR FILIPINOS IN TIMES OF NEED
DRIVEN by an unwavering commitment to serve fellow Filipinos, GMA Kapuso Foundation (GMAKF) has become a beacon of hope for those affected by calamities and disasters across the Philippines. Over the years, while expanding its focus to include programs in health and education, the foundation has remained steadfast in its core mission: providing immediate relief and assistance to those in need through its flagship project, Operation Bayanihan. In 2023 alone, GMAKF made a significant impact, reaching 263,370 Filipinos through various initiatives. Operation Bayanihan extended help to 132,908 individuals, while the foundation’s education programs supported 62,568 more. Health projects benefited 4,341 people, and values formation initiatives touched the lives of 63,553 individuals. With the increasing frequency of severe weather disturbances, GMAKF has further intensified its relief efforts in 2024. From January to July, Operation Bayanihan has already assisted 127,546 individuals.
The GMA Kapuso Foundation (GMAKF) continues to expand its reach in uplifting the lives of Filipinos. Building on its strong foundation in disaster relief, the foundation has diversified its programs to address various community needs. The Kapuso School Development project continues to build calamity-resistant classrooms, 11 in total for 20232024. The Sagip Dugtong Buhay blood drive has collected 2,171 blood bags so far. Moreover, GMAKF’s education programs have benefited 60,000 individuals. From January to July 2024, GMAKF has positively impacted the lives of 194,202 Filipinos. To date, GMAKF’s relief efforts for Typhoon Carina have helped 30,246 individuals.
In Marikina City, GMAKF conducted various relief operations. Residents of Tumana were provided food packs and hot meals through the Kapuso Soup Kitchen, which was personally sponsored by GMA Network chairman Atty. Felipe L. Gozon. Actress Bianca Umali assisted in the distribution efforts. Further relief operations were carried out in Malanday Elementary School and Tañong High School, personally overseen by GMAKF executive vice president and chief operating officer Rikki Escudero-Catibog. The efforts were supported by service partners AFP Joint Task Force NCR and the Naval Reserve Public Affairs Unit, with Philippine Navy Reservists and GMA stars Dingdong Dantes, Rocco Nacino and Beatrice Luigi Gomez taking part.
Food packs prepared by Marian Rivera and Dingdong Dantes were distributed to 750 families, or 3,000 individuals, in Potrero Elementary School and Tonsuya Elementary School in Malabon. Alden Richards also contributed by donating burgers from McDonald’s, which were served alongside hot meals from the Kapuso Soup Kitchen.
The relief operations continued, with additional food packs from Marian and Dingdong, donations from Alden, and hot meals from the Kapuso Soup Kitchen distributed to 300 families, or 1,200 individuals, in Tanza National High School and Tanza Elementary School in Navotas City.
In Rizal province, GMAKF and Sparkle artists provided assistance to affected residents. In Barangay Banaba, San Mateo, Ruru Madrid, Jon Lucas, and Unang Hirit host Suzi Entrata-Abrera distributed relief goods to 3,816 individuals. In Barangay San Juan, Taytay, GMAKF and Unang Hirit hosts Suzi and Shaira Diaz served hot porridge and distributed relief goods to 250 families, or 1,000 individuals.
Other Sparkle Artist Center talents who joined GMAKF’s relief efforts include Lexi Gonzales, Ysabel Ortega, Shuvee Etrata, Kim Perez, Elijah Alejo, Ashley Ortega, and Mariane Osabel. Further proceeds and donations from the recent GMA Gala are also slated to be given to the victims of Typhoon Carina in coordination with the GMA Kapuso Foundation. A donation drive was organized during the two-night concert of JulieXStell: Ang Ating Tinig More information can be found at www.gmanetwork.com/ kapusofoundation/donate.
The end of an era; the death of style: Alain Delon and Gena Rowlands
WHEN the demise of Alain Delon was announced, there was only one film that came out with his name and that was Purple Noon (Plein soleil in French).
Released in 1960, it made Delon not only a star but a forbidden figure in all the dreams of women (and then suppressed, in the fantasies of many men). It had many titles, like Full Sun, Blazing Zun; Lust for Evil; and The Talented Mr. Ripley, the last from the title of the book written by Patricia Highsmith, on which the film had been based. And yet, when the film had a remake in 1999, with Anthony Minghella directing, only the cineastes spoke of its pedigree that went back to the splendid career of Alain Delon. It did not matter that its reincarnation was an all-star cast, with Matt Damon in the title role, and supported by Jude Law, Cate Blanchett, Gwyneth Paltrow and Philip Seymour Hoffman.
Looking back now, Purple Noon was merely the beginning of an acting career of Delon whose presence had the range that straddled arthouse cinema and commercial moviemaking. He would do more films and become a legend not only for his celebrity but also for his acting skills and male allure.
In Purple Noon, there is a scene where the camera does an extreme close-up shot of Delon’s eyes as he looks at Marie Laforet who plays the role of Marge. The actress’ sloe-eyed in full 6os maquillage was no match to the Frenchman’s gaze, which was that of a boy’s innocent curiosity and a young man’s confidence in his own beauty.
While the good looks of actors would later be treated as a distraction and disability, for Delon’s his face was part of his performance. This did not stop observers and obsessive media journalists from analyzing the actor’s look and the abovementioned scene from Purple Noon was a classic: Delon’s eyes were declared as a woman’s eyes, a beautiful woman’s. Before Delon hit it big with his role as Tom Ripley, he did a film with Luchino Visconti. This was Rocco’s and His Brothers. In his review of the film described as “operatic homoerotic epic,” Roger Ebert noted: “If there is a peculiarity of the casting, it is that all five brothers are almost improbably handsome— beginning, of course, with the matinee idol Delon, then at the dawn of his career.”
In December 2012, Purple Noon was reissued by Criterion. Geoffrey O’Brien writing for the said edition, stated: “Tom’s triumph is also that of Alain Delon, whom we have watched throughout the film as he watches the others and studies them, trying on masks and rehearsing deceptions, to emerge finally into this serene moment of perfect accomplishment. It was Delon’s first important role, and it is hard to imagine the film without him.” Illustrating how Delon captures the novel, the American critic talks of how Delon’s Tom is “mime and mimic...He crouches with the attentiveness, only seemingly calm, of a dangerous animal, and then goes into action with the spontaneity of a child surrendering to a compelling temptation.”
Gena Rowlands did not only have the eyes; she had the face. In films after films, that face—more of a sophisticated lady’s and not an actress’—graced or ruined, depends on the demand of the screenplay, scenes created for the screen. She demonstrated the ability to create movements or, in repose, a solo mise-en-scene, which, mediated by an eccentric cinematography, could tell us how performance can really go beyond any sort of acting.
We see this, for example in the film Faces, where the camera frames another character with Rowlands’ face bowed down in dejection, her hair dripping in languor , as if in a fashion shoot. Directed by John
Cassavettes who did some 10 films with Rowlands, Faces, with its long scenes at the start that come across as improvisatory, is shot in cinema verite style, the feel idiosyncratic until the actress seizes the energy of the scenes.
It was, however, when Rowlands did Woman Under the Influence that the world began taking her seriously away from the independent and experimental cinemas of Cassavetes. The film tells the story of Mabel, a housewife who, gradually, descends into madness.
Pauline Kael, the inestimable film critic, writes of Rowlands’ performance: “Rowlands externalizes schizophrenic dissolution. Mabel fragments before our eyes: a three-ring circus might be taking place in her face. Rowlands performance is enough for half a dozen tours de force, a whole row of Oscars—it’s exhausting.”
There would be no whole row of Oscars but Gena Rowlands would indeed reap awards. She would earn nominations for Woman Under the Influence and Gloria. She would win Best Actress in Woman Under the Influence; for Gloria, she was this sensual James Bond who, fitted with a gun, fulfilled the wild dreams of her fans to see her as a dominatrix, elegant and matriarchal. The American Film Institute (AFI) declared Gloria Swenson as one of the heroes. Later in the years, Rowlands began to have what the author in Cambridge Creatives called “this quality of excess and Acting with a capital ‘A’.” Gena Rowlands would win four times the Emmy and two times the Golden Globe. She also won the Silver Bear for Best Actress in Berlin for Opening Night Richard Brody, writing for the New Yorker, hailed her as “the most important and original movie actor of the past half-century-plus.” Not bad for one who admired Bette Davis wholly.
In 2015, Gena Rowlands received an Honorary Academy Award.
An interesting coincidence: Purple Noon and Gloria are two of the favorite films of Kurosawa Akira. As for Gena Rowlands and Alain Delon, they are not gone; they have become immortals—sweet and beautiful. n
Jennifer Lopez files for divorce from Ben Affleck after 2 years of marriage
LOS ANGELES—After a relationship that spanned two decades, two engagements, two weddings and headlines too numerous to count, Jennifer Lopez has filed for divorce from Ben Affleck. The filing on Tuesday in Los Angeles brought to an apparent end a celebrity coupling—or at least the second installment of it—that dazzled from the very heights of the pop culture firmament and emblazoned countless tabloid covers. The pair became known, even before such powercouple portmanteaus were ubiquitous, as “Bennifer.” Court records showed Lopez filed the petition on Tuesday in Los Angeles Superior Court. The news was first reported by the TMZ website. TMZ reported further that Lopez listed the date of separation as April 26, 2024. It added that she did not mention any prenuptial agreement.
JENNIFER LOPEZ AND BEN AFFLECK’S MARRIAGE
AFTER meeting, falling in love and getting engaged in the early 2000s—and starring together in 2003’s infamous Gigli and 2004’s Jersey Girl —the couple parted ways, blaming in part the pressure of the public eye. But to the delight of many and perhaps the skepticism of others, they reunited two decades later and married—twice—in 2022.
“Love is beautiful. Love is kind. And it turns out love is patient. Twenty years patient,” wrote Lopez, announcing their first, quickie Las Vegas wedding that July, and signing off as Jennifer Lynn Affleck.
A month later, they had a much grander wedding at Affleck’s house in Georgia, in front of friends and family.
A TIMELINE OF ‘BENNIFER’ 2.0
BOTH of them had been previously married. Affleck, 52, married Jennifer Garner, with whom he shares three children, in 2005. They divorced in 2018. Lopez, 55, had been married three times before. She was briefly married to Ojani Noa from 1997-1998 and to Cris Judd from 2001-2003. She and singer Marc Anthony were married for a decade, having wed in 2004, and share 14-year-old twins. She started dating former baseball player Alex Rodriguez in 2017, but the couple called off their engagement in 2021. All along, it had been Lopez who was more vocal in describing her and Affleck’s journey. When asked earlier this year whether she was harder on herself because her relationships had been so high-profile, Lopez agreed. “Oh yeah. 100 percent. It’s made me doubt myself and really feel bad about myself at times. Made me feel like I wanted to quit at times. But at the end of the day, I feel like you kind of have to do this thing where you learn how to navigate it,” she told The Associated Press. “You take the things that
“Stick around long enough and maybe you’ll find the best moment of your life in a drive through in Las Vegas at 12:30 in the morning in the tunnel of love drive through with your kids and the one you’ll spend forever with,” she wrote in her newsletter. The couple had flown to Las Vegas, lined up with their license with four other couples and were wed just after midnight at A Little White Wedding Chapel, where Lopez said a Bluetooth speaker played their brief march down the aisle. She called it the best night of the couple’s lives.
wide-ranging talent. “I think she’s in her prime,” Affleck said then. “She’s doing extraordinary work in large measure because she’s taking that step to take responsibility for what
she’s doing rather than say, ‘This is what I’m being offered.’” Lopez is starring in the upcoming Unstoppable, under Affleck and Matt Damon’s Artists Equity banner. In May, she starred in the Netflix movie Atlas. At the end of the month, she suddenly canceled her 2024 North American tour, saying she was “heartsick and devastated” to be letting fans down but the move was necessary. “Jennifer is taking time off to be with her children, family and close friends,” organizers said in a statement.
LOPEZ DESCRIBED LOVE IN HER LATEST ALBUM, ‘THIS IS ME...NOW’ THE tour was to be her first in five years, in support of her first solo
to be,” Lopez sang on the title track. The album, she said, was inspired by her rekindled relationship with Affleck. But the film was more “about your journey as a person, it’s about one person’s journey and what it takes to get from heartbreak back to love. Or a hopeless romantic’s journey in their search for love.” In the movie, she played a character called The Artist who, similarly, had decided as a child what she wanted to be when she grew up: “in love.”
But the road was rocky. In an early scene, The Artist is on the back of a motorcycle, riding across a beach, with a hunky man, face shielded. Then the motorcycle crashes. “Not all love stories have a happy ending,” she says. AP
BEN AFFLECK (left) and Jennifer Lopez
BPI Foundation, BanKo join forces with DTI to support MSMEs
THE Bank of the Philippine Islands (BPI), through its social development arm, BPI Foundation (BPIF), in collaboration with the Department of Trade and Industry’s (DTI) Philippine Trade Training Center-Global MSME Academy (PTTC-GMEA), is set to conduct its third run of the training program for small and micro-enterprises (SMEs) in four new regions (Regions II, III, VII, and IX) this 2024.
BPI’s Small Enterprise Acceleration Lab – Business Expansion through Training Application (SEAL-BETA) is a comprehensive training program designed for qualified microenterprises that seek to rebuild and expand their
businesses. The program is also a joint effort with BPI Direct BanKo, Inc., A Savings Bank (BanKo), the microfinance arm of BPI.
SEAL-BETA will offer a combination of training, mentorship, and financial
education to help the micro enterprises recover from disruptions caused by the recent pandemic, continue their operations effectively, and explore opportunities for growth.
Meanwhile, BanKo will provide accessible loan options tailored to the needs of SMEs to help them become more sustainable and successful. These loans are intended to support various business requirements such as working capital, equipment purchases, and expansion projects.
“As we welcome the third year of SEAL-BETA, we are excited about the many opportunities to support and empower more MSMEs,” said Carmina Marquez, BPIF Executive Director. “Through our collaborative efforts with PTTC-GMEA and BanKo, we are creating a thriving ecosystem where our local businesses can flourish, contributing to economic growth and development of our nation.”
Myke Abad, BanKo Head of Physical Channels, also shared their enthusiasm, saying, “We are proud to be part of this program by offering MSMEs the financial support they need to achieve their business goals. Our mission at BanKo is to make banking and financial services accessible to every Filipino entrepreneur.”
The SEAL-BETA Program is set to begin this August. BPIF, in collaboration with the DTI, will identify qualified microenterprises for the program, who will be contacted directly. Stay tuned for more details through BPIF’s social media pages (@bpifoundationinc) or visit https:// www.bpifoundation.org/.
Aling Tindera Receives Support from Oreo Maker
MONDELĒZ International in the Philippines, maker of snack products like Oreo, Eden Cheese and Cadbury Dairy Milk shares the impact of their partnership with PCX Markets and HOPE through the Aling Tindera program, which helps fund plastic pollution cleanup around the world.
This year, Mondelēz International is sponsoring two new “Aling Tindera” waste to cash programs, as part of the Company’s commitment to supporting a more circular economy for plastic. The Company’s purpose aligns with this goal, which is to empower people to snack right, with the right snack, for the right moment, and made the right way.
Aling Tindera, a flagship initiative by HOPE, transforms women microentrepreneurs, primarily those running small “sari-sari” stores, into sustainability leaders. The program equips these women with the necessary infrastructure to purchase and collect plastic waste from their communities.
Residents can sell their plastic waste, including sachets that could typically end up in rivers or landfills, to their neighborhood Aling Tindera. These women then clean, bale, and store the plastic in container vans provided by HOPE. Once the containers are full, the plastic is collected for recycling or processing, and the Aling Tindera is compensated for each delivery.
One of the challenges in plastic waste management is the lack of infrastructure for segregation and recycling or upcycling in communities. Through the Aling Tindera program, Mondelēz International is supporting more community-based collection, grounded on income generation for the storeowners.
In 2023, Mondelēz International in the Philippines supported the Aling Tindera project by purchasing credits through the PCX Markets platform, funding the collection and diversion of 34,000 kilograms of plastic waste from nature. This initiative generated additional revenue for the women and their communities.
For 2024, Mondelēz International has committed to funding the collection of 150,000 kilograms of plastic waste through the Aling Tindera program and sponsoring the infrastructure for two new sites in its home city of Parañaque.
The Aling Tindera program aims to foster a circular economy by providing incremental income to women microentrepreneurs and their communities, promoting behavioral change, and educating the public on responsible plastic waste management. The program, which now includes 138 collection sites across the Philippines supported by various companies, saw a 48 percent increase in average monthly income for its participants for the year 2023, the first year of the implementation of the Extended Producer Responsibility (EPR) Law. This law mandates obliged enterprises to be responsible for the plastic packaging they put out in the economy from 20 percent in 2023 to 80 percent in 2028.
In 2023, Mondelēz International in the Philippines pledged to collect and divert the equivalent volume of their total plastic packaging used for their brands including Oreo in the Philippines,
Savoy Hotel Mactan Newtown secures Business Star at Travel Excellence Awards 2024
SAVOY Hotel Mactan Newtown recently announced that it had clinched the Business Star at the prestigious Travel Excellence Awards 2024, affirming its status as an industry trailblazer.
The Travel Excellence Awards instituted by TripZilla salutes only the crème de la crème of hotels and properties that offer exceptional experiences. Brands recognized by the Awards are those that remain infallible options for travelers amid an ever-evolving competitive market.
TripZilla, Southeast Asia’s leading digital travel media, reaches over 10 million travelers monthly through seven regional platforms. The travel site maintains its standing as a staunch supporter of industry pillars that make extraordinary travel experiences happen for everyone.
The Travel Excellence Awards fortifies TripZilla’s continuous pursuit of the best travel brands, to assist consumers to make informed decisions and confident bookings.
For
MRSP inks deal with The Motomo Company
MEL Aquino’s Riding School Philippines (MRSP) recently signed a five-year management contract with The Motomo Company (MTM). The deal brings together the training and riding course expertise of MRSP, led by its charismatic founder and head coach, Mel Aquino, with the businesssavvy of MTM.
significantly surpassing the requirement set by the EPR law. The Company’s collection and diversion partner PCX Markets estimates that the plastic waste diverted from nature last year was equivalent in weight to 1,800 mid-sized passenger cars.
Lorme Villarba, who has been an “Aling Tindera” in Santa Mesa for four years, shared the program’s positive impact on her family. “Our neighbors can sell me plastic trash, like sachets and bottles. We’ve saved enough to open a school supplies store,” she said. “Without Aling Tindera, we wouldn’t have been able to expand our store.”
Companies seeking to complement upstream reduction efforts by funding downstream plastic waste recovery can purchase credits issued by projects like Aling Tindera on PCX Markets. Each credit facilitates the cleanup of one metric ton of plastic pollution. Mondelēz International in the Philippines aims to achieve equivalent plastic waste collection and diversion again this year for its footprint, far exceeding the EPR’s 40 percent requirement for 2024. This embodies the Company’s commitment to making snacks the right way for everyone.
“We have been wanting to bring MRSP to the next level and by entering into this agreement with The Motomo Company we are confident and excited for the future of the riding school I started eight years ago,” declared Mel Aquino, president of MRSP, during the contract signing. “I’m proud of what we’ve built over the last eight years and look forward to building on this solid foundation with MTM.”
“The Motomo Company is excited to partner with Mel Aquino and MRSP who are well established names in the street and off-road rider safety training circles in the Philippines. We see great potential in the school not only to improve rider’s off-road skills, but to advocate for greater safety awareness among all motorcycle riders,” said Philip Sison, president of MTM. “We share many values with Mel and MRSP,
including a love and passion for safe riding.”
The signing ceremony was held at MTM’s office along Sumulong Highway in Antipolo and was attended by representatives from MRSP and MTM and formalized the relationship between the two companies. Under the agreement, MTM will provide management and operational expertise to MRSP and assist in developing new and innovative products, services and events in the motorcycle space. At the same time, MTM will work towards institutionalizing and sustaining the Mel Aquino and MRSP brands.
MRSP was founded by Mel Aquino in 2016 as a training camp for off-road and on-road riding. The school offers courses for beginners and first-time riders, as well as basic and advanced off-road and on-road courses for riders of varying skill levels from beginners to experienced adventure riders.
MRSP is located at the KRB Raceway along Marcos Highway in Inarawan, Antipolo. MTM is a company that brings a premium experience to riders, underpinned by its mission of motorcycle safety. Aside from rider education, MTM will bring this premium experience to motorcycle events, retailing and lifestyle. It is a subsidiary of Spiderhook, Inc.
IN the photo are, from left, Joseph Argente, DTI PTTC-GMEA Trade Industry Development Specialist; Carmina Marquez, BPI Foundation Executive Director; Ma. Fe J. Avila, DTI PTTC-GMEA OIC-Executive Director; Myke Abad, BanKo Head of Physical Channels; and Noel Tiu, BPI Foundation Program Manager.
The accolade embodies Savoy Hotel Mactan Newtown’s hard work through the years and its success as a top choice in travel, tourism, and hospitality.
more information about Savoy Hotel Mactan Newtown, you may contact us +032 494 4000.
Motoring BusinessMirror
BYD BRINGS IN THE SEALION 6 DM-I
range-extended EV system was recently introduced in the Philippines. But it is not the conventional Hybrid or Plugin Hybrid. Enter the BYD Sealion 6 DM-I powered by Super DM-i Technology, the latest compact SUV from the EV maker delivering the brand’s signature EV performance with
inspired
with
and sequential
signals. The Sealion 6 DM-i also has class-leading features such as a panoramic sunroof, a power tailgate, and a roof rack. Dimensions-wise, the latest SUV is 4,775 mm long, 1,890 mm wide, and 1,670 mm tall. Dubbed a game changer, the Sealion 6 DM-i rides on the advanced BYD Super DM-i platform designed to deliver a powerful, smooth, quiet, and highly efficient electric driving experience compared to a conventional HEV. This innovative range-extended EV system allows for an impressive total driving distance of more than 1,000 kilometers. Motivation comes from a permanent synchronous magnet motor paired with an 18.3 kWh Lithium Iron Phosphate Ultra-Safe BYD Blade Battery, which sends power to the front wheels via an E-CVT. With its powerful battery, the electric SUV produces 194 hp and 325 N-m of torque while achieving an approximate 105-kilometer
distance in Full EV mode without any emissions. On the other hand, the range extender motor/generator is a 1.5-liter gasoline engine generating 105 hp and 135 N-m of torque. With its range extender, total power output jumps to 214 hp while retaining the exact torque figures. In Extended-Range mode, the Sealion 6 DM-i’s total driving distance increases to over 1,000 kilometers, maximizing the EV’s capabilities. BYD claims the electric powertrain allows the vehicle to sprint from 0 to 100 km/h in 8.3 seconds.
Apart from the industry standard of six airbags and an Anti-lock Brake System (ABS) with Electronic Brakeforce Distribution, the Sealion 6 DM-i is also equipped with a Traction Control System, Electronic Stability Control System, Hill Descent Control, Tire Pressure Monitoring System, Comfort Brake System, and Electronic Anti-Theft System.
As part of the BYD DiPilot Advanced Driver Assistance System, the Sealion 6 DM-i is equipped with a 360-degree View Camera System with See-Through mode, Six-sensor radar system with two in the front and four in the rear,
LEXUS is coming up big starting today, Aug. 23, with its slew of activities designed to whet every car buff’s appetite extending up to Sunday, August 25.
“Lexus will host car enthusiasts this weekend at Filinvest Alabang where they can experience amazing deals, avail of lucrative offers and participate in other crafted motoring activities the Lexus way,” said Jade Sison-Mendoza, the super energetic assistant vice president for Lexus’ car brand.
Set at Drive Karrera, Carbon Detaling & AM 4X4 at Bloc 10,
Alabang, customers can have the luxury of getting behind the wheel of the Lexus of their dreams.
“From electrified vehicles to good-old gas models, everybody can experience amazing in all its forms,” Jade said.
Two Lexus models that were born on the racetrack can be seen at Drive Karrera, including the legendary naturally aspirated V-10 Lexus LFA. This model continues to be an object of unparalleled fascination for both collectors and enthusiasts.
The other one is the Lexus RC F, which is powered by a naturally aspirated V8 5.0-liter engine that delivers 471 horsepower and control without compromise.
Jade wants guests to hang out at the Lexus Lounge where they can purchase exclusive Lexus merchandise and accessories while having a sip of coffee or a good meal while viewing these exquisitely
crafted Lexus models.
On Saturday, Aug. 24, a specialized photography workshop for car appreciation is on tap for fans to snap the best shots of one’s favorite Lexus.
Also, Jade wants everybody to know that Lexus owners from the South can avail of specially priced services such as wiper, battery, and sunroof service, quick aircon cleaning, vehicle inspection and consultation, vehicle health check, and even Bactaklenz service which is an anti-bacterial treatment proven to eliminate 99.99 percent of bacteria, molds, and fungi inside the vehicle.
“Special ownership packages like financing, leasing programs, and potential trade-ins are likewise available under LEXUS PREMIUM during the Lexus Roadshow,” Jade said. “Through the Lexus Kinto, customers can have a full-service
Intelligent Cruise Control with Stop & Go functionality, Lane Keep Assist, Lane Departure Assistance, Automatic Emergency Braking System, Front Collision Warning, Traffic Congestion Assistance, Traffic Sign Recognition, Intelligent Speed Limit Information, and Intelligent Speed Limit Control. The new BYD Sealion 6 DMi, priced at P1.548 million, is now available nationwide in all BYD showrooms. The lone variant is available in Azure Blue, Arctic White,
Harbour Gray. The Azure Blue and Arctic White models have white and navy-blue
color has a
and tan combination. For customers’ peace of mind, the latest SUV has a 6-year or 150,000-km Vehicle Warranty, an 8-year or 150,000-km Electric Motor Warranty, and an 8-year or 160,000km Warranty for its Blade Battery. Davao dealership inauguration MEANWHILE , ACMobility
car leasing program that offers fixed monthly payment of a Lexus car of your choice. The program covers periodic maintenance, normal wear and tear parts replacement, annual comprehensive insurance and more.”
The Lexus Roadshow will be held at Carbon Detailing, AM 4X4, and Drive Karrera Alabang located at Bloc 10, Filinvest City, Alabang from 9 a.m. to 8 p.m. (Lexus Lounge and Display) and from 9 a.m. to 5 p.m. (Service & Test Drive).
Jade said, you may also download the MyLEXUS App available on both Android and iOS users to receive live updates and access other premium services.
See you there?
Isuzu Nueva Ecija ISUZU Philippines Corporation (IPC), in partnership with longtime dealer partner BM Domingo Motor Sales, Inc. (BMD), is now
in Cabanatuan, the capital city of Nueva Ecija.
“This facility is a testament to our commitment to enhancing customer satisfaction by aligning with the latest Isuzu Outlet Standards (IOS). The dealership features a spacious showroom and transaction area, designed to provide a more comfortable and engaging experience for our customers,” said Benito Domingo Jr., BMD Group Vice President and Isuzu Cabanatuan Branch Head. The newly opened Isuzu Cabanatuan IOS dealership
LADIES IN THE PALACE
By Samuel P. Medenilla
GYMNASTS Aleah Finnegan, Emma Malabuyo and Levi Jung-Ruivivar and golfer
Dottie Ardina were at the Malacañang Palace on Thursday in a belated recognition after they missed last week’s grand welcome for Filipino athletes who competed in the Paris 2024 Olympics.
It was President Ferdinand R. Marcos Jr.’s way of saying that no one will be left out especially among the country’s sports heroes.
“They also endured the same hardship [as the other Olympians], so we should also provide them the same reception that we did for the other Olympians,” President Marcos said. And in the same manner when he welcomed and rewarded double gold medalist gymnast Carlos Yulo with P20 million, bronze medalist boxers Aira Villegas and Nesthy Petecio with P2 million each and the other Olympians with P1 million apiece, President Marcos rolled out the same accolade and treatment to the four ladies who had various reasons why they missed last week’s grand event.
The gymnasts stated that they were not informed by their national sports association that even the non-medalists in Paris were to be included in the grand homecoming while Ardina flew to the US from France before returning home. Golfer Bianca Pagdanganan couldn’t come home because of her commitment with the ladies pro tour also in the US. Obiena bags bronze in Lausanne ERNEST JOHN “EJ” OBIENA was back in action a little over a week after joining the Palace ceremony and clinched a bronze medal at the Lausanne Diamond League at the Stade Olympique de la Pontaise in Switzerland. Obiena cleared 5.82 meters to share third place with Australia’s Kurtis Marschall and Norway’s
Hear ye, hear ye! Supreme Court rules in PSC’s favor on PAGCOR funds
THE Supreme Court En Banc—in a unanimous Decision penned by Senior Associate Justice Marvic MVF Leonen—has ordered the Philippine Amusement and Gaming Corporation (PAGCOR) and Philippine Charity Sweepstakes Office to remit a portion of their income for the funding of the Philippine Sports Commission (PSC).
Josseler “Yeng” Guiao, former member of the House of Representatives and Vice Chairperson of the House Committee on Youth and Sports Development, filed a petition for mandamus to compel PAGCOR, PCSO and the Office of the President (OP) to remit funds to the PSC under Republic Act No. 6847, or the law creating the PSC.
The non-remittance caused lack of funding for sports development projects.
Guiao claims that PAGCOR failed to comply with the funding requirements under Section 26 of RA 6847, specifically the automatic remittance of 5 percent of PAGCOR’s gross income to the PSC for the National Sports Development Fund.
Guiao also claimed that PCSO failed to remit 30 percent representing the charity fund of the proceeds of six sweepstakes or lottery draws per year since 2006.
PAGCOR, on the other hand, argued that the PSC is not entitled to the full five percent of PAGCOR’s gross income as PSC’s share is still subject to deductions for the payment of 5 percent franchise tax, 50 percent share of the national government and 10 percent subsidy to the National Power Corporation.
PCSO claimed that PSC’s allocations are sourced from sweepstakes draws, not from lotto games.
The Court granted Guiao’s petition, according to a report on Thursday from the Supreme Court Public Information Office. As to PAGCOR, the Court held that the remittance required under RA 6847 is unqualified, as the law does not state that the allocation to PSC is subject to deductions.
As to PCSO, the Court ruled that “lottery” has three elements: consideration, prize and chance. Based on this definition, lottery as stated in the law covers the lotto draws conducted by the PCSO.
The Court thus ordered PAGCOR to account and remit the full amount of 5 percent of its gross annual income from 1993 to the present in favor of the PSC. The Court also ordered PCSO to account and remit to the PSC 30 percent representing the charity fund of the proceeds of six sweepstakes or lottery draws per year, including its lotto draws from 2006 to the present.
B8
Friday, august 23, 2024
mirror_sports@yahoo.com.ph
Editor: Jun Lomibao
Sondre Guttormsen for a cash prize of $3,500 each. He tried to jump 5.92 meters but missed thrice. Jim Lafferty, Obiena’s longtime adviser, was satisfied with the world No. 3’s performance that came too soon after the Olympics. “I am very proud of him. And amazed how nobody picks up on the nuances,” Lafferty told BusinessMirror on Thursday. “The top 5 from Olympics were all there, EJ hits the podium in one of the greatest fields ever.”
Obiena finished fourth at 5.90 meters in Paris where Sweden’s Armand Duplantis set a new world and Olympic record at 6.25m. American Sam Kendricks (5.95m) and Greek Emmanouil Karalis (5.90m) completed the Olympic podium.
Duplantis ruled the Lausanne competition at 6.15 meters for $10,000 while Kendricks claimed $6,000 for placing second at 5.92 meters and Karalis wound up sixth despite also clearing 5.82m after count back. With Josef Ramos
Eala digs deep vs Spaniard, moves a
victory
shy of US Open main draw
By Aldrin Quinto
ALEX EALA stayed in the hunt to make it to the main draw of the US Open after defeating a more-experienced Nuria Parrizas Diaz, 7-5, 7-5, on Wednesday in the qualifying tournament for the final Grand Slam of the season.
Eala, ranked 148th in the Women’s Tennis Association, managed to get past the 33-year-old Spaniard, ranked 99th, to get within a win of the main draw at Flushing Meadows in New York.
The main draw has 128 players with 104 earning slots directly and the tournament allows eight wild cards and accommodates 16 qualifiers. It was a see-saw match with Eala gaining the edge by breaking serve in the 11th game in each set, sealing the victory in one hour and 48 minutes.
Eala, who has not made it to the main draw in any of the four majors— although she won the juniors title in the 2022 US Open—looks to finally break through this year.
The 19-year-old Eala takes on Elena-Gabriela Ruse, a 26-yearold Romanian ranked 123rd in the Women’s Tennis Association (WTA), in the third round for a spot in the main event.
Eala defeated WTA No. 227
Maddison Inglis of Australia, 6-2, 2-6, 6-1, in the opener of the qualifiers on Tuesday.
A bronze medalist at the Hangzhou Asian Games last year and Hanoi Southeast Asian Games in 2022, Eala earlier this year made it to the third round of the qualifying events in the French Open and Wimbledon following a quick exit from the Australian Open qualifying.
Pons, Cool Smashers get job done
REAMLINE made quick work of ZUS Coffee, 25-17, 25-15, 2522, to lock in on the No. 3 seed in the knockout quarterfinals of the Premier Volleyball League Reinforced Conference at the FilOil EcoOil Centre in San Juan City on Thursday. Demonstrating their dominance in firepower, depth and experience.
The Cool Smashers needed just 77 minutes to dispose of the Thunderbelles, finishing the two-phase elimination round with a 6-2 win-loss record. That virtually guaranteed Creamline the No. 3 ranking and a potential quarterfinal clash with the Capital1 Solar Spikers (5-3). PLDT and Chery Tiggo still have an opportunity to tie Creamline at 6-2, but the Cool Smashers hold a superior total points tally of 20 in case of a tie.
The High Speed Hitters, still in
MVP
gifts Yulo P10M; boxers Nesthy, Aira bag P2M each for Olympic medals
THE cash windfall still hasn’t stop going Carlos Yulo’s way after PLDT Inc. and Smart Communications Inc.—through sports patron and business tycoon Manuel V. Pangilinan—rewarded the double gymnastics champion at the Paris 2024 Olympics with P10 million.
Pangilinan led the awarding ceremony for Yulo and boxers Nesthy Petecio and Aira Villegas—who got P2 million each for finishing with bronze medals—in an
action against the Choco Mucho Flying Titans at presstime, can only reach a maximum of 19 points, while the Crossovers, who are scheduled to play the Petro Gazz Angels later, can accumulate a maximum of 18 points.
“We’re ready for all the challenges and what’s important is to up the players’ determination to win,” Creamline coach Sherwin Meneses said.
“Especially in the knockout match, so, trust the players need to trust each other.”
CREAMLINE’S Bernadeth Pons in action against ZUS Coffee’s Cloanne
“The glory and pride that Carlos, Nesthy and Aira brought to our country with the medals they’ve won in Paris through their training, grit and effort are priceless indeed,” said Pangilinan, PLDT and Smart’s Chairman and CEO.
“We are very proud of them, and we hope to see them compete once again in Los Angeles in 2028 which we will continue to support fully,” added Pangilinan, also the chairman emeritus of the MVP Sports Foundation or MVPSF.
The MVP Group also gave an additional 50 percent of these medalist athletes’ rewards to their respective coaches.
PBy Josef Ramos
HILIPPINE Sports Commission
(PSC) chairman Richard Bachmann described the country’s result from the Paris 2024 Olympics in the simplest way: Golden.
“Milestones were achieved,” Bachmann told Tuesday’s Philippine Sportswriters Association Forum where he was the exclusive guest.
“And to rate our performance [in Paris], I would give it a gold,” added Bachmann in the forum presented by San Miguel Corp., Philippine Sports Commission, Philippine Olympic Committee, Smart/PLDT, Milo and ArenaPlus, the leading sports entertainment in the Philippines.
Some one hour after the forum which is held regularly on Tuesdays at the Conference Room on the first floor of the PSC offices inside the Rizal Memorial Sports Complex, Bachmann was in his office on the fourth floor engaging a handful sportswriters in an extended exchange of thoughts also about Paris.
His phone rang and excused himself. He returned to group with an
and secure the 13-15 age group title with a 73 in the International Container Terminal Services Inc. (ICTSI) Junior Philippine Golf Tour (JPGT) Luzon Series 5 at the Luisita Golf and Country Club in Tarlac on Thursday. After a shaky front nine where went three-over, Zaragosa found herself tied with Sarines at sevenover but Sarines rallied from five down with a brilliant 34 in the first nine holes. A birdie-bogey exchange on No. 10 shifted the
“The MVPSF will continue to support Filipino athletes in their quest for gold in the Olympics,” MVPSF president Al Panlilio said. “We’ve seen it happen with Hidilyn Diaz in Tokyo 2020 and now, we’ve seen it happen again with Yulo in Paris 2024.”
“We hope that this will inspire more Filipino athletes to strive for their Olympic dreams in the Los Angeles 2028 Olympics, as well as encourage our partners in both the private and public sectors to continue supporting our young heroes,” Panlilio added. PLDT and Smart, together with the MVPSF, launched several initiatives to help discover, develop and train Filipino athletes and teams from the grassroots to collegiate, amateur and professional levels. From basketball to boxing to esports and many others, the MVPSF and MVP Group have been investing in and empowering 20 NSAs, backing hundreds of athletes and contributing to nation-building through sports development, fueling the Filipino dream of producing more Olympic medals for the Philippines.
The MVPSF supported 16 of the 22 athletes who competed in Paris through their national sports associations (NSAs).
Bachmann on Paris performance: Golden
entirely glistening mood.
“Yes!” he told his audience.
His golden assessment of the Paris Olympics turned into glittering diamond—he was told by former Representative and Philippine Basketball Association coach Yeng Guiao the good news that the Supreme Court decided in PSC’s favor on contributions from the Philippine Amusement and Gaming Corp. to the sports’ agency’s funds. (See PAGCOR story).
Bachmann, however, opted not to expound on his thoughts, opting to heed protocol on announcements of such magnitude and instead focused on the task at hand.
“It’s time to go back to work,” he said. “We look forward to continue to win in international events, intensify our grassroots and improve our sports facilities.”
Grassroots development, he said, is the first of many steps to the Olympics.
“You don’t know how hard it is to qualify to the Olympics, and it’s doubly hard to win a medal,” said Bachmann, counting on the continued support from the government.
“I thank all the legislators for continuing to support us. And we will just continue with our mandate.” Bachmann also said that the less popular sports now have an opportunity to grow and hone athletes in the molds of double gold medalist Carlos Yulo and boxing bronze medalists Nesthy Petectio and Aira Villegas—and going further back, the country’s first Olympic gold through weightlifter Hidilyn DiazNaranjo in Tokyo.
“With this happening, winning in the gymnastics and boxing, it is basically creating awareness that we also have a lot of sports that can we medal for us,” Bachman said. “It gives awareness that a lot of people can support other sports and become national athletes.” Bachmann said that the success in Paris opened gates for more financial support for sports.
“We are hoping to increase the budget by next year after this successful Olympics,” he said.
The PSC’s budget for 2024 was P1.156 billion.
PRESIDENT Ferdinand R. Marcos Jr. welcomes gymnasts Aleah Finnegan, Emma Malabuyo and Levi Jung-Ruivivar and golfer Dottie Ardina. MALACAÑANG PHOTO
Mondoñedo.
MANUEL V. PANGILINAN (fifth from left) with (from left) Reynaldo Galido, Gretchen Ho, Al Panlilio, Ricky Vargas, Carlos Yulo, Cynthia Carrion-Norton, Jude Turcuato, Marcus Manalo and Mitchel Martinez.
ALEX EALA is so close to making her first major tournament. TROI SANTOS
PRECIOUS ZARAGOSA and Jakob Taruc display their full pontential on Luisita’s tough and challenging course.
RICHARD BACHMANN says milestones are achieved at the Paris Olympics.
